Thank you for standing by, and welcome to the Catapult Group International Limited FY 2024 results conference call. All participants are in a listen-only mode. There will be a presentation, followed by a question-and-answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr. Will Lopes, Chief Executive Officer and Managing Director. Please go ahead. Good morning, and welcome to Catapult's Investor Conference Call for our FY 2024 results. I have with me Bob Cruickshank, Catapult's Chief Financial Officer. This morning, Bob and I will present our full year results, our strategy and outlook, and then take questions from participants on the call. Today, I am pleased to outline a historic year for Catapult, which represented a key inflection point for our company. Before Bob and I get started, I would like to take the opportunity to remind everyone that we continue to set the standards in elite sports. We now work with over 4,200 teams in more than 100 countries and across 40 different sports, an increase of nearly 400 teams from this time last year. Our customers compete at the highest levels, including many of the national teams that we will see in action at this year's Summer Olympic Games. Now, let's get into our results. Please note that all the numbers we are presenting today are in U.S. dollars and actual reported numbers, but our growth rates, which compare our performance year-over-year, are in constant currency to remove the impact of fluctuations in foreign exchange rates. FY 2024 was a banner year for Catapult, a year of strong, profitable growth and one where all our key metrics delivered or exceeded our expectations. Let's start with some high-level metrics on slide six. First, our most important leading indicator of future revenue, annualized contract value, or ACV, continued to have a strong growth performance and rose up 20% year-over-year. The result of our strong ACV growth performance meant that our revenue this year crossed a major milestone of $100 million, or over AUD 150 million, and also rose 20% year-over-year. But the most exciting aspects of FY 2024 is that we crossed a critical inflection point as a SaaS business, where revenue growth is now outpacing growth and operating expenses. Crossing this inflection point meant that we generated $4.6 million of free cash flow, an incredible improvement of more than $26 million from last year. We not only delivered on our commitment to generate positive free cash in FY 2024, but we did it in both half year periods, demonstrating our ongoing sustainability for cash generation. Our success was underpinned by two key ingredients: a healthy SaaS engine, coupled with a business model designed to increase profit margin as we scale. Let's discuss the first key ingredient, the health of our SaaS engine, on slide seven. We had strong ACV growth this year, but that growth is healthier than ever as it came with an annual retention rate of 96.5%. Another sign of the health of our SaaS engine was our ability to increase the ACV we received from each customer this year. With ACV per pro team, our key ARPU indicator, increasing 7.2% year-over-year as a result of successful cross and upselling. Lastly, healthy growth is diverse growth, and this year we became less dependent on our wearables performance within our performance and health vertical, with the number of pro teams now buying from more than one vertical rising 32% year-over-year. So our subscription business is not just growing well, but it's doing so with high retention rates, improved unit economics, and with customers expanding into new products and verticals. Let's discuss our second key ingredient for success, a business model with amazing leverage in the next slide. A successful SaaS business should be designed with operating leverage in mind, where at some point, it, it crosses an inflection point during its growth journey, where its profit margins begin to accelerate with scale, typically driven by the efficiencies that come with scale economics and variable costs, such as sales and marketing, and fixed costs, such as G&A. Crossing this inflection point is critical to creating a world-class SaaS business, and I am delighted that we have crossed this inflection point at Catapult. Let's review how our leverage as we scale is leading to an acceleration in profit margin. First, with scale, we can now cross-sell products with improved margins, such as our new video solutions to our existing customer base, helping us lift overall gross margin. In FY 2024, our gross margin climbed to 81%, up from 76% as our product mix improved. Second, with multiple products being sold and supported by the same team, our go-to-market cost becomes more efficient, resulting in an improvement to our contribution margin or the percentage of revenue we keep after accounting for variable costs, such as sales and marketing. In FY 2024, our contribution margin improved to 46%, up from 34% last year. And lastly, our fixed cost base reached a level of maturity to support our business at scale. Its absolute value is rising much slower than our top line growth, resulting in a profit margin increase. In FY 2024, our profit margin improved 125% as we delivered $4.2 million of management EBITDA, our key profit margin metric, and that is an $18.4 million improvement versus last year. Now, I've frequently spoken. I've previously spoken about the rule of 40 as an important barometer for measuring our progress as a SaaS business. The Rule of 40 stipulates that world-class SaaS business will reach 40% when combining their growth and profit margin rates. Moving to slide nine, you can see we are making great progress against this important metric. Internally, we use ACV growth as our growth rate metric and management EBITDA as our profit metric to calculate our value on the rule of 40. While we're not yet at 40, you can see the incredible journey we've made the past two years. We were negative on this benchmark just 18 months ago as we exited our multi-year investment phase, and now, as we scale, we've already reached 26% at the end of this past half year. That is a 39%... That is a 39 percentage point improvement. Improving on the rule of 40 has had a positive impact on our cash flow, as shown on the right side of the slide. Now, we didn't deliver these great results at the expense of innovating on behalf of our customers. Turning to slide 10, I want to highlight key innovations from FY 2024. During the year, we launched our Vector Core product, which helped expand our wearable solution into academy-level teams of existing clients. It gave them the ability to share performance data across all levels, key to developing the next generation of talent. Vector Core also simplified load management for coaches that are new to sports science, while enabling them to work from anywhere via a cloud-based experience. This product will be key in introducing the next generation of coaches to Catapult's Vector line. This year, we released the next generation of our iconic Catapult vest, which is not only more comfortable, but included a revolutionary mix of hardware and software to improve heart rate monitoring and significantly increase the accuracy of the data we provide to our customers. We expanded our Race Control solution beyond Formula One and welcomed American motorsports, including exclusive support of NASCAR, Indy, and IMSA competitions. We introduced a new version of our Remote Athlete solution, improving how athletes collect their data away from the training facility, helping hundreds of clients improve off-season performance. Through all the hype of AI, we haven't spent much time talking about it, and that's because we've been hard at work delivering products that are now being used by customers. A significant example of this was our latest version of Race Control software, which uses AI to help the FIA improve officiating of track limit violations in Formula One races. With AI, our software can now automatically detect violations, reducing the time that it took to monitor them from several hours to mere seconds. An amazing value for our customers and a technology that was used just this past weekend at the Monaco GP. Most recently, we announced the release of a new sideline video product for American football. In a major development this year, the NCAA, the governing body of U.S. collegiate sports, approved the use of video analysis on the sideline for the first time in American football games. To optimize around this massive revenue opportunity, we developed the most advanced sideline analysis product for American football. It's been built on the code base of our sophisticated Formula One race analysis products, and we are bringing this product to market with an exclusive deal with the SEC. That is the largest collegiate conference in the U.S. The SEC will be the first conference to integrate our new product across all of their teams, enabling their coaches and players to have a significant game day advantage against their non-SEC opponents. In summary, FY 2024 was a great year for Catapult. Our SaaS business is healthy and driving terrific top-line growth, evidenced by the fact that we've reached $100 million in revenue this year. Having crossed a key inflection point in our SaaS business, we are now generating significant free cash from the operating leverage that our business model provides. I will now hand it over to Bob to take you through FY 2024 financials in more detail. ... Thank you, Will, and good morning, afternoon, and evening, everyone. Today, I'll begin with an overview of our key SaaS metrics before taking you through our financial performance in more detail. Then I will hand it back to Will to talk about our strategy and outlook. I'd like to reiterate that all the numbers we are presenting today are actual reported numbers in U.S. dollars, and that our growth rates, which compare our performance year-on-year, are in constant currency, removing the impact of fluctuations in foreign exchange rates. We've done this to make it easier for our investors to understand our results and the underlying performance of our business. As Will mentioned, FY 2024 was a strong year for Catapult, not only at the top line, but also in the key operating metrics that we guide our business to. As you can see on Slide 12, we continue to see all our leading performance indicators move in the right direction during the year. We had strong ACV growth, excellent ACV retention, a growing customer list, and an expanding contract value per pro customer. This all bodes well for our revenue growth in the future. I want to begin by focusing on our primary metric on Slide 13, our ACV, which grew to $86.8 million. Removing the impact of fluctuations in foreign exchange rates, which negatively impacted this number by just over $1 million, this number would have been $87.9 million, resulting in ACV growth of 20% on a constant currency basis. This growth was driven by the performance of both of our core SaaS verticals and demonstrates that our business is in great shape. Now, drilling into those, these two core SaaS verticals on slide 14, P&H continues to be an exciting growth engine. It yet again delivered an excellent growth rate of 23%, driven particularly by signing new teams and leagues in soccer across the LATAM and EMEA regions, and in baseball across North America. As we experienced in the first half of FY 2024, we saw another strong performance from our new video solutions in our T&C vertical. Our overall T&C growth rate has accelerated to 15%, a step up from 11% in the prior year. This is being driven by our new video solutions, which grew 44% year-on-year, an increase from 27% in the prior year. It is particularly exciting to see our new video solutions continue to accelerate, while at the same time, making up a larger and larger component of our overall T&C ACV. In H2, we experienced great success in selling our new video solutions to soccer teams. This is really encouraging and demonstrates an early validation of our investment in R&D to drive adoption from our new video solutions across our P&H customer base. As you can see on slide 15, average ACV per pro team has also shown strong growth, increasing by 7.2% and approaching $25,000 per team. This increase is important in the context of the ACV performance of our new video solutions, as it demonstrates that we are being successful in not only upselling, but also cross-selling to our customers. Our T&C customers have an average ACV of about 2x that of our P&H customers, so we want to see even more of our customers using this product. The chart on the right side of this slide expands on the cross-selling success. Excluding runoff products, which we are no longer supporting, we have seen a 48% increase in the number of pro teams who are using products from two or more of our verticals. We're really pleased with this progress, and it is an indication that our land and expand strategy is working. While all of these growth trends are exciting, on slide 16, you can also see the strength of our value proposition for our customers. Our customer retention rates are best in class, and in FY 2024, our retention rate yet again finished the year above 96%, which equates to a churn rate of just 3.5%. This continues to be sustained at exceptional levels and shows that our customers are not only happy with our product and the service we provide, we've become a trusted and indispensable partner in helping them make better decisions through our comprehensive all-in-one technology. While it's not on this slide, I think it's pretty important to call out our lifetime duration as well, which has increased from six years to seven years, a 16% increase during a period in which we added around 400 new teams. This is a really strong result and demonstrates the tenure and loyalty we've been building into our customer base. On slide 17, you can see the results of our strong ACV growth and best-in-class customer retention. Our SaaS revenue, which is derived from our ACV balance, is the engine that is driving our overall growth. It grew an impressive 24% year-on-year and forms the vast majority of our recurring revenue. Our recurring revenue, which also includes our media business, now represents 92% of our overall revenue, up from 90% at the half year. One of the primary effects of all this top-line performance can be seen on slide 18, and that is generating cash. At the first half result in November, we reaffirmed our outlook that we would generate positive free cash flow for the full year, and we said that we would be disappointed if we did not build upon the $1.4 million of free cash generated in H1. Not only did we build upon the H1 result, we generated another $3.2 million of free cash flow in H2, meaning that we generated $4.6 million for the full year. This is an outstanding result, and as Will mentioned, a significant $26.2 million dollar turnaround from the free cash outflow of $21.6 million dollars we experienced in FY 2023. On slide 19, you will see our variable cost buckets as they contribute to our contribution margin percentage, which is one of our key metrics. Contribution margin is the measurement of profitability after variable costs, and those variable costs are made up of COGS, delivery, and sales and marketing expenses.... These are the costs that will continue to grow in absolute dollar terms as our revenue grows, while also declining as a percentage of our revenue as we gain efficiencies and our business scales. We have shown significant progress on this metric in the last 12 months, and our contribution margin has increased from 34%-46% as a result. This improvement was driven by strong revenue growth alongside a flat cost base, excluding COGS, which shows just how successful we've been at scaling our sales and marketing efforts. Our variable costs fell by 12 percentage points as a percentage of revenue in FY 2024, and are now only nine points away from our long-term target. As we grow at scale, we expect our fixed costs to decline as a percentage of revenue toward our long-term target of 25%. That is exactly what we are beginning to demonstrate as slide 20 shows. Fixed costs are made up of our G&A and R&D expenses, and it is important to note that our measurement of R&D costs here are prior to any capitalized development. Our fixed costs declined in absolute terms by 4% to $41.9 million at the end of the year. Similar to variable costs, our fixed costs fell by ten percentage points as a percentage of revenue in FY 2024, and are also trending toward our long-term targets. We've been very disciplined in managing our cost base, and our fixed costs are now supporting our business at scale. You should expect to see these costs rise modestly in terms of absolute dollars and decline as a percentage of revenue in our future. All of what I've talked about comes together on slide 21. This chart highlights the trend of increasing revenue dollars, crossing with the declining OpEx as a percentage of revenue, which is now less than 100%, and how this results in a positive profit margin in FY 2024. We have crossed this critical inflection point, and as revenue grows, profit margins are expected to increase and OpEx as a percentage of revenue, expected to decrease. Moving on to the P&L on slide 22, and given what we've just discussed, I will go straight to our management EBITDA. As Will mentioned, management EBITDA is how we measure our operating performance and our profitability. We provide a reconciliation from EBITDA to management EBITDA, which makes it clear that our management EBITDA does not reflect any capitalized development, so we believe it is a better and more accurate representation of our performance. We delivered a significant improvement in our operating profit in FY 2024, generating positive management EBITDA of $4.2 million, an $18.4 million improvement from FY 2023. Further down this table, we have provided a reconciliation to reported EBITDA and net profit after taxes, which includes accounting for capitalized development, severance, and share-based payments. I also want to call out at this point that we have taken the prudent step of extending our debt facility at the same $20 million size and with the same structure to a new maturity date of May 2027. This extension sets us up to effectively manage our working capital for the foreseeable future. At March 31st, we had an outstanding balance of $11 million on this facility, versus $15.7 million at the end of FY 2023, leaving us with more than $8 million still available. In closing, FY 2024 has been a period of strong performance across the operating and financial metrics we benchmark ourselves against, reflecting the strength of our business model and our scalable, predictable subscription business. We are delivering returns on our investments, and we are in a strengthened financial position, which will enable us to generate long-term, sustainable, and profitable growth. We are in an incredibly strong position, and with that, I will hand it back to Will to discuss our strategy and outlook further. Thanks, Bob. Now, before I talk to our outlook, I would like to review how the two key ingredients of this year's success are well-positioned to continue to deliver growth in the future. First, let's discuss why we are confident in our SaaS growth to remain strong. Let's begin by reviewing the substantial market opportunity for Catapult, outlined in slide 24. The professional sports technology market is expected to reach more than $40 billion by 2026 across 20,000 elite teams. With live sports, one of the last vestiges of live entertainment, we expect growth and investment in our industry. Catapult, being an established global leader, is extremely well-placed to benefit from this increased investment and growth. Despite our global leadership, our penetration of the 20,000 teams is just 17%, demonstrating the greenfield opportunity that remains in front of us. That opportunity expands beyond teams in major sporting leagues. It includes collegiate teams, feeder divisions, and academies. It also includes national and Olympic teams, and importantly, it includes women's teams across the entire ecosystem. To that point, I want to highlight how important women's sport is becoming as a new tailwind for Catapult. In April, the NCAA Women's Basketball title game averaged close to 19 million TV viewers, the most viewed ever women's basketball game. Notably, this had 4 million more viewers than the men's national game that was played just a few days later. In February, we announced a league-wide partnership with the inaugural Professional Women's Hockey League in North America, equipping that league with Catapult's cutting-edge video solutions. Mid-season, the league confirmed that they were ahead of their projections in the first year... and have been playing in front of sold-out audiences, including a record audience just last month. Both examples demonstrate the enormous attention being generated by women's sport and the significant opportunity for Catapult, as the adoption of technology in women's sports is expected to increase, as we've seen in men's sport. Now, with a robust market ahead of us, let's discuss how we approach that market in slide 25. Our strategy to expand our SaaS business is by ensuring that we're providing a market-unique value proposition that helps teams make better decisions through a comprehensive all-in-one technology platform. And as we move to slide 26, you can see that our platform is robust. We offer several integrated solutions across multiple verticals to help teams have the most comprehensive picture of performance. But what makes our technology truly differentiated, it is that it's purpose-built for sports, enabling us to intimately understand the needs of our customers. Our go-to-market approach is focused with clear targets, as outlined on slide 27. I'll caveat that these targets are all midterm. First, we land new clients with our P&H solution, where we are uniquely differentiated and the global leader. Second, we expand our relationship with our customers through cross-selling integrated solutions in our platform. Our new video product in T&C currently represents the most attractive cross-sell opportunity with excellent gross margins above 90%. Further, we retain clients at a world-class retention rate by investing in support and services, and as reported today, we are doing exceptionally well with a retention rate above 96%. And lastly, we operate in a fashion that creates efficiencies as we scale and improve our integrated solutions to our customers, helping us deliver a significant profit margin at scale. Our growth strategy is working, not just highlighted by today's results, but also by the key signings that are represented as we expand into new geography, sports, as well as expanding within the contract-- expanding the contract values within our customers. In slide 28, we highlight some of the-- just some of these key signings in FY 2024 that validates this. Baseball, just a few years ago, was a complete greenfield for us, and now with over 50% of Major League Baseball teams as clients, I am delighted to welcome one of the most iconic sports logo, the New York Yankees. Expansion into new regions continues to bode well for us, and this year we had many new signings in the Middle East, Asia and Latin America, including league-wide deals in Chile and Costa Rica, signing Morocco FA and the Kamaishi Seawaves, just to name a few. As our platform continues to improve, so does the relationship with our clients. Helping us expand ACV, Dimayor and the Pittsburgh Steelers are great examples of long-term customers that have recently expanded into other products from our platform. Now, let's talk about the second ingredient for success, our business model with operational leverage. Our model is designed on a scalable unit economics to generate sustainable profit. As you can see in slide 29, as Bob walked you through, we think about our cost base in two different buckets, variable and fixed. How we perform in these two areas determines how well we do in contribution margin and profit margin. Our long-term target is to achieve a contribution margin of 55% by continually improving the variable costs of growth through innovation and sales productivity. Having now established a fixed cost base that can support our business at scale, we expect fixed costs to rise modestly, helping us reach a very attractive profit margin. Moving to slide 30, you could actually see how this operational leverage is already delivering amazing results. In our first full year, following a period of investment, we kept 43% of every additional $1 of revenue we incremented this year. That is a tremendous performance that highlights the power of the leverage we've created in our business model. Now on to outlook on slide 31. Our objective is to deliver on our strategic priorities with a focus on profitable growth. In FY 2025, we expect ACV growth to remain strong with low churn, continued improvement in cost margins towards our long-term targets, and higher free cash flow as our business continues to scale. So let's recap. Catapult is in an incredibly strong position and delivering profitable growth. We've crossed a key inflection point in our SaaS journey, and with our operating leverage, we are accelerating our profit margin. And the two key ingredients for future success, a healthy SaaS business and a robust business model designed to improve cash generation, are as strong as ever, making us at Catapult confident that we will continue to deliver on expectations. With that, I would like to thank everyone for listening, and I will now hand it back to the operator for any questions on today's call. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Julian Mulcahy with E&P. Please go ahead. Hi, Will. Good set of numbers. Just a few questions from me. Firstly, on the growth of ACV per pro team of up to 70%, can you just provide some sort of breakdown between how much of that was price increase and how much of that was upsell? Yeah, I would say that about, probably about 50% of that was driven by cross-selling, with the remainder probably being split between price increases, as well as upselling. Right. Okay. Can you just remind us just the difference between ACV average for a pro wearables team versus a pro video team? Yeah, the average ACV for us on the P&H side is typically around $20,000 in U.S. Is that 23? Is that 22, 3? 20, 20, 20,000, usually. Yep. On video or T&C, that tends to be around $40,000. Well, okay. So, with the—I mean, the cross-sell is clearly building. Do you think there's like a step-up point coming, or will it just continue along the sort of curve that we've seen in recent times? I don't know if there's a... I would say watching us grow around 40%+, on what we're doing is probably about right, about our set of expectations at this stage. We are starting that cross-sell with video, typically at a lower sort of average rate than the $40,000 that I just mentioned, and we're building from that. So, you know, we've had customers, particularly in Europe, European soccer, where they will start with, you know, an additional product that's about $10,000 a year, and then we'll start to build that throughout the year and get them eventually to $40,000+, on it. Right. Okay, cool. And with the ACV, I mean, that's a point-in-time calculation. So with the Sideline Video sale to the SEC, is that much of an increase? It's a great deal, and it's actually not included in this year's results. So we signed that deal right at the end of March, and we were very excited to announce it because it, you know, it is a massive opportunity for us. As you know, Sideline Video is really, for the first time, coming to American football in collegiate sports, and we believe that it will start to, you know, show up in professional sports, but that number is not yet reflected in our FY 2024 ACV results. It is incremental to the Excel subscriptions currently? Yeah, it's coming completely from our new video solution. So we really build that in what we're doing, and it's gonna be completely incremental to what we did with our legacy stuff, with our legacy video solutions has done there. Yeah. Cool. Final. And just finally, with the so university players now can earn money, does that gonna have an impact on Title IX and sort of funding for women's teams, do you think? There's nothing that I think will really make a gigantic difference for us at this stage. I think what we're seeing is, you know, collegiate sport has always been incredibly big business in the U.S., particularly with American football. We're seeing that big business now really explode across different sport, you know, different sports code, as well as, you know, men and women's sport. And I think the media dollar that's starting to come in in sport, because it's really the last vestige of live entertainment, I think will offset any of the costs that I think will come with, you know, athletes getting, you know, a share of the revenue on it. So we're very excited what's happening in the U.S. collegiate side. You know, if you look at just what somebody like Caitlin Clark has done for women's basketball, this past year, you know, because she could actually gain those sponsorship dollars, she could be out in social media and really pushing herself, has dramatically changed, you know, how people are watching already the professional side, which is the WNBA. Cool. Thanks, Will. Thank you. Your next question comes from Owen Humphries with Canaccord Genuity. Please go ahead. Good day, guys, and well done. A beat top to bottom, so, congrats, a lot of hard work to get to these numbers. Just to kind of clarify the outlook there, when you say growth to remain strong, I'm assuming you mean in line with historical trends of that 18%-22% that you've done for the last four years? That's about right. Good one. And just to understand, in the past, you've talked about incremental free cash flow margins, you know, north of 30%. You know, really strong cost control, particularly in that second half there, and obviously talking about, you know, ongoing growth in FY 2025. Are you still targeting that incremental free cash flow margins of 30% going forward? Yeah, we're... You know, I would expect that to be, you know, higher than that number, particularly in FY 2025. I think we're, you know, exiting where we did in FY 2024 at 43% of incremental profit margin. I think we're delighted. I think we, you know, anticipated, you know, that level should continue to stay and improve over time. Good one. And Bob, just around the gross profit margins in the second half, that was, you know, nearly all-time highs of 83%, call it. Was there any abnormalities in that number, or is that kind of where you'd expect it to be going forward, and is it above your long-term trend as well? Yeah. Yeah, as you've seen from some of the slides in terms of where our long-term targets and percentages are, you know, that's it's very much in line with where we're heading. No anomalies. I think we're expecting that to continue to be at that range or gain further efficiencies as we grow. Good one. And guys, can you just maybe just talk around the materiality of the NCAA, the sideline product there? That looks pretty innovative. Just to understand just what that actually means on a per team, per dollar. Just understand what, how- Yeah. financially accretive that could be. Yeah, no, it's... First of all, it's very material. You know, without divulging the exact deal with the SEC, the deal will probably be in our top 10 deals, and when we think about, you know, the total contract value of that deal, it'll be in the multiple millions of dollars range. There are, you know, essentially 10 conferences across the NCAA. Most of them right now will just take what they're using for officiating replay and bring it to Sideline Video, so it's not really very sophisticated. The SEC is a conference that tends to be, you know, at the forefront of technology, tends to be at the forefront of media, particularly with, you know, they recently signed a deal with Disney. I think it was worth about $3 billion, if I remember correctly. So it's, you know, it's, they're, they're very at the forefront. So we think this is. They're just the beginning. They're the lighthouse account that will help us probably start to bring our technology to other conferences, you know, following this first years of use of sideline video. So it's very material. You know, if you kind of give a little bit of a sense, Owen, we are today making about $20 million, you know, give or take, on the legacy video solution in Thunder. You know, a good chunk of that is coming from collegiate sports, probably, I should say, you know, 75% of that is coming from collegiate sports. We think this is, you know, probably, if not equivalent to the potential of that, it may be more, at the end of the day. So it's very, it's quite accretive to what we're doing today. Awesome. Good work. Well done, guys. Thank you. Once again, if you wish to ask a question, please press star one on your telephone. We'll now pause a short moment to allow questions to be registered. There are no further questions at this time, and that does conclude our conference for today. Thank you for participating. You may now disconnect.