I know I'll be handing the conference over to Mr. Andrew Menz, CEO. Please go ahead.
Good morning, and thanks for joining us today for the BlueBet Holdings Limited quarterly business update for Q1 FY25, our first quarter since the completion of the transformational merger with Betr. I'm Andrew Menz, CEO of the company, and today I'm joined by our COO, Bill Richmond, and CFO, Darren Holley. Our first quarter as a combined business has been a period of decisive action and rapid execution, the highlight of which was the successful completion of our customer migration and the rebrand of BlueBet to Betr in only 59 days from the merger completing on the 1st of July 2024. This has created a larger, leaner business focused solely on profitable growth in the attractive Australian market.
Our Australian business, inclusive of corporate costs, was operating cash flow positive in Q1, reflecting a disciplined approach to reactivating the better customer base, swiftly unlocking the efficiencies enabled by our market-leading technology platform, and delivering synergies ahead of scale. Since the rebrand and customer migration occurred two-thirds of the way through the quarter, it's important to note throughout this presentation that the run rate impacts are not fully reflected in those Q1 numbers. We maintain that the appropriate way to view the go-forward business is post-customer migration, and this will be visible for a full quarter in our Q2 results. This morning, we'll take you through the progress we made this quarter, as well as focusing on trading and momentum in the month of September, the first full month of activity since that customer migration and rebrand, and the prism through which we view the business.
Turning to slide four of the presentation. Looking at the highlights from Q1, we've made significant progress towards delivering on our promises, and the trajectory of the business has us well-positioned for further profitable growth. The transaction rationale is playing out exactly as we expected, with the combination having delivered instant scale and accelerated momentum to the strong core BlueBet business. This is evident in our exit run rates from Q1, with turnover and gross wins scaling quickly, and net win increasing nearly 1.5 times since migration, evidencing conversion of turnover to revenue at a rate that's exceeded expectations. We are strategically reactivating the better customer base in a disciplined way, leveraging our proprietary technology platform and our new, faster, easier app.
We're rapidly converting previously unprofitable turnover to meaningful revenue, and this is best evidenced in the post-migration net win margin and underpins our confidence in the reactivation opportunity that we'll execute over the next 12 months, using major racing and sporting events as catalysts to drive efficient reactivation and profitable growth. Combining the two businesses has unlocked further operational synergies than were initially envisaged, and we've identified a further AUD 2.9 million in annualized cost synergies, in addition to the AUD 14 million already identified and rapidly delivered. As per our announcement last week, our U.S. market exit is proceeding swiftly. We exit costs AUD 11.2 million lower than provisioned, following positive commercial discussions with our U.S. market access partners.
While the U.S. market has proven to be challenging, our capital-light strategy has been justified, and importantly, our technology is capable of being redeployed, sold, or licensed in the U.S. or other international markets without further investment. Importantly, what we have achieved means that we continue to be in a position to be monthly EBITDA positive by the end of H1, and EBITDA positive on a normalized basis for FY25. On slide five, our first quarter as a combined business has been extremely productive, delivering significant change and setting the business up for success on the back of rapid decision-making and execution. In those first 90 days, we've continued to be operating cash flow positive, including corporate, for the quarter, reflecting a disciplined approach to reactivating the betr customer base and swiftly unlocking the efficiencies of our technology platform.
We've successfully migrated in record time Betr's customer base onto our platform, providing a material uplift in customer experience. We've rebranded the consumer-facing BlueBet brand to Betr, leveraging the significant investment in the Betr brand and its younger sports-focused positioning, and it's been met with positivity from the BlueBet base due to a targeted, researched customer communications campaign. We've delivered a material uplift to the look and feel of our native apps and website. We've launched new features, including a personalized promotions engine, which offers generosities to customers on a near-individual basis. This has enhanced our generosity efficiency and is one of the key reasons behind our strong net win margins. We've finalized and implemented our new organizational design, with one team now integrated across our Sydney, Melbourne, and Darwin offices.
This team is comprised of the industry's top talent, which has enabled us to exceed our announced labor synergy target. We've exited the U.S. market on favorable financial and payment terms, simplifying the business and providing the opportunity to reinvest AUD 6-$8 million annually towards profitable growth in Australia. And finally, we've upgraded the annualized synergy target by more than 20% to AUD 16.9 million, realizing material synergies ahead of scale. We see the first 90 days as merely a stepping stone to bigger and Betr things, but it shows the capability of our board and management to act decisively and execute relentlessly. We plan to run through Q2 with the same level of momentum as we strive to provide our customers great experience and create meaningful value for shareholders.
At our FY24 results presentation in August, we outlined three phases for the combination of the business for the first half of FY25, and we're pleased to report the milestones continue to roll out according to this plan. In July and August, with the business operating two brands on two different platforms, we focused on cash preservation ahead of the migration and rebrand. This reduced promotional and marketing investment ahead of the rebrand and migration in late August and early September, improved our cash position, but had the flow-on effect of reducing marginally profitable activity on the legacy Betr platform, and this period is not reflective of the go-forward business. Through September and October, we have been focused on completing the migration and strategically reactivating the Betr customer base in a phased and disciplined way.
This has delivered substantial scale and preserved strong net win margins even after one-off investment in generosity to support the customer migration. We're highly encouraged by the rapid margin expansion from the Betr customer base, and our insights suggest that focusing on higher value, profitable segments of that base initially is the prudent and appropriate course of action to grow our business profitably. Throughout November and December, we will continue our disciplined focus on that significant reactivation opportunity, pursuing profitable growth, and we remain on track for monthly EBITDA positivity by the end of this calendar year. Bill Richmond, our Chief Operating Officer, will now take you through the company's performance since the customer migration and rebrand.
Thanks, Andrew. Moving to slide eight in our performance since migration, where you can see we've seen immediate growth in scale from the BlueBet business and improved performance with a deliberately phased migration. This demonstrates the benefit of our strategic and disciplined engagement of the Betr database. This is designed to achieve three major things. Firstly, protect net win margin in line with BlueBet's historically strong and stable margin advantage. As you can see on the right-hand chart, the net win margin across the combined business was 9.7% for Q1 FY25, or 10.5% when excluding one-off investments associated with migration. This increase, plotted in the chart against the weighted average net win percentage of BlueBet and Betr in the previous 12 months, has been driven by our experienced in-house trading team, the power of our platform, and product impacting bet mix and the Personalized Promotions Engine.
Also, the accelerated migration of higher value customers. We have successfully migrated customers representing 93% of the available previous 12-month Betr net win in dollar terms. Upside will flow from reactivating the large dormant cohort in a targeted way over the next 12 months. Finally, reactivation will be aligned with key racing and sporting events so that we are re-engaging customers in an efficient and disciplined way. These natural opportunities will be events such as the recent start of the NBA season, the spring and autumn racing carnivals, and the launch of the NRL and AFL seasons, all of which will be supported by highly attractive targeted promotional campaigns and an increased investment in our brand. A recent survey of migrated Betr customers confirms the combination rationale and key strengths of our platform, particularly speed, ease of use, fast withdrawals, and promotions.
Since migration, we have been able to provide Betr customers with a market-leading experience, having addressed previous pain points and delivered key high-demand features. This improved experience underpins the potential for significant reactivation and profitable growth from the dormant Betr database and the market more broadly since product and technology issues have previously been the major drag on overall satisfaction with Betr. This is evidenced in the charts on the right, which shows overall satisfaction with Betr rated as positive by almost seven in 10 customers, improving from three out of 10 on the legacy platform. We are excited about the potential that the product and platform offers us, particularly as we strive to lead the innovation agenda within our core business into half two FY25. This has also been seen in the immediate uplift in customer behavior and outcomes, as we can see on slide 10.
As this cohort analysis demonstrates, we have seen immediate benefit of migrating Betr customers onto the BlueBet platform. Year on year, the same individual customers within the cohort are placing more bets at a lower average bet size, leading to higher, more consistent, and sustainable margins, transitioning to popular bet types like same-game multi and exotics, which deliver higher average gross win margins, having their resultant promotions resulted in less than half the time, and receiving targeted and personalized promotions, increasing engagement at a far lower cost to the business. This has delivered a 20% improvement in net win dollars and a 3% improvement in net win percentage from these customers. This underpins our confidence in delivering enhanced margins as our customer base grows.
The exit rate from Q1 is shown on slide 11, or the one month of September post-migration, shows the new shape of the business, setting our new baseline as we enter Q2, which will be our first full quarter as a single brand on one platform. The month of September shows a step change in scale with all key metrics up over 100%, with net win up more than 150% from BlueBet's performance in Q1 FY24. Importantly, we have been able to drive top-line growth while retaining BlueBet's historically strong margins. This has been achieved by strategically reactivating the Betr database in a disciplined way onto the BlueBet platform. We understand it will take four quarters to fully complete the migration process. However, customers that have already migrated have more than doubled the scale of BlueBet without negatively impacting margins.
This reaffirms our confidence in the combination of these businesses and the transaction rationale, with BlueBet bringing its strong core business and proven technology and Betr bringing untapped potential from its large and high-quality database. This momentum has continued into Q2. As of 28 October, quarter-to-date turnover is up more than 120%, while net win is up more than 140% above the PCP. Slide 12. Through taking decisive action and rapid execution, we've been able to increase our annualized synergy target by AUD 2.9 million to AUD 16.9 million. This has been delivered by bringing the migration forward ahead of schedule, executing on our new management structure, and identifying and actually further opportunities within sourcing and procurement. The successful execution of combining the two businesses demonstrates our strong ability to continue to deliver value as we pursue 10% plus market share by organic and inorganic growth.
This is evidenced by successful migration delivered in record time and ahead of schedule, delivery of significant cost synergies, which were aggressively achieved with the target upgraded by 20%, development of a repeatable M&A model with a successful playbook of migration journeys built and executed by an experienced team, and positive business momentum as we move into our first full quarter as a migrated business. With our product and platform coupled with our reactivation pipeline, our unit economics will only continue to improve. Darren Holley, Chief Financial Officer, will now provide an update on the U.S. exit and take you through our key trading and financial metrics.
Thanks, Bill. When we first announced the BlueBet-betr combination, we committed to a strategic review of our U.S. operations with a view to streamlining the combined business with a singular focus on the Australian market. This review was conducted swiftly, and since we announced our intention to exit the U.S. market on the 29th of August, we have made significant progress to deliver on our commitment of an efficient Australia-only business. We have ceased taking bets with our free ClutchBet B2C sports books on the 16th of September 2024, with no material regulatory or customer issues. As we detailed in last week's market announcement, constructive negotiations with our market access partners to terminate all agreements have resulted in favorable financial and payment terms. This will release AUD 11.2 million provision provided in FY24, which will benefit FY25 earnings.
We also retain the flexibility to explore further options to monetize our proprietary international sports book technology via B2B or other partners, but importantly, not involving any further significant investment. This exit simplifies the business so that we can Betr focus on growing share in the Australian market and provides the opportunity to reinvest AUD 6 million-AUD 8 million of annualized investment towards profitable growth in Australia. On slide 17, we report on the performance of the Australian business for Q1 FY25, noting almost two-thirds of this period saw BlueBet and betr on separate platforms operating as two brands prior to customer migration. We have simplified our key trading metrics in line with similar listed companies and reflective of our go-forward business's focus on profitable growth in the Australian market. We believe this approach will enable investors and analysts to focus on the key value drivers of our business.
Following the completion of the migration and rebrand on 29 August, we have operated as one business, reactivating and engaging customers in a strategic and disciplined way. Turnover of AUD 286.6 million is up over 100% versus the PCP, with gross win percentage expanding 0.3 percentage points. Net win margin of 9.7% was 0.4 percentage points lower than the PCP because of one-off migration costs of AUD 2.4 million. Excluding these one-off migration costs, net win margin would have been 10.5% or up 0.4 percentage points on the PCP. We closed the quarter with over 120,000 cash active customers. However, it is important to note that this is a trailing 12-month number, and it will take until Q4 FY25 for this metric to fully reflect the activity of migrated Betr customers.
This forms the new basis from which we can grow as we strategically reactivate the large Betr database around key sporting and racing events in a disciplined manner over the coming months. Looking now at slide 18, which summarizes the cash flows as detailed in our Q1 FY25 Appendix 4C. Importantly, in our first quarter as a combined business, the Australian business, inclusive of corporate, delivered positive net cash flows from operating activities of AUD 1.4 million and supports management's confidence in delivering positive monthly EBITDA this calendar year and full-year EBITDA positivity. This was offset by an outflow of AUD 3.5 million in the U.S. as we moved to shut down operations in that market. At 30 September 2024, the company's cash balance was AUD 21.8 million, including customer deposits of AUD 13.1 million. Net win from customers for the quarter ended 30 September 2024, totaled AUD 27.9 million.
As I said, net cash from operating activities in the quarter ended 30 September was an outflow of AUD 2.1 million. Cash outflows during the quarter included cost of sales of AUD 10.6 million, staff cost of AUD 5.3 million, which included AUD 750,000 in termination payments, marketing costs of AUD 2.9 million, and administration corporate costs, including GST on Australian net win of AUD 5.2 million. Net cash from investing activities for Q1 FY25 was AUD 0.1 million. This comprised investments of AUD 1.9 million, reflecting the net difference between the current liabilities acquired from Betr and client deposits received from Betr on completion. This was offset by AUD 1.8 million resulting from capitalization of technology costs. Net cash flows from financing activities were AUD 2.5 million from transaction, advisory costs, and stamp duty.
The company's cash position is in line with expectations and on track to be cash flow positive in H2 as the simplified Australia-focused business scales to profitability. I'll now hand back to Andrew.
Thanks, Darren. To wrap up, I want to reiterate how excited we are about the opportunities ahead of us as a larger, stronger, more efficient, and focused business with strong momentum heading into Q2, our peak wagering period. In Australia, we were operating cash flow positive for the quarter, with the customer migration rebrand being delivered in record time and ahead of schedule, offering us a repeatable playbook in M&A execution. We have proven the ability of the BlueBet platform to efficiently engage and monetize customers at the expanded scale we have already seen since migration. There lies ahead a significant opportunity to continue to strategically reactivate the dormant Betr customers in a disciplined and phased manner.
Decisive action and rapid execution resulted in an additional AUD 2.9 million of cost synergies being identified, with a total of AUD 16.9 million of annualized synergies now the target, all of which we are highly confident of delivering. Our U.S. exit was fast-tracked at a lower cost after favorable negotiations with U.S. market access partners, releasing an AUD 11.2 million provision benefiting FY25 earnings. Our cash position remains robust, reflecting disciplined investment in growth and synergy realization. Further, as Bill said, strong trading has continued throughout October and net win margins continue to remain at higher levels. We have a clear path to profitability through scaling and monetizing the combined customer base and delivering the annualized cost synergies and aggressively pursuing revenue synergies available to us.
Finally, our scalable platform, repeatable integration model, and deeply experienced team means that we're well positioned to execute our organic growth plans as well as to aggressively pursue further inorganic opportunities to meaningfully and profitably grow our share of the Australian wagering market. Thanks again for joining us this morning. I'll now open up to questions.
Thank you. If you'd like to ask a question via the phone, please press Star 1 on your telephone and wait for your name to be announced. If you'd like to cancel your request, please press Star 2. If you are on a speakerphone, please pick up the handset to ask your question. A reminder, if you'd like to ask a question via the webcast, please type it into the Ask a Question box and click Submit. Your first question today comes from Phil Chippendale from Ord Minnett. Please go ahead.
Good morning, Gents. Thanks for your time. Firstly, I just want to touch on the net win margin, which was above my expectations. And you've made a comment on slide six that it was also stronger than you expected. Can I just unpack that comment a little bit? I guess there's sort of two key ways to get surprised there. One is either on gross win or the level of generosity. Can you just maybe just talk to how that turned out a little bit Betr than expected?
Yeah. Phil, of course. It's primarily the impact of the Personalized Promotions Engine and a much more efficient generosity play than we had anticipated to be able to reactivate those Betr customers. So it cost us less, and we were much more targeted. And therefore, we get really confident that we can move those Betr customers from those lower net win margins that were being run on the legacy platform, driven by that generosity. The other thing that had an impact was a mixed shift in how the Betr customers are engaging with the platform. And so, for example, they were moving their bets from low margin sports singles, low gross margin sports singles, to much higher margin sports Same Game Multi. And that's just a real strong feature of the BlueBet platform and was the thing that the Betr customers were crying out for.
So while it was primarily driven by that targeted generosity approach, it's supported by a product and platform that's much more appealing and much easier to try and transfer customers into areas of higher gross and net win.
So does that change any of your approach for going forward? I mean, I guess this business, you're constantly learning, and this has been a positive surprise. Does this change anything about sort of the way you're approaching the next three months or so?
Yeah. Phil, I think it's very much probably we've got the customers there faster than we thought we might, particularly from a gross win level as well. So from that point of view, our trading team have done a fantastic job in accelerating that gross margin increase. As we said, the product has enabled a lot of that with the change in their betting mix. So certainly, from our point of view, it reaffirms our confidence about where we're going to be long-term and that the overall business will be very much where BlueBet was long-term. In terms of the generosity that Andrew was touching on, it's had a dual benefit, not obviously on the betr customers, but also it was fairly new to the BlueBet customers during that period as well. So it's given us an uplift on that BlueBet side as well.
So it doesn't change our approach. I think it really reaffirms the approach we had was correct. It allows us to continue to invest in the way we have been because we know it delivers the results we want.
Okay. Thanks. Just turning to the run rate and the exit rate from the quarter, and you've made some comments about October being really strong. And if we just look at net win dollars in the September quarter, I think that grew 92% versus PCP. The month of September was just about 140, I think it was. You've said October's more than 140. As we think about it over the next sort of three-to-six months, are you just looking to see that number continue to climb as more of those actives are activated, especially from the Betr side?
Yeah, certainly. I think it will always be seasonal. So I think you'll see strong October-November numbers. But I think that percentage, that 140%-150% of BlueBet and the PCP sort of feels like where we're getting these Betr customers too. And as Bill said, being able to monetize them Betr from both a gross margin via product mix and a net margin via our generosity gives us really good confidence that when we do go and reactivate those customers, that we're going to have them at those higher net win margins. And it was important for us not to be able to bring a huge amount of customers over and giving us a lot of profitless volume. What we were really after was to ensure that we could bring customers over and that they were going to transact in a way that was similar to the BlueBet cohort.
That's certainly playing out for us. So yeah, we feel very confident that over the next six to 12 months, as those key sporting events and other events that will engage punters and also growing our brand, I think getting the Betr brand out there is really important in being able to support an ongoing migration. The Betr brand was out of market for quite some time, and it's only really in the last eight weeks that there's been some spend behind it again. So I think as we see some of that top-of-mind awareness come back, some of those key events and a really clever promotional strategy, we're confident that that 140%-150% net win increase is the baseline.
Okay. Thanks. Just third question, if I may. Maybe you can just provide us a little bit of a comment on how you're finding the competitive landscape at the moment. I mean, obviously, it's always a battle for customers. But how rational or competitive is the space at the moment, especially in the lead-up to Melbourne Cup?
I think it's one of the more rational springs that we've seen. But I still think it's highly competitive, and that's never going to change. There's such low barrier to entry for some of these smaller guys that are out there throwing out some pretty serious offers, but I think they see their customers churn relatively quickly. So whilst it's competitive, what we're trying to do is really focus on the types of generosities and the events that we know that our customers are interested in. So we're using our data to really be highly targeted and focused on giving the customers the right generosity, the right promo at the right time. And we're finding we're having some success with that. Now, spring will always in this market be a competitive time, but it's nothing like what we saw from 2021 to 2022 in particular.
It is much more rational than prior years.
Okay. Thanks. That's all from me.
Thank you. Once again, if you'd like to ask a question, please press Star 1 on your telephone and wait for your name to be announced. Your next question comes from Leo Partridge from Morgans. Please go ahead.
Good morning, guys. Thanks for taking my questions. Just the first one is just on your comments on the strong momentum into Q2. Can you provide further details to whether that's just from cash actives flowing through or margin holding up given the competitive nature of the period?
Yeah. Leo, it's really a combination of both, to be truthful. As we touched on, we're really confident about the net win margin. It's got there a little bit quicker than we sort of even hoped it would. So that's given us great confidence in the strategy that we've seen. And also, the really targeted approach about reactivating the right clients ahead of spring was the focus. Getting the migration done by the end of August has given us that run into spring to make sure that we're targeting that right client. And certainly, that's been very much the focus of the period and making sure that the turnover we reactivate is positive turnover for us.
Thanks, Bill, and just another one from me. Can you give us some color in terms of the promotional spend for the remainder of the financial year?
I think we'll be largely in line with how this industry has operated for an extended period of time. There's a lot of generosity as we've shown in our breakdown of the six months. We're still in that September-October period. But you will see the taps turned off to an extent in November and December. And that really helps us monetize and get some profit out of these customers that we've invested to bring on during the competitive period. So while we won't be pulling generosity back to a level that makes us uncompetitive, generally, there's a shift back in the market that we think we can take advantage of and retain the customers that we've worked so hard to onboard through November, December, leading to that EBITDA positive month before the end of the calendar year.
Awesome. Thanks, Andrew, and well done, guys.
Thanks.
Thank you. As there are no further questions at this time from the phone, I'll now hand back over for any webcast questions to be addressed.
Thanks for that. First question is from Ron Shamgar from Tamim. The question is relating to what is the estimated cash burn for Q2? So thanks, Ron. So look, obviously, Q1 cash burn was certainly elevated by a number of one-offs given that there was synergy realization costs that were spent around termination fees. We certainly had some of those transaction fees that were also paid. And then even on the technology side, that was obviously elevated given that we had the large migration and building of the new platform and apps on the Betr brand. So they were certainly elevated in Q1. Moving into Q2, we see this coming off quite significantly. As we've indicated, we see Q2 as a turning point. We're estimating to be EBITDA positive as we lead into the end of this calendar year.
Really, that then sees us as being able to be cash flow positive into half two. So look, Q2 is certainly going to be well short of where we ended in Q1 and certainly on the path to be cash flow positive for half two, which we're very confident of. Second question is also from Ron, regarding U.S. cash burn for FY25. So look, Ron, again, as we announced in our market announcement, positively, we've been able to negotiate very favorable agreements both financially and in payment terms with our market access partners. And they'll be phased in over the next 24 months. And from the other cash flow, that's the main cash flow items that will be. Obviously, we've exited the majority of the employees over there as well as exited any of the other vendor agreements that we had.
So that's really where the main cash flow comes from, is those market access agreements. And given the negotiations that we've had, again, we're very confident being able to fund them out of the positive cash flows that we'll be getting out of the Australian business going forward. So certainly a much reduced cash burn from the US over the next 12 months and funded out of the Australian business. Next question is from Ron from Tamim as well, just about can we discuss M&A pipeline and what that looks like?
Yeah, of course. Look, we can't go into the specifics of the M&A pipeline itself, but safe to say we are actively considering and looking at and assessing a range of opportunities that are in front of us. I think what we've seen from the customer migration that we've just completed. It's a culmination of years of experience across many previous bits of M&A in this sector as to why we've been able to get it to go so well so quickly and at such low cost. So the ability for smaller operators to merge into our platform and to be acquired by us allows us and them to share in Betr monetization of their existing customer bases. So that repeatable model is critical in being able to swallow up some smaller operators. But again, we make no secret that we will assess any M&A opportunity in front of us.
We do think we're a natural acquirer in this market, and I think what we've just gone through in this customer migration and the speed and quality of which we've been able to do that really, as I say, does have us as the natural home to be acquiring and Betr monetizing bases than other operators can.
The next question is from David Kingston from Key Capital. Regulation is increasing substantially. Product fees trending up. A number of serious players. Just a question around increased regulation, really.
And what market share? Yeah, I think we've both, yeah, no secret of the fact that we want to get to 10% market share long term from a digital point of view. Certainly, as we've said, we think inorganically we can get to sort of 7%, but we need inorganic to take us the rest of the way. So as Andrew just sort of touched on, we think there's a range of opportunities to get us there. As these deals are shown, we believe in the benefit of scale. It's clearly shown our ability to realize synergies. And the fact we have a repeatable model, I think, gives us great confidence. If we can get to that percentage, it's going to be great results for all our shareholders.
Thanks, Bill, and last question from Steve Lambert, I think is more around continued innovation on the app and what we can possibly see moving forward into the second half.
I think the biggest competitive advantage this company has is its technology platform, its people, and its ability to innovate within the core wagering transaction. So that's something that we are entirely focused on as we lead into FY or CY25. You've seen how fast we've gone with upgrading the native apps and websites and the rebrand and the migration. We're going to go that fast in terms of consumer-facing product innovation next year. So definitely watch this space. We know we've got the right team and the capability to go and execute. And we do believe that it's the area that we do have a competitive advantage in against the rest of the market, even those tier one operators above us.
That ends the questions that have come through online.
Want to thank everyone for joining us this afternoon or this morning. We're really, really pleased with the first quarter and look forward to updating on our first full quarter as a migrated business and also the continued strength of our performance over the spring race and carnival. Thank you for joining us.
Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.