Checkit (LSE:CKT) — Investor Presentation

0:01 Good afternoon, ladies and gentlemen, and welcome to the CHECKIT PLC Investor Presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged. They can be submitted at any time via the Q and A tab that's just situated on the right hand corner of your screen. Please just simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company will review all questions submitted today and publish responses where it is appropriate to do so. Before we begin, I would like to submit

0:32 the following poll. And if you could give that your kind attention, I'm sure the company would be most grateful. And I'd now like to hand you over to CEO, Kit Kite. Good afternoon, sir. Hey. Thanks very much, and good afternoon, everybody. I'm very pleased to be able to present trading update for the full year '23, and we'll get straight into it. The obligatory disclaimer, we skip through. Okay. So there's a little bit of ground to cover. I will start with a set of the highlights on the financials, and then we'll explore for those who are new to CHECKIT, the why CHECKIT, the who we are, what we do, why our industry, and why now. And then I'll cover off the pillars of our strategy and how we're looking to continue to grow to seize this opportunity. And then I'll hand over to Greg for a bit more detail on the financials before we open up for q and a.

1:25 So we're very pleased with, what was a successful and consistent year of growth, organic growth in the company. Came in at 11,500,000, so that's 28% year on year and ahead of market expectations. Recurring revenue at 9,600,000 represents 41% year on year growth, and I'll add that is the third consecutive year of plus 30% growth in recurring revenues. And it is also now greater than 90% of all of our revenues, so we're very happy with that result. Total group revenue from continuing operations at 10,300,000, representing 22% year on year growth, and cash at 15,600,000 ahead of market expectations leaves us in a very healthy and balanced position as we move into FY '24.

2:12 And then with a view towards our path to profitability, we're very confident that our cash position will remain strong throughout that. So for those who are new to the CHECKIT story and indeed for those who are existing, shareholders, it's time to revisit what we're all about and what's so exciting about the opportunity. So who are we? What what is it that we do? Really, there's three things for you to bear in mind here. CHECKIT, first and foremost, is a cloud based platform that drives, enables, and guides workflow for desk desk workers. And that workflow is used in that palm of their hands through a Apple device or an Android device or an iPad tablet.

2:58 That platform is also augmented and surrounded by an Internet of Things sensor ecosystem. Okay? So the assets, be they fridges, freezers, hot holds, vaccine storage units, buildings that these deskless workers operate with are monitored automatically by our Internet of Things sensors. The second point, the key point about what makes CHECKIT so differentiated is that we link and we integrate the data that comes from the Internet of Things sensor devices with the data that comes from the people doing the work into the one platform. So we get an end to end view and an automation and digitization of the environment in which Dessa's workers operate in. We provide them with the technology they need to be more effective, more efficient, reduce waste, etcetera.

3:49 The third piece that really makes CHECKIT stand out is when we think about the business leaders in the large multisite international businesses that we tend to work with. These are predominantly COOs and c o CXO minus one leaders. Sophisticated dashboarding insights and analytics takes all of the data that is gathered from the shop floor as it were and turns that into real time visibility and actionable insight. So we're in the business of driving, operational improvement across the board for large worksite operations. There is a real and fundamental need. So despite all of this, deskless workers, that's about 2,700,000,000 people. It's 80% of the global workforce.

4:37 73% of these workers in large blue chip multisite, multi geographical organizations are still using pen and paper or Excel spreadsheet to do their work. Right? So even though we're in 2023 and it's a twenty first century world, they're still operating like it's the nineteen eighties. It's clearly not fit for purpose. Then you factor in rising cost of labor, supply chain challenges, supply chain disruption events, the impact of inflation, fundamental in our target audience, the the impact of labor attrition, and you get a direct impact on service delivery. This leads to a situation or an environment in which our customers are operating in a dark operations environment. What does that mean? It means that the interaction, the activity between people, places, and things remains hidden from view.

5:32 They can't see beneath the bonnet, which means you're inefficient, you're wasteful, you're wasting time, resource, energy, food, medical product, etcetera. CHECKIT platform brings this into the light and allows business leaders to make continuous improvement on their on their operations. The market size is compelling. So what we know is knowledge worker market, it's about 600 to a billion people, has about £210,000,000,000 of business technology spend annually going through it. Desktop's worker market is three to four times the size.

6:09 Even if we make a few, you know, prudent assumptions that deskless workers might be less highly valued than knowledge workers, it's debatable. Even if we accept that the market itself is still fragmented and and evolving, over the coming years, it's it's quite possible to see a market opportunity of 5 to 600,000,000,000 annual business technology spend. In order for CHECKIT to see the opportunity, we need to be very focused. So I'll just explain the industries that we currently play in and why we do so. Okay. So predominantly, we focus on health care, retail, restaurant, hospitality. That's about 600,000,000,000 workers. Health care includes within it biopharma companies in The US, for example. It includes within it hospitals, both private and public. So for example, the NHS is one of our largest customers.

7:00 It also includes within it life sciences organizations and care homes, increasingly care homes, or senior living, as they say, in The US, which is becoming quite an interesting space for us. Retail for us predominantly means food retail, But within that, of course, you've also got franchise operations from the large food retail players, and you've got facilities management, soft FM, for which food to go is a core business requirement. And then the final the final industry for us is restaurant and hospitality. This is a part of the CHECKIT business. The point to note here is there are adjacent industries, education, manufacturing, construction, that we expect to scale into as we harden up our go to market offering.

7:46 So I'm gonna cover off with a few of the key pillars of our strategy.

7:51 There are three pillars. One, we will continue to convert CHECKIT into pure subscription business. I consider this now complete. As I said, more than 90 of our revenue is now recurring. Two, we will look to continue to build scale and global growth. Scale in how we go to market, global growth in where we seek to play. So UK, Europe has been our traditional base. As you'll see, The US and North America has become a very exciting growth story for us. We'll continue to focus our efforts in these two regions. We have a foothold in Asia Pacific, and over time, I expect that to also play an increasing role our growth story. And the third piece, which is really fundamental to this, is we will continue to evolve and transform

8:34 the operating model of the company, one that seeks to be able to scale and grow without adding in incremental cost. But a key factor of this really is the culture of the organization that we're looking to build here. High performance must be core if we're gonna seize the opportunity that we want to.

8:52 And so those growth ambitions, let me unpack them for you. There's three pillars to it. Again, one, we will continue to expand and prioritize growth in The US market. Alongside that, we'll seek to double down growth in what we call the rest of the world. So that's kind of UK, Europe, and beyond. It's worth remembering we've got more than 500 customers, and the majority of those are based in around The UK and Europe. There's a great opportunity particular particularly in economic conditions such as these to drive increased upsell and cross sell opportunity amongst those customers. Alongside this and of equal importance is how we continue to accelerate our path to profitability. We we've mentioned this a lot in the last six to twelve months. Operating efficiency in how we sell, the way the product goes to market becomes absolutely fundamental.

9:43 And Greg will be able to articulate more on that in in in a few moments. If we get pillars one and two correct, then pillar three should start to follow three. And we have a stated ambition to to become a market leader in what we call the augmented workflow. So that's the sophisticated use of Internet of Things sensors, software, and analytics in our target sectors. I'm gonna touch on a few things that have been highlights from the year f y twenty three. So as it relates to customers and pipeline, pipeline's sitting currently at just just shy of 14,000,000 annual value that is. So it's near a $4,546,000,000 of total contract value because we do three year minimum terms.

10:25 The really important thing to know about the pipeline is that nearly 70% of that comprised of what we call large enterprises. That's big multinational blue chip organizations, billion plus in revenues. That's the fundamental basis for how we will seek to grow this company, large enterprise customers, and we we pursue what was called a land and expand model. So initial deal sizes might be relatively small,

10:51 but if you're a company like Compass Group, for example, or Sodexo, someone else or, you know, customers we've all brought on board in the last year, the ramp and the the opportunity to scale as the as the product gets sticky and as the snowball effect takes place is significant. Other logos that we typically would work with would be the likes of Stop and Shop, Greggs, Just Eat, etcetera, a number of who we brought on board in the last twelve months. And over the next twelve and beyond, we seek to expand. Alongside this upside larger deal opportunities, it's fundamental to maintain a consistent run rate in the business. I think we've done a good job in the last, in in h two of demonstrating that. That is consistent sales coming through the door, and that's why we also focus on what we could call enterprise and midsize customer system, 500,000,000,000 to 1,000,000,000 in revenues.

11:39 They may have a limit to the total amount of lifetime value they can have. However, the consistency in the shortened sales cycles keeps their business well balanced.

11:50 A word on The US. Again, really pleased with the performance of The US. K. So we've grown it about 9091% in terms of ARR in the last twelve months, and that's a really fantastic result. It's still a maturing market opportunity for us. You know, we we are still figuring out the best and most optimal go to market strategy, but I think the indicators are that we've got a model that works there. K? Predominantly, our customers have come from net new customers in the biopharma space, upsell and cross sell within the biopharma space.

12:23 Also, more recently, we we started bringing on new food retail sort of franchise customers, and an interesting vertical here as well is senior living, so care homes in The US that's had a lot of traction. So we're we're we're we're quite excited, and we we want to continue to maintain that growth as we move into f y twenty four. Finally, before I hand over to Greg, let's touch on a few aspects of how we're investing into the platform to make it and maintain it as a point of difference amongst the competitor base. So we will continue to onboard third party IoT use cases. So additional Internet of Things sensor products into our our ecosystem. This allows us, and this will complement the use cases and the go to market that we currently have with both our existing and new customers.

13:15 Within the platform itself, I mentioned already that we fuse sensor data with the data gathered gathered from people and workflows. We'll move and we'll enhance the work we do from being a taskmaster and from organizing operations to guiding operations using predictive insights. This will have to be enabled through a much more flexible use of self-service. Customers enabling trials, easier adoption of the platform, very easy self-service workflow development, and all of that needs to be underpinned by a robust, scalable, and resilient cloud platform, which is core to this business. Okay. So I'm now gonna hand over to Greg, and he can take you through some of the numbers in more detail. Thanks, Kit, and good afternoon, everyone.

14:04 We're very pleased today to present a trading update ahead of market expectations. ARR at £11,500,000 increased by 28% versus last year. I was ahead of analyst, forecasts by 10 of £10,800,000. So an increase of of 700 k versus those analyst forecasts.

14:28 Cash was also ahead at £15,600,000 versus consensus expectations of £15,200,000. Group revenue from continuing operations was 10,300,000, up 22% versus last year, with recurring revenue 41% up, partly offset by nonrecurring revenue, which we expected to decline as we converted more U. S. Customers from maintenance contracts to subscriptions. As Kit said, recurring revenue is now 93% of the total, demonstrating our transformation into subscription business. So let's go into some more detail on our recurring revenue performance. As you can see here, and as KIT mentioned before, this is the third consecutive year where we've grown by 30% or more.

15:21 This consistent growth reflects new business wins as well as expansion of existing customers. We've been successful in renewing one of our largest enterprise contracts. And as we invest in our growth and in our platform, we remain confident in our growth strategy and our expansion in The US, which KIT just spoke about evidences this further. As well as growth, we've applied increased focus on our plan to drive further operating efficiencies and accelerate our path to profitability. Over the last year, we've reduced costs in our operations with some targeted headcount reduction of 10%. We've also delivered on initiatives to reduce our hardware and platform cost, which will improve our margins.

16:07 Today, we're focusing on revenue and cash, So we'll take you through this more when we announce our preliminary results in late April. And now I'll hand you back to Kit. Thanks very much, Greg. Look. We look forward to be able to unpack more of this actually as we hit the prelims in mid mid end of April, but it it beholds me to say that the board remains confident in our ability to drive continue to drive consistent and strong organic growth in FY '24 despite the economic conditions that we all are familiar with. So with that, I would like to hand over for q and a and look forward to asking questions.

16:49 Kit, Greg, that's great. And thank you very much indeed for your presentation this afternoon. If I may, I will just bring back up your cameras. Ladies and gentlemen, please do continue to submit your questions just by using the q and a tab that's situated on the top right hand corner of your screen. But just while the team take a few moments to review those questions that were submitted already, I would like to remind you that a recording of this presentation along with a copy of the slides and the published Q and A can be accessed via your investor dashboard. Greg, as you can see there in the Q and A tab, we have received a number of questions throughout your presentation this afternoon. And thank you to all of those on the call for taking the time to submit their questions. Alex, perhaps now if I may just hand over to you to chair the Q and A session with the team, and I'll pick up from you at the end. Thank you. Thank you, Jake. So I'll kick off with the first question from Ryan.

17:39 Great to see that the new contract wins in January. What is the typical sales cycle in securing new customers? Yeah. Okay. Good. Let me let me take that one. Thanks, Brian, for your question. There's a few factors I'd make people aware of. One, the sales cycle depends on the region, and it depends on the size of the customer. So if it's the enterprise big blue chip customer, typically, you would have expected to see twelve to fifteen months to land a, you know, significant foothold from which you can then expand. Over the last twelve months, because of the economic conditions that we're all familiar with, that that we have seen some extension of that of that kind of a sales cycle. If you're looking at sort of mid midsize and and sort of smaller enterprise customers, those sales cycles can be six to nine months, let's say. You know, we did have a win in The US at the back end very very end of last year, which had a sixty day sales cycle and has actually a mid sized customer. So there is variation within that. You know, we're we're constantly striving to reduce that sales cycle, but, you know, there are certain aspects we don't have full control of.

18:50 So that would be the way I'd I'd I'd guide people towards it. Thank you for that. Second question here from Steve. Further investment is planned into sales and marketing and development to support growth. How much of the business moving forward does this represent? So, yeah, I'll I'll I'll take the the first part of this, and I'll let Greg comment on, you know, what proportion of our spend is is is on sales and marketing. I think it is absolutely true that where we see green shoots and and where we see scale, for example, in The US, we've had a we've had a really good year. We look to get behind that, and that's why we're glad to have that healthy cash position so we can invest accordingly. But it's also the case that we need to do it on an ROI led basis.

19:36 It it isn't actually the case that there's a straight line between, you know, pounds spent on, you know, say, new sales heads and, you know, pounds pounds delivered within a period of time. So we have to be very balanced in the way we do that. But, absolutely, where we see growth, we get behind it. A very targeted focused way. Greg, perhaps you might wanna speak a little bit more on how we balance that. Yeah. Sure. So what I would say is that we have increased investment this year into sales and marketing and into our product. We'll take you through more of that detail when we get to the preliminary results. But as a broad, assumption out of our operating costs, I would say that sales and marketing and product represent about two thirds to three quarters of of the operating costs.

20:24 Thanks, Greg. Thank you. And then one specific question is, how many salespeople do you have in The US? And given the success there, are you planning to increase the size of that team? Yeah. Okay. So, you know, surprisingly, we have three salespeople in The US, so they're quite effective. You know, it's are we planning to increase the size of that sales team as as I said just just before. Absolutely. The way to do this fundamentally is you get you build up a significant amount of pipeline and demand such that the existing team is completely saturated. And where you've seen those green shoots, you then invest behind it with new heads. I think one of the learnings over the last couple of years is not to bring new heads in ahead of demand, so ahead of getting that pipeline where it needs to be. That pipeline is now where it needs to be in The US. So I think as we move into next year, we'll be looking to bring on more more heads and drive more organic growth.

21:19 Thank you. Got a next question here from David. Previously, CHECKIT has been excited about the rollout possibility with BP with targets of 1,500 sites in '22, 2023, and 4924. Can you sort of talk about how the how that client is progressing? Yeah. I can. I mean, it's fair to say that the renewal the enterprise renewal that we announced, you know, towards the back end of last year, one might assume is quite related to the BP opportunity. And and and what I'd say there is they're a very large customer. They're, you know, top three largest customer for CHECKIT in terms of ARR contribution. But like any very large blue chip organization, they can be quite slow in their decision making process. And it could be the case, you might say, that until such contract renewals have taken place, they may not be willing to look at new markets.

22:20 If we assume that that contract renewal is now now closed off, then new markets come back on the table. And those are just the kind of factors we're doing. There's the the pace to check it once, and then there's the pace that a very large enterprise like BP wants, and they don't always align. So, you know, we have to take what we can get when we can get it. Okay. Thank you. Another question here from David. What are your cash burn expectations for the next twelve, twenty four months? I think I'll let Greg take that. Yeah. Sure. So if you look at the analyst reports that came out this morning, you'll see that they're suggesting that cash at the end of this current financial year that we've just entered will be £9,500,000. That represents a, good improvement in terms of the, cash burn that we're seeing. So cash burn will reduce over the next year by about 30%.

23:13 We'll release, we'll the analysts to release guidance for, FY twenty five when we issue our preliminary results in April. Thank you, Greg. Question here from Steve. Do you see consolidation in the sector, and do you have any plans for acquisitions? It's a good question. So consolidation, have seen, actually, in The US most particularly. So there was a company called GoSpotcheck and another company called Zenput, both of whom have been acquired by kind of large vertical stack data analytics providers in the last twelve to eighteen months. There's and there are some of our primary competitors in The US. Haven't seen as much in The UK, Europe yet, but that's not not unsurprising.

24:05 So there is consolidation. I think it's an opportunity, I think, speaks to the growing awareness of the size of this this space and the opportunity. In terms of plans for acquisitions, yeah, we remain absolutely open for the opportunity, and, you know, now is potentially an interesting time to make such an opportunity. I think what I'd say is that it would need to be a complement to what CHECKIT provides rather than addition to the product set because, you know, our product set is differentiated already. It would need to be something that brings in a a a new component to what we do, and and that might be quite interesting. So we remain open to it. We have, you know, the cash. But for me, it's about organic growth, then it's inorganic growth through, you know, partners, channels, alliances, and then you can also think about acquisition at the same time.

24:57 Thank you. Question here from Rebecca. What are your main who sorry. Who are your main competitors, and are they all global? Yeah. Good question. Well, I mentioned I mentioned two of them just now in The US, ZenBook, GhostBotch. There's another one called Jolt. They are well, it's hard to tell because they're privately held at least you backed. It's hard to tell how global they are. If you read their marketing literature, they're everywhere, except I don't see that much evidence often in The UK or Europe, but we assume that they're global to an extent. There's also a company called iAuditor who are, I think, as far as I can tell, global as well to to to a greater or lesser degree. You know, the what I would say, actually, is that the one of the other interesting differentiators we check is that the fact of us being a a listed and and a mature business is also another point of difference because if you're a large Bluejet customer, let's say Compass Group, for example, where you've got a a huge number of locations globally in the in the in the thousands, if not tens of thousands, and you're looking to find a partner for whom you can scale globally, maybe a conversation that we're currently having, you we you become more trusted. There's a certain element of trust that comes with our current status and the rigor in which we run our business. So that becomes a differentiator for us as well.

26:24 Okay. Thank you. Question here from Charles is asking you, Kit, to give you a little bit of background on yourself. So when did mister Kite join CHECKIT, and what was his career prior to joining CHECKIT? And in order to get traction within large corporations, do you have to get buy in within the Swiss suite? And if so, how do you approach this task? That's a okay. That's a good detailed question. Okay. So I'm I've been in CHECKIT two years now. My background is is an is a slightly interesting background, really. I I spent sort of much of the last decade working for a very large US technology company called called Genpact, which effectively competes with the likes of Accenture and others, you know, doing I was, you know, European sales leader in consumer goods, life sciences, etcetera.

27:11 You're you're you're talking $50,000,000 deals and and greater. So a lot of experience driving big enterprise deals, which combine lots of different products and services in one. So that was the sort of that's my kind of business background. Prior to that, I also spent seven years in the British Army. I was an officer in the the Gurkhas, the regiment Gurkhas, where I was mostly deployed in Afghanistan and Iraq. So I think that brings a slightly different leadership approach to the kind of environment that we're working with here in CHECKIT, and, you know, hopefully, that that will play through over time. What was the second part of that question, Alex? The second part was how do you get buying in the c suite? Oh, yes. Yeah.

27:58 Yeah. I mean, the large enterprise sale is, by by definition, complex. It's it's what what we would call, like, a consultative sale. So you you don't just you know, a lot of SaaS companies actually just trying to rinse and repeat model where they they crank the handle. They they they fire out on a broad basis. It's very limited kind of value proposition, and then people either buy or don't buy, and then they just move on to the next. I think with CHECKIT, what we see is is we put a heavy investment in demonstrating, you know, the business case, which includes the the return on investment case for our customers at the c suite level that requires a lot of stakeholder engagement. So that's typically where I'm playing as much as I can. I can use my experience there. And, you know, fundamentally, you need to be able to demonstrate in this environment, you know, c suite decision makers only care about three things, revenue, cost, and risk.

28:53 And in this environment, cost and risk become the most become value leaders in and of themselves, and that is a sweet spot for CHECKIT. So we have to be able to demonstrate business case that clearly aligns to that and has a compelling payback period and drives significant ROI over time. You have to be able to do that to be able to get your foot in the door. And so that's really a lot of the effort we do leads to getting to that place. And if you get to that place, you can open up a much bigger budget and potentially tie in multiple functions within the business, and that's how you can sell and scale. Thank you. Question now back onto the cash burn. So cash burn seems to be key. Could you please talk a little more about how long your cash will last and your plans going forward when it starts running low?

29:42 Yeah. I might ask Greg to answer that as well. Yeah. Absolutely. So our cash burn, as you say, is absolutely key, and that's a great question. In terms of how long it will last, we expect that we will, see for the next three years, sufficient cash in the business. And we would imagine that by the time we start to run low on cash, we will be profitable, and we will see that cash will start to increase in the business. So those are our plans going forward. In terms of where we expect breakeven to be or be in the 18,000,000 to £20,000,000 ARR region. Great. Thank you. Some questions here on the pipeline. What differences have you noted in pipeline in The US versus The UK and the rest of the world? And can you give any breakdown of the split of that 14,000,000 pipeline between The US and UK rest of the world?

30:38 Yeah. I mean, I I could reveal only so much, I'd say, at this stage. What I've noticed I mean, there's there's a few things. So so a a comment on pipeline generally is one of the it's a completely moving feast in in terms of that. So when I report a number now, basically, by the end of this week or start next week, that number might be higher or or or lower depending on whether we've closed one business, closed lost business, had a new pipeline at the top of the funnel. Right? So it's a very much a moving target. That's the first thing I'd say. Second thing I'd say is it's not always the quantum of pipeline that's most important, also the quality of pipeline. And that is just how well qualified the opportunities are that are in there, the types of customer they're with, are the customers profitable, are they the right kind of enterprise size.

31:24 All of those factors mean that we are constantly if you're really running a a thorough sales organization, you're constantly reviewing the state of that pipeline and and down to the specific opportunity and then asking whether it's been sized appropriately. And and what we've done over the last six months, nine months is we've added a bit more prudence into the measurement pipeline. In some respects, particularly in The US, actually, we typically under under report internally the size of an opportunity until we've got a lot of confidence that's gonna move towards a contract, and then that opportunity might come through in in in the final bit at at its true value. So that that that can that can fluctuate the pipeline. US, rest of world split is roughly one third to two thirds. So one third US, two thirds rest of the world. And that that that, again, represents the fact that rest of world has just a large existing customer base.

32:16 It's been around for, you know, a number of years now. However, The US is indeed gaining a lot of momentum certainly since we stood up over the last two years. Thank you. Comment here from Rebecca. Please bear in mind that retail shareholders rarely get access to broker reports, so please consider sharing forecast with your shareholders going forward. Do want to make a comment about the accessibility of the research reports from both Edison and and Singers? I mean, it's a good question. I think it is a good question around how to either educate the retail investor with the the correct guidance so that they can see what we're aiming towards. I mean, Edison is available for for those that can look at those that can find it. Is a bit less available.

33:06 Yeah. I mean, look. It's it's I I I suspect that's probably a byproduct of the nature of the system that's been set up, and I think what we'll do internally is consider how we can make that more readily available for anyone in a format that's easily digestible. And that way, the message becomes clear. Okay. Thank you. And just as as a reminder that the Edison and the Singers notes are available on Research Tree. So if you have access to Research Tree, you can see the notes from those two brokers there. I've just got one more question here now. It's from Charles. It says, how does CHECKIT scan the horizon in order to ensure that it is harnessing technology which delivers the best solution? Hey. That yeah. That's a great question. And that fundamentally comes down to the product vision, product strategy.

33:51 And so I would ordinarily, I'd have our chief product technology officer, Dave Cottingham, unpack this. But the way that I think about it, the way I work on it with him and the rest of the team is that, well, first of all, tech is a very fast moving space as we will have seen in the last, you know, three months with the generative AI associated with ChatGPT and that and the disruption that can cause to previously established industries like, you know, Search and Google. So one one one basically makes plans that are typically twelve months focus where we've actually got real clear line of sight about what we need to be able to do with our product to maintain a competitive position. And then it has a lot of agility and and pivot pivotability, I'd say, within it beyond that. So as I mentioned earlier, we we do see a world where the use of data and analytics and insights and ability to drive predictive assistance to enterprise operations will become more and more in focus.

34:54 You know? And if you look at what CHECKIT does fundamentally, we're gathering a lot of data, and then it's the data. It's how we use that data to drive value that will become key over time. I think that is a trend that will stay. How you enable that trend, be it through dashboards, it through, you know, partnerships and others with other product providers becomes something that we figure out nearer the time according to in the market. Thank you, Greg. And I've just been pointed out by one very knowledgeable attendee here that the Edison research is actually available on the CHECKIT website as well. So thank you for that, Catherine, for pointing that out. And we come here to the end of the questions. Alex, Greg, Kitt, thank you very much indeed for being so generous of your time there and addressing all of those questions that came in from investors this afternoon.

35:46 And of course, if there are any further questions that do come through, we'll make these available to you immediately after the presentation has ended for you to review to then add any additional responses, of course, where it's appropriate to do so. Kits, perhaps before just redirecting those on the call to provide you their feedback, which I know is particularly important to yourself and the company, if I could please just ask you for a few closing comments to wrap up with, that'd be great. Yeah. But I really appreciate the breadth and the depth of the questions, actually, I think, this time. They they really they really show an engaged audience. And and as I said earlier, we really look forward to unpacking in further detail actually when we issue the prelims in the middle back end of April. And it just remains for me to say that, again, the board is is confident about our ability to continue to drive, you know, strong organic growth as we enter, f y twenty four as we call it this year now.

36:39 So I really look forward to working with you all and updating you in the future. K. That's great. And Greg and Alex as well, thank you once again for updating investors this afternoon. Could I please ask investors not to close this session as you'll now be automatically redirected for the opportunity to provide your feedback in order that the management team can better understand your views and expectations. This will only take a few moments to complete, but I'm sure it will be greatly valued by the company. On behalf of the management team of CHECKIT PLC, we would like to thank you for attending today's presentation. That now concludes today's session. So good afternoon to you all.