Good morning, ladies and gentlemen, welcome to the Voxtur Analytics Earnings Conference Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star-zero for the operator. This call is being recorded on Wednesday, July 26th, 2023. I would now like to turn the conference over to Mr. Jordan Ross. Please go ahead, sir.
Good morning, everyone. Thank you for joining us for the Voxtur fourth quarter and year-ended 2022 and first quarter 2023 earnings call, where we will discuss our financial results and business highlights. Please note that our Q4 and year-ended 2022 results were released July 17th, 2023, and our Q1 2023 results were released July 24th, 2023, and can be accessed on SEDAR and our website at voxtur.com. Joining me today are CEO, Gary Yeoman, and CFO, Robin Dyson. We will begin with prepared remarks and then move into a Q&A. If we are unable to get to your question, you can always call or contact me directly at jordan@voxtur.com. Robin will begin by reviewing results. After that, Gary Yeoman... assess your progress through various organic and inorganic growth initiatives, as well as some of the operational efficiencies.
Before we get started, please be advised that some of the information that we will share on this call may contain forward-looking statements. We caution you not to place undue reliance on forward-looking statements and undertake no duty or obligation to update any forward-looking statements as a result of new information, future events, or changes in our expectations. Further, on today's call, we will report using both IFRS and non-GAAP financial measures. We use these non-GAAP financial measures internally for financial and operational decision-making purposes, as we believe that they provide a meaningful measurement of financial performance and valuation. These non-GAAP financial measures are presented in addition to, and not as a substitute for, financial measures calculated in accordance with IFRS.
To see the reconciliation of these non-GAAP measures, please refer to our press releases distributed on July 18, 2023, and July 24, 2023, as well as our management discussion and analysis, both of which are available on SEDAR and on our website, voxtur.com. A replay of today's call will also be posted on our website. Finally, please note that all references to amounts or currency during today's call are to Canadian dollars, unless otherwise stated. I'll now turn the call over to our CFO, Robin Dyson.
Thank you, Jordan. Good morning, everyone, and thank you for joining us today. As I am sure each of you are aware, in March of this year, the company's auditors at that time, Marcum LLP, resigned from the Voxtur annual audit engagement, providing no reason for such resignation. This left the company in a very difficult position with respect to onboarding a new audit firm and starting the audit process over entirely. We have worked extremely diligently with MNP, the company's new auditors, to file our audited annual financial statements. This was completed July seventeenth. Our 2023 Q1 financial statements were filed July twenty-fourth. As a result of the late filing of the Q1 material, our shares were halted from trading.
A revocation of this halt has now been issued by the OSC, and we have filed an application with the TSXV to resume the trading of our shares. We expect trading will resume in the very near term, and we will keep investors updated on the status. Before discussing financial results, I will first address market conditions and Voxtur's response. US prime interest rate increases over the course of 2022 were unprecedented. From the beginning of 2022 to the end of the first quarter of 2023, rates increased from 3.25% to 8%. This rapid increase in interest rates had a detrimental impact on revenue of various Voxtur lines of business, particularly appraisal services, capital markets, and title.
In response to our lower-than-expected revenue, the company has focused on cost reductions and adjustments to the company's strategy, which Gary Yeoman, our CEO, will speak to further later in this call. I will now address material changes in the company's balance sheet. In 2022, the company acquired Blue Water. To finance the cash component of the purchase price of this acquisition, the company expanded its credit facility with the Bank of Montreal by $30,000,000 , thus increasing long-term debt recorded. As at March 31, 2023, the company is not in compliance with one of its financial covenants with respect to its current facility.
As the company does not have a waiver of this covenant for at least one year beyond the recording date, in accordance with IFRS, the company has reclassified the full outstanding balance as current, as opposed to long term in the 2023 Q1 financial statements. With respect to the year-end, December thirty-first, 2022, the company completed goodwill and intangible asset impairment testing and determined that an impairment loss of approximately $185 ,000,000 was required to be recorded, thus reducing goodwill and intangible assets by this amount. This impairment loss is not reflective of what the company believes the related future value of the acquired businesses will be, but rather what can be fully supported without making future growth assumptions beyond a very modest amount. Voxtur is not alone in recording impairment losses in 2022. Other comparative companies have recorded proportionately greater losses.
Shifting to our discussion of revenue. Revenue increased to $151 ,000,000 for fiscal 2022, as compared to $96 ,000,000 for fiscal 2021. This increase is primarily attributable to an increase in U.S.-based revenue resulting from business acquisitions, which closed between September 2021 and September 2022. In the first quarter of 2023, revenue decreased to $28,700,000 , as compared to $40 ,800,000 for the same period in the prior year. This decrease was primarily attributable to, 1, the negative impact of significantly increased interest rates in 2023 on our appraisal services line of business. 2, the negative impact on revenue of amendments made to a services agreement with a related party, which took effect January first, 2023.
While the amendments resulted in decreased top-line revenue, it allowed the company to shift responsibility for a significant amount of the associated direct costs to the related party. I will now address gross profit. Gross profit increased to $55 ,000,000 for 2022, as compared to $37 ,000,000 for 2021. This increase is primarily attributable to the increase in revenue that we have discussed and the composition of revenue due to business acquisitions completed in the latter half of 2021 and 2022. Despite the decrease in revenue in the first quarter of 2023 compared to the first quarter of 2022, gross profit was relatively flat, decreasing from $13,900,000- $13,500,000 . This primarily relates to the composition of revenue and cost improvements. We are committed to growing revenue. Our primary focus is attaining profitability.
I will now turn the call over to Gary Yeoman, our CEO, to provide a business and strategy update.
Thank you, Rob. Good morning, everyone. Thank you for joining us. Thank you for being Voxtur shareholders. I want to express my sincere appreciation for our shareholders that have remained loyal during this difficult moment in time for Voxtur due to the unexpected change in our auditors, which was the sole reason for the delay in releasing our financial results. Before I get into the business updates, I'd like to start by acknowledging that from a financial results perspective, this is certainly not where any of us thought we would be. I am extremely proud of our team, what we have accomplished in the face of current market conditions. With unprecedented macroeconomic conditions and historically high rates, it has forced us to reevaluate the priorities and product roadmap.
I want our shareholders to know that while we remain focused on strategic growth, we have instituted a financial plan that specifically focuses on near-term revenue opportunities and high-margin products so that each of our business lines are profitable on their own. From a corporate perspective, we have had to make some very difficult decisions by reducing our headcount by approximately 40% over the last year, which has translated into a reduction of our compensation expenses by approximately 35%. It is imperative that we align ourselves with our shareholders and the market that prioritizes profitability over growth at all costs. I'll discuss some of the highlights in our roadmap for getting to profitability.
I'll start with Blue Water, which provides solutions for mortgage asset valuation and pricing, mortgage asset trading and distribution, and mortgage advisory and hedging, and has since launched an insured due diligence process for the mortgage assets being traded. This is a real differentiator in the marketplace. Voxtur acquired the Blue Water business to diversify its revenue streams from the primary mortgage market and create opportunity for new revenue streams for Voxtur's core products and data assets. Furthermore, Blue Water has recently launched its Correspondent-as-a-Service platform that connects mortgage originators with mortgage investors. The launch of this product gives Voxtur exposure to hundreds of mortgage originators to cross-sell its products in the primary market. Our valuation business has gone live with two new products to future-proof its business in light of the new valuation methods being accepted by GSE.
Our automated report writer product, Reports Now, gives appraisal professionals a quicker way to get to valuation without sacrificing quality. Our walkthrough application allows industry professionals to collect property information as a result of the GSE's new appraisal waivers. We are also working diligently to integrate our industry-leading Apex sketch application, which we believe is a differentiator in the market. The title business has switched to a variable cost model that we believe will allow us to get this business back to profitability, which is a requirement for all our businesses, as previously mentioned. Our property tax business has made some great gains, both from a product and client perspective. More specifically, they recently launched their cloud-based sketch database that allows professionals to create or update a floor plan in real time while in the field.
This allows for the build-out of our national sketch database, creating new revenue opportunities. I want to reemphasize that our focus continues to be on leveraging our data assets through our various software platform as a foundation for reducing costs and inefficiencies in real estate transactions, ultimately making homeownership more affordable. We are proud of the advances we have made thus far. We still have a long way to go. Lastly, Voxtur original thesis and position of acquiring other businesses over the course of the last few years, has provided us with a solid roadmap and distribution model for our technology solutions. Acquiring these businesses has put us front and center to the top 100 mortgage lenders, top 40 mortgage service providers, 190,000 real estate professionals, 1,700 title agents, and countless industry supporters.
We are all working very hard to integrate our acquisitions with Voxtur technologies to create innovative solutions, add new clients, and expand wallet share with existing clients and leverage cost synergies. I want to reemphasize what I have communicated to our employees and management team. We will ultimately be judged on our performance and not our potential. We will remain focused on profits. Thank you all for joining us on the call today. We appreciate your time and interest. We'll be happy to answer any questions you may have at this time. I'll hand it over now to the operator to start the Q&A.
Thank you, sir. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press star followed by the number one on your touchtone phone. Again, that's star followed by the number one on your touchtone phone. If you would like to withdraw your request, please press star followed by the number two. Please stand by while we compile the Q&A roster. Your first question comes from the line of Christian Sgro from Eight Capital. Please go ahead.
Hi, good morning. The first question will continue on your commentary on achieving profitability through the year. How much of the recent restructurings are worked into, I know, the current operating profile? How much more benefit do you see from that? Do you think of a target internally of achieving cash flow profitability? Can you just walk us through any timelines there?
Well, definitely, our goal is cash flow positive, EBITDA positive. you know, it's inevitable it will happen, but I can't give you the exact time to this purpose. Obviously, I get very careful on future guidance, you know, as I said on the outset, Christian, profitability is non-negotiable. We believe that with, you know, the austerity measures that we've put in place and, you know, a lot of the contracts that are being invoked right now, that it certainly is a possibility this year. Again, I'm not going to be held to it, but that is our goal.
Perfect. I'll go and follow on the Blue Water business. Just any commentary you could provide around, you know, how Blue Water performed in Q1 and how it's trending into Q2 and the rest of the year.
Blue Water in Q1, again, they were affected. Their business was affected because of the interest rates increasing, and it's kind of a double-edged sword. By virtue of the rates increasing, our clients basically had a pause in some cases by saying, "Okay, where are these interest rates? When is it going to stop? What impact is that going to be on, When, how is that going to impact pricing?
You know, how is that influencing, you know, our quota that we can have, you know, in investments in this field? In a lot of cases, because the prices increased from $4-$6 in some cases, their overall impact and valuation of investment in that, precludes them from making even more investments. What we have found over the, during the second quarter and what we believe will be beyond is, you know, back, excuse me, back to business again with the business in general. It, it's certainly also been augmented by the opportunities that we have just entered into. We signed an agreement with The Mortgage Collaborative.
They have, you know, over 250 correspondents, it's a great opportunity for Al to sell our due diligence products that are digitized due diligence products, you know, that certainly will be front and center. As most realize right now, there's a lot of issues with buybacks that Fannie and Freddie, et cetera, are asking people to consider. Historically, there hasn't been a lot of due diligence. A lot of the, you know, companies today look at 5% of a sample and use that as an indicator of what's happening going forward. We're able to provide a digitized review on 100% of the platforms at a fraction of the cost of what it currently is on the 5% overview.
For us, being able to do it from a digitization standpoint, you know, significantly reduces the risk. What we found now is that there's pre-production closing and post-production closing. With the pre, we're finding a lot of the vendors are wanting us to review their portfolio upfront and find out where there are anomalies, where there are risks. Essentially, may be forced to buy back because it's missing, you know, parts of, you know, whether it's on the mortgage documents or certain information with respect to tax title valuation. What we're able to do is cleanse, for the most part, up to, you know, 92%, you know, of that review. The one thing that we can't write the warrant, obviously, is fraudulent activities or misrepresentation.
you know, it certainly, we do believe that we can cover 92% of both of the deficiencies that are out there right now. you know, we're really, really buoyant, you know, with Blue Water, and the new offerings that they have. We expect the 3rd quarter, the 4th quarter to be very productive for them.
That's all helpful, Colin. I think you answered my questions, man.
Thanks. You're good, sir.
Thank you. Ladies and gentlemen, just a reminder, should you have a question, please press Star followed by the number 1 when you touch tone sound. Your next question comes from the line of Colin Fisher from Garrison Creek. Please go ahead.
Good morning.
Morning, Colin.
I do know this incredibly hard, and I'm actually impressed with how quickly you turned around the financial reporting, given the roadblocks on that. You know, if you look across the marketplace, revenue declines have been fairly catastrophic for some companies, as much as 70%, others more in line with 40%-50%. In the macro environment, you're not looking too bad. One of the colors, one of the mentions in your-
You're breaking up, Colin. I'm losing you. Operator, I'm not hearing Colin. Are you hearing him on your end?
No, sir. Mr. Fisher, are you still on the line?
I think we'll move to the next question, Colin, after.
Sure, absolutely. We'll proceed to the next question. Your next question comes from the line of Rick Sherman. Please go ahead.
Yes, good morning. Could you refresh my memory as to when you bought Blue Water, what were the revenues at that time, when you bought it, Again, what was the cost of the acquisition?
I'll turn this over to Jordan. I know that we were reviewing that last night. Jordan?
Hi, Rick. Just to by way of background, we announced the acquisition in late September of 2022 for a purchase price of $101 ,000,000 . The composition of that purchase price was a $30 ,000,000 cash, and then issuance of 170 ,000,000 shares to be distributed over the course quarterly for four years. I'll stop there at the moment. Do you, Rick, have any other info?
Yeah, well, Over the four years, does the regardless of any performance metrics of the company that you acquired, are you still required to issue those shares? If you issue those shares, are they, it's regardless of what price the shares are at, or is it has to meet some dollar amount standard? The second part of the question was that when you acquired them for $100 ,000,000 , let's say, what were their revenues at the time? much less if they were profitable or not profitable, but what were at least they doing revenue-wise when you acquired them? How does that compare to what kind of revenue they're doing now?
Yeah. The answer, you know, without getting into the exact details of the definitive agreement, there are certain indemnity reps and warrants. Those shares have been accounted for, and on a distribution schedule that isn't necessarily contingent on the financial performance of Blue Water, and/or the share price of the company. Hopefully, that answers your question.
Okay. Okay. On that point then, if I understand you correctly, whether the price of the stock is, you know, $0.15 or $1, it's not gonna make a difference in terms of the obligation of the shares that are gonna be issued.
That's correct.
Okay. As to the revenue point, are you able to disclose that?
We didn't, we didn't disclose that in the press release, so I'd prefer not to at this time. Yeah, I don't know how else to answer that. I'd prefer not to give guidance and also maintain what we disclosed at the time of the acquisition.
Okay. In future, in future quarters or whatever, is there going to be any breakout of revenues, and maybe profitability on a per business?
Yeah. Yeah, absolutely. To be fully transparent, we are working and hoping to issue new revenue reporting and segmentation. Unfortunately, with the disruption and the unexpected resignation of the auditor, burden, we focused on getting the financials out and in compliance ASAP. That's unfortunately pushed out that initiative. Absolutely, we look to and hope to report revenues in a new way as the business has evolved over the years, to give our shareholders more clarity, both on the revenue streams, the profitability of each of those businesses, and hopefully, the ability to model in your own growth assumptions, as well. Absolutely, that is a corporate initiative amongst the management team to provide updated reporting.
Yeah, I would strongly recommend that. It makes it a lot easier to figure out whether, you know, direction the company's going and where the growth drivers could be.
Yeah.
I think it'd be, I think it'd be very useful. Last question is just, when you're doing your modeling, I mean, you know, you basically can take either, for lack of a better word, a very conservative... You know, like, a lot of people have a different opinion as to ultimately when the interest rate hikes are going to stop, much less trying to predict that. Second, that's probably easier to predict at some point than if and when they're ever gonna come back down or, you know, the Fed's gonna cut anything versus just staying higher for longer. On the assumption that you've got what is currently in the public sphere, let's say we're gonna have an increase today and then potentially 1 more.
Assuming that, you know, the rates stay elevated without any real cuts, much less a recession, for the next year or two, I mean, are you modeling in that kind of negative scenario, as you're going forward and trying to address the combination of your balance sheet and also the profitability of the business?
Yeah, it's Gary back on the line. Of course, you know, we're aware of that, and we're certainly cognizant of, and probably in agreement with that. Back to, you know, our, you know, business strategy, which is even more important. You know, using data, technology and the distribution that we have right now, we're offering products that don't exist in the marketplace. They're, you know, obviously more affordable, it's more efficient, more accurate. Because of that, our market penetration to the existing businesses in all facets of the business are readily apparent. As a result, even if there is some sense of reduction in, let's say, originations in the marketplace, our penetration is gonna be, you know, down people. There's no question about that.
The days of, you know, relying on old relationships and basically relying on, you know, manual work to be done is just not gonna work. You know, as I said, you know, being more efficient by using proper technology, by having an abundance of data, and more importantly, because of the businesses that we're in, the distribution is extremely important. You know, obviously, everyone would like a little bit lower interest rates because the market, you know, will be more bountiful for all. Quite frankly, we use this opportunity now as an opportunity for gain, because it's the people that can do things, you know, quicker, cheaper, more efficient, more accurate, are the people that are going to, you know, penetrate into the business lines.
Our market penetration is going to increase, and we don't think that there'll be any material, you know, negativity, because I think we've beared the brunt of most of that. Our new products right now are going to see us kind of rise to the top, and extremely confident of that.
Yeah, I think we have to, run the business based on, you know, the way the market is now. Obviously, if rates fall substantially without that being caused by a massive recession, and the housing and mortgage market increase, that would just give you a tailwind behind you, probably shouldn't run the business based on hoping. Hope should not be the strategy, I guess.
Well, yeah, I think the other thing, though, too, is that we've pivoted, you know, from a refi finance to a, you know, a new purchase, money market, right? The ability to be able to pivot relatively easily, I mean, obviously, refis are, you know, down, you know, significantly, and we did have a big portion of the business dealing with that, and we've been able to pivot, you know, in the new purchase. I mean, that is evident with some of our title offerings right now.
We're joint venturing with a number of real estate brokers and agencies, and, you know, having the ability to have a few 100,000, you know, real estate agents out there working, you know, in tandem with, you know, our new service offerings, like attorney opinion letters, our title starter, kits that we're being able to offer title companies, at half the prices cost, costing them to do today. Most of the work that we're doing right now, in, you know, certainly on title and, you know, valuation is, you know, our ability to be able to pivot and move to the new, purchase market.
Okay. My last is more of a suggestion than anything else, is, if you get, you know, when the business becomes more stabilized, and starts growing again, I think it would be useful, if this is even possible, that you sort of make it easy to generally model that if, let's say, your overall profit margins across the various businesses as an average, let's say, assume, I'm just throwing this out hypothetically, let's just say 50%. If you would be able to, you know, be able to state publicly at some future date that, okay, if we have revenues of $150 ,000,000 a year or make it to whatever number that number might be, at these profit margins, this assures us of not only positive cash flow, but profitability.
That if somebody can ultimately model, you know, what's the base case for returning profitable, and then model from that point, pretty much, how much drops to the bottom line with each increase of CAD 1 of revenue. That's all for the future, but that's something I think...
Yeah.
- would be very helpful to investors down the road.
Yeah, that's a good point, Rick. I mean, you know, a caveat there is obviously we're changing the model of our business right now.
Sure.
That's abundantly clear that that's something that we can do in the future. I think a good testament, which has not been discussed yet today, is that when we kind of started this Voxtur a couple years ago, our gross margins were at 28%. Today, even though our revenues fell, our actual gross margin as a percentage increased to 47%. We've seen almost like 75% increase in our gross profit margins since inception. That is as a result of being the implementation of our austerity measures, cutting on costs, cutting, for example, acquisition bonuses are gone now.
You know, a number of different things that we've done. Just using technology, obviously, along with, you know, our exposure to all the, you know, all the distribution entities that we deal with. Everything is, you know, is kind of culminated in what will be our new accretive profit margins going forward. We'll certainly take that in mind, and I think the more that we can provide all of that information to the investors, the more it gives us an opportunity to a larger shareholder database. I think that we've got some terrific, you know, people here, some extremely brilliant, you know, mathematicians and coders and, you know, people that understand the business substantively, both as practitioners and like I say, as, and from a, you know, a digitization process.
I think we've got a really good, solid base with what we're working with, and all of the things you said has relevancy, and we'll definitely, you know, take heed to what you've requested.
Thank you very much. Good luck.
Thank you. Your next question comes from the line of Peterson Williams. Please go ahead.
Thank you. How intense is the pressure from your banks with respect to the covenant issues, and what are your plans to cure them so that we can actually start to look forward to some of the exciting things you've been doing, being able to thrive?
Yeah, I, you know, obviously, I, you know, we talk to the banks daily. I mean, I've had a 25 year relationship with the Bank of Montreal, you know, going back when I took Altus public back in 2005. It's been a terrific relationship. They've worked with us in a very extremely fair way. I mean, they are cognizant, you know, of the impact of the economy on interest rates, and they're willing to work with us. At the same time, you know, we certainly have to be mindful of what our obligations are. As a result, you know, we've issued a press release saying that we are raising some money right now to improve our liquidity and ease any concerns that they have with respect to our cohort of ability to run the business.
We're also, you know, analyzing right now, as we speak, an ability to look at some non-strategic assets, and if we have the ability to, you know, enact on those opportunities, we'll significantly reduce the bank debt. This is all, you know, in the not-too-distant future. We're, we're certainly cognizant, you know, of them being the partners they have been, and certainly in no way, shape, or form do we want to ignore what our obligations are. We do have a path going forward. We're implementing that as we speak, and we're very confident that we're not that far away from... I mean, our ultimate goal is to have minimal debt, being cash flow positive and EBITDA positive and having some, you know, money in the bank.
You know, that's, you know, it's really, really nice. I mean, you know, we can't and wouldn't be here today without the Bank of Montreal. They've given us the opportunity to put these strategic acquisitions together. I know for a fact that, you know, you don't measure acquisitions over the course of a month or a year. I mean, it wasn't that long ago when, you know, when I bought ARGUS, when I was with Altus, I paid $100 ,000,000 for it. You know, there was critics, you know, three, four months later. Today, that business is probably worth $3,000 ,000,000 . It takes time to integrate. It takes time to provide the synergistic opportunities.
It takes time to, you know, evaluate the marketplace and what we can do to enhance and make it more accretive. Listen, the banks have been terrific. We do talk to them every day. We are moving in the direction to make sure that we have liquidity. We'll be reducing our debt load, and I think that we'll, you know, with God's blessing, I mean, we'll have a, you know, a long relationship with them and all other banks that wish to participate with us. We're certainly not gonna abuse the opportunities that were presented to us. Terrific. Thank you. Look forward to it. Thank you.
Thank you. Our next question comes from the line of Frédéric Blondeau from Laurentian. Please go ahead.
Thank you, and good morning. Just, my question was actually on the non-core dispositions. I was wondering if you could either provide some timing or, and/or somewhat quantify potential dispositions at this stage. Thank you.
Yeah, I think that dispositions, you know, is probably. Basically what we're looking at is monetization. It can be, it could be in the form of a disposition, it could be in the form of a partnership, it could be in the form of multiple areas, Fred. We're certainly analyzing all the opportunities before us, and we're certainly aware that, you know, what is not negotiable is we need to mitigate the debt that we have right now. Now, listen, if we're sitting here and we're making, you know, $50 ,000,000 in the last year, and we only have $43 ,000,000 of debt, you know, that becomes a secondary, you know, concern.
Where we are today, we need the bank to be more comfortable, you know, in the environment that we're in, and we will work with them and do whatever is necessary to deal with that. Again, it could be dispositions, it could be JVs, it, you know, it could be various partnerships. You know, I think I can just leave it at that, but just be mindful that we'll be doing something to mitigate the debt that we have.
Well, that's totally fair. Can you provide us somewhat of a timeline, or is it too early for you?
I'm sorry, Fred, say that again?
Yeah. I was just wondering if you could provide us with some kind of a timeline from here, or it's a bit, still a bit too early for you?
Well, I think, Fred, that, you know, we, you know, we're aware of what we have to do. You know, we're aware of what the guidelines that have been given, therefore it's front and center. We'll do things, not hastily and make mistakes, but we'll do things with much contemplation, but certainly acknowledge the fact that it has to be done sooner rather than later.
Okay, that's fair. Thank you.
Thank you.
Thank you. Ladies and gentlemen, just a reminder, should you have a question, please press star followed by the number one on your touchtone phone. There are no further questions at this time. I'd now like to turn the call back over to Mr. Gary Yeoman for any closing remarks.
Well, thank you very much. Thank you everyone for your patience. Only know that, when we get off the phone, right now, we're back to business, back to growing the business, back to implementing, you know, new platforms, back to expanding our client base, and, you know, and being the company that you originally signed us up to be. Thank you very much. Only know that we're really, really dedicated and committed to making this a great company. Thanks for taking the call today.
Thank you, sir. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your line. Have a lovely day!