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Good afternoon, everyone, and welcome to Openpay's Q4 FY '21 Results Investor Briefing. I'm Jane Lowe. I'm the Managing Director of IR Department. And it's been a pleasure to have supported Openpay with Investor Relations through what's been both a very strong and exciting quarter. Thank you to all who have made time to join this call today, where we'll discuss Openpay's results for the fourth quarter, which was the quarter ended 30 June 2021. Presenting today will be Group CEO and Managing Director, Michael Eidel; and Group CFO, Jussi Nunes. The formal part of this session will be followed by a Q&A. [Operator Instructions] So without further ado, I'd like to now hand over to CEO, Michael Eidel. Thank you, Michael.
Thank you, Jane, and good afternoon, everyone. Thank you for making time to attend today's Q4 FY '21 results presentation. The Q4 has been very eventful and successful for the Openpay Group across various strategic dimensions. Accordingly, I will structure my presentation today in 3 main parts. First, our operating performance in this recent quarter. Second, the transformational acquisition of Payment Assist in the U.K.; and third, the launch of our Buy Now Pay Smarter product in the U.S. Starting with our operating performance. As you know, Openpay is a merchant-led provider of longer, larger and highly customizable payment plans. These features stand us apart from our peers. The initial success and growth of this business was built on our integrations with individual merchants across our verticals. And these relationships will continue to remain important. But increasingly and very much by design, Openpay's growth is being driven by integrations with large aggregator platforms and ecosystems. Demonstrating the power of the mixed approach to merchant acquisition, our increase in active merchants through Q4 was record-breaking. This leading indicator of active merchants was up 77% year-on-year to 3,800. Compared with the prior year, this is the highest increase of new active merchants by number on record. Pleasingly, this success has been greatly supported by a significant number of agreements with smaller merchants based on our automated merchant onboarding capability agreements, which usually come with higher margins. However, in Q4, we have very deliberately focused our distribution also on large brands aggregators and platform partners, where it requires only one signed agreement and one technical integration to get us highly visibly into the stores and websites of thousands of merchants across all verticals and ten and hundred thousands of customers driving customer acquisition, utilization and volume at scale. To bring this to life, what we have achieved in the recent quarter? In the aggregator space, we launched with Pentana getting nice traction at their over 2,600 car dealerships. We also went live with large partners like vet partners in veterinary and Samsung in higher-value consumer electronics. We have been gaining momentum in the hospital sector. Having recently signed an agreement with self-pay surgery, who are backed by one of the largest health care providers in Australia, Health e-care, a really fantastic win, solidifying our strong position in the nascent hospital sector. We became an Adobe Exchange accredited partner. This will see Openpay marketed directly to Adobe Commerce and Magento Open-Source customers around the world. We also signed a whole host of other integration agreements, including with Quest Payment Systems and aggregator in the retail, health care and home improvement verticals as well as Apparel 21, the leading post vendor in Australia and New Zealand in retail and fashion, which provides payment solutions to over 120 brands and represents more than AUD 6 billion in annual turnover. These agreements are really key to accelerate growth at scale across all our key verticals. And in fact, we recorded an equally successful quarter of merchant acquisition in the U.K. in retail with some mega brands like Monsoon and Accessorize, bigger ticket retail with Snug sofas and decorating center online and the number of sports clubs like Coventry City FC and RedBull E-sports. We also celebrated some great integration deals with one-step checkout, the leading extension into e-commerce platform, Magento and also with Shopwired, one of the U.K.'s fastest-growing and best-rated e-commerce platforms. Very importantly, we also entered the U.K. health sector with an integration into ezyVet. We have started acquiring veterinary practices already. And as we complete the technical integration, we will launch imminently. This is a true milestone for us in the U.K. The strong active merchant growth was complemented by an increase in active customers finishing the quarter at 541,000, up 69% year-on-year. More than half now or 51% of all our active customers are in the U.K. This represents a brilliant starting point for us to now take this engaged customer base into our specialized verticals, health and automotive. And this number is even before the anticipated customer injection from the Payment Assist acquisition, which we will talk more about. A testament to our strongly engaged customer base is the record high percentage of plans from repeat customers, which stood at 84% in Q4. Another great milestone has been cracking 2 million active plants, up 141% year-on-year. This is quite remarkable considering the recent Australian lockdowns and their impact on in-store plan origination, particularly in health care. It demonstrates the value of building a diversified portfolio across retail, particularly bigger ticket retail and other specialist verticals and the resilience of this strategy. Jussi will cover in his part how these leading indicators have translated into our financial performance of TTV, revenue and the ratios towards the bottom line of the P&L. But I can say that we have been very satisfied with our operating performance across Australia and the U.K. in all dimensions. Before we switch now over to the U.K. and U.S., just a brief update on our OpyPro B2B business. We have made very strong progress in onboarding most of Woolworths business customers and see very active trading activities now contributing to our diversified revenue mix. Based on the recent partnership with business credit provider, Lumi, we have some very far progressed deals in the pipeline, which we expect to be signed and announced in very due course. Strategically, our SaaS offer will help to differentiate ourselves above and beyond the Buy Now Pay Smarter product. So now secondly, over to the U.K. And I'm very excited to talk about, again, the progress which we have made in this first overseas market, where the pivot into our specialized verticals has been strongly supported by our anticipated acquisition of leading Buy Now Pay Later provider to the U.K. automotive market Payment Assist. Whilst it is a side deal, I say anticipated because it is subject to conditions precedent, including approval from the U.K. Financial Conduct Authority, the FCA. The process is well underway. From a global strategic perspective, the acquisition of Payment Assist is another very deliberate significant stepping stone for Openpay, setting us up to become a leader in our chosen verticals. It primes us for longer, larger and more customized payment plans where we can deliver substantial value to both merchants and customers, and it will help us to generate a healthy best-in-class revenue yield as a precursor of sustainable long-term profitability. Importantly, and in keeping with our global strategy, the automotive vertical brings also significantly lower exposure to credit and fraud risk than fast-moving small ticket retail. The synergy is flowing from these transactions are clear and very compelling. It will more than double the group's active merchants globally to 8,200, increased our active customer base by 1/3 to more than 700,000 and increased TTV roughly by half to close to $0.5 billion. Contingent upon change of control approval from the U.K. FCA, as I mentioned before, the successful completion provides Openpay with the FCA credit authorization, which is consistent with our responsible approach and strategy to enter the regulated credit market. Being regulated will also be a clear competitive advantage to all the Pay in 4 providers who will have a long way to go to meet the regulators increased expectations and scrutiny. The combined entity Openpay and Payment Assist provides the market a clear view into Openpay strategic focus and how we are different from our peers in the pain for space. It highlights our strong global growth and profitability potential. Now thirdly and lastly, over to the U.S. Opy, our U.S. brand will be going live in the U.S., the world's largest developed Buy Now Pay Later market in early October this year. Our entry into the U.S. is strategically anchored via integration partnerships with large wholesale merchant aggregators and key strategic partnerships in our preferred core verticals of health care, particularly veterinary and dental, automotive and home improvement and with the globally leading payment processor who we have signed an agreement within Q3 FY '21. We have been working very hard over the last few months to Americanize our technical platform, positioning it in the world's largest consumer market as the next-generation Buy Now Pay Later product. We are pleased to announce that Opy's USA platform will go live in early October 2021. This initial launch will see Opy integrated as a payment option within the ezyVet vet practice management software to start with. And ezyVet will introduce vet practice clients to Opy. As a reminder, ezyVet has more than 2,000 practices globally, of which more than 1,200 are in the U.S., accounting for 25% of the U.S. veterinary cloud software market. And just to remind everyone, health care in the U.S. is at USD 280 billion opportunity. Our well progress program to enter the U.S. market with our differentiated approach has included considering exactly what shape and terms will make our U.S. OpyPay product, the most compelling offer in our verticals, as viewed by U.S. merchants and customers. To evaluate this, we have consulted extensively with our merchant advisory group of U.S. business leaders. These are people who intimately understand the U.S. payments market, and they know what merchants want. Our U.S. Buy Now Pay Smarter Product, OpyPay will be a highly competitive interest free, significantly lower cost alternative to credit cards and Buy Now Pay Later peers who offer longer duration plans and charge compounding interest with annualized percentage rates as high as 36%. Our customized and lower-cost product makes us both very attractive and highly competitive. Whilst we have continued to complement our U.S. executive leadership team, we have developed a significant pipeline of banking and funding partners, wholesale merchant aggregators, which are aligned with our key verticals as well as ecosystem partners like payment processes, banks and card networks. Many key strategic partnerships are in advanced stages of planning Opy pilots and the stages and control rollout to launch in the first half of FY '22. We very much look forward to providing further updates on our U.S. market entry as we progress to our launch in early October one, getting us quickly on to an unprecedented growth trajectory in this important market for the Openpay company. To conclude, we are very happy with the company's strong execution on our strategic initiatives and our operational performance in Q4 FY '21, and we are well set to deliver on a truly transformative big financial year FY '22. I will now hand over to our CFO, Jussi, who will discuss our financial position in more detail. Over to you, Jussi.
Thank you, Michael, and good afternoon, everyone. Michael walked us through our quarterly performance and near-term expectations in 3 separate parts, of which, I will mainly focus on our quarterly and yearly performance, but then I'll also comment on expected financial outcomes from our strategic advances in the U.K. and U.S. as well, so. Let's start with our quarterly TTV of AUD 92 million, which grew at 46% against this time last year and 11% on top of the previous quarter, which is Q3 this year as well. So this means that at a full year position of $340 million of TTV, we were up on last year's results by growth rate of 77%. We expect our FY '22, so next year's performance to start showing that step change we've been mentioning for a while in which we start to grow our top line portfolio stronger than that doubling effect that we've witnessed to date. And also related to that, both the U.S. business and U.K. Payment Assist volumes are anticipated to hit the books within the second quarter FY '22 for pretty much the full quarter, okay? So that's the timing we're looking for. And on the balance sheet side, we completed the capital and funding package to further position us for continued growth as well as funding part of our strategic initiatives that Michael's just outlined, to which end our June 30 cash position of $52 million provides us with a healthy cash balance that translates into an overall funding runway of $214 million for existing geographies. And I can also confirm that we progress positively toward our U.S. launch during the first half of FY '22. As Michael also mentioned, and we're working toward having receivables funding and regulatory requirements in place by then as well. So we are on track -- well on track to achieve that. Okay. Then if we take our revenue performance and associated margins over TTV, these actually now represent a relatively stable portfolio mix, in which the retail portion has grown globally quite significantly during the last 2 years. Although at the same time, I must say the -- we've really preserved the higher-end specialized vertical margins quite nicely as well. So what effectively we've seen is a mix shift with the overall margins within each vertical staying the same. I expect our revenue margin to level -- sorry, the actual revenue margin level to be maintained at around the 7% mark until we inject, as Michael mentioned, Payment Assist, the U.K. health care vertical and U.S. TTV, at which point we anticipate the group margin to somewhat strengthen as well. Further on the revenue piece, our B2B performance has been positive, at a few hundred thousand dollars of revenue recorded for the year. It is still reflective of that early-stage growth with significant potential through our strong pipeline ahead. And also as a reminder, the B2B revenue sits outside of our reported margins as it is not driven by TTV that is funded by Openpay or in other words, it's without funding or credit risk. On the portfolio performance front, we saw a momentary and very importantly, expected increase in loss rate to 4% of TTV for the quarter, representing the early-stage losses from the U.K. we have mentioned in our previous updates. For the full year, we will record a loss rate roughly of 2.8% as it currently stands, which is slightly above our objective, but which has already fallen well within target -- targeted parameters and acceptable ranges for our sales. So within the quarter already, we've started on a monthly basis to see that trajectory, and we are already now operating within those parameters. So like I mentioned, this has been momentary only. And we can already see our portfolio arrears performance, having noted a reversion to acceptable levels. So they've been at 2.8%, and this is the key driver of expected future loss performance. So exactly as we expect -- expected it to happen. Now that's overall, we are very happy with our quarterly numbers. They are as per expectations and, in some cases, actually exceeding them, such as the growth rates we're seeing in active merchants who ultimately drive top line TTV at positive financial returns, as Michael outlined earlier as well. Look, finally from my side, our focus now turns to reporting the full year financial results to the market, which we'll look forward to doing as well. However, also really importantly for us to finalize the preparations for launching into the U.S. as welcoming Payment Assist into the group, subject to regulatory approval once that is received. So with expected business flows from the U.S. to start between the end of Q1 and early Q2 FY '22, we expect to see that step change business profile and metrics from Q2 onwards for all regions that we operate within. So I really look forward to presenting and discussing those then. But now I'll hand over to Michael for some final remarks before we hand -- open to Q&A. So over to you, Mike. Thank you.
Thank you, Jussi. And yes, a great quarter and more to come. I just want to take the opportunity to conclude to comment on a few competitive moves we have recently in the Buy Now Pay Later market. And from their perspective, I want to be very clear that from our perspective, the recent market entry of Apple Pay and PayPal does not adversely impact the core of our business. We believe that the principal use case for Apple Pay Later, et cetera, will be Pay in 4 and thus mostly applicable in the retail sector, which is fashion in footwear, with shorter tenure plants and ticket sizes of around $100. With the majority of these transactions and plants being around 6 weeks in length, I see this as a concentrated attack on the big players in the kind of short-term and cheap credit Buy Now Pay Later market, but not us. In Q4, just to bring that number again, more than 90% of our TTV came from plans that were 3 months or longer in duration and typically higher value as well. So in fact, Openpay creates a very different customer experience as well when and where a longer tenor solution will be utilized. Consumers in moments of unexpected needs, think of hospital visits, broken transmission of car, root canals, leaky roofs or veterinary surgeries are more likely to use the solutions proposed by the merchant. This is how some providers of credit product like CareCredit in the U.S. and others build the market charging what I mentioned before, up to 36% APR, which we feel is serious and can be profitably undercut. In our view, it is unlikely that in these moments of need, consumers return to Apple Pay. Instead, consumers return to the provider proposed by their doctor, veterinarian, auto repair or their school, where trusted relationships exist and count. This will be Openpay going forward across all of our markets. So these market entries are, from their perspective, not only not a direct threat to Openpay. In fact, they help build awareness of Buy Now Pay Later that can help us in sectors where Buy Now Pay Later is still largely underutilized. Openpay is very well situated given our larger and longer loans and verticalized product differentiation. And our large ecosystem partners, like our launch partner, ezyVet or the world-leading payments processor who we will integrate into -- in the course of FY '22 or the dental service organizations which we are lining up as we speak, they all will enable us to influence purchase decisions versus reacting to pass purchases what Openpay does. We have a much stronger model, which creates a positive dynamic with the merchants and their customers, and this will enable our success and strong growth across all our markets. We look forward to keeping you and our investors updated on our progress. So thank you for that. And I will now -- we will now enter the Q&A part of this call, moderated by Jane. Thank you, and over to you, Jane.
Thank you, Michael, and thanks, Jussi. I'd now like to open up the session to questions. [Operator Instructions] And if your question doesn't get filled in the time that we have, please do feel free to send it through to investors@openpay.com.au, and we can respond to you after this session. We do have quite a number that have come through. So we might kick off with this first one. So Michael and Jussi, thank you for the update and encouraging top line metrics. Can you please provide your view on why it is that the market seems not to understand Openpay, and therefore, undervalue it in comparison to others in the space. Also at one stage, some analysts have suggested that OpyPay would be one of the first to breakeven. Do you believe this is still true considering the expansion being undertaken?
Yes. It's a very good question. I think we have now spent first of all, a lot of time to explain our differentiated approach in Buy Now Pay Later market. But I think what the market really see is now the numbers coming through based on our pivot into longer-term higher-value plans, which are customized to the needs of businesses. And I think with the recent acquisition of Payment Assist in the U.K., in parallel, our market entry in the U.K. into health care and now going live in the U.S. in a few months' time only will really demonstrate to the market who we are and what we stand for. And I think then also the strong benefits of our business model will come through the strong modes through these integrations into global integration partnerships, the very favorable terms and conditions of our business model with market-leading revenue yields. And this leads probably to the answer of the -- to the second question. I believe we clearly have the potential to make this a profitable business earlier than many of our competitors. And at the moment, as you and I think for very good reasons, we are heavily investing into making our proposition in global business. And I think that it's hard to do it now and not wait for later or before it becomes too late. But I think from the kind of the unit costs, which we can reduce by scaling and the very high revenue yield, there's a very clear pathway to profitability in the midterm. From their perspective, I'm very confident with both that the market also will respond positively as we develop our business.
So now just getting into that question a bit more with a more pointed question, which is when do you expect to turn a profit, which year?
We don't provide forecast. And from that perspective, I think it's really looking at how we develop the business, first of all, what I said before, keeping us above the 7%, 8% of revenue yield to start with creating scale to create this operating leverage to reduce the cost. And then obviously, now launching in the U.S. and driving top line to then get to a positive bottom line outcome. I think this will not be next year, maybe not the year after, but I think we have a clear, as I said before, kind of North Star ahead of us, what we are working towards, which is profitability return.
Thank you. Okay. So just on the U.S. question here, the U.S. is going live in early October. What does that mean exactly? And what does this mean for the company more broadly?
Yes. I think the U.S. launch is very, very important and transformative for the company in different aspects. First of all, just as a matter of fact, we expect very, very high volumes to come through based on these integration partnerships as we launch in the U.S. So TTV number of customers and revenue growing from there quite rapidly on a growth curve, which we haven't seen before. But I think it's, again, also very, very important for us in the U.S. to focus from the outset because the market is so big and the subverticals -- verticals are so big to focus really from the outset on our key verticals where we know we can make a true difference with these longer-term higher-value plans customized to the needs of businesses in health and auto. And from that perspective, I think, operationally, financially and strategically a very, very important move only in a very few months' time.
So a question here just about the U.S. launch again, what's delayed the U.S. launch. Shouldn't this be fully live by now and generating sales? And have you missed the boat?
Yes, I think we have not missed the boat at all. No have you missed any time lines, which we had in our plan. Maybe the perception comes from that some of our competitors have bought themselves into the U.S. market, which obviously makes a go live after now it's much quicker. We have chosen an organic pathway. So we have, over the last few months, spent time on Americanizing the platform, getting, as I mentioned before, our product rights to really meet the needs of what the players and providers in these verticals really need and to acquire these large partnerships, and I mentioned one before, the world-leading payment processor. And we do this launch based on integrations into their platforms. So this needs a bit more time than acquiring a company. And on the other side, we are absolutely in line with our program and are very much looking forward to launching now a good life in early October.
So one on aggregator agreements. So there are a lot of new platform and aggregator agreements in today's quarterly. How much of the merchant acquisition strategy looking forward to these platform agreements make out?
Yes. It's a very good question as well. I think our distribution strategy is primarily a wholesale distribution strategy. What I mentioned before, 1 contract, 1 technical integrations and thousands of merchants then having our products kind of available at pause, in store and online is a very, very compelling and cost-effective way to distribute our Buy Now Pay Smarter product. But on the other side, we also don't want to miss the opportunity, particularly from a customer perspective to provide choice. This is why, smaller merchants are very, very welcome as well. And there are a lot of really beautiful brands who offer higher-value products and we are there for them as well. And with our automated onboarding capabilities extremely easy now for them to come on board, and this has also contributed greatly to the very high increase of active merchants over the last 12 months year-on-year.
So a few now perhaps for it, just on the numbers. So the first 1 is regarding revenue margin. So the trend in the revenue margin for the quarter has continued to decline. Is this something that is expected to reduce over time?
Thank you, Jane. Yes. Good question. And what I might do is to combine that kind of question with 1 or 2 that I see here as well with regards to some of the loss performance as well. So firstly, very, very important is the revenue margin and clearly losses as well in that overall path to profitability that Michael mentioned, which we truly look at constantly and have a clear path not just for the group, but each and every product and country themselves as well. So we know what the scale requirements are and what the investments into each geography is and we make sure that the margins are appropriate for that. So you would have had us talk a lot about the 9% revenue margin plus and then net transaction margin of 2.5%. And certainly, the answer to the reducing revenue margin is that, that is now fully expected to stabilize. We've seen quite a strong mix shift that's shifted the company just more towards the retail piece, which we now expect to stabilize. And in fact, we've seen certain trends that is now slightly turning as well. So the lowest revenue margins that we do have within our verticals is around that 6% to 7% mark and above that. So we fully expect that to plateau and remain at least there at the 7% mark. But if you actually also look at the strategies that we have going forward, whether organic or inorganic really center in these differentiated or specialized verticals that actually do have relatively high revenue margins as well, which will absolutely help us. So whether that is for instance, in the health care or in the automotive sector, et cetera, whether that is in the U.K. or U.S. or continuing with our organic store here in Australia as well, is all geared towards increasing that to 9% and above. And also not forgetting that, our B2B revenue goes directly straight to the margin. I don't report it in the margin because it's not our TTV that it's based on to date, but clearly, our pipeline has -- includes customers who also want funded, as Michael mentioned, through third-party funding providers, which will also, again, strengthen our margins there. So the path is very, very clear through organic and inorganic activity that will leave us longer term to that -- even in the medium term to 9% and upwards. And then in terms of the loss performance. So just to be clear, this is very temporary and was just early-stage loss performance in the U.K. that has already reversed and we are strongly turning down to that 1.5% to 2.5% loss rate target zone, which also will naturally then increase our net transaction margin as well as we've expected and mentioned earlier on.
Jussi, you just answered about 4 of my questions in one time. So I think very considered response. Okay. One here, I might just throwback to you. So majority of TTV was paid back to merchants, how does Opy one make a profit?
Majority of TTV was -- if that comes from the 4, then absolutely, we pay we -- TTV or spend at merchants is paid to the merchants by us 1 day after transaction, and we actually then recover that from the end consumer. So clearly, we recoup absolute majority of that TTV. Openpay earns its revenue simply from recycling that dollar to the merchant as many times as possible at that disciplined margin of 9-plus that our objective is on the revenue front and making sure that our, so to speak, contribution margin. So our revenue margin after all of variable costs are deducted, stays at the 2.5% upwards over the long term so that it will fix -- it will cover our fixed costs eventually once we reach scale. That is the piece that we really clearly focused on making sure that these returns are maintained at the appropriate level. And there's also 1 kind of an answer to a question here that why is it believed that we will breakeven quicker? That is exactly it. It's because we will have strongest margins at that net transaction margin level that we'll be able to cover our fixed expenses, so your salaries and all of the other costs like that. So that's why we believe we will breakeven quicker. And that is how we make money, i.e., every dollar that is spent with the merchant, we pay to them immediately, but we get that back over on average 3.5 to 4 months, and we recycle that dollar of funding quite a few times a year. So that's the important piece in our has the profitability as well.
And obviously, the book is growing as you go.
Absolutely. Absolutely. We are doubling or near doubling TTV every year. And as I mentioned before, that dynamic is going to strengthen even further than that once U.K. new verticals come online, payment assist and we launch in the U.S., as we mentioned, in the first quarter to beginning of second quarter this last year.
Yes. Terrific. Okay. Okay. So we've got quite a few left. I think maybe we'll sort of run through 3 or 4 extra questions, and then we'll be close to time. So one on B2B, which you mentioned, Jussi with respect to that extra kind of revenue stream that's now starting to really come online. So you've got good growth coming in through BNPL, but also through the B2B SaaS model. How much focus are you applying to growing that B2B part of the business?
Yes, question. Yes.
Jussi, I'll start with this one, and you will add to it absolutely. From our perspective from the outset, our B2B offers a very, very important pillar of our success going forward. First of all, it greatly helps us to further differentiate in this increasingly crowded sector, particularly on the pay in foresight. And offering kind of in the same logic businesses, large enterprise merchants like Woolworth the opportunity to professionally manage their business customers end to end. Based on our SaaS platform plus us now with Lumi, our credit partner being able to a credit facility to these business customers is what the market has been demanding for. And I know this from career in banks and transaction banking. There's a huge demand. And I think we meet this more beautifully than any other provider, I know, combining the digital end-to-end coverage plus the lending. So really, really important on the B2B side. And what Jussi mentioned, it comes with very, very favorable commercial terms. Top line revenue translates quite nicely and fully into bottom line because the incremental cost of onboarding other B2B clients, enterprise merchants is really marginal and from that perspective, also, we see global demand and we have good conversations now in Australia, but also our international markets. So very, very important for us going forward. And I think over time, this has the potential to become as big for us as Buy Now Pay Smarter.
Terrific. Okay. So a question here, just -- I know you spoke about it earlier, Michael, but on ezyVet, which, obviously, there's an Australian partnership with ezyVet and then we've announced moving into the U.K. and the U.S. with that partnership. So the question here is when do you expect that to go live? And I guess that might be a 2-part question for you.
The launch is relatively implement. We are working on the integration. We have already merchants ezyVet veterinary practices, if you like, lined up and signed. So it will be imminent. ezyVet is a well-proven partner in Australia and we are very proud to have them as our launch partner in the U.S. very soon in early October. And we have also already signed quite a number of ezyVet veterinary practices and clinics in the U.K. And as we integrate, we will launch imminently in the U.K. as well. I look forward to updating you on our progress again soon. And as always, as Jay mentioned, if you have any further questions, please contact our Investor Relations Team of which or to me directly. So thank you, and have a great day.