Physitrack PLC

Hello and welcome to Physitrack's Q4 2022 results webcast. I am Henrik Molin, the CEO and co-founder of Physitrack, and I'm joined by Charlotte Goodwin, Physitrack's CFO. So let's get going. We will give you a quick summary of Q4, and I will walk you through some of the more details there of the business and the quarter and also for the full year. Charlotte will walk you through the financial results. We'll revisit the strategy and outlook. and then you can ask questions using the Q&A function on your Zoom screen. The chat function has been disabled, so it's the Q&A function. That's your role to pleasure there for asking us questions. So let's get going here, looking at the quarter as a summary. So 57% of combined growth, organic, inorganic, organic, and looking at the performer growth, Largely in line with our medium-term financial goals, 27% performance growth there in the quarter compared to prior comparatives. 3.4 million euros of EBITDA increased by 31%. So a stellar quarter. It's the biggest quarter so far in history. And we keep being on a very, very nice trajectory here for both business lines. Some highlights on those on the left side there. Wellness, absolute record performer growth and performance. in the division as a whole. These are home run performances by everybody in that division. Just one exception to that, which you know I'll speak some more about that in a moment. But looking at the German division, well now 386% and top line revenue growth on an organic basis. Champion Health 224%, Champion Health plus 139. This is really nice explosive growth. that these fantastic entrepreneurs are achieving. It's a great market for us, and we keep delivering into that, which is fantastic. Speaking of something that hasn't worked according to expectations this year, physio test hasn't performed the way that we expected it to, but we have some Great firepower there in terms of management that has now stepped in to lead that business. Christopher Svensson, our previous Nordic Sales Director for Physiotest, is now the Managing Director of Physiotest. And we have high hopes that we'll see a return to growth there after a very, very challenging start of the relationship with us. Some interesting things in their pipeline. And we have full confidence in Christopher and Alex Stilou as the dream team that's going to That's going to accelerate this going forward. And, of course, as you saw, I was very, very proud to play that video for you when you look at the self-service and the SME launch of Champion Health. This really opens up product-led growth for Champion Health, which was previously only enterprise sales focused for companies. 500 employees and up, a little bit more on that later on. But I found really great, impressive play on that video because it's really about what we want to do to bring well-being widely across the world, not just to big companies. On the right side there, Life Care, some interesting steady performance there from that division, nice growth, really, really high margins. But looking at some of the drivers there and what's going on under the hood, well, very, very happy about the PT courses rejuvenation with Thinkific coming in and delivering the new platform there. And that sets us up for some nice bundle offerings and continued nice user-based growth. And, you know, we've already added a couple of thousand new customers there with the subscription model, and there's more to come. But the new digital content and the platform, the new platform is launched in the next couple of weeks. This is really giving us some interesting tools for growth in the U.S. market. And also something that's been very promising, the GoMobulus platform.

we have now a platform to create which we would simply product will come in the future.

So, in the whole view, the wellness division is now 31% of the business, and I can tell you two years ago, almost exactly, it was 0% of this company, and the way that that's been built under the leadership of Ryan Ebert, the way that things have progressed there makes me incredibly happy. It's been a great way to diversify, to cater to the needs of individuals around the world and not just care providers and being a secondary provider into end individuals. That's what makes us immensely proud. And there's more to come there, but very, very explosive growth. There's a margin expansion progress there. So we started again from absolutely zero two years ago, where we are now. It gives us very high hopes of where the wellness world is going to sit as we try to come forward. And just a snapshot here of where we are size-wise, 13.7 million euro run rates. Life care is now 9.4 million. Wellness is 4.3 million of that. It's been a very, very nice journey, and there's more to come on that journey as well going forward. Looking quickly at the life care side of things, I'll give you some of the business highlights of the quarter, but just to remind you, it is a holistic product ecosystem that we put into the hands of healthcare providers around the world. from small guys to be the one-person high street physio guy in Tasmania, Australia, to be the mega clinic, you know, thousands of practitioners in Canada and everything in between, 15 languages. Some of the relationship starts very small with exercise prescription technology, the second box on the left. Some big, more advanced customers look at analysis. They look Look at statistical tools and all of the white labeling, which is the custom operation there on the left. And, of course, PT Core, which is the e-learning component of that strategy so that we can make sure that people can keep and renew their physiotherapy licenses, occupational therapy licenses in the U.S. market. So development on the right side there, continued growth in the user base and the ecosystem. So that's very nice to see. Below that graph, you see that the journal has been created. And that's just a lot of things on the platform with our customer value task force and another initiative that may use data and user patterns to draw conclusions about things that we need to do to make the journey better and onboarding better and so on. So that's really paying off. And as a reminder, about a year ago, that journey was about twice that. And so it's been a really, really nice journey there. On the left side there, a couple of things there, that simplification of the division. So just things like having that holding company overlay to PhysioTools with Tanila Holdings. That's now gone. We've merged those two to simplify. I mentioned the Mobulus integration with PhysiTrack. That's also been taken care of. Mobulus came along for the ride when we acquired PhysioTools, and was a great participant in that. But we are... Better off as a more simple product range in terms of cost base, but also the experience and innovation, etc. So very, very nice. That's all been made possible by a very, very strong development team that's now in-house. It's been a great journey. with that engineering team. And a lot of them came from a multi-billion dollar company called Zendesk. It was very humbling to see these guys come aboard with us and to see us as a safe haven, see us as a great place for growth and to achieve your dreams of really contributing to elevating the world's wellbeing. Even though you come from a big, big company like Zendesk, well, it's a nice place to come with his track as well. So that's been very, very good. And a lot of these boosts that we've seen to product-led growth, a lot of the methodology that underpins enterprise sales now, that wouldn't have been possible if we hadn't had that team on board. So very happy about that. PT courses we spoke about, and there'll be more to come with that platform going forward. Just moving on to wellness now, you see an echo here of that strategy on the life care side of things, holistic, everything that you need in one place. Make sure that you don't need to go to a separate provider if you have a specific need. You try to cater to all of that in the same beautiful ecosystem powered by Champion Health. So that's really the strategy. And looking at the development of that division, nice, strong growth, 54% year on year. Looking at the right side of things, just filtering for the physio test challenges that we have had with that performance, actually the underlying growth of those other companies on an aggregate basis, 202%. And that's organic over the last 12 months. This is really, really a high momentum. It's a rocket ship of a division in terms of execution. And we're really seeing those in the numbers. There's more of that to come. And it's been really, really nice seeing the emergence of that division. It's great to entrepreneurs working together, achieving those kind of numbers for us. And so we've had some nice events over the years.

You mentioned the best restructuring, and it's been a challenge to have what's been spoken.

That hasn't done well, but I feel that these entrepreneurs are so strong, very good, to inject that into the reboot that under the leadership of Christopher Sanson and Alex Sealer, his right-hand guy, that are on sales. The chairman has put into motion a couple of goals with this. Swedish company's house. So we'll see that with existing customers and also with some exciting new customers in the pipeline there as well. In terms of Champion Health Plus, formerly Rehab Plus, they have grown significantly size-wise. Also in terms of their clinical footprint, in terms of their staffing and their network and their partners, it's qualified them to participate in much bigger tenders, which means that you... illustrated by that triple digit percent growth that you've saw, you know, you've seen year on year. So that sophistication deciding them to push revenue and then also to expand margins in a very, very nice way. Last point there, top talent joining the division, Ryan Ebert from Bupa, knocking it out of Parkinson's. So leadership over the wellness division are working alongside these superheroes that we have. There are great entrepreneurs that built great companies that got to join the group and to work together. Ryan's been very key from that. He came from Bupa, which is one of the world's biggest insurance companies. And this is to have access to talent like that. It's really key, humbling to get people from such big established companies and brands to join us. Similar story with Nick McClellan from Mercer, who's come in to run sales for the wellness division with the book of business that he's built up over the last couple of decades, being in wellness with some great results and also the The profile and the way that he can work with our rather quantitative sales model, which is SDR-AE-based, sales development representative, account executive-based, is really key for that growth that we'll continue to see in that division. So very, very nice. A couple of points there. Of course, super proud to press play on that clip in the beginning announcing the move into SMEs for Champion Health. And this is done via a self-service, you know, pay with your credit card type thing, similar to what you have underpinning 50% of the revenue base of Life Care, which is great. fully or very highly automated. So it's a great way to diversify your business. And it's also a great way to provide these tools to smaller businesses that have the same needs to take care of their employees like the bigger guys. And so 99% of the world's companies are actually small to mid-size. And there's no reason for us not to help those guys as well with whatever they need and what is probably the most challenging well-being climate for corporates that we've seen since the pandemic. Workplace Health Report, it's a great thought leadership piece that's published on a regular basis by Champion Health using a million data points from different corporates in the UK ecosystem. The last version was launched on the 24th of January. We had some really, really significant business leaders and potential customers in that room as it was launched in London. Of course, the download situation, which is growing even further since we drew this data out from them at 1,300 downloads in a few weeks, has created hundreds of prospects and adding to the thousands of prospects that have come in over time through Champion's genius social health, sorry, social media presence and the way that they really help companies around the world think about the wellness of their employees. And very, very proud to see that. It's a great report. It can really help you with your business. So make sure you download it and take a look. So beautiful place to go, Champion Health, everything that you need in one beautifully designed app. And this is exactly what our companies and what our employees need.

And you don't want to think about four or five app providers to just cater to. We have a little .

from our partners, our customers, when we see how we help them to get to terms with work-related stress, injuries, absences, and employee attrition, et cetera. So that's a very important part of what we do, but this is an illustration of the real impactful work that we are actually doing across the user base and much, much more of this stuff to come. And with that, I'm going to pass the baton over to Charlotte to walk us through some more details on the financial results. Charlotte, over to you.

Thank you very much, Henrik. So I'll start off here with a brief overview of the key financials for the year, ending December 2022. In the year, we delivered revenue of €12.5 million, up 57% from €8 million in the prior year. On a performer basis, adjusted for acquisitions, revenue increased 27%. Although dampened by physio test performance, this was still broadly in line with our medium-term targets. In the year, the Physitrack Group delivered a Justity Bitdar of €3.4 million, up 31% from the prior year, and this resulted in Justity Bitdar margins of 28% compared to 33% in the prior year. This fall represents the relatively stronger growth in the wellness businesses, which currently operate at a lower margin. Total EBITDA has increased 186% from the prior period to 2.5 million euros, as we incur less costs relating to M&A and integration work, as well as a half a million euro credit to adjusting items on the revaluation of deferred consideration. Operating cash flow has more than doubled to 1.5 million euros. Now through to the next slide. So onto a closer look at revenue. On the left here, you can see group revenue by quarter, both on an absolute and a pro forma basis. Total revenue in the quarter has grown by 38% and on a performer basis by 20%. On the right-hand side here, we can see the split by life care and wellness. In life care, growth in the quarter versus the prior year was 5% against a strong prior year comparator. Growth in the ecosystem was offset by falling revenue driven by a move to a subscription revenue model in PT courses and a fall in one offset up cost for customer maps. Additionally, in the period, we migrated our small Swedish exercise prescription platform, Moblist, to PhysiTrack. Although this generated efficiencies for the group, there was a small drop in revenue associated with it. The virtual wellness division has experienced another quarter of strong pro forma revenue growth of 55%. It's also pleasing to note that an increasingly large portion of this division is now made up of subscription revenue, currently half, offering a more stable revenue growth profile and a move towards increasing margins. Moving on to profit. On the left hand side here, we see the prior figures. Last year, EBITDA was 0.9 million euros with adjusting items of 1.7 million euros stripped out. Adjusted EBITDA was 2.6 million euros. In the current year, EBITDA has risen to 2.5 million euros. Within this, there are €0.9 million of non-recurring adjusting items, primarily relating to acquisitions and associated integration costs, and offset by a €0.5 million credit relating to the revaluations of deferred consideration. With these amounts stripped out, adjusted EBITDA has increased by 31% to €3.4 million. Adjusted EBITDA margins have fallen slightly from 33% last year to 28% in the current year, due to a shift of the group towards wellness revenues, which currently operate at a low margin, plus investments into future growth. Over the medium term, we expect these to rebound to our target EBITDA margins of 40% to 45%. On the left here, we have adjusted EBITDA shown by quarter for the prior year and the current year. On the right, we have EBITDA by division. In life care, which is the longest established division, EBITDA margins are at 49%, broadly in line with the prior year of 48%. In the wellness division, margins are currently at 2%. While we are starting to see margins in expansion, some businesses, which have been part of the group for a long time, are also investing in these businesses in the short term to drive future growth. The grey bar represents group costs, such as fees and associated advisory fees. Moving to the next slide. Now looking at cash, we open here with a cash position of 13.3 million euros. Adjusted EBITDA in the period generated 3.4 million euros and was offset by working capital movement of 0.6 million euros and interest payments of 0.1 million euros. were four points like consists of the system previously signaled and build fees for internal systems such as charge vpendo and net suite there was an acquisition spending a period of 6.9 million euros relating to pt courses well now in champion health plus the first consideration payments of 3.4 million euros and related eminent integration costs of 1.4 million euros in july 2022 we entered into a 5 million sterling revolving credit facility with a three-year term In the year, we drew down €0.9 million sterling of this facility to fund part of a deferred consideration payment. Net of arrangement fees, this resulted in a cash inflow of €0.8 million. There was also a €0.2 million movement on front exchange on our cash balances. This leaves the group exiting the year with cash of €0.6 million plus remaining undrawn facility of €4.6 million, giving total available liquidity at the end of the year just over €5 million. This slide shows the total net cash from operations, less the investments in intangible assets and PPE. Due to spend on M&A and integration costs recognised as adjusting items in the P&L, and investments in both the life care and wellness divisions, we've had a net cash burn in the year of 2022. As these investments are completed and operating cash improves, we have seen this cash burn decrease through the quarters. In 2023, we expect EBITDA to continue to increase and our investments in intangible assets to decrease now that planned one-off investments have been carried out, resulting in improvements in our cash generation. Although there will be causally variances on working capital, overall we expect this cash burn to continue to decrease and result in net cash generation before the end of 2023. In Q1 2023, deferred consideration payments of €1.6 million will be incurred. And depending on the results of our subsidiaries, up to one further deferred consideration payment can be expected in a year. Go to the next slide. Now, moving to the group's balance sheet, the first line here includes the internally developed technology platform, as well as intangible assets and goodwill arising on acquisition. Cash and borrowings, we've covered in the previous slides, and trade and other receivables have increased due to the recent acquisitions, particularly Champion Health, which builds up front for one- to three-year contracts and is expanding rapidly, as well as the relative increase of our enterprise customer base and the life care division and sales of custom apps. Additionally, accrued revenue related to Champion Health Plus has increased as this business grows rapidly. We're pleased to have seen the trade receivables balance reduce in Q4 as these impacts equalise. Deferred revenue is primarily generated by Physio Tools and Champion Health, who bill upfront for 12-month or longer contracts. Deferred tax arises on the intangible asset balances recognised on acquisition and will unwind over the period of the amortisation of these assets. Deferred consideration relates to the Champion Health Plus, formerly Rehab Plus, PhysioTest, WellNow and Champion Health Acquisitions. That's all from me, so I'll pass you back to Henrik and feel free to ask any questions during the Q&A session. Thank you.

Thank you, Charlotte. Revisiting strategy and financial goals, we are reiterating medium-term top-line revenue goals organically are 30%. And looking at profit margins over time, we will see them in the 40% to 45% range. This is something that's very well illustrated by what we see on the life care side of things. There is margin expansion undergoing in the wellness divisions. We will see the aggregate come in line with that in the medium term. Value creation and distribution, we know that this is a cash-generative business. Over time, we think that dividends should be part of the playbook of such a business, and this remains a goal for us. In the medium term, of course, in the short term, we are plenty busy with what we have there in our M&A portfolio in respect of notably compensating our great wellness leaders for great performance. And they're paying on us as they reach their performance in terms of top-line growth and margins. But over time, this is not unlikely that it turns into data play. Just looking at the business model and why our company is set up, it is a brand portfolio, both in terms of product, in terms of the customer base, in terms of the dual focus on product-led growth and enterprise sales growth. and running this business in a cash-generative way is part of the DNA of the business. Some of the other things there, having a support type play and something that is attracting a lot of interesting talent that is really putting us to new heights in terms of innovation and wherever this business can go. So it is a very, very interesting business that can withstand some interesting headwinds there in the macro environment. And in fact, some of that macro environment is quite favorable to us. Last slide there. Nothing has changed here. Some great market growth dynamics. This market environment is very favorable to what we do. You see that with that 200% excluding physio test growth in the wellness division companies. And this is really something that we are capturing with that business in a very, very good way with those rock stars that are running that business. There's some nice organic growth levers all across the group on the M&A side of things. We look at interesting opportunities. We speak to interesting entrepreneurs all the time. This is not something that we're executing on in this type of environment. But historically, this has been a home run play for us. Establishing that wellness division from zero two years ago to 4.3 million euros today by M&A and some great organic growth with smart people coming together. That is a great strategy and something. that we will continue to revisit all the time. And that was it in terms of the presentation. We will now move over to taking some questions and we will look at the, just gonna spotlight us so we're on the screen at the same time. Just gonna pick up the Q&A here and see what we have. So first off Joachim Gunell from BNB. And so, Charlotte, this will be a question for you here. How do you envision your ambitions of 30% plus EBITDA margin in 2023 to play out, given that it will require either, one, a true acceleration of the higher margin life care tech business from current 5% year on year, or two, a strong step up of profitability in wellness, which is clearly outpacing on growth and what levers Can you pull either scenario?

Yeah, no problem. So the answer to that is that it would be a combination of both of those factors. So the 5% in life care tech for Q4 was a bit of a one-off with some factors that I'd outlined earlier. The more normal growth profile we see in that is the sort of 15% to 20% year-on-year growth, and we expect to continue to see that in 2023, and that will drive part of the margin expansion. And we also expect to see a step up in profitability of the wellness as some of the things that we've put into place come in. We'll see margins expand every quarter in that division. So the combination of those two we'll see is exiting 2023 at those higher margins than what we're seeing currently.

Thank you, Charlotte. Next question is also going to be for you, Charlotte. What do you expect to pay in earners for 2023 split by each acquired subsidiary beyond Q1 2023? And I should point out to Joachim that there are some trade secrets around M&A, so you don't want to spill the beans on exactly how all of these things come together. It makes it really hard when you do negotiate with M&A. future potential acquisition targets and also with your existing ones. But, yeah, and also before I let Charlotte in, earn-out payments are based on top-line revenue growth and margin expansion for all of these subsidiaries in the wellness division. And so it's very much not linear. It's not something that's guaranteed in any sort of way. Performance really underpins that. So everything needs to come in line when it comes to profitability and earnings with the rest of the group. Over to you, Charlotte, with some potential granularity on that side.

No problem. I think I've probably given a little bit more detail since you can post this at the beginning of the call. But in Q1 2023, WellNow have met a target for an earn out. So they'll be paid an earn out in Q1 2023. And there'll be a small earn out, £100,000 related to that as well. And then later in the year, we expect there could be one further run-out payment, depending on exactly the results. That's a little bit harder to tell whether that will fall into 2023 or 2024.

Okay. I think the next one is for you as well, Charlotte. Trade and other receivables are increasing at a heavy pace, although slight quarter-on-quarter decline in Q4. What is driving this increase, and what implications do you see on net working capital profile going forward? with virtual wellness becoming a larger share. That is fair to assume that networking capital will boost cash flows going forward or become a larger headwind as virtual wellness is the key growth driver.

Yeah, so the first thing I should say is because we build up front and Receivables go in, but they mainly relate to deferred revenue, and you also therefore get an increase in deferred revenue. So when looking at our working capital, we should look at the net of receivables and payables, which has had less of a negative impact than just if you look at receivables standalone. But there has been negative impact, and like you say, that has unwound in Q4. Going forward, there'll be a sort of push and pull of two factors.

The Champion Health Supply

When that cash comes in, it is upfront for the full year, so there's also the deferred revenue element, which is helpful from a working capital point of view. In 2023 net, I would expect it to have a neutral impact, so no positive or negative impacts, particularly from working capital, although there will always be tiny differences when, particularly on the payable side, big bills, insurance and audit hit a certain quarter. Overall, across the year, I'd expect it to not drive cash either up or down.

Thank you, Charlotte. Next question also from Joachim. To what extent do you see it as more of a hurdle to sell into HR departments and employee well-being amidst cost control initiatives amid a more volatile macro backdrop? Well, financial stress is something that is also a challenge to business leaders, and so there's nothing worse than looking at your company and seeing that macro factors are affecting top-line growth and profitability and things like that. Now, what a lot of business leaders do realize is that the people that are within the company, those are the people – Those are the people that will show you can accelerate through a macro environment that is choppy and not accelerating. The ability to focus on nurturing and building talent, protecting those key performers in your business, those arguments make financial investments into technology like Champion Health. quite irrelevant for them. It's also something that's very cheap compared to losing key staff, which is what people are really faced with in this type of environment, losing people to stress, emotional well-being problems, et cetera. I believe that we have some of the greatest tools in the world around this. And in this macro environment, these arguments are easy to make. Plus, we come in in sales processes on with great data, great data that shows that using this type of technology will help people with that holding on to your revenue base or your margins or whatever it is by making sure that you can keep your people on board. You don't lose them to stress and that they don't leave you or that you have time over. And, of course, you know, initiatives like working with leaders and understanding this stuff is a core part of the champion platform. So we just don't work with employees. We do work with the leaders as well so that some of these arguments are not lost on them. But all in all, the – We don't really see it as a hurdle. It's more like the macro environment is creating stress to actually do something and to actually execute on well-being strategies to make sure that the key people that deliver these results stay with you. Next question here, can you talk about the different growth profiles in the geographical mix for life care year on year? It appears Europe and North America are roughly flat year on year, and what is driving this? Charlotte, do you have a breakdown there of those numbers? I can talk about the driving to it.

So some of those one-off things that have hit us in Q4, so the PT courses moved to a subscription model, and that particularly impacts Q4 because the PT course is the way the continued professional education year works in America. It's an often-fostered calendar year, so a lot of people buy courses. just towards the end of the year to complete their CPD. So whereas last year, all of that would have hit in Q4. So we had a big uptick in courses this year. We've still seen that same uptick, but most of that has been deferred into next year because it's on a subscription basis. So that impact is particularly large in Q4. So that obviously hits in North America. So it sort of dampens that and disguises the growth in the physio tool side. Again, Europe is part of our customer base. Those model factors are mainly hitting those two areas, which sort of obviously are more mature markets. So the growth is, although they're bigger, the growth is a little bit slower there on the underlying piece as well. So I think the number of mechanics will expand.

I think, I mean, when we're looking at the courses, we saw a lot of potential in that product. to create a bundle with our U.S. customers so that you have one place to go. Remember that holistic thinking, try to have one place on the same platform so I don't have to look for providers. That's a competitive advantage. into a subscription business, which is well underway with a couple of thousand customers there in that subscription model. So it's kind of almost like you need to do a reboot from a revenue standpoint as well, from immediate to the subscription-based . So this is something that's correcting itself over time, but that's exactly what we needed and exactly what we wanted to do. Stay tuned for the Lawley Thinkific Power Platform in the next couple of weeks with that great new digital content that we have there. Hi, I have a question here from ABD and . Can you report? You have quite opportunity regarding further opportunity to fuel growth. Are there any changes here and goal? So this is the big challenge as an entrepreneur. You see something works really well. You see that you have great product market fit. You see you have great products. There is always a temptation to front costs to accelerate that growth opportunity and just try to capture as much as you can. And that's why venture capitalism is something that has been a favorite strategy for the growth of oil price. So, of course, it's a challenge when you're faced with that opportunity set. So we are pacing ourselves into that as well as we can. You see with press releases where we hire more high-profile people. You saw that with Nick McClellan. You saw it with Ryan Ebert, for example. So they represent taking a bit of a front-load risk or front-load cost just to accelerate an opportunity. But generally, we are very, very careful with pacing the size of the cost base with the top-line revenue growth. So they go on lockstep. with that. So there's a lot of prudence there and a model for it. And in terms of the champion health and entire wellness division, well, we're already seeing the modern expansion is more something that will be more visible, I think, from Q1 going forward in terms of the impact it has on reporting. Because step-by-step, division by division, they are mature enough to get into a position where they can accelerate their revenue without adding to the cost side of things. So business maturity is part of it. And also it's pricing power in local markets where you see that you have a more important footprint and you have a loyal customer base, you'll be able to start measuring things like that more closely, then you can make price adjustments as well, which we are seeing for some of our subsidiaries over time as well. And lastly, as we saw with Champion Health, You need it to be part of bigger transactions. These release more economies of scale as a business where you can cater to those with a cost base that's actually quite attractive and also releases high amounts. That's what we get. There's no reason why the wellness division as a whole, just looking at Champion Health with gross margins of, you know, 85% and up, and a very, very healthy EBITDA margin. That's not too far from where we are on the life care side of things. There's no reason to not have confidence that that division will clock in at, you know, maybe not exactly the numbers we have on life care, but not too far from it. And, you know, ending up with 30%, 35% on the division division. I think that is a very, very realistic scenario. I'm not going to put a timeline on that, but we are definitely coming into, as Charlotte said, the cash flow positivity territory. And actually from month to month, it actually varies. It hovers around that cash break even point. So we're already dabbling in cash flow and positivity on an operational level. But to have a bigger sort of impact on that, It's probably within the next couple of quarters. That's a good answer. There is the last question there from Oscar from ABG. Do you believe the current cash position, including the revolving credit facility, will be enough to turn cash flow positive? Yes, Oscar, it is. There's some very strong mathematics underpinning that, and we have no reason whatsoever to believe that we will be in a state where we will need to raise additional capital by issuing shares or to expand that enrollment credit facility if we don't want to do that as a sort of an M&A situation, for example.

And also, All right.

So those were the questions there in the Q&A. No, that was it. on behalf of the FisTrack group and all the people in it, wishing you a healthy and happy and productive continuation of the first quarter, and we will speak to you soon. Take care, and over and out from us.