Qoria Ltd

collections, coming in at $46.3 million, which is 23% up on last year's Q1. We've gone to the market to a 20% increase PCP on this half's cash collections, and obviously we've been set up well there. ARR growth is very strong, K12 BISM. We've gone through what was a massive sales period June last year. Chris Winston's team have done an outstanding job, not only selling new low, but we're seeing signs of a real uptick in cross and up sales, which is really important for the future of this business. We'll talk about that in coming quarters about our cross-sell journey, products per customer, metrics like that. You'll hear a lot about that from us soon. But again, a highlight, which we've talked about for a couple of quarters now, is custodial. Now we're putting a little bit more money into that business. It is taking off with ARR growth across the group of 25% year-on-year, but the custodial business growing at 33% on an annualised basis. Generated free cash flow of nearly $12 million, which is 50% up on last year. And we're not only reiterating the guidance that we provided last quarter, but we've now upgraded the guidance to $145 million. So, yeah, a fantastic start to the year. Let's go through it a little bit more detail. You know, I think it's, again, worthwhile highlighting not just the financial results, but we're literally impacting lives of people Communities across the globe and schools over a million parents help, sorry, rely on us to look up the 27 million kids more, our platforms, and there are Australians in the world. And we make every couple of hours. So everyone who's an investor in our business, thank you so much for your contribution. From a kind of key metrics perspective, nearly We're touching on $150 million today. Cash receipts, $46 million, which is higher than I think was most analysts expected, generating, delivering for us $12 million of free cash flow. We ended the quarter with $24 million of cash in net debt, comfortably under $30 million. And we'll just put a highlight here, with the pipeline being largely emptied and generating Crispin's marketing and sales teams have done an outstanding job on that and, in fact, have generated a record pipeline of that at the moment. All segments, except for maybe the UK, but we've spoken about the UK, will have access to all of our products. By starting in March with the kind of launch of the Coria platform, most of the U.S. products will be sold in the UK. So, Very excited about the back end of next year in the UK and beyond being a growth market. But outside of that, all comfortably north of 20%. And custodial last 12 months, 26%. But in the last quarter, the growing price was 33%. So U.S. is questionably the dominant part of our revenue. And if you include half of custodial, 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 vision to our ARR growth. We had a little bit of volatility through that, but over the quarter, it only negatively impacted ARR. Main contributions is new logos in K-top. Existing customers nearly caught up with new logos across all market sales, nearly caught up with new logos as well. Had a bit of churn. I think Ben might touch on this, but we've decided to focus the opticals business on our new product. So we've brought forward some churn in that business with GoToProducts. So that's all very well managed, still comfortably around 1% or less churn in the K12 business. And Custodio added 1.4 million, which is a massive increase on where they were last year. This chart shows, I love this showing, is the the cash collections that we deliver each year over the last four years. And you can see the clear goals in our invoicing and cash collections. But you can most importantly step change in our essentially the revenue invoicing and collections in our business every year. So I think it's a fantastic graph. And so you would expect our Q2 December quarter collections to be significantly above the $30 million that you've got here.

and really that's what we're trying to guide to the market with these products.

The K12 business, as I said, a great contribution from K12, not only new logos, which is really in our D8 Hunter mentality, but also Kristen's team is getting much, much better at cross-selling our ever-expanding range of products. I think last year, correct me if I'm wrong, Chris, there was something like 20% to 20% of new products New business was from cross-sells, and this year we're comfortably expecting that to be 30% or more. So very excited about that. All regions contributing, but in particular, Australia is on fire. Entering Australia's key selling period, Australia-New Zealand's key selling period, which is the quarter. So cross-sell and up-sell was a highlight for the quarter. A massive reseller channel in the US, which is recent. They signed on, awarded us as their education partners, a very unexpected but a very significant win by our US organisation. We've finalised plans for launch the Cori capability into the UK. As I said before, that'll be launching beginning in March through the year. I've touched on Australia, the POC pipeline's enormous. We're doing amazing things in New Zealand. I touched on that in the last quarter, but I'm sure we'll follow up on that in the coming quarters. The success of that is in the coming quarters. I would highlight the average sales price, which is essentially the average order value, so the Australian dollar value of our average order. You see that's come down, and that's not untypical. September quarter isn't the biggest selling period in the US. It's typically that Q4 quarter. And so that's nothing to do with you'll see that, you know, following that typical cycle again. But 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. Chris has been answering questions on it. Chris and I were just in Utah with his team who are just absolute professionals and they're all set up for success. So a lot of eyes are really now on custodial value. I think the market is finally starting to get to grips with the opportunity of this business. We've been restraining it somewhat through, I guess, lack of access to capital, but now our business has turned to profit and cash generation where shipping... I'm not talking about big dollars. We may be talking about $3 or $4 million of extra money over the year, and it's instantaneously generating growth. One that I'm really excited about is the subscriber chart on the bottom left. You're seeing a very potential uptick on a PCP basis in subscriber growth. And on an ARR growth period, I mean, something like a 60% increase PCP on ARR growth in that quarter. I mean, that's extraordinary from what is quite a modest increase in investment in that business. And 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 US, but we enjoy a lot more of that, plus the key retail history through Christmas, Black Fridays and Christmas, a key kind of technical timeframes in retail. So very excited about the custodial business that we're going to deliver in the coming quarter. One little highlight is, The community to see proposition in the US is unquestioned to contribute to brand building and the kind of cost required in that business. And we've now seen accounts have been referred from that business. And so that's a stellar success. But overall, the metrics in this business have proven tremendous. So looking forward to talk to the market more about generative. Now, awkward growth and discipline in costs has delivered profitability, profitable growth, profitability dropping to the bottom line. Our fixed cost as a percentage of ARR is consistently coming down. I might add, Ben Jenkins, our CFO, I'll touch on this in a moment, that in the July-August period, we do have a lot of annual subscriptions and we do have pay reviews coming through. So there was a jump, but you should see that flatten out over the year. So the fixed cost percentage of ARR should be through the quarter, through this financial year. So all of that, we're definitely on plan in terms of contribution. Nothing's changed here in our SaaS metrics. It's still a standout for our business. For every dollar spent, we get $8 of ARR, essentially no bad debts. 25% ARR growth. So all looking good there. And then we've already touched on this, our weighted pipeline has returned. Our pipeline has returned. Sales and 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 June period for the US. So getting prepared for that, you know, really a good spot to,

to shoot higher than we did last year. That was very quick, 10 or 11 minutes, and everyone's busy so much.

I'll now hand over to Ben to forward your questions.

Thanks, Jim. Probably won't spend too much time on this slide because I think a lot of this has been covered up, so we'll jump into the next one and get into a little bit more detail on the 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, so we'll continue to grow at a much smaller rate than revenue, which helps that operating leverage that we've talked about. Marking costs have obviously improved with the investment in customs. 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 Octopus BI wasn't part of the business last year, so it was around about $250,000 worth of debt that needs to be normalised for a like-to-like comparison. The other large impact was some chunky redundant about $450,000, and then FX of $750,000, which is largely out of the Spanish and UK businesses with the... ...which makes the period comparison a little bit... out of whack so that's about 750 000 there so take those bits out and the wage growth um is uh is cpi plus a little bit um which is a few great heads to support the growth in the business but again growing at a much much lower rate than uh than top line and will continue in that form um as tim touched on earlier not expecting another big jump it should start to flatten out from this point onwards um 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. So we've added significant ARR in the education business over the last six months, and the amount of hardware that we've actually spent on hardware is significantly down, which is a great outcome. In theory, that should increase with revenue, but... The team's done a great job of being more efficient in the way they purchase and install that hardware, so that's a good outcome. And fixed other is up a little bit, but it's small numbers overall in the grand scheme of things. And again, we'll continue to remain largely flat and increase that leverage that the business is starting to show. So that's probably the main things that I wanted to touch on, Tim, so we can probably jump to questions now.

Yeah, cool. Okay. Yeah, over here, mate.

All right, Lindsay, let me sort out the microphones.

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, I can.

Beautiful. Yeah, thanks. So the first question is on the waterfall chart you put out, I think it's slide seven, like understanding that Q1 is not seasonally the strongest quarter for the education business. But even if I go back and have a look at like the PCP, so like Q1 last year, it looked like, like the K-12 new was about 3 million bucks. That's kind of come down. K-12 existing was like 2 million bucks. That's come down. So like 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 us down for us and explain kind of what's happened, please?

Yeah, I wouldn't say that. Chris, do you want to add some colour? Yeah, I mean, the strength in the June border, we brought forward some deals that were expected to close in the September quarter.

I would say that's probably the biggest rationale here. But yeah, I mean, the US alone generated $5 million of pipe this quarter, Lindsay.

You know, the cross-sell and the up-sell story is incredibly strong. There was a large deal also that is still in play that was expected to close last quarter, which...

So I'm not personally concerned.

I don't know, Tim, if you had anything else to add to that, but 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. So last year, the cross-sell upsell in the September quarter was $1.6 million. But it rounds to two, not to one, when you're not using a decimal point. And then in new business, it was just over 2.5. So, again, rounds to three rather than rounding down to two. So it's not actually that different year on year when you put another decimal place in there.

Okay, very good. Now, I've been using, like, chart reading software in the past, so I had kind of those numbers. But, mate, that's good. That's helpful. Just on consumer, so, like, Tim, you're obviously pretty impressed with the consumer, like, new user growth because I think, like, that – per your chart you put in, that's been pretty flat, and most of the growth's been pricing. So 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? And 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 Custodio in 2022, their average churn over the 12 months, remember we merged I think August, September, and that period, so we've just gone through that now, is the key churn period for that business because they're doing annual subscriptions. So the key selling period is the key churn period. Their churn back then was 38%. At the moment, it's comfortably under 30%, and over the course of last year, last financial year, it was about 26%, 26.5%. So 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. And there's still a ton of work to do, so we've got high confidence that That, plus the fact that we've got schools promoting custodial 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. So, yeah, I mean, I think they're doing an outstanding job. You'll see churn, you know, progressively in that business fall through the year now and then kind of lift in that September, calling it a fall again, but trending downwards again. which has been doing that for three years.

Okay, very good. And then 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 26. 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 do I just misunderstand that historically?

It's a stage. 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 the capability will be available essentially in the UK market around about March, but we're offering it to different segments in stages. So let me kind of leave it there, but yeah, it won't be available to all of the segments in the UK probably until that last quarter, the central quarter, but it will all be available in the early part of next coming year.

Very good. All right. Thanks, guys. Cheers.

Thanks, Lindsay. James, you should be able to turn your microphone on now.

Hi, guys. Congrats on the results. Maybe just touching a bit further on the ARR, I think there was a comment that the record in FI25 will be beaten in FI26, 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. So essentially you need to separate our business into K-12 and consumer for this discussion. The consumer business, it's somewhat core and operator, right? That business is about trying to optimise your cost to acquire through all sorts of channels. And you've seen now, I think three quarters in a row, that business is really starting to get that mix right. So 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., um so the reason we've got confidence is because now we've gone through that mechanic that you know budgeting and planning mechanic for like four or five years and we've got um incredible visibility about the opportunities in that market with an incredible sales team every single salesperson as of you know a couple weeks ago knows what their target is you know carrying a number they know what they're targeting they know the region they're responsible for and they're just going to execute so we've done that every every year for like five years in a row so um i think I thought the number that we added of ARR last year in education, I think it was like $24 million or something like that. So if Kristen's team have been given a target, which isn't their budget, but a target of materially higher than that, and their budget's somewhat lower than that, yeah, they'll just go execute.

Definitely, and good to see that weighted pipeline pick up again as well. And just on the UK unification, I mean, 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. So it's going to our existing customers, basically, and bringing them on the journey of what Coria means and what this product and platform means for them. And then essentially doing what the US team has done so brilliantly, which has been turning existing customers into advocates and sell around them. So next year is bringing existing customers on the journey, demonstrating the efficacy of this product set. And so I think the new logo growth story in the UK will be more of a 27 picture. Next year, it's about, as I said, conversion into the new platform, cross-selling, particularly the monitoring product and filtering products. because the filtering capability that's come to that UK market is astounding. And yeah, as I said, new logo growth in that subsequent economy.

Excellent. And last one from me, maybe for Ben, just on the cash cost growth as well, just remind us what's expected there on a normalised basis into 26, just conscious there was some one-offs and you're seeing strong growth on the revenue side as well that was upgraded. So just any comments on the cash cost growth outlook?

Yeah, I'm still in line with what was said previously in that sort of 6% to 8% range over the whole year when you take out any noise from FX and those sorts of bits and pieces. So well and truly 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 Custodio. So the one and a half mil increase in sales and marketing year on year in the quarter, how much was related to Custodio?

The majority of that would have been related to Custodio. So yeah, very, very little, maybe a little bit of spending education, but rounding error type level. Yeah.

And the ARR you're adding there in Custodio, just talk me through when you're selling that product is the percentage of that is one year up front? to guys to get your, to recoup the CAC. What's the, what percentage is paid up front per year? 100%. Okay, so you cover your CAC 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 was not direct into staff.

What we did was we split the marketing costs out of direct, so that's really obvious. So historically, we would put marketing and all your data and hosting costs into the direct line. But 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... uh you know much lower than revenue growth um the other change that we made was to bring everything from the 4c into that table on on slide 16. um historically we we hadn't uh included the custodial capitalized salaries because that wasn't part of the accounting change um and a few other bits and pieces but for um the 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 we include the september quarter so Now, every single cash flow item in the actual Appendix 4C sits in this table.

Yep, good one. Like that. Now, the weighted pipeline there of 10 mil, the percentage of that, can you guys give a geographic split there, the percentage that's the US? Is the UK starting to build it yet?

Yeah, it's predominantly the US. But Owen, UK pipe is definitely building. But I would say if you look at us across Australia, New Zealand, the US, UK, the US probably represent probably 65 roughly percent of that. You know, probably a small portion, 5% in AMZ and then the rest in the UK.

And you said on the call there around a large opportunity slipping from last quarter into 2020. this quarter, is that inside that weighted pipeline?

No, we removed those lumpy larger deals out of the pipeline.

And how many are there, I guess, expected to close this quarter?

No comment. We're, I don't know how much I should say here, but yeah, we're still actively involved in those conversations and

Just to touch on a previous question around confidence in the year ahead, like we've made a number of structural changes in the US, 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 talked about this, we've now got a head of strategic accounts as well. And that individual is going after the top 100 largest districts in the US. So that individual, along with partner relationships, is having meetings with districts that have anywhere from 100 to 400,000 students.

So yeah, we, again, I can't recall if I said this previously on a call, but have a goal within the US to close

an additional six of the top 100 accounts in FY26, which, again, I'm quite confident we'll be able to achieve.

Gotcha. Okay, well done. That sounds good. And then the last one here, just as you said, 30% growth in custodians is kind of where you expect to hold for this year. That kind of assumes... call it nine odd mil increase in ARR. Is that what we should expect in terms of increase in sales and marketing?

Well, look, I think we just need to play by ear. The marketing spend is going to be going up in our budget of, I think, $3, $3.5 million over the year. And we're predicting that we'll take the ARR growth from, I think, seven last year to 10 for Custodio. You know, the first test was the September quarter, you know, passed with flying colours. So we have confidence in delivering that kind of guidance, if you will. But again, as I've said before, if the business outperforms, particularly 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. So that's literally going to be a weekly, if not daily, decision about how do we optimise the growth in that business. Look at that 30% as kind of our base level, but if funds allow it, we're going to try and shoot beyond that.

Good one. Makes sense. Thanks, guys. Well done. Thanks, Alan. Thanks, Alan. Wait in. You should be able to unmute now. Hi, Jeremy.

Yep, gotcha. Cool.

Just in terms of the revenue upgrade that was put through from 1.30 to 1.45, can you just remind us what visibility we have into the FY26 revenue outlook and what gives us the confidence to put through this guidance upgrade?

Yeah, the visibility is pretty strong. And I think, like we touched on at the call, when we put the original guidance out, the 1.40 was relatively conservative with The only thing that could really go wrong and make it drop below 145 would be FX. So I think we're now almost four months through the year. Custodio in particular is growing strong in the first quarter and that revenue kicks in straight away. So all those things put together has made us confident that it's not going to be below 145. So we're happy to lift that guidance. Okay, got it. And then just 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, yeah, why that number's not a worry?

You're on mute, Tim.

Yeah, Chris, 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, but it's also just the nature of the deals that get closed. And, you know, in Q4, we had a large number of tier fives that closed. And, you know, those are 100 to 200,000 US dollar 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. So it just comes around, I guess, the type of deals across the smallest up to the largest districts that we're working on. For me, it's more about making sure that we've got a sufficient pipeline and more To me, they're by 26 goals. So 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. So yeah, this is not something that keeps me awake at night. Okay, got it. Last one from me. It's just on Custodio. I think the numbers were pretty strong this quarter. Are you able to give some colors to what's been driving that regionally? Yeah, well, one of the brilliant things about that business is we can sell internationally. Some of our competitors are very much US-focused, and so if they're buying search terms, right, that's how SEO works. If you're buying a especially competing to find parents who are searching online for how to block porn. And sometimes that can be expensive. And so the secret of Custodio is that we operate in 11 languages, and so we can find customers anywhere that's cost-effective. And we can also hijack local things, like the best example of that is the adolescence Netflix TV show. When that launched in the UK, that turned into rivers of gold for our UK consumer business. So that's the kind of base level is they get to spend anywhere where they can find a customer at a certain price. Now, 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. And so 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. And then finally, our B2B2C and Telco and affiliate partnerships, promoting through tech magazines online for the top credit control apps in 2025. So those sorts of partnership-driven marketing efforts are also bringing customers to us from different parts of the funnel. So it's all those measures are aimed at essentially qualifying and managing your CAC. And now Cost of Repair Customer is, I think, industry leading. And unquestionably industry leading at around about 50 to 60 US dollars. So yeah, it's all those measures. The big difference in that custodial business over the last year is it was very much performance marketing. So SEO-based marketing a year ago, and now we're using all those kind of mechanisms to manage the CAC and bring customers to us.

You should be able to unmute now as well. Hi, guys.

Yes, a couple of questions from me. The custodian is making, I guess, quite a meaningful contribution now to your ARR dollar growth. And we established previously on the other calls that you're expecting to grow sort of 30% or say sort of 8 to 9 mil over the year. What's the seasonality we should be thinking about this ARR growth? You did 2.4 in the first quarter, so that's, say, six odd in 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 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 Custodia will be coming in that December half?

December half, yes. Yeah. Yeah, so, yeah. Yeah.

Yeah, so it's not equal each quarter. There's definitely an orientation towards back to school, Black Friday, Christmas. You know, those periods of time where parents are required or do buy devices is definitely the key selling point. So let's say it's 65%, so 35% will come through in the January to June period.

So, yeah, the... That's the 55%, Tim, sorry.

Oh, the 55%.

55%.

So we've given Vic a license, Victoria, who runs that business, a license to go for it this half. And we'll see what that does in terms of growth, cash costs, EBITDA impact. And then we'll kind of play with our levers in the second half of the year to make sure that we hit revenue, IRR, and revenue growth and EBITDA guidance. So that's what I'm really looking forward to the January conversation. Talk to the market about what that business has achieved and position it for the way forward.

Yeah, cool, cool. And then another sort of quarterly-based question for me. So in the PCP, you generated all your free cash flow in one queue 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, yeah, that's right. And then third and fourth will be negative again.

Yeah, okay. All right, cool. Thanks, that's all for me. Thanks, mate. Well, there's no further questions, Tim, so if you want to wrap up with some closing comments.

Yeah, cool. Thanks, Chris and Ben, for attending. Thanks for the questions from the analysts on the call. That's always great. And thanks for all the investors being part of this journey. Yeah, I think everyone is very clear on what we're planning to do this year. You know, 20% growth, you know, 20% EBITDA margins. We're committed to that guidance and progress. Q1 test, I think, has been passed with finer colours. So I'm looking forward to seeing what we're getting in January. Thanks for your time. Thanks, everyone.