Right. Good morning, everybody. Thank you for taking the time to attend Dropsuite's First Quarter 2022 Quarterly Results. We have Charif El-Ansari, CEO and Managing Director, and Bill Kyriacou, who is the CFO, presenting today. I'm Craig Sainsbury, and I help with their investor relations. To ask a question today, please use the Q&A facility or the chat facility at the bottom of the screen. Type your questions in, and I'll read those out to both Charif and Bill at the end of the session. With that introduction, Charif, Bill, I'll hand across to you. Thank you, Craig. It's a real pleasure to be here today. I wanna thank everybody for joining us, and I'm very excited to present the results of the past and also giving you a hint of our future. First of all, wanna remind everybody, Dropsuite has a really simple mission. We safeguard business information, and we help businesses stay in business. We are very mission-critical for cyber defense and data protection, i.e., we play a key part in any IT initiative. We've been leading from a product standpoint and delivering some really high-grade products to the market and winning accolades accordingly. We are a truly global partner-focused company. We've built a phenomenal culture and team inside the company, and we built everything around a very sound recurring revenue model. We are solving for some real-life pervasive challenges from a cybersecurity standpoint. You can see, for example, the cost of ransomware is expected to be AUD 20 billion in 2022. Cybersecurity threats mostly start with email. It remains the number one attack vector. A lot of issues ensue from pure and simple human error, and on top of that, we're seeing additional regulation around data privacy and even security posture. We play a key role in such a massive opportunity. We are seeing ever-increasing cybersecurity budgets. A case in point would be the Australian government budget going from AUD 1.8 billion in 2018 to north of AUD 10 billion in 2022. We are seeing increasing government regulation, as I just alluded earlier, to make sure that data is protected and data is private, and that also bodes really well for a company like ours. We're seeing a massive migration to the cloud with everything getting into SaaS. Just as a case in point, it's estimated that there are 20,000 different SaaS applications that are being used by businesses big and small. Given the nascency of this sector, the security posture continues to be weak and leaves something to be desired. With this landscape, you can see that the tailwinds propelling the growth of the global data backup and recovery market continues to be really strong with revenue or size of $22 billion in 2025, growing at a very healthy double-digit growth of 24% year-over-year until then and probably beyond. What we do is we take a part of that business or that industry, and we deliver some world-class product data protection solutions. Our main focus is on websites and databases, which is the storefront of companies of all sizes. We also have been specifically focused on email and productivity platform protection, and we've been really delivering some phenomenal products, especially around Microsoft 365 and Google Workspace. We deliver a beautiful user experience that doesn't only back up products, but it allows discovery, it allows search, it allows many flavors of restore and many more. We'd also, we'll mention later that we're also building new products and new revenue streams starting from the end of 2022 and beyond. Now, the way we thought about this is really simple. You've got a massive addressable market just with these two products, Microsoft 365 and Google Workspace, and we still have a really small section of the market of 0.2%. Keep in mind that we still have a lot of white space in this market. Now, the way we go about addressing this massive opportunity is by a partner-led business model. This business model allows us to deliver true operational leverage, as you see with our numbers. It also enables us to have a diversity of partners, which is now counting in the thousands of partners if you count both the direct partners buying directly from us or those that are buying from our IT distribution partners. All this has yielded, by the end of Q1, March 2022, an additional 80,000 or a bit more than 80,000 users that came quarter-on-quarter, and now we are broaching the 750,000 users, paid users, for that period. To be able to deliver this kind of growth, we have really derived some meaningful advantages in the way we've executed. We've really perfected the partner integration. It is very, very important for us to have our products integrated into the partner workflows, and we've been building these workflows and these integrations since 2014, and we strongly believe that this is a competitive advantage. The second one that is really built into our DNA is to deliver almost a consumer-like user experience for a business product. That's something that is really delivering a lot of accolades in the industry. Thirdly, and very importantly as well, we've built a modern stack in the public cloud that is truly cutting edge and truly scalable. Finally, and perhaps most importantly, we've built a phenomenal team inside Dropsuite and a phenomenal culture. Now, all of the above have delivered very strong results historically and also in Q1. I will pass it over to Bill, our CFO, to take us over the results. Over to you, Bill. Thank you, Charif, and thanks to everybody for joining us today. We are pleased to report continued strong growth across the key metrics for the business in the March quarter. For ARR, we saw consistent growth by 15% on prior quarter, 71% year-on-year to yield AUD 17 million ARR at the end of March. For paid users, we increased, as Charif mentioned, 81,000 new users for the quarter, taking us from the 649,000 to the 730,000 users. We're up 13% quarter-on-quarter and 55% on the prior corresponding period. Our monthly ARPU for the quarter ended at AUD 1.95, which on a floating currency basis was on par with prior quarter. On a constant currency basis, we're up 3% on prior quarter and 11% on prior corresponding period. This is due to a steady mix shift to higher price and featured products. Our gross margin has improved by one percentage point in the quarter. We have implemented cost saving initiatives in storage capacity, which have contributed to the gross margin improvement. We also expect some further improvements in subsequent quarters for gross margin. For direct transacting partners, we have increased 3% on prior quarter from 409- 421 transacting partners, but we also added 197 indirect MSP partners, which is a significant addition for the last quarter. Our revenue churn remains consistently low and steady at sub 3% at the end of the quarter, which is consistent with the last quarter and prior corresponding period. Our cash flow by quarter shows where we've come from in March 2022 to where we're at now in March 2022. We can see in December quarter, we had a positive cash flow of AUD 231 thousand. In the March quarter that we've just finished, we've gone into a cash burn of AUD 245 thousand. Now, the rationale behind that, we did mention this in the prior webinar, we've invested heavily in the future growth, but we've also got the negative cash flow quarter driven by the annual bonus payments for senior staff that come through. We've had annual insurance renewals that have gone through and software renewals on an annual basis that have gone through, plus some other one-off items during that period. I also note the AUD 245 thousand cash burn in March excludes payments for due diligence advisors of AUD 270 thousand in the quarter of the first quarter of this year. Our cash receipts increased 9% month-on-month from AUD 3.42 million- AUD 3.72 million for the quarter. This is a 9% quarter-on-quarter growth and 72% prior corresponding period growth on a normalized basis. We had strong collections in the quarter that's just passed, but these were partially offset by the AUD appreciation against USD in the March quarter. This affects our AUD cash receipts with the majority of the receipts collected in USD. Our DSO KPI for the March quarter actually marginally reduced versus the December quarter. It's not a debtors issue. It's more aligned with the FX increasing for AUD. Our cash payments on a line-by-line basis, we have payments for storage costs, which are growing quarter-on-quarter, with March payments up 15% on prior quarter and 104% on the prior corresponding period. This has facilitated the need to implement these gross margin initiatives that we've mentioned earlier. Payments for staff have also increased on prior corresponding period, which are now up 50% on March 2021. This is due to our continued investment in staff and bench strength, including the onboarding of our CTO, our global head of HR, and our global support manager in this quarter. We also had payments for marketing that have increased circa 300% on the prior corresponding period, with increases relating to conferences and online activities and initiatives. Remembering here that conferences were all canceled this time last year with the world being in lockdown. The March quarter was a normalized marketing spend, but in comparison to prior corresponding period, we, it is a material increase there. As mentioned, our normalized cash used in operations was a burn of AUD 245,000 for the quarter, and this is excluding the due diligence payments there. In summary, we are committed to our outlook for positive operational cash flow for 2022. Thank you, Bill, for the update. Now let's talk more about our future growth. As Bill just mentioned, we are reiterating the profitability and cash flow generation for 2022. We are in this amazing situation where we have some meaningful enablers for growth from tailwinds to the white space available, to the growing partner network, product leadership, the great team that we've built. Given all these enablers and given the tailwinds that we talked about before, we want to have this flywheel where we are growing our revenue and of course our ARR. We are reinvesting that for growth and then rinse and repeat. The idea here is not to go back to loss, not to go back to cash burn, but to stay, you know, in the black, as they say, while ensuring that we are reinvesting in the company for future growth. Now, when we think about it, in terms of next level thinking, there are three main growth pillars for us. Number one, existing business growth. We still have massive white space. If you look at the partner ecosystem, we have about 2% or less of the total number of partners that are available worldwide. I'm talking mostly in OECD countries. That's number one, and that's growing and continues to grow at a very fast clip. Number two, we reiterate our commitment to introduce new revenue streams by the end of 2023 by introducing new products that can be cross-sold to our growing partner base that would most likely also improve our revenue per user and our gross margin as we go forward, especially in 2023 and beyond. Number three, we are going to embark on accretive, but very importantly, high conviction acquisitions when we see them and when we find the right company that fits our product stack, our team culture, and our ability to sell more and more meaningful data protection products to our growing partner base. Now, that combination of growing the existing business, introducing new products organically, and then accretive high conviction acquisitions, we have a strong belief that we'll be able to deliver very strong growth until 2025 that is definitely ahead of the growth of the market overall. In closing, I've never been more optimistic about our future, right? You've got the tailwinds, you've got us leading from a product standpoint. We've built a great team and a great culture. We have cash in the bank for acquisitions. We reiterate our ARR growth and optimism for 2022 and beyond. We reiterate again that we're gonna be profitable and cash flow positive for this year. With that, I conclude this section of this webinar, and I'll be very happy to receive your questions now. Thank you. Thanks, Charif. Thanks, Bill. Just a reminder to everybody to use the Q&A facility at the bottom of the screen, and I will pose your questions to Charif and Bill. First question coming in, Charif, there's a few of them, just around, how should we think about the range of GP margins going forward? Are we in the 60%-64% range or we'd be expecting that to move? While we're not giving specific guidance at this moment on gross margin, we sincerely believe that we've turned a corner in terms of gross margin in March, and we are optimistic to see further improvements throughout the year without giving specific guidance at this moment. Okay. Follow-up question from that is good GP doesn't always necessarily translate into good EBIT and EBITDA margins. How scalable is the business to keep on converting that GP into EBITDA and profitability going forward? Yeah. I mean, I love this question. I mean, there's a couple of things that we need to understand, first of all, about our GP. The one thing to keep in mind is that what we're doing is we have a business model that is partner-led. That means we derive almost 95% of our revenue comes from partners. What does this mean? It means that we are enabling our partners to sell, market, support, bill, and provision our solutions to the end clients. In return, they get a certain discount for doing all of the above. Actually, when you look at our OpEx, we have some meaningful operational leverage because of this model, because we don't have to invest that amount of money and resources in sales and marketing and support. If you look actually at our team, two-thirds of our team are in the product and engineering team. The short answer and the bottom line is we have a highly scalable business with solid operational leverage because of this model. Thanks, Charif. Just another one on the margins. Are you able to give any color on how that progressed through the quarter? In particular, the question is what was the exit GP margin at the end of the quarter? Yeah. To keep in mind, and I think we need to do a better job. The exit gross margin, which is the gross margin of March, is the one that we highlight in our numbers, and that's what we've been doing historically since inception. Perhaps we need to add an asterisk in the future to make it clearer for you. Thank you. I'll take that on board to put that into the next release as well. Thank you. Just a question on revenue, and the, I guess, global presence of Dropsuite. How is the revenue growth spread across key regions? Was it coming from mainly the United States and growth across all the key markets you're operating in? That's right. Thank you. I have to say that our rising star just percentage growth has been Europe, including Q1. We had an enterprise win in Europe in Q1. The business is growing at a very fast clip there. We just added a phenomenal sales executive to support the team there who just joined us last week. So that was the rising star in terms of percentage growth. North America continues to be our biggest market, followed by Europe and followed then by South America and Asia-Pacific combined. We're also very excited about Australia and New Zealand, so we're gonna be starting adding resources on the ground there for the first time in our history as a company. Thank you. There's a follow-up question from that. Can you just expand a little bit, please, on emerging markets and the growth you're seeing in those regions? Yeah. We have taken a very specific focused approach in growing the business. The approach is we're gonna be really focused on OECD countries without working in countries like India and Indonesia and China. Now, doing this doesn't mean that we refuse to do business in these geographies. It's just when you think about feet on the ground, when you think about localization, when it comes to, you know, product feedback and requirements from partners, the OECD countries are the ones in focus. Now, keep in mind that when I counted that we have 2% of the total partner base, that was just in OECD countries. We have a very strong belief that we need to be focused, so that means we're focused geographically on OECD countries. We're focused also on the partner ecosystem, and then we deliver the growth in a very focused and meaningful way. Great. Thank you. There's one more question on revenue. Should we be expecting to have more incremental annual recurring revenue, ARR, each quarter? Yeah. I mean, we look at it from an annual standpoint, right? When you look at the way we manage our business as a board and with myself and with Bill, we're not, like, trying to, like, maximize something specific in a quarter. I really encourage the attendees and the listeners is to really think about our business on an annual standpoint. The short answer is we do expect meaningful year-over-year growth with some possible fluctuations on a quarterly basis. The bottom line is, the growth is gonna be meaningfully higher than the industry as we've seen in the past few years. Great. Thanks, Charif. A couple of questions from you, Bill. There's a few that have just come in about the cash outflow that occurred for the quarter. I think some of those questions may have been lodged before you got to your slide and talked through it. If you could just reiterate what drove that cash outflow during the quarter, and I guess just a bit of an outlook, if you can, in terms of where you think the company will be from a cash flow position over the course of 2022 as a whole. Yes. Thanks, Craig. Yeah. What drove the cash outflows for the quarter were in the presentation, but mostly around Q1 being a historically high cash outflow quarter for us. We've got annual bonuses for staff. We've got insurance renewals, we've got software renewals that go through there. They're the real key drivers there that have pushed that number out in terms of going back into a cash burn for Q1. Going forward in subsequent quarters, we're expecting that we're going to be cash flow operational cash flow positive for the remainder of the year and for the end of the year in 2022. We also reiterate that we're going to be cash flow operational positive for the 2022 year. This is something I was alluding to Craig earlier, is that I really encourage our listeners to focus on the year, and that's how we manage our business. Like, we don't try to optimize a quarter versus another quarter. If we have big payments in Q1, so be it, as long as we have a clear line of sight about our expenditures, and, obviously, our revenue forecasts, you know, we reiterate our outlook of positive cash flow and profitability. Great. Thank you. Now there's about four or five questions that are all around sort of the MSP network. I'll work through these in a bunch. Can you please talk about the pipeline from a partner perspective, and what are you expecting for potential new partner additions over 2022? Yeah. I mean, we continue to build a meaningful pipeline of new opportunities. That's number one. You heard Bill mentioning earlier about the increase in marketing expenditures. Again, within control, within budget, but there was a massive increase in Q1. Because we're seeing some very nice uptick in activities that are also leading to more leads and more opportunities. That's number one. The other thing that comes on top of it is that we continue to see meaningful growth with existing partners. That combination of seeing healthy growth from new partners, whether it's direct or indirect, plus the fact that our existing partners are themselves growing, is the beautiful combination that's yielding the solid results that we're seeing on ARR. Thank you. Next question is, when you onboard a new MSP, how long does it take for them to start rolling it out to their partners? Yeah. There are multiple flavors of this, and I'll explain the three main flavors of how it goes. The first one is, the MSP takes a strategic decision that says, "I'm gonna be selling a security stack of services, and it's gonna include security, different kinds of backup, maybe Office 365, and that's gonna be my bundle going forward." If let's say they have 800 users or 1,000 users across, let's say 20 clients, you wake up next day, and then you have 1,000 seats or 800 users or seats from that specific MSP. That's flavor number one. Flavor number two, some MSP is saying, "We wanna do this, but we're gonna do it as we do our quarterly business reviews with our clients." Let's say another MSP has 2,000 users across 50 clients, they roll it over a year. Every time there's a quarterly business review, they will roll out the service to these clients. Plus, they will sell the full package, security package and backup package to every new client that comes on board. That's flavor number two. Flavor number three is purely reactive, which is basically saying, "I don't wanna be in the business of selling, you know, solutions and bundles and stacks. I will be reactive, and I will, you know, deploy the backup whenever the customer asks for it." Now, obviously, we're focusing more on the first and second MSPs, but sometimes the business comes literally in 24 hours or 48 hours in decent numbers. Great. Next question. Roughly about 81,000 users were added over the quarter. Are you able to give any color on how many of those came in versus from existing versus new partner channels? Yeah. I mean, we haven't been splitting these numbers, but if you read between the lines on what Bill said, where we added about 200 new partners, direct and indirect, I believe we have a healthy mix of both. I just wanna reiterate something that I mentioned a couple of minutes ago. We are really happy with the traction with existing partners in terms of themselves adding new seats, as well. I would say there was a healthy mix between existing and new partners in Q1. Right. Were there any large migrations in the first quarter? Yeah. As I alluded to, without giving specific numbers, we did have a big, you know, enterprise customer, you know, becoming a customer through one of our strategic partners in Europe, and that was a very pleasing development for us. Right. Just a question around the indirect partners. How many do you have in total at present? Yeah. We have north of 2,000 partners transacting globally, and that's why when I said 2% or less of the addressable market of partners, the addressable market, I mean, there are multiple, you know, measurements and analysts, but if we assume 150,000 MSPs in OECD countries, we have less than 2% of the addressable market. Right. There's a few questions just in terms of how you drive those MSPs into the network. Are they coming to you, or do you go out seeking those MSPs? The question underneath that is how many salespeople do you have focused on adding partners into your network? Yeah. I mean, to answer your first question, we have multiple levers to drive, you know, new partners joining us. Word of mouth continues to be a very powerful lever that we have. We have built a really beautiful reputation. If people look at like, completely unmoderated forums like Reddit, you can see our reputation being really high and good there. Referrals is very high and word of mouth. Number two, we've been publishing and doing a lot of high-quality content, and that's leading to a meaningful increase to new partner leads coming through our website and, you know, asking for a major meeting to become a partner. That's number two. Number three, we continue to work with our strategic distribution partners on demand generation, marketing development funds, big competitions, and that also drives a demand as well. These are the three main levers. On top of them, we are becoming more active in trade shows, especially in April 2022, and that historically has been very good for us in terms of new lead generation and new partner business. Right. In terms of sales people directly engaging, how many do you have My apologies. We have a small sales team. We have about 10 people globally. As I said, I mean, we're a team of 75 total. And of the 75, we have about 10 very capable sales team members and more to come in 2022 and beyond. That was the follow-up question. Of that number now, how do you expect that to grow, over the course of Yeah. The next few years? Sure. I mean, again, if you take a page from what we talked about how scalable our business is and how we can derive operational leverage, we don't need to have, like, a crazy amount of salespeople because of our partner-led business model. What I would say is expect moderate increase to these numbers in 2022. Right. One last one on the partner network. There was an enterprise customer in Europe that came in over the quarter. Is that an area that you can see a large level of growth in, that enterprise space and potentially just moving away from being a purely SMB-focused business? Yeah. I mean, the way I see enterprise is that it is an important part of the addressable market. At the same time, I see it as the cherry on the cake as opposed to the cake itself. We have a bull's-eye right now with this partner ecosystem combination with SMB to mid-enterprise, right? You know, anywhere we can service supremely well from one user to, like, 2,000 users, right? You can argue that anything between 500-2,000 becomes enterprise, right? That's gonna continue to be our sweet spot and our bull's-eye in terms of focus. Every quarter, we tend to get a couple of enterprise deals. That's something that we expect to continue in the foreseeable future. Great. Moving on, there's a few questions that have come in around competitive advantage, so I'll group all of these together. Being a business that's focused on a single platform like Microsoft and Google, what's the risk that they bring that solution in-house, and you see a deterioration of users from those platforms? Yeah. This is something that when you look at it from a, like, from the outside perspective, you see this massive 500-pound gorilla who can do anything, right? Which is like a Microsoft or Google. Anyway, when you think about it from a first principle standpoint, what is backup, right? Backup is when you take your data, in this case we're talking about data. You take your data, you completely separate it from where you're working and what's called the production environment. You take it out, you encrypt it, and you save it somewhere completely different, so if anything happens to it, you have everything available to discover and recover. Okay? If you think about that, backup is one of the least likely areas. Again, I'm not saying impossible, I'm just saying it's the least likely areas for companies like Microsoft and Google to offer and compete in services there. Even if you look at their own terms of service, I mean, you can just Google Microsoft terms of service. If you look at Clause 6A and 6B, they specifically tell you they are not responsible for your data, and they recommend a third-party solution for backup. Otherwise, they're gonna have a huge amount of litigation coming their way. Great. One is, who are your key competitors, and how does your product offering differentiate from them? When we think about competition, we're thinking mostly about the competition that's playing in the same area that we are, which is the SMB and mid-enterprise going through many service providers, the MSP partners. The number one competitor there is a company called Datto that just got acquired. They are the major player there. There are a few others, like SkyKick as another example that does migration from on-premises to Microsoft or from Google to Microsoft, and few others. Keep in mind though, that we are the premium product in the market, even though Datto is much, much larger than we are. We are selling our product at about 25% premium versus a company like Datto. The way we derive our competitive advantage there is by, number one, being really focused on doing something really well, and in this case, we're talking about email and productivity data protection, while Datto's doing like 25 different things. We involve our partners in our roadmap discussions on a regular basis. We don't have any legacy businesses to deal with. Everything is in modern cloud architecture. We have delivered definitely the best user experience in terms of, combining, for example, backup with compliance and archiving, which is truly unique in the market. We cater to disaster recovery. We also cater to compliance and lawsuits and audits by an auditor or by a lawyer or an HR manager. We have the best search capabilities of any of these vendors that I mentioned and more. We also add more insights and analytics to the data, making a bit more sense out of it, and more to come in the foreseeable future. I mean, for me, it's all about empirical evidence, right? If we are growing much faster than this competition while selling at a higher price, right? Number one. Number two, getting third-party accolades like SoftwareReviews on where we stack compared to competition makes me very happy with where we are today. Now, that said, you can never stand still in software business, right? It is something we have to continuously improve and expand and continue to delight our partners and their customers. Thanks. It's probably not a bad segue into a few questions that have been posed here, around that acquisition of Datto. In particular, was the acquisition price a little bit of a surprise for you, given the earnings profile of Datto, and is there any read-through from that to Dropsuite? That's a great question, and I wanna say it bodes well for Dropsuite on two different, but in a way complementary fronts. Number one, I was truly surprised about the valuation of this acquisition. I mean, the company is growing at about 19%-20% per year. Obviously, it's a much bigger company. Their ARR, I think, was about $600 million, and they got acquired at about $6 billion. They were able to fetch about 10x annual recurring revenue multiple on a company growing at 19%-20% per annum. Right? That gives more validation on our value to reassure shareholders and investors. Equally importantly, generally speaking, when you have two companies merging, and both of them are in the MSP industry, Kaseya, who acquired, and Datto, the acquired company, there's always mayhem for the coming six-12 months, when it comes to, you know, who's gonna stay, who's gonna go, which product is gonna be used, and I think that bodes well for us. Actually, we're seeing a slight uptick, actually, in partner inquiries driven by that chaos that is inevitable in my view. Thanks, Charif. We've got three more questions sitting here. The first one is on acquisitions. Is there any due diligence on targets still active at present? Yeah. Yeah. I would say we are very active, but at the pre-due diligence stage. When I say pre-due diligence, that means we haven't engaged lawyers and auditors yet, but we do have regular discussions with new targets or follow-up discussions with existing targets. That's progressing well. As I said, we're making sure that we have high conviction, that we have high quality acquisitions, as we go through this journey. Great. Next one. Completion of the SOC 2, has this added any meaningful revenue into the business over the previous quarter? Yeah. I mean, keep in mind that we started with the journey with SOC 2-1 about a year plus ago, and then we got SOC 2-2. Clearly, when you see us winning an enterprise deal in EMEA, for an example, which is one of the largest in the history of the company, SOC 2-2 is an integral part of that win. That is something that we continue improving our data privacy cadence, data handling cadence, and security cadence and posture as we go forward. SOC 2-2 is just one of these things that we've done and more to come. Great. Last question, which I think is a very pertinent one to finish on. The announcement in the federal budget of about AUD 10 billion being spent on cyber security and some of the tax incentives that you're seeing there for small businesses to take up the technology solutions, how do you think that will impact your business over the coming year or so? Yeah. I mean, this is near and dear to our heart. I mean, there's a couple of things that we need to note, not only in the budget but also in the regulation that was coupled with the budget. When it comes to the budget, I think it's phenomenal, right? Because the government wants to invest and wants the business to invest in improving their data protection cadence and their cybersecurity cadence, which definitely bodes well for us, including, like you mentioned, tax rebate for small and medium businesses. Along the same lines, the regulation was really interesting to look at. What the Australian government has done, and they're definitely ahead of the pack, they've identified what they call SoNS, Systems of National Significance, things like water, healthcare, electricity, and they're almost starting to regulate their security cadence. They're allocating a certain ranking on how well is their security, and they're dictating that this security cadence and data has to be shared with the government. Things like multi-factor authentication, things like patching of software. When you need to patch it, you do it quickly within 48 hours. Obviously, backup is one of the eight things that they had listed. I have a feeling here that this is a little bit like a seatbelt moment, where seatbelt was optional and over time it becomes compulsory. Now, obviously, this is the very beginning of that, you know, movement, but I'm expecting to see more of that happening around the world, and that surely bodes well for companies like us and hundreds of others in this space. Thanks, Charif. That's the end of the questions. With that, just hand back to you for any final closing remarks. Yeah. I mean, I wanna absolutely share my gratitude for having amazing shareholders and investors who've been with us on the journey. I also wanna welcome the new ones who've joined us recently. I want to reiterate that I've never been more optimistic about our future, right? We've built the right team. We have the right products. You know, we're grateful to be operating in the right industry, and I look forward to updating you in the ensuing quarters. Thank you again for joining us today.