Craneware (LSE:CRW) Q4 2026 Earnings Call

0:01 good evening ladies and gentlemen and welcome to crane rare plc's full year 2026 results presentation at this time all participants are in listen only mode later we will conduct a question and answer session if you wish to submit a written question you may do so by using the ask a question button on the spark live page i would like to remind all participants that this call is being recorded i will now hand over to keith nielsen chief executive officer to open the presentation please go ahead

0:30 Thank you very much Leila and thank you very much everyone for joining us today on our fiscal 26 results. First slide please. Thank you. So we're going to handle today's results by really doing it in three parts. First of all a brief introduction and overview of the fiscal 26 results. followed by an update of our cyber security incidents that happened post balance sheet date in early July. I'll then hand over to Craig who will then continue with a bit more of a deep dive into the financial review itself for fiscal 26 and then we'll come back to review some market opportunities and updates in both the 340p market and the revenue integrity market as well as getting an indication of our beliefs on the growth strategy and the outlook as we go forward it is worth starting off by saying we are obviously deeply disappointed by the fiscal 26 results however um what we would like to remind people is not to throw the baby out with the bath water and we will go through some of the positives that we have for We do want to remind everyone that we operate in one of the largest, if not the largest B2B software verticals in the world of u.s health care um u.s health

2:17 care is greater than 60 percent of the global health care spent and as such it is a incredibly dynamic marketplace and a very exciting marketplace to be be part of our role within that is non-clinical those who are not impacting on the clinical side but we are working on the operational side of the hospital to make sure that it runs effectively and our role is really in helping hospitals take forward and transform the business side of those hospitals and transforming the business of healthcare our business and our business models are very financially resilient and have proven to be that we continue with long-term relationships and long-term software operations and tech tech enabled services for our customers with a view to be able to complete that transformation for them the underlying financials of the business are strong with strong arr long-term relationships as i say and very high consistency of customers over that period. Next slide, please.

3:45 Through the fiscal 26 performance itself, we did see a disappointing slowdown in our 340B transactional revenue towards the end of the second half of the period very much due to manufacturers unilateral restrictions on the on honoring 340p pricing and supplying drugs at 340p pricing to the hospitals themselves Having said that though, we did have a very resilient ARR through the period. The recurring revenue was $185 million and then our NRR was sitting comfortably at the 100%.

4:40 We saw healthy customer retention of greater than 90% by all of our measures and a strong EBITDA performance and cash generation through that period. as I mentioned earlier we did have a cyber security incident very early on into the new year which was July coming in I'm pleased to say that that is moving into the remediation phase and I've got more details of what will happen in that incident and where we're at today that though combined with some of the uncertainty that we saw towards the end of last period in 340B which is still working its way through the system has Thank you very much. As such, we'll also be undertaking a comprehensive review of our cost base so that we are cutting our cloth accordingly across the business to reflect those changes in our revenue line as it's expected. And then also to set out a plan of

6:11 investments at the time when we then start to see that revenue growth come back again and step up as we go forwards. pleasingly the business continues to work strongly with microsoft as a very good partner that has brought both technology ai resources and people resources to us as well as helping us accelerate new customer wins through through the period and continuing through into this year and that gives us a great deal of confidence in being able to return to growth at least into the period of fiscal 28 through a number of different angles one by that stage we are expecting to see a lot more certainty through the 340 b program at both state and at a federal level we're also expecting that our earlier investments that we've made in our products across both 340b and revenue integrity will result in further sales coming through and that combined with our cost initiatives and our cost-based review will result in us returning back to far more positive margins by fiscal 28 as well as we see going forward

7:42 Next slide, please. So I've mentioned the cybersecurity incidents, and this has created certainly some short-term and potentially medium-term uncertainty for the business. What happened was we became aware in early July that some threat actors had access to our system, excavated um some files from our system uh with the threat that they would publish the details of those files onto the dark web um and it turns out the vast majority of files that were taken from our systems were from or all of the files that were taken from our system were from non-operational uh servers they were from non-work service and non-production servers but they did include some working servers that were used by members of our team to be able to do day-to-day work some of those servers and some of those files did include elements of both internal staff details within there and some of our employees details but also included some of our customer details and some of our customers patient details within there and we're currently the process of working with our customers to notify them of exactly what information was leaked and working with our staff

9:15 on those just now what i am pleased to be able to say is our teams were able to very quickly verify and with the and then have third-party verification that the threat actors were no longer in our system within a matter of within a number of hours and within the first certainly well within 24 hours of the threat actors gaining access to our systems and that there was no ongoing effects from the threat actors on our systems otherwise so as such operations have continued through the period in between and the data that was taken was a very small subset of our overall data we have on behalf of our customers and was and that data was not breached in in any way um uh we have moved into the remediation phase as i say so we are now in the process of working with both third parties and through our own data teams to analyze downstairs detail at the patient level exactly what data was taken and what data has been published onto the dark web and we'll equally be moving into understanding what the financial impacts will be of the business.

10:38 We are cautioning that although we will get better clarity through the course of this year through fiscal 27 with regards to some of the impacts of this, it may be a number of periods, so maybe going into future financial years where the full impact of of this will be seen I am very pleased and thank our customers and our staff for their understanding in the meantime I know that they have been very supportive and have been very appreciative of the efforts that we've taken so far with regards to this incident and we do treat this incident with the utmost seriousness in terms of both remediation but also making sure that we're as protected as as any organization can be going forward on this.

11:32 Next slide, please. So, looking at fiscal 26 overall, I want to just highlight some of the positives from a sales performance. In the performance, the lower sales were comparable to the prior year of fiscal 26, as Craig will go into our revenue numbers were very comparable with that as well. One of the benefits we did see was an increase in the number of new customers, net new wins that came to us through the period. And those net new wins pleasingly came through a mix of competitive takeouts and competitive displacements, as well as a significant number of expansion sales within our existing customer base. and pleasingly some of those competitive wins and expansion sales have continued through into this first quarter of the new year and we will be hopefully reporting or we will be reporting on this as we come through through to our intros into the new calendar year as it goes and with that and that overview I'll hand over to Craig for the financial details of fiscal 26.

12:49 I could move the next slide please Thank you Keith. In the next few slides I will step you through the financial results for fiscal 26. The fiscal 26 year was a year of some really good positive operational progress but ultimately we do recognise and are very very aware of the fact that the financial outcome was below our expectations. A significant factor in that was the headwinds we experienced in the 340b marketplace. A good example of that is our shelter program. Here we were able to identify significant opportunities for our customers. We saw high levels of customer engagement, but due to the restrictions that were being placed on them, they were unable to take advantage of these opportunities, and that had the knock-on effect that the expected transactions we expected to see did not materialize at the rate we anticipated.

13:44 Clearly this is disappointing but I think it is worth us reminding ourselves the underlying financial characteristics of the group have made strong. We retain a substantial recurring revenue base, long-standing customer relationships, healthy margins, strong cash generation and significant financial flexibility and I will demonstrate that in the next few slides. If I could move to the next slide please. Looking first at our headline financial measures. Revenue was broadly unchanged at $206 million. That generated an adjusted EBITDA of $67.1 million with a corresponding 33% EBITDA margin. Ultimately, we delivered adjusted basic earnings per share of $116.8. Our ARR, as Keith mentioned, our annual recurring revenue remained steady at $185 million and our operating cash conversion was 98%.

14:43 Looking at our bank debt, Our bank debt did increase in the period from $27.7 million to $43.5 million, and that was a deliberate capital allocation decision we made. We decided to draw some debt down alongside our own cash resources to fund the $25 million share buyback we performed in the year. Overall, though, we do acknowledge and we are very cognizant that these results were below our expectations, especially for revenue growth. But they also do demonstrate the resilience of this of this business during this more challenging year. A good example of the underlying resilience of our business is our IR annual recurring revenue. So let's have a look at that base of our sponsors. It's really important as we go forward. Within our IRR, no individual customer represents more than 8%.

15:34 Our 10 largest customers account for less than 30% and their average contracting relationship with ourselves is over 21 years. That annual recurring revenue foundation gives us meaningful visibility, diversification and a dependable foundation against which we can plan the future of the business. As we enter fiscal 27 and in light of the post year end cyber incident that Keith has talked you through, we have adopted a prudent planning basis. we've reset our revenue expectations to approximately the level of our current ARR and that's to provide certainty to all our stakeholders and allow us to make sensible planning decisions as we wait for various factors to work their way through the system against that we've talked to a comprehensive review of our cost base here again the objective is to align the organization with that revenue framework we've set ourselves we'll do this whilst protecting customer service cyber security regulatory compliance, and the product investments that will be the foundation for our future growth.

16:42 Our approach to capital allocation remains disciplined and unchanged in principle. If I could move to the next slide, please. I've already covered the headline metrics. So on this chart, I think it's the graphs on the right-hand side, the five-year charts, they really provide a useful context to the underlying strength of the business. They demonstrate the continued progress we've been making across revenue and adjusted EBITDA. And actually, if we took those graphs back, you'd see that continued progress all the way back to our IPO back in 2007. A strong business has to be able to adapt to difficult market conditions and unexpected events such as the cyber incident. Acting to preserve margins without containing investment will be what ultimately drives our future growth.

17:29 We honestly believe that the actions we continue to take we are going to meet those objectives which will cause short-term pain we understand that but will ultimately benefit all our stakeholders if i could move to the next slide please turning to cash and cash is obviously really important as you navigate this this period of the company's history five-year charts again gave appropriate perspective While cash holdings have varied as we've made various investment decisions, we've reduced debt, we've returned capital to shareholders, we have always maintained substantial liquidity. And that really reflects the cash generated nature of our Newsy SaaS model.

18:14 Operating cash conversions, 98% of the just leave at dark, again confirms the quality of our underlying earnings that we did over the year. We did see a $10.4 million movement in the funds held on behalf of customers. Those funds fluctuate as part of normal customer operations. What we do, consistent with prior years, is we always exclude these from our operating cash conversion measure, that being a true measure of the cash generated by the business itself, rather than how we deal with our customer cash. After investments, dividends, and share buyback, year-end cash remains strong at $54.8 million. We have a further $56 million available to us under the RCF, and then we have a further $100 million for the facility pre-agreed I've talked about increasing the bank debt and it parts on the $25 million share buyback.

19:05 After all these factors, the board is proposing to maintain the total dividend for the year of 32 pence, resulting in a final dividend of 17 pence per share. We believe that balances the appropriate return to our shareholders against the importance of retaining liquidity and investment capacity as we reset our medium-term objectives and assumptions. If I could move to the next slide, please. I've mentioned our annuity SaaS model. It really is the foundation of our financial resilience. It's underpinned by multi-year contracts with software subscription revenue recognized over the contractual term. Contracting and repairing revenue is $175.1 million, approximately 85% of our total revenue. SaaS software revenue was $130.4 million.

19:52 Transactional revenue, which is billed on a monthly basis but is supported by long-term underlying contracts, was 38.9 million dollars and finally our recurring professional services contributed 5.9 million dollars software license revenue did reduce in the year but that primarily reflects an ongoing trend we've seen again in the 340b market where hospitals are preparing to move from the license to recurring transaction revenues and that allows for more transparency tying the actual benefit and the transaction cost to the individual patient to counter and their appearance at the pharmacy

20:28 Both our transaction offer and platform revenues grew in the period, however both were impacted. We've previously explained that platform revenues are excluded from our AR until we have sufficient evidence that they are recurring and reliably predictable. At that point we can then recall them as recurring. The headwinds we've outlined actually had a double impact. The growth in our platform revenues did not incur as we expected it to. but nor could we assess any of these revenues to be recurring in the current year. So that impacted both the growth of our transactional revenues and our ARR. If I could move to the next slide please. i've covered the key metrics so let's dig into the margins themselves gross margin came at 84 compared to 87 however overall our total cost base didn't significantly change it really was just an allocation from our opex costs to our cost of sales reflecting a slightly different revenue mix more geared towards the technology enabled services we did within the period through this period we've remained disciplined on pricing cost of service and contractual risk net operating expense as i've mentioned so just the dollar reduced to 105.7 million dollars big factor that's being the movement into cost of sales we've continued to invest with total development expenditure increasing four percent to 59.6 million dollars of which we capitalized 16.9 million dollars that small increase in the capitalization just reflects the stage of the qualifying work

21:58 that we've been doing in our department departments so focus on data integration ai enabled applications and the expanded pharmacy offering that Keith will talk to in a later Tuesday's time.

22:10 Our capitalisation criteria though remains rigorous. Expenditure is only capitalised where projects are technically feasible, commercially supportable and expected to deliver future economic benefits. All this resulted in the 33% EBITDA margin I've mentioned, statutory profit before tax of 7% increased 7% and a broadly stable adjusted and basic earnings per share number. next slide please our balance sheet remains strong and provides our as a real basis of our financial resilience talk to cash of 54.8 million cashless bank debt is a net of net positive of 11.3 million dollars our rcf 56 million dollars on drawn and about 100 million accordions all banking covenants were met throughout the period and while going through some viability work we performed as part of the audit to clear the sign off this year all banking covenants continue to be met as we navigate our way through the cyber security incident we performed a capital reduction exercise in november that creates additional district in the future on capital allocation decisions.

23:23 However, that flexibility doesn't change our discipline. We'll continue to assess liquidity, corporate headroom, investment requirements, and the interests of all our stakeholders before making capital allocation decisions. Next slide. That brings me neatly to the capital allocation. As you know, capital allocation is ultimately about balancing current returns with future investments, delivering value for all our stakeholders. break them down in our different stakeholders over the last five years we've returned nearly 100 million dollars to our shareholders through difference and shared buybacks at the same time we have substantially reduced the debt we took on to part from the central acquisition back in 2021 and we've retained the extra capacity of 150 million dollars to the accordion and on-drill facilities we've continued to invest ourselves we're investing approximately 25 to 30 percent of revenue from research and development and that investment is not indiscriminate.

24:24 As we've talked in the cost review, expenditure will be prioritised according to customer impact, demonstrable customer demand, future economic benefit and our ability to support future sustainable profit growth. Our objective is to protect the recurring revenue foundation, preserve strong cash generation and continue investing selectively in the opportunities that can support our return to future growth. So in summary from me, we are very conscious we didn't deliver the revenue growth we expected. We responded with a prudent reset and set in and around our recurring revenue and launched a comprehensive review of our cost base. Again, though, the group remains profitable, cash-generative, and financially well-positioned, supported by $185 million of ARR, high customer retention, long-standing customer relationships, and substantial liquidity.

25:19 With that, I'll hand back to Keith, and he'll take you to the 340b market, our response from the album. Thank you, Craig.

25:26 Next slide, please. And next slide again, please. So, as we consider the 340b market, it's worth pointing out that it's coming into its 34th year and is an approximately $100 billion program now. so as such it's not unsurprising that it's going through an evolution and it comes under much regulatory operational and financial scrutiny to see whether that is appropriate or not the 340b market and the 340b benefits that our customers receive from 340b pricing help them fund healthcare across their communities.

26:20 Health keep hospitals open and is absolutely critical to a large swathe of hospitals across the US's survival and operational effectiveness. As such, we believe that it will stay around into the future even if some of the underlying structures may change or evolve as we go forward and as such we are committed to supporting this marketplace for the future. Interestingly through the course of this year we've seen a number of different changes and proposals with regards to the market. First of all we have seen new proposals for the rebate model coming in with a proposed start of a new pilot and on top of that we've seen different legislation proposed and moving into draft form in both the senate and in the house in the form of the sustained 340b act secure 340b act and access 340b act it's worthwhile noting that sustained which is in the senate currently and secure which is in the house have got bipartisan support and on top of that have got a lot of commonality which helps the pendulum swing back towards healthcare providers

27:55 because of that benefit and the importance of healthcare providers to each of their communities but at the same time does hold healthcare providers accountable for transparency and reporting fairly and accurately on the 340b program something which we both advocate for and support in our software and in our offerings with our customer base on top of these pieces of legislation that have been proposed going through the year we've also seen the drug manufacturers themselves propose and enact unilateral restrictions on the 340b program this has formed the fact of closing down the opportunities for hospitals to use contract pharmacies and insisting that hospitals provide data and patient identifiable data to those drugs manufacturers despite that the drugs manufacturers do not need these for their regular operations going forward on top of that we've seen the state work to protect their hospitals in those areas by providing protections to contract pharmacy and then we've then seen drugs manufacturers challenge that legislation and in many cases be unsuccessful in their appeals process against the findings of those challenges when they've been found to be wrong

29:27 and lastly we've seen proposals for centralized clearing houses for some of this data to get over the challenge of drugs manufacturers receiving data which really they shouldn't be given access to and that coming to a centralised clearinghouse and being the arbiter of that data to make sure that there is no fraud and abuse in the system as we have seen and we have witnessed that there currently doesn't seem to be a high degree of that in any shape or form. So what are the implications for our customers with regards to this? Well, first of all, a rebate model would be a change to the cash flows and the operating model of the 340B program over the last 34 years.

30:13 Over the last 34 years, the 340B program has worked as a discount program where the hospital is able to purchase drugs for qualifying patients being able to purchase those drugs to be able to then see the benefit of the discount price being passed through to care into their community and care for those that can't afford it otherwise. It has stretched scarce federal resources as it has been intended to do from the initial legislation back in 1992. On top of that, we've seen implications with regards to reporting. for tougher compliance, tougher data gathering requirements and tougher audit requirements.

31:04 We've seen tougher patient eligibility requirements being proposed and more complex processes for both approving patient eligibility and approving patient referrals through the system. within specific programs we've seen contract pharmacies both being protected under sustain and the secure proposals and we've seen them restricted under the access proposals and equally we've seen the rebate model being either delayed or removed under sustain and secure and we've seen it maintained or extended under access so with all that uncertainty what are we likely to see and what are we expecting to see over the course of next year and the following years so first of all we are expecting multiple legal challenges to the c40b program itself for both hospitals seeking clarity and from drugs manufacturers looking for change within that program we're also seeing challenges and legal challenges to the rebate model that's proposed to come in from the 1st of January.

32:26 We're expecting, though, that those changes, having analysed and looked at both access, sustain and secure, the three pieces of legislation that have been proposed, will be more likely a gradual evolution rather than a big bang approach of changing everything. And part of the reason for that is we just don't believe US healthcare can afford to lose the strength and the importance of the c40p program and the benefits it provides not only to the hospitals but to the patients in communities right across the whole of the us we do believe though that we would expect to see hospitals having to increase their evidence of valid claims and increase the complexity of the workflows so that they can withstand and be able to demonstrate auditability of their claims within 340b and we do see that there will be pressure on 340b traditional third-party administrator revenue and that will morph as these new business models come through however we believe that we can address those concerns with our software which would be our crisis one link medication software which we've launched through the course of this year next slide please so just touching on crisis one link medication and those that are interested in finding

34:00 out more of that at the end of this presentation if you go to the uh into the appendix there's some links in there to some videos which will give you more information more detailed information about one length medication but what one link medication is is us taking our technology moving our 340b expertise and utilizing our teams to move their 340b expertise into the crisis platform to allow us to be flexible in both our reporting auditability and transparency for our hospitals and for the industry on the behalf of our customers so that they can demonstrate and show a strength of the quality of their 340b claims that they make with regards to this. It centralises this onto the Trisys platform, it brings all of those workflows into one place, regardless of the business models and the legislation which is successful going through the coming years. With regards to that, it's adaptable, to be able to deal with these changes, and it becomes a one-stop shop for our customers to be able to process all of their 340B claims coming through from there.

35:22 Next slide, please. On top of that, we continue to enhance and improve our revenue integrity offerings. We have built across all of our offerings a range of AI assistance, and improvements to the software and we continue to use ai both internally to allow us to develop software quicker and more effectively and more efficiently but also at a higher quality and and in a greater depth with more performance than we've seen previously and we continue to see this build through our product ranges with both launches that were made through fiscal 26 and ongoing development and launches that go into this new year as well.

36:16 If we then go to the next slide, please. All of this is done by focusing on our strengths. And our strengths are leveraging the power of the data that we contain within our systems and working with our customers on those long relationships and those supportive relationships And lastly, by playing to the strength to being able to be dynamic in this marketplace and address the real world concerns of the uncertainty that our customers face by giving them certainty in both product offerings and the strength of our products and in the strength of our teams that have the knowledge to be able to back those products up and take that forward.

37:04 next slide please and so drawing that all together we believe that this indicates although we have had this reset back to our arr number just now we're giving a number of different areas where we can layer on top improvement and growth opportunity for the future built on our strength driven by the fact that there is a real market need from our customers who are under pressure from these changes in the rules and regulations, from the complexity that comes through from the US healthcare systems that are there, from having best-in-class products and having quality products that can address those workflows to make not only every member of our team more productive, but every member of the customer's teams more productive so that they can address the needs of their patients.

38:00 by continuing to innovate at pace and at quality to be able to provide real offerings which are game changers out there in the marketplace this financial reset allows us to ensure that we will have growth in the future and that we can then have sustainable growth for the medium and the long term going forward with that and with that I'll ask if we can take the first of the questions please and move to the the next slide thank you ladies and gentlemen we will now begin our question and answer session as a reminder if you wish to submit a written question please use the ask a question button on the spark live page here's our first question have any customer renewals been delayed or lost because of the cyber breach and what level of ebitda should shareholders expect if fiscal year 2027 revenue really is only around 185 million dollars

38:59 Okay, so first of all, with regards to our customers have been very, very supportive through there. The vast majority, almost all of them have been hugely supportive with us in going through there. Many of them themselves have already suffered breaches and understand the pain and the anguish that goes on and the responsibility that comes with having this data in the first place. so understand what we're going through from there and the majority of them if not all of them have had multiple vendors almost on a monthly basis that have also been breached as well so are very familiar with the processes that go through from that it is worth saying as well as when we uh we discussed the breach and we worked with breach with microsoft they actually really back to us that we were one of their few if not their last of the global solutions healthcare providers in the uk that haven't had a breach at that point and so you know all of our interactions with third party uh agencies that have been helping us with the breach as well have pointed to the team's performance and the ability of of the team's uh performance through the course of this breach uh as being uh top notch from there so no at this stage we haven't we are not resting on our laurels though and we are working with each of our customers to make sure that we are addressing all of their concerns

40:33 as quickly and as fast as we possibly can with regards to that as regards to cost we are undergoing a review just now our expectation is is that that review will be ongoing through the course of this year the impact of that will mean we won't get back to our 30 plus margins by the end of this calendar year but we will be somewhere on track to do that somewhere in the mid to high 20 margins uh but our exit run rate by the end of fiscal 27 will be aligned to take us into a 30 plus margin for fiscal 28. uh next question please what's the expected level of arr for fiscal year 27 185 million, as it has been said, will be the starting ALI.

41:34 How much is the cyber attack likely to cost?

41:37 We just don't know. It's too hard to quantify that at this stage. And I don't think it's in anyone's interest to speculate on this until we get a little bit further through the process. It's still very, very raw in many ways for us. does the 185 million dollar full fiscal year 27 revenue guidance assume core subscription arr stays flat with zero transactional revenue or are you budgeting for a net drop in arr no uh so our transactional revenues because they are supported by underlying uh annual contracts are part of our arr balance so we've modeled from a number of different angles and keep coming back to the ARR being the solid foundation that we can point to at this time and as we see the uncertainties that Keith described start to work their way through during the course of the year we'll be able to provide updated guidance at that point but for now we're not expecting a drop in our ARR we're still modelling approximately 100% NRR we're just giving ourselves a balance of risk as we look at our different revenue streams I presume you and your advisors have examined prior security issues in other companies and the impact such as penalties and timescales and as such what is the insight you have drawn from that specific to craneware?

43:01 We've drawn the insight that companies that have not been negligent as so far we have been found not to be and that have been proactive in their security tend to do better than other companies and all the evidence shows that we have been in that way. What are the steps Craneware would take to rationalize cost? Is there any potential bid for takeover from any investor?

43:32 So for the first part of that question, it's just too early. That review is ongoing with regards to cost. But we are looking right across the whole of the company with regards to that. And the second part of the question, I'm quite sorry, could you say that again? Is there any potential bid for takeover from any investor?

43:52 Any potential bid? Nothing we're aware of. And there are no further questions. I'll now hand over to Keith Nielsen for closing remarks.

44:05 Thank you very much, everyone, for your time today. I mean, it is disappointing that we are having the reset, but we do believe that what this does is this gives us strong solid foundation to get back to growth again we definitely we've said the phrase a few times over the last a lot of times over the last few days is not throwing the baby out of the bath water let's not forget that you know the company has a significant amount of arr is cash flow positive does have a good balance sheet uh to be able to uh do this it has strong resilience and very good support of customers with long term relationships and best in class products to be able to meet the needs of our customers we are working hard to get through what we believe and what we feel will be relatively short term in the big scheme of things issues we have had 26 years of growth to this point we are deeply disappointed that we're flagging that that may not continue on into this year but we are doing everything both operationally throughout the business and personally throughout the business to make sure that that is not the case and that we continue on with that growth record that we have so thank you very much for your time as it goes and i appreciate

45:35 everything from there and your support from there thank you that concludes today's call have a nice day