Good morning, ladies and gentlemen, and welcome to the Audioboom Group Plc interim results investor presentation. Throughout today's meeting, investors will be in listener only mode. Questions are encouraged, they can be submitted at any time just using that Q&A tab situated on the right-hand corner of your screen. Type in your questions at any time and press send. The company may not be in a position to answer every question it receives during today's call, however, the company can review all questions submitted today and will publish those responses where it's appropriate to do so. We'll now submit a poll. If you could give that your kind attention, I'm sure the company would be most grateful. I'd now like to hand over to the management team from Audioboom. Stuart, Brad, good morning to you both. Thank you, and good morning, Colin. It's a beautiful day today, and you've got us both in the room together, I think, for the first time on one of these, so it's good to be with you. For those of you that don't know us, I'm Stuart Last, CEO of Audioboom and CEO for the last six years. I've been with Audioboom for just over a decade, actually, so I'm pleased to be with you today. Yeah, thanks everyone for joining. I'm Brad Clarke, CFO here at Audioboom Group. I've been in the company since March of 2018, so quite a time away from the company. I look forward to taking this with you up today. For those of you who regularly join us, I think this presentation will be slightly different. I think we'll spend the first half focused on year-to-date performance and results. The second half will focus more on the transaction, giving more detail there, walk you through that, and then, as always, a Q&A session at the end. We are on 45 minutes today, and then we'll be split up and presented to you in that format. I think the key parts for today's meeting, as I said, we'll look at H1 results first. We've continued that positive growth story, positive results, everything as expected, on track to deliver a record performance for 2025. As you all know, as you saw on Wednesday afternoon, we also initiated first steps in our accelerated growth plan, our M&A strategy, with the acquisition of Adelicious Ltd. We'll give you more detail on that one. I think one of the key parts being that overnight we created the second largest podcast network in the U.K.. We'll talk more about the rationale behind it from a strategic point of view, and obviously just keen to stress that this transaction just makes so much sense. It's immediately earnings-accretive in 2025 and for year 2026 as well, so I think a great deal, a fantastic step forward for the business. We'll talk more about some of the operational highlights in H1, continued expansion of Showcase, which you know is important to our growth going forward. The launch of AI within the platform, just some important steps to continue that organic growth alongside our first steps on the ERP side. Great week for us, and excited to tell you more today. Just to set a one tier and just kind of give anyone that's new to Audioboom this week, just a little insight into the business model and what we do. Audioboom operates as a podcasting and distributor platform business, and the platform does a very important and very key job of connecting three elements of podcasting together to create that value at scale globally. The Audioboom platform works with podcasters and creators and connects their content to audiences by distributing that content out to all of the major podcasts for listening apps, Spotify, Apple Podcasts, and Pandora of the States. We work with more than 10,000 advertisers to monetize that content. With Audioboom at the heart of that, connecting those three elements together, there's limited value in podcasting. Audioboom does this very well at scale. We have more than 8,000 podcast channels running through the platform, 35 million plus unique monthly listeners, and that's before the Adelicious acquisition, and more than 100 million monthly downloads. As I said, more than 10,000 brands advertising with us. We partner with podcasts. We partner with them, and that partnership is to have exclusive distribution and monetization rights. We work with podcasts out of those 8,000 + channels. There's a core group of about 250 major podcasts and the biggest podcasts in the world that really drive the distribution and the monetization of this platform. If you listen on Spotify or Apple or elsewhere and you click play, that piece of content will be delivered from the Audioboom platform. That allows us to attach advertising and to monetize that content wherever it's listened to. On the advertising side, we've got two ad products, two major ad products. One is our Premium ad product. One is Showcase, our marketplace, which I mentioned a few minutes ago. The Premium ad product, that's when the host of the podcast is delivering the ads in their own voice. They're endorsing the product. Their audience really trusts us. They go out and buy the product. It's immediately measurable for the advertiser. This tends to be brands that are smaller. We have disruptive brands. They don't react to consumer brands, but they love podcasting because they can see the results of it immediately, and they can drive revenue through their podcast advertising. Showcase, that's our marketplace. It's built around the advertising tech. It's very efficient. Showcasing even more why bigger global blue-chip brands, because they like the scale and the efficiency that it offers and also the targeting capabilities that it offers too. Within Showcase, if an advertiser, let's say Procter & Gamble, wants to reach 25- 50-year-old females in the Northeast of America with household income of about $100,000, we can offer that targeting to the brand, and that's a great thing for them. The recent addition of AI, which we'll talk about a little later into Showcase, we're able to offer them other tools, like home safety tools that are important to them. We do more and more work with those bigger blue-chip global brands. That's, I think, a very kind of quick and hopefully clear overview of the Audioboom platform and what we do every day within Audioboom and what we're really focused on here. We will walk through our H1 2025 performance, and then Brad will give you some more focused detail on some of this. In terms of our revenue for H1, $75.1 million monthly on last year. As we've kind of been talking about over the last 12 months, our real focus has been delivering higher quality revenue, and you can see that happening here. There's $7.4 million of gross profits. That gross profit line is what Audioboom retains after revenue shares with those content creators, with those podcasters, $7.4 million. That's up 30% vs the same period last year. You can now see that gearing to EBITDA as well. $1.8 million of adjusted EBITDA in H1, up 500% vs the same time last year. It's still working at that top line growth, but it's going to be higher quality revenue that will flow through our P&L and start to gear EBITDA as you can see that we've done significantly last year. We continue Audioboom on a standalone pre-acquisition basis, still continuing to be on track to deliver the $18 million and $4.5 million adjusted EBITDA that the market expects. Obviously with the acquisition of Adelicious, that changes. Updated broker market expectation of $83.2 million for the year and $4.9 million adjusted EBITDA. Give you more detail on that when we talk about the Adelicious acquisition. As it stands today, Audioboom on a standalone basis has more than $70 million of that first $18 million that's already on the books, $5 million ahead of where we were last year. You can kind of see that pathway, I think, to deliver that record year for the business. Showcase, as we mentioned earlier on, just continues to be that fastest growing part of our revenue mix. The key thing there with Showcase is that higher gross margin that comes with it. 24% year-on-year growth H1 of this year to last year, really a key part of the forward. This is going forward. It This is going forward. It This is going forward. It should continue growing Showcase that will deliver the stronger growth margin versus profit and will gear EBITDA across the second half of the year. Yeah, thanks Stuart. Here we see that as the over-changing revenue contribution first half of this year vs first half of last year. As Stuart said, we've seen an increase in those revenue lines which contribute higher gross margin, being Showcase at 30% and Premium 20%. In the detail for the first half of this year, Premium, where those hosts endorse the endorsed products, that grew by $1.6 million, or 9%, up to $19.5 million. Showcase increased by 24%, or $2.3 million, up to $11.6 million. Sonic, our third product, where we associate a bit of brand, agency-based spend across any globally available podcasts, that contributes 15% of gross margin. That decreased by $2.9 million, or 43%. We've seen Audioboom increase by $3.9 million, Sonic increase by $2.9 million, hence our gross revenue has increased by $1 million. The point in there with Sonic is that we've seen we're going to see a shift in spend this year vs last. For 2024, we saw spend weighted towards the first half of the year, lowering in the second half. This year, what we'll see is lower spend in the first half and higher spend in the second half of the year because the spend is concentrated around the fantasy sports NFL season. We'll see increases as we go through the second half of the year. We can see that the detail there on the contribution. We've seen that gross profit increase by 30%. Of course, see surely that we've got a relatively stable fixed profit base. We've seen that EBITDA increase 6x in the first half of the year vs last. We can see the revenue trends here. There's seasonality in the revenue that we recognize at Audioboom, where it's weighted towards the second half of the year that happened last year. It's going to happen again this year. We can see that revenue trend on the top left-hand corner. The top right-hand corner, we can see profit increases, and we can see that gross margin increasing as well. To those new to the story, the gross revenue that we recognize is the amount that we invoice brands. We collect that cost of sales to what we pay to our podcast partners, and that leaves us with the gross profit or net revenue, if you want to call it that, into what Audioboom retains. Our gross margin for the second quarter reached 23%, and actually in June, it reached 25%. We can see that, as we can see that scaling as we went through the year. I wouldn't expect it to go above that level, but we can see good progression on that gross margin versus last year. In the bottom right-hand corner, we can see what we call as minimum guaranteed true ups. When we enter into agreements with our podcast partners, we guarantee them amounts of revenue over that contractual period. Because of the seasonality in revenue, there may be instances where we true up to that minimum guarantee level. Because our revenue is weighted into the second half of the year, we may see minimum guaranteed true ups at a higher level in the first half, and then they lower in the second half of the year. We've seen that percentage reduce. Back in 2023, there were challenging advertising market conditions. The company's restructured a lot of its contracts, and we've seen these minimum guaranteed true ups fall to a lower level as we've gone through the last few quarters. We'd expect those to still be there in the second half of the year at a lower level. That's good for our gross profit, recognizing higher gross margin as those are coming in. We'll see that through the second half of the year as well. This is the OpEx space that I mentioned earlier on. We can see that over the last year and a half, and that's been very, very stable at about $3.9 million, $2.8 million a quarter. 60% of our costs are in relation to salaries and commissions. We've got 42 heads within Audioboom before the acquisition. That 60% of cost is related to that. 20% is in relation to technology costs in our platform that we have for Audioboom. That is a very, very stable event where we're saying once that revenue grows, once that gross margin grows, more of that is going to drop down to the profit line. We're expecting that to go forwards. We'll come to Adelicious shortly on an OpEx space rather than around $250,000- $300,000/ quarter. You will see that next time increase, but that's because of the acquisition work from fundamentals that is in terms of a relatively stable OpEx space within the company. In terms of the cash, we're in capital cycle of the business. The cash collection cycle continues to work well, collecting 103% of revenue booked in the first half of the year. What we noticed in Q2 was that actually reduced to 93% of invoicing in the second quarter. We saw that we collected a significant amount of cash post-quarter end as our customers preserved their own cash. What we've actually seen as well is a number of new agencies that we're working with had slower payment terms, more towards the 90-day mark, which impacted that cash flow. As we can see from your right-hand side, the amount that's provided for in terms of any bad debt, actually, as a percentage of revenue, remains at a very small level. In the first half of this year, $90,000 against, just say, $35 million booked, is a very, very small portion. Simplistically, once we invoice that amount, we're very, very certain of collecting it. We have noticed that trend that has been slightly slower to pay. We pay our leading podcast partners on 30-day terms, collecting on an average of 80 days. There's that time difference between paying people and collecting. We're very, very good at collecting, and that's what we focus on very well during the second half of the year. What we'll note during the third quarter is that revenue increased in June. It will step off slightly in July, so we'll be paying lower revenue shares at the start of the quarter, but collecting on the higher revenue months at the end of Q2. We should expect that cash position to improve as well as we go through the end of the quarter. Also, the company does have a numerous contract, which is unwinding, and that finishes at the end of December. At the end of June, we have $1.5 million of provision left that will unwind. As we step into 2026, the company will not need to pay between $250,000 and $300,000/ month to true that contract up. That will be cash that we retain within the business. From the forecast, we expect cash to be relatively flat this year. As we get into 2026, at the end of the year with contract and increased performance, we should start to see that cash position grow and EBITDA be more of a proxy for cash generation because there's only lease costs into the cash cost below the EBITDA line. That's our strategic goal forward into 2026 is that cash generation. Thanks. That was great. I think all of our positive performance and strong numbers across the business over these past few years have really led us to establish a strong position, particularly in the U.S. podcast market. All of this has come together to position Audioboom as the fifth largest podcast network in the U.S., where the majority of our focus has been to this point in the most lucrative podcast market in the world. We keep an incredible company, I think, in that top 10. Giant businesses ahead of us. One group is owned by Amazon, iHeartMedia, SiriusXM, Spotify. All huge companies actually are being the BBC of the U.S., New York Times, and they're obviously the large radio groups. Very proud of our position in the U.S. We haven't had such strong growth and traction in the U.K. and focused on the market as much. That's one of the factors behind the acquisition of Adelicious Ltd. that we announced this week. Also, I think key to that acquisition is the revenue and the Audioboom platform business is really well primed to be a consolidator in this space. When you look at that top 10 on the left-hand side here, one key point is that they own control around 25% of the revenue in the U.S. and the U.K. in podcasting. Podcasting remains extremely fragmented. The other 75% of that revenue in the U.S. and the U.K. is running through more than 100 small independent networks and publishers. One key point to those networks and publishers, those small networks and publishers, is that they do not own or operate their own technology or platform. They're reliant on third-party platforming and technology. We've recognized that consolidation of these 100 is something that we can lead on and it's something that will accelerate our growth in the coming years through an M&A strategy. We believe that our platform will do a great job of allowing any targets that we bring onto it, the ability to really focus on what they do best, which is content creation, content curation, running a network. Our platform will supercharge their distribution, their marketing, their monetization of that content. We believe we can be a leader in the inevitable consolidation over the coming years. On the target, I think a perfect first target, and we announced this week the acquisition of Adelicious. Adelicious Adelicious are a U.K. podcasting company. As I said before, we had great success in the U.S., have focused less on the U.K., but Adelicious, combined with our U.K. Audioboom team, is now positioned really strongly to lead the market in the U.K.. You'll recognize, I think, a lot of faces on this slide. Adelicious has a very similar business model to Audioboom, partners with talent, partners with podcasts, and monetizes content for the podcasters. They have great relationships in the U.K. with talent agents, with management companies. They do a really good job of working with well-known talent and entertainment podcasts. To give you a view on what they've achieved at this point after launching just four and a half years ago, they became the fourth largest network in the U.K. They have 50 premium podcasts, many wider podcasts running through their network. They have around 20 million monthly downloads, so that would be added on top of Audioboom's 100 million downloads, so much more advertising inventory and content for us to monetize together. Five million unique listeners to Adelicious podcasts. In 2025, they're expected to deliver $7.6 million of revenue. That's a conservative number, we feel $3.2 million of that, again, a very conservative number, will be recognized by Audioboom in its 2025 number. Obviously, the transaction completes after the half year, so less than half of a year Adelicious within the group. That's a step conservatively, $3.2 million of their revenue for 2025 will be recognized by Audioboom. In terms of the rationale, I think this is a great deal, and it's very clear on why it was the right first acquisition for Audioboom. You can see on the left here, as of three days ago, Adelicious was the fourth largest podcast network. Audioboom is the fifth largest podcast network in the U.K. market. Putting the two of them together creates the second largest podcast network in the U.K. with a very kind of clear pathway, I think, to becoming an ambition to become number one by 2030. When we think about whether to buy or build, we could have invested in our U.K. operation, but I do believe this acquisition has kind of fast-forwarded that position to around five or six years. We decided to buy, taking market share, building out a strong U.K. operation. In terms of why do it now through an acquisition, I think timing is very important. The U.K. podcast industry has been underinvested in to this point. Just on a per character basis, brands and advertisers are investing $1.60 per character into the U.K. podcast space. In the U.S., with that mature of a podcast industry, they are investing around $7. We believe there is a big delta here, and we believe that this will start to correct in the coming years. We've seen the momentum. We're seeing the data around listenership in the U.K., time spent listening in the U.K., and brands beginning to step into podcasting. We believe that this will start to correct by taking that expanded position today through the acquisition of Adelicious. We are really positioning ourselves to capture a greater share of that upside that's going to come over the next five years. To give you an overview of the transaction detail, I'm sure you've read about it over the past couple of days, but we'll break that down into a little more detail. I think a key part to me, and I'll show you a slide on this in a moment, is just what a fantastic deal this was to be able to acquire Adelicious for slightly less than one times their 2025 revenue. Where the consideration will add through the initial and the earnouts, we were able to acquire them around 1x of the 2025 revenue, which is much, much lower than any of the transactions that happen in podcasting, particularly in the U.S. market. We believe this was a great deal for the company in general. The initial consideration that we'll pay is GBP 4.5 million. That will be delivered 60% in cash, 40% in shares. The successful and oversubscribed placing was to raise that GBP 2.7 million in cash. The 40% of that is going to sales in shares was agreed at the mandated VWAP as well as the 15th of May, and the letter of intent was signed Tuesday. Those shares will be 405,000 shares at a price of GBP 4.44. We'll be receiving a significant discount to where the share price is today on that element of the initial consideration, which really helps this. This deal will be printed from day one and to prove positive for all of us. Two elements of deferred consideration: up to GBP 3 million earnout based on what they deliver this year in 2025 revenue. Their revenue will run between GBP 4 million and GBP 8 million. There will be a kind of prorated payment up to GBP 3 million based on their achievements this year in terms of revenue. Then a further GBP 2.5 million of deferred consideration payable connected to one key podcast that they have. It's that podcast delivered in full with Audioboom seeing its full gross margin over the two-year life of that podcast contract. The GBP 2.5 million will be payable. Those deferred consideration elements will be payable next June and then in May of 2027. 40% in cash, which we expect to pay from company cash reserves, 40% in shares, and then 20% in distribution. That's the breakdown of the transaction details. All of that said, wherever this lands, including the deferred consideration, we've landed a 1x revenue multiple. These will become almost in the podcasting space over the last five to seven years. Almost all of them done well above that 1x level, the median being 4.4x. That just speaks to the fantastic deal that we've been able to put together here. We understand that this is our first time doing this as a company. If we want to further our accelerated strategy through the M&A, we really do need to execute well on this. The joy of Adelicious is a very straightforward business model that matches much of what we do. That will make the integration very short, very efficient, and create a very quick pathway to creating the synergies. I'll answer some key points for you today, which I hope you understand. The first one being Andy Goldsmith, the CEO of Adelicious, and his expanded role within Audioboom. Andy had joined Adelicious a few years ago from Global Media and The Guardian. He's been really the driving force behind the growth of Adelicious. He'll take on an expanding role within our U.K. operation and focus on business development, content operations, and advertising sales. He will lead that wider team. He'll also join the Audioboom management team. He's going to be in addition to Audioboom and Audioboom's executive team. Other key parts to the integration are our ability to connect Showcase to our ad marketplace, get to their inventory very quickly within the first 30 days. That's going to deliver some immediate incremental revenue. We will consolidate the U.K. sales team. The Adelicious sales team and the Audioboom sales team will come together. Each of them will bring unique customers to the table who can then buy advertising inventory across the box of roster, effectively. Unique advertisers in Adelicious will now be able to access the Audioboom podcast roster and vice versa. Again, that's going to be pretty quick incremental revenue there as well for that U.K. sales consolidation. Switching over teams to the London office and switching over into Audioboom technology stack and the Audioboom platform and switching off a third-party software and executing platform. Adelicious will happen within the first 60 days, and that's going to save significant money and also just make this thing more optimized. Hope for you and intelligence around advertising inventory and everything Adelicious does will be a key part. For 2026, as we've talked to you all about before, we knew a lot of our advertising sales were in the October and November of the preceding year. It's really important to us, and we'll have a real focus on ensuring that all of that Adelicious content and advertising inventory is brought into our inventory intelligence platform ahead of that upfront buying system. You know generally, when we go into a new year, we've already booked about 50% revenue for the year. We're working with our biggest customers in the upfront season just to show that Adelicious inventory is in our platform. We have full view on it. Intelligence around it will allow us to sell it well ahead of 2026 and be in a good spot for next year as we grow together. I think in summation, Adelicious is a perfect company for us to initiate our growth plans with a lot of shared ambition and a lot of shared vision for the U.K. podcast space. On day one, we've created the second largest podcast network. I think it's a really great deal for Audioboom and really does set our intentions for the future. Just a couple more slides before the Q&A, so get any final questions in for that. Obviously, as part of the Adelicious acquisition, we've seen the market expectations for 2026 being upgraded, and that comes off the back of some strong historical performance for Audioboom and very consistent performance for Audioboom. The 2025 revenue market expectation lifts to $83.2 million. As I said, $3.2 million of that Adelicious revenue for the year will be recognized for Audioboom in 2025 as the joint cost. In 2026, that revenue market expectation will be at $94.5 million. You can see here we continue to strong progress in our gross profit. We talked a lot about quality of revenue, and you'll see the upgrades here in terms of what that looks like for 2025 and then 2026. The same with EBITDA. Continued growth of EBITDA expected. We'll recognize around $0.4 million of EBITDA from Adelicious this year and the remaining part of this year after they've joined the group. The 2026 adjusted EBITDA market expectation of up to $7.2 million shows how this acquisition is flowing through the company and helping us build over the coming years. As I said before, I think it's better to sum things up. This acquisition initiates that growth strategy as 20 million monthly downloads finally meeting the unique listeners to our platform and allows us to take that lead role in consolidating the U.S. and U.K. podcast markets, lifts those revenue expectations. As I said at the top here, you know it's immediately earnings-accretive. A great deal for Audioboom and just sets us for a good spot for the rest of this year and the future too. Brad, thank you very much indeed for being with us. Please continue to submit your questions just in the Q&A on the right-hand corner of the screen. While Brad and Stuart take a couple of moments to review your questions submitted already, I just want to remind you a recording of this presentation, along with a copy of the slides, will be available via the platform a bit later on. Brad, Stuart, you can see you've had a number of questions from investors. Thank you to everybody for your engagement both ahead of today's event and throughout today's presentation. If I may, I'll just hand back to you guys and I'll pick up from you at the end. Yeah, thank you, Stuart. Obviously, I think you have lots of questions about the transaction. We'll try and cover as much of it and give you a bit more detail as possible here on there. As we've said, we can give you a great deal for Audioboom at less than a 1x revenue with that immediate appreciation. I think key points being that being able to deliver 40% of the consideration at GBP 4.44 share price is really great business. We recognize that there may be some disappointment with the placing price. I think it's tough. We put out a positive Q2 trading update last week, and then we saw an immediate sell-off and lowering the share price. It's just really another example of share price and performance not matching up on AIM. We saw that drop off, and that obviously didn't help with maintaining that placing price. To give you some background, we ran a very tight fundraise completed in under four days. We ran into a very targeted group of investors. One key goal that we had here alongside raising the money, obviously, was to bolster the level of long-term institutional holdings, which we've done, to help relieve that volatility that we just haven't had a history of because of the heavy retail shareholders. Bearing that frustration on the price, this was done with that intention of institutionalizing the shareholder register. We've done a great job of that. Very fun, I did a very tight fundraise here. Directors did not participate in the placing, and that was to help institutionalize the register. I think the final point perhaps on this one is that we did assess whether or not to do a retail offering due to that price falling after those positive Q2 results. The tighter discount to that price, we just felt that we couldn't take any further dilution here. I think we've made the right decision there. I think the market really does look like they understand the positives of this transaction and is giving support. One more brand and then I'll throw it to you perhaps. The other question that we've seen a few times here is just on share buybacks. I think this came in following our AGM notice where we included a standard resolution. We do that every year. We include a standard resolution each year in the AGM notice, which will give us the authority to buy back shares if we want to. In terms of how we use cash, as Brad spoke to earlier, cash will be pretty static across 2025. In 2026, EBITDA becomes a policy for cash once we get to start building cash within the business. As we talked about earlier, we believe that we're a great platform for M&A. The use of that cash as it grows next year will just be needed to be considered alongside those M&A goals as well. That share buyback authority is a standard resolution we have in every single year. Just as a reminder, the AGM will be on July 3rd. Thanks, Stuart. A question from Paul T. during the session about the EBITDA weighting, and as we went through earlier, the revenues weighted to the second half of the year and the EBITDA risk as well. Last year, during the second half of the year, the company generated $3.1 million of EBITDA. It's market expectation this year the company needs to do the same, generate that $3.1 million to go from $1.8 million up to $4.9 million. There is that seasonality there in the EBITDA as well. Further question I've seen as well, just to clarify on the cash position within the company, the owners' contract I mentioned earlier on, the company provided for that in 2023, $7.5 million of provision. That has been unwinding on the balance sheet since that point, and that's at the end of June. That is now $1.5 million. That impact during 2024 and 2025 hasn't been impacting the P&L. That's not a cost reduction. That's simply a provision that's unwinding its balance sheet. That's simply the cash that's being paid for that contract. That's why, just to clarify, when you say that the cash will increase next year during 2026, that's the fact that the company is hard. That is the company not having to pay that owners' contract. Just to clarify, that incentive costs cash within the company. I think I'm probably kind of done this further. If you have a quick question here from Martin about YouTube, nothing asking about whether this deferral is on YouTube opening up to allow automated advertising. Nothing more than we spoke about perhaps last time, but we believe the intention is there to allow us to advertise in the future through YouTube. Now our premium advertising kind of runs through YouTube, but Showcase cannot run through YouTube. We do a really great job on monetizing video content and video podcasting with our premium monetization. As Mark has said here, YouTube has stated what's that to pass through of podcast distribution and potential automated advertising is as well. We will keep an eye on that, and video is definitely an area that we are focused on in the future. Yeah, another one, cost of integration, not only material. No, we don't view them as material. Process is underway. We don't view any significant costs associated with that. We need to get the, as Stuart said, the inventory onto our platform, but there's experts within both companies. I think from the Audioboom side, the technology that we use, the team has been through that process on an Audioboom standalone basis. No material costs expected. You review the company as we get to know it further over the coming weeks and months. Reviewing that is quite a straightforward process, as Stuart said earlier on. Another one here from Martin. How does see the U.S. ad market impact to given macro- uncertainty? I think it's a great question, obviously. I think it's a question I get asked a lot. I think it's very stable right now. There was certainly some uncertainty from tariff announcements back in April. We didn't see any big major reactions from advertisers pulling budgets or cancelling campaigns, but certainly some nervousness, I think, around what could potentially happen. I think that's drifted. I think that there's a kind of a confidence level in the podcast advertising space anyway. Obviously, there were some negative WPP announcements last week. You have to remember that the majority of what they do is on legacy media, publishing TV, and podcasting is new media, and it's something space that advertisers want to be in. I think I've described current position as being very stable. The final one on Adelicious margins. Will we expect any improvement on those? Adelicious' gross margin runs just above 20%, between 20% and 22%. In terms of the mix that we have, we wouldn't expect to see any jump up in margin. Obviously, across the group, we've seen that margin profile increase because of the increased contribution in Showcase. We're going to see slight improvement on that over the coming months and years. Adelicious complements what we do within Audioboom currently. There may be changes in marginal profile as we go forward. I'll obviously strive to achieve that general trend that we've recognized over the last 18 months. Thanks, Brad. I think we are right at the end, 11:15 A.M. Thank you, all of you, for joining. Thank you for your questions. We really do believe in this transaction. I hope you can understand the logic behind it and the positives that it's delivering. That's great. Brad, Stuart, thank you once again for updating investors this morning. If I could please ask investors not to close this session, as we're now automatically redirecting you for the opportunity to provide your feedback in order that the company can better understand your views and expectations. This may take a few moments to complete, but I'm sure it'll be greatly valued by the company. On behalf of the management team of Audioboom, we'd like to thank you for attending today's presentation and wish you a good rest of your day.