Good day, and welcome to the Xtract One Technologies Fiscal 2025 First Quarter Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on a touch-tone phone. To withdraw your question, please press star, then two. Please note this event is being recorded. I would now like to turn the conference over to Chris Witty, Investor Relations Advisor. Please go ahead. Good morning, everyone, and welcome to Xtract One's Fiscal First Quarter Conference Call. Joining me today is the company's CEO and director, Peter Evans, and CFO, Karen Hersh. Today's earnings call will include a discussion about the state of the business, quarterly financial results, and some of Xtract One's recent milestones, followed by a Q&A session. This call is being recorded and will be available on the company's website for replay purposes. Please see the presentation online that accompanies today's discussion. Before we begin, I would like to note that all dollars are Canadian unless otherwise specified, and provide a brief disclaimer statement as shown on slide two. Today's call contains supplementary financial measures. These measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures presented by other reporting issuers. These supplementary financial measures are defined within the company's filed Management's Discussion and Analysis. Today's call may also include forward-looking statements that are subject to risks and uncertainties, which may cause actual results, performance, or developments to differ materially from those contained in the statements and are not guarantees of future performance of the company. No assurance can be given that any of the events anticipated by the forward-looking statements will prove to have been correct. Also, some risks and uncertainties may be out of the control of the company. Today's call should be reviewed along with the company's Interim Condensed Financial Statements, Management's Discussion and Analysis, and earnings press release issued December 5th, 2024, available on the company's website and its SEDAR+ profile. And now it is my pleasure to introduce Peter Evans, Chief Executive Officer of Xtract One. Please go ahead, Peter. Thank you, Chris, and thank you to everyone on the call, and welcome to all the investors and analysts joining us today. Let's start by turning to slide four to begin our presentation. It's just about six weeks ago that we reported solid results for our fourth quarter and our fiscal 2024 as a whole. Here we are back again in just a few short weeks to kick off fiscal 2025. I'm pleased to say that the outlook remains very positive as we discussed in that prior earnings release for 2025. The foundation that we built in 2024 sets us up for a very strong 2025 with a continued trajectory of growth as we've experienced in the past. We have a great deal of momentum, and we look forward to and are confident in another year of record-setting results. But first, let's discuss Q1. We reported revenues of CAD 3.6 million, which was up from CAD 3.1 million in fiscal 2024. First quarter revenue was, as we expected, lighter than recent periods, primarily as a result of order timing and shipping timing for a number of our customers who had to delay for assorted reasons. But the company continues to be well-positioned for accelerated growth. The fundamentals are still in place, and the quarters to come are looking solid. I'll discuss more on this in a moment. We've also had some new customer wins during the quarter, and we're building a backlog of Xtract One Gateway contracts. An example is the recently announced Tift County School District in Tifton, Georgia, as one example. We've been executing selective in-region demonstrations of One Gateway to groups of schools, manufacturing companies, and commercial properties, showcasing our new system. The feedback has been outstanding and better than expected, with very strong interest and immediate requests for quotes of the technology. We're accordingly building a backlog of those orders. One Gateway has neared the end of its certification process, and we're now working through the manufacturing processes with the objective to begin shipping in mid to end of calendar Q1, as we had previously announced. We anticipate we will be up and running in the very near future and starting to ship and deliver against those backlog of orders. These opportunities on the whole are generally larger in size, and we expect that these deals will be implemented in a phased manner. Tift Schools is an excellent example of how our customers adopt innovation in this phased approach, with the district initially deploying One Gateways or set to deploy One Gateways at the high schools and middle schools, with further plans to then have them in place across all K through 12 locations as soon as it's practical. The installation will strengthen safety and security while ensuring ease of entry for the students and staff in these types of environments, and particularly schools. It's a great win for us and anyone associated with Tift County School District, which is the home to about 11 schools, 8,000 students, and over 1,000 teachers and staff members. I'd also like to mention that the school board did a thorough evaluation of all competing products on all the different approaches and solutions and concluded that ours provided the best and broadest weapons detection capability without the unnecessary need for searches, X-ray machines, or other complex operations. We believe and we're being validated in the marketplace that the One Gateway has set a new standard for school safety that allows students to focus on their education first. While Q1 was much lighter than we would have liked in terms of revenue and booking, we've already started to see an increased activity in the marketplace for both the Smart Gateway and the One Gateway solutions. Some contractual signings and deployment timings were delayed, and some projects were pushed into the second quarter due to various reasons such as budgetary issues, resource issues, or, for example, one venue that was currently negotiating a new lease arrangement with the city. We remain on track for record-setting performance in fiscal 2025, driven by strong top-line growth and a path to profitability. This reflects an increased interest in our solutions, both the Smart Gateway and the One Gateway. The year continues to look very bright for our systems and the company in general, and I'm feeling very positive. Let's now turn to slide number five. I'd like to provide some further color on the market dynamics and our expectations for the upcoming quarters. Our qualified pipeline of opportunities remains at record levels. We're looking at approximately CAD 80 million spread across our four key segments, with about 60% of those deals upfront and about 40% subscription deals. These are highly qualified opportunities, as we've talked about and defined before, places that we're engaged with, proposals, contractual red lines, demonstrations, or other such activities. Of these, I'd say approximately CAD 52 million are in the late stages of engagement, strengthening our outlook for fiscal 2025. Our pipeline has grown over 60% in the last year and is well-diversified with customers of varying size, industry, and geography, which again positions the company for further expansion and improved operating performance and predicts a path towards cash flow neutrality. Let me also add a very important point that the nature of our deals is changing now that we've established ourselves as an innovative security leader and a security systems leader in the marketplace. We're seeing much larger organizations, typical Fortune 100 type organizations for larger organizations, larger locations, and multiple sites. As the market progresses, the customer base is moving from the early adopters to the early mass marketplace, and the selling cycles and strategies for these accounts are different. In some cases, typically longer due to the added complexity and incremental amount of due diligence needed by these global or national organizations. That due diligence applies not only to them, but to us as well. To win and service these larger customers requires a higher level of detail, focus, and time. And the good news is our staff is hard at work winning such business, which is why we're very, very confident about fiscal 2025 as a whole. With regard to the launch of the Xtract One Gateway product, as I mentioned a moment ago, things are progressing very well. I could not be happier. We've been actively providing demonstrations to schools and other organizations, and the universal feedback at the end of almost every demo is, "Get me a quote." A simple example, we recently did a demonstration in a school district that had previously bought a competitor's product. They invited four other school districts and two other non-school manufacturing companies to attend. Four of those six entities are now in contract negotiations, so we're feeling very confident about the progress of that business. Suffice to say that One Gateway is launched at a perfect time, just as many schools were struggling with their prior deployments and the associated procedural complexities, as well as competitive uncertainties. And therefore, we feel that we're well-positioned to take advantage of this marketplace. As I stated a moment ago, Q1 results were lower than recent quarters, but in line with our expectations due to what we knew as timing and dynamics of a rather large sales funnel. The rollout of our existing solutions and introduction of new systems and demand for broader capabilities is shifting some revenue into the back half of fiscal 2025. However, we also saw some delayed summer decisions due to schools that were not yet in session and other organizations who were impacted by budget delays and other factors. It's often the case that the arenas and stadiums make decisions earlier in the year, and we certainly see that we can serve those customers in the future quarters. Overall, we remain very optimistic about fiscal 2025. Due to the time the board is now in the pipeline, we believe that the total contract value of new bookings in our second quarter, as well as the rest of the year, will be much stronger than the first, keeping us on track for the same path of accelerated growth year over year. Make no mistake, Q1 is not indicative of fiscal 2025 as a whole, and the detailed analysis that we're doing on the pipeline and every customer within it. We are bidding on more, larger systems than ever, and are benefiting from the introduction of One Gateway, and are now being considered as a smart alternative to other competitive products in the marketplace given recent events. We are executing an operating plan that puts us on track for our best year ever, and I'm very pleased to say we continue to make progress towards cash flow breakeven and profitability. It truly is an exciting time here, and best is still yet to come. At this point, I'm going to turn it over to Karen to provide more details on the specifics of our financial results. Karen. Thanks, Peter. Our Q1 revenue numbers were lighter than the prior quarter, but the fundamentals of our business are still strong. As Peter previously noted, we're still on track for strong performance in fiscal 2025. Let's start by turning to slide seven. Total revenue was approximately CAD 3.6 million for the first quarter versus CAD 3.1 million in the prior year period, representing an increase of 16%. About 65% of Q1 revenue came from upfront purchase contracts versus approximately 78% in the fourth quarter of fiscal 2024. In addition, from an end market perspective, this revenue was spread across various markets, with the largest contributor being education, which comprised about one-third of revenue in the quarter. The balance of revenue came from a mix of sports, live entertainment, healthcare, and other market verticals. Going forward, we expect our revenue will continue to include customers from a variety of sectors as demand remains strong in each of our market verticals. As previously discussed, Q1 revenue, while up year over year, was negatively impacted by order timing, including some customer installation delays due to non-Xtract One related reasons. We believe these are customer-specific factors rather than a systemic change within our industry. Market demand remains high for our Smart Gateway product, and many customers are currently considering the Xtract One Gateway as a preferred choice for their security systems going forward, which is resulting in an active sales pipeline that Peter referred to before and bolsters our confidence in terms of our performance for the remainder of fiscal 2025. As we said on the fourth quarter conference call, we expect revenue this year to be somewhat back-loaded as a result of our new product launch and larger, more complex bids currently in progress. We're also continuing to work with customers who are up for renewal following their initial contract terms and are pleased to see no churn thus far. This speaks volumes as to the commitment of our customers to protect their visitors and staff, and we're proud of the fact that our customers have chosen to stay with Xtract One as their preferred security provider. Our gross profit margin was approximately 64% versus 67% in the prior year period, primarily due to slight changes in product mix. We continue to anticipate strong, stable markets in fiscal 2025 as we continue to grow the company and leverage economies of scale while keeping a handle on overhead expenses and ongoing support costs, allowing for a very scalable business model as we continue to build top-line growth through the balance of fiscal 2025. Now turning to slide eight, we continue to grow our contractual backlog and signed agreements pending installation. At the end of the quarter, this collectively totaled around CAD 27 million, a slight increase versus Q4 2024, reflecting net additions in the total contract value of new bookings signed this quarter, partially offset by deployments during the quarter. Of this total backlog, the company's contractual backlog was CAD 14 million, with an additional CAD 13 million worth of signed agreements pending installation, the large majority of which are expected to be installed within the next 12 months. Similar to revenue, our pending backlog is widely distributed between various market verticals. We anticipate bookings and backlogs will grow during the remainder of fiscal 2025. Now let's turn to slide nine, which shows first quarter operating costs year over year and sequentially versus Q4. Sales and marketing expenses were CAD 1.7 million for the quarter versus approximately CAD 1.5 million a year ago, largely reflecting continued investment in business development and other initiatives to a broader target group in order to accelerate top-line growth. Costs associated with R&D were CAD 1.8 million for the quarter versus CAD 1.7 million last year, while general and administrative expenses were CAD 1.9 million for the quarter, up slightly from last year's CAD 1.6 million, primarily due to non-cash-related expenses. We continue to focus on bringing new and innovative products to market and ensuring that we have the people and technologies that are needed to support the growing business. Finally, on slide 10, I'll discuss operating cash flow. During the quarter, the company had a net operating cash outflow of CAD 2 million compared to CAD 1.3 million in Q4, and excluding changes in working capital, we spent approximately CAD 1.9 million, which is about the same as the first quarter of last year. This use of cash is consistent with the lower revenue level in the quarter, but also reflects our continued investment in innovation and our future. It's been a conscious choice as we're committed to growing the business not just for the next quarter, but for the remainder of fiscal 2025 and beyond. We will continue to manage our cash burn, focusing on strategic spending, and remain optimistic about the path to profitability and cash flow breakeven. In closing, Peter and I are very positive about the outlook for the year ahead. With the new Xtract One Gateway receiving strong initial interest, our other markets growing, and the demand for security systems expanding, the future for the company looks bright in the quarters to come. We will, as always, maintain a focus on growth, operating execution, reduction of cash burn, and higher gross margins, which all lay the foundation for higher performance in the year ahead. With that, Peter and I welcome any questions that investors may have. We will now begin the question and answer session. To ask a question, you may press star, then one on your touch-tone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star, then two. At this time, we'll pause momentarily to assemble our roster. The first question comes from Adhir Kadve with Eight Capital. Please go ahead. Hey, good morning, Peter and Karen. Thanks for taking my questions. I wanted to get a sense of some of the deal delays that you experienced in the quarter, and then when do you expect those to kind of hit the P&L? Is this a matter of one or two quarters, or is it kind of something longer that's at play there? If you could comment on that, that'd be great. Thank you. Yeah, sure. Adhir, it's Peter here. Thank you for the question, and thank you for joining us as always. There's really nothing that is systemic here. It's just a handful of customers with a handful of unique situations. One customer that's negotiating their new lease and capital improvements on their arena tapped the brakes on some of the deployments. We had another customer who's going through an analysis of all their deployments in all their different locations, as Karen and I both alluded to, much larger customers, Fortune 100 types. And as they work through the nuances of which buildings and what locations and what phases, that's just the label process. Large companies move slow. We don't expect these deals to go away. In fact, we're still working with those organizations. We're still working through red lines, for example, on new contracts. So whether that occurs this quarter, we're going to push as hard as we can towards that. If it slips out a little bit, don't expect to in the majority of the cases. Okay, great. And then maybe just talking about the back half of the year where you expect revenue to kind of ramp up, what's giving you the confidence? Is it just the broader pipeline from Smart Gateway? Is it just kind of the building pipeline from One Gateway? Just speak to the confidence to the better bookings number expected as we go throughout the year and just a general confidence level. Yeah, Adhir, it's a great question. It's both a Smart Gateway as well as a One Gateway response. Both have got strong interest. I'm very, very pleased with the interest in One Gateway. As I mentioned, we've done a number of demos in a number of cities since that announcement. We invite a large number of school boards there, and the overwhelming response is, "How quickly can we get a proposal?" So that gives us a lot of confidence. And of course, with that product beginning to ship towards the tail end of Q1, sorry, calendar Q1, kind of fiscal Q2 for us, that would start to move those orders into revenue, and we'll start to see that towards the back end of the year for One Gateway. On Smart Gateway, the demand continues to be strong. And we go through our pipeline very, very rigorously, line by line, item by item, customer by customer, contract by contract, location by location. And having that level of detail and visibility into each deal gives us that confidence to know exactly what's going to fall when and what that year is going to look like. Now, like anything, there's always some customers who want to accelerate faster. There's some customers who might delay for any one of a number of reasons that are beyond our control, but those are not a fundamental industry issue. It's kind of the one-offs of those unique customers and what their timing is of budgets, timing is of hiring. We've got one deployment that's waiting on them to hire staff right now. So these kinds of things sometimes will cause small delays. Awesome. Thanks, guys. I'll pass the line. Again, if you have a question, please press star, then one. Our next question comes from Scott Buck with H.C. Wainwright. Please go ahead. Hi, good morning, guys. Thank you for taking my questions. Peter, I was wondering if you could give us some color on how you're thinking about the impact of potential tariffs. Just how you view how that may unfold would be helpful. Scott, if I knew the answer to that, I'd probably be in your job, not my job. I think the jury's still out on what those tariffs will be or how they might impact the business. Right now, for us, we're just focused on business as usual. We haven't had any customers concerned about the delays. Our product shows great value, particularly when you see something like the One Gateway that's got a leapfrog value for customers, and nobody's really balked at the price. I don't know that the tariffs are going to affect some of that decision-making right now. We'll really have to see how it comes out and if tariffs are put in place, and if so, how much and around what products. Great. That's fair. Sorry, go ahead, Karen. Yeah, Karen. Karen, please add. I was just going to jump in as well that if we found that a situation became unpalatable in terms of the tariff regime that was put in place, we could conceivably move our operations to the U.S. and sidestep that. So I think we've mentioned on previous calls that our products are generally more in assembly rather than full manufacturing. And we work with contract manufacturers that have the ability to move operations to the United States. So that's certainly something that we have—we're not making a jump to it at this point, but it's certainly something that we could do if we found the situation with tariffs was disruptive for our business. I just wanted to. I see. That's very helpful. And then can you talk a little bit about the typical contract in one of the newer verticals, whether it's education or manufacturing, and maybe how that compares pricing-wise to what you're doing in the sports and entertainment world? I think the major difference, quite frankly, Scott, is not so much in the pricing because there's great value that we're delivering there. We don't see a lot of requests for aggressive pricing or discounting. The only real difference that I see is that each vertical tends to have a bias towards either buying upfront or buying on a subscription basis. More often than not, we find that the schools are given grant money, and that grant money is something they have to spend within the year, so they're biased more towards upfront deals. Whereas we saw the arenas more biased towards subscription deals because they were funding a lot of the benefits out of the savings in OpEx dollars for things like security staff. And so we're finding, if anything, with some of these deals, it's not so much about price, but more about bias to purchasing structure. Perfect, Peter. I appreciate that. And then last one, you guys mentioned renewals coming up. What are you seeing pricing-wise there? Are you able to adjust higher a bit or maintain? What does that look like? Well, it's a great question. And go ahead, Karen. That's fine. I was just going to say, I mean, I mentioned in my section that we are seeing great renewals and support from our customers. What we're usually finding is that a customer has probably had the product for about three years. We've made great improvements and continual improvements in our product since then, and so generally, what we're finding, and this is just anecdotal, but most customers prefer to return the equipment and then basically take new equipment, updated equipment, and then lock in for another three to four years through the subscription agreement, and we're very happy to do that. We fully amortize the product at that point. We're happy to give updated equipment to our customers, and we love that there's a new full contract in place. That seems to be the preferred option for most of our customers, given the improvements we've made over the years to the product. Yeah. And adding to that, what we are seeing, Scott, is with each new iteration of the product, we're adding more value to the product. And in some cases, vertical-specific feature capability that adds more value to that vertical market. So to answer the other part of your question, yes, the average deal size for systems is tending to go up with those renewals. Great. Well, I appreciate the added color, guys. Thank you very much. Always a pleasure, Scott. The next question comes from Kevin Shea, private investor. Please go ahead. Hi, Peter. Karen. Peter, you mentioned a bit about being able to obtain a contract for a customer that was formerly a client of another business. That business has had recent setbacks, which may indicate some opportunities that exist for Xtract to acquire more business from that customer, I mean, from that client. Can you provide any indication as to what you're seeing with regard to the opportunities that are coming from this upset that's going on to that customer? I'm sorry, to that competitor? Yeah. I think, Kevin, first off, our focus is always on our business and doing the right thing by our customers. We think we've introduced One Gateway at a very opportune time, whether it was well-planned or good luck. The fact that we've introduced it at a time when many schools are going through the budgeting cycles at the tail end of the year, or whether there's people who are reconsidering some of their existing investments and thinking about, "Is there a better opportunity?" The value of One Gateway is one that we can actually deliver to schools whereby they don't have to do separate bag checks, don't need to have separate X-ray machines, and if there are situations where they're reconsidering their current deployment of their current vendor, then that's a good time for us to be introducing One Gateway. Secondly, the thing that interests me is the potential comparisons of technology. You've produced a paper called Demystifying Technologies, in which you talk about physics and how the physics is basically the same. If it's basically the same, how do you stand out? What is it that you're doing with the technology that makes you a preferred technology provider? And obviously, there's something going on with knives. I mean, obviously, you were able to obtain a lot more notification on detecting the knives where your competitors aren't. What's the basic difference? I mean, if it's basically the same, what's the basic difference that gives you the opportunities to be better? If you read that paper, Kevin, then what you'd understand is a lot of it comes around architectural choices. Okay? There's architectural choices we made and the way we've designed our sensor technology that allows us to gather significantly more data, which we can then run through our AI algorithms to have much more efficacy in terms of detecting weapons while having lower false alerts. We believe that that results in us being an and, not an or. We can detect the guns and the knives and have fast throughput and have low false alert rates or very minimal false alert rates versus other solutions which we see as an or. In their cases, they can catch the guns or the knives. If they catch the knives, well, you now have a choice between catching knives or having low false alerts and fast throughput. So we see ourselves as an and, not an or, and it comes down to the architectural choices and how we designed our sensor technology itself. Other than that, I'm going to start breaching into areas of intellectual property and competitive information that we really don't want out in the marketplace, Kevin. And on the same note, talking about papers, you've been pretty active in developing white papers over the last few months in a variety of different areas. One of them is CONOPS. And the question, the nature of CONOPS is, are you providing any consulting services to your customers with regard to how they set up their security operations? And how does that work with regard to installing the initial application and any follow-ons that go on, any given renewals or long-term contracts, that type? Like any technology, Kevin, it doesn't really matter if it's us or it's point-of-sale terminals or it's a car. Effective use of that technology is a combination of people, process, and technology. For us to simply drop technology on the ground, you're going to run the risk that it will fail because people are not properly trained. You haven't set up the CONOPS correctly. We find even small differences in how the setup goes in any different building can result in significantly higher results. You move a table over two feet, and all of a sudden, you're getting five more people per minute through the system, and it's a completely different guest experience. Every building is different, and every door in every building can even be different. And so we've built up a level of expertise around by working with so many venues, doing so many demos, so many deployments that we really understand and almost have that sixth sense around how do you set up the CONOPS for the most effectiveness. That's part of the value we deliver to our customers because we're more worried about their outcomes. And more importantly, our customers' customers are very, very happy. And so we make sure that we bring that expertise to the table so that they become very happy customers. They create repeat purchases. They renew. They buy more. They roll out more phases. We see it as an investment in accelerated future growth, not only with the customers, but turning them into advocates to other customers to set them up properly. I don't envision setting this up as a separate standalone service organization. We think it is part of an integral end-to-end solution that we provide to our customers. Our next question comes from Kurt Kallmeyer, private investor. Please go ahead. Good morning, Peter. Thank you for taking my call. I'm a longtime investor, and I really think this is going somewhere. It's just a little frustrating with the stock price. But I was curious, are you guys going to start manufacturing your own units, or is it basically out-of-house manufacturing? That's a great question. For clarity, we own the intellectual property, the design, and the industrial design of everything that we do. For simplicity, there's lots of subcontract manufacturers who are essentially more assembly organizations than actually manufacturing organizations. We're subcontracting down that non-value-added component, which is the assembly of the technology. Right now, there's really not a lot of value-add for us to do that ourselves. We get very effective rates for doing that work. Those organizations are set up to do that at massive scale. If all of a sudden we have a spike in demand, we can quickly ramp up and address that without having to build the infrastructure in place ourselves that may have to sit idle once we've ramped up that spike in demand. Right now, there is no plan to change or bring in-house the subcontract manufacturing. Oh, okay. Yes, I understand that. I was just curious. Okay. And then the second one is I think you guys are doing a great job. Like I said, I'm a little frustrated. But I don't know how to say this, but is there a way that you could promote the company more? I mean, I know that you guys are doing a good job selling it to different vendors: sports arenas, schools, that kind of thing. But to get it out there in the public more so we have more investors in buying stock and raising money that way? We're always actually out in the marketplace, particularly with institutional investors. And we're out there just like this last 30 days. Karen and I were on the road, and we met somewhere in the range of about 30-35 different institutional investors. And we're actively out promoting this stock in that way. We're trying to expand the mix so we have more institutional investors versus retail investors. Not that we don't like our retail investors. Frankly, I love the retail investors. They give me lots of good ideas and lots of good insights. But the idea here is to change the mix so that we can bring in many, many more institutional investors. They tend to be longer holders. They tend to create a lot more liquidity in the stock. Those are the kinds of things that we think will add value to the overall shareholders and shareholder value for the company. Oh, okay. All right. Well, thank you again for taking my call, and you guys have a great day. Thank you. There are no further questions in the queue. This concludes the question-and-answer session. I would like to turn the conference back over to Peter Evans, CEO, for any closing remarks. So my first comment is thank you, everyone, again, for your continued support of Xtract One. We are in a good position. I feel very, very comfortable about where we are. I feel very, very comfortable about the customers that we're engaged with and the fact that I would call the people that we do business with, not customers, but advocates. Our focus as a business has been to create a set of loyal individuals who love our solutions, are advocating it out to many other organizations that they happen to know within their mix and their network. We've created that kind of a model. We've created that kind of a brand, one that we can be proud of. The business is looking good. The business is looking solid. We've seen a few blips in Q1, but that's really nothing that's systemic with the business. We look forward to having a great fiscal 2025 and delivering great shareholder value to everyone who continues to participate with Xtract One. Thank you very much. Thank you to the team that continues to deliver great value at Xtract One and deliver those outcomes for our customers and those advo cates. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.