Good morning and welcome to SHAPE Australia's Investor Briefing. This morning we have CEO Peter Marix-Evans and CFO Scott Jamieson talking to the Arden Group acquisition. There will be opportunity to ask questions at the end. You can do so via the Q&A function at the bottom of the screen. Pete, I'll now pass to you. Excellent. Thanks, Mel, and good morning, everyone. Thank you for joining us today. We've got a small slide deck. It's only seven slides, so don't get worried that we're going to bore you with PowerPoint. And then there'll be, as Mel said, some time for Q&A as we go through. So we're very pleased to announce our agreement today to enter to buy the Arden Group, something that really attracted us to the business. We're very, you know, for those of you who have met us and talked to us before, we certainly hire people based on character and culture, and we certainly surround ourselves with those sorts of partners, whether it be supply chain and acquisition. So we chose Arden Group, a fantastic company, but also important to note that Arden did choose us. Alan and Richard run that business, a really successful business, and built it into something that they should be very proud of, and certainly congratulate them on what they've done. Established in 2002. Arden operates across five offices. They actually operate across all of Australia, but with offices located in Sydney, Melbourne, Brisbane, Adelaide, and Perth, with a strong focus on retail and fuel fit-out. If you look at the SHAPE business, we've scaled across Australia, but we've also diversified while we still maintain a heavy focus on commercial interiors. We have scaled and diversified across other sectors, retail certainly being a sector that we didn't have a strong footprint in. It will certainly enable us to have a strong footprint in that, but particularly in the fuel retail, where there tends to be longer-term contracts. So while the Arden income is not necessarily annuity, there's a number of longer-term contracts there with key national players. So delivering high-quality functional spaces, fuel convenience stores, corporate education, hospitality. There is also an ability to continue to scale that. Arden have sort of been very focused on their current market share. There's an ability to scale that out as well. And they certainly, over the last three, four, five years, not moved away from the fuel retail, but certainly, again, diversified to have other sectors, including corporate education, hospitality, that sort of stuff. Arden do have a fair portion of their revenue, approximately 30% of their revenue from FY 2025 in A FM. Again, those who follow the SHAPE story would understand that we have a division called Aftercare and Facilities Maintenance, AFM. So this will, again, help us have a bit of a jumpstart in that area as well. And it's an area that we don't have a strong revenue base now. So this allows us to move more heavily into that. Experienced in-house trade team. So they do carry select skilled contractors, but they also subcontract a lot of the work out, again, similar to the SHAPE model. So while the sector's slightly different and an expansion of the SHAPE base, the risk profile, the project management style, the risk management framework that SHAPE have very easily blankets across the Arden Group as well. The average size of their projects is much smaller, AUD 125,000, 250-300 projects a year. Again, if you look at the SHAPE business, our average project's AUD 3 million, and we do 300-400 projects a year. So we're quite used to that high turnover. Our systems process risk management framework has been built to handle this type of stuff. Importantly, there's a large number of maintenance orders there, which are, again, smaller nature. Given the smaller nature of those projects, typically the gross margins are superior to that of the SHAPE BAU. Again, for those of you who've sat through one of our SHAPE presentations, we talk about the SHAPE gross margins being 8%-9%. You know, when we have the modular, that's 15%-20%. Then the Arden Group, again, will be attracting margins up at the upper range of that going forward. Strong alignment with the potential growth potential and just really further enhances our ability to continue to be a leading national fit-out and construction provider. We've talked there in the announcement, you would have seen the multiples based on a pro forma FY 2026 EBITDA. Revenue is circa, you know, AUD 50 million type range revenue for the business. Again, our SHAPE's ability to both enhance Arden and also Arden's ability to enhance SHAPE as soon as it can sort of hit a hand in glove. Anything else on that, Scott? I think there's a, is it on the next few slides we can cover off a few more things? Keep going down that one. Yeah, so part of the reason why we did choose Arden and similar to SHAPE, there's a lot of blue chip customers. So SHAPE, as a lot of people do know, that they sort of target the ASX 100, ASX 200, which is actually not that dissimilar to the type of clientele that Arden have. So they do serve Australia's largest retail and corporate clients, have done for over 20 years. Also, their top 10 clients have an average tenure of 10 years or more. So again, very similar to SHAPE, a lot of repeat work. SHAPE operates in the space where we have about 85% of repeat work, which is not dissimilar to Arden. One of the beautiful things about Arden, which we have spoken about before, you know, through part of our growth profile and any M&A activity that we would look to undertake, was that annuity type income. Arden have a lot of, they run a lot of panels, and they have a lot of two- to three-year type agreements or contracts. What that also enables us to do is a lot of cross-selling opportunities, both from Arden to SHAPE and SHAPE back to Arden. That'll give us an opportunity to accelerate the growth of both businesses. I think you can see there some of the logos on the screen, you know, really they've surrounded themselves with blue chip clients. That sort of tells you a little bit about the Arden Group and the type of business they are. Also the diversity across there, whilst we've talked about, you know, fuel retail, but you can look at, look at again those logos and see that it's not just fuel retail. It's a really diversified business. Again, similar to the SHAPE business in that that diversified portfolio allows the group to pivot to where the work is and to follow those rollouts, even into councils and universities and that sort of stuff as well, which obviously have a lot of projects and a lot of built environment areas. So if you look there, our alignment with SHAPE's growth. So Arden have a proven track record for a long time of profitability and of growth. Again, very similar to SHAPE. Large scale facilities maintenance and multi-site, particularly in fuel retail, as we say there, but that really bolts on to, again, our AFM business. Experienced team, nationwide reach. So the core team there, they have project managers, some in-house trades and support staff. Again, similar to SHAPE in that our core sort of resource that we carry from a human resource is the project management side of things. Trusted nationwide network of specialist trade contractors. So again, because they've been doing it for so long and with clients with such repeat business, the same thing goes with their subcontractor base, with, again, very similar DNA to SHAPE with strong relationships into the supply chain. Adding new markets, we talked about earlier, which just allow SHAPE to expand into those retail markets, which we have operated in. We just, we haven't geared ourselves up for that smaller multi-site, including regional. So the Arden Group allows that logistical expertise in carrying out those regional works. Established management team will stay with the business. So the founding directors, both Alan and Richard, will continue to lead the business from the day-to-day operations for at least the next couple of years. And the existing management team will continue to run the different various states and aspects of the corporate services. Strong relationships with their clients, very sticky relationships, which is again similar to the SHAPE DNA. And as Scott mentioned, the average tenure there is sort of 10%, sorry, 10 years. Earnings profile. We expect the business to be earnings accretive in the first year of ownership and additional to the overall margin profile, which. Yeah, so just add a little bit there. Again, those people that are familiar with the SHAPE story and have spoken to us over the years and our conversations in relation to acquisitions, one of the things that we always say that it must be is accretive from day one, as Pete mentioned, and also the margins must be thicker than our BAU margins, so our BAU margins are circa sort of 8%-9%. We've got some additional margins with modular, but the Arden business will provide margins of circa double, a little bit more than double the BAU margins of that of SHAPE, and so we are expecting, you know, an EPS accretion of circa 10%-14%. Obviously, that's subject to how the BAU business performs for SHAPE as well. And that's just a little bit of an example of the types of work, whether it be a commercial sort of retail rollout, service stations, food and beverage, that sort of stuff. So a very, very vast array of works. Again, good brands, tier one brands, and strong relationships that have been held for a long time. So the details, that's without having to read that verbatim. That's all as part of the ASX announcement there. So AUD 25 million upfront, acquired acquisition of four times as a multiple from that point of view. And the earn out payable in cash, which would see the founders receive opportunity to receive a circa AUD 7 million split over two years based on net profit performance going forward. The way that we're funding that acquisition, I know we've talked about a mixture of cash and debt. We will look to a AUD 15 million debt facility and the remainder paid out in cash. I guess we're just adding a little bit more to that because I know that a lot of you know that we do carry a lot of cash on the balance sheet. Again, the reason that we do carry a lot of cash on the balance sheet is for certain pre-qualifications, external financial assessments, various ratios that we need to meet in order for us to position ourselves to undertake projects in excess of AUD 100 million in a single contract point of view. We do carry that level of cash, but we also do carry a little bit of excess cash. That excess cash is what we are using to fund the cash component of the acquisition. That's the end of the slide deck, so we do have a few questions. Yeah. Pete, actually, I might. We've got Abe from Shaw s who wanted to ask a question. So I'll just ask Abe first to ask his question. No problem. Hey guys, congrats on the transaction. Just have a few, I suppose, quick questions. Firstly, that AUD 6 odd million EBITDA of the business, does that include any cost synergies or is that as a standalone business? That's as a standalone business. And again, that's obviously EBITDA comes before any funding costs. But yeah, that's simply just as a standalone business. So any of those sort of cross-selling opportunities, none of that's all been taken into account. Yeah. Are there any cost savings that you guys see in the business? Right here, right now, nothing has stood out to us as a material cost saving. Yeah. Understood. And can you give us a background regarding, I guess, revenue CAGR of Arden over the past three years? Yeah, so revenue's sort of been in the range of AUD 40 million-AUD 50 million over the last three years. Yeah. Understood. And just looking at, I suppose, a bit of quick background of the calculation. If they're doing AUD 50 million revenue, they have 80 people in the business, that's about AUD 630,000 per person. Is there upside to that number towards SHAPE's, I suppose, AUD 1.5 million per employee? The main thing that drives the change in the increase in the per person revenue is primarily project size. There are efficiencies and things like that that you can achieve to try and drive that. But for example, if you look at our New South Wales business compared to the rest of the country, the average project size in New South Wales is double that on the average project size across the whole country. And we're able to generate more per person in New South Wales because of that. So we're not going to see that significantly change unless the project size profile changes. Yeah. Got it. And then I suppose lastly from me, you've given us, I suppose, average project value duration, just keen on the pipeline or tenders that Arden has? That'd be a lot of the tenders. They have a similar profile to SHAPE in that they tender for work. It's often the difference with theirs is because of their long-term firm MSA agreements. For instance, some of those, whether it be BP or Ampol, they go for two, three, four, five years, and then we have extensions on them. The tendering is slightly different by way of a pipeline in that they don't necessarily have, so for SHAPE business, they're larger projects with names for Arden, their programs with names, if that makes sense. It largely depends on each year what CapEx is put aside for, whether it be new stores. The maintenance aspect doesn't fluctuate as much. You'll have things like, for instance, Liquorland changed their branding from red signage to black signage. That's a CapEx that goes over one and a half years. So it fluctuates a little bit. Just slight nuance to the SHAPE business, but the visibility of the program is very good. Okay. Thanks, Pete. Just a quick follow-up before I sign off. What proportion of the revenue is MSA driven? Well, that's a good question, but it's more than 50%. Yeah. Okay. Awesome. Thanks, guys. Thanks, Peter. Thanks, Scott. Thank you. Pete, Scott, we'll also, we have John Hine from Petra here, so we'll ask John to ask a few questions. Yep. Morning, John. Morning, gents. Congratulations on getting this one away. Looks great. Just quickly, I just wanted to, I guess, dot the i's and cross the t's on some of the questions just before. Scott, you talked about revenue CAGR or revenue of sort of 40%-50% recently. On the EBITDA you've provided, it's sort of suggesting EBITDA margins are about 13%-14%. Is that correct? Or should we be sort of thinking about something, a revenue number slightly higher for sort of 2026 and 2027? Yeah. You're circa 12%- 13%. [audio distortion]. Subject to where, yeah, where revenues will finish, but in the percentage of sort of 12%-13% EBITDA. EBITDA. And is there, because of the facilities maintenance, is there a bit of, and I know it's a smaller part of the business, but can you give us an indication on where D&A sits for this type of business, please? D&A, again, it depends on how you treat the AASB 16. From a plant and equipment point of view, it's fairly light. You're looking in the vicinity of about AUD 1.5 million of written down assets coming across. Not significant. Okay. Got it. And more on the facilities business. What's the profile look like at the moment? And how do you go about winning work? We know how you go about winning work now with your CRM system and your ability to really drive the data. This looks like it's going to be a slightly different approach. And also, how quickly do you think you'll be able to lean into that facilities business and use your existing customer base, I guess, to grow that? How quickly is it scalable, I guess, is the question? It's probably similar to the SHAPE business from a scalability point of view in that the Arden team can only grow as quickly as they can hire good people. So similar to what we say for SHAPE, so we serve 80 people. Certainly, there are clients that would like more of Arden. And I think the partnership with SHAPE will allow us to support that, just even if it's with back-of-house and assistance with, we've got a team of recruiters at SHAPE and the back-of-house team that we have here with that support and allowing that growth. So the growth will be commensurate with the ability to hire good people. Something we would note, certainly in the recent period, that Arden have sort of made sure to make sure that they've got that diversity, not just across fuel retail is a very big part of the business. It's been. But year on year, they spend money. It's evolved, certainly with EVs. They haven't even done a lot of EV rollouts yet, but that's all coming. And I know some of those major players are talking to Arden about that sort of stuff. But again, the ability to grow will be linked back to the ability to hire those good people. Yeah. Got it. And just interested on the, just a bit more on the gross margin profile. I thought that retail in general was a lower gross margin business for you. How are we getting such strong margins? How are Arden getting such strong gross margins compared to you guys? And I mean, you are sort of sector leaders in a way with what you do at the moment. Yeah. So the retail that SHAPE have traditionally done has not been multi-site and regional. So our retail is somewhat limited to flagship stores and that sort of stuff. So it's larger fit-outs in larger buildings versus the margin profile or the book of Arden is smaller, more repetitive regional work. So it attracts a vastly superior margin. And there also is the self-performance aspect of it in that Arden do carry some of their own trades as well. Right. Okay, so it's a slightly different profile to you guys as well. Yeah. Okay. And what about, can you talk about perhaps immediate opportunities? I mean, you guys run pretty fast. So you're already looking at the opportunities you can leverage here. Can you give us an example of potential opportunities with this new platform that you can go after and I guess the potential size of contracts that you're looking at in the next three to six months? So the next three to six months, a lot of those contracts are locked away because again, they are foreign contracts or MSAs across those brands. But if you think about things that Arden are not currently doing that SHAPE would leverage, there's certainly the defense aspect with the ability to be on base. There's maintenance aspects to that. And then you've also got our blue chip ASX 100 base where if you think about the banks, the banks do multi-site rollout. Yes, they're closing stores typically, but it costs money to close stores and to defit as much as it does to centralize those sorts of things. So Arden are not necessarily heavily in those places. So there's certainly an ability to cross-sell across both businesses once we sort of, again, we're not going in there to change what Arden do. They're a successful business over a number of years, and the team have been fantastic and will continue to, so we're going to be there to assist in that growth and also vice versa, assisting us in our growth. Last one. Thanks, Pete. Looking back, how has Arden grown historically? Has it been through winning work, fit-out work, and then being able to then talk their way into a facilities contract? Or has it grown the opposite way? I think it's a little bit of both. They're very, very strong on relationships. So when we talk about, obviously, we had a strong look at their MSA contracts and that sort of stuff, and both directors were very fluent with who's who in each of those tier one global businesses, so that strength of relationship over 20 plus years has been a big factor to it. They also, while they don't necessarily have the same perfect delivery platform that SHAPE have, again, when we talk about what sort of defects they have and return to how often they need to return to a project, they track all that and map all that, so they've got a really strong focus on customer experience and customer excellence, providing excellent customer service, so again, that really meshes well with our DNA and our culture. So I think it's a little bit of all of those things. And obviously, they're one of the leading brands in the multi-site retail rollout. And therefore, they make it onto the tenders as a default typically. Okay. Sorry, one more. The trades you mentioned before, what do they have the majority? What are the main trades that they've got? Is there one particular or is there a broad church there of the trades that would be on balance sheet? Predominantly electrical and plumbing, because they're the two areas that they'll have. So for instance, they might have an arrangement with a retailer that they will have a service level agreement where they'll have a trade there within two hours or follow-up work or that sort of stuff. Again, attracts higher margin, but it just allows for that base level of trade so that they can, and they surround themselves with a strong subcontractor base as well. But I think they've just de-risked their ability to service those agreements through having some of their own in-house trade. Very good. That's great. Thanks, guys. Thank you. Pete, Scott, we've had quite a few questions on the earnout. Could you just chat to the financial targets as part of that earnout? Yeah. So the earnout's structured in such a way that the two directors need to get through the, well, the multiple that we struck or the EBITDA that we struck. So that has to get beyond that to then effectively open the gates. And from that point, there's a ratchet scale up. And as the business generates more, the earnout will increase. Thanks, Scott. And then we just had a question from Patrick on this. Could you tell us what the free cash flow of Arden is? Yeah. It's circa AUD 3 million-AUD 5 million. Great. Thanks. Okay. We have a few questions here. With over AUD 100 million in cash and a favorable working cap cycle, how does SHAPE balance the opportunity of bolt-on acquisitions versus potential for a larger transformational acquisition? So I guess that sort of comes back to what we talked about before. With the AUD 100 million in cash, a lot of that is there to maintain the ratios that we talked about. So this will be some external debt, which we haven't currently had before. Well, we had some external debt when we made our acquisition of the modular facility, which has subsequently paid off in full a long time ago. So this will be some new debt on the balance sheet. As far as future M&A goes, we still have the opportunity and we will still consider further M&A activity. At the moment, we're considering programmatic type M&A activity, so step changes rather than looking at transformational changes in the near term, certainly. And of course, we've got additional debt facilities should we want to go down that path. We also obviously have the capital markets to lean on as well. Thanks, Scott. And you kind of touched on this next question, but could you reiterate, does this Arden deal preclude another acquisition in the near term? The short answer to that is no. It doesn't preclude us from doing anything in the near term. Great. So given SHAPE's typically short duration, low-risk project model, could Arden's recurring maintenance revenue alter the overall margin volatility across cycles? Not necessarily the volatility. What it will vary, all other things being equal, because the margin profile is superior to that of SHAPE's, so it will provide the ability to increase margins, and the reason we say that it won't provide a level of volatility is only because early in the presentation, if you look at the number of projects and if you look at even the maintenance type work, the average work order is AUD 2,000 and there's 7,000-9,000 work orders, and they don't happen in just particular months. Because there is a level of diversification, there are so many that that volatility is all smoothed out to alleviate it from the volatile type movements. Thanks, Scott. Okay. Just sticking with margins, we've been asked, why is Arden's overhead cost so low? The EBITDA margin is not much lower than the gross margin. Can you expand on that a little? When you say not much lower, I mean the gross margins of circa 20%, bringing down to the EBITDA margin of circa 12%. So there is that 8% between the gross margin and the EBITDA line item, which is clearly spared that problem. Yeah. It's not that dissimilar to SHAPE. Yeah. The gross margins are higher than SHAPE. As we've sort of said, we look for in an acquisition is to make sure that as we continue to build that top line of revenue, that we sit in that bottom line of gross margin, which is, again, in line with the modular acquisition and also Arden as well. Thanks, Pete. And just a question here on the multiple. How did you get Arden done at a four times multiple given the interest in the space from PE? I think the four times multiple, if we look at comparatives, it's a fair result for both parties and both parties are happy with that. I think certainly from an Arden point of view, without speaking for the founders, however I will, certainly in reflecting their comments to us, the legacy that they've built in this business, they have strong relationships with their staff, their supply chain, their subcontractors. So there's a very strong, I guess, passion for the business. And they would much prefer for the business to continue to grow and flourish alongside SHAPE versus perhaps what an alternative outcome could look like with the PE. So I think Alan and Richard both also had in their decision the legacy of the business. And And SHAPE aren't going to break the business up and sell it off or change it. It's a fantastic business that we want to enhance or help to grow versus how some others might approach it. So I think it's certainly a choice on both sides. Thanks, Pete. We have a few questions here just on the performance and growth rate of Arden. So I might just combine them. So firstly, can you just talk through or give some more color? You've touched on this on the recent performance of Arden revenue and earnings. And also, is it exposed to any consumer spending sentiment? Or alternatively, could Arden grow quicker than SHAPE or at the same rate given similar end markets? Yeah. So I guess there was quite a bit in relation to that. I mean, if we wind the clock back, for example, we go all the way back to FY 2021, revenues were AUD 33 million in FY 2021. And now we're talking about AUD 50 million. Certainly, the last few years, it's been in the last three odd years, it's been in the AUD 40 million-AUD 50 million range. So we have seen some growth there. Whether it's in line with consumer sentiment, we've seen the business continue to grow. It's more with, say, for example, BP, their rollout plans that they look at for the next three odd years. Certainly, the agreements sort of roll over that sort of length of time. So it's more akin to their plans and their outlook and the like. And the other question, I can't remember the last part of the question. Yes. Sorry. Do you think Arden is growing quicker than SHAPE, Scott? Or do you feel like they're growing at a similar rate given similar end markets? On a percentage, I mean, it's often easier to grow off a smaller base on a percentage point of view. In absolute dollar point of view, obviously, SHAPE would look to grow at a higher level than Arden, but on a percentage point of view, it provides an opportunity to grow quicker than SHAPE on a percentage point of view. I think, again, it comes back to, as well, as I mentioned earlier, the ability to grow is linked to assets, which is both our own assets, our own people. I think what we will see and have seen, certainly recently with Arden, is their ability to future-proof their revenue growth with that diversification, so just not moving away from fuel retail, but making sure that they have set that capability to be able to pivot should one of the fuel retailers slow down CapEx for a year or something. So just a bit of future-proofing around that base. But I think the growth's probably going to be largely in line with SHAPE's. Thanks, Pete. And just sticking with Arden there, can you give us an idea of the revenue concentration for maybe your top 10 clients as a group? Yeah. Top 10 clients make up sort of 60%-70% of the book. Thanks, and just one final question. Given the high amount of maintenance work in the facilities arm of the business, how will SHAPE leverage the recurring nature of revenue to convert clients to potentially higher value refurb or modular upgrades? Could you just touch on that a bit further? I know you touched on it earlier. Yeah. So I think that's a fantastic opportunity. And even if you look at cross-pollination in, for instance, Arden do work for Woolworths, Coles, that sort of stuff, those ASX 100, ASX 200 clients, which is a very similar base to SHAPE perform larger fit-out scores. So I think there's an ability to leverage those relationships into there. Further to that, there is work that Arden currently have relationships with those retailers who have been asked, "Would you be able to do this aspect for us or a new build or modular?" And they've sort of politely declined in the past. So I think there's an ability to cross-sell back to SHAPE and to be able to offer the Arden clients a much more fulsome service offering, which, again, I think it just enhances both parts of the business. Thanks, Pete. And just to clarify on the customer concentration, when you said top 10 clients were 60%-70% of the revenue, Scott, you were talking about facilities and fit-outs? Yeah. I was doing the combined revenues, yes. Great. Thanks. It looks like John Hine has another question. So we might just unmute John and allow him to ask. Thanks. Thanks, Melanie. Just one more. Gents, modular, when you acquired it, there was obviously a few lessons came out of that as you get with all acquisitions. There was a little bit of restructuring and you had to do some right-sizing with sites and how you worked on contracts. Do you envisage anything like that with this acquisition? I'm asking simply because you do have trades on balance sheet now. I imagine there's various sites that are going to be on balance sheet as a result, perhaps warehouses, etc. So if we go back to the modular and your comments around the restructuring and right-sizing, so when we made the acquisition, that was for one site, which was in Kinglake, Victoria. The facilities there, the warehouses there, the size of that block there is fairly similar, if not very close to being identical to when we made the acquisition. Some of the structuring at the time, unfortunately, when we purchased that business, the owner passed away soon after. So we then had to make some adjustments in relation to people, headcount, and restructuring from that point of view. Where your comment probably leads to is that after we had made that acquisition, we then subsequently opened up a facility in Adelaide for modular. And we opened up a 2,000 sq m facility in Adelaide. And then we continued to grow that. And then we moved into a 5,000 sq m facility in Adelaide. And that's where we made those adjustments. And then coming back to the Arden side of things, they've got various offices. So in Brisbane, Sydney, Melbourne, Adelaide, Perth. So they have those offices and warehouses. And we're simply just taking over those leases. And we're not looking to make any changes to the way that's set up and that structure. And it's set up in such a way that it will suit our needs at the moment. Probably to add to that too, with the previous acquisition, we didn't have an earnout as a component of that, and so this one is a couple of year earnout, which just aligns both vendor and both parties to the results of the business for the coming years. Look, if this is a bit too flippant, let me know. But did you discuss scrip in the transaction price? I'm trying to remember. This has had several iterations. Yeah, iterations. As you know, for those who know us would understand that when we do diligence, we don't do it by half. But certainly, we did consider that. And it was offered. The vendors had a preference that they've got their own investments wherever they have them. And so they had a preference to have it weighted towards cash, which again, from our position, we did with balance sheet and no debt. It was fine by us. Okay. Thanks, Gents. Thank you. Pete, Scott, that takes us to the end of the questions. If anyone else has any questions we've missed, feel free to email them through to myself. I'll hand you, Pete, for final comments. No worries. Thanks, Mel. So again, thank you to everyone that's joined the call today. A warm welcome to the Arden team. Again, as I said earlier, we chose Arden, but we also do understand that Arden chose us. So we're grateful for that. We certainly welcome our new employees that will be part of the SHAPE group. Again, we're not planning on a huge integration as far as what we do. We will look for synergies in back of house or any way that we can support both businesses. But you're not going to see wholesale changes, especially with the business. It's a very successful business that has operated with a fantastic team over a large number of years, delivering exceptional customer experience. So we want to make sure that we don't interfere with that in any way and that any assistance that we provide is just that, it's assistance rather than interference. So yeah, so exciting times ahead. And we'll look forward to catching up with you on the next call.