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Edited Transcript of GBGP.L earnings conference call or presentation 30-Jun-20 10:59am GMT

·29 min read

Full Year 2020 GB Group PLC Earnings Call Chester, Jul 21, 2020 (Thomson StreetEvents) -- Edited Transcript of GB Group PLC earnings conference call or presentation Tuesday, June 30, 2020 at 10:59:00am GMT TEXT version of Transcript ================================================================================ Corporate Participants ================================================================================ * Christopher Graham Clark GB Group plc - CEO & Executive Director * David John Wilson GB Group plc - CFO, COO & Executive Director ================================================================================ Conference Call Participants ================================================================================ * Bridie Anne Barrett Schmidt Stifel, Nicolaus & Company, Incorporated, Research Division - Analyst * Harold Everal Evans Nplus1 Singer Capital Markets Limited, Research Division - Research Analyst * Maria Christina Stormont Numis Securities Limited, Research Division - Analyst ================================================================================ Presentation -------------------------------------------------------------------------------- Christopher Graham Clark, GB Group plc - CEO & Executive Director [1] -------------------------------------------------------------------------------- A very good morning to everyone, and thank you for joining Dave and I for our full year results presentation. First up, I do hope that you and your loved ones are all safe and secure in these most challenging of times for everyone. In terms of agenda, I will kick off by giving a very brief overview of strategy, giving an update on our full year '20 results and then spending more time talking about the COVID crisis, what we've done and what we are seeing. I'll then hand to Dave, who will talk a little bit more about the financials for the full year '20 and then talk about the latest position as we finish Q1 regarding cash. And then as Julian said, we'll open up to Q&A. So I guess the key message is we remain confident of the long-term market opportunity for GBG for our customers, our people and our shareholders. Principally, that is because the historical structural growth drivers that we've been lucky enough to enjoy for the last number of years, we believe, don't just stay intact, but actually could well be amplified as a result of the COVID crisis. So simply said, our strategy does not change. Our vision does not change and albeit some of our short-term priorities do. In terms of the crisis, we are building from a strong base. I'm immensely proud of the achievements of the team, both in everything they did last fiscal year, but actually also in how they've reacted to the crisis. It's best described by saying it's simply been unbelievable, and my huge thanks to the 1,050 team members we have around the world. I'm sure, like you, full year '20 March 31 feels like an eternity ago, but I do hope you'll allow me a bit of time just to describe some of the progress, particularly as fundamentally, we believe that we're as best positioned as we can be to deal with the crisis. First off, if you look at our customers, we now have over 20,000 customers around the world. We are truly diversified by customer size, by customer sector, by customer geography and by the solutions they actually take from GBG. Over the period, we've continued to win new customers across multiple sectors. We continue to grow with existing customers, and we've continued to provide more services to existing customers. And that trend has continued into Q1, albeit I will talk more about that later. Now logo -- new logos include, for example, in Loqate in the United States, wish.com or in Germany, Adidas, building on our Nike win. In Identity, we won companies like Sky, PayPal, Rank Group, Ayden and so some great new logos across Identity as well. And last but not least, in Fraud, where, as you all know, historically, we have been strong in Asia, we continue to do well across Asia Pacific, but actually increasingly well in Europe and Middle East as well with wins such as Volkswagen Payments and First Abu Dhabi Bank. So fantastic progress and a truly diversified customer base and with record customer advocacy scores. From a people perspective, as I've already mentioned, we already -- we have over 1,000 team members in 16 countries. And once again, we had record employee engagement results with 91% of our team recommending GBG as a great place to work. And we continue to invest and build on our market-leading products, which are not only differentiated, but incredibly relevant to today's world. We've enhanced -- further enhanced our data, we've further enhanced our products and our technology. And as Dave will talk about in more detail, we delivered incredibly strong, in fact, record financial results with total revenue of GBP 199 million, 39% growth, 11% organic growth -- constant currency growth and strong margins and cash conversion. But I'll leave Dave to talk more about that. And of course, international revenue now accounts for 56% of the group. So a really strong year which, albeit feels like a long time ago, leaves us as best positioned as we possibly can be to deal with the crisis and whatever that throws at us. Looking at the COVID crisis. As a global organization, we've been dealing with this now for actually about 6 months with our team first affected in China. We've been -- first thing to say is the team haven't missed a beat. We've been focused on a clear set of priorities, first up, our team, then our customers and communities, the business continuity, financial health and planning for the future. We've made a series of quick and decisive actions to protect all of our stakeholders as we talked about in our pre-close in April and on our COVID update. And what that all means, and, in terms of where I'll probably spend the majority of my time, is the latest status. Starting with the team. First up, we've actually been incredibly fortunate that only a handful of the GBG team members have actually come down with COVID-19 and I'm absolutely delighted that everyone has come -- those small number of team members who have had COVID-19 have -- are all back to work. That said, and a number of the team around the world have lost loved ones, and my deepest sympathies for those team members, but of course, everyone who has been so dramatically impacted as a result of the pandemic. So our team are in good shape. They've been incredibly productive. We haven't missed a beat. And what we have done is reinforce some of the capability we have in terms of training and rolling out remote training to all of our sales community about how to sell in a virtual world. From a customer perspective, the simple way to describe what we're seeing is it vary -- it does vary significantly by customer sector, by solution set and by geography. But actually, most importantly, I'd say is it's incredibly dynamic. Approximately 60% of our business is transactional and 40% license. And if I look at the transactional businesses, starting with Location, and net-net, volumes for Location in the first quarter are up ahead. And when one breaks down the detail, if you look at retailers, for example, what we've seen and unsurprisingly supermarkets, grocery stores have seen a dramatic growth, albeit that has changed during the course of the pandemic. Equally, fashion retail saw a significant decline, albeit that has also changed because some of that's coming back. So I guess the key point is the Location volumes are up, but what's happening underneath those and on a daily transaction basis is it is varying. Identity actually varies more by geography and sector. And we believe when we look at the daily statistics, that really is more as a result of our sectorial exposure. So what do I mean by that? In the United States and Australia, volumes are up and performing strongly. And that said, in U.K. and Europe, volumes are slightly down, and that really is a result of our exposure to sports betting in the United Kingdom and Europe and, of course, to background checking. And again, as probably unsurprisingly, how that is moving changes with time. So with the resumption of English Premier football 2 weeks ago, we started to see sports betting come back. So there's a lot of movement. And then last but not least, Fraud. Our Fraud business is predominantly license-based, which then takes me to what we're seeing across the whole business with regards to new business renewals. So new business, we are still doing new business. We're still winning new logos. We're still seeing growth from existing. However, new business is softer in the first quarter of this year than the prior comparable quarter last year. That really is because we are seeing, as I think many organizations are, a slowing of sales cycles. It's less about bills disappearing. It's more about a slowing as businesses work through really actually making sure that they're operationally secure and where they spend money and prioritize. And that's particularly true in larger organizations, where we've also seen in a number of cases just go-lives a bit of prior deals being slightly slower as people try and then learn to operate in a virtual world. So we are winning new business. It is softer, and -- but the good news is renewals are holding and actually comparable to quarter 1 of last year. And albeit we're not quite sure what happens, particularly actually in Europe, as the economic crisis starts to really hit. And then finally, and overall, we did see, particularly mid-March, early April, a number of customers request payment holidays. Our position on that has been on a case-by-case basis, and we dealt with that by negotiation with individual clients. We have seen that taper off. Equally, we haven't seen any -- sorry, we have seen a slight slowing in payments, but we're not overly worried about that, and we have the right level of focus. So that's kind of -- it hopefully gives you a bit more color of what's happening with customers and how that impacts our financials. I guess the key message from a financial health perspective, which Dave will be -- build on, is actually, we are -- as we come through Q1, we are actually performing ahead of where we thought we would be in mid-March. And we are in a strong position from a balance sheet and cash perspective, which Dave will talk about. So when we reflect on what we've done, what we're seeing and look ahead, we do believe, as I've already said, that long-term, the opportunities are very good for GBG as a result of the trends. And if I look at that in a little bit more detail, ultimately, what do we do? We help create trust in an online world by validating and verifying the identity or location of individuals. In other words, we are a key enabler of the digital economy. Therefore, with the pandemic and the subsequent impacts over time of the pandemic, we believe that the trends are supportive of long-term growth for GBG. And of course, as known by many of you, not only do we help our customers operate effectively in an online world, we also help meet compliance requirements and prevent fraud. And there's been lots of statistics produced about the increase of fraud. But I thought I'd just share some of our own statistics actually as covered in -- by CNBC a couple of times during the pandemic. In the U.S. as a result of identity and theft, fraud replication, we have seen a 600% increase in the number of over 100s accessing online services. Now we have no doubt that there has been an increase of over 100s accessing online services, but we absolutely know for a fact that it is not 600%. What does that tell us? It tells us that bad people are using the crisis as an opportunity to do bad things. So we are seeing an increase for -- of fraud. So net-net, the macro trends are positive. So before I turn to Dave, in summary, I'm immensely proud of what the team achieved in the last fiscal year, and I'm actually delighted by the support they've provided our customers and one another over the last number of months. We are very confident about the long term. We do believe the short-term will be bumpy, but we believe we're best positioned as we can be to deal with the crisis. On that note, I'll hand to Dave. -------------------------------------------------------------------------------- David John Wilson, GB Group plc - CFO, COO & Executive Director [2] -------------------------------------------------------------------------------- Thanks, Chris. For everyone on the call, I hope you and your families are safe and well. Last year was a strong performance with a 39% revenue growth. Acquisitions contributed 28% of this, and organic constant currency the other 11%. Our profit growth of 50% was ahead of revenue growth due to the higher margins IDology contributed in our Identity business. We continue to reinvest our operational leverage in FY '20, demonstrated by our OpEx growth of 13%, being 2% higher than our constant currency revenue growth. Our profits announced to date were also over GBP 900,000 or 2% higher than our pre-close trading update at the end of April. In our Q4, we were very aware of the COVID implications on our business. So we did not start any material new projects and focused instead on current projects critical to the long-term success. This resulted in our profit margins at 24%, being 2% to 3% higher than we had guided. So looking at the business units and performance in a little more detail. Chris and I referenced at the first half, we expected the full year constant currency growth range to be in the 10% to 12% level with a lower growth in the second half. Recapping on the reasons for these, one was the revenue recognition change in our Fraud, where we moved GBP 1 million from the second half into the first half. We've got a declining marketing services revenue, along with the loss of Thomas Cook. And also in the first half, we have 3 multiyear deals, which also makes our FY '21 comps harder. Moving on to the business units. Our Location business delivered a 7% constant currency growth. This is due to our new markets in the U.S. and Germany being currently relatively small proportion to the U.K. market, which has a lower growth profile. We signed some great new customers in Q4, but not early enough in the year to impact our FY '20 numbers. Identity was a good performance in the U.S. and U.K. and Fraud, a very strong performance, enhanced by the multiyear deals in the first half. Looking at the sector position. Even though we have a diversified sector and geographic spread, we sell to B2C customers, and they are impacted by COVID as we all know. Since March 20, we have been tracking daily volumes by business units, customers, geography and sector. As we all know, some sectors have been more challenged relative to the pandemic than others. 9% of our FY '20 revenues are in gaming, sports betting forming a large part of this have been particularly affected. 4% of our revenues were in travel and leisure, and in addition, we have about 5% of our business that's in what we call COVID-challenged sectors, which includes sports associations, employment agencies and charities. Financial service is the largest sector at 45%, for -- within which we have a very diversified position, which includes retail banks, currency exchanges, digital currency platforms, payment services providers and insurance companies. I specifically highlighted 18% of revenues in gaming, travel and leisure and other sectors that have been particularly challenged by the COVID effects. And the remaining 82% we're seeing, as Chris says, varying levels of impact over time. Looking at the geographic position, as we have scaled, we've become more globally diversified and resilient as a consequence. In addition to the top 3 countries, which formed 80% of our revenues, we have 9 countries where we have at least 1% of our revenues. They are Canada, China, Germany, Gibraltar, Indonesia, Ireland, Malaysia, Malta and New Zealand. We had very strong performance in all of our top 3 in U.S. and Australia, helped by our acquisitions. Also in the U.S., we're helped by very good wins and growth in our Location business. To summarize, we have a diversified and resilient sector and geographic position. Our daily volume KPIs are currently showing varying levels of impact with both positive and negative effects. Turning now to cash. You know this is always a key focus for us. Given the external environment, I'll cover this in a little more detail than normal. In February '19, at the time of the IDology acquisition, we said delevering will be a priority. At the time, it was 1.7x EBITDA, at the year-end down to 0.7x and more recently, at the end of May '20, 0.4x EBITDA. Our EBITDA-to-cash conversion continued to be good at 95%, and our debt has moved -- our net debt, sorry, has moved down from GBP 35 million at the end of March to GBP 20.1 million at the end of May '20. We also have a very significant amount of borrowing capacity immediately available in the highly unlikely event we'll ever need it. However, we're never complacent in this ever-changing environment. There have been initial requests for payment holidays and some softening in collections. We however think it's fair and right that we get paid for our services, and we'll do everything we can to help our customers to do this. So just to conclude my section on capital allocation, we have a very strong cash generation business backed by good long-term structural trends. The business model, which is sector, customer and globally diversified. For the current health and economic challenges, we'll continue to take appropriate, prudent, near-term approach to capital allocation. We targeted to lower leverage, and I'm pleased to say that we were well ahead of where we said we would be. In our Q4, we took early profit and cash conservation measures, which gives us financial flexibility to balance financial prudence with the ability to deliver, when the timing is right, our organic and acquisitive growth opportunities. Thank you for listening. I'd like to hand back to Chris to close. -------------------------------------------------------------------------------- Christopher Graham Clark, GB Group plc - CEO & Executive Director [3] -------------------------------------------------------------------------------- Thank you, Dave. And before Q&A, let me just summarize by saying we do look forward to the future with a great deal of confidence. We believe that the pandemic and the secondary effects over time are in the long term positive, and we believe we are well positioned and as well positioned as possible to deal with the short-term effects. Fundamentally, that's because we have a broad and diversified customer base. We have market-leading products that are relevant to today's world and today's challenges, have an amazing team of committed and skilled individuals and as Dave has just described, a very strong financial position. So we are -- we believe we've taken the right actions. We believe we have the right focus, and we believe that we'll come out in time as a stronger business. Thanks, all, for the time. I'll now hand back to Julian to handle the Q&A. ================================================================================ Questions and Answers -------------------------------------------------------------------------------- Operator [1] -------------------------------------------------------------------------------- (Operator Instructions) And we're just going to take our first question from Maria Stormont. You look as if you're unmuted, Maria. -------------------------------------------------------------------------------- Maria Christina Stormont, Numis Securities Limited, Research Division - Analyst [2] -------------------------------------------------------------------------------- Oh, sorry. It just said rejoining. So Maria is (technical difficulty) also Tintin because no one recognized the name. A couple of questions from me. In terms of new business and competition, what's the intensity like at the moment during this crisis? Do you feel that you're taking more share in this sort of environment? The second one is about -- I can see how well sort of kind of the team's coped so far. But what are the areas where you feel like things haven't worked particularly well? And how are you guys sort of kind of addressing that? -------------------------------------------------------------------------------- Christopher Graham Clark, GB Group plc - CEO & Executive Director [3] -------------------------------------------------------------------------------- Tintin, and I did recognize you as coming... -------------------------------------------------------------------------------- Maria Christina Stormont, Numis Securities Limited, Research Division - Analyst [4] -------------------------------------------------------------------------------- Yes. My alias. -------------------------------------------------------------------------------- Christopher Graham Clark, GB Group plc - CEO & Executive Director [5] -------------------------------------------------------------------------------- I did recognize you as coming through. So I'll take those questions, Tintin. So certainly, in terms of new business and competitive pressures and how we're doing, yes, I think competitive intensity has increased, which doesn't surprise me or us in the least because where there are opportunities, you've got a number of organizations going after those opportunities because precrisis, they could be spread more segmentally, and now they're probably more focused on a number of sectors. So first off, I would say there is probably -- there is a greater [effect of] intensity than there was historically. Does that -- how do we feel about that? How are we faring? I think it's -- from our perspective, it's normal course of business in any recession, actually, not with just a truly remarkable pandemic. And we are confident that because of our capability set, whether that's our people, our products, our data, that we'll -- we will and we are winning. And -- but exactly whether we're taking more or lost share, to be honest with you, I actually don't know because you -- it's really I think -- and again, I'm talking to lots of businesses, as I'm sure you all are, whether stuff actually happens is always unknown. And what I mean by that is decisions are being -- changing by the hour. So net-net to the, yes, new business, we're winning, winning some good logos. Yes, there's an increased competitive intensity, but we're confident we can manage that. And in terms of what hasn't gone well, I assume, Tintin, just nod if I'm right, you mean internally with the team. Is that right, okay? -------------------------------------------------------------------------------- Maria Christina Stormont, Numis Securities Limited, Research Division - Analyst [6] -------------------------------------------------------------------------------- Yes. There's 1 or 2 things you could -- yes. -------------------------------------------------------------------------------- Christopher Graham Clark, GB Group plc - CEO & Executive Director [7] -------------------------------------------------------------------------------- I mean I'm not just saying this. If I reflect back in the last 6 months, but more intensely, the last 3.5, as I've said to our team, and I have live chats with the team around the world every week, I couldn't be more proud actually. And genuinely, I think if you'd asked me this time in mid-March, how do I think we would be doing, and I don't just mean financially, but actually, I mean, operationally, now we haven't missed a beat. So would we -- and that's in terms of product releases, customer commitments, service levels, so I don't actually -- I don't think there is -- I don't think the team have dropped the ball. It's -- that said, we are deeply conscious as I'm sure, actually, everyone on this call is, is that it's the -- if you've got 1,050 people around the world, which is what we have today, the impact to the individual varies significantly. For some people, dare I say it, they've quite enjoyed the different environment. And others, it's been incredibly difficult. And recognizing that and reacting to that's probably been the hardest thing actually. And we have moved people around the organization. But generally, I couldn't be more pleased with how the team have responded, and things have worked remarkably well. -------------------------------------------------------------------------------- Operator [8] -------------------------------------------------------------------------------- We'll now take our next question from Bridie Barrett. -------------------------------------------------------------------------------- Bridie Anne Barrett Schmidt, Stifel, Nicolaus & Company, Incorporated, Research Division - Analyst [9] -------------------------------------------------------------------------------- You closed Q1 today. And I was wondering, I mean, I appreciate things are moving very quickly, and it's hard to extrapolate from Q1 into Q2. But I was wondering if you wouldn't just mind sharing either Q1 as a whole or April, May, June, whatever you can, your Q1 revenue figures or volumes. And I think that would be quite helpful to sort of set the stage for us in terms of forecasting out from here. And I was also wondering as well, if you could just talk a little bit about any provisions you might have made. I mean you said at the moment, you're not seeing any massive change in terms of payment terms and so on and so forth. But have you put any provisions through the numbers in last year? Or are you stepping up your level of provisions this year? -------------------------------------------------------------------------------- Christopher Graham Clark, GB Group plc - CEO & Executive Director [10] -------------------------------------------------------------------------------- Thanks, Bridie, and we'll split those questions between Dave and I. I'll take the first, and I'll hand it to Dave to answer. A simple answer, I -- we don't intend to give detail of the April, May numbers. And I mean, what I can say is what I did say, but I'll make it even clear, is actually we are trading better than we expected in mid-March. And we've said there's puts and takes, and that means that the positives are outweighing the negatives. But I think the key point, which is why we're not sort of presenting Q1 or April, May numbers is how dynamic it is. And that's, not only in the transactional business, but in the license business as well. It's very easy to be general about what we've seen since, let's say, mid-March to June 30, but actually under the covers, that's changing daily. And we're actually in a very fortunate position, the trends we see across both Identity and Location, it's really quite dramatic about the movement. And so the reason that we -- it's actually, we're saying, we're not providing guidance because it's -- you just can't extrapolate because we all know and the one thing that none of us can be certain of is how society, not only the societal trends change over time, but equally, with lockdowns and rolling lockdowns, and we've seen on a daily basis how behaviors are changing. So it's just too difficult to call. But hopefully, it gives -- that gives you some flavor to that first point. Dave, do you want to talk about the provisions? -------------------------------------------------------------------------------- David John Wilson, GB Group plc - CFO, COO & Executive Director [11] -------------------------------------------------------------------------------- Yes. At the end of the FY '20 financial year, we doubled the level of provisions, again, just [out of] doubtful debts. And we -- as you would expect, we're tracking events on a day-by-day basis. Fortunately, we've managed to collect most -- well, if not all, of the larger receivables, sometimes ahead of them going into administration. So at the moment, we're in a position there that we're well covered. We've not got a single customer that is not covered by the amount of receivables provisions cover. So we're in a good position. However, one of the things that we're very conscious about is that when government funding is withdrawn in U.S., U.K. and other countries, the smaller businesses and some larger businesses will have to be self-financing when they're under a tremendous amount of strain. So we're always conscious of that happening. But as long as we stay on top of our collections, have [enough] covered there, which we have, then we should be okay. -------------------------------------------------------------------------------- Operator [12] -------------------------------------------------------------------------------- Okay. We'll now take our next question from Harold Evans. -------------------------------------------------------------------------------- Harold Everal Evans, Nplus1 Singer Capital Markets Limited, Research Division - Research Analyst [13] -------------------------------------------------------------------------------- A couple of questions on your larger deals, one from a financials perspective, another sort of from an operational perspective. And you drew out in H1 that there was a large multiyear deal, and that sort of bumped your revenue growth up to 17%. I was wondering if there were any other huge [or what were] referred to the multiyear deals. I was referring to whether there was any sort of puts and takes in terms of whether growth was significantly skewed as a result of any other multiyear deals. And then just on -- as a follow-up to that, I was just trying to understand in terms of you sort of you mentioned Nike, you mentioned Adidas, you mentioned IBM. I was wondering whether they be sort of there was significant increase in scope or whether these are customers that you haven't been able to win before, but you now have, and these are -- and what opportunities these wins now may present to GBG going forward, if that's okay. -------------------------------------------------------------------------------- Christopher Graham Clark, GB Group plc - CEO & Executive Director [14] -------------------------------------------------------------------------------- Yes. Thanks, Harold. I'll try and Dave, feel free to add on the first question, but I'll try and cover that -- at a very simple level. So I think one thing that we would always look to do is -- as we [always] have been, is being incredibly transparent on every half when we had exceptional items. And I mean that not in accounting terminology, but large one-offs. So whether that was a Santander deal 2.5 years ago or the 3 multiyear deals in Fraud last half, first half, so half ending September '19. So a simple -- so I guess what I'm saying there, Howard, is no, those 3 multiyear deals that we did in the first half of last financial year were the key exceptionals in terms of that -- and then -- but as Dave said in his thought [track], and Dave and I were at some length a talk about November, December last year is H1 to H2, and there was a few things where H2 wasn't here. Despite any crisis, H2 wasn't going to be quite as strong as H1. The multi-years being one, accounting being another, actually the loss of Thomas Cook being another. So we'll always be transparent with any major sort of items. So hopefully, that covers your first question. In terms of the second one, it really -- it's quite difficult to be generic about it. So if we look at the Loqate deals and Nike, we signed -- or 9 months ago, and Adidas we signed in Q4, Nike in the U.S., Adidas in Germany, I think that's -- as examples. So I think that's more about where we are on our EBIT -- on our growth strategy for Location about being to our chosen geographies outside the U.K. So what do we know? We have with Location, we have the best data available in terms of coverage in the world. We have very easy-to-use effective technology both for consumers and the B2C organizations. And the fact that we're winning these marquee names, I think just shows that we're starting to get traction, albeit, as Dave said, it's still early days. But I think we were delighted to win Adidas because that's our sort of first major win in Germany, and that obviously starts to flow. So I think it just shows that we're just beginning to see the growth outside the U.K. for Loqate really [got] start to take fruition, which is a positive. If you take the IBM example, actually, IBM, as those who have known us for a while, is a long-standing partner of ours of Location. And by that, I mean distribution, and the deal they signed actually just at the close of Q4 was an extension of that distribution, but with more capabilities. And again, I think that does play to fundamental to our strategy, which is over time, building on our relationships, either through partners like IBM or directly to actually provide more of our capability set. -------------------------------------------------------------------------------- Operator [15] -------------------------------------------------------------------------------- (Operator Instructions) Okay. At this stage, there don't appear to be any more questions. So I'd just like to hand the call back to you, Chris, for any closing remarks. -------------------------------------------------------------------------------- Christopher Graham Clark, GB Group plc - CEO & Executive Director [16] -------------------------------------------------------------------------------- Well, thank you, Julian, and thank you, Tintin and Bridie and Harold for your questions. Anyone who do has -- sorry, does have further questions, you all know where Dave and I are, so feel free to drop us a note, and we'll endeavor to answer you as swiftly as possible. Look, thank you very much for joining Dave and I today, and apologies for the slight delay at the start. I guess key -- the first thing I'd say is I really genuinely hope you're well and safe and secure through what are -- I don't like the word, but I think it describes it best, absolutely unprecedented times. At a personal level, I couldn't be more proud of the team, how they've responded, reacted in support of one another and our customers. We are absolutely confident that we'll weather the storm, whatever it throws at us, and it's the whatever it throws at us that I don't think any business in the world can be sure of right now. But we believe that we're as best positioned as well as possible. We have great customers, differentiated, amazing team and very strong product capabilities that are relevant to the new normal. So we look forward with confidence. Strategy doesn't change, priorities does, and we'll keep you posted on developments. Thanks very much for your time, and have a great rest of the day.