Full Year 2024 VivoPower International PLC Earnings Call
Hello, everybody welcome to the strategic update presentation for vivo power.
Today's the fifth in December we'll be going through both the strategic updates as well as.
A review of the FY 'twenty four results welcome again to the core.
Let's kick off on time.
So we'll jump to the first page.
Speaker Change: Uh huh.
Speaker Change: Just by way of summary, you know it's been a it's been a very active year, a transformational year for the company with strategic exits as well as a number of corporate transactions that we have live.
Speaker Change: So the team's been exceptionally busy.
Speaker Change: Just to touch on the key items over the past 12 months and that are live at the moment. Firstly, we've completed the exits of the beaches critical power solutions businesses in Australia.
Speaker Change: They've been part of the groups and some since day one back in 2014.
Speaker Change: So this is a major strategic move.
Speaker Change: That was completed in July post balance date.
One of the key reasons, we decided to exit our image sets over the past three years as shareholders have been with us for a while obscene.
Speaker Change: This business unit has been adversely affected by climate change events, we had abnormal flooding which impacted us on.
Speaker Change: A couple of solar projects.
Labor shortages productivity challenges high inflation as well as a declining Australian dollar versus the U S. Dollar has made what used to be a cash cow a very different business today.
Speaker Change: So we are now in the final stages of just some restructuring work at the backend adds it completes.
Speaker Change: The residual prospects at corporate structure to tidy things up and then.
Speaker Change: This business will be will be fully fully exited.
Speaker Change:
Speaker Change: Moving onto Tembo from.
Speaker Change: Underlying operational strategy perspective.
Speaker Change: Albeit forecast says foreshadowed.
Speaker Change: Two years ago has been to really transform the supply chain.
Speaker Change: So to be set with supply chain challenges like many other companies that had a common and we realized.
Speaker Change: Then that we needed to have to.
Speaker Change: So very happy to say that.
Speaker Change: Since the start of this year, we now have a pan Asian supply chain.
Speaker Change: That spans a China, Thailand, Philippines, India amongst others are and what this is also donna's aside from sort of Derisking.
Speaker Change: Our reliance on on on suppliers is it has materially reduced the bill of materials.
Speaker Change: Costs for timber.
Speaker Change: And that is essential to stimulating more demand and increased sales orders.
Speaker Change: The feedback we're getting from customers is that.
Speaker Change: Yes, it's great to help the environment, but it's got to be.
Speaker Change: Economic for them to do so and with the bond causes I'll go through that we have now we're.
Speaker Change: We're very very well placed to do that.
Speaker Change: Uh huh.
Speaker Change: In the past year. We've also added two new product lines that are complementary to our September one being the jeepney kids to the Philippines.
Speaker Change: And secondly, the full electric timber Tosca, which is.
Speaker Change: Australia, and New Zealand zone at the moment and we will look to go into some of our other markets for that.
Speaker Change: Moving on you know, we announced earlier this year a business combination agreement with Cactus acquisition Corporation to reverse much tambo.
At a better value equity value of 838 mill.
Speaker Change: This process has taken longer than expected there on your NASDAQ rules for specs.
Speaker Change: The information that have applied.
Speaker Change: Since our since around July.
Speaker Change: And we had to also completes what's called a P. C E O b audits of timber accounts as a standalone entity.
Pleasingly that that's now done so the timber audited accounts are complete.
Speaker Change: And we can get back on track as far as closing this deal.
Speaker Change: At least.
Speaker Change: Thanks with target five.
Speaker Change: Obviously, that's subject to change depending on it.
Speaker Change: The mandatory of SEC review process.
Speaker Change: This transaction is incentives as flags Ah is a precondition for the fast reverse merger.
Speaker Change: We had announced a couple of months ago. So the key focus here is getting this.
Speaker Change: Tembo spec deal across the line and having Tembo you know as a separately listed company for us.
Speaker Change: We've completed a cap raise.
Speaker Change: Earlier, this year to reduce debt and to fund working capital.
Speaker Change: So since balance date, a total of $6 9 million net proceeds was raised.
Speaker Change: It was all from institutional investors and family offices in particular.
Speaker Change: As a consequence on net debt.
Speaker Change: Reduced from 31.8 to 28.9.
Speaker Change: And we continue to manage our cash carefully we've significantly reduced our burn rates and that's a good segue that into the last point, which is with respect carat digital.
Speaker Change: As foreshadowed a couple of weeks ago, we are activating on.
Speaker Change: It should be the highest and best use case.
Speaker Change: From a power to X strategy perspective, and that is dosch mining.
Speaker Change: So we've selected two renewal pallet housing locations in Wisconsin, arguing.
Speaker Change: And we have the capacity to go up.
Speaker Change: And.
Initially.
Speaker Change: And that translates into a revenue of up to 25 million.
Current prices.
Speaker Change: EBITDA of 12 million.
Speaker Change: This is Paul.
Speaker Change: Separately, we are now executing our plans to develop the renewable power Deutsche facility in Texas After 55 megawatts.
Speaker Change: Any potential for that would be up to 150 million with EBITDA potential of up to 135 now.
Speaker Change: We.
Speaker Change: We still are evaluating what is the best outcome for shareholders in relation to a potential spin off we've had a couple of approaches with respect to reverse.
Speaker Change: Reverse managing kind of digital since we made that announcement.
Speaker Change: And we are minded to look at special dividends for our shareholders as part of any transaction that might might manifest.
Speaker Change: Let's jump to the next slide.
Bob: Just a reiteration of Oh, Bob.
Bob: This is a company with very mindful of that.
Bob: We are working towards delivering the triple bottom line here, which is people profit planet.
Bob: I think that's mutually exclusive and that runs deep through the culture of the company.
Bob: Moving on.
Bob: So just going through the numbers are these are audited figures, but they are pending final peer review and sign off by the order, which we envisage will happen in the next few days.
Bob: To enable filing to be done.
Bob: Ahead of the extended period of time that we've got which.
Bob: From memory is January 2025, so we're targeting to have this.
Bob: Next week at the very latest.
So headline here with revenues down year on year reflects the decline in the critical power business. The visa statutory numbers that include discontinued operations.
Bob: As mentioned before lower strong dollar reduced market activity has really.
Bob: Contributed to that.
Bob:
Bob: Profit wise, we match to get that back to positive.
Bob: And then on our underlying adjusted EBITDA basis, an improvement on the prior year.
Speaker Change: Which was negative my 0.9 that was true.
Speaker Change: To set.
Speaker Change: We did take impairments on the sale of <unk>.
Speaker Change: Pizza is critical power business units as well as a couple of solid lease. So if we bought bold style.
It took our impairments of $30 million.
Speaker Change: Again this is really just to clear the decks ahead of repositioning vivo.
Speaker Change: With respect to.
Speaker Change: The business units that we want to focus on.
Speaker Change: Translating that at an underlying it gets to that long.
Speaker Change: A small improvement of guests.
Speaker Change: Five seven to negative <unk> eight.
Speaker Change: Next slide.
Speaker Change: This is a.
Speaker Change: This is just a reconciliation breakdown go through that in detail just jump to the next one.
Speaker Change: And again this is a breakdown from the net loss to the underlying EBITDA figure I mentioned, so this will be available.
Speaker Change: On our website so.
Speaker Change: Yeah, there'll be an opportunity to look into this in more detail.
Speaker Change: From a balance sheet perspective.
Speaker Change: I think the key point here is what's at the bottom which is net debt has reduced from 31.8 to $28. Nine we will continue to look to do that.
Speaker Change: Over the next 12 months.
Speaker Change: So jumping into the individual business.
Speaker Change: Oh, the Tuscan started full electric OEM vehicle that we introduced.
Speaker Change: Initially into the Australia marketplace back in June.
Speaker Change: We imported six single cab and Youll cab two will drive vehicles into the country. We've.
Speaker Change: We've had them with a range of interested fleets.
Speaker Change: Owners and fleet managers.
Speaker Change: For best part of six months now.
Speaker Change: On accumulative basis.
Speaker Change: 13000, plus kilometers that have been driven by these fleet.
Speaker Change: What we call the evaluation phase.
Speaker Change: And.
Speaker Change: Fair to say that that's gone well.
Speaker Change: As expected from our perspective.
Speaker Change: Uh huh.
Speaker Change: And.
Speaker Change: The feedback that we've received are from.
Speaker Change: Different industry.
Speaker Change: That includes waste management with the likes of clean away Road managements with evolution traffic.
Speaker Change: Infrastructure services.
Speaker Change: <unk> and the likes as well as Oh.
Speaker Change: These have been tested in real life working situations, both from an on road and off road perspective.
Speaker Change: This is this is a no frills exercise, we're not we're not competing in the BDC segments of the market.
Speaker Change: These utility vehicles pickup trucks that are meant to work and so.
Speaker Change: Uh huh.
Speaker Change: We received very good feedback.
Speaker Change: No.
Speaker Change: Battery fives always a few tweaks from a localization and improvement perspective.
Speaker Change: That have been noted.
Speaker Change: And that so we've.
Speaker Change: On.
Speaker Change: Upgraded space in the production models, which are which are being.
Speaker Change: Shifting to liquids at.
Speaker Change: At present.
Speaker Change: One thing that's really complement to losses.
Speaker Change: So training that's an important service that.
Speaker Change: We will provide.
Speaker Change: Two as drivers to develop safe E b driving skills you.
Speaker Change: You have driven an EV for a period of time.
Speaker Change: You'll know that that school is significantly more powerful than that.
Speaker Change: Ah I see vehicle.
Speaker Change: And.
Speaker Change: And that can be quite dangerous if you don't know what you're doing and all.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: On the back.
Speaker Change: We've obviously had extensive experience.
Speaker Change: Okay.
Speaker Change: Before I take is on road and off road experience, including in Dubai last year, which was.
Speaker Change: Counting the font.
We just noticed.
Speaker Change: It.
Speaker Change: He is an important aspect from a safety standpoint to be able to provide these driver training services to augment the vehicles.
Speaker Change:
Speaker Change: Very importantly V T E as in Homologation, sorry, I'm finished.
Speaker Change: Yeah. So.
Speaker Change: Allegation approval in Australia was secured in November.
Speaker Change: By 2024.
Speaker Change: It's funny to say.
Speaker Change: Electric pickup truck corrugated Mr N plus one was it.
Speaker Change: Pete.
Speaker Change: Uh huh.
Speaker Change: So that that's the only two in the market.
Speaker Change: Preston.
Speaker Change: So.
Speaker Change: Great.
Speaker Change: After securing this within six months and it's testament to the quality I think of the vehicle as well.
Speaker Change: Okay.
Speaker Change: Stuff.
Speaker Change: Musket models are arriving in L. A county calendar.
Speaker Change: It's also about it.
Speaker Change: Full electric.
Yeah.
Speaker Change: Lots of interest in forward drive models for obvious reasons.
Speaker Change: Very importantly, the new models will have longer range.
Speaker Change: But also enhancing.
Got it.
Speaker Change: Great game.
Speaker Change: Electronic Park Brady.
Speaker Change: As well as lane.
Okay.
Speaker Change: Systems within the vehicle and as part of the standard feature set.
Speaker Change: So.
Speaker Change: As mentioned first deliveries are already on track.
Speaker Change: For.
Speaker Change: Q1, 'twenty box, a b with up with our customers' orders.
Speaker Change: And that's a batch of 22.
Speaker Change: With minimum additional 20 eights.
Speaker Change: So come including full will drive models.
Speaker Change: For that for that period.
Speaker Change: So really now we're at a point, where it's all about driving sales and converting those sales.
Speaker Change: Okay, let's move on.
Speaker Change: So just jumping to the Japanese so the first timber electric jeepney kit or opt into the Philippines test with our partners surround lunches.
Speaker Change: Just to reiterate here and this is okay.
It seems extremely passionate about.
Speaker Change: Our purpose for the GB program is to help with electrify and rejuvenate iconic industry, which.
Speaker Change: <unk> been in the doldrums for the best part of 25 30 years.
Speaker Change: And also is a significant contributor to the emissions problem.
Speaker Change: And so the Japanese average or almost 25 years old.
Vincent: Vincent Philippines, you'll see that.
Vincent: It's more than 200000 of them.
Vincent: Once the country its ambitions.
Hi, Matt.
Vincent: Transcends into respiratory diseases et cetera.
Lewis.
Vincent: So this is a very large problem.
Vincent: That size is a real challenge to try to do.
Vincent: You get to fixing.
Vincent: What we want to be able to do is equipped the jeepney industry that GP co ops.
Vincent: And the GP ecosystem to really rejuvenate and rebounds.
Vincent: Okay.
Vincent: Triple bottom line benefits from doing so.
Vincent: So we don't want to be front and center, we just Walnut Hill partners too.
Speaker Change: Got it.
Right.
Speaker Change: And all the famous tagline.
Speaker Change:
Speaker Change: Rich circling back so we first entered this GB space in September 23.
Signing a joint venture with Francisco Motors that's agreed.
Speaker Change: Agreement has since labs it was exclusive to.
Speaker Change: To us even though we went nonexclusive.
Speaker Change: That said the.
Speaker Change: We continue to field inbound engagement from the various GP co ops, so we spoken to and met over the last 18 months.
Speaker Change: Seeking in Philippines.
Good things electric team.
Speaker Change: Yes, as said, we we want to help reactivate rebuilds one is an iconic industry.
Great.
Speaker Change: And.
Speaker Change: That's right.
Speaker Change: There isn't I guess.
Speaker Change: Go upstairs reach out to us.
We have since Ah.
Speaker Change: <unk> signed an exclusive joint venture was surround them.
Okay.
Uh huh.
Speaker Change: Hi, Mike.
Speaker Change: Uh huh.
Speaker Change: Standout in that regard.
Speaker Change: Have.
Speaker Change: Demand so much by routes, which we are seeking and the.
Speaker Change: A growing.
Speaker Change: And they also have the largest existing GP assembly facility in the Philippines.
Speaker Change: Now so.
Speaker Change: There is no need to.
Speaker Change: Yes.
Speaker Change: On another side.
Speaker Change: And you'll start to build out which will take three to five years.
Speaker Change: Even not long ago, there is an existing site and we all are Mr. Alex Xu transform that have E P.
Speaker Change: Assembly.
We've got abilities as well as the necessary charging infrastructure as well as training of.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Excuse me kits.
Speaker Change: Yeah.
Our country with design engineered wood.
Jamie: So it looks and feels like a secular things Jamie that's going on.
Jamie: At the moment.
It's extremely important.
And feel.
Jamie: Okay.
Jamie: Local and not something that looks like.
Jamie: Yeah, like we like to have like a boss.
Jamie: It's something that's it's a commoditized.
Jamie: Yeah.
Jamie: At least on the G&A front, what we've been also.
Speaker Change: One is financing solutions.
Speaker Change: Electrification jeepney itchy.
Speaker Change: We have procured initial funding for GP co ops from family offices foundations that.
Speaker Change: Okay.
Speaker Change: Okay.
Bottom line.
Speaker Change: Counting discussions.
Speaker Change: D of thighs and on the funding.
Speaker Change: Such.
Speaker Change: Such as.
Speaker Change: The Asian development Bank.
Speaker Change: Yes.
Speaker Change: Ill.
Speaker Change:
Speaker Change: It was thought to be Bang, that's at the end of calendar 'twenty false.
Speaker Change: Got it.
Speaker Change: Yeah, we'll have slab will have.
Speaker Change: Okay.
Speaker Change: Jumping on.
So last but not least.
Speaker Change:
Speaker Change: No.
Speaker Change: Yeah.
Speaker Change: So EU via represents electric utility vehicle.
Speaker Change: This is the traditional.
Speaker Change: It's that simple.
So what we're doing you know at the time, we bought it back in 2020.
Speaker Change: And.
Speaker Change: This is where we've really seen the benefits of the pivot.
Speaker Change: From a supply chain perspective, it has been materially reduced outbound costs were talking order of magnitude we.
Speaker Change: Makes sense.
Speaker Change: So largely eliminates capital intensity, we no longer need to go.
Speaker Change: Go in set up assembly and production facilities to convert these vehicles were doing so with our partners on the supply chain side in a very agile manner. So as we speak there are conversions going on.
Speaker Change: India, Australia.
Speaker Change: And we are in the midst of.
Got it.
Speaker Change: Sure.
Speaker Change: So this strategic supply chain is really transforms.
The process.
Speaker Change: The products.
Speaker Change: As well as the <unk>.
Speaker Change: Pipeline with respect to the EV.
Speaker Change: We decided to give it up.
Speaker Change: Our.
Speaker Change: And so right.
Speaker Change: Right now.
Speaker Change: Is ensuring we are able to reduce the assembly time, even further.
Speaker Change: Again by virtue of this supply chain, that's agile our assembly China's reduced by half.
Speaker Change: And it's given US also a significant cost advantage versus the rest of the market we know.
Speaker Change: We are the cheapest in the markets.
Speaker Change: By quite a margin.
Speaker Change: In terms of converting.
Speaker Change: Existing pickup trucks now so that's that sounds good.
Speaker Change: Hum.
Speaker Change: Really stimulated.
Speaker Change: Demand from our partners.
Speaker Change: Okay.
Speaker Change:
Speaker Change: Okay.
Speaker Change: April sort of that nature.
Speaker Change: L. C 70 that will start first.
Bye bye.
Speaker Change: In 2021 'twenty two I believe it was.
Speaker Change:
Speaker Change: Let's now.
Speaker Change: Re powering.
New batteries.
More powerful.
Speaker Change: Better safety features better software et cetera.
Speaker Change: So that's that's exciting for us.
Speaker Change: As you know secular economy.
Speaker Change: Okay.
Speaker Change: And it's also appealing to managing cost saving and as long as the separate economy benefits.
Speaker Change: Sure.
Speaker Change: So the new <unk>.
Speaker Change: <unk> models are available.
Speaker Change: Similarly on the 20th there'll be a Melbourne, Australia.
Speaker Change: The middle East in Europe.
Speaker Change: Battery range of advanced safety there'll be material upgrades.
Speaker Change: Whilst being being more affordable.
Speaker Change: Really important in terms of driving.
Speaker Change: Sales growth in conversions.
Speaker Change: As with the.
Speaker Change: Tom.
Speaker Change: Sales order book and deliveries will be the focus of a calendar 'twenty five and with this lower Bom cost Woodbury confidence that.
Customer adoption.
Speaker Change: Total cost of ownership is not.
Speaker Change: An issue whatsoever.
Speaker Change: Jump on.
Speaker Change: So switching gears a little bit vivo SCS you know this is this is something thats.
There's been I guess in the back.
Speaker Change: Round two.
Speaker Change: The timber side of the business for the fast past two three years.
Speaker Change: This is now a priority for us.
Speaker Change: And the reason is given the traction that we're seeing on the timber side with respect to sales and deliveries of the <unk>.
Speaker Change: Various products.
Speaker Change: Syed.
Speaker Change: <unk>.
Speaker Change: You can't really scale.
Speaker Change: <unk> adoption, if we are not providing also a charging solution.
Speaker Change: Often these fleet owners do not have that.
Speaker Change: Often they are faced with significant inflation.
And particularly where they they leased premises because they need to get landlord approval too.
To.
Make any changes to the facilities and then there's typically an arm wrestle okay, well, who is the charging station and in that context that normally.
Speaker Change: The landlord wants wants to onyx, but they don't want to pay for it or investor and.
Speaker Change: So that that often creates significant point of friction.
Speaker Change: We now.
Speaker Change: Collision picture of that so we have.
Speaker Change: To us in mobile charging solution.
Speaker Change: To offer the fleet on us so this obviates the needs.
Speaker Change: To install it avoids all the installation friction and costs.
Speaker Change: Furthermore, it has the flexibility to be second to use dawn on job sites.
Speaker Change: So in essence, it's similar to.
Speaker Change: Electric generator felt like that Sam as well so.
Well just to power, what's changed People's but also ought.
Speaker Change: To be used on job sites.
By the way on the task is that that's a feature that has been.
Speaker Change: Very popular the ability to.
Speaker Change: T L.
Speaker Change: To be able to load capability in the vehicles.
Speaker Change: Georgia power tools.
Speaker Change: On without having to.
Speaker Change: In essence so.
Speaker Change: So again this <unk>.
Speaker Change: Mobile charging solution, we've already made a couple of sales.
Speaker Change: To be very popular in my comments this will be a great source of revenues for us as well as we build out our deliveries.
Speaker Change: The sandwich.
A key element from a S. E. S perspective that again I've mentioned before is the training aspects training or fleet managers and drivers.
Speaker Change: With regards to how to drive E vehicles say.
Speaker Change: Safety is key.
Speaker Change: E.
Speaker Change: Especially when you're carrying payload on the back on unlike with a diesel or.
Petrol vehicle.
Speaker Change: You you cant accelerate the same way as you're doing one of those if you can't carrying say a ton of payload on BEC.
Speaker Change: That can be very dangerous equally cant run rundown E vehicles at 567% battery capacity.
Speaker Change: Capacity because.
Speaker Change: And go up and down terrain.
That often can lead to <unk>.
Speaker Change: Situations with Deutsche and dangerous so there's a big training aspect, that's needed which will well.
Speaker Change: Well down the track on.
Speaker Change: Delivering tembo EDI Academy.
Speaker Change: We can have two years behind the scenes.
Speaker Change: Established.
Speaker Change: What's driving it.
Speaker Change: Kick offs programs with some of our partners.
Speaker Change: Early 2025 onwards.
Speaker Change: So activity happening on SCS fronts as well.
Speaker Change: Portland Augments.
Speaker Change: State side more.
Speaker Change: More sales and revenue on the timber side.
Jarrett: Jumping with Jarrett.
Jarrett: F E N strategy for Cabot has been what's called pallet to X strategy.
Jarrett: Since 2021.
Jarrett: And.
Jarrett: And this was.
Jarrett: I guess, a vanilla solid development business.
Jarrett: We've done now is set how can we.
Jarrett: Fly pallets at X and <unk>.
Jarrett: Use what we have for the highest and best use cases in a vertically integrated manner.
Jarrett: And right now.
The last money in crypto mining is of highest and best use case.
Jarrett: And.
Jarrett: BTC mine.
Jarrett: Do you see Odyssey.
Correct the 100000.
Jarrett: Okay.
Jarrett: My difficulty and profitability of bitcoin mining.
Jarrett: Has stayed the same if not drawn down a bit because there's more competition for.
Jarrett: For the remaining points that are left.
Jarrett:
Net investment.
Jarrett: That's a weird.
Jarrett: We are activating.
Jarrett: As soon as we are.
Jarrett: Right now by screen with respect to mining.
Jarrett: Wanting to take advantage of the market opportunity that's there.
Jarrett: And on that basis, we're kicking off with our hosted approach, which is a low risk approach. It does mean, we don't need to spend capex on power infrastructure straight away.
And it allows us time to build up our experience in a profitable manner, even though most of the board. It seems that there is that that experience.
Jarrett: Outside of this accident, let's see let's say some margin leakage, but that said.
Margins are so good.
Jarrett: At current prices.
Jarrett: We've secured non dilutive financing to buy the online.
Alpine rich dosch mining purposes.
Jarrett: Our program.
Jarrett: To scale up to 1000 rigs.
Jarrett: Over the next six months.
Jarrett: And that will translate then again all this is at current prices into potential revenues of 25 mill Kashi EBITDAR of 10000 conservatively.
And in terms of the free cash flow generation that would come from that.
Jarrett: That would benefit the whole group.
Jarrett: And could ensure that's you know we're turning to cash flow profitability before the end of June 25.
Jarrett: As mentioned, we do intend to use any free cash flow to help to scale up on the on the timber front as well.
Jarrett: Longer term, we do see that we want to have our own vertically integrated renewable power data centers that can be used to crypto.
Jarrett: <unk>.
Jarrett: And for example, a 55 megawatt facility could generate up to 150 million revenues a 135 mill.
Jarrett: EBITDA.
Jarrett: Obviously, there is a capex that would be required to build out those facilities, but again, we'd be looking at.
Jarrett: Non dilutive funding in order to vivo level, but at current level and.
Jarrett: And that would comprise project finance it would comprise tax equity finance.
Jarrett: And as well as debt.
Jarrett: So that is our strategy with respect to Sharon's.
Jarrett: As I mentioned before just as a final notes we are still working on that.
Corporate strategic.
Jarrett: Options that we have before us in terms of spin off in terms of reverse merging there's more than one counterparty that's approached us now.
Jarrett: Or do we actually retain its if the cash flows are going to be strong and can be a benefit too.
Jarrett: To vivo power and what we're doing as well as our shareholders.
Jarrett: So that's that's alive in terms of evaluating.
Jarrett: That's what's best.
Jarrett: We are minded to look at a special dividend should we go down the path of spinning off <unk>.
Jarrett: And or reverse merger.
Jarrett: That's it everyone. Thank.
Jarrett: Thank you very much for taking.
Jarrett: Some time to join us.
Jarrett: I think we can if anyone wants to ask some questions. If you can just write them in a chat.
Jarrett:
So we'll give a couple of minutes for that.
Jarrett: No well. Thank you again, everyone for joining our rest assured.
Jarrett: Our team continues to be working frenetically behind the scenes.
Jarrett: It's been it's been you know.
Jarrett: A challenging year, but.
Jarrett: There's been a lot of positive developments and.
Jarrett: We think we've got a very very strong platform now to converge.
Jarrett: <unk> been going on behind the scenes and Sir.
Jarrett: Revenue and profitable cash going forward.
Speaker Change: Thank you all.