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Edited Transcript of SKF.AX earnings conference call or presentation 22-Apr-20 12:30am GMT

Q3 2020 Skyfii Ltd Earnings Call

May 17, 2020 (Thomson StreetEvents) -- Edited Transcript of Skyfii Ltd earnings conference call or presentation Wednesday, April 22, 2020 at 12:30:00am GMT

TEXT version of Transcript

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Corporate Participants

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* John Rankin

Skyfii Limited - COO & MD of ANZ

* Wayne Arthur

Skyfii Limited - Co-Founder, CEO, MD & Executive Director

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Conference Call Participants

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* Owen Humphries

Canaccord Genuity Corp., Research Division - Senior Industrials Analyst

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Presentation

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Wayne Arthur, Skyfii Limited - Co-Founder, CEO, MD & Executive Director [1]

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Okay. Good morning, and thank you all for making the time to join us today, in particular, under these strange global circumstances. Hopefully, everybody has managed to get their Zoom downloaded and working. And look, we are pleased to be able to deliver our earnings update today via video conference for the first time.

A couple of sort of, I suppose, house rules for the call. There are obviously a number of us on the call. We have noticed some of you have dialed in using the web link, which is great, using the Zoom application. Some of you have dialed in on your mobiles. So for those of you, you will all be muted at the moment. John Rankin is the moderator. So he will have everybody muted while we present. And then at the end of the call, we will host a Q&A session as per normal. So for those of you with access to the Zoom platform and have dialed in using the link, please use the raise hand button if you'd like to ask a question, and then we'll progress you through the queue. And if you wouldn't mind, just announcing your name as you come onto the question. We can't, obviously, determine everybody's names by the numbers. And then we will then open the call up to everybody, and we'll unmute all callers for those of you that are on your mobile phone. So if you could just obviously go on mute at that point yourself if somebody else is asking a question. So we'll do our best to work our way through this.

So with that, welcome to the FY '20 Third Quarter Results Presentation for Skyfii. I'm joined today by Skyfii's Chairman, Andrew Johnson; Skyfii's Chief Operating Officer, John Rankin; and our Investor Relations Consultant, Craig Sainsbury. We're thrilled to present another strong quarter of growth, which is particularly pleasing given the circumstances. From a headline perspective, the company delivered a 72% revenue uplift when compared with Q3 of FY '19, so year-on-year comparison. We delivered a 4% uplift in total operating revenue quarter-on-quarter when compared to Q2 of FY '20, which is particularly pleasing given Q3 is traditionally our slower quarter versus the other 3 quarters. We continue to deliver steady recurring revenues and maintain an annualized recurring revenue run rate of more than $10 million. And finally, we have maintained a strong balance sheet, $2.5 million of cash at bank at the end of the quarter, and still have access to $1.9 million in additional funding through our working capital facility. In addition, and worth noting that we have, to date, had 0 enterprise customer cancellations due to the COVID-19 situation. And in addition, have actually seen greater demand for our counting solutions given the stringent guidelines around social distancing, occupancy monitoring and contact tracing that are being instituted by all governments into all physical spaces around the world.

So right now, the demand is largely coming from the grocery chains, health care facilities and municipalities, all of whom house essential businesses. But what is particularly interesting for Skyfii is that all physical venues and spaces, whether they are restaurants, museums, shopping centers, airports or stadiums, will need to monitor occupancy, social distancing practices and contact tracing as their businesses reopen under the strict social distancing guidelines. And we'll talk about some of the new products that we have launched recently to support these initiatives a little later. And finally, we have made certain appropriate cost reductions in line with market conditions, and we firmly maintain our previous guidance of being able to deliver a positive EBITDA result for the full year FY '20 period.

So I will kick off into Slide 2. Our vision remains to improve visitor experiences by understanding behavior, and we help our customers to deliver value to their customers and in their operations through the application and use of data. This practice is called omnidata intelligence. And this category best defines our business since it refers to the practice of collecting, analyzing and actioning data from a multitude of data sets currently inherent within physical and digital spaces today. We believe that for any of our current and prospective customers, the pathway to a successful data strategy requires a combination of 3 key elements: the right data, intelligent technology and experienced people.

Moving to Slide 3. Our goal is to become the leading omnidata intelligence platform for physical venues globally by the end of financial year '21, and we are well on track to achieve this goal. As a global technology company, we have invested the last 8 years in building software, which transforms the way organizations collect, analyze and extract value from data. We processed billions of data points every month from the physical and digital world to help businesses improve the experiences of millions of customers every day. And under the current global conditions, businesses need accurate data more than ever before in order to return to business and to continue to operate their businesses under a new regime of operating guidelines.

Moving to Slide 4. As we navigate through the current COVID situation and the eventual recovery period, it is important to note that Skyfii is well diversified, diversified across continents and countries across a large portfolio of customers and across 10 different verticals, some of which are experiencing the highest traffic and sales volumes right now. Our revenue contracts are generally signed for an average of 3 years across the portfolio, and we have had less than 1% churn since the business began. In particular, we have maintained that extremely low churn rate during the current period. Our revenue mix is also diversified. And in particular, we are now seeing a significant uplift in customer requests, as mentioned, for our people counting solutions within certain verticals, grocery, health care and municipalities, as I've mentioned, all of which are operating under the current crisis. This is further evidence that our decision to broaden our data set capability and diversify our revenue offering through the Beonic acquisition was a good strategy for long-term growth and sustainability.

Moving to Slide 6, operating highlights. To further substantiate our underlying business diversity, we have continued to grow our revenue offshore, with 47% of our total revenues now being delivered by our international markets. Of our total revenues, over 60% is delivered via recurring revenues on 3- to 5-year contract terms. And importantly, no single customer represents more than 5% of our recurring revenue. We've tightened up our cash position in line with market conditions and have applied considerable focus to ensuring that we support existing customers as they monitor the current situation and begin to prepare to return to business. Most importantly, we are seeing considerable return from our focused marketing efforts, which is driving new leads within grocery, municipal and health care verticals, and in particular, around the launch of our recent product Occupancy Now, which I'll talk about in a bit more detail on the next slide. We're comfortable with our strong cash position under the current circumstances, and as mentioned, we reconfirm our guidance to deliver a positive EBITDA position for the full year financial year '20.

Moving to Slide #7. At the onset of the COVID-19 crisis, our focus was solely on revenue protection and cash preservation, like many businesses. Whilst we will continue to rigorously monitor the market conditions and our customer sentiment, we believe that the business is in a stable position with sufficient downside protection measures in place. As such, we have begun to also focus on new opportunities within the current climate, both to support existing customers to retain revenues and to convert new customers in certain key essential verticals. During the past 3 weeks, post the end of the third quarter, we have launched 3 new product offerings. First, our data science team built a predictive reporting framework for our property group and retail customers, which allows them to measure the daily impact of COVID-19 on their individual venues. This initiative has been very well received by many of our retail property and shopping center and customers, most of whom are still open for business due to being anchored by a large supermarket or pharmacy brand.

Second, we partnered with Brickfields Consulting Group to launch a sentiment survey tool which is helping our Australian retail property customers understand and react to changes in shopper sentiment during this current climate. And finally, our newest product, which was launched just this week, is Occupancy Now, which is an automated occupancy and social distancing management solution. This product has been extremely well received through our initial marketing outreach just this week to grocery chains in particular, all of whom would need help right now to manage venue occupancy in real time, optimize their staff to ensure that spaces are being regularly cleaned and social distancing is being practiced, both in the store and in the queues outside the store. And finally, the product has been set up to help facilitate contact tracing for any known cases of COVID-19 that may have entered their stores. So these 3 key deliverables of Occupancy Now solution reside over our current network architecture, and they have been specifically stipulated as government guidelines for continued venue operations and for all new businesses that will begin to reopen in the coming months. So Occupancy Now is something that all physical venues will need in some form or another in order to reopen and stay operational.

Moving to Slide 8. We have continued to convert new customers into our enterprise portfolio over the current quarter -- the previous quarter, sorry, and especially pleased to have converted new customers across 3 verticals during Q3 of FY '20. First, we were thrilled to add Christchurch Airport to our growing airports customer portfolio in New Zealand. Christchurch Airport has signed a 3-year initial contract subscribing to our IO Connect and IO Insight products. Second, we further expanded on our existing contract with QIC Retail Property Group by adding further shopping centers in Q3, thereby bringing our total to 16 shopping centers currently under contract. And finally, we secured our first contract win and customer in Switzerland, signing a 5-year contract for IO Connect and IO Insight, with HCFG Stadium, a large hockey stadium in Switzerland.

So in summary, a stronger-than-expected operating performance for the company in Q3, which saw us securing new contracts locally and internationally, it saw the launch of new product offerings and a continued retention of customers despite the current climate, all whilst continuing to maintain a strong cash and bank position and strong balance sheet. So I'd now like to hand you to John Rankin to take us through the key financial highlights delivered during the quarter.

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John Rankin, Skyfii Limited - COO & MD of ANZ [2]

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Thanks, Wayne. Can you hear me okay? So moving to Slide 9, the financial highlights. And if we just move to Slide 10 very quickly. Just going to take you through before we jump into the financials a bit of a quick summary for those who are new to the business on how Skyfii generates revenues. So firstly, SaaS recurring revenues -- can you hear me okay, Wayne?

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Wayne Arthur, Skyfii Limited - Co-Founder, CEO, MD & Executive Director [3]

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Yes. Sorry. I can hear you now.

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John Rankin, Skyfii Limited - COO & MD of ANZ [4]

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Fantastic. Sorry about that. So firstly, our recurring or SaaS revenues, which are revenues generated from subscriptions to the IO platform, recurring revenues are charged as a fixed price per venue per month and typically contracted on 1-, 3- or 5-year terms. Monthly recurring revenues range from $50 per venue per month, up to $10,000 per venue per month, depending on the size of the venue and the products nominated for subscription. Services revenues, which are generated from the payment of projects undertaken by both our data consulting services team and marketing services teams. And thirdly, nonrecurring revenues, which are made up of one-off fees generated from the deployment of hardware and infrastructure, which underpins our recurring revenue growth and subscriptions to the IO platform. These include the installation of WiFi infrastructure, 2D and 3D camera technology for people counting, and more recently, vehicle counting technology, which is a new product line to the family.

If we move to Slide 11, and we focus on the Q3 financial highlights. I think, firstly, we are really excited to have delivered another strong financial result in Q3, with total operating revenues up 72% when compared to the same period last year. What was also very pleasing is the company delivering quarter-on-quarter growth, up 4% on Q2, and consistent with the guidance provided to the market in February. This is an encouraging result, given that Q3 is typically a seasonally low-performing quarter for the company due to the extended Christmas break. Our recurring revenues have grown 75% across the last 12 months, which is testament to the depth and breadth of the IO platform offering. And whilst the recurring revenues were flat when compared to Q2, and we put this down to a small lull in planned venue rollout, and we expect this to regain momentum across the coming 4 quarters. Our annualized recurring revenue run rate remains steady at $10 million, with no churn experienced during the quarter, as quoted by Wayne earlier. And finally, the company held a cash balance of $2.5 million at the end of quarter, having made the decision to pay down the company's debt facility during the quarter in our efforts to reduce interest charges. The company maintains an available debt facility of $2 million, of which $1.9 million remains undrawn.

So in summary, pleasing results for the team and our investors. The company maintains a strong balance sheet to charter through the coming 6 months, and we look forward to supporting our customers as they resume normal operations. Thanks, Wayne.

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Wayne Arthur, Skyfii Limited - Co-Founder, CEO, MD & Executive Director [5]

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Thanks very much, John, and congratulations again on a strong quarter to you and the team, one which that will actually set us up really well going into the final quarter of financial year '20. So we'll just move on to the outlook statement, which is Slide 14. Now the company is cognizant of the market conditions, and we will continue to adapt our operations as market conditions change. We are optimistic about our ability to deliver net new revenue during Q4 and Q1 next year, particularly through our people counting solutions and the new product offerings that we discussed today. However, we do acknowledge that our track record of consistent quarter-on-quarter growth may be challenged due to the current global situation. In any event, our key message is we are comfortable with our balance sheet position and the steps we are taking to continue to monitor the situation globally. And we would like to reconfirm our guidance to the market that we will deliver a positive EBITDA position for the full year financial year '20. In addition, we will continue to focus on driving new sales opportunities, particularly within the grocery, municipality and health care verticals, and we'll maintain regular contact with existing customers and continue to support those due to reopen in the coming months.

As always, thank you for your time today and for your continued support as shareholders, and we hope everybody remains safe and healthy during this time. So at this point, I'd like to open the call for any questions at this time. As mentioned, if you are using the Zoom link, please use the raise your hand function, and we'll schedule you into the queue. We will then reopen all and unmute all participants. So again, if you could just respect the background noise situation and so on. But we'll hand over for Q&A.

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Questions and Answers

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John Rankin, Skyfii Limited - COO & MD of ANZ [1]

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It looks like a question there from [Chris Steptoe]. You could unmute Chris. Sorry, go ahead, Chris.

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Unidentified Analyst, [2]

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So just on your customers, say, your venue customers like sports stadiums, are you deferring your charges while they are closed? Or is there negotiations going on in that respect? Has there been any sort of customers that haven't paid?

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Wayne Arthur, Skyfii Limited - Co-Founder, CEO, MD & Executive Director [3]

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Yes. So it does vary. There are -- it depends on the structure of the contracts. We've got many of our international contracts or some of our international contracts, should I say, are paid annually in advance, which means that we have -- most of these revenues have already kind of been collected for the year. But in some cases, yes, we have -- we kind of run a process with each of the customers, whereby first step is to try to delay payment potentially. We can give them a delayed payment time frame to make those payments and still book the revenue. Phase 2 is we can defer payment to a later stage. And Phase 3 is to suspend services. And so it varies amongst the groups. Some sporting venues and some airports have come forward and asked -- and some of our property group companies have gone forward to ask for payment delays or temporary suspensions of services. But everybody recognizes that at some point in the future, our business will return. So we've had none of these companies cancel or request to cancel. But equally, it's sort of less than 5% of our customer base has come forward at all at this point. So yes to your question. We are sort of -- we're taking a long-term view with these customers, many of whom are on 3-year or 5-year contracts with us that we want to protect the relationship into the future. So we're open to supporting them as best we can. But at this point, no cancellations or anything like that at this stage.

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Unidentified Analyst, [4]

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Okay. And just on the flights. There's no flights around the world at the moment. How is that affecting your ability to sell and implement?

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Wayne Arthur, Skyfii Limited - Co-Founder, CEO, MD & Executive Director [5]

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Yes, good question. So we -- again, depends on the product that is being contracted. All of our software products don't require any on-site visitation. So we can do software deployments remotely, and we -- and generally, we do anyway. So those sales are -- and if those sales and sales pipeline deals implementations are largely unaffected, in the cases where we have to deploy infrastructure such as camera surveillance infrastructure, people counting solutions, then it's on a case-by-case basis. Those services are still essentially being deemed to be essential on site, and we do a different scope of work with our customer. And obviously, the staff that are being sent out on-site are taking all the right precautions and -- to maintain social distancing and ensure they are covered up and so on. So it really varies. It's fair to say, though, that the majority of the deployments though are still software-related, so largely unaffected at this point.

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John Rankin, Skyfii Limited - COO & MD of ANZ [6]

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Look, Wayne, I might open up the call. I think we've got a question that's come through from Owen Humphries from Canaccord.

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Wayne Arthur, Skyfii Limited - Co-Founder, CEO, MD & Executive Director [7]

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Sure.

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Owen Humphries, Canaccord Genuity Corp., Research Division - Senior Industrials Analyst [8]

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Well done on a strong quarter through some pretty volatile times, especially the fact that many customers have churned and your exposure to the 2 hardest sectors that have been hit. If you look at slides, how does this work for you? If you look at the slide number, the one that goes through your quarterly revenue, and the nonrecurring revenues, obviously, shot up in that last quarter versus the fact that it's the strongest quarter you've ever reported. Just talk me through the potential for that will lead at some stage. Obviously, you guys sound pretty cautious about the next quarter, but the amount of hardware you appear to be implementing is at record highs. Is that a lead for the next 3 or 6 or 12 months? It has been in the past. But just maybe talk through that, if that's possible.

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Wayne Arthur, Skyfii Limited - Co-Founder, CEO, MD & Executive Director [9]

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Yes, sure. Look, it is generally a lead indicator. So strong capital works quarter generally means that we, as you say, we've deployed infrastructure and we should start to see the uplift in recognition of that recurring revenue in the following quarters. So if it's deployed today and given -- sorry, in the event that those deployments are in businesses that are operating, such as grocery outlets and health care facilities in smart cities, and you should expect to see that revenue coming into the recurring line. But if they -- naturally, if they are closed and not operational stadiums or airports or something to that effect, then there's the potential that, that revenue might be inferred. As mentioned on the last question, Owen -- John, can you just mute everybody, please? John can you mute all the background, please?

Sorry, Owen, just to go back to your question. So obviously, if those customer deployments are in venues that are currently closed and so on, then it's likely that some of them might become deferred. As I said, we are taking a 3-stage process. We are -- we have weekly contact with our customer base across every region. So we're maintaining a pretty healthy steer on customer sentiment so we can predict, forecast appropriately. And at this point, and as I said, less than 5% has reached out or requested anything at this point or had any concern of the payment. So we're still sort of in the immaterial range. But we do reach out, and if we do sense that they want some sort of support, then we've take them through that 3-stage process with stage 3 and kind of the last resort being the revenue deferral. So long answer to your question, but, yes, apologies.

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Owen Humphries, Canaccord Genuity Corp., Research Division - Senior Industrials Analyst [10]

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I'm just going to ask Wayne, are you seeing customers are to extend these terms? You kind of answered in that just previously, but are you seeing any hardship? Obviously, the revenue is coming through, but cash coming in the door. Are you seeing any deferrals or increase in receivables through this period?

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Wayne Arthur, Skyfii Limited - Co-Founder, CEO, MD & Executive Director [11]

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Look, we have -- as I said, it's probably affected about -- it's affected less than 5% of our revenue at this point. So less than 5% of our revenue or customers, should I say, have reached out for some kind of support. Not all of them have been deferrals. In some cases, we have taken part payments and deferred and offered 90-day receipt payment terms. In some cases, we have offered a deferred payment. Longer than that, in some cases, we have offered to suspend the services until business returns, basically. So it varies. But as I said, as a total, less than 5% has met any one of those criteria to this point. We are cognizant of cash receipts. That's probably the #1 focus for us. And one of the reasons why we did make some cost reductions to the business where we could. So where appropriate, people like some of the contractors that we didn't renew and so on in the short term. We've also had all staff and right up through the Board agreed to a 20% pay reduction until the end of July. So a 4-month period, which has helped to sort of, again, just protect the cash reserves of the company, but also a testament to a couple of things: Number one, that we do fully expect the world to return to normal at some point, and we want to be in a position where we can rebound and have the staff and the operational model to do that. But also that we've sought to retain people's jobs and livelihoods as well in the short term, and everybody has been very supportive of that.

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John Rankin, Skyfii Limited - COO & MD of ANZ [12]

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I think just to add to that, Owen, like we've seen, clearly, there was definitely a bit of a panic in the first sort of 4 to 6 weeks of this event sort of unfolding. And in a lot of cases, the venues the majority of the cases, large majority of cases, the venues that we support, continue to operate. What they are moving into now is a phase of understanding what sort of operational changes they're going to need to continue to make and evolve as sort of the different rules and legislation risen up and people start to return to these physical venues. And I think that, for us, is where we have focused our attention, and we've certainly got a software platform that allows you to understand behavior and traffic and foot counts, and that's all helping contribute to these venues, understanding the, I guess, how they sort of operate in the medium to long term, which I think is a good use of our product. I think beyond that as well, the inquiry that's been coming through, the reporting, the platform, the dashboards, it's going all the way up to the executive teams in a daily fashion. So certainly, the value of the data that we are providing has definitely increased in terms of its usage across our customer base, which I think is a bittersweet outcome out of this whole crisis or situation, but certainly brings our data set into the fold.

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Wayne Arthur, Skyfii Limited - Co-Founder, CEO, MD & Executive Director [13]

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And just specifically, sorry, John and Owen, just to close off on that question. So collections for March, for the end of the quarter, Q3, where we have been unaffected. So a very, very standard collections process and so on from our customer base. We are only highlighting Q4 because no one knows what next week and the week after looks like really in terms of the world. But I think we're all getting a sense that things are starting to improve, at least the sentiment and businesses are certainly planning to come back online in whatever fashion that looks like, and that may take 3 or 6 months to take place. But yes. So we are optimistic about the new applications of the product, but we don't want to -- we're kind of managing, obviously, customer sentiment week-to-week at the moment. At this point, everything is stable and on track, but obviously, we're keeping a vigilant look.

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John Rankin, Skyfii Limited - COO & MD of ANZ [14]

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I'll just unmute quickly. If there's any other questions, please feel free to announce yourself.

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Owen Humphries, Canaccord Genuity Corp., Research Division - Senior Industrials Analyst [15]

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Wayne, as no one else is there, what's your offense look like? Some of your business competitors have pretty high cash burn. What's the offensive look like coming out of this cycle apart from just the rehiring or aggressive rehiring?

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Wayne Arthur, Skyfii Limited - Co-Founder, CEO, MD & Executive Director [16]

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Yes. Look, it's a good question. We -- it's again one of the reasons -- sorry, John, if you can just mute everybody again.

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John Rankin, Skyfii Limited - COO & MD of ANZ [17]

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Sure.

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Wayne Arthur, Skyfii Limited - Co-Founder, CEO, MD & Executive Director [18]

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Owen, sorry. So one of the key focuses for us and our Board and Chairman have been very involved in the process and very supportive of the process here. We're all cognizant that, as you say, there will be a chance to rebound, and we want to make sure as much as we are defending, we're ready to take the offense as well. So it's one of the reasons why we chose to make a pay cut reduction rather than significant headcount reductions because we don't want to have to go out there and have to rehire, because it's not an easy thing to do in this industry to find good talent. So we're doing our best to retain the talent so we can rebound. So that's the first thing. I don't expect that we will have to make a lot of sort of hires when things go back to normal. But we are keeping a good tap on our competitors. There is certainly opportunity, and I think it goes without saying that even more so during this time, we're sort of getting certain requests come through from competitors. So there's definitely opportunity. We maintain a pretty strong list of potential prospects. It's openly been stated as part of our strategy to continue to grow and consolidate this industry. And we're absolutely keeping our eye on the prize on that. And there are definitely still opportunities out there for us. So what we can do best is to protect our business, which we're doing and have done. We feel as though we've given ourselves, as I said, plenty of downside protection here and the measures in place, should things get progressively worse in the world. But our view is definitely more optimistic than that. We see the world starting to improve and with that, our business prospects. And we can protect our revenue. We'll be in a very strong position to continue to consolidate the market. So definitely still on our radar.

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John Rankin, Skyfii Limited - COO & MD of ANZ [19]

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Any other call -- or any other questions for Wayne? No.

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Wayne Arthur, Skyfii Limited - Co-Founder, CEO, MD & Executive Director [20]

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All right. Well, thanks, everybody, for your time. We realized that was a little disjointed versus some (technical difficulty). Thank you all for dialing in, and we will look forward to Q4's quarterly call, and hopefully, at least for some of us that might be in person by that stage, if Qantas starts to fly back from San Francisco to Sydney. So thanks for your time. I hope everyone takes care and stay healthy and safe.