Dye & Durham Limited (OTCPK:DYNDF) Q3 2023 Earnings Conference Call October 30, 2023 5:00 PM ET
Company Participants
Matthew Proud – Chief Executive Officer
Frank Di Liso – Chief Financial Officer
Ross Marshall – Investor Relations
Conference Call Participants
Thanos Moschopoulos – BMO Capital Markets
Kevin Krishnaratne – Scotiabank
Gavin Fairweather – Cormark Securities
Scott Fletcher – CIBC
Robert Young – Canaccord Genuity
Stephen Boland – Raymond James
Operator
Good afternoon, ladies and gentlemen. My name is Jenny, and I will be your conference operator today. At this time, I would like to welcome everyone to the Dye & Durham, First Quarter Fiscal 2024 Earnings Call.
I would now like to turn the call over to Ross Marshall, Investor Relations on behalf of Dye & Durham. Mr. Marshall, you may begin your conference.
Ross Marshall
Thank you, Jenny and good afternoon. Welcome to the Dye & Durham earnings call. Before we start, we’d like to remind you that all amounts discussed on this call are denominated in Canadian dollars unless otherwise indicated.
Please note that statements made during this call may include forward-looking statements and information and future orientated financial information regarding Dye & Durham and its business and disclosure regarding possible events, conditions or results that are based on information currently available to management, which indicate management’s expectations for future growth, results of operations, business performance, business prospects, and opportunities.
Such statements are made as of this date hereof and Dye & Durham assumes no obligation to update or revise them to reflect events, disclosures or circumstances, except as required by applicable securities law.
Such statements involve significant risks and uncertainties and are not a guarantee of future performance or results. A number of these risks or uncertainties could cause results to differ materially from the results discussed today. Given these risks and uncertainties, one should not place undue reliance on these statements and information.
Please refer to the forward-looking statements and information and future orientated financial information section of our public filings without limitation our MD&A, our earnings press release issued today for additional information.
Joining us on the call today are Matt Proud, Dye & Durham Chief Executive Officer; and Frank Di Liso, Dye & Durham Chief Financial Officer. A question-and-answer session will follow the formal remarks for research analysts.
I now turn the call over to Matt for his opening remarks. Matt.
Matthew Proud
Thanks, Ross, and good afternoon everybody. The business performed extremely well in the quarter, which was our second best in terms of adjusted EBITDA and third best on a revenue basis. Adjusted EBITDA also outperformed on a sequential basis. In addition to that, in the quarter, we paid back $45 million in net debt.
Our core business is doing very well and its performance underscores the strength and consistent ability to generate cash flow to fuel our growth and finance our operations. We heard investors and reducing our leverage ratio is a priority for us. Our aim is to bring the business down to below 4x total net debt to adjusted EBITDA as soon as possible, and we’re looking at all available options to help us achieve this goal.
As I mentioned, in the first quarter we reduced our debt by $45 million and we’re focused on growing earnings and increasing our cash flow conversion to continuously pay down debt. Making significant improvement to our free cash flow performance is also a top priority.
To that end, we’ve launched a business performance improvement plan targeting improvements of greater than $70 million in free cash flow performance to be realized by the end of Q3 fiscal ‘24 on an annualized basis, compared to Q1 fiscal ‘24, i.e. the current quarter. In October, we’ve already actioned $40 million of annualized improvements towards this target, with the full benefit of this action being realized in Q3 of fiscal ‘24.
We’re implementing a series of measures to achieve this goal, including a reduction in capital expenditures, product price optimization, and further reducing one-time charges as we are lowering – and lowering our operating costs. As you’ll recall, over the past two years we’ve made a dedicated effort to diversify our business and focus it on the legal practice management software market. We’ve made meaningful progress in this regard, which has put us in a much stronger position today and made the business stronger off [ph].
The impact of real-estate on our business, to be honest, is quite misunderstood. To be clear, we sell SaaS software to law firms to help them grow and efficiently manage their practice. This software is mission critical to legal professionals, regardless of not if they are conducting real estate transactions or not.
To quantify this, the downside risk to Dye & Durham for the entire Canadian real estate market was only 27% of total revenue in the first quarter. We view this as comfortably manageable, especially when you consider that some businesses have revenue concentration of more than 20% in the hand of a single customer, not an entire end market.
Shifting our focus to selling practice management software has served to improve and diversify our business, including increasing our annual recurring revenue. ARR was $117 million as of September 30, 2023. That’s more than double what it was at the same time last year and represents highly – high quality revenue growth across our full portfolio of software solutions.
ARR is 27% of our total revenue compared to basically nothing we started two years ago, and we’re making meaningful progress towards our target of 50%. Our ARR today is made up of two broad categories. The first being the gold standard per seat, per user revenue and the second being minimum spend contracts.
We continue to be very disciplined and thoughtful about our pricing strategy. During the quarter, we announced a variety of price changes across our global portfolio, in some cases to offset higher input costs due to inflation, and in other cases to bring our prices in line with other market providers.
Case in point, to-date we’re arguably the largest provider of legal practice management software in the United Kingdom and Ireland, thanks to our recent acquisitions. However, the per seat per user price for our practice management software solutions being offered is still significantly lower than market. We’re in the process of addressing this over the remainder of fiscal ‘24 across more than 20,000 users in that market. And at a high level, we believe that price can consistently contribute roughly 10% annual growth to revenue.
At the same time, we’ve also improved our cash conversion. We started to see this in Q4 fiscal ‘23 results, and we continue to make progress in Q1 fiscal ‘24 with approximately $6 million in acquisition restructuring ad backs that were cash based. We believe we can continue to show improvement in this area. We believe for a business of our scale with $250 million or more in adjusted EBITDA, that’s a reasonable goal, and reducing charges to $10 million to $15 million on an annualized basis over time, which will free up more cash flow for our capital allocation priorities. It’s really a healthy business.
Our payments infrastructure and banking technology business also performed well in the quarter. It’s a business that has a lot of upside in it, and we’re seeing significant growth. It offers best-in-class digital infrastructure to most major Canadian and Australian lenders, providing critical technology and products which support essential functions like payments, information services, property settlement, and core banking infrastructure.
This business has trusted long term relationships with more than 95 lenders and financial institutions. It represents an opportunity for us to generate more cash in the near term. To build this momentum, we’re working to further professionalize the management team of that business and hire a new CEO for that business. We’re also looking at ways to highlight the value of this business better to investors in the coming quarters.
Before turning it over to Frank to highlight the financials, I’ll briefly address the recent convertible debenture transaction. The terming out of approximately one-third of our convertible debenture by two and a half years or five years of runway in total, in a highly undiluted piece of paper that only increased the yield to maturity by 2.4% and a nominal amount of increased cash interest of $2 million when looked at in the aggregate was the right move for the company.
I’ve talked to some people who look at only one side of the trade and say it’s expensive. We believe both sides of the trade should be considered to draw a fair and accurate conclusion. We believe it was the right trade for the business that reduces the convertible debt and reduces risk on our overall capital structure.
Without a doubt, it’s been a challenging few weeks for us. I understand that shareholders are frustrated. We are frustrated too. But our interests are aligned with yours. Today’s results demonstrate the improved performance of the business delivered in the past quarter and show our strategy is working. We believe we have all the ingredients to build on from here. We operate a differentiated global business with a large diversified customer base of small and medium-sized law firms, with a sticky best-in-class practice management offering that is mission critical to customers.
I’ll now turn it over to Frank to review the financials.
Frank Di Liso
Thank you, Matt, and good afternoon everyone. This afternoon we reported our first quarter fiscal 2024 results. Our results continue to demonstrate the resiliency and consistency of the business independent of market size cycles and stability to generate cash flows.
Our diversification strategy and build-out of our practice management solutions are working. We continue to increase our annual recurring revenue contracted and reduce our exposure to real estate transactions.
Annual recurring revenue contracted was 27% as of September 30, 2023, compared to just 13% in the same period last year. Revenue exposed to real estate transactions globally in Q1 was 49%, compared to 62% in the same period of fiscal 2023, while revenue exposed to real estate transactions in Canada was only 27%, compared to 37% in the same period of last year.
We reported a revenue of $120.1 million during the first quarter, which is in line with the same period in fiscal 2023. In that prior period, there was an additional $9.3 million of revenue from TM Group, which was divested on August 3, 2023. Excluding the impact of TM Group, revenue has grown by more than 8% in the first quarter of fiscal 2024.
We generated adjusted EBITDA of $68.7 million in the first quarter of fiscal 2024, an increase of $4.3 million or 7%, compared to the same period of fiscal 2023, our highest quarterly amount since Q4 of 2022. This is primarily a result of lower adjusted operating expenses and growth in revenue after taking into consideration of the TM Group divestiture.
We continue to maintain our strong EBITDA margins, coming at 57% this quarter, our highest level since Q4 of 2022, and is in line with our target range of 50% to 60%. Total adjusted operating expenses, which includes direct costs, technology costs, G&A, sales and marketing, were $51.4 million for the quarter or 43% of revenues, an improvement of $4.3 million or 8%, compared to the prior period, when total operating costs represented 46% of revenues.
Net of the impact of expenses from fiscal 2023 acquisitions, our operating costs for the quarter were $43.6 million, which demonstrates improvements from our cost reduction initiatives implemented earlier in the second quarter of fiscal 2023.
As we acquire assets and manage the broader business, we continuously look for ways to drive cost synergies and eliminate redundancies. This is one of the methods to continually improve cash flow performance, which Matt addressed earlier. We expect our ongoing operating costs to be within the 40% to 50% range of revenues.
Net finance costs for the quarter were $35.1 million, compared to $16.2 million in the same period of fiscal 2023. The increase is due to an increase – and interest rates and higher net debt levels, as well as lower favorable non-cash impacts from the change in fair value of our convertible debentures as compared to the prior period.
Acquisition, restructuring, and other costs for the quarter were $6.4 million. This was a decrease from $18.5 million in the first quarter of fiscal 2023. As Matt mentioned earlier, improving cash flow conversion is one of the paths towards driving down our leverage ratio below 4x. We believe we can deliver additional improvements in this cost line item over time.
We are targeting $10 million to $15 million in acquisition, restructuring and other costs on an annualized basis. We should expect continued improvements in the second quarter and beyond, as this is one component of our $70 million annualized business improvement plan mentioned earlier.
Now, turning to our balance sheet, we reduced overall debt by $45 million during the quarter, mainly with the proceeds of the sale of TM. At the same time, this quarter we closed small deals in legal practice management space that we locked into in late fiscal 2023.
Our leverage ratio based on fiscal 2024 consensus, including the impact of the convertible debenture, is currently 5.1x as of September 30th. We have sufficient resources to manage our debt levels. The business generates strong, sustainable cash flows. But we understand the necessity to drive down our leverage ratio, and we have set a clear target to reduce it below 4x total net debt to adjusted EBITDA.
We’re taking actions to increase our cash flow performance and placing a greater emphasis on this measure. Our Q1 cash flow operations increased by 4% versus the prior year. We’ve built a business of scale that is mission critical to small and medium-sized law firms and financial institutions. Despite the challenging macro market conditions, today’s results and plans demonstrate the resiliency of the business and the opportunity in front of us.
With that, I’ll turn it back to the operator for Q&A.
Question-and-Answer Session
Operator
Thank you. [Operator Instructions]. Your first question is from Thanos Moschopoulos from BMO Capital Markets. Please ask your question.
Thanos Moschopoulos
Hi, good afternoon. Matt, maybe just to clarify regarding the focus on deleveraging, should we be thinking that you’ll be taking a pause on M&A for the next few months in order to deleverage or will you still consider opportunities, albeit more selectively?
Matthew Proud
Look, our main focus is, we heard investors, deleveraging is a priority. And look, as we deleverage that will free up more cash flow that in the future will let us to get back to business, but we kind of heard the message loud and clear.
So for us in the near term, it’s getting that debt to adjusted EBITDA as a metric to look at below 4x ASAP. And look, as you would have seen last quarter, there was aside from the approximate acquisition that was announced in the Q4 results, there was a couple of million dollars of very small acquisitions we did that were accretive given what we paid for them, but they were very, very small.
Thanos Moschopoulos
Okay. Now, as far as your end markets, you have better real-time visibility than we do. The data gets a bit lagged. Is it still the case that we’re kind of bouncing around the bottom or are you seeing any trends across your geographies?
Matthew Proud
So, I mean look, our business is performing really well. If you consider that, compared to Q4, we sold TM yet still came in sequentially with the same amount of revenue as we had Q4, which is generally always seasonally slow. I mean that implies that our core business is doing really well.
Look, I assume your question relates to kind of real estate transactions, which are now a minority of our revenue. Look, we’re still kind of — if you look at kind of the numbers we see and kind of correlate with businesses we have that do track purchase and sales, yeah, then you still have a fairly depressed market out there. But at some point pent-up demand comes back and that will be a great upside in the future.
But today, even without that you’re seeing great performance in the business as is demonstrated by the results. We were able to kind of sell what was about 16% of our revenue. And still, in a quarter that’s generally sequentially down, kind of be flat through the last quarter, which again speaks to the strength of the business. So yeah, I hope that answers your question.
Thanos Moschopoulos
Yeah, it does. And then just as we think about the December quarter, just given seasonality in some of your markets and given a bit of TM going away, I guess, would it be reasonable to expect that revenue EBITDA will be down a little bit sequentially versus September quarter?
Matthew Proud
Yeah, I mean generally we have our Q2 is a bit softer than Q4 and Q1.
[Multiple Speakers]
Frank Di Liso
Yeah, just remember that in Q1, we still had just a month left of TM revenue. So naturally that will fall off in Q2.
Thanos Moschopoulos
Maybe just to confirm that amount, from the disclosure, it seems maybe $16.5 million of TM revenue. Is that in the general ballpark?
Thanos Moschopoulos
Yeah, generally yeah, that’s a good number. But as I mentioned before, the year-over-year impact on revenue was $9.3 million, so that’s three months compared to one month.
Thanos Moschopoulos
Yeah. Perfect, thanks. I’ll pass the line.
Operator
Thank you. Your next question is from Kevin Krishnaratne from Scotiabank. Please ask your question.
Kevin Krishnaratne
Hey there, good evening. Just a question on the $70 million free cash flow. There’s a number of categories that the benefits are coming from. Can you give us a sense of where the greater impacts are to come from? CapEx, is it the product price changes, OpEx, any color there?
Frank Di Liso
Yeah, I could take that, Kevin. So they are, we have purposely put them in order of significance. So as you mentioned, the first couple being the reduction in CapEx would be something that we’ve already actioned, and then followed by a reduction in one-time chargers and then the price optimization initiatives that we have.
Kevin Krishnaratne
Okay, got you. And then I thought it was interesting, the comments you made on the opportunity in practice management, I think within UK and Ireland. I might have misheard. Did you say 20,000 users there? There’s an opportunity for an uplift there.
I’m just curious to know, how do we think about the level of that uptick? And then did you say going forward, you would think that that’s a business that you could do, 10% increases year over year. I’m just curious about the commentary that you made there.
Matthew Proud
Yeah, it’s Matt, Kevin. Look, it was kind of a case in point example. Some of the upside we have in our business, I mean we’re just – you’re looking at business we have and your price point’s quite deeply below market. So that’s a case in point. We have 20,000 users that are paying in many cases as much as $100 a month below market, we kind of convert to Canadian dollars. That’s just one example of some opportunities we have in the business.
When you kind of back up and look at it from 50,000 feet, this is a business when you kind of look at all the opportunities that we have, every year you can grow it kind of 10%-ish. We’ve consistently said that for many years and in most cases, been delivering that.
Kevin Krishnaratne
Okay, gotcha. Thanks for that. The 19% ARR to 27% ARR in the quarter, it was a nice jump. Was that mainly driven by M&A and also how’s progress being made on the minimum value contracts?
Matthew Proud
It was driven by both. There was a practice management application acquisition in there that we talked about in our Q4 financials that would also be in these financials. But there was also a lot – a lot of that was driven from kind of minimum spend contracts, particularly out of Canada.
Frank Di Liso
Hi Kevin – Kevin, the increase is actually 13 to 27 year-over-year. But the given Q4 was very obviously the high period. As Matt mentioned, there were a lot of contracts that were signed in Q4 that had partial benefit in Q4, so you’re getting the full 3-1benefit in Q1.
Kevin Krishnaratne
Sorry, you did not do – you did 19% in Q4, right? So I was going from 19% in Q4 to 27%. Yeah, okay.
Frank Di Liso
Correct, yeah. I’m sorry, I thought you meant year-over-year.
Kevin Krishnaratne
Yeah, all good. Last one for me, just on some cash items there. Number one, how do we think about cash taxes for the year? They were a little bit elevated I think in ’23. Just wondering where they’ll land in ‘24. It looked like it was pretty modest in Q1. And then the second one on cash, can you remind us of any rough estimate for holdbacks and potential earn-outs that you’re going to be paying out in 2024?
Frank Di Liso
Yeah, so for cash taxes, we have implemented a series of plans in Canada to get a better handle of our uses of cash, and we do expect reductions in cash relative to the fiscal 2024 amount. You should look at an effective rate of about 25%. But given that we have a large loss carry forward of approximately $200 million, we do tend to put the good use in the fiscal period in Canada.
And your question on holdbacks, we do have a disclosure in our notes about the total amount of holdbacks. So you can refer to that Kevin, but off the top of my head, I think it’s roughly around $10 million to $15 million over the next 12 months.
Kevin Krishnaratne
Perfect. Thanks a lot. I’ll pass the line.
Operator
Thank you. Your next question is from Gavin Fairweather from Cormark Securities. Please ask your question.
Gavin Fairweather
Hey, good afternoon. Congrats on the results. Just a clarification. First on the $70 million free cash flow annualized increase. It sounds like you actioned about $40 million in the current quarter. Should we think about a lag to some of the benefits, both on the cost side and pricing side?
Matthew Proud
Yeah, that’s right. So in the month of October, we actioned about $40 million of it, and there’s some more going to come on in the rest of the quarter. So you’ll see that impact happen in the results we release in February for this quarter. But then you’ll see the full $70 million annualized impact on a quarterly basis next quarter.
Gavin Fairweather
Okay, it makes sense. And then in your prepared remarks, you talked about some of the pricing actions that you’ve been undertaking recently. I’m sure you’re watching kind of revenue per customer and churn trends pretty closely. Are those kind of generally falling in line with your expectations? How would you describe that?
Matthew Proud
Yeah, I’d say everything’s in line with expectations. I mean, we have a – churn is generally very low across the business. We have multiple products, in many cases, sold across the same customer, which generally leads to a sticky customer. And so there’s a real focus on getting more customers under contract, which even helps reduce that more.
Gavin Fairweather
Next for me, you referenced the four turns of leverage target a few times. Would you be willing to put a timeline around that or any kind of thoughts on when that might be achieved?
Matthew Proud
No, we’re not going to commit to a timeline today. Well let’s do it ASAP. I would say though, like in the kind of longer term, we’re going to get it below that. We kind of know you got to be between 2x and 3.5x given the ability of our business to perform, from a cash generation perspective. But in our near term we’d like to get an ASAP below 4x. We think that’s an important kind of number to demonstrate that we can quickly bring it down to.
Gavin Fairweather
Okay, and then lastly, maybe for Frank just on the working capital, it looks like a little bit of an outflow this quarter. Is that just timing? Should we think about a reversal in the quarters ahead?
Frank Di Liso
I don’t think there’s a reversal we’re expecting, Gavin. So we actually get as you know, paid a lot up front for some of the services that we offer, so that will continue. And there’s nothing extraordinary that I can remember that’s in the working capital this quarter.
Gavin Fairweather
Okay, I’ll pass the line. Thanks so much.
Operator
Thank you. Your next question is from Scott Fletcher from CIBC. Please ask your question.
Scott Fletcher
Hi, good afternoon – good evening. Most of my questions have been answered, so I will just ask one. On the – you sort of spoke to the potential for 10% revenue growth as a result of price increases. Last quarter, you talked about targeting between, I think it was 20% to 25% total growth as half of that organic. So that would sort of imply, sort of limited growth from new customers or customer expansion if you’re doing 10% from pricing. Is that the case or is there sort of – do you think there’s additional upside from winning new customers to that 10% to 12.5% organic growth number?
Matthew Proud
Look, we have like large market share across a lot of the markets we’re in, where the name of the game isn’t adding new logos, it’s adding more services to existing customers. That’s what we focus on, the cross-sell and the cross-sell under contract has been a big focus of ours. So kind of that’s the way I would look at it, Scott.
Scott Fletcher
Okay, thanks. And then I guess, yeah, one question I’ll ask then is just on the gross – gross margins were materially improved in the quarter. Is that a level we can look at going forward?
Frank Di Liso
Yeah, I think that one of the bigger implications as I mentioned before Scott was the vesture of TM, so they would have carried a lot lower margins. So yeah, that’s the level you should expect. And given that there was a one-month contribution of TM in Q1, expect it to rise slightly higher.
Scott Fletcher
Okay, great. Thanks.
Operator
Thank you. Your next question is from Robert Young from Canaccord Genuity. Please ask your question.
Robert Young
Hi. The progress on ARR expansion, is that all driven by Canada at this point, or has that expanded into other geographies?
Matthew Proud
So we started both in the UK and Australia, but most of what you would have seen was the pipeline we built over the last year in Canada coming online, particularly as Frank mentioned, towards the end of Q4.
Robert Young
And the plan to reduce CapEx that you’re highlighting within that $70 million of better free cash, would that have an impact on any of the initiatives to consolidate under Unity and then expand that strategy, even if it started in the UK and Australia?
Matthew Proud
No, a lot of that work is coming towards an end, so that’s why we’re having a big reduction in that span. So that’s part of the reduction in CapEx is due to that being concluded or towards conclusion.
Robert Young
Okay. And then you added a new Head of Product, a new CRO, Head of Sales. And so maybe if you guys give us a sense of the changes and how that’s going relative to your expectations, then I’ll pass the mic.
Matthew Proud
Yeah. So we brought in a new CRO, and it really was to build upon the success we’d had in Canada in selling contracts and taking that and building that infrastructure to be able to do that globally. So we’re in the process of kind of rebuilding part of our global teams. A lot of that’s already happened, and so you are seeing us continue to grow AR even through the first quarter as Aaron came onboard.
So really excited to have him on board. A veteran when it comes to technology sales, so a real strong add to the team. David Nash, our Chief Product Officer, also joined in the quarter. These are two kind of hires you were looking for.
For the better part of the last fiscal year, there were two areas we knew we wanted to do better in. So also happy to have David onboard as he kind of looks and helps us kind of prioritize a bit better, our product strategy. It really relates to having more focus on our global legal practice and our software business.
Robert Young
Okay, and if I could ask one last question. You talked about some of the businesses in payments, information service, property set on the core banking, all of that piece. Could you just expand on what you were? I might have missed the very beginning of that. What’s the point of putting special emphasis around that piece of the business? What are you doing with that going forward? Any other color there would be helpful.
Matthew Proud
Well, it points to give the market just enhanced disclosure around a business that we see a lot of opportunity in. This is a business that is somewhat different to our core legal tech business. Sales cycles are different with banks than they are with the law firms. You’re talking a handful of customers just under 100 versus tens and tens of thousands of them, really focused on small and medium loss. So just reflecting that and having that disclosure, we think it’s helpful for people to understand our business more.
Robert Young
So does that mean you’re going out segmented and revenue EBITDA? What exactly are you going to expand?
Frank Di Liso
Those are defined IFRS criteria, Rob. So we didn’t meet that threshold in Q1. But as Matt mentioned, putting more emphasis on that and showing the business, then that will be a decision that we’ll make for Q2.
Robert Young
Okay, thank you.
Operator
Thank you. And the next question is from Stephen Boland from Raymond James. Please ask your question.
Stephen Boland
Thanks, guys. Just one question. Obviously, a lot of talk about deleveraging. Maybe you could just focus a little bit on the convert. That seems to be getting a lot of attention. With this action plans in place, cost reductions, higher revenue, I mean, are you confident that this additional free cash flow will get you in a position to either pay off all of that 2026 convert before it becomes due or a majority of it? Or do you mean another terming out transaction like the one you just did? Just, I think that would be helpful for a lot of people looking at your cash flow over the next couple of years.
Matthew Proud
Yeah, so there’s two years left for the remaining convert until it comes due. So we feel very confident in our ability to manage that before it comes due. Look Steve, we took the opportunity, as I said, in a way that for the company I’m offered — provided very little additional yield and maturity to turn that out. So we’ll continue to look at ways to reduce our indebtedness, including the convert, really, as soon as possible.
Stephen Boland
Okay, so basically you feel pretty confident that organically if it doesn’t happen, you can still – you still have some other options. Is that the way to think about it?
Matthew Proud
Yeah.
Stephen Boland
Okay, that’s all I have. Thanks, guys.
Operator
Thank you. No more questions at this time. I will now hand the call back to Mr. Marshall for the closing remarks.
Ross Marshall
Thanks everyone for joining us this afternoon. We look forward to addressing you in February when we issue our Q2 results. Good night.
Operator
Thank you. Ladies and gentlemen, the conference has now ended. Thank you all for joining. You may all disconnect.
Read the full article here
