Q4 2021 Fluent Inc Earnings Call
Hello, and welcome to the <unk> incorporated fourth quarter and full year 2021 earnings call. My name is Harry and I'll be your operator for today if.
If you'd like to ask a question during the Q&A session. You may do so by pressing star one on your telephone keypad.
I'll now hand, you over to John Bosky with fluid to begin Mr. Bosque. Please go ahead.
Good afternoon and welcome. Thank you for joining us to discuss our fourth quarter and full year 2021, earning results joining me on today's call.
Don Patrick our CFO .
On the wall and Ryan Schulke, our co founder and Chief strategy Officer.
Our call will begin with comments from Don Patrick and <unk>, followed by a question and answer any fashion I would like to remind you that this call is being webcast live and recorded a replay of the event will be available following the call on our website to access the webcast. Please visit our investor.
Relations page on our website Www Dot Lloyds code Dot com.
Before we begin I would like to advise listeners that certain information discussed by management. During the conference call will contain forward looking statements covered under the safe Harbor provision of the private Securities Litigation Reform Act of 1995.
Any forward looking statements made during the call speak only as of the date hereof.
Joel results could differ materially from those stated or implied by our forward looking statements.
Due to risks and uncertainties associated with the company.
These statements may be identified by words, such as expect plan.
Hey, rich.
Jack could well.
Anticipate believe should intend.
In other words of similar meaning the company undertakes no obligation to update the information provided on this call.
A discussion of the risks and uncertainties associated with limited.
We encourage you to review the company's filings with Securities and Exchange Commission, including the company's most recent annual report on Form 10-K , and quarterly reports on Form 10-Q .
During the call. We will also present certain non-GAAP financial information related to media margin adjusted EBITDA and adjusted net income.
Management evaluates the financial performance of our business on a variety of indicators, including media margin adjusted EBITDA and adjusted net income the definitions of these metrics and reconciliations to the most directly comparable GAAP financial measures are provided in the earnings release issued.
Earlier today.
With that I'm pleased to introduce <unk> CEO Dan <unk>.
Patrick.
Thank you Dan and good afternoon.
Thanks to all of you for joining our call today I'm here together with Ryan Schulke, Our Chief strategy Officer, Chairman of the Board and company founder.
And it's again kind of all our new Chief Financial Officer.
She got the joined US in December 2021 from Sam's Club, a division of Walmart and we're very excited to have her deep strategic and financial acumen as part of our team.
Before we start and on a serious note fluid has employees with family ties as well as business partners, who operate in the Ukraine and that's what we were compelled to comment on the crisis unfolding there.
Is devastating to see friends families and professional colleagues so gravely impacted.
With the greatest strategy of all being the horrific loss of lives.
Unfortunately, there'll be more suffering in the weeks ahead.
Want to express our most sincere thoughts and prayers for all of the Ukrainian people.
We're living in apparel.
Our results in Q4 speak to the continued progress, we're making towards our long term strategic growth plan.
It was in Q4 of 2020, when we committed to a strategic transition of our business focused on building higher quality digital experiences for consumers.
Well, creating or effective and sustainable customer acquisition solutions for marketers.
This has been a major strategic and operational undertaking that.
Leadership is consciously chosen a course, where we knew would be challenging.
And would require us to forego near term revenue and margin, which we consider to be investment in our long term and more sustainable roadmap.
While our journey is far from complete we are pleased with our progress and even more resolute regarding our strategic path.
By delivering our clients are higher quality engaged consumer well focusing squarely on delivering their ROI goals.
We're enhancing influence brand equity with our current partners, while opening the door to new client opportunities.
Meanwhile, we continue to appropriately invest in our growth agenda.
We do so with the confidence it has its building margin back into these businesses overtime.
Ultimately building enterprise value for our stakeholders.
In the earnings release today, we reported our full year 2021.
Revenue of $329 3 million, which represents topline growth of 6% versus 2020.
$104 million of media margin.
A decline of 9% and 31% of revenue.
And $23 2 million of adjusted EBITDA.
A decline of 44% at 7% of revenue.
Overall our.
Our 'twenty to 'twenty, one financial results were consistent with the business roadmap, we laid out in our earnings release for the fourth quarter 2020, and full year 2021.
Or do you emphasize quality and value to both our consumers and clients.
Is it a strategic course to return historical growth revenue in the later part of the second half.
Our fourth quarter results represent additional progress in our business agenda, where revenue hit a quarterly record of $99 8 million up 22% year over year.
Media margin of $31 2 million.
Down 3% year over year.
At 31% of revenue.
Which reflects ongoing media and strategic investments.
And adjusted EBITDA of $10 2 million.
Or 10% of revenue.
We accelerated revenue in Q4, as we leaned into different strategic areas of growth.
That we believe are more sustainable.
At this stage of the transition.
We are consciously investing margin to establish our brand position in the marketplace.
Taking share in these newer strategic markets and building fluent brand equity.
We are confident that we will enhance our margins in these businesses as we scaled them overtime.
As we've noted previously fiscal year 2021 was about setting our strategic growth plan.
While positioning our founding team on the front lines of our business.
They are leading edge industry expertise is driving our strategic and operational agenda forward.
As we continue to learn evolve and scorecard, our business initiatives, we ended 2021 and a stronger market position.
And we're encouraged by our progress again, it's a very thoughtful and deliberate strategic course.
Reflecting on both a full year in the fourth quarter I'll share some thoughts and context of our three strategic growth pillars.
Our media footprint.
Our platform.
Our performance marketplace.
I'll also speak to our key initiatives sharing progress that we've made in each.
Fluids competitive advantages grounded not only in the initiatives articulated within our pillars, but more so how the pillars intersect with one another and our operating model.
Providing forward looking growth opportunities.
Our media footprint continues to evolve within our operating focus is a traffic quality initiatives.
Q why.
I think they stated our commitment to quality grounded consumers' experiences leading more quality outcomes in our marketplace.
Fundamentally food is creating a higher value marketplace for consumers and for our partners.
In turn we believe this will pay strategic and financial dividend.
For evolving fluent business model as we work to capitalize on both.
As we stated.
In the first half of 2021 are in yielding commitment to TQ I, let us to make appropriate strategic and a financial call to forego near term revenue.
Because we eliminated traffic that did not meet our enhanced quality standard.
In an industry that continues to rapidly grow and evolve.
With more discerning consumers, who are redefining the quality engagement.
We realize this work will remain ongoing and.
And we'll obviously adapt with the consumer as the marketplace demands.
In turn our efforts led us to growing our media spend on digital platforms like Facebook, Google Snap and picked up.
While this represents a significant fluid growth opportunity as one might expect this revenue comes at lower margins in the intermediate term versus historical traffic mix.
Throughout 2021, we were able to expand our platform media spend and grow our media margin dollars over 50% comparing second half versus the first half.
Even though we pulled that growth back in Q4, given the seasonal increases in the cost of platform traffic around the holidays.
As we have previously noted.
Well relatively more expensive, we believe traffic from these digital media and technology platforms care higher quality.
And hydro value.
Well also representing a significant growth opportunity.
Given the logical strategic connectivity to teach you eye across our entire business model.
To provide more detail regarding its relevancy as I review, our performance marketplace, where we continue to improve monetization throughout 2021.
Which we have seen a sustainable growth trend moving forward.
Throughout the year. We also continued to strategically expand our media footprint with more relevant content and offers for consumers and brands with our jobs visits.
Our AD parlor agency and our international business.
All these although these are early stage fluid businesses within our total mix. They continue to show long term promise.
Because they are performing very well, achieving 15% year over year revenue growth.
In Q4, these business units accelerated revenue growth over 75% year over year.
All are well positioned in 2022, although we anticipate international and add parlors revenue growth will be more a level in line with the industry growth rates, because we now focus more on margin expansion.
We expect our jobs business revenue was slow in Q1, as we migrate to an enhanced technology platform.
Better accesses, our machine learning and data capabilities.
We just anticipate this higher quality consumer experience with tighter technical integration with partners will pay long term dividends.
We expect to accelerate jobs growth in the second half of 2022.
Another key strategy. We were excited about is the successful launch of the expansion of our mobile apps business.
Well also in early stages. This is a sizable and growing audience marketplace and excellent strategic growth opportunity for fluent and margins that we will also expect to improve over time.
The mobile App total available market for fluent is roughly two times the size of the mobile web.
Where our owned media properties, primarily connect digitally with our consumers today too.
To capitalize on this opportunity we've developed new media products and are exploring strategic partnerships that enable us to bring our advertiser offers to mobile app consumers.
We are quite excited regarding this long term growth implications here Nick.
Corresponding strategic and financial returns.
Our second strategic growth pillar, our performance marketplace was driven primarily by two key initiatives in 2021, both grounded in higher quality experiences.
First was our investment in fluid sales solution, which provided us enhanced capabilities and our live agent platform, which connects consumers with marketers in high consideration high value category.
Including insurance.
Home financial and legal services.
A new business for us in the second half of 'twenty 'twenty.
Fluid sales solutions has already grown to represent roughly 10% of our 2021 annual revenue.
And it performed notably well in Q4.
Showing roughly six times revenue growth year over year, as we leaned into the seasonality of the insurance market.
We saw very strong demand from high quality clients and a high value verticals, where we have strategically grown even though the available size of our performance marketplace.
This is another business. We are confident we can grow as we expand into other high value categories. So we'll focus on margin expansion in the intermediate term again, managing our mix is key.
Overall, we are excited about the progress and anticipate being able to play more strategically into the various seasonal patterns of the verticals.
Our second key initiative in our performance marketplace is expanding our C around the jet them.
The build out of our internal CRM capabilities as part of our platform pillar, which I'll speak to shortly.
Enables us to reengage consumers after their initial visit to our owned media properties.
We've previously mentioned, having approximately doubled monetization in Q4 2020 to Q1 2020.
And sustaining those increases going forward.
In Q4 monetization continued to increase quarter over quarter, primarily as a result of our enhanced CRM capability.
And the impact of expanding our marketplace through fluid sales solution.
We see significant market play before us to further create meaningful downstream experiences for our consumers.
Expand relationship with World class brands in key industry verticals.
Rounded in enhancing our consumers lifetime value.
Shifting to our third growth pillar, our platform, where investments led us to make further strides in increasing monetization.
Our CRM platform, specifically building out our internal email capabilities, which had previously been activated solely through partnerships continued to scale and exceed our expectations.
We are now driving significant consistent high margin revenue by re engaging consumers after their initial visits to our owned media properties.
CRM increased 50% in 2021 year over year.
In Q4, we were able to continue to capture increases in revenue per user.
Strong client demand in certain verticals into our efforts to reengage consumers beyond their initial visits to our website.
Overtime.
If there are media footprint and performance marketplace expand and strengthen.
CRM will strategically drive incremental revenue and margin across our business units.
In closing, we saw fiscal year 2021 as a consumer calls to action.
With quality at the core.
And our fluid Tiki why initiative as an aggressive and appropriate strategic road forward.
We recalibrated, our strategic growth plan and made the tough calls and walking away from businesses that we felt were no longer strategic in nature.
Accepting the near term revenue and margin impact.
And we did so with confidence.
As we concurrently made appropriate business investment.
It set us up to grow long term with a strategic client partners not simply in 2022, but was sustainable growth trajectory beyond.
For 2022 we will continue to strategically lean into revenue opportunity and grab market share.
Focusing execution on our businesses that differentiate brand fluid.
In parallel we'll manage the business mix across different investment profile being mindful of our margin expansion goals over time.
Overall, we believe our 2022 financial results will show revenue growth returning at or above industry growth rate.
With sequential margin improvement over time.
And finally as our industry continues to rapidly evolve.
We remain steadfast that building higher quality digital experiences for consumers.
Creating more effective and sustainable customer acquisition solutions for our clients represents the winning run forward.
As we accelerate our against our strategic and financial growth agenda.
Our team remains grounded in our operating principles.
Couldn't be more proud of their ability to navigate the strategic transition.
And to be clear.
I'm excited about the long term opportunity for fluent and for our shareholders.
And with that I'll turn to Segunda to provide more detail on our financial results.
Thank you Don and good afternoon to everyone.
He used to continue the discussion about our results for Q4 and told you that 2021 and the fourth quarter feeling generated $99 million after having a record quarter up 22% year over year and up 16% sequentially from Q3 in the last quarter, we returned to double digit year over year revenue growth as a strategic investment in quality provider.
At a time and if I'm, a new revenue stream and supporting pricing spend in our marketplace.
Demonstrate continued progress against these investments what from an operational and a financial perspective.
For the full year.
Generated $29 3 million up 71 up 6% year over year, driven by cheap comedy.
These are significant relative to what I'm, saying pollution alight agent capability focused on high concentration category that expanded its updating answered then please do use that contracted call center personnel.
Additionally, strong client demand and shopping on recruitment vertical resulted in improvements in both pricing and volume in 2021 come back to the patio.
I'll say that CRM capabilities.
Secondly, I'm trying to eat up a lot the email capability, which enables us to reengage consumers well why don't I, just don't I'm not owned media properties.
So volume was monetization on revenue and margin profile continue to shaft.
In spite of the traffic quality initiative.
This move to more aggressively.
Focus on high quality traffic, but reducing the volume of lower quality traffic trend.
And that continued throughout the year I'd monetization increased by almost 60% from Q1 to Q4, partially offsetting the reduced volume that's afforded to you everybody here and sequential revenue growth.
This trend to continue in Q1, and anticipate revenues to be up 15% to 20% compared to the same period last year.
Media margin in Q4.
$2 million, if theres anything 31% of revenue and down 2% year over year.
They continue to find new opportunities to deploy media spend and accelerate our test and learn up let's just fly discovery than conventional logging was sourced primarily from major digital media platform.
Accumulated the discovery of supply, but carried a lower margin profile. This mix between the traditional traffic sources on the mobile platform. Most of the time do you drive up on margin reduction.
Text based on $66 million on paid media in the fourth quarter.
Our largest cost component on the positive side, we continue to see strong monetization that I spoke to earlier, along with CRM and data strategies I'm, just trying to go to increase lifetime value of consumer relationships.
But what do you get to 'twenty, one on media margin came in at $104 million, representing 31% of revenue and down 9% to you or anybody else.
Looking at Q1, 2022 we continue to invest in margin by driving our top line the macro situation in the Ukraine has impacted on media business at some of our business partners have operations in the area constrained.
Considering the impact of both internal and external factors.
We anticipate on media margin dollars to increase in the range of 1% to 3% in the first quarter compared to the same period last year.
On operating expenses on a GAAP basis for Q4, comprising sales and marketing product development and G&A.
We get about half a million dollars or 2% here about a year to $19 $8 million, but then that next year. So I don't development increased $9 million as we continue to invest in technology and analytics sales and marketing increased by $6 $6000 and our G&A came down by about $2 million overall.
Full year 2021, our opex increased by $5 $6 million the biggest component of this increase.
Men spend at cheap on $2 million, G&A and bank by $4 million and sales and marketing expenses at $1 million.
The increased operating expenses reflect strategic investments in that business as well as enhancements to our technology platform in internal capabilities.
Finally on profitability and adjusted EBITDA for the quarter was $10 $2 million, representing 10% of revenue and down 8% and for the full year came in at $23 $2 million or 7% of revenue and down 24% yet nobody is looking.
Looking at Q1 of 2022, we are seeing a sequential increase in net operating expenses driven largely by the continued investments that I mentioned earlier.
The expense structure puts short term pressure to not be annulled continent, that'd be the bell margin into the business overtime managing out of media mix, focusing on margin accretive and actually add up and driving operating leverage.
Given the outlook items noted we currently anticipate Q1 adjusted EBITDA in the range of 2% to 4% of revenue.
Our interest expense benefited from the lower cost of debt under a replacement credit facility during.
During Q1.
This credit facility consist of a $50 million term loan.
So on that note.
That's a $15 million unfunded geologic work.
The new facility to deal with our current effective interest rate by 500 basis points, resulting in a $2 2 million.
The reduction in interest expense to $2 $2 million in.
In Q4, we continue to be a noncash taxpayer due to availability of NOL.
We reported GAAP net income of $3 $8 million in the quarter and adjusted net income non-GAAP measure of $6 $4 million.
But there's plenty of air had a GAAP net loss plus standpoint $1 million.
And the non-GAAP adjusted net income was $7 $6 million.
As a reminder, our non-GAAP metrics are reconciled in the earnings release, and our 10-Q and 10-K filings.
Turning to the balance sheet, we ended the year at $34 $5 million of cash and cash equivalents.
This represents an increase of $13 $4 million of everybody here and $17 $4 million sequentially working capital defined as current assets minus current liabilities ended the quarter at $49 $3 million up.
$13 $3 million he got over the years.
Total debt as reflected on the balance sheet ended the quarter at $45 $3 million.
In closing we are confident.
Higher quality model and strategic investments are the right path to achieving substantially absorbed by generating strong earnings and revenue profile.
And all of this reflects continued progress operationally and financially with a strong focus on building long term value for consumers clients and fluent straight holders.
Got to feel questions at this time.
If you'd like to ask a question today. Please press star followed by one on your telephone keypad.
And when preparing to ask a question. Please ensure that you are on mute locally.
As a reminder, that star followed by one on your telephone keypad to register your question.
My first question is from Maria <unk> from Canaccord Maria Your line is now open if you'd like to proceed.
Great and congrats on strong results.
Certainly great to see you tried to call it initiatives getting traction and a second out congrats on joining the company.
My first question is so you just had a really strong Q4, you're guiding to continued growth in Q1 continued strong growth in Q1, how do you feel about the sustainability of this growth and I guess, what kind of sort of signals or feedback youre getting from your advertising clients that may suggest that this elevated growth can be sustained through.
Yeah.
Yeah, Hi, Dan how are you.
Yeah.
Thanks for your question.
Yeah. So.
There's sort of three pieces to the monetization piece for you that you're sort of talking to you. One is obviously demand from the advertiser and how we get and how that demand is increasing and that is basically based on a revenue per.
User or revenue or that they're willing to pay and we continue to see our big brands continue to lean in and ask for more supply and be willing to pay up especially for that quality. So the TQ I as we've talked back in the past it was really driven a higher quality consumer, which we are able to drive a higher iron ore and get a higher price for it so that's sort of the <unk>.
First piece of really that monetization. The second piece is around CRM, where when the user comes onto our property. We are now and we are now engaging with that consumer in a more meaningful way in a longer time period.
Still in early stages, there, but we believe it ultimately will be able to look at it from a lifetime value perspective, and really extend that relationship with the consumer in a much longer way than we currently do.
And the third piece, which we talked a lot about the food sales solution that business greatly expands our performance marketplace. So we are now able to go after higher consideration higher value industries, where in the past, we usually would not and hand it off to an intermediary.
The fact that a consumer can come on onto our properties and we can continue to.
Engage them from CRM and then also continue to bring them down in a meaningful way into the higher value higher consideration is really what's driving that monetization in that growth.
Great. That's that's very helpful. Don Thank you and.
Maybe you can spend a little bit on this.
Should investors think about humanity in your business to growth in media margin dollars here in the near term or sort of what are some levers that you could pull to improve your media margins sort of as a percent of revenue over time and I know you mentioned some of the initiatives that have higher margins, but sort of how should investors think about that dynamic.
Yep.
We those are the exact same metrics revenue growth and maybe margin. So from a rather revenue growth perspective, we have a very simple view is that if we're growing at or above the industry.
Standard and how the industry is growing and we are we are positioned right within the industry and have a right products and services for our advertisers. So revenue growth clearly is the is the is the metric we are using in order to judge yourself externally internally, it's around media margin, alright, and how well, we can bring and manage that.
Mix of media across our various businesses and that's that's the thing that's really changed over the past year, where as we bring brought on other businesses that we've talked about that are relatively early stages. The media margin might may take time to bring up to that level that we go after but we have a very disciplined approach.
In terms of what range, our media margins should be in and if it's below a certain range that we're very clear about the investments, we're making if its above a certain range, we're very clear about how.
We're mindful of how we might not be investing enough into that business.
Got it understood that's very helpful and maybe one last question if I could.
You mentioned expanding into mobile App is one of a set of growth initiatives here. So it's a bunch of new products. What are some key developments are key milestones for you here and is this something that we could see sort of developing or contributing to our revenue this year.
Yes, yes, where you can and we've always been a mobile first company.
Primarily in the mobile web, we began testing and incubating a rewards product.
Primarily on.
On Android on the Android platform. So we've been testing that we have the kpis right.
And we're ready we've launched it and we're ready.
You know in a larger way so just to give you a feel for the market size. According to E. Marketer you know the mobile app spaces, the $80 billion market and if you take away Google Facebook gets about.
30, 30 billion available to us that is two times the size of the market. The mobile web market that we're in now so we're quite excited about the market opportunity in front of us, it's less than 5% of our revenue right now.
But it has been it's expanding and we believe theres a lot of opportunities for that in the latter part of this year.
Got it. Thank you very much dawn and good luck with the rest of the quarter.
Thank you Maria.
Yes.
Okay.
As a reminder, if you'd like to ask a question. Please press star followed by one on your telephone keypad now.
And our next question.
Is from Jim Goss.
Jim Your line is now open if you'd like to proceed with your question.
Alright. Thanks.
Just summarizing a little of what you've been saying your financial statements are going to go through somewhat of a redo because you're going to have a higher cost of customer acquisition, but better follow through and I'm wondering if you might have.
Give any targets for key accounts as we might think about it and does the.
The bottom line rate of profitability.
Improve or deteriorate, but with maybe a higher turnover.
Benefiting the growth.
Hey, Jim how are you.
Thanks for the question.
So I would not say, it's a redo of our financial statements.
I think I think the way we're really looking at is is it.
It expansion of how we're able to interact with the consumer and monetize that consumer so.
We went through a little bit of a monetization with Maria about what's driving that and how we can continue to to look at so we don't really look at it as a redo, but we certainly look at it as an ability to drive that margin and keep the margins within the range of the talks about it just drive revenue at a higher level.
From a bottom line perspective.
We are investing from a perspective of.
Gross profit and operating margins.
But we are very consistent in our outlook from where we were in an early part of 'twenty 'twenty. One is that we look to return to industry growth rates and then sequentially you will drive that margin up over time as we lean into the opportunities that are in front of us.
Okay. It does seem like a.
The new shift will adjust somewhat your mix of end markets and perhaps even the mixture of competitors.
You would be.
Dealing with.
Is there any comments you can make in terms of those markets you'll be addressing.
Sure sure.
Sure and you're absolutely right Jim It does it does open up some different places to us. So let me just hit.
A little bit on the verticals the verticals, you'll see that we've traditionally as you know are very diversified across our verticals and it is still a diversified and that's one of our strengths in terms of how we build R. R.
Our marketplace, but youre going to see higher consideration of higher value verticals like insurance and financial in home services things like that come into our into our mix right. So.
That'll be point number one.
Number two strategically.
Bringing up a great point, because there's a lot of people that are in that higher consideration I just wanted to point out sort of what our differentiation is as most of our competitors go at it from a sales perspective, which is let me when the client and then I'll work back towards the consumer back towards supply, we're taking a very different approach our approach is starting with.
Consumer and starting with quality and then moving towards the advertiser or a brand and matching up to the brands that can best drive meaningful experiences for consumers and also drive the right rois for the client so from a competitive standpoint, we feel very if we were going after the volume game.
I would tell you that we're we're obviously at a disadvantage, but the fact that we get we have that.
Deep first party database that we can utilize it as a strategic advantage. It is a major opportunity for us to go out just in a much different way than people are doing currently.
Okay, one last one.
About a year ago.
Undertook this.
Uh huh.
Adjustments to your business model.
And it sounded like at that time, it would be a quarter or two before you would sort of stabilize.
Start to generate some renewed growth.
We're about your indirect right now and I'm wondering.
How you are thinking where you think you are in this process, obviously, it's taking a little longer than you thought, but maybe it's worth or does that get you where you need to be so how would you say you are relative to that process.
Yep.
Well.
But we originally laid out Jim was that we'd sort of returned to our traditional growth rates in the later latter part of 2021. So I believe we've gone back to that in 22% in Q4, obviously it was higher than what we've traditionally done so we're happy with our with our.
Our ability to drive that value for our brands in them to be able to look that up for our inventory. So I think we're ahead. We're very much ahead on that monetization. Part then we are I think on the traffic quality initiatives to be blunt, we probably thought that we could.
Work with media suppliers and get them to move over and have our intense quality.
And it would be.
The easier than we thought but it hasn't there was a number of media people that have not chosen to go to court.
Just as required us to test and learn and be more aggressive in the platform side and on other media things that we're working on so.
I think the journey over 2021 do not always ups and downs compared to where we thought it was going to be but when we ended the year. We believe where we are at where we thought we'd be going into 2022.
Okay. Thanks.
Thanks very much.
Okay. Thanks, Jim.
As a final reminder, if you'd like to ask a question. Please press star followed by one on your telephone keypad now.
That stuff went up a one on your telephone keypad, if you'd like to ask a question.
And it appears we have no further questions. So I'll hand back to the management team for any further remarks.
No no. Thank you everyone for joining us today.
And we look forward, you're continuing to execute and build shareholder and stakeholder value. Thank you.
Thank you to everyone who has joined US today. This concludes the conference call and you may now disconnect your lines.
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