Welcome along to the DW8 third quarter update. My name is Dean Taylor. I'm the CEO of DW8. I'm just gonna take you through this presentation today. I'm gonna try to keep it reasonably short and sweet so that we can try to get back to some questions at the end of the presentation. I've had a few inbounds come in over the course of the morning, and also so keen to obviously respond to as many questions as possible at the end. Without further ado, I'll get us started. First of all, as those of you who have joined me before, you'd know that I'd like to start with an update. I guess, hopefully everyone's starting to appreciate that when we are presenting what DW8 does and our operating business, Kaddy, it's all starting to get nice and tight now. Obviously, over the last 12 months, we've completed three acquisitions, and so there's been a myriad of brands being presented. We've been working very hard behind the scenes to consolidate the businesses and get it all down to the one brand as part of Project One. I guess that's just making it so much more easy for us to communicate who we are and what we do to not just the market, but also in particular our customers, the suppliers and the buyers that use our platform. Look, getting started, DW8 it owns and operates Kaddy. It's an integrated marketplace and fulfillment platform. It provides beverage suppliers an end-to-end solution that simplifies their operations. It allows them to connect with buyers, streamline payments, and also deliver a superior fulfillment experience. Our vision has always been to create $1 billion GMV wholesale beverage marketplace in Australia, then look to take that platform into other markets and other verticals. With all of the work that's been going on behind the scenes, we now operate in just two key divisions. First of those is Kaddy Fulfillment, and the second is Kaddy Marketplace. Kaddy Marketplace, for those of you sort of new to our story, is a wholesale beverage marketplace. Based on the amount of monetized GMV that we generate and the revenue of that monetized GMV, we are the largest wholesale beverage marketplace in Australia. There's a whole range of bullet points there. I'm not gonna go through each and every one of those. Basically, the proposition involves connecting buyers and sellers in the wholesale beverage market. That's not just across alcoholic products, but also the emerging non-alcoholic sector and soft drinks, and we're also looking at exploring other beverages as well. It allows, I guess, the suppliers to reach a much broader group of trade buyers and actually service those accounts far more simply and more conveniently. Similarly, for the buyers, it provides them access to a huge range of products all in one place. They're able to get all of those products on one invoice, placing one order, and then paying for them with just a single payment as well. What makes our marketplace unique is that it's the only marketplace in the world that is fully integrated with a complete fulfillment solution as well. Which leads me on to the other division that we operate, which is Kaddy Fulfillment. Now, Kaddy Fulfillment is actually a collection of three businesses that we've merged over the last 12 months. And the oldest of those businesses is almost 15 years old. We've brought in, I guess, our layer of technology that we've developed to knit those businesses together and provide our customers access to a national network which allows them to fulfill orders across all of their sales channels. I guess the network to cater for beverages, it has to be quite specialized. We need to be able to offer bonded storage particularly for brewers and distillers. The brewers, particularly the craft segment, actually need to have chilled storage or cold storage to maintain their products at a temperature that allows it to keep their products more stable and also helps their venues with delivering those products pre-chilled. Also temperature control for wine storage. Again, there's a series of points there. We are really quite a unique specialist business and one of the largest in the country, you know, focused on the beverage industry. Moving on to our Q3 results. I'm just gonna go through some bullet points here and speak to these in more detail throughout the rest of the deck. The highlights. We had strong growth in GMV. You'll see this in the charts, and that's as the first full quarter of Kaddy's contribution is accounted for within our business and is flowing through. We also had a large influx of new suppliers coming into our fulfillment platform, particularly in our Sydney and Melbourne sites. Most of those have moved across from other providers. You know, the underlying reason that we've been given is that it's because of the superior service levels that we've been able to provide. Some of those, I'll talk to that in a little bit more detail later, but some of those are actually some larger accounts and some are national accounts, which should have an impact on revenues going forward. The volume of cases that we shipped in March, obviously January and February were quiet as we expected. You know, the industry, the beverage industry is typically the quietest trading period. That's something that, you know, the investors will need to get used to. By March, we were back to almost our record highs that we saw in November. We didn't expect that to happen until about May, and that was as per the guidance we gave in the last quarterly. It just shows that you know, the underlying growth that we're getting from, I guess, our existing customers, but also as these new suppliers are coming on board, is really starting to power the fulfillment division. There'll be a step change in revenue over the next quarter as we introduce a new fuel levy. We're one of the few providers who hasn't had a fuel levy to date. We've incorporated and absorbed the cost of that within our rate card. Obviously, everything that's been going on over the last 12 months, particularly around fuel, has meant that we've needed to introduce that mostly just to recoup the third-party costs that we have been absorbing. We've also introduced a new rate card across our fulfillment division, which will become effective on the first of July. Won't see the full contributions of that coming through until the September quarter. On average, there's an increase of about 5%, which will certainly flow through to our bottom line. While it's only 5%, it can be a considerably larger percentage in terms of our net margins. Project One, and I'll go into a bit more detail on this as well. It's been progressing incredibly well. I guess, you know, while it wasn't the key driver, it's certainly releasing material cost savings and synergies across both divisions of the business or the platform. We've certainly started to see the increase in the overlap of suppliers using both parts of the platform. That's been held back a little bit by the lack of integration, but now we're starting to get that, customers using the one platform. We've seen about 50 suppliers make the migration just in the last few weeks alone. It certainly positions the company well for the next phase of scaling. In terms of lowlights, we've had incredibly challenging trading conditions over the last three months. A lot of that has been because of staff shortages because of COVID. That's not just in our own business, but we've certainly seen it through our third-party providers that we utilize to help provide our national network, and also seen it in the venues that we service, hospitality or what we call on-premise, which is sort of the restaurants and bars and hotels and clubs. They've been very heavily affected by the lack of staff to actually serve the customers. There's been a number of venues that have reduced the amount of days or even hours that they trade just because they don't have enough staff to fill an entire shift. Obviously, as they sort of remain closed, they're not generating as many orders from either our platform or the fulfillment business. There's also been product supply issues, and that's also related to COVID. You know, in particular the large brewers, in those factories where they do produce the beverages, they've had staff shortages as well. There's also been shortages of things like pallets, getting through and getting finished goods being able to get out and delivered. It's certainly something which I guess the whole of Australia has been dealing with, but it's certainly had a big impact on the supply chain, and in particular the on-premise venues. On top of that has been the flooding on Australia's East Coast, which has caused further disruptions and closures. Something that I saw a memo come through from one of our suppliers, just earlier this week, and they are a distributor, and typically their rule of thumb is that for every wet day that they have, it will knock about 10% of their weekly sales off. In Sydney, over the last three months, we've had 75 wet days. Now Sydney is one of our biggest markets. We certainly have a lot of exposure to it and it's led to subdued sales. In terms of the quarterly results themselves, here's a summary of those, but I'm gonna speak to each one of these points in more detail on the accompanying slides where I can point to the charts. The main point here I guess is this is something that I think investors need to understand is that even though we are a technology company and we operate a technology platform, the market that we service is predominantly the alcoholic beverage industry. That industry is very seasonally affected. The second quarter of each financial year or the last quarter of each calendar year is by far the biggest quarter in terms of sales. Obviously, it picks up on things like Spring Carnival, the whole racing season. It picks up on all of the Christmas parties and other seasonal events, and everyone getting out and having fun over Christmas. Where I guess come January and February, everyone's dealing with credit cards. They're dealing with having to raise the money to put these kids back into private schools. They might be doing Febfast. Sales drop off considerably. Even though you'll see a drop in some of our metrics, what I've tried to do is point to, I guess, the results that we achieved in the same period last year and really trying to show the growth, the underlying growth that the business is still generating. You know, it's just something that investors are gonna need to take into account in the future is that we will always be coming off a little bit off that second quarter as we come into the third quarter each year in terms of our key metrics. So first of those is revenue. Obviously I've already touched on the challenging trading conditions, and that's I guess on top of the seasonality that we experience. But if we compare our operating with the same quarter in the last financial year, we're up almost 500%. You know, I think if you draw a straight line between where we were 12 months ago and where we are today, it'll give a much clearer picture of what the underlying growth in the company is. Similarly across the marketplace. Now for those of you who are, I guess, new to DW8, we launched our own marketplace late last year, and very shortly after we acquired Kaddy. So you'll see that, you know, we've come off a really low base of sales in the fourth quarter of last financial year. As we've completed the acquisition, which was in December last year, Kaddy's GMV or the sales that are generated through their platform now flow into our numbers. It gives you an idea, I guess, of the combined GMV generated by the two platforms. Again, we can't compare it obviously with 12 months ago because, you know, we weren't operating a marketplace at that point. Obviously there's still substantial growth coming through our marketplace division. In terms of fulfillment, we shipped 313,000 cases in the last quarter. Now that's obviously down just shy of 20% on the previous quarter, but that is our, you know, the record high quarter. Actually, we did set some massive records in that period as I guess the reopening of venues occurred around the country. As I mentioned before, our March numbers are already back to where they were, or actually higher than what they were in October and December, and only just short of where they, the record highs in November. Even though you're seeing a bit of a dip there across the quarterly results, we're in a very strong position as we power into you know, the second half of this calendar year. Also to note is the average number of cases that we're shipping has continues to increase. We've had ongoing growth there, and I guess that just shows more engagement and more stickiness across our customers as they use more and more of our products, in particular that crossover or the overlap between the trading and the marketplace and the trade fulfillment platforms. Supply growth. We've also had quite a bit of growth there, even though obviously it's not like 500% or 200% some of the other numbers that get kicked around. What's important is that the suppliers that we have been onboarding are much larger suppliers than those that we have acquired in the past. Many of those are national and we will certainly see a big lift in the volume of orders being generated both on the marketplace and also the fulfillment division over coming months. In terms of operations. Project One has been, I guess, a company-wide initiative to really try to bring these four separate businesses that we've operated in the past together all under the one brand Kaddy. You will have even noticed in this presentation the change of colors for DW8. Just again, trying to really unite this all as the one brand going forward. There was a question that came through to me earlier, and it was raised actually in the last quarterly. You know, what is the intention with the listed company name? It's certainly at this stage our plan to change that to Kaddy as well. But that does require shareholder vote and therefore we'll hold off making that change until this year's AGM just to reduce the administration costs associated with that change. In terms of Project One, we've made a lot of progress on this initiative and it's all-encompassing. There's been a lot of work going on behind the scenes and I guess it's one of those things that you know, for us to position the company and the platform to allow that further scaling, we need to go through a consolidation phase. We've certainly taken the opportunity of this slow quarter to complete most of that work. If I go down this list here and this is really a bit about, you know, it's almost very similar to our own internal checklist. Obviously, there's lots of sub-projects under each of these. It shows you that we're about halfway through Project One, and we expect to complete the majority of these other initiatives by the end of this current quarter. We're really in a position to take advantage of that busy period as we go from you know sort of July through into again the Spring Carnival and the I guess the silly season and at the back end of this year. Part of Project One has also been just consolidating our web presence and just how we market to customers. One of the first projects was just consolidating that down to existing four websites down to one that's now been completed. Those of you, I don't know if you've had a chance to have a look at that, but I think it comes up incredibly well and simply, and it's very easy for people to navigate. We also rolled out Kaddy Connect, which formerly was the WineDepot Connect platform. We were in the process of completing an upgrade of its user interface, and we took advantage of that to upgrade it to the Kaddy branding. It's in the process of being rolled out across all of our customer groups. Actually just on that too, one of the main advantages of having all of those customers on the one platform is it makes it so much easier for us then to cross-sell products and services between those customers. As I mentioned before, you know, we've had about 50-odd customers just in the last few weeks that have started, you know, sort of using the parts of the platform that they haven't used in the past and actually increasing that overlap. We really expect that trend to accelerate over the coming months. Also very pleased to announce that we launched Kaddy Community. Kaddy Community is a social networking platform which really provides, I guess, a pivot point for the industry as a whole to come together and share news and information and reviews and just insights. Generally, you know, for any other platform like this within the industry, you need to pay to play. You know, it is either paid advertorial or it's some sort of advertising fee to participate. We really expect this to actually get quite a lot of traction among all segments of the market, because it provides a place where brands can really come and share what's going on without having to actually pay marketing fees for that. I guess it really helps position Kaddy as a subject matter expert and I guess as that pivot point for the industry where we're really connecting the suppliers with the buyers. Other exciting news, some of you may have seen this come out on some of our socials earlier today. We're super excited to announce that Mountain Culture Beer Co, which is one of Australia's hottest new craft breweries, has entered into a wholesale partnership with Kaddy. Super exciting to have this brand on board. For those of you in the beer circles, they really are the brand to watch. You know, people would have seen what happened with Stone & Wood and people like Young Henrys and the enormous growth that they've had over the last few years. Well, Mountain Culture has certainly been flagged as the next emerging craft beer brand. They launched their business, incidentally, it's about the same time we launched both WineDepot and Kaddy. They've had an amazing growth trajectory. They've recently increased the amount of their brewing capability and lifted their production volumes. They came to us and said, "Look, you know, we really want to use the Kaddy platform as a way of growing that wholesale presence." I guess what's really starting to position Kaddy as a channel of choice for new product development and emerging brands. You know, we've proven our ability to really get those brands out and connect them with the venues in a very cost-efficient manner. You know, to have someone like Mountain Culture come to us and use us as part of that launch strategy is super exciting. I expect to see a lot more of that over the coming months. In terms of just a quick summary on DW8 and why you should be holding shares or buying more shares. For a start, you know, we are Australia's leading alcoholic beverage marketplace based on monetized GMV and revenue being generated. Again, we are the only fully integrated marketplace and fulfillment platform in the world. We are well-positioned to scale further into Australia's AUD 37.2 billion addressable alcoholic beverage market. We certainly have ambitions to expand our platform into overseas markets, which are sort of worth, you know, or estimated will be worth over AUD 2 trillion within the next couple of years. We have proven our ability to generate multiple revenue streams, and we've been able to vertically integrate those revenue streams. We believe there's again a lot of potential to compound those revenues off the same customers as we increase the overlap of use of parts of our platform. We have a senior management team that is heavily invested in the business. The team has deep domain experience and not just in beverages, but certainly in technology and finance and logistics. The team has strong industry relationships and it consists of many entrepreneurs with proven track records as well. We've also obviously over the coming months we will start to see the upside of the cost savings that we've managed to achieve through Project One, the introduction of the new fuel levy and also the new rate card price increases. There is an ever-growing pipeline of potential suppliers and buyers. We expect that you know that growing interest in our platform will continue to drive multi-digit growth across all of our key metrics over the coming year. We also expect that growth rate will accelerate due to that network effect that we generated through the consolidation of those existing customers onto one marketplace and one platform. You know, for those of you that are familiar with marketplaces, you know, it really is that network effect where you bring in more suppliers, and you have more choice and more products, and then in turn attracts more buyers. As you bring on more buyers, you attract more brands and more products again. It really creates a bit of a flywheel and allows that the growth to accelerate exponentially. I won't go through the other slides. They're there for you to peruse at your own opportunity. I'll now take the chance to answer a few questions. I did have some written down, which I'm gonna do my best to. I'm just gonna sort of drop off quickly so I can actually pick up on those questions. Excuse me a second. All right. The Q&A I'll get open. Okay. I'm gonna start with the questions that I received offline first, if you don't mind, and then I'll sort of circle back to those that have been asked via Zoom. First one was asking, you know, when we were looking at changing the listed company's name. I sort of mentioned or touched on that one before. The second one was in regards to the quarterly activities report, which we released with our 4C last week, which showed there was AUD 4.3 million banked from the NDC sale, and that compared to our previous quarterly, which showed there was AUD 4.8 million banked. Just to clarify that, there was AUD 4.8 million banked through that transaction. The difference of AUD 500,000 was due to stamp duty and agents fees which had to be deducted off that total. Next one I received was in respect of cash receipts. There was a couple of people who've sort of flagged there was about AUD 1 million difference in cash receipts between those quarterlies as well. Despite some chatter in some of the social channels that I'd use the money to buy two Lamborghinis, I can assure you that's not the case. The difference in the reports was how we treated marketplace GMV. Now, the change came about when we completed the half year interim financial report. Our auditors picked up that the previous CFO had identified the GMV, which is the sales generated by marketplace, incorrectly. They asked us to show that differently. The difference that you'll see between the cash receipts between the quarterlies is entirely due to the how that is being treated. The next one that I received offline was that, how are we doing against our prior market guidance? I was a bit stumped by this one because we don't provide any guidance whatsoever, like most public companies at our scale. What I did pick up on was that in October last year, we did provide some estimated annualized totals across our revenue and GMV. Now, it's important to note that those totals were based on 12-month extrapolations of our high season run rates. They don't take into account the seasonality that we're obviously starting to see in this quarter. Or do they take into account the prior year's trading? They were really a sum of how we were trending at the time, multiplied out 12 times. They also don't take into account the fact that we haven't owned the Parton business for a full 12 months, nor will we own Kaddy for a full 12 months, and so we won't see their full contributions come into the report. However, having said that, the estimated annualized totals we included in that report are actually not far off the mark, within you know sort of a handful of percentage points. I'm sort of hopeful that, you know, even though we've had a tough trading quarter, we'll be able to make any of that back in this next quarter, in particular with all of the new customers that have come on board. Moving on to Q&A. The first question at the top is, will Kaddy Marketplace be available to shareholders via Community? Yes, it will most definitely. It's still probably a couple of months away, and I'm sorry for that. As we've transitioned from, you know, making that move from the Wine Depot Market onto the Kaddy Marketplace, there was some functionality that fell away and we're having to rebuild that. We're also doing it in a way that actually opens up that market to all of our suppliers, not just those using our logistics services to be able to connect with shareholders and and other buyers. Looking forward to sharing some news about that with you in due course. Can you provide an update on the 1 million supplier? It's been a few months. Yeah. Look, I've touched on this one a couple of times, and I am very confident that we'll see them come on board in this current quarter. They had some reasons for holding back, and it was nothing to do with us. It was, you know, so some of their own internal projects, in particular around technology. I can say it's an Australian first family of wine. One of, you know, a small group of family-owned wine brands and we are getting further down the path of having them onboarded onto the platform. Has Mountain Culture Beer Co joined the fulfillment division? Look, at this stage, they've come on board as a marketplace supplier, but we are certainly looking for ways to help them grow their distribution through our fulfillment division. Hopefully share some news about that in due course. If the share price keeps falling, is there any chance DW8 will be taken private or stay listed? Look, we have a vision, and we're just sticking to it. I know it's obviously very you know a bit of a trying period for investors. You know, the tech markets have been sold off heavily over the last few months. They've been sold off again more recently. We've been caught up with some of that, unfortunately. I guess as the markets have really changed their appetite from growth to you know to value, you know companies like ourselves that are start-ups certainly get beaten up a little bit as well. However, these things are all cyclical. I'm confident that you know as we move into the second half of this year there'll be a switch in focus again. You know, we're just sticking to our knitting and getting on and creating a great business and, you know, we're confident that there'll be a rebound in the valuation of the company in the not-too-distant future. What is the net GMV contributed to customer receipts? Look, it's about, look, it varies. You know, we have some customers paying more than 5%. We have some people paying less. Look, I guess it's probably around about that 5% if you're looking for an average. There's something here about, I think it's going to go a minute or two ago. Look, I don't know exactly what that issue was. Look, there's been supply chain issues all over the country. We do tend to use other carriers to do our consumer orders, and unfortunately, orders for Insider Traders, a lot of them do go out through carriers like Australia Post. And we have to just rely on their networks, and sometimes there are delays and, you know, it's just, unfortunately, the world that we live in now. You know, short of us raising another couple of billion dollars and going and buying thousands and thousands of delivery vans, there's nothing that I can do about that, I'm afraid. The Insider Trader range. Yeah, look, we haven't bothered really building out the Insider Trader range on Wine Depot Market, knowing that it is gonna be relocated into the Kaddy Community. Look, there's definitely gonna be many more brands and many more products available. As I indicated, I'm hoping to bring out some more news about that in the coming months. Kaddy social reviews and commentaries. Look, I think if you're referring to the community project, yes, I think most definitely it's helping to attract partnerships such as Mountain Culture. You know, with emerging brands, be them craft beers or spirits or even small boutique wine producers, you know, they get locked out of the broader market by the majors. You know, companies like Lion and CUB and Diageo, they really control distribution in many ways for those product categories. We are most definitely providing them with a route to market and a very powerful route to market at that. Being able to link that with a community where people can come out and actually publish their own updates and reviews without having to pay for it. It's providing, I guess, an incubator or a place for those brands to really sort of grow roots and become mainstream brands. You know, we are super excited about that. I'm just gonna. There's quite a bit around Mountain Culture here. There's obviously a few beer fans in the mix. It wasn't the buzz big business that was alluded to, but it certainly is very, very exciting about, you know, the scale of the opportunity there. How quickly do we think we can accelerate the overlap between the marketplace? Now, that is something that's definitely a focus for us across the entire team. There's KPIs and OKRs that helping motivate the team to accelerate that overlap. A lot of it is being stalled so far just by the lack of integration between the different parts of our platform. Now that we're all getting onto that one platform, it'll certainly be much easier and should happen much quicker. We are also making changes to our rate card structures to actually encourage suppliers to use both parts of the platform. If you are using our marketplace, there'll be preferential fulfillment rates, and vice versa. Why don't I have a Kaddy logo on my shirt? I've been busy this week talking to lots of different people and I've used up my supplier Kaddy shirts already, I'm afraid. We're gonna have to get some new ones in. It was a bit chilly this morning too, actually. When I left the house, I think it was about 14 degrees, and I chose to wear long sleeves. My apologies, but I'll make sure I address that next time. Seasonal factors such as COVID, what seasonal effect prior to June compared to March quarter? Look, it's hard to say. Look, it certainly is far more buoyant. You know, I think it's, you know, coming to the end of financial year, people tend to get out and spend a bit of extra money as well. You know, depending on, you know, what sort of incentives that there are in market to encourage CapEx in particular, and all of that feeds back into the economy. Also middle of the year, people tend to start to do a lot more, as it gets cooler, they tend to socialize a lot more in indoor venues and a lot more eating and drinking. It typically is quite a buoyant quarter for the industry. Current biggest customers on the platform. Can't really say there, but that is a good segue to another question that I received earlier, which was, other than Mountain Culture, are there any other potential catalysts? I guess in short, absolutely. Obviously, you know, at a fiscal level, and I hope shareholders appreciate this, you know, we're being incredibly proactive about financial management and really even before, I guess a lot of. I know there's, you know, it's in reporting season, there's gonna be a lot more talk about this, where everyone's starting to focus on cost. We jumped on that very quickly. Obviously it was something we'd always already started with the integration of the projects, but we are very conscious of preserving our cash and I know that we've had a couple of high burn quarters. Over the next in the not too distant future, we will be announcing the cost savings that we're able to achieve across the fulfillment division. I know one item alone in there represented a quarter of a million AUD a month. Again, similar to those that we announced last time, it will be material. Now I guess cost savings aren't really the focus here in terms of catalysts. Look, we and you know even talking to the million case client before, you know, we've got over 1,000 suppliers using our services now. We made a decision some time ago not to name all of our new customers anymore. All it was doing is making our competitors' jobs a lot easier to target them. You know, we are you know unless it's something really interesting, I guess we're not really sort of making a big song and dance about it. We'd rather let it flow through into the numbers. Having said that, over the last couple of months, we've signed up and onboarded several larger national distributors, which will undoubtedly lift our GMV and revenue. these are some household, you know, well-known brands. You know, Australian Vintage, for example, have come on board the platform. Look, to be honest, actually quite a lot of brands that you wouldn't even really, or distributors' names you wouldn't be familiar with. But they're brands that they have in their portfolios, you most definitely would. We've also been asked or invited actually to tender for some very large national accounts and we know that we've been shortlisted for some of those. Now, there's no guarantees that we'll pick up those accounts, but there is quite a lot of irons in the fire, and I'm hopeful that at least one or two of these come out and you know, we'll be able to announce those in the next quarter. Obviously, as I said before, you know, the million case you know producer that we've been alluding to for some time now, expecting to find on board in this quarter. Although we probably won't see the full impact of that through until the September quarter. Circling back, comments on Brisbane Metro warehouse. No, look, we haven't really done a whole lot there, to be honest. Our focus has been much more on our Sydney and Melbourne warehouses, which with all of the new business now we are bursting at the seams and looking to find ways to expand those presences. Previous updates. Cash & Carry. Oh, look, there's some talk here about whether you know, there's a need for a capital raising. Look, we are really trying to do our best to stretch our cash through, and I think so far, you know, like, obviously based on, I guess, the last two quarterlies, it's probably a little bit alarming for some shareholders. We have been obviously in that investment phase of consolidating the businesses. We need to obviously spend money to release some of those synergies. There's obviously been redundancies paid. There are some hits that we're taking to basically make the business more profitable going forward. We will see those material cost savings flowing through very shortly as well as I guess the impact of, I guess, the you know, the initiatives like the rate increases, et cetera. I'd like to think also, you know, there are other opportunities for us to, I guess, leverage our assets to release value for shareholders. I won't talk to that too much more. I think what we did with the NDC in particular, where we're able to complete that sale and leaseback provided investors with a, you know, a AUD 4.3 million or AUD 4.8 million cash top up. I'd like to think that, you know, we can come up with some creative solutions like that along the way to help stretch the runway. Status regarding branding. Look, the Parton trucks, you won't see those all with Kaddy branding probably until late June or early July. You know, we really wanna make sure that by the time those trucks are actually bearing our brand, you know, it's some of the technology that we're rolling out across the fleet is in them first and that, you know, it really is the next generation of fulfillment business that people are seeing with the Kaddy brand. Look, there's a few more, but I think I'm gonna call it a wrap. We're coming up to 3:00. Listen, just wanna thank everyone for your time again, and your ongoing support. Obviously, it's been a trying period for all of us, but you know, the fundamentals of the business haven't changed. It's just getting stronger and better all the time. You know, as I said, we're going through this consolidation phase, but it's really essential to position us for that next phase of scaling and yeah, so just bear with us. Other than that, I want you all have a fantastic May and stay safe, and I look forward to catching up with everyone again soon.