Collections coming in at AUD 46.3 million, which is 23% up on last year's Q1. We've got the market to a 20% increase PCP on this half's cash collections, and obviously we've been set up well there. Our growth is very strong. K-12 business. We've gone through what was a massive sales period in June last year. Crispin's team has done an outstanding job, not only selling new logos, but we're seeing signs of a real uptick in cross-sells, which is really important for the future of this business. We'll talk about that in the coming quarters about our cross-sell journey, you know, products per customer, metrics like that. You'll hear a lot more about that from us soon. A highlight which we've talked about for a couple of quarters now is Qustodio. Now we're putting a little bit more money into that business.
It is taking off with our growth across the group of 25% year on year, but the Qustodio business is growing at 33% on an annualized basis. Generated free cash flow of nearly AUD 12 million, which is 50% up on last year. We're not only reiterating the guidance that we provided last quarter, but we've now upgraded the guidance to AUD 145 million. A fantastic start to the year. Let's go through it in a little bit more detail. I think it's again worthwhile highlighting not just good financial results, but we're literally impacting the lives of communities across the globe. Schools, 8 million parents rely on us to look after 27 million kids more. Our platforms, and there are Australians in the world. We make every couple of hours, so everyone who's an investor in our business and their business. Thank you so much for your contribution.
From a kind of key metrics perspective, we're touching on AUD 150 million. Nothing we're there today. Cash receipts, AUD 46 million, which is higher than I think most analysts expected, delivering for us AUD 12 million of free cash flow. We ended the quarter with AUD 24 million of cash and net debt comfortably under AUD 30 million. We'll just put a highlight here, with the pipeline being largely emptied at the end of June, Crispin's marketing and sales teams have done an outstanding job. In fact, they've generated a record pipeline. Not bad at the moment. All segments, except for maybe the U.K., but we've spoken about the U.K. will have access to all of our products. By starting in March with the kind of launch of the Qoria platform, most of the U.S. products of the line will be sold in the U.K.
Very excited about the back end of next year in the U.K. and beyond being a growth market. Outside of that, all comfortably north of 20%. Qustodio, last 12 months, 26%, but in the last quarter, they've grown on an annualized basis 33%. U.S. is questionably the dominant part of our revenue. If you include half of Qustodio, which is U.S. denominated, that's comfortably north of half of our revenue now denominated in U.S. dollars. This is probably a clearer view of contribution to our ARR growth. We had a little bit of volatility through that, but over the quarter, it only negatively impacted ARR. The main contributions are new logos in K-12. Existing customers nearly caught up with new logos across all of our sales, nearly caught up with new logos. We've had a bit of churn.
I think Ben might touch on this, but we've decided to focus the Octopus BI business on their new product. We've brought forward some churn in that business with Kodak products. That's all very well managed, still comfortably around 1% or less churn in the K-12 business. Qustodio added AUD 4.4 million, which is a massive increase from where they were last year in the second quarter. This chart shows, I love this drawing, is the cash collections that we deliver each over the last four years. You can see the clear calls in our invoicing and cash collections. You can most importantly see the depth change in our, essentially, the revenue invoicing and collections in our business every year. I think it's a fantastic graph. You would expect our Q2 December quarter collections to be significantly above the AUD 30 million that you've got here.
That's what we're trying to guide to the market with these cuts. The K-12 business, as I said, a great contribution from K-12, not only in new logos, which is really in our dead hunting mentality, but also Crispin's team is getting much, much better at cross-selling our ever-expanding range of products. I think last year, equipment for on-call, it was something like 20%- 25% of new business was from cross-sells. This year, we're comfortable expecting that to be 30% or more. Very excited about that. All regions contributing, but in particular, Australia is on fire. During Australia's key selling period, Australia and New Zealand's key selling period, which is the quarter, cross-sell and upsell was a highlight for the quarter.
A massive reseller channel in the U.S. called CDW , which has recently signed on, awarded us as their education partner, which is a very unexpected, but a very significant win by our U.S. organization. We've finalized plans for launching the Qoria capability into the UK. As I said before, that'll be launching beginning in March through the year. I'll touch on Australia. Their POC pipeline is enormous. We're doing amazing things in New Zealand. I'll touch on that in the last quarter, but I'm sure we'll follow up on that in the coming quarters, the success of that New Zealand. I would highlight the average sales price, which is essentially the average order value. The Australian dollar value of every order, you'll see that's come down. That's not untypical. September quarter isn't the biggest selling period in the U.S. It's typically that Q4. That's nothing to do with it.
You'll see that following that typical cycle again through the year. All in all, we're feeling very confident of doing materially better on what was a record last year. We'll be doing materially better than that this current financial year. Crispin, he'll be answering questions on it. Crispin and I were just in Utah with his team, who are just absolute professionals, and they're all set up for success. A lot of eyes are really now on Qustodio. I think the market is finally starting to get to grips with the business. We've been restraining it somewhat through, I guess, lack of access to capital. Now the business, our business has turned to profit and cash generation. We're shipping, and we're not talking about big dollars. We're maybe talking about AUD 3 million or AUD 4 million of extra money over the year, and it's instantaneously generating growth.
The one that I'm really excited about is the subscriber chart on the bottom left. You're seeing a very substantial uptick on a PCP basis in subscriber growth. On a net ARR growth period, it's something like a 60% increase PCP on IRR growth in that quarter. That's extraordinary from what is quite a modest increase in investment in that business. On the top chart, obviously, that's translating into ARR over that business. A very, very big jump in that September quarter. Yes, September is the start of back to school in the U.S., but we enjoy a lot more of that, plus the key retail periods through Christmas, you know, Black Fridays, and Christmas, a key kind of tech timeframes in retail. Very excited about the Qustodio business is going to deliver in the coming quarter.
One little highlight is the community B2C proposition in the U.S. is unquestioned to contribute to brand building and the kind of our cost of acquiring that business. We've now, thousand accounts have been referred from that business. That's a stellar success. Overall, the metrics in this business have proven tremendous. Looking forward to talking to the market more about generally. Good growth and discipline in costs has delivered profitability, you know, profitable growth, profitability, and you know, the dropping to the bottom line. Our fixed cost as a potential ARR is consistently coming down. I might add Ben Jenkins, our CFO, will probably touch on this in a moment. The July-August period, we do have a lot of annual subscriptions, and we do have pay reviews coming through. There was a jump, but you should see that flatten out over the year.
The fixed cost as a percentage of ARR should be flat through the quarter, through this financial year. All good there. We're definitely on plan in terms of contribution. Nothing's changed here in our SaaS metrics. It is still a standout for our business. For every dollar spent, we get AUD 8 of ARR, essentially no bad debts, 25% ARR growth. We're looking good there. We've already touched on this. Our weighted pipeline has returned. Our pipeline has returned. Sales teams have been sending out the emails and hitting their phones and building that pipe into, you know, the key selling period in the UK, as everyone knows, is the period in the June period for the U.S. We're getting prepared for that. Really a good spot to shoot higher than we did last year. That was a very quick 10 or 11 minutes, and everyone's busy. I might just now hand over to Ben before we go to questions.
Thanks, Tim. Probably won't spend too much time on this slide because I think a lot of this has been covered up. We'll jump into the next one and get into a little bit more detail on the costs within the business. Obviously, the cash collections have been touched on. It's a good result, up 23%, strong collection period, touched on before. Direct costs largely growth-related. There's a little bit of FX impact in there, but as we've talked about previously, they're not linearly connected to revenue. We'll continue to grow at a much smaller rate than revenue, which helps that operating leverage that we've talked about. Marketing costs have obviously increased with the investment in Qustodio, but it's really performing. We can see the results there, and it's giving us confidence in those growth and the revenue numbers moving into the rest of the year.
Staff costs is probably the main one to touch on. The obvious first point is that Octopus BI wasn't part of the business last year, so there's around about AUD 250,000 worth of debt needs to be normalized for a like-to-like comparison. The other large impact was some chunky redundancies, about AUD 450,000. Then FX of AUD 750,000, which is largely out of the Spanish and UK businesses with the obviously increased rates. It gets those, which makes the prior period comparison a little bit out of whack. That's about AUD 750,000 there. Take those bits out, and the wage growth is CPI plus a little bit, which has a few growth heads to support the growth in the business, but again, growing at a much, much lower rate than top line. We'll continue in that form. As Tim touched on earlier, not expecting another big jump.
It should start to flatten out from this point onwards. The other one that's pleasing is, and we've talked about this a little bit before, is the effort that's gone into hardware costs and the efficiency there. We've added significant ARR in the education business over the last six months, and the amount we've actually spent on hardware is significantly down, which is a great outcome. In theory, that should increase with revenue, but the teams have done a great job of being more efficient in the way they purchase and install that hardware. That's a good outcome. Fixed other is up a little bit, but it's small numbers overall in the grand scheme of things. We'll continue to remain largely flat and increase that leverage that the business is starting to show.
That's probably the main things that I wanted to touch on, Tim. We can probably jump to questions now.
Yeah, cool. Okay, over to you, mate.
All right, Lindsay, let me sort out my phones.
You can now unmute yourself by pressing star six.
Lindsay, you should be able to turn your microphone on now.
Okay, I hope you can hear me.
Yep, got you.
Beautiful. Yeah, thanks, guys. The first question is on that waterfall chart you put in. I think it's slide seven. Like understanding that Q1 is not seasonally the strongest quarter for the education business. Even if I go back and have a look at the PCP, so like Q1 last year, it looked like the K-12 new was about AUD 3 million. That's kind of come down. K-12 existing was like AUD 2 million. That's come down. In the conversations I've already had this morning, there's a bit of a narrative that the consumer business has kind of saved this quarter and maybe the education business is softening. Could you just either bless that logic or just shut it down for us and explain kind of what's happened, please?
Yeah, I wouldn't say that. Cris, do you want to add some color?
Yeah, I mean, the strength in the June quarter, we brought forward some deals that were expected to close in the September quarter. I would say that's probably the biggest rationale here. Yeah, I mean, the U.S. alone generated $5 million of pipe this quarter, Lindsay. You know, the cross-sell and the upsell story is incredibly strong. There was a large deal also that is still in play that was expected to close last quarter, which you know, so I'm not all personally concerned. I don't know, Tim, if you had anything else to add to that. No, it's business as usual.
To jump in with a little bit of detail behind it as well, Lindsay, we've probably done ourselves a disservice in some ways by adding a decimal point at the request of a few investors. Last year, the cross-sell upsell in the September quarter was AUD 1.6 million. It rounds to AUD 2 million, not to AUD 1 million when you're not using a decimal point. In new business, it was just over AUD 2.5 million, which again rounds to AUD 3 million rather than rounding down to AUD 2 million. It's not actually that different year on year when you put another decimal place in there.
Okay, very good. No, I've been using like a chart reading software in the past, so I had kind of those numbers. That's good. That's helpful. Just on consumer, Tim, you're obviously pretty impressed with the consumer new user growth because I think that per your chart you put in, that's been pretty flat, and most of the growth's been pricing. New users is good. Maybe the other piece of consumer is the churn. A lot of new users might see an uptick in churn in the consumer business. Are you seeing anything there? Maybe just talk about churn in the consumer business as a whole because that's just structurally pretty high, I think. Is there anything you're doing there to bring that down?
Yeah, so when we merged with Qustodio in 2022, their average churn over the 12 months, remember we merged, I think, August, September. That period, you know, we've just gone through that now, is the key churn period for that business because they're doing annual subscriptions. The key selling period is also a key churn period. Their churn back then was 38%. At the moment, it's comfortably under 30%. Over the course of last year, last financial year, it was about 26%, 26.5%. The team there have done an outstanding job improving the reliability, the stability, and the feature sets of that product, making it easier to use, easier to solve your kids' problems and harder for your kids to get around. There's still a ton of work to do.
We've got a high confidence that that, plus the fact that we've got schools promoting Qustodio to parents of younger kids, we've got high confidence that we'll see significant increases in LTV, which is a function of, again, the age of starting your parental control contract and the churn factors. I think they're doing an outstanding job. You'll see churn progressively in that business fall through the year now and then kind of lift in that September quarter and it fall again, but trending downwards, which it's been doing now for three years.
Okay, very good. Just final question, if I can get it in a third. The UK unification and the launch there, I thought previously the commentary had been around calendar year 2026. I was thinking it was going to be kind of early in the year. You're now talking March pushing into June. Has that been pushed out at all, or did I just misunderstand that historically?
It's a stage. We're rolling out a sequence of capabilities. Essentially, I don't really want to give too much away because our competitors are probably on this call. All of the capability will be available essentially in the UK market around about March, but we're offering it to different segments in stages. Let me kind of leave it there. Yeah, it won't be available to all of the segments in the UK probably until that last quarter, that sense of quarter. It will all be available, you know, in the early part of next calendar year.
Very good. All right. Thanks, guys. Cheers.
Thanks, Lindsay. James, you should be able to turn your microphone on now.
Hey, guys. Congrats on the result. Maybe just touching a bit further on the ARR. I think there was a comment that the record in FY 2025 will be beaten in FY 2026, so there's a fair level of confidence around that. Maybe just sort of confirm that for us and talk us through the driver and the confidence in terms of you guys giving that guidance to the market, just considering the current quarter was in line with PCP.
Yeah, cool. Essentially, you need to separate our business into K-12 and consumer for this discussion. The consumer business, it's somewhat core and operated, right? That business is about trying to optimize your cost to acquire through all sorts of channels. You've seen now, I think, three quarters in a row, that business is really starting to get that mix right. I'm happy to say we're budgeting for that business to grow at 30%, and so far, they're on track to beat that. K-12 is different. K-12 isn't about pouring money into a funnel. It's about identifying sales opportunities, literally account level, allocating that to individual salespeople or success people, account managers, working with the product teams to make sure that we've got the proposition and the products that those customers are looking for, and then setting a go-to-market plan, what's called a motion in the U.S.
The reason we've got confidence is because now we've gone through that mechanic, that budgeting and planning mechanic for like four or five years, and we've got incredible visibility about the opportunities in that market. We've got an incredible sales team. Every single salesperson, as of a couple of weeks ago, knows what their target is. They're carrying a number. They know what they're targeting, and they know the region they're responsible for. They're just going to execute it. We've done that every year for like five years in a row. I thought the number that we added of ARR last year in education, I think it was like AUD 24 million or something like that. Crispin's team have been given a target, which isn't our budget, but a target of materially higher than that. Our budget's somewhat lower than that. They'll just go execute.
Definitely. Good to see that weighted pipeline pick up again as well. Just on the UK unification, is that fairly material in terms of the expectation of what you're expecting to pick up in ARR, or is it around the edges type thing?
Next year, it's all about retention. It's going to our existing customers, basically, and bringing them on the journey of what Qoria means and what this product and platform mean for them. Essentially, doing what the U.S. team has done so brilliantly, which has been turn existing customers into advocates and sell around them. Next year is bringing existing customers on the journey, demonstrating the efficacy of this product set. I think the new logo growth story in the UK will be more of a 2027 picture. Next year, it's about, as I said, conversion into the new platform, cross-selling, particularly the monitoring product and filtering products. The filtering capability that's come to that UK market is astounding. As I said, new logo growth in the subsequent calendar year.
Excellent. Last one from me, maybe for Ben, just on the cash cost growth as well. Just remind us what's expected there on a normalized basis into 2026. I'm just conscious there were some one-offs, and you're seeing strong growth on the revenue side as well that was upgraded. Just any comments on the cash cost growth outlook?
I'm still in line with what I said previously in that sort of 6%- 8% range over the whole year when you take out any noise from FX and those sorts of bits and pieces. Really lower than revenue growth.
Excellent. Thanks, guys.
Thanks, James. Owen, you should be able to unmute now.
You guys got me okay?
Yep.
Yep.
Good one. Just on Qustodio, the AUD 1.5 million increase in sales and marketing year on year in the quarter, how much was related to Qustodio?
The majority of that would have been related to Qustodio. Very, very little. Maybe a little bit of spend in education, but rounding error type level.
The ARR you're adding there in Qustodio, just talk me through when you're selling that product. The percentage of that is one year upfront? Do you guys get your to recoup the CAC? What percentage is paid upfront per year?
100%. 100%.
Okay. You cover your CACs straight away, and then two, three, four, whatever it is, LTV to CAC says you're two and you're three, you recoup. Good one. Just going to the last quarters, Ben, a bit more of an accounting question. Just understanding the reclassification of costs from direct into staff. Can you just maybe go through some changes that you've?
It's not direct into staff. What we did was we split the marketing costs out of direct. That's really obvious. Historically, we would put marketing and all your data and hosting costs into the direct line. As we're making that investment in marketing, it makes sense to take the two apart so that you can see the data and hosting costs are tracking at a level that's much lower than revenue growth. The other change that we made was to bring everything from the 4C into that table on slide 16. Historically, we hadn't included the Qustodio capital salaries because that wasn't part of the accounting change and a few other bits and pieces.
For the sake of just making it easier for everyone to reconcile between the two and see everything in one spot, we've gone through and basically restated all the historicals to the same format as what we include the September quarter in. Now every single cash flow item in the actual Appendix 4C sits in this table.
Yep. Good one. I like that. Now, the weighted pipeline there of AUD 10 million, the percentage of that, can you guys give a geographic split there? The percentage that's the U.S., is the UK starting to build it yet?
Yeah, it's predominantly the U.S., Owen . U.K. pipe is definitely building. I would say if you look at us across Australia, New Zealand, the U.S., U.K., the U.S., we probably represent probably 65% of that. You know, probably a small portion, 5% in ANZ, and then the rest in the U.K.
You said on the call there around a large opportunity slipping from last quarter into this quarter. Is that inside that weighted pipeline?
No, we remove those lumpy, larger deals out of the pipeline.
How many are there, I guess, expected to close this quarter?
No comment. I don't know how much I should say here, but yeah, we're still actively involved in those conversations. Just to touch on a previous question around confidence in the year ahead, we've made a number of structural changes in the U.S., one being having a single Head of Sales, another being having dedicated strategic and technical account managers to handle our largest accounts. The other is, if you recall, if we've talked about this, we've now got a Head of Strategic Accounts as well. That individual is going after the top 100 largest districts in the U.S. That individual, along with partner relationships, is having meetings with districts that have anywhere from 100,000 to 400,000 students.
I can't recall if I said this previously on a call, but we have a goal within the U.S. to close an additional six of the top 100 accounts in FY 2026, which I'm quite confident we'll be able to achieve.
Gotcha. Okay. That sounds good. The last one here, just you said 30% growth in Qustodio is kind of where you expect to hold for this year. That kind of assumes, call it, AUD 9 million-odd increase in ARR. Is that all we should expect in terms of increase in sales and marketing?
I think we just need to play it by ear. The marketing spend is going to be going up in our budget of, I think, AUD 3 million, AUD 3.5 million over the year. We're predicting that will take the ARR growth from, I think, 7 last year to 10 for Qustodio. The first test was the September quarter, passed with flying colors. We have confidence in delivering that kind of, let's call it, guidance, if you will. As I've said before, if the business outperforms, in particular in cash flow and EBITDA, if we save money somewhere by not hiring someone or what have you, then we're encouraging Victoria essentially to spend it and turn that into growth. That's literally going to be a weekly, if not daily, decision about how do we optimize the growth in that business.
I look at that 30% as kind of our base level, but if funds allow, we're going to try and shoot beyond that.
Good one. Makes sense. Thanks, guys. Well done.
Thanks, Matt.
Thanks, Owen. Tim, you should be able to unmute now.
Hi, can you hear me?
Yep, got you.
Cool. Just in terms of the revenue upgrade that we put through from AUD 143 million to AUD 45 million, can you just remind us what visibility we have into the FY 2026 revenue outlook and what gives us the confidence to put through this guidance upgrade?
Yeah, the visibility is pretty strong. I think, like we touched on at the call, when we put the original guidance out, the AUD 140 million was relatively conservative with the only thing that could really go wrong to make it drop below AUD 145 million would be FX. I think we're now almost four months through the year. Qustodio in particular is growing strong in the first quarter, and that revenue kicks in straight away. All those things put together have made us confident that it's not going to be below AUD 145 million. We're happy to lift that guidance.
Okay. Got it. In terms of slide nine, that bottom left chart, Tim, you kind of mentioned it. Do you mind just walking us through a bit more in terms of why that number's not a worry?
You're on mute, Tim.
Yeah, Cris, do you want to maybe cover your thoughts on the September quarter and why ASP isn't such a focus?
Yeah, I mean, you covered the cyclical nature of the business there. It's also just the nature of the deals that get closed. In Q4, we had a large number of TFIs that closed. Those are $100,000 - $200,000 deals. We didn't have any of those that closed in Q1, hence why the numbers dropped. Like I said, that one large opportunity, if that had closed last quarter, then that number would have been significantly higher. It just comes around the, I guess, the type of deals across the smallest up to the largest districts, [Qoria], that we're working on. For me, it's more about making sure that we've got a sufficient pipeline and more to meet the FY 2026 goals. For me personally, I'm not too concerned about the ASP dropping in the September quarter.
It's just making sure that we've got enough deals, which, as Tim said, are allocated out. Every single sales rep has a target channel, inside sales, and marketing all outperforming. This is not something that keeps me awake at night.
Okay. Got it. Last one from me is just on Qustodio. I think the numbers were pretty strong this quarter. Are you able to give some color to what's been driving that regionally?
Yeah, one of the brilliant things about that business is we can sell internationally. Some of our competitors are very much U.S.-focused. If they're buying search terms, that's how SEO works. If you're buying a, you know, essentially competing to find parents who are searching online for, you know, how to unblock porn, sometimes that can be expensive. A secret of Qustodio is that we operate in 11 languages, so we can find customers anywhere that's cost-effective. We can also hijack local things. The best example of that is the adolescent Netflix TV show. When that launched in the UK, that turned into rivers of gold for our UK consumer business. That's the kind of base level, they get to spend anywhere where they can find a customer at a certain price.
Added to that over the last couple of years is what's called middle of the funnel marketing, so finding parents that are sort of aware of the problem but aren't really in a mood to buy it right now. These are things like TV talk shows, webinars, social media marketing. We're pouring money at the moment into Reddit and TikTok and Instagram and so on with influencers, and that's really starting to work. All of us in the industry are starting to pour money into AI-based, generative AI-based search, and that's now for us starting to really contribute. Finally, our B2B, B2C and telco and affiliate partnerships, promoting through tech magazines online for the top parental control apps in 2025, those sorts of partnership-driven marketing efforts are also bringing customers to us from different parts of the funnel. All those measures are aimed at essentially qualifying and managing your CAC.
Now, cost of acquiring customers are, I think, industry-leading and unquestionably industry-leading at around $50 to $60 . It's all of those measures. The big difference in that Qustodio business over the last year is it was very much performance marketing, so SEO-based marketing a year ago. Now we're using all those kinds of mechanisms to manage the CAC and bring customers to us. Thanks, Wei Sin.
Thank you.
Yeah, Wei Wang, you should be able to unmute now as well.
Hi, guys. Yeah, a couple of questions from me. Qustodio is making, I guess, quite a meaningful contribution now to your ARR dollar growth. We established previously on the other calls that you're expecting to grow sort of 30% or say sort of AUD 8 million-AUD 9 million over the year. What's the seasonality we should be thinking about this ARR growth? You did AUD 2.4 million in the first quarter, so that's, say, AUD 6 million out of the next three quarters to hit your target. Is that kind of spread evenly over the next three quarters, or are there certain big ones and some small ones?
Yeah, no, typically it's the second half of the year. It would be 60%. Would that be right, Ben? 60% of the ARR growth in Qustodio would be coming in that December half?
December half, yes. Yeah.
Yeah, so it's not equal each quarter. There's definitely an orientation towards back to school, Black Friday, Christmas. Those periods of time where parents are required or do buy devices is definitely the key selling point. Let's say it's 65%. 35% will come through in the January to June period. We've essentially told.
That's the 55, Tim. Sorry.
No, the 55.
55. Cool.
Yeah. We've given Victoria, who runs that business, a license to go for it this half. We'll see what that does in terms of growth, cash costs, EBITDA impact. We'll kind of play with our levers in the second half of the year to make sure that we hit revenue growth and EBITDA guidance. That's what I'm really looking forward to, the January conversation, to talk to the market about what that business has achieved and position it for the way forward.
Yeah, cool. Another sort of quarterly-based question for me. In the PCP, you generated all your free cash flow in Q1, with the other three quarters kind of negative. How should we think about the remaining three quarters for this year? Are you planning for the second quarter to be positive?
Yeah, that's right. Third and fourth will be negative again.
Okay. All right, cool. Thanks. That's all for me.
Thanks, Wang.
There are no further questions, Tim. If you want to wrap up with some closing comments.
Yeah, cool. Thanks, Cris and Ben, for attending. Thanks for the questions from the analysts on the call. That's always great. Thanks all for all the investors being part of this journey. I think everyone is very clear on what we're planning to do this year. You know, 20% growth, 20% EBITDA margins. We're committed to that guidance. Q1 test, I think, is being passed with flying colors. I'm looking forward to seeing it all again in January. Thanks, Victoria.
Thanks, everyone.