Hello, everyone, and welcome to Lesaka’s Fiscal Second Quarter 2023 Earnings Webcast and Conference Call. My name is Rob Fink, and I'm part of the newly appointed IR team here in the U.S. As we get started, I just wanted to remind everyone that this webcast is being recorded and the presentation can be accessed through the webcast link, as well as by dialing into the Zoom conference call dial-in numbers provided. Management will address any questions you may have at the end of the presentation. To ask a question, you must be logged into the webcast and you can use the raise your hand button on the bottom of your screen to indicate your interest in participating in a Q&A session. If you have joined via the Zoom teleconference line, you cannot ask a question live, but we would encourage you to reach out to the IR team if you have questions following the completion of this call. The webcast link Zoom conference call dial-in numbers, as well as the earnings press release, and supplementary investor presentation are available on Lesaka’s Investor Relations website at ir.lesakatech.com. Additionally, Lesaka filed its Form 10-Q after the U.S. market closed yesterday, Tuesday, February 7, 2023, which is also available on the Investor Relations website. As a reminder, during this call, management will be making forward-looking statements, and I ask you to look at the cautionary language contained in Lesaka’s Form 10-Q regarding the risks and uncertainties associated with forward-looking statements. Also, as a domestic filer in the United States, Lesaka reports result in U.S. dollars under U.S. GAAP. However, it is important to note that the company's operational currency is South African Rand and as such management analyses their performance in South African Rand. In this presentation, we will discuss results in South African Rand, which is non-GAAP. Doing so assist investors understanding the underlying trends in the business. As you know, the company's results can significantly be affected by currency fluctuations between the U.S. dollar and the South African Rand. Take a quick look at today's agenda. Chris Meyer, Group CEO of Lesaka will begin today's call with performance highlights for the second quarter of fiscal year 2023 and review Lesaka’s progress against its key strategic objectives. Steve Heilbron, CEO, Connect & Head of the Merchant Division will provide an update on the Merchant Division, which has produced just stellar set of results this quarter. Lincoln Mali, CEO of Lesaka, South Africa, will then provide an update on the Consumer Division, which has passed the key milestone this quarter. And then Naeem Kola, Group CFO, will present an overview of Lesaka’s financial performance for the three months ended December 31, 2022. Chris will then conclude the results presentation with a discussion on Lesaka’s outlook before opening the call for Q&A, where we welcome any questions, you may have.

Thank you, Rob. Good morning, good afternoon, and welcome to our second quarter 2023 earnings webcast and conference call. Our FY ‘23 Q2 results represent a significant milestone for Lesaka in a number of ways. Our performance this quarter provides clear evidence of the successful turnaround in our Consumer division, which has delivered its first adjusted EBITDA profitable quarter in years. At the same time, the strong outperformance in our Merchant division is testament to the robust growth fundamentals underpinning the Connect acquisition and the overall momentum we are seeing in our Merchant division. The Merchant division has delivered an excellent set of results this quarter, topping our guidance and showing growth of 19%, compared to a quarter ago being FY ‘23 Q1. This has been driven by the Connect Group, which has become the cornerstone of our Merchant division as we rapidly expand our merchant customer base in Southern Africa. The Merchant division is at the forefront of our mission of providing financial inclusion through our full service offering across cash and digital serving the use of both, while also facilitating the shift towards digital that is taking place. We are seeing this play out in a number of areas. For example, in our card acceptance business where we've seen card payments through our merchants in the informal sector, more than double, compared to a year ago. And also, in terms of the growth in our credit offering to MSMEs, including Capital Connect and Kazang Pay Advance, where we've advanced ZAR22 million this quarter, an increase of 16%, compared to a quarter ago being FY ‘23 Q1. The Merchant division has performed ahead of our expectations. The growth drivers and secular trends underpinning financial inclusion, cash management and digitization for MSMEs are clear. We therefore believe the conditions for…

Thanks, Chris. At the outset, let me say that I'm very happy to have extended and broaden the scope of my activities within the group and I'm excited to work with you and the leadership team as we continue to optimize both revenue opportunities and cost synergies across our dual sided ecosystem. Focusing on our Q2 FY ‘23 performance in the Merchant division, as Chris has mentioned, the Merchant division outperformed expectations and guidance this quarter, driven largely by a very strong performance of the Connect Group of businesses. The Merchant segment compared to Q1 has grown Q2 revenues by 12% to ZAR2.1 billion and adjusted EBITDA by 19% to ZAR160 million. The transformative impact of the Connect acquisition is evident, when compared to revenues and adjusted EBITDA of ZAR223 million and ZAR15 million respectively in FY ‘22 Q2. We have achieved growth across all products with standout performances in our Kazang VAS and Kazang Pay business units, as well as notable performance in both Merchant credit businesses, Capital Connect and Kazang Pay Advance. Focusing on the key activity drivers of revenue and EBITDA, the following lead indicators are highlighted: Kazang VAS throughput for the quarter of ZAR6.8 billion is up 40% year-on-year and up 17% for Q2 and Q1 for FY ’23. This is supported by solid growth in the onboarding of new merchants with circa 7,500 merchants being added in Q2, up 13% on Q1. The Kazang Merchant Estate closed Q2 at 64,500 merchants, this is up 47% year-on-year. Our business development team continues to focus on adding to the bouquet of products, vended by our merchants from the e-wallets, as well as broadening the added value solutions targeted at solving for our merchant’s pain points. In our card acquiring businesses, Card Connect and Kazang Pay throughput for…

Thank you, Steven. It is so pleasing to see the growth and profitability coming out of the Merchant division and the progress we've made on the integration. Moving on to Consumer division, the last 18-months have been a very busy time for everyone. As we said, how to transform it, and return it to profitability and position for growth. I'm extremely proud of the Lesaka team and specifically all the staff in our Consumer division in achieving our first EBITDA profitable quarter in years. It was a critical milestone in our journey as it removes the drain on financial and human resources and allows us to focus on growth. We are pleased to report a ZAR10 million segment EBITDA profit for the Consumer division in quarter two, which was slightly under our guidance, but a vast improvement from a year ago when we reported a consumer segment EBITDA loss of ZAR67 million. We marginally missed the guidance for Consumer segment EBITDA, due to a lower growth in our Easy Pay loan business that we had forecast. But we were encouraged by strong December growth, which has continued into January 2023. We do not need to change our guidance for the full-year and are confident we are on track to deliver. Over the past four quarters, I've been speaking about the three levers we have used to retain the Consumer division to profitability, which are cost optimization, increasing our ARPU through cross-selling and growing active EPE account numbers. This result achieved was primarily through the first two levers. Under Project Spring, we committed to annual cost savings of approximately ZAR350 million in the Consumer division. Through the rightsizing and rationalizing of our infrastructure and staff complementing the consumer business, we've achieved ZAR222 million already in the first half of 2023. Our…

Thank you, Lincoln. I'm very excited to take you through the financial performance for quarter two 2023. Before I do that, as a reminder Lesaka as a domestic fighter in the United States will report results in U.S. dollars and the U.S. GAAP. However, our operational currency is South African rand, and as such, we analyze our performance in South African rand. In this presentation, we will discuss our results in South African rand, which is non-GAAP. This assists investors understanding the underlying trends of our business. As you know, our results can be significantly affected by the currency fluctuations between the U.S. dollar and South African rand. Additionally, Q2 20 23, similarly to Q1 2023, includes pre-existing Lesaka and Connect Group for the full quarter, compared to Q2 20 22 that only includes a pre-existing Lesaka business. And thus, FY ‘23 Q2 versus FY ‘22 Q2 is not meaningful comparison as Connect was not included in FY ‘22 Q2. However, FY ‘23 Q1 has Connect included for the full quarter and that is a useful sequential quarter comparison to focus on, demonstrating performance and growth rate for the quarter. I will now turn to the financial performance overview. As you have just heard, Lesaka is making significant progress in the transformation journey. And this is coming through in our improved financial performance and a strengthened financial position across the group. We are building on the momentum that started four quarters ago for both in Merchant and the Consumer division and we have also made great strides to improve our capital structure positioning us to support our growth plans. We achieved a consolidated group revenue of ZAR2.4 billion for the quarter, compared to ZAR479 million in Q2 2022. This exceeded the upper end of our guidance in rands. This significant…

Turning to the outlook for Lesaka. We wanted to provide you with guidance on the near-term performance of the Group. And although we report results in U.S. dollars under U.S. GAAP, our operational currency is in South African rand and we analyze our performance in South African rand. And as such, we believe that providing guidance in rand is more useful. I'm very pleased to reaffirm our prior guidance provided for financial year 2023. Our outlook for group revenue is between ZAR8.7 billion and ZAR9.3 billion for the 12-months ending 30 June 2023. Merchant segment adjusted EBITDA between ZAR550 million and ZAR565 million. Consumer segment adjusted EBITDA between ZAR95 million and ZAR110 million. And adjusted for group costs, which we expect to be between ZAR165 million and ZAR150 million. This implies an adjusted group EBITDA of between ZAR480 million and ZAR525 million for FY 2023. For Q3 FY ‘23, our outlook for group revenue is between ZAR2.5 billion and ZAR2.8 billion for the three months ending March 31, 2023. And we expect Merchant segment adjusted EBITDA between ZAR140 million and ZAR145 million. Consumer segment adjusted EBITDA between ZAR40 million and ZAR45 million and group costs between ZAR45 million and ZAR40 million for Q3 FY 2023, which taken together means group adjusted EBITDA of between ZAR135 million and ZAR150 million for Q3 FY 2023. It is important to note that the Merchant segment adjusted EBITDA of ZAR160 million for FY 2023 Q2 included ZAR22.1 million relating to point-of-sale devices in our NUETS business. And this is not forecasted to repeat in FY ‘23, Q3 or Q4 given the lumpy nature of bulk sales in this business. And in addition, seasonal trends indicate that our Q2 is usually a slightly stronger quarter, due to higher -than-average transaction volumes in December. Looking forward,…

Thanks, Chris. The Q&A session will now begin. [Operator Instructions] We're going to take a minute to build the queue. And while we do, we're going to read two questions that were submitted by [Indiscernible] of Anchor Securities. Chris, Spin wants to know what the impact of load shedding has been on the business and specifically in the Merchant division?

[Technical Difficulty]

Yes, sure. Thanks, Chris. I think the reality is we delivered a very strong set of results despite the load shedding. So the question really is, how much worse could it actually get? Now, we believe as we move into Q3, we have a strong momentum and our business has been stress tested with, you know, -- from Stage 3 to Stage 6 and at times even Stage 8. So the numbers speak for themselves.

Thanks, Steve. [Technical Difficulty]

Great. Spin’s second question is about guidance. And he wants to know given the strong performance and guidance beat in the second quarter, why your outlook is being reaffirmed and not raised. Chris, can you unpack your thoughts on the full-year outlook and overview your expectations for growth in the second half of the fiscal year?

Sure. So we decided to leave our guidance unchanged. As I explained, we exceeded guidance in the Merchant business last quarter. The Merchant business grew by 19%. And I think there are two things within those numbers to think about. One is, we saw a large bulk order in our NUETS business, plus the bulk device business, which had around a ZAR22 million net impact on EBITDA. That's a lumpy business, a lumpy order cycle, when you look at it quarter-on-quarter, you need to look at it over a while longer period. So sort of taking that out of the picture firstly is important. And secondly, December, and for us is a big math. We see increased volumes across the business seasonally as an expectation. So again, we want to effect in any type of thinking. So we believe that the -- as I've said, the growth drivers that underpin our business remain intact. And most importantly, we believe that the growth trajectory that we've seen, particularly within the Connect Group, and we expect that to continue into the future. So if -- we'll look at it again in a few months’ time when we present Q3. And if necessary, if the conditions and the momentum are continuing in the way they are, we might look at it at that point in terms of revising that. But for now, we wish to remain and reaffirm.

Great. Thank you. And Chris, just so you know, there may be a little issue with your mic, so I'm going to give tech a minute to address it. And while I do, we did have a question from David Garrity of GCA. How does Lesaka recognize revenue from hardware terminal sales? Contemporaneously or over an expected period of use?

Hope you can hear me. And hopefully my previous answer came through, if you need me to repeat it or that I'm happy to. But just picking up on the question regarding revenue recognition on that, I'll pass it to -- I’ll ask Naeem and maybe just do that. Is that's okay.

Yes. Thanks, Chris. So just to understand the question, if we are referring to the hardware terminal sales that we sell to our NUETS business, these are sales that we do to customers and ownership of these terminals are taken over by the customer. So we recognize our revenue on the time of delivery, and the way that is treated from an accounting perspective is that on the time of sale, because the risk is transferred and we do not have any underlying ownership. We recognize the revenue as a gross number in our income statement and the related inventory that is sold is then recognized on our cost of sales.

Thanks, Naeem.

Okay, great. Our next question is a live question from Frank Geng. Frank, your line is going to be unmuted.

Hi, guys. Thanks again and congrats on the quarter. Just a few questions from me. They're somewhat related. You know, maybe first Naeem or Lincoln to you. Could you provide some rough commentary on how much working capital before the loan book funding, you'd expect to invest per year and how much that's to maintain the business versus growing it? Second, you know, I guess, how should we think about usage of cash going forwards? And third, you know, Naeem now that you've extended the lending facilities, are there any other levers to continue to optimize capital structure, reduce debt repayments, reduce interest expense? And I guess what's the new maturity on the debt? Thanks.

Thanks, Frank. So I'm going to put those questions to Naeem to respond to and just maybe help you that he can deal with it. I think the first question was around our working capital requirements in the business. And our requirements to invest in working for growth.

Yes. So look, I think, Frank, from a working capital perspective, it's quite important to understand that the majority of our working capital is really in our VES and the Card Acquiring business. If you look at our cash management business, as well as the business related to the consumer. The working capital requirements are not that significant, because we receive the funds from the customer upfront. So those are held on a wallet. If I look at the current facilities, you will see as well that as we highlighted between quarters, we can have quite a swing in terms of the working capital requirements in the Kazang business depending on when the month end or when the quarter end. And that is managed through adequate facilities that we have in the moment in terms of cash, as well as an overdraft facility. We do also take advantage of opportunities where we can earn higher margins, specifically on our value-added services business in terms of airtime and electricity. And in those circumstances, we would fund upfront, and that's then specifically through cash reserve. So I think we do those only in circumstances where we can earn a higher margin and it's a cost-effective way of increasing the margin in the business. In terms of going forward, we do not envisage a significant increase in working capital requirements. We are experiencing quite a significant growth in our Card Acquiring business. But the capital requirements in terms of working capital are well managed and within our facilities that we would be able to do in our overdraft. So I think that our longer-term view in terms of working capital is that we don't believe there is a significant increase anticipated.

Thanks, Naeem. I think the question on debt and the change to our facilities and we’ll leave this [Technical Difficulty].

Yes, sure. Look, I think for us, firstly, we’re super excited about the fact that we've been able to renegotiate a position with our bankers. Number one, over the last six to nine months, it's very indicative of the confidence that the bank is already seeing in the performance. And the extension of the facility to three years taking us up to 31st December 2025 gives us the ability to really focus on making the right, kind of, decisions in terms of capital management. And in addition to that the potential upsizing of that facility that will help us fund our loan book growth mainly on the consumer side of the business. So that is quite a significant change for us. In terms of levers, as we've highlighted in a number of our presentations, the focus for us in the business is really the consumer and the merchant business in South Africa. We have the non-core investments such as MobiKwik and [Indiscernible]. And we will be looking at means and ways to exit those positions in a responsible way. And that would result in quite a significant cash inflow for us to manage. In addition to that, I think we would be also looking at the right time in the market in terms of adjusting the structure of our capital position.

Okay, thanks.

Great. The next question is coming in from Raj Sharma of B. Riley.

Yes. Hi, thank you for taking my question. I wanted to ask maybe, perhaps, directed towards Lincoln. If you can talk a little bit about the consumer division, you know, talk about the lower transaction, the ATM transaction fees and the higher insurance fees? And also, what's happening in the ARPU? And how you are able to push it up? And what should we see that going forward in terms of the traction in the conversion of the accounts?

First of all, thank you so much. I think firstly, I want to say how pleased we are with the turnaround of the consumer business. I think that we've spoken over the last few months about the work we've done to get our staff to understand the importance of cross-selling. And all of that work is starting to come through. You're starting to see more of our clients taking our insurance business and our sort of insurance products and our lending products. Those two things how to drive our ARPU. As long as we've got quality clients and those clients are able to take more of our lending products, and our insurance products, we want to see that ARPU increasing. And we think that if we maintain that, you'll start to see some upside on that ARPU even further. So we're quite confident on the trajectory of our ARPU as we improve our business, as we improve our cross-sell to our existing clients. So we've been quite pleased with how our customers have responded on the lending side and the insurance side.

And on the ATM transaction fees, was that just primarily because of reducing your infrastructure.

So just to clarify -- can you just clarify the question specifically on ATMs? Are you asking about…

Yes. You know, on the ATM transaction fees, they were lower. And was that because of the reduction in the infrastructure? I know that the ATMs have become far more efficient. And productive?

Yes. So what I like -- let me comment on just a macro point around it, ATMs in the business and then we can talk about some of the macro movements quarter-on-quarter as well. I think that according to your highlights is we've taken the 18 states down from around 1,500 devices, you know, just over year ago to around 880 at the moment. And approximately 60% of those are now in retailers. Previously, all of them were in our branches. And what we are seeing is a significant increase in volumes on those ATMs what we would call, [Indiscernible] transactions, which means other banks, the clients of other banks using our ATM. So you know, with the and state that it's essentially hard. We are seeing and we're protecting our volumes, and in fact growing [Indiscernible] and then that really is coming from a much more efficient, you know, per ATM activity than what we saw previously. So I think very happy with the, you know, with the strategy that we -- that's playing out on the ATMs are in terms of driving productivity and super good device.

Yes. Thank you. And then just a question on Connect. Just wanted to understand how was it better than initial expectations when Connect was acquired? Has it -- has Connect surprised you in any particular segment, and it surprised you positively?

So, you know, I think on the whole -- the Connect Group, you know, for us has delivered, let's say exactly what was laid out in terms of the vision and the opportunity for the business. And as seamlessly integrating to Lesaka. So, you know, we believe it's, you know, a successful transaction in every way. You know, areas where it's outperformed would be, for example, you know, in the Card Acquiring in the Card Payment space, we had forecast around volumes and growth in that business and have been exceeded. And that's positive upside. So that's been a big positive. We've seen growth in the -- in our merchant numbers ahead of our business cases. So in terms of rollouts of VAS devices, that has been ahead of our original expectations. So it's usually positive. But I think what it's saying to us is it's just underlying -- underlining, rather, you know, the market opportunity, particularly in the informal space. And we've spoken about the fact that 1.4 million informal merchants out there as a target addressable market, we've got something like, you know, 65,000 devices. We've spoken about the fact that 4% of their rebates of merchants in the informal space can accept card payments. You know, we've seen our volumes double. Our current pipeline is doubled over the last six months in the informal space. So those themes are, you know, are well understood or have been identified, and I think of the secular themes that drive the Connect Group. Maybe the pace of growth has been a little bit more than we built into our original plans.

Got it. Got it. Thank you so much for taking my questions. I'll take it offline. Thanks.

Great. Our next question were submitted by Judge [Indiscernible] of Cloud Penny Partners. His first question is for Steve. Steve, you have a stellar growth rate in the Merchant division, even quarter-on-quarter. And we expect this type of momentum on a quarterly basis going forward?

So maybe just circle back quickly to, you know, the earlier question raised around load shedding and maybe, you know, what I want to remind everybody about is retailers in this country, particularly in the MSME sector and more broadly, if you look at the last three years, we've had COVID, we've had in the Kaizen area. We had significant flooding. We've had riots. And of course, now we've got this perpetual load shedding. So the business -- the merchants have been stress tested. I think one of the things that we'll have to watch in -- as we go into Q3 is the perpetual nature of this has some form of exhaustive effect on the retail merchant. So we produced a very good set of results as you can see in Q2. Our momentum going into Q3, we are through January, we have very strong momentum and that has continued. But perhaps some of that slowdown, which we may see, in some of those areas relating to load shedding are offset by some of the innovation that sits within the business. And Chris touched on it already. So as I've mentioned before, Kazang Pay was a spin-off of Kazang. And our Kazang Pay advance is a spin-off of Kazang Pay. And some of these ideas and businesses, which we were pregnant with, including our supplier payments businesses, and our capital connect business are starting now to see much stronger momentum than we initially anticipated. So I think whilst we -- so I think the answer is we have a well-balanced offering. We are solving and having a lot of fun solving for the pain points of our merchants. And the business is underpinned with very good momentum. So I think Chris, we've given guidance for Q3. And I think we're relatively confident that, that is -- it's solid and if anything, probably -- potentially a little bit conservative.

Great. Another question from Judd and this is for Lincoln. Congrats returning the consumer division to profitability. How should we look at the growth outlook of the consumer division over the medium term? Would you say that you now have fixed the cost structure in place to drive operating leverage from here? How do you think about the long-term stable margins in the consumer business?

I think that if you look at the guidance that Chris has given, we can now see that this business is stable. That this business now is planned for growth and that all the cost initiatives that we've taken we will now reap those benefits. And then all of the work we've done in preparing our clients for new propositions, we will now be able to kind of build on that. And I think that in terms of the guidance, you now will have a business that is growing profitably quarter-on-quarter to be in line with the guidance. So we've done a lot on the cost in terms of the bulk of what we need to do. But obviously, there are still some tweaks that we need to do. But on the own, I think that those phases of firefighting are gone, we now can start to think about what are the innovative things that we can do with our clients, what value propositions can offer them and what can we do to compete with other players in the market. So that's how we look at the future from the consumer division.

Well, great. Thanks. We're running short on time, but we do have three more questions that I'd like run through before we close-up, has there been a notable increase in SASSA beneficiaries after the major glitches experienced with Post Bank since November 2022? How do you guys -- have you guys’ plan set up aggressive acquisition of customers currently served by Post Bank?

Yes. We have great plans around that. We are actively encouraging customers to join us. We are also making sure that we have more presence in terms of marketing. Telling people what we offer and what alternative we have. But what we're trying to think about going forward is not just the mistakes of the Post Bank or challenges that they have, but to work on our value proposition and make sure that our value proposition is quite competitive and enticing for customers to join us. And those are some of the things that we're working on. What can we put in the table that makes customers excited to join us regardless of the challenges that SASSA and them are facing.

Great. Thank you. This next question is for Steve. Steve, there are a couple of players in the merchant credit provision space such as retail capital, habitat, who have been in the space longer. Have large data set provided by Yoko and others or large balance sheets? How do you plan to differentiate yourselves from them?

So let me at the outset, let me say I'm just so impressed with some of our young folk in the business who just perpetually innovate and bring good solutions to the market. So if we look at the Capital Connect business, I mean, the differentiator in that space is hassle free credit. Between the time of applying and it's all preloaded, our customers can have credit approved and money in their account within a few minutes. So I think that in itself is a major differentiator. Remember, we are well positioned in that business. We process close to ZAR10 million a month through our vaulting infrastructure. And we process close to -- if you look at Q2, well Q2 and in fact December, we did about ZAR1.3 -- just under ZAR1.3 billion in our card processing business. All of that data is attached to an algorithm, which allows us to -- allow our retailers to take advantage of an opportunity when it knocks. Now, there's an old saying opportunity doesn't knock at whispers. And if you're an entrepreneur, you've got to take advantage of it immediately. So the intrinsic advantage we have is really the speed and our ability to turn that round within minutes. So the conventional approach, which is I need management accounts, audited accounts, a credit committee and will revert within a few days is not a model that really is appropriate for the type of retailers that we're dealing with. And then, of course, on the back of that, we continue to innovate in terms of added-value beyond simply the speed to market.

Well, great. And guys, we're at our last question. And this is another question for David Garrity, and it's for Chris. Chris, do you have an authorization to repurchase shares in the market -- in the open market? If so, what is the size of the repurchase facility? What are your plans there to exercise the authorization if any?

Thank you for the question. Yes, we do have a capacity or a facility rather to repurchase shares in the market. And I'll confirm the exact size for you or flatten out of the numbers with me here. But yes, the business does have that authority or ability to repurchase. I think the broader question around share buybacks, for us, as I've said before, our focus has been around stabilizing the business. It's been about -- on the consumer side and it's been about integrating the Connect acquisition and focusing on delivering the growth journey that you've been hearing about here today. So as our first quarter have actually generating cash in the business at an operational level, we feel we've turned a real milestone. And our focus continues to be to reduce that debt to EBITDA ratio on a net debt basis. As we said, a net debt to EBITDA, we're now at 3.3 times. We'd like to see that come down a little bit more. So all of these things are sort of immediate focus areas around cash and our resources in the business. And we believe we are producing and delivering a business that has excellent returns to shareholders, return on your capital. And we'd hope to start to see that coming through and continue to coming through in the quarters ahead. So yes, we'll monitor the situation. We'll continue to focus on where we are and we're very alive to this question, we get it quite a lot.

Well, Chris, everyone, thank you for your time. Thank you everybody for joining us today. We've run out of time. That concludes the call. I would encourage any investors who didn't get a chance to ask a question or have more questions to reach out to the IR team, we are here 24/7. Thank you.