Life360 Inc

NASDAQ:LIF

Earnings Call Transcript 2020-Q4

[Jolanta Masojada, Head of Investor Relations]

Good morning. And thank you for joining the Life360 December 2020 Quarterly Activities report and Appendix 4C Conference Call. This is Jolanta Masojada, the Head of Investor Relations for Life360. The call will begin with some prepared remarks from Co-Founder and CEO, Chris Hulls; and CFO, Russell Burke, followed by a Q&A session. This call is being conducted as a Zoom audio webinar. [Operator Instructions]I would now like to turn the call over to Chris.

[Chris Hulls, Co]

Good morning, everyone, and thanks for joining our December quarterly business update call. Despite an unexpected unprecedented third wave of COVID, we ended the year with revenue at the upper end of our guidance range and beat our EBITDA forecast. This is in significant contrast to the initial wave of COVID, where we saw declines in most key metrics. This illustrates how our consumers have continued to include Life360 in their daily routines despite widespread lockdowns and other restrictions.Even more promising, in countries where COVID is more under control, we saw very strong gains. Life360's continued growth in the face of significantly worse COVID conditions demonstrates the impressive resilience of our business. We launched our new membership offering on time and the results speak for themselves, with a rapid increase in ARPPC, uptake of new features and return to growth in what is still a very disrupted world.We have continued to innovate. And during the quarter, we announced a new collaboration with Google to bring family coordination features to Google Assistant devices. Although screen-based voice assistants are still in their infancy, the early engagement metrics are quite strong and show how we will be able to evolve on to new platforms in the future. We've also started early testing with our direct-to-web e-commerce offering, which is now live in beta, allowing users to directly purchase a members of subscription plan.Results from new marketing channels, including television, radio and podcast to support this new acquisition channel are also promising. And we have successfully maintained our improvement with team's perception in Life360 with our U.S. operating holding steadily at 4.4 stars. We're also very excited to welcome our newest non-Executive Director, Randi Zuckerberg to the Board. Randi brings deep experience in scaling social media platforms from her time at Facebook in its early days and is well known for her work focusing on how families use emerging technology.Moving now to the detail. Life360's global monthly active user base was 26.5 million at December 2020, an increase of 0.8 million for the quarter. U.S. MAU of 17 million increased 4% year-on-year and 2% or 0.3 million from September 2020. International MAU of 9.5 million increased 5% or 0.5 million from September 2020. As previously mentioned, in our listed home of Australia, the MAU base of 658,000 increased 14% in the last quarter. Given Australia's success in controlling the COVID pandemic, these trends provide an encouraging indication of our ability to return to strong growth once the vaccine rollout brings COVID under control in other regions.For the December quarter, revenue increased 25% year-on-year to $22.7 million. For the month of December, annualized monthly revenue was $89.7 million, a 19% year-on-year increase and 10% ahead of September AMR of $81.2 million. For CY '20, normalized revenue of $81.5 million is at the upper end of guidance of $79 million to $82 million. This strong revenue performance reflects the value of our subscription model. For the quarter, direct revenue benefited from the 8% year-on-year growth in Paying Circles to $889,000 and a 10% increase in ARPPC. We now have around 152,000 new and upsell subscribers in the membership tiers accounting for more than 20% of U.S. Paying Circles. While legacy subscribers are grandfathered on their previous plans, the new membership cohort is delivering an ARPPC uplift of 34% versus the first half of 2020.Indirect revenue, which includes data revenue and our Allstate lead generation partnership, delivered strong growth for the quarter. The Allstate partnership contributed consistent revenue of $1.5 million. Data revenue growth is strong, benefiting from timing issues. While the deferral to 2021 of any potential changes to the Identifier for Advertisers, IDFA, previously considered for iOS 14 is favorable short-term for the data business, we do expect some level of negative impact to our data business when the changes are implemented. Our more strategic revenue lines are not expected to be materially impacted by the change.During the December quarter, the majority of paid user acquisition spend remained paused to respond to the COVID environment. Investment of $1.7 million increased from $900,000 in the September 2020 quarter, while remaining below the $3.9 million in the December 2019 quarter. As previously flagged, investment in brand campaigns and new marketing channels was undertaken in the December 2020 quarter to drive future growth. As a result of Life360's disciplined spending approach during the pandemic, CY '20 underlying EBITDA loss, excluding stock-based compensation of $7 million outperformed guidance, which was in the range of $10 million and improved significantly from $22.9 million in CY '19.I'll now turn it over to Russell, who will share more details on our cash flow performance for the quarter.

[Russell Burke, Chief Financial Officer]

Thank you, Chris, and thanks, everyone, for joining the call today. Please note that all the numbers I will be discussing are denominated in U.S. dollars, are in accordance with U.S. GAAP accounting standards and are unaudited.Life360 ended the December quarter with cash and cash equivalents of $56.6 million and no debt. This compares to $59.3 million at the end of September. We remain in a strong capital position to invest for future growth. Cash used in operating activities was $2.7 million compared with cash generated by operating activities of $1.0 million in the September quarter and a use of cash of $6.2 million in the corresponding December 2019 quarter. Revenue of $22.7 million increased 25% year-on-year and 13% versus the September 2020 quarter.Receipts from customers of $21.7 million increased from $15.7 million in the September quarter, reflecting the timing of subscription and data revenue receipts. The difference between Q4 revenue and receipts reflects commissions, which are not included.Payments in the December quarter reflected ongoing discipline in responding to the COVID-19 environment with a reduction of 13% year-on-year while increasing versus the September quarter. Staff payments of $8.2 million were in line with the $8.3 million in the September quarter. At the end of the quarter, our headcount was 190. Administration and corporate payments of $2.7 million increased $1.2 million in the September quarter, mainly due to the timing of prepayments and insurance premiums.Advertising and marketing payments, which include paid user acquisition of $4.2 million, increased from $1.3 million in the September quarter due to investment in new marketing channels and some increase in paid user acquisition. Payments remained well below the $8.0 million in the corresponding December 2019 quarter. Research and development payments of $2.8 million increased versus $2.1 million in the September quarter due to higher prepayments and recruiting costs. And technology payments of $6.2 million increased from $1.4 million in the September quarter due to the seat timing of prepayments. Cash used in investing activities reflects minor purchases of capital assets. And cash flow from financing activities reflects modest proceeds from the exercise of employee share options and settlement of restricted stock units.With that, I'll hand back to Chris.

[Chris Hulls, Co]

We're very encouraged that we ended the year with strong annual growth in spite of the COVID headwinds. Year-on-year revenue increased by 39% and active users in our U.S. key market increased for the year, overcoming all the losses experienced during the early days of the crisis. While the first half of 2021 will be significantly impacted by what is currently an all-time high and worsening COVID peak, we are confident that we will continue to deliver growth and rapidly accelerate later in the year once vaccines are widely implemented and the world returns to normalcy. That concludes our prepared remarks. And I'll now turn the call over to Melissa, who will manage the Q&A portion of our call today.

[Melissa Goodell, Executive Assistant]

Thanks, Chris. [Operator Instructions] First up, we have Quinn. Quinn, please replace your name and the company you're calling from.

[Quinn McComas Pierson, Co]

Quinn Pierson, Crédit Suisse. Look, I thought it was a really strong quarter in some really tough conditions. You've mentioned you think you can still grow in these types of conditions this calendar year. It looks like things have certainly gotten no better in your important countries potentially gotten worse. Is there anything you can share with us about how January is tracking and how to think about the growth run rate into this quarter compared to last quarter?

[Chris Hulls, Co]

Sure. At a high level, we are still feeling good about making forward progress. But clearly, it's going to be a very back-half-loaded year for us. Because exact timing on when the vaccine rollout is going to happen and when we're going to get to the levels of herd immunity that truly let people get back to normal, still very unclear. But we are seeing solid results in the face of what are obviously the most trying circumstances of this whole pandemic.

[Quinn McComas Pierson, Co]

Yes. And I know you get this question every quarter, but could you just remind us and refresh the thinking and timing in terms of major, I guess, initiatives this calendar year in terms of product releases and development?

[Chris Hulls, Co]

Sure. So a lot of it is just continuing to iterate and what we're calling membership V2. The biggest linchpin feature of that is our free version of identity theft protection, which will much more deeply incorporate that with the rest of the app. And so this is largely going to be a year of continuing on just bringing that whole experience into a more unified state versus the V1 that we launched to them.And then we're also opening up the new channels, which we're really excited about. It's going to be a slow rollout there, but it will be new channels that completely bypass the App Store and some of the early results are coming in now and again, very early, but that's going to be something we increase over the year. And then we're also going to continue iterating on what we've called our march from being where are you to how are you and making the app less utility and more of a -- more something that has emotional communication with a family, but that is probably more on the H2 side of things.

[Quinn McComas Pierson, Co]

Could you give us -- and that's helpful. And that last point, could you give us a little flavor of kind of what your -- of what that might consist of in terms of turning it to how are you?

[Chris Hulls, Co]

Sure. So the core will always be location. But if you think about the interactions you have when you're apart from your family, they're still very location-based even if there could be some sort of emotional content. So we're going to move to things like check in with a picture uploaded on the map, send the status or how you -- just how you're feeling. There'll be ways of using the app where it's not so much of this transactional, where are you, how far away are you, but a little bit more like how am I thinking about you?So they're going to be relatively subtle and small changes but it will be rolled out with, I'd say, a friendlier veneer because we had so much traction, things like Teams, that we're going to continue to lean in on making them feel more like equal users of the product versus something that the parents are applying on them.

[Quinn McComas Pierson, Co]

That's helpful. And last for me, Randi Zuckerberg appointed to the Board, nonexecutive director capacity. Look, a really interesting and exciting employment. Could you maybe just share a little bit on how that could potentially be, I guess, helpful and supportive to the business and what that could bring?

[Chris Hulls, Co]

Sure. So there are very few social products that have had hyper growth in scale. Facebook is obviously the biggest of them all, and Randi was one of the very first employees there. And very plugged in with that entire team and saw how they grew, saw their challenges. And she shared that -- she thinks Life360 reminds her a lot of Facebook in the late 2000s, where it was still thought of as this very college-centric app, and there's actually a period where they weren't growing that much because they were looked at as very niche. And so she was part of the leadership team when they were able to break out of being known as just this college app into something so much bigger. And so her view, as someone who has been very involved with families and technology as a personal interest plus having that background, sees a lot of parallel. So we're very excited to get our expertise there.And then she also has had to navigate the data and privacy side of the world and Facebook is also obviously the company that has been right at the forefront of that. So she brings both the personal experience to bear; her perspective as a mom who has had a personal work on families and technology, which is obviously very relevant; and then her network is second to none in terms of being able to access people from these top companies that have dealt with the similar challenges and she's obviously very, very well plugged in the Silicon Valley, more than almost anyone out there. So we're very excited to be able to reach into her older deck, so to speak.

[Melissa Goodell, Executive Assistant]

Up next, we have a Laf. Laf, please repeat your name and which company you're calling from.

[Lafitani Sotiriou, Senior Analyst]

It's Lafitani Sotiriou from Bell Potter. I've got a few questions, if I may. The first one is in relation to the membership levels and the percentage that are on the new memberships. I think the guidance was to be around 20% to 25%. I think you closed the year at 7%. Obviously, we're in the midst of a pandemic, so that would have had an impact. But could you just provide a little bit more detail around your expectations around the year ahead and just discuss that figure.

[Chris Hulls, Co]

Sure. Why don't I talk at a high level and Russell can dive into the numbers. So in general, the rollout has been very much as expected. Clearly, the growth in the last quarter was somewhat slowed by COVID ramping up so quickly. But for the most part, if you look at just relative changes and uptake, it's very much exactly as expected, and the old tiers are no longer there. So basically, all new subscribers will be coming into those new channels and as people both convert in larger numbers and people turn off the old platforms, we'll get a higher and higher percentage being on the new tiers, which is a very good tailwind for ARPPC. And I'll let Russell respond to the specific number part of the question.

[Russell Burke, Chief Financial Officer]

Yes. No, I don't have a whole lot to add to that, Laf, it is tracking very much as we anticipated, both in terms of the uptake into the new membership program and in terms of the uplift in ARPPC. And if we look at our expectations that we had laid out just before the launch of the program, where we've ended up at year-end is very much in that range, very much at the expected level on both of those. So we're very pleased with the way that's tracking and really foresee that as continuing to track in that mode.

[Lafitani Sotiriou, Senior Analyst]

Okay. And so historically, you guys have provided guidance on a few metrics. I know it's a very difficult environment, again, because of COVID. Is there -- at the result -- pending result in February, do you anticipate providing guidance on any of the metrics that you have in the past?

[Russell Burke, Chief Financial Officer]

Yes. Look, I think we would anticipate providing a similar level of detail.

[Lafitani Sotiriou, Senior Analyst]

All right. Great. Just moving on to Google. It was obviously a big partnership for you guys to announce late last year, and you've indicated some of the early adopter numbers as strong. Could you just elaborate a little bit more on the broader partnership? Are there other things being considered or worked on with Google and could you just elaborate on some of those early numbers?

[Chris Hulls, Co]

Sure. So I'll look at that in 2 parts. One is just how is the integration doing? And the second one is where does the future go? So when we look at the early numbers, this is still very much a vertical in its infancy. While a lot of people use Google Assistant, screen-based devices to have mapping capabilities, the numbers are very small. So we have very high engagement from the users on the platform, which means that we're very excited that when screen-based assistants do become in essentially every kitchen and living room will get great usage and lock in on those numbers. And if people want to use those devices for family location, we're now in the #1 slot on Google, which -- #2 at Amazon right now, but obviously, it's Google, and that's going to be a beachhead that grows. And so the real validation is that as these platforms change and adapt and grow, which is going to be a very long arc, we're in a very good position. So we don't expect this partnership to move numbers in a big way in the short term, but in terms of building out that bulkhead and real estate, there's very good validation of that. And if you do believe that screen-based assistants are going to grow as the category, this will become an ever-increasing -- increasingly important partnership we forged.When we talk to Google, more and more interest is being put on the family. I think people are now starting to see that we weren't just a location app. People see membership and the wave of the connected home is sort of round 2 compared to what we had maybe 6 or 7 years ago when there was a wave of home automation that didn't really take off. And now you have Google and Alexa, I think we're going to see a lot more progress there, we're family central. I can't comment on any specific partnership plans, but we're obviously continuing that dialogue given the success of the early integration and seeing how the world is shaping up, where family and location is becoming ever more important.

[Lafitani Sotiriou, Senior Analyst]

Okay. And just a follow-up to that. So Google announcement, obviously, would get some heads turning who are also in the sector and space. Perhaps other big tech companies that may also want to integrate with Life360. And following that, the appointment of Randi Zuckerberg may also get some people coming to see if there's anything they can do with Life360. Could you comment around whether there has been an increased level of interest, discussions that have come through on the back of these 2 developments?

[Chris Hulls, Co]

Sure. Most of these larger companies we work with or in discussions with, they are all very firm NDAs. So I can't comment on anything that's specific, but I can say our profile has definitely increased significantly. The Google announcement certainly got people's attention and Randi is another addition that I think elevates our profile. And of course, that does always result in more inbound from a number of directions.

[Lafitani Sotiriou, Senior Analyst]

Okay. Just a question for Russell. Just there's a few cash flow items on the expense side. There seems to be a few prepayments going through, is this a bit higher than usual? I think there was one other quarter in the last 1.5 years, where there was a high level of prepayments. Could you just comment around if you've got an absolute amount of the dollar value, the prepayments that was made in the last quarter and if that's within line of previous quarters?

[Russell Burke, Chief Financial Officer]

Yes. No, I haven't necessarily got the exact amount of the prepayments left. But the -- we -- it's definitely higher in the fourth quarter primarily because we took advantage of some negotiations with a couple of our major technology providers where we were able to essentially extend the deal period, make a prepayment and get a significant discount on those future costs. So we took advantage of that to really lock in those discounts.

[Lafitani Sotiriou, Senior Analyst]

Great. And just the last question. Just a little bit more detail in relation to the direct-to-web e-commerce. It seems like a significant development for you guys opening whole new marketing channels, and you've given some indication as to what's worked and stuff so far. Could you just talk a little bit more around how long would this be to testing go for? Could we anticipate by the February result? Or is it the is at the end of the March quarter that we'll start to see some more numbers or commentary around that?

[Chris Hulls, Co]

So it's going to be a slow ramp up. I would imagine most of H1 is going to be still in this testing phase. So you'll probably hear the first firm results in our first half release. What I can say about what we're doing now is we're seeing pretty big increases within brand awareness in areas we've done things like TV. With acquisition costs that are not quite as low as buying on traditional performance-based channels, but our model is saying they are getting close to being competitive.So our hope is that we will be able to have ramped up that type of advertising over the first 6 months of the year, with the ability to have some real commentary of how it performed at scale by the end of the first half of the year.

[Melissa Goodell, Executive Assistant]

Next up, we have Matthew. Matthew, please provide your full name and which company you're calling from.

[Chris Hulls, Co]

Matthew, are you there?

[Matthew Chen, Equities Research Analyst]

Can you hear me?

[Melissa Goodell, Executive Assistant]

We can hear you.

[Chris Hulls, Co]

We hear you.

[Matthew Chen, Equities Research Analyst]

It's Matthew Chen from Foster Stockbroking. Just wanted to ask, I mean, with that sort of expectation that next -- this year will be back-ended, so the second half, how are you thinking about acquisition spend going forward? And specifically, what are the sort of indicators that you're looking for? I guess you've done very well in that sort of the most recent quarter, and that's kind of shown that organic's held up very well. You've dialed back that spend. So I'm just -- I just wanted to get a sense of how you're thinking about that.

[Chris Hulls, Co]

Sure. So we have a spend model that dictates where we spend, and we try to make sure that it's profitable. When we look at performance-based channels, in particular, we're going for a 25-month payback. And we look at what's called ROAS, return on ad spend, and we plot the curves from a given channel on a monthly basis and see how they're trending towards the model. And so it gives us a good sense of if we're going to move more towards breakeven by that time, at the end of [ insight ].Clearly, over the last year, the foundations of our paid system have changed quite a bit, with demand changing, system changing, platforms changing, but it still does come back to those channels, more to watching how ROAS recovers. And our hope is that as people go back to normal, the pure-play digital providers that have been bidding up cost will go back to more normalcy, and there will be less demand for things like at-home games and all that, which were clogging up the app stores and are clogging up the app stores, and that we'll see the ability to buy users that -- we'll see the costs go down. And then we just plug it into the model.So until we're back to normal, it probably will still be very subdued, and we also have gotten even better at capturing organic searches. We just don't have to spend the money to get them anyway, and that's been very much proven with the strong results from organic over the last 6-plus months.And then our newer channels, they're a little more difficult to measure, but just as one example, we're doing regional TV testing and there's no direct connection between the screen and then a download, but we can do these blitzes in certain regions and use the relative uplift to get a very strong sense of what it costs to get a download in a given attribution window. And then we use that as a model to guide further spend, it's definitely a little bit squishier than something we can drop a cookie on to someone's phone and track the funnel the whole way through. But we do feel that over time, we'll be able to test and measure and get a sense of what these more brand-based channels cost in terms of driving performance. And then, of course, it has the added halo of just increasing organic awareness and brand awareness.And in some ways, more importantly, the shifted perception around helping people understand our broader member offering versus just the pure location-tracking features, which is usually what we advertise on the digital channels because it's in the midst of very functional searches. So if someone searches for family locator and then we show an ad for crash detection, it's a little bit incongruent, whereas things like TV, we can go right to pitching the bigger vision, which has the double benefit of getting the user and helping people understand the broader offering we have.

[Matthew Chen, Equities Research Analyst]

Great. And that's kind of like a nice segue into -- you've mentioned this before, the kind of broader strategy of moving from where are you to how are you. Can you talk a little bit more about how you're thinking about new strategies, particularly sort of folding in Ms. Zuckerberg's expertise. Have you got some time line for that vision? Is the vision kind of still congruent with what you've had in the past, and this is more experienced? Can you talk a little bit more about that?

[Chris Hulls, Co]

Yes. None of it is really a change in strategy. There's no big bang like membership last year. It's more iterating on the product, a big thing we are doing, though, is we're working on an updated rebrand, which centers the emotion recovering around independence. And so can we successfully change the perception of the product from the helicopter parent niche that we sometimes get bucketed into, so actually this is the tool to help kids become more independent. And so all this will tie in nicely together.If I were to say the closest thing of a big bang will be, we do want to get really lined up and the wheels are greased for a strong back-to-school. I think it's relatively -- I'm very -- I shouldn't say safe to say, but I'm very optimistic that by next back-to-school period COVID will largely be, I think...

[Matthew Chen, Equities Research Analyst]

In the Northern Hemisphere.

[Chris Hulls, Co]

Yes, Northern Hemisphere, yes, very different than Australia. And then Northern hemisphere -- thank you. That will have the improvements of the product. Membership will be more deeply incorporated. We'll have our different brand channels ramped up. We'll have the rebrand, our updated brand rolled out. We'll have some of the features live that soften up the app. And then we push really hard during that back-to-school time frame, which will be a very big -- this test for our return to growth. And Randi is going to lean in and help on that quite a bit because her experience is very much on the brand and marketing side and, again, being able to tap into our expertise. And then the people she knows who can assist in things like recruiting and all that are going to be extremely helpful.

[Matthew Chen, Equities Research Analyst]

That's great. And I guess one of the questions I had about the kind of how-are-you aspect of the vision was that kind of conjures up perceptions of a messaging platform, but it will be more than that. Can you sort of put more flavor around that?

[Chris Hulls, Co]

Yes, I'd say it's more different than that than more than that. We are absolutely not trying to compete with WhatsApp or all these other products that do a very good job of group messaging. It's more can we create our own category, which is when I'm thinking about my family and I just want a quick interaction with them, I use Life360. Messaging is very much ingrained into other products and behavior loops. So we might get some quick back and forth with messaging. We're thinking about things like drop the pin on the map to coordinate easier meet ups. But the goal is definitely not to try to displace WhatsApp or anything like that in a meaningful way. And we already have very high engagement with the product, it's just changing the flavor of those interactions.

[Matthew Chen, Equities Research Analyst]

Yes. I note that you've sort of talked about it to be -- it's all about independence, which I think, I might miss that you -- that might have been a focus before, but it seems like it's kind of more strongly in focus now.

[Chris Hulls, Co]

Yes. And ties in very much to the actual product updates and the updated brand, which is -- it's a lot of small things that in concert, we hope, have a big exponential and geometric impact.

[Matthew Chen, Equities Research Analyst]

Great. And I just wanted to clarify a comment earlier, the ARPPC for new cohort memberships is 34% uplift from the first half of '20 and that [ was tracking ] to expectations, that's kind of more or less within an expectations range that you had?

[Chris Hulls, Co]

Correct.

[Russell Burke, Chief Financial Officer]

Yes. Matthew, some -- that's pretty much exactly where we expected it to be. And again, that's based on looking at the new cohort and looking at uplift there.

[Matthew Chen, Equities Research Analyst]

Yes. That's an incremental cohort in that uplift. Okay. And is there -- I mean what's the kind of potential variability there? Is there sort of an impact from seasonality or that would -- is that expectation kind of going to be that tough to figure going forward for incremental cohorts?

[Russell Burke, Chief Financial Officer]

It will depend a little bit on the mix in terms of sort of new and upsell. And that may have a small seasonality impact, but not all that significant. The other opportunity for us is that the sort of the switch or the upsell piece is primarily been in more recent cohorts so far. And as we reach back and really help our members understand the value of the new membership program, we've definitely got opportunities in those older cohorts as well.

[Melissa Goodell, Executive Assistant]

As there are no more questions over Zoom, I'll hand it over to Jolanta to read additional questions that were submitted directly to her.

[Jolanta Masojada, Head of Investor Relations]

Thanks, Mel. Chris, just a question on whether there are any updates from iOS or Google being anticipated in the next 6 months that could impact on the business? And in particular, any pressure on data revenues and whether it affects what and who you can sell anonymized data too.

[Chris Hulls, Co]

Sure. So I'll break that into 2 pieces. There's the IDFA changes, which are very relevant for the data business in iOS and then more generic platform updates. So the short answer for the non-data side of the business is there's nothing coming up that we think will materially impact the business in either good or bad ways. Google is changing their permissions to be more like iOS, but we just have to update the user flows to match iOS, and we're very experienced in that, given that we've already seen what changes we have to make or -- and they're very dialed in.With Apple and IDFA, which is the ID for advertisers, that was postponed, as mentioned. We do expect there's going to be some level of negative hit to the data business, it will be material, but not in our -- most likely not massive. It does not impact things like our insurance partnership with Allstate. It is only the anonymized data platforms.So there will be some impact, but it's very hard to say until the changes are finalized, and it has been something where Apple's gone back and forth many times. But we are expecting something, if not in Q1, definitely H1 to be rolled out.

[Jolanta Masojada, Head of Investor Relations]

Great. Those are all the questions. Chris, I'll just hand back for any closing remarks.

[Chris Hulls, Co]

No, I think that's it. Thanks again, everyone, for joining, and have a great day.

[Russell Burke, Chief Financial Officer]

Thanks, everyone.

[Chris Hulls, Co]

Bye.