© 2024 Alpha Spread Limited. All Rights Reserved.
www.alphaspread.com is not operated by a broker, a dealer, or a registered investment adviser. Under no circumstances does any information posted on www.alphaspread.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. In no event shall Alpha Spread Limited be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on www.alphaspread.com, or relating to the use of, or inability to use, www.alphaspread.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance.
You don't have any saved screeners yet
Intrinsic Value is all-important and is the only logical way to evaluate the relative attractiveness of investments and businesses.
We'll just hang on for 30 seconds or so. A few people we can see coming in, and then Dan will kick off. While you're waiting, you can read into the animated Ansarada logo and figure out what it signifies in our different business products and services, security, analyzing data, organizing information, sustainability and the environment with the trees up there.
All right. Yes, let's get going. Welcome to the Q2 results presentation. Like I said, Sam Riley, Co-Founder and CEO. I'm joined today by James Drake, our CFO.
Okay. Today, James and me, we're going to take you through our results, provide an update on our strategy, how we're executing, how we're growing Ansarada into a stronger company; the multiple revenue streams we have, how they're growing and performing; and also give you an outlook on the second half of the year for us.
Before we start though, I would say, given the headlines you're seeing in the marketplace and on the news regarding macro challenges and even things like deal volumes, you might have been expecting a different set of results from Ansarada today. So I'm really impressed by the progress we're making, transforming Ansarada into a much stronger resilient company. And I really thank the Ansarada team for their focus, efforts, passion, energy that has gone into delivering these results. So thanks, team.
These numbers we're presenting today are solid, especially when you consider them against a prior corresponding period of Q2 last year, which if you can recall, was a much different operating environment, was much more elevated. So for us to deliver these results in different environment is really encouraging. So we are growing our customer base. We are increasing the opportunity and scope for conversion of freemium to paid customers. We're launching new products and enhancements into the market, particularly around risk, compliance, governance and ESG and sustainability. We've increased our ARR revenues. There's a new disclosure on that today James will go through. And we've been able to really manage the business after Q1. We've managed it back into cash flow positivity ahead of what we said we would do, we've delivered that ahead of time. And the business is performing to my expectations, and we've got a lot more to do in the second half, but we are executing what we said we'd do.
So every business has a purpose and a belief. And ours is really around when an organization, a company structures its information and its critical process is [ directly ], they start to get insights and confidence to make decisions and actions that achieve better outcomes; better outcomes for their people, their business, the value of their business and increasingly for the planet as well. So that's what motivates us. And how we do that, like our role in that is with software.
So our software brings that increased order of critical information and processes to activities in companies like when you're running a deal, you're trying to raise capital, M&A, anything like that, Board, managing your Board process and information, communities, when you're starting your journey and measuring and reporting and acting on improving environmental, social and governance activities; when you're improving your risk management and compliance activities, that's a GRC product; and when large organizations and governments are procuring high-value, high-risk infrastructure like roads, ports, rail, that's another area where our products really shine.
So we've supported tens of thousands of business leaders, managers and their teams to get great outcomes in these high-value, high-risk processes that depends on information being managed really well and securely. Our customer base at Ansarada spans to the globe. We cover every industry. We've got a brand that's established very deep trust with the world's leading companies and advisory firms. And what I'd say most customers tell us that the value we provide to them is they say our products and our team's service, it makes things simpler for them. And as a result, they say, we feel a bit more calm, we feel more confident, and we feel more in control of critical outcomes that your products help us manage. So that's a bit about Ansarada if you are new to the company and what we do and why.
I encourage you to read this commentary we wrote up. It's about really exciting given the state of things in the world that we are growing a more resilient Ansarada. So the headline number for me is, our annual recurring revenues, we've now got them up to $10.1 million of our total, that's 45% growth year-on-year for us. We are 113% net dollar retention. There's multiple products driving that, multiple regions contributing to it. And despite a 30% rough decline in deal volume in the world when we've been able to achieve that result, our strategy is to get customers into the product earlier, less risk, less friction, which we call freemium, that's performing well. We've now got a 66% growth in customers.
The average revenue we're getting per account, that's grown by 8% year-on-year. 45% growth in our digital channel, which is a much better experience for a lot of our customers, a lot faster, a lot simpler, but it's also more operationally efficient for us. That's grown 45%. And like I said, we've returned to cash flow positivity in Q2 with $2.7 million from operations, and we grew our balance sheet in terms of cash, and we still have no debt.
It's worth noting, if you're not aware, Q2, for Ansarada, is traditionally a very low trading period, given we're coming into the end of the year on Christmas and the New Year. So delivery of those results is really great in Q2 for us. Like I talk you through, we've got a lot of strengths around helping people with information and critical processes. So that, over the years, so we've been transforming the business and expanding from utilizing them just in a deal to people being able to use those strengths and we create products within GRC, ESG, procurement, Boards and more. So basically, products that serve an organization across their whole life cycle, not just when they have a deal.
So the good news for us is the market for those solutions is -- continues to grow, which is great. We find ourselves now, in terms of that transformation, we've not only got the products in market with customers, they're all growing, which is exciting. But that being said, I really feel like we're just getting started because the more time we spend with customers, we really do discover there's a lot of pain that they experience that those products solve. There's a lower pressure and also there's a lot of fear, I would say, as well. So that's motivating us to do more and do it better. And it's exciting that, that demand is there, and we know we're going to have a great impact on our customers.
So lastly, I'd say, look -- my outlook and our outlook for the remainder of FY '23 is positive. One is, there is a demand and need for increased order with critical processes and information management. We've got the solutions to do that. We've proven how to grow that. So we're going to be doing more, which is great. In Q2, our deferred revenue, which is revenue that we will recognize throughout the FY '23 remainder, that grew by 15% to $16.8 million. All of our solutions have got a solid sales pipeline. And we've got a record number, I think, close to 3,000 freemium customers. That's a great opportunity for us to convert them into paying subscribers. And we've got some major product launches coming up in ESG. We've got feature enhancements coming up as well that are going to strengthen our products. And additionally, the Ansarada operational engineering team, they've been working hard on some better processes for us internally that are a lot more scalable and efficient. So that's going to help us increase profitability as we scale.
And like I said, deal volumes and win volumes Q1, Q2 were down about 30%. And you read about that in the marketplace as well. So if you're someone that knows a recovery in deals could happen or will happen, I think Ansarada is in a good position to benefit from that recovery. We're certainly not relying on it to deliver a positive result in the second half, but it is something worth noting as an upside potential for the business. So they are all the factors that I think give me that positive outlook for FY '23.
With that being said, I've covered off some exciting key numbers, but I want to hand you to James because you're going to go through them in more detail. James?
Yes. Thanks, Sam. So as you just heard, we are operating in a challenging market for M&A. But despite that, we continue to execute our strategy and putting some results out, which is directly attributable to the team's efforts.
So firstly, revenue was consistent year-over-year at $15.2 million, up 2% quarter-on-quarter, and that would make the first half financial '23 versus financial year '22 first half a 12% year-on-year growth in revenue. As Sam said, Q2 is our, towards the end, [ tolerated ]. So we do normally see a lower period of activity and that extends through January, but that is a strong result given the challenging market on M&A volume. It was helped also by our ARPA, average revenue per customer or accounts, which grew 8% year-over-year. That was flat quarter-on-quarter. So that ARPA has now stabilized as we sort of predicted as a result of prior year's pricing and packaging changes.
As you have heard over the last 18 months, we have continued our product freemium strategy, and that has really helped us contribute to close to 3,000 increase in freemium customers and total customers growing around 66% year-on-year. Our freemium strategy really is a strategy that allows customers to experience the product and see value [indiscernible] a payment of that when they convert from freemiumm into paying subscribers.
The freemium strategy, as you can see, materially increase the customers engaging with our platform and our products and services, and is a significant opportunity to convert to paid subscriptions in the future. Our paid subscribers, however, were down 8% year-over-year, ending 2,575 as of December. This result was largely driven by the lower volume of new winners in the -- given the environment. And also, we saw some characteristics for deals that meant they were of shorter duration and also had a smaller velocity through the funnel. So people are putting deals on hold, given the uncertainty in the market that we're all seeing. Our focus on enterprise contracts, however, is driving a higher proportion of enterprise revenue or highly recurring revenue with now $10.1 million in ARR. I'll go into a bit more detail on this shortly.
During the quarter, we generated $0.8 million in net cash flow for the quarter and adjusted cash flow from operations of $2.7 million. That adjustment is really for just onetime items or nonrecurring items. So we will return to cash flow positivity after -- earlier than we expected after Q1 being a negative cash burn, as we described in our last call.
So this next slide shows the pie chart of our customers and this breaks down our paid subscriptions, our freemium customers, and our legacy and other paying customers. The legacy and other includes things like our Procure business, maybe there's a single contract covering a large infrastructure project over multiple years, that would fall into that category [indiscernible] subscription, but it's still paid and the freemium being those that are experiencing the product further not get that trigger a bit. So as I said, this customer base is a big opportunity for future convergence and is a big focus of our team during this challenging market when there not be less M&A volume in terms of new deals.
The second pie chart shows that we're continuing to build high-quality broader revenue base and is demonstrated by an enterprise contract line. Enterprise contracts are defined as multiproduct or multiple use under a single contract. So these include our government's basic compliance products, Board, Procure and some deals customers. And that contributed 17% of the LTM revenue compared to 14% last quarter. So we continue to see growth there.
The increase in enterprise revenue, which is the highly recurring revenue, helped to contribute to both LTM revenue growth and positive cash flows. LTM revenue was up 23% year-over-year despite the lower M&A volume, thanks to higher ARPU and growth in these revenue streams that are less sensitive to the M&A volume. LTM is a metric we use to smooth out the seasonality, as we said at the end of Q2 or beginning of Q3, they're usually lower periods for us in the year.
Second graph illustrates our return to cash flow positivity, both on net cash and also adjusted cash flow from operations and allows us to continue to self-fund our growth and our investments in products. As you can see, Q1 out of the last 6 quarters is the only quarter where we were below the line.
The next slide is a metric which we did not previously reported, but we feel it's a good time to report and potentially because again, some of the trends that we're reading about in the papers, which is we now have ARR of $10.1 million, which grew to 45% year-over-year. That ARR came from 197 subscribers, which are up 25% year-over-year.
In terms of the year-over-year retention, December '21 versus December '22, we had 89% customer contract retention, and then a net dollar retention of 113%. The net dollar retention being above 100 goes to those enterprise customers that are on the platform are now starting to use us more. And a good example of that is one we've previously stated, which is the Department of New South Wales infrastructure in place. They increased their subscription with us, which is an annual subscription, generating 40% more revenue in this year than prior year. Those types of arrangements, because of increased usage, is contributing to that 113% net dollar retention. So the good news is that, ARR's multiple products or multiple geographies are contributing to that ARR growth. As I said earlier, including government's risk and compliance, Board, Procure and some of our deals customers.
Our core customers, as I said earlier, decreased to 6,092, driven by our freemium strategy. Subscribers was down 80%, but partially offset by that 25% growth in ARR subscribers, which are obviously more valuable to us. And other contracts are largely build upfront, meaning we collect the cash upfront, but the accounting revenue recognition means we recognize revenue over the remaining contract period. That's our deferred revenue, and that increased 8% year-over-year, up to $16.8 million. So that revenue will be recognized mostly in this first -- second half of financial year '23 and into the first half of '23-2024.
So we continue to invest in our growth strategy, our digital and channel expansion, but we also have a [ content ] to deliver positive cash flows in the second half. So we continue to invest in these areas, and we generated positive cash flows, which gives us the ability, as I said earlier, to self-fund our growth and self-fund our [indiscernible] product expansion. So overall, in a challenging macro environment, the quarter delivered strong customer growth, which as I said, it represents an opportunity for future conversion to paid subscribers, and we continue to diversify our revenue profile, particularly with a 45% growth in ARR. Our balance sheet remains strong with cash of $18.7 million, and no debt, and an expectation of positive cash flows in the second half of this year.
And with that, I'll hand back to Sam.
Thanks, James. Yes, just a quick wrap up. You've heard this throughout the presentation, but the summary and the outlook has been the focus for us is to continue on the growth objectives we have, continue growing the ARR. We've established we're going to increase our efficiency further and improve those conversion rates of freemium customers to paying customers. So cash flow positivity is sensitive for us to still -- continue to still funneling the growth. We're launching, as I said, some exciting products to help companies start and get better at sustainability, particularly on ESG. So that's a huge demand area that people have, and we've had more solutions in market in the second half.
ARR is working across multiple products, as James said, so we're going to do more of what's working. Operation efficiency and the 3,000 freemium customers was a deliberate strategy. Whereas a couple of years ago, like I said, get those customers in early, remove the friction. And now very much our focus is on getting the value faster and converting more into paid subscribers as we execute the second half of that plan.
That being said, if you want to know more about all of those things and get the deep dive into our products, meet the Ansarada leadership team and the broader team, come and have some Q&A with us, we're holding an Investor Day, Thursday, 23rd of March, 10 a.m. We'll have some good food up here as well. So look, there's an invitation out to everyone. We will reach out to everyone we know and give you a formal invite, but everyone's welcome. It's going to be a great day, and you'll get to see more of what's under the hood at Ansarada.
That being said, we'll move on to any questions you may have.
Thanks, Sam. Currently we have few questions. Can you explain the functions of the Joburg and Amsterdam offices? Are they development centers?
No, they're not development centers that we have go-to-market like sales people, particularly in those offices. So we have -- we actually have market share in those [indiscernible] since we're #1 or #2, very close. I'd say we have go-to-market salespeople in those offices that are developing business.
Next question is, when you talk about shorter duration subscriptions as a cause of the decline in paid subscribers, can you be more specific what the average tenure is today versus 12 months ago?
Sure. So the average length of the deal hasn't changed, it's still 8 to 9 months. That is the time at which people start and finish their transaction. So what we've seen is more people are picking 3 months, 6 months and monthly than annual. In terms of the breakout, it's sort of 30% down, 20% under the annual subscriptions. So what that means is we've seen -- and it's not a big difference. Most of our subscribers outside of our enterprise are probably about a month shorter than what we've seen last year, but it does flow through. We're also seeing people picking monthly and 3 months because they're not sure a deal will go ahead, and that has an impact as well.
Yes. I think that the conservative mindset generally with dealmaking is just translating into a more conservative subscription.
Next question is from Ben Kibble. Can you please explain the difference between the way you calculate ARR, $10.1 million, and the presentation of platform subscription revenue, [ $40.2 million ] in FY '22, which is described as reoccurring the annual board.
Sure. So our subscription -- all of our deals and all the products are on subscription -- product Procure single deal, single infrastructure. They were all monthly, 3-month, 6-month or annual automatic renewal, renewing, unless it's canceled with the notice period subscriptions. We have monthly subscriptions that have been with us for 2, 3 years. We have 3 months that have gone a long time. But the ARR specifically around the enterprise contracts, and we define enterprise by those that are doing multiple products or multiple deals under 1 contract. So for example, an adviser might sign up and might be doing 30 deals, previously, they might have done 30 deals on 30 different subscriptions. And now it's 1 subscription covering all of that. And that is what we classify as enterprise. And that's what goes into the ARR calculation, not our nonenterprise relationships as well.
We have a few questions from Nick Harris. I'm going to allow him to ask the questions to you personally.
Nick, over to you. Nick, are you there? We can't hear you, Nick.
How about now?
Yes. Perfect.
Excellent. Sorry about that. Yes, I thought I'd buck the trends and ask a question in person -- or sorry, just to ask you a question. So I had a couple of them. One was just -- so much [indiscernible], if that's okay? Or do you want me to do one at a time?
Whatever's easy for you.
Okay. The first one was just the broader deal activity, obviously -- obviously, what you see is happening sort of 6 months ahead of what we're seeing. Have you seen kind of any change in the outlook? Basically is deal activity going to pick up in the next 6 months?
And then maybe the second part of that question is just, I guess, digging into your commentary about expecting positive operating cash flow in the second half. Is that a function of deals picking up and revenue picking up? Or is it you guys holding costs or lowering costs in the second half? That's probably the first one or two.
Yes, I'll do the first, if you want. Look, we don't really give an outlook on deals, but we do obviously speak to a lot of people that depend on that like lawyers, bankers, accountants. A lot of people say the fundamental reasons for deals to get done are there and growing with the changes in funding models and the cost of funding inevitably some business models will have to -- can't support that, and they have to do a deal. So that's positive.
But equally, there's lots of stories around negativity around certain sectors or types of deals that just aren't happening. Like obviously, IPOs being one. So it's a bit of a mixed feedback we get, like renewables and energy as an industry is very healthy; agriculture, ag tech, data, I would say. It's a bit of a mix on deal volume forecasts. So we take that information and obviously double down on the sectors and the types of deals that everyone is telling us it's healthier, and we try to see cleared ones that are technically a bit more [indiscernible].
So I wouldn't feel comfortable giving you guidance on a recovery deal volume in the second half. Certainly, everyone thinks it should be more volumes than it was in the first half because it was actually a record low. A lot of the reports from Bloomberg, Dealogic and Thomson Reuters say that. But yes, that's how I would answer you on that one, Nick.
And Nick, sorry, just one second one. Do you mind asking them again?
Yes. It was just -- obviously, you've got guidance out there to be -- or generate positive cash in the second half. Is that positive cash coming from revenue going up or costs being tightly controlled versus the first half that you've obviously now reported?
Yes. I'd say it's a little bit of a combination of both, but we are managing our cost base on the variable spend related to that revenue. So digital marketing spend, things like that, we are tied to revenue. Other than that, we are looking at our cost base and just making sure that we keep quite disciplined on where we invest. And particularly in this period of time because it's a low period as we get to the end of January, usually things start to pick up a little bit more insight. But at the moment, we're sort of maintaining the cost discipline that we implemented in the first half.
And just a couple of more questions. First one was just price rises. I guess, quality tech and businesses like yourselves, in theory, should be able to put through some price rises. I know you've had a lot of ARPU uplift as you've kind of adjusted the modules historically, but I don't think you've put any price rises through. Is that something you're thinking about in the second half?
I mean, we always have that option. And we look at it in terms of our win rates. We don't have currently any plans to raise prices in this half year period. But it's not off the table if there's an opportunity that presents itself.
And just my last question. Obviously, you touched on at the start, the freemium customer base uplift is massive and really good. Just looking for a bit of detail around that. You're adding customers predominantly in the deals area and they'll hopefully go live at some stage. Or is it demand in compliance ESG Board papers? And maybe just could you elaborate a little bit on how those nondeal sectors are going?
Yes. No, it is a good news story. It's -- well, we moved every product and solution on to freemiums. So we're seeing that 3,000-freemium customer numbers spread across everything. So we've got, as you know, the relationship with Microsoft, so all of the Microsoft start-up company is -- can have freemium access to our tools for their first year in business. So first year as a Microsoft partner. They continue to grow strongly. We've got a Board freemium. They're contributing a lot to freemium. And yes, we do have deals freemium, which, in this environment, very attractive to people because they can get started on a deal quicker and earlier than they would have if they had to pay for it. So some people might want to prepare for a deal but they don't yet know if they're going to go ahead and market it to a buyer or an investor, but they don't want to be scrambling around at the 11th hour, they'd much rather get their information and everything prepared in order. And we say, well, why don't you do that for free. And if you go ahead, then we're charge you.
So yes, deals freemium is growing because it's even more attractive in this environment. What we're working on is trying to -- each one of them has different tactics and points of value to the customer that we convert them into a paid subscriber. So like I said, Microsoft, they get the first year for free. So the conversion of those freemium customers doesn't really come up for us until around March. So we don't have a lot of visibility over the conversion there.
Whereas deal customers and conversion of that is something that we're continually optimizing and converting to pay every single day. So it's a bit of -- what I'm saying is, like, it's a bit of a mixed bag on the journey and the sophistication of conversion for each product, and it's different. So what we want to do, Nick, for people like you is come out eventually and say, look, our average conversion rate of all freemium and blended is 18% or whatever it happens to be, but we're just not yet at that stage to be able to report like that because it's such a blend of things.
A quick question from Ronan Barratt. How do you expect ARPA to trend over the next couple of [ quarters? ]
I think ARPA will -- probably it will stabilize quarter-on-quarter. There still be some year-over-year growth, but it was relatively flat Q1 versus Q2. So I think we should still see a tick up based on the increasing amount of enterprise deals, but it won't be as big an increase as we saw last year-over-year. It's been pretty stable.
What is the average velocity to convert freemium subscription to paying subscription?
[ Well, tough query ]. To kick off the back of what I just said, there's different velocity by different products. So there's not 1 blended answer because of that reason. James, you?
Yes. I think -- exactly that. I'm going to say, some of that figures on our Board freemium products occur after 6 Board meetings [indiscernible]. So 6 Board meetings could take 6 months, or it could take 3 years if you do a half year, right? So there's some freemium things in there that we're looking at. On the deal side, it still is a conversion from initiation of the platform to pay within a month. That still is around that level. But the other ones are more varied in terms of their velocity.
Yes. It's probably worth explaining the different sales models companies have. And freemium, with the philosophy being freemium, is I think in the older days of tech, especially -- market to a customer and say, here's a great piece of content that's going to help you manage your Board better or fees to consider and you sign up and put in your e-mail and you download content. And then you probably get a call from the sales rep trying to convert you into a paid customer. But you haven't gone into the actual product or anything like that, you're just engaging with marketing content, and that might be reported traditionally as a sales funnel. Like sales qualified leads or marketing qualified leads. Freemium is about that same customer that needs maybe a Board solution or something and they find -- they get, oh, this sounds good. This looks good. I might try it out. And they can try it out for free immediately, no risk. And as soon as they land into that product, they can be guided on how to set up their first Board meeting and upload their Board park and publish and the like.
That's easy, I'm doing it. So -- and what it does for the culture of a tech company is that it puts a much greater emphasis on the product experience and the customer because then, obviously, you're looking at all the analytics of every interaction that customer is having. And you might say, look, people are just finding it a bit confusing to find that button. It's probably just a broad pack, and maybe if we were repositioned or made it clearer, that would help. And then you do those things and it helps conversion.
So really, it's about getting value to the customer quicker. And it's a much better model than gating customers from your products and then trying to convert them without them even experiencing what you're trying to get them to adopt. So that's the philosophy we have. And I believe, over time, applying that in the business, we're already seeing it is -- like I said, puts more emphasis on the product experience, the customer experience, simplicity and our competitors are not doing it. So it's creating further differentiation.
Our first step in the journey was to launch freemium architect to get it done. Will people even care? Yes, they do care because they're signing up [ and drive ] for it. And then now that they're converting, we're optimizing anything and everything we need to do to increase the conversion.
From Ed Fork, on the basis -- is the conversion to ARR on the enterprise contracts part of the reason we have seen a decline in paying customers as multiple paid customers amalgamated under 1 enterprise contract?
Yes. Yes, it does contribute to that, yes. The way we think about it, they are all subscriptions. The ARR component is a subset of an entire subscriptions. But what we're trying to do is those that use multiple -- as the platform in multiple occasions, looking to say, look, why don't you do it all under 1 contract. And we do amalgamate some single subscriptions onto an enterprise relationship. So yes, but the bigger impact is definitely the lower volume in terms of new wins in terms of Q1 and Q2.
The single wins you're talking about -- yes...
Yes, single wins.
At what proportion of the 3,000 freemium is non-Microsoft partnership related?
It's about 70%.
Do you think digital Board pack is a very lowly penetrated vertical within business customers generally?
It depends on the size of the company. Like if you dare say that ASX listed companies, a large portion of them would definitely have digitized Board [ tax ]. But the further you go down in the size of the company, there is less penetration. But what's happening in that space is a solution that's just a stand-alone Board solution. That is highly competitive if that's all you have because obviously, the Board owns risk and the Board owns governance. And the Board is very interested in compliance. So increasingly, the leaders in the Board space, us included, expanding and offering the Board customers a simpler, more comprehensive view and the governance over risk and compliance and ESG.
And having those products in our platform differentiates us a lot versus a single point Board product that -- that's all it does. Also for -- as smaller companies get more sophisticated with managing Boards and managing the information there, the pricing of our Board product is highly attractive. And again, the freemium offer the ability for any company to just try it out, see what you think, move away from spreadsheets and e-mails to running the Board, we try to digitize it and see what it's like. So having freemium is letting us penetrate the small to medium enterprise. Yes.
Thank you, Sam. [ Questions have ended ].
Thank you, everyone. Happy Australia Day for tomorrow. And we'll see you back in the half year report in early March. Thank you.
Thanks, everyone.