Elixirr International (LSE:ELIX) — FY 25 Investor Results

0:00 Good afternoon, and welcome to the ELIXIR INTERNATIONAL PLC investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and can be submitted at any time via the q and a tab situated on the right hand corner of your screen. 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 can review all questions submitted today and publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to Steven Newton, CEO. Good afternoon. For those of you who have not met me, I'm Steve Newton, founder and CEO, cofounded with Graham. And Nick is our CFO, and Em is our investor relations lead. So you'll hear from all four of us in this presentation, but let's start off with where we are as a business and and how we feel about it. I was reflecting over the weekend on the seventeen years, that we've been building this company.

0:55 And I actually can't believe we're I almost feel like we've been founded for this moment. You know? If I think back to the .com time, you know, there was this whole story about the high street was dead and, you know, there was so many technology was gonna change the way business operated and there'd be so many different people being out of business. Yeah. Retail suffered, but it's had to adjust itself and use different channels and different levers. And people are saying this about AI to consultancies. And and to be honest, it creates a massive opportunity for us. Just like the digital revolution is still ongoing, you know, we're still helping clients to use the Internet technologies to be able to access their client bases and increase their revenue. And AI is gonna be that thirty year gift for us too. This is thirty years on, and we're still helping clients on .com stuff.

1:48 AI is that next gift for consulting. The one thing I would say, if you look at why I founded this firm with Graham, having spent some time in IBM, Accenture, KPMG, I found those businesses lacked accountability, were very bureaucratic, and relied heavily on large pyramids. You know, in businesses like those, the power came from managing lots of people. And I was very frustrated with that and actually thought that value add should be where the power comes. And so finally, AI is a bit has turned up on our doorstep and actually gives us a level playing field because those huge pyramids don't matter anymore. Our firm has been built to be able to leverage technology and as a pyramid, not no such thing as a pyramid, just a tube. Right? We wanna give high value services to our clients.

2:38 And what AI does for us, it means we aren't disadvantaged because of the lack of massive pyramids that the big firms have. In actual fact, that levels are playing field massively. And if you think about the things that I've spoken about in this business before, the reason ELIXA outperforms and has delivered such a wonderful set of results is because our quality of our service is simply better than the big brands. And it's it has to be better because the brand power doesn't exist for us. It's growing, but it doesn't exist in the same way as it exists for the big brands. So we actually have to deliver day to day on the ground better, and that is true for the companies we buy as much as it is for the companies that the the company we are today. So we all have this ethos of building fantastic quality. And the the other thing that is a weakness in in our business potentially is market access compared to the big brands.

3:28 And our acquisition strategy has been a proven tool to address that. You know, we've done £80,000,000 of revenue through selling to each other's clients since we initiated our our acquisition strategy. It's just working fantastically well. So those two things are are key, but then you add in the fact that AI has just eradicated the weakness of not having a huge pyramid, and we literally are built for this moment. So it's really exciting. And I I I couldn't be more enthusiastic about where we are, and Amy's gonna spend a lot of time talking to you about how we're using AI both with our clients, thank you, and and internally. But here's some of the headline things that I I just wanna pull out. All of these points are covered in-depth in the press rest of the presentation, so I'm not gonna spend a lot of time talking about them. The results, Nick's gonna go through in a lot of detail, but just the important thing on the results that I'd like to point out from my perspective is all three of those metrics are super important because you can't deliver on all three of those if we're not keeping our quality, we're not containing our costs, and we're not growing aggressively.

4:33 And what I'm super proud of is that all those things are happening, and the team have done an absolutely fantastic job of keeping all of those leaders in balance, and we've done that ever since we listed on on the on the the markets. Clients are everything to us. You know? We don't exist without our clients. And to grow from 27 clients last year, 27 gold clients last year to 34 this year is just testament again to the team's ability to expand and and impress our clients so much so that they wanna buy more and more from us. So that's just fantastic news. And just talking and and, of course, the relationship thing Graham's gonna touch on a little bit later. And if you talk about the global reach and and the the strategic acquisitions, Graham will again go through these, but just my perspective on this is every company we've bought so far, the CEO of that company or founder of that company is still with us even after all the earnings have have happened.

5:27 And what does that tell you? It tells you that they believed on the turn when they signed up to join us that this was a platform that could really help them scale their business and that will give them opportunities to produce a better performance for their clients. But they they're they're professionals, and that only stay if they if that was true. So to me, the really important point is the stickiness of those senior leaders when they come and join us because they see this model as a perfect model and a platform for them. And he's gonna spend a lot of time talking to you about our AI engine. I mean, it's just a massive market, and you can see here the amount of projects we're doing is is simply well, it's fantastic, and that it's growing all the time. Every client is starting to talk to us about this.

6:13 And, obviously, all of you know about our main market listing. This is a an important step for us because we wanna obviously increase our liquidity, and we have this ambition of being a two fifty company and as soon as possible. And it's almost inevitable that what can that's gonna happen in the next twelve to eighteen months. So that's a very exciting journey for us too. And then the entrepreneurial ownership of the company's super critical platform plank cornerstone, what whichever word you'd like to use, that underpins the character with which our people turn up every day. You know? Owners care more than people who rent things. So our employees are all owners, and this is a key characteristic. Not all, obviously. Actually, they all are because they all have options. But what I love about this is that 84% of them actually buy into the company, which is a massive testament. If they walk in this building every day, they are critical, intelligent people, and they're not gonna stand here and go, wow. I'm gonna put my own personal income on the line to invest in a company that I don't believe has got a a stellar future. So that's a huge testament to to the the the delivery of the team.

7:24 In the six years now, we've been a listed company. We've heard a number of things from investors repeatedly, which we've been slowly trying to help people understand why these concerns are not real concerns. You know, on the face of it, they look like concerns, but, you know, if you look at what underpins this business and how it's been built, you know, almost every single one of them is actually a strength to us. So I've spoken about AI already. The one thing I haven't mentioned, and I won't steal in some thunder here because she's gonna go into this in a lot of detail, but, this is a massively growing market. Estimates are that it's a 13,800,000,000 consulting market today, and it's gonna go to 73,100,000,000 in 2033. That's 27% CAGR in and of itself in one service line, if you like. And, you know, we're so well positioned for this. Our acquisitions of ILAP, the data and analytics and and and and Responsum have been that Graham led have have been truly transformative for us in that regard. We are we are so well positioned. It's unbelievably good.

8:29 People. The people walk in and out the door every day, and what happens if they don't turn up tomorrow? I don't actually know a business that's not a people business, so even technology businesses rely on people. So it's it's a interesting observation, but, you know, the thing that we've built here is a real stickiness around ownership. And you look at how this is performing in the market. My market my partners are increasing their revenue. You could see a gain this year. I think when we listed it, was around two and a half, Nick, 2.7 per partner. It's not 4.4. It just shows how the combination of giving people ownership alongside giving them more things to offer to their clients of high quality gives you the kind of growth that you need from the performance of at the partner level. Acquisitions and execution risk. I think we've proved that through our acquisitions, we're actually growing our business on a very in a very balanced way.

9:22 I think it's 34% this year on the previous slide. And of that, around 15%, Nick, is organic. Yeah. And the balance is inorganic, and we're getting that balance right. You know, I think I've always said investors can expect somewhere between 1020% organic growth and that again in inorganic. And the combination gives us what we've been delivering since we IPO ed. And, you know, we've been able to prove integration. You could see the 80,000,000 number I referenced earlier, as well as this year alone, 37,000,000. That's 25% of our revenue that we would not have got if we didn't have this model because I we could only sell to those clients because they're part of our group structure now. So it's a fantastic, and it's really great to see this this whole thing coming together as I said at this at in my introduction.

10:10 Just a quick touch on the market quality. You know, we've seen since the main board listing, we've seen 400% growth in daily average value traded and a 71% reduction in bid ask spreads. The cost of trading is going down on our for our stock, and, of course, the the the liquidity is improving. As we get bigger, as peep more people recognize us as a quality stock, that that's only gonna improve. Dilution, a constant concern from investors. Guess what? I'm still the biggest shareholder, constant concern for me. I will do anything in my power not to dilute. I only dilute for things that add value to this company. And you can see there we've managed this very carefully. Three times equity value growth since IPO with only 11% dilution, and Nick will go into a lot of detail on this.

10:58 And, again, just referencing my my employees are buying into this business hand over fist. Revenues are too project driven. Well, yes, it's true. Our our revenues are project driven, but like any business that is about value, it's it's the quality of the relationship and the value you deliver every day. And you can see that our top 10 clients have been with us eight and a half years. This isn't a trivial statistic. This is because they trust us, they value our opinions, and we've delivered quality for all of that period. And as you can see, we make good margins. So they they respect us enough to pay us what what we deserve and allow us to make our margins because we create value for them.

11:44 Graham will go into a lot more detail on this, so I won't drain this. But you can see a number of other statistics on there. I think I'd like to now hand over to Nick to give you a bit more detail on the financial performance. And so please take it away, Nick. Thanks, Steven. Good morning, everyone. Before I I present the numbers for FY '25, just to put this into context, this is our track record in the six years since IPO. So, I mean, I think we are presenting today an excellent set of financial results. But, actually, this is an excellent set of financial results is in the context really of what we've done every year. So if you look at the year since 2020, 38% revenue CAGR, 35% EBITDA CAGR, 30% average EBITDA margin and very close to that number this year. And we've delivered that growth through the the same four pillar growth strategy that we've had since our AIM IPO in 2020, stretching partners, driving up the revenue per partner, promoting principles into the partner team and hiring partners from outside the firm, and the acquisition strategy that, Steve's already mentioned.

12:49 So turning now to the numbers for FY '25. Revenue, almost £150,000,000 £149,600,000 up 34%. Gross profit, up 39%. Adjusted EBITDA, 44,300,000, up 42%. And our adjusted EBITDA margin of 29.6%. That's up 1.6 percentage points on the previous year. Adjusted profit before tax followed in the same proportion similar proportions, up 38%. This obviously reflects the impact of interest now that we have our debt facility that we funded the t r TRC acquisition. And adjusted diluted EPS up 36% following closely the increase in EBITDA and adjusted profit before tax, just reflecting a slightly higher share count given the shares that we issued for the TRC consideration.

13:40 We are pleased today in our results to go to announce our final dividend for FY '25, which will result in a total dividend for f y '25 of 22.6p. That's up 27% year on year. And it's the financial results that have enabled us to increase the dividend by by by that amount. And that's without any reduction in dividend cover. Our dividend cover as a proportion of is of adjusted profit after tax. Adjusted profit after tax covers that dividend 2.8 times, a slightly higher dividend cover than the previous year. And the business continues to be very cash generative. Free cash flow of just higher than GBP 31,000,000. That's up 11% up on the previous year, not quite as big an increase as the profit metrics given the very strong working capital performance that we had in the prior year.

14:30 Turning to revenue in little bit more detail. This bridge is the bridge we give each year just to explain the different components of our move in in revenue. So overall, the increase year on year was 111,000,000 to almost 150,000,000. And then the first three elements of the chart are our organic elements. So we always have some projects and programs of work with clients coming to an end, and that's the negative 14 you see on there. That's matched by debt and additional work sold to existing clients we had in the previous year, which is positive 14,500,000, and new clients, almost 17,000,000 there. And the net of those three first bars is 15% organic growth. And that that organic growth actually also includes the the absorption of the weakening of the US dollar during the year. So US dollar weakened about three percent during FY '25. That had about a negative 2% impact on group revenue. So on a constant currency basis, that organic revenue growth would have been about 17%.

15:30 And then added to that organic position, a 21,000,000 contribution from revenue from the full year impact hypothesis acquired in late October twenty four October 24 and the three and a half months contribution from TRC that we acquired in September 25. So I mentioned, you the the the four pillar growth strategy. It's the same strategy we've had since IPO, and it's a strategy that is working for us, and we've got no no intention of changing it. You see there on the right hand side the the impact of stretching partners, giving partners more to sell as we do our acquisitions, having partners very incentivized to our, through our incentive equity incentive model that they work harder and they deliver they delivered more revenue each year per per partner.

16:25 You see in the year, we increased revenue per partner from 4,100,000 in 2024 to 4,400,000 in 2025, and that's with that's with 34 average client facing partners in FY '25. That's an average number. Obviously, our partner numbers now are higher than that given the full year impact of TRC and additional partners that we've hired in early twenty six. So we have more than 40 client facing partners today. We've also promoted principals to part to the partnership. We've promoted three during the year, and we've got two more, both of them in the data and AI space being promoted this month in April 26. We hired, five new part five new partners, two last year, three in early twenty twenty six, giving providing expertise across a lot of the core, core service lines that are in that are really in demand at the moment, AI, ERP, financial services.

17:21 And acquisitions, Graham will talk in more detail of those, but, obviously, we did the TRC acquisition during the period, and Cavardrant early in 2026. Cash generate generation, this continues to, as a finance person, to be my favorite part of the financial results of our of our business. We closed the year with, moving into a net debt position of 24,000,000 from a cash position of 7,500,000 in FY '24. Our operating cash flow continues to be strong, 33,000,000 of operating cash flow that translates to 31,000,000 of free cash flow. We spent all of that money and slightly more on acquisitions. The the large part of that was the TRC acquisition of the year, which accounted for £29,000,000 cash outflow.

18:08 We bought EBT share purchases. EBT share purchases totaled 13,700,000. That's the bulk of that 15,000,000 bar you see in the middle. That number is higher than than normal. We had, we switched to share awards last year, which was a one off purchase associated with the war transition. So normalizing for that and and the 1,000,000 increase in EBT share stocks that we had over the year normalizes that number to about 8,000,000 as a net net purchase number in the year. And we paid £8,000,000 in cash dividends, and that number would be about 11,000,000 given the dividends we've just announced for f y for f y twenty five. But we closed the year with 24,000,000 of net debt. We continue to have a lot of leverage. We have £80,000,000 of debt facilities, you know, with an EBITDA EBITDA number last year of $4,042,000,000.

18:58 You know, that leverage level is, you know, only about point 6.6 times. So we're very comfortable with the leverage, the leverage that we have available to us, and our ability to ability to service that. From a balance sheet perspective, just a couple of key numbers rather than go through the entire slide. Obviously, the intangible assets went up given acquisition of TRC in the year. Trade and other receivables also went up given the increase in size of the the business organically and also the addition of TRC. As I said in previous years, we have blue chip clients. We have no concerns with our recoverability of our trade debtors, and our debtor days were in line with in line with expectations. And the vast bulk of those trade debtors for last year would have been would have been collected some time ago now. Contingent consideration, we we now have at year end 42,000,000 of contingent consideration on the balance sheet.

19:49 We've paid almost all of the earn outs for acquisitions prior to TRC. There's just 2,000,000 left for previous acquisitions. There's 40,000,000 on the balance sheet for TRC. About about 22,000,000 of that will be paid this year for their top up given their strong performance in FY '25, and the balance is the earn out to be earned over three over three three years from now. Obviously, there there is a quadrant of about 5,000,000 of consideration that's not in these numbers that will be in the FY twenty six balance sheet. And then loads and borrowings, if you if you strip out the capitalized office leases from that number, we were borrowing we we had £29,000,000 borrowed on our debt facilities at year end and £24,000,000 of of net debt. Now I'll hand over to Anne, who's gonna start, the business review by talking about AI.

20:37 Thanks, Nick. FY twenty five was very much a year where we brought our very intentional AI operating model to life, and it's really exciting to share with you how we have done that. Ever since our inception, we have been senior led. We have been outcomes focused for our clients, and we have not had a traditional consulting pyramid. And that means that we have been able to be dynamic and to really embrace AI into how we work internally, how we deliver consulting work, and how we create AI outcomes for clients. So I wanted to start by talking you through our AI enabled operating model. As Steven said earlier, our acquisitions of ILAP and Responsum bringing data technology and AI capabilities into our firm were was not accidental.

21:29 This was an intentional build towards the future of the technology of tomorrow, which is now the technology of today. And our AI enabled operating model is built on that foundation. So to start with the data and core technology foundation on which we are are built, we have taken all of the data we have in our various core technology systems, and we have created an AI operating model around them. They feed an intentional build of a number of layers of AI enablement that we are using within our organization internally and also in how we deliver work and with clients. So that foundational technology layer, it includes proposals repository and and client work that we've been doing for seventeen years.

22:17 And taking all of that data into our knowledge and IP layer, we are able to orchestrate that together and to, enable our AI strategy, in a way that has been built using proprietary IP. So our capabilities from Responsum, from from ILAP in data technology, AI, and large language models has enabled us to create this intentional orchestration layer, which powers the rest of the platform. We then have a number internal AI agents that are running on ELIX's agent platform. These are things that help us go to market quicker. For example, we can create proposals through these platforms, or also to contract with clients quicker. So we can create statements of work for our clients to create contracts.

23:08 We also have the capability of creating new agents to do new things that we find useful within the organization. On top of the agent platform, we also have a number of external AI solutions and tools. These are the best of breed external tools that are out there, which are orchestrated in an enterprise secure way. So we can use things like Gamma, like Lovable, like Codex. First, to create internal documentation. Second, to create those proposals in a compelling way for our clients. And third, to create tools that help us to deliver consulting work. For example, the AI discovery platform, which allows us to synthesize insights during the discovery phases of pieces of work for our clients in a far quicker way that brings increased quality and and enables us to bring more human judgment and expertise to the client's puzzle.

24:04 Now none of this is is layered, on top of each other tactically. It is a big system, And that system comes to life by wrapping our people and enabling them around all of these tools and these platforms. So making sure that our people are well trained, that we have great governance guardrails in place that enable them to really use the full power of these tools in a really safe way. That is the secret source almost around all of this intelligence, all of this data, and all of this tooling. And this system also enables our three pillar AI strategy. We are growing the business through AI. We are delivering work through AI, and it enables us to create a scalable platform through which we can continue to drive our growth.

24:52 And all of this, as I said at the beginning, has been very intentional. So this has been the result of ten years plus of intentional build towards having a best of breed AI enabled operating model. So what does this actually mean in practice? Well, we're already seeing an 80%, over 80% increase in the amount of time it in the amount of time it takes for us to create proposals. So we've reduced turnaround time from three to five days to just three to four hours. And that's really important because it means we can get out to our clients quicker with our ideas of how we can support them. We're also seeing a 40% effective capacity increase for teams that are using AI native workflows and also a two to five times acceleration in targeted workflows, for example, in that research and analysis phase of client projects.

25:51 And one very personal example from myself was the way that I was able to use this toolkit in order to create a client microsite on a Sunday afternoon. I had an important meeting coming up with the CEO of a large client, and I wanted to really bring to life how we could help them in a way that was engaging and interactive. So using this toolset, I was empowered to code a very quick microsite, which had a lot of impact in that meeting. And we were able to bring the idea to execution in just under twenty four hours. Why didn't you name yourself? I don't know. I think was a secret. I have now. AI is also our fastest growing growth engine in terms of the work that we're doing with clients.

26:40 So we've seen an increase in the amount of AI projects that we are doing with clients, and we've seen that increase by 138% from FY 'twenty four, where we did 29 projects, to FY 'twenty six, where we did 69 projects. That has translated into an increase in AI related revenue growth by 260% in f y twenty five. And a couple of examples on this slide to talk to you about, one is with a major European bank where we've unlocked 200,000,000 of benefits to be realized over the next ten years. And we've done that by creating an AI enabled product development life cycle. So where it used to take this bank eighteen months to bring products to market with their clients, for example, new technology apps to their clients, is now taking just two to six weeks.

27:33 And this has also created an 18% cost reduction in their technology spend. So very significant outcomes for this major European bank. The second is a global media and entertainment conglomerate where it used to take them a hundred and eighty plus hours a week to surface insights from their customer base on what media and entertainment products were working the best in their target market. We've now saved that time by creating an AI enabled insights and product development engine. This now means that it takes less than forty eight hours to take real time client insight for this media company to interrogate it, to understand it, and to act on it, which has created 40% faster delivery on new entertainment concepts to their clients.

28:23 And you can see that we are working with some of the best of breed logos within their industries in the region of AI. I'll now hand over to Graham who is going to talk to you about our acquisitions. Thank you, Em. Hello, everyone. Just to give you a reminder of our acquisition strategy before we dive into the two latest ones. We're looking at companies that can really diversify us through either industry capability or geography. You know, that all flows through to the £80,000,000 of cross sell revenue that Steve referenced since IPO, and I'll take you through how that's played out in numbers across those three areas next. We're looking for board level issues. So companies who excel in helping us to deal with c level conversations through the capabilities that they bring with us bring with them. And we'll also kinda think about this in a programmatic way. So one or two acquisitions a year that can kind of add 10 to 20% of enterprise value.

29:22 We found, you know, from experience now, but from research initially, that that's a better strategy than in terms of small deals or, you know, humongous deal that that could really affect the culture that we're creating. But importantly, they have to be high quality. You know, we're we're very, I'd say, diligent in our due diligence, if that makes sense, because we don't want to dilute, you know, what we have, and I'll show you what our clients think of us in a second because we have just done a recent client survey, but that's incredibly important. So TRC advisory, they joined us in September last year. It's our largest acquisition to date. They came with about $36,000,000 of revenue and $17,500,000 of EBITDA. We agreed a deal where we essentially paid four times multiple of EBITDA upfront and with performance over three years. So they have, you know, profit and revenue targets over three years. Each year, we want them to grow 25%.

30:20 If they do that, then they get a six well, it it becomes a 6.8 multiple. However, if they do achieve that, the effective multiple once you factor in that growth and where we will be in three years would be much, much less than that. So happy happy with the shape of the deal. Really, really happy with the outcome so far. You know, they have a great reputation with their clients. You can see some of them there, particularly strong in industrials and manufacturing, multibillion dollar businesses, so c level access at all of them. They have a 90% client retention rate over the last ten years, so they obviously are doing great work, which we are used to. And their clients typically report that they get a 25 times return on investment on their fees, which is fantastic. What's really nice is they've been with us for, well, six months or so now. We've already working together. You can see in the bottom left, just a quick example where we're working together on a a performance chemical producer, and we've already identified and are delivering together $15,000,000 of benefits over the next two years.

31:22 Outside of last year, but in this period in q one, we announced Quadrant, which is a Copenhagen based strategy firm. They focus on commercial transformation, go to market excellence, transaction services. You can see on the left hand side there for TRC, a similar capability set, but they are different enough that together, they are one plus one equals three, and we're seeing that already. Strategically, a really important deal for us as well, albeit smaller than TRC. It gave us that European foothold we've been talking about. Nordics is a fantastic consulting industry, very culturally aligned to where we are as well. So it it's been a seamless transition in that respect. And, you know, that that them and TRC together can help with each other's client set with with the the people they have because they have a similar kind of strategy and growth skill set, which is working really well.

32:17 They came with more than £6,000,000 of revenue, over £2,000,000 of EBITDA. The deal we had with them was a 5.4 times day one multiple, and over three years, that goes up to seven and a half. But as I say, if they get their growth targets, the effective multiple is much less than that. They are across, you know, multiple industries, and and you can see some of the household names they have there. And, you know, we're talking to them now about how we expand the services they do so that we can do more of the execution to the strategies that they're coming up with. Been with us two or three months now, it's already working. So in the bottom right, we've already got them into one of our most important clients, and we're working with them to deliver the strategy and then the execution of of those findings. So it's going really well.

33:03 And I think this this acquisition strategy is really allowing us to continue to diversify, which I'll take you through now. So I think we first spoke about this a couple of years ago, and and we've updated it just to show, you know, a a consulting market grows in good times and bad times. Yeah. It grows 7% per annum on average, and it has done that for the last fifteen or twenty years. And what the diversification strategy we have across capability, geography, and industry means is that we can lean into that growth or efficiency depending on, you know, what what it is our clients are focusing on. And we start at the top of the house. And then as I've I've said and as I've spoken you through, we then flow through to what does this mean for AI, for data, for tech, and we can really be their long term trusted partner, really giving that kind of end to end service.

33:51 So the top row there, you can see the numbers. Obviously, our revenue growth from 30 to nearly a 150. First of all, capability. You'll notice that AI has popped up in in the last couple of years, and that's our fastest growing capability. You can see that consulting has increased, and that's because of the strategy led consulting. We're doing execution, c suite advisory, and almost everyone, if not everyone, has an AI aspect to it. So even though it might say consulting, much of it is working out what to do in AI. And then what they do in AI is where we get that AI specific revenue. I think it's important to note that I I just wanna take consulting as an example. You can see that 87% in in FY 2067% FY '25.

34:37 Yes. The percentage has gone down, but when you multiply that through to the revenue, that's £26,000,000 has gone to a £100,000,000. So, yes, we're less reliant on it, but we've still quadrupled it in that time. Likewise, for geography, we've made a concerted effort for The US, which is the world's biggest consulting market. I think five of our last acquisitions have been US based. We've deliberately focused there. You can see in year of f y twenty, 33% was UK and 22% last year. But, again, if you do the math, that's 10,000,000 to 33,000,000. So we've still more than tripled tripled that revenue from from The UK. But, obviously, The US now is is at 63% following the acquisitions of of TRC.

35:25 And then from an industry point of view, same story. You know, f y twenty, we were 80% FS and insurance. Last year, we were 39%. So that's 24,000,000 to 58,000,000. So, again, that's gone up two and a half times. We're less reliant on it. We're far more diversified. And, you know, we can roll with ups and downs in different industries, geographies, and capabilities because of the strategy, which we're very happy with and is working well. That diversification also flows through to our client concentration. So, you know, thinking about gold clients, which is a million pounds plus of revenue in FY '24, that was '27. Last year, that was 34. I think about £2,000,000 clients, double gold clients, if you like, that's gone from 13 in FY '24 to 20 last year.

36:13 We've already got 18 gold clients this year in terms of million pound pluses of revenue, so that that is also going very well this year. And you can see if you look at kind of on the left, the table, top 10 clients actually span seven diff different industries, and they're they're across all of our key geographies. So it kind of plays out the previous page in terms of client specifics, if you like. And and, again, it's it's just proving to be a a winning strategy. On the top right graph there, you can see the dotted line was was the year of IPO. 80% top 10 client concentration. That was 42% last year. And you can see how that's a much more sustainable and healthy tail off, if you like, into the other 250 odd clients that we've got.

37:02 If you look at the gold clients, so the 34 that we have, they have an average of six years and three months with us. Obviously, as we buy businesses, they come with with clients as well, and some of those clients have been with them with that business we bought for a while. So if you collate all that together with our own original ones, if you like from consulting perspective, that's a really healthy and deep relationships we have there. I think one of my favorite stats is that second bullet point there that Steve mentioned before. The top 10 have an average of 8.5 for the group, which is brilliant. If you look at the following bullet there, if you look at the gold clients again, not only if we increase them by 26%, but we're averaging nine and a half projects per account. And those projects will span all of the different capabilities. They could be AI. It could be data tech. It could be strategy. It could be breakthrough projects. It could be research.

37:50 So we're getting a really healthy mix, and we've got a big focus on our gold clients this year. We've in fact, we've taken one of our senior partners out at Rich, and we've told them just to focus on helping cross sell and open out gold accounts so that we get all the capabilities that we do in front of them and we can piece them together in in really nice ways. And that's what's flowing through to the growth in our high value accounts, which I mentioned. What do they think about this is probably quite an important question. Pre IPO, we had an independent client survey. That that was something that we we we've spoken about a couple of times, probably a few years ago, and we thought it was about time that we updated that. So we got the survey done again.

38:36 You can see the results on the left there in the table. I would say that at IPO, there were three things that our clients told us that we were maybe lagging slightly to our competition. That was technical capability, reputation, and marketing. And you can see from the results on the left there, we've really dealt with technical capability through the acquisition strategy. So we've yeah. And you can see our clients have responded and and think we're better than competition there. Reputation, I think there's been a mix of things. You know, the acquisitions we've done, the IPO, moved to main market, being a lead in AI, all the marketing that we're doing. All of that helps with our reputation, and you can see now that they think that we have a better reputation than some of the biggest names on the planet in the consulting space. Marketing was still slightly behind.

39:23 To be honest, you I think I'd probably expect that. They have marketing budgets that are multiples of our revenue. One day, we will be there that'll help us close that gap, but it's certainly a smaller gap than it was. And you can see that our clients think that we're differentiated. We're a higher quality to competitors. You can see who they think that our competitors are on the right. Again, so some some inverted commas, big names there globally. But what I like is our clients rate us at 8.3 out of 10 overall. You can see all the individual ratings there across the 12 or 14 different areas we asked them about. But overall, we're at 8.3 out of 10, and that compares to an average of 6.7 out of 10 for the names you see there. So that collates to 25% better. Some of the things that were repeatable comments made to us, top right, these these percentages are the percentages of our clients who referenced this point.

40:17 So 72% reference the high caliber of talent and the the seniority of the teams. So, again, going to that pyramid and what I kind of talk about is school buses of analysts waiting outside to come in the door. That's that's not us. 67% talk about being collaborative and agile and and partnerial. 63% talk about that we're attuned and highly adaptable to client needs, so we're not rigid and we're not saying, well, you know, statement of work says no, so sorry. Yeah. We work with our clients and and try and work it out. And 61% say that we're value focused and and commercial minded. So I think, you know, we're perceived as being amongst the world's best, albeit 25% better. And I think why is that? Much of that is down to our people and down to our ownership structure, and and Nick's gonna talk you through that now and how important that is.

41:09 Thanks, Graham. And, yes, as as Graham says, it's down to people, but we are incredibly popular for for applicants. You see the stats there on the left hand side. You know, we might be a firm now. We're over 700 people. We had 35,000 applications last year for for for roles, and that's more than 400 applicants per per role. So the sort of work yeah. Our reputation with, people looking to work in this industry, the way we're using AI, the way we're, we have the culture of ownership is proving very attractive to to people who want want to join us. And that that culture of ownership that we we talked about with 84% participation from our consulting team in in our optional ESPP program where it's their choice to join, as well as a 100%, participation in our share option program, which really makes a difference in in terms of how our people show up, go the extra mile for their clients, and are really thinking they're thinking truly as owners of the business, not not like employees who are showing up just to earn a day's wage.

42:09 If we go on to the next slide, just I could talk you through just the financial implications of the of the dilution. It's a question we've had over over the last few years from from shareholders. The we obviously, given that we issue you'll see in the annual report in the in the results release today, you know, we have about 30,000,000 options issued. The the dilution as a result of the option program that we have is actually a lot less than people expect if they don't work through exactly the the mechanics of how this works. So we put together a model that shows effectively all of the employee and partner option and the SPP programs that we that we have in place today, you know, the current pool of those options and our employee share purchase plan and the amounts that we would grant to new partners and new employees as we grow the firm.

42:56 And in in this illustrative example, we grow the firm grow the firm at 20%. And giving those granted the options in the way that we do it today as we as we grow the firm results in only 19% dilution by 2031 at a time where we effectively triple the equity value of the business from from where it is today. And for the current shareholders, that that means for current shareholders, the the value if it goes up to 1,100,000,000 for all shareholders, it goes up to over 900,000,000 for the current shareholders, so so excluding the impact of excluding the impact of dilution. And the reason that that dilution is less than, you might think if you just look at the headline number of options, It's really there's really three reasons.

43:41 Our employees have our employees and partners have to work very hard to earn their options. For partners, it's hitting revenue targets and profitability targets. So they are truly thinking like owners, having to deliver profitability on their portfolio of work that we want to deliver overall that adds up to what we want to deliver overall for the firm. Perform the performance ratings for the employees have to be in the top two rankings. So you don't earn your options if you're just an average performer. There is attrition. So employees have to work for four years and partners for five years before they can exercise any of these options. And, importantly, our options will grow at market price. These aren't nil cost options. So the employee and the part or the partner is benefiting from the increase in share price from the time they join the firm, in the same way as our external shareholders are. It's it's not that they're getting any any benefit from having them granted below below market price.

44:33 If you look back on what we've done over the last six years, we've only diluted by 11%. All of that is for acquisition. It's for the for the eight acquisitions that we've done. None of that is for for the employee options. We continue to use cash as our strategy to offset the dilution from partner employee options. You've seen that in the cash flow last year. It's our intention to carry on doing that, particularly whilst the share price is undervalued. But for us, you know, we protect dilution very carefully because we're all shareholders, and we'd rather use cash than we would dilute for the purpose of satisfying the options. So I think, you know, just to summarize dilution, it's something we very carefully manage. We're very protective of it, and we intend to carry on doing so. Now I'll hand back to Steven who's going to close with the outlook.

45:19 Thank you, guys. Yeah. So, again, reflecting over the weekend, I I having started this film with Graham, there were many, many periods I was worried that I wouldn't be able to pay salaries. And, actually, I think that feeling was in my stomach for fifteen years. You know? It's no longer there. Right? And the reason is momentum. You know? We have now got to a point where this business is almost becoming an engine of growth in and of itself. It doesn't require an intervention from me or an intervention from Graham to pull a rabbit out the bag because there are now 40 plus partners, as Nick mentioned, who are daily pulling rabbits out the bag. There's 750 employees who are all owners who put doing the same thing. So the one thing I've it's like a flywheel that's just starting to build. And, you know, as I think about it now, I'm I'm I'm very positive about the future because it's it's just, as I said at the start, we've we've just been built for this moment. And, you know, I I'd like to say by judgment rather than luck, but it's it's a fantastic opportunity. And we just see this in the first quarter, obviously, a record first quarter.

46:28 And what's crazy too is we're not even through April yet, and we've got 18 gold clients already. So that means we've already passed the gold state status on certain clients a million dollars million pounds actually, is it? Yeah. A million pounds Already at this stage in the year, which is which is incredible. And then as Em described, you know, we we're really embracing the the latest technologies, and we are geared for this. We are small enough to be be able to make sure that the whole firm is steeped in this technology and uses it day daily. I mean, if any of you understand our competition, most of those are national franchise partnerships. So to get an entire brand, I won't mention any of the names, but you you know all of them. To get any of those brands to be able to behave in the same way across the world using technology is a nigh on impossible task, whereas we don't have that issue. You know?

47:20 This is why we're we're we're literally positioned so well for this moment, And it's only a public company that can actually do this really. In strategic diversification, you know, Graham spoke about it at length. It's it's it's what what makes us so strong in this position that we're in now. You know? I was my first I I would be the first person to hold my hand up at at our AIM IPO and say, yeah. We did have diversification weaknesses. I don't think that's the case anymore. You know, I think that doesn't mean we're becoming complacent. In actual fact, there are many industries we need to get into still and the many capabilities we still need to build and the many geographies we still need to go after. But that weakness, if you like, or that vulnerability, let's say, it's probably a better word, that we had at IPO, I don't think that exists now. And so this all leads to the confident outlook we have. You know, we have a great post period trading.

48:14 Things are looking fantastic. And, yeah, we're just really excited for to continue to deliver the types of results that we have since since listing six years ago. So I just wanna close by saying thank you to all of you who are holders. You guys are your your support for our business is not unnoticed, and it's deeply valued. And for those of you who are not holders, hopefully, through the research you've done on us and and the presentation we've given you today, we can convince you to join us on this journey. So thanks to everyone, and I don't know if we do we have time for questions. That's great. Thank you very much for your presentation. Ladies and gentlemen, please do continue to submit your questions just by using the q and a tab situated on the right hand corner of your screen. Just while the company take a few moments to review those questions submitted today, I'd like to remind you that recording of this presentation along with a copy of the slides and the published q and a can be accessed by our investor dashboard.

49:09 As you can see, we have received a number of questions throughout today's presentation. Can I please ask you to read out the questions and give responses where appropriate to do so, and I'll pick up from you at the end? Brilliant. Yeah. We we will do. So thank you for submitting all all of your questions. There are a fair few, so I'm not sure we're gonna get through all of them, but we will certainly go through a good eight, nine, or ten if we can in the time. So the first question here is at what point in your growth trajectory does the partnership model become harder to maintain culturally? And what are you doing now to protect the culture that makes the model work as you scale? I think, you know, the main part of our culture that is the DNA and sticks sticks everything together is the whole entrepreneurial nature that we all have. I mean, Steve and I, as you know, started the business seventeen years ago. And every day, we've been having that as, you know, something that makes makes us different. All of our people coming in are owners, you know, we have the equity story Whilst they're employees, which technically an employee an entrepreneur isn't necessarily, what it does is it gives them that ownership and it allows us all to to grow this business together. Likewise, as we bring in new partners and and new acquisitions with their leadership team, you know, we're looking for that same that same culture within them. And oftentimes with the acquisitions, it's kind of comes past and

50:39 parcel because they are founders themselves. So I think the more that we can make sure that's front and center to what we do, then, you know, I don't see see that disappearing anytime soon. If I if I may add to that, Graham, I think I would also say that there's a saying, culture eats strategy for breakfast. So you know culture isn't something that you can easily change you know and and this is actually when I reflect on my time in Accenture which was also a company that was a fantastic consulting brand that became public, You know, unfortunately, culture was defined prior to their IPO, and their culture wasn't one of entrepreneurship. And so the the the the ability for them to use the equity story and the ownership story with employees and partners wasn't embedded in culture, and it's as a result, it hasn't actually been able to create that kind of culture because you can't change what the business is culturally. It it sort of organically emerges as a result of people hiring certain kinds of people that look and feel like them, that behave a certain way, that demonstrates certain characteristics, etcetera.

51:49 The advantage we've had is we built it from ground zero. And so we set the strategy sorry. Not the strategy. We set the culture from the get go by the way we've always turned up. And so it's like the flywheel point I made earlier. There's a flywheel of cultural energy in the firm that is almost impossible to change now. You know? It's it's everyone is DNAed that way, if you like. So I think it's actually one of the the real powerful things about doing this the way we've done it. The real difficulty is it's taken seventeen years, but the real advantage to you as potential shareholders in some cases and shareholders in other cases is that, you know, it's been established and others to create it are gonna have to take seventeen years to do it and or redefine McKinsey's strategy or or culture or redefine Accenture's culture, and that's almost impossible to do. So I think that's a real advantage for us. So it's a good question.

52:44 Yep. Very good. Another pre submitted question. You have articulated a three stage journey, FTSE two fifty, then Unicorn, then FTSE one hundred. What are the two or three things that could prevent that journey from completing, and how are you managing against those risks specifically? So if I start with this one's you know, FTSE two fifty, the last time I looked, had a entry point of of £505,000,000 market cap. Depending on where our share price is, you know, we are in the high 3 hundreds or 4 hundreds. So Low 4 hundreds. Sorry. High 3 hundreds or low 4 hundreds. So, you know, it's not doesn't take great maths to to understand that we're about, you know, 25 to 30% away from that. So if we grow another year like we have been and by the way, we have been growing at over 30% actually for the last fifteen or sixteen years, but particularly since IPO, you you saw the numbers that Nick went through earlier.

53:45 We we have no intention of slowing that down from an organic and an inorganic basis. We have a great strategy for both of those. Our gold clients are increasing. We're adding more capability to what we're doing. We're growing that revenue and that EBITDA line, you know, is is is something that we are very focused on doing. We've had 14 earnings upgrades since we IPO ed in in 2020. So we will just keep doing what we're doing. And, you know, hopefully, not only will the share price and our multiple keep track, but we it should get back to where it is, and and that'll speed us up even faster. In actual fact, Graham, if you took our a multiple at IPO and applied it to our EBITDA today, we'd already be into the $2.50.

54:30 So Exactly. You know, it only takes a rerating or Marcus to correct, and, you know, we're there already. But as Graham says, we we just gonna continue to do our organic growth and our inorganic growth, and and that'll get us there eventually anyway regardless of the rating. Yep. And then we'll just keep going. As you say, you know, unicorn is obviously a billion, and and I think last time I looked, FTSE one hundred was around the three to three and a half billion. So it's always good to have those targets for us and the team and and that's what we're gonna be aiming towards. And maybe I'll read this question out. Amit's here. I'll happy to be MC. One for you on AI. What is the ambition for the head of AI engineering function? Is ELIXIA building proprietary tools that change the revenue model from pure consulting towards something with the technology or recurring just changed Anne's title?

55:21 Head of AI engineering. She's certainly AI engineer. Definitely not that, but we do have a fabulous head of AI engineering. And together with our AI engineering team and also with our co heads of AI within the organization, our consulting experts in this space. We're using all of those capabilities internally and externally. So internally, we have our our three pillar growth strategy. So we're using that AI engineering capability to help us grow, to help us deliver, and to help us scale using AI. So examples of the growth work that they're doing, those AI engineers created our proposal generator, which helps us get proposals out to clients within a matter of hours as opposed to a matter of days, which is is what it took previously.

56:13 The AI engineers are also building tooling that help us deliver client work. So these are agents and tools that our consultants can use in the way that they, for example, synthesize client insights, discovery phase of a piece of client work, and play them back to the clients and help us as partners sit with the client and interrogate those insights in a very live way. So our AI engineers are also building delivery tooling. They're also helping us to become more operationally efficient in some internal work flows, and that helps us to scale over time. And then externally, those same AI engineers, their capabilities are being used to help our clients solve those sorts of of puzzles. So our clients may well have similar AI strategies in terms of how they grow their business, deliver their work or their products, and scale their own businesses.

57:07 And those same AI engineers are also facing externally into the market to add that same value to our clients. So the ambition for the head of AI engineering, all our AI engineers and consultants is that they can have dual value to us as a as a firm and also to our clients. Thank you, Em. So, mate, this looks like one for you, Nick. Howard q is asking, how do you think about return on invested capital and acquisitions? I assume that many of these acquisitions, TRC and Quadrant, are highly accretive from an ROIC excluding goodwill basis, but when including goodwill is around circa 20%, question mark? Thanks for that question, Howard. Yes. I mean, for the initial consideration and I I talk about TRC as an example, because that's the largest acquisition we've done, The the goodwill is all tax deductible in The US, so effectively, it's on a post tax basis. The investment cost is only about 75% of the amount you see disclosed in the accounts.

58:07 For the if I look at FY '25 earnings, the return on invested capital is about 19% on a post tax basis. But if the important thing is how we structure these acquisitions. So to get the maximum consideration for the for the the targets, the sellers of the company have to deliver 25 compound growth typically in their EBITDA numbers. So their EBITDA has to double over the three years to get all of the consideration. So what if if that happens, then the and all of that earn out is earned, the return on invested capital increases to about 27% in the case of the TRC. So, you know, from our point of view, that's a very good return and one that's accretive to to our shareholders. Thanks, Nick. I'm just conscious we're getting to the top of the hour, there's probably do two or three more questions. Nick, I'll stay with you.

58:56 If so Alan c is asking, if one excluded acquisitions, I believe there is a slight first half weighting to the underlying numbers each year. Is that correct? And what causes that to be the case? Alan, that can be. I mean, the reason why it would happen is that December is the lowest revenue month typically because holidays and and to a lesser extent, August as well. So you can see that that bump in the first half. But if I look over the last four years, we've averaged roughly fifty percent fifty percent in h one and h two over the four years, and it's always typically been within sort of 49%, 51% range for the for the two halves. Perfect. Howard q, again, is asking, it's increasingly frustrating from how the market values ELIXIA growing at 30 whilst maintaining margins, m and a accretive to RSIC, and future compounding of organic growth. Yet, we're we're valued. I like the use of the word we're valued at low double digits f y 26 p e multiple with effectively low CapEx requirements and high cash conversion.

59:59 What do you think investors are really missing in the ELIXIS story? Maybe I'll start with that one. I it is frustrating. There's no one more frustrated than for this table. I can I can guarantee you that? Personally, I I think investors or the market, I should say, have kind of bundled up ELIXIR in the whole AI is gonna, you know, kill consulting. You've heard, hopefully, quite clearly from how we've spoken about it today. There are parts of consulting, yes, that will get killed, and that is the the bottom of the pyramid. You know, was thinking Bottom two ends of the The bottom two ends of the We still need something there. Yeah. Sure. Yeah. It's the the overhang, if you like. Mhmm. If you think about an Accenture, they're 125 to a 150 employees per partner. We are about 12 to 15 employees per partner. So we do not have that massive pyramid, which at the bottom, AI is disrupting big time. So, you know, we are using AI as a competitive advantage because it's leveled the playing field like we said earlier.

1:01:03 So I think this actually, we've had investors over the past twenty four, forty eight hours tell tell us that we have articulated how AI is an advantage for ELIXIR. Hopefully, you guys have have seen that over the past hour or so. And, you know, that that is the start of the change in the narrative, and we will continue to be beating that drum. I I may may I add one other thing, Graham, if you if may spot on about AI as an opportunity for us. I also think that what the market's not recognizing is truly that the point we made earlier about culture. You know, the fact that we are all turning up and we're sitting here in in one of our rooms called founders and in and out this lift are walking our employees, and all all of them own a piece of this business. And they all walk and act like it every single day. And, you know, you if you own something, if you own your house, you care about it more than if you rent your house.

1:01:59 It's just a fact. And and everyone here has that ownership mentality, and it's that small thing that makes us turn up with our clients in a different way. And it's those small things that add the real value because it's that extra the the the desire to take the call on the Saturday afternoon when you're watching your son play rugby on the side of the field from your clients who need something urgently. Clients want that. Right? So that's what we it's that extra bit that mile you go that causes clients to choose us over someone else. Then you use AI to deliver proposal faster than anyone else because you've got that tooling built from our AI engineers. That impresses clients. It's all these little things that cause you to stand out as a consulting firm. We all you've all had services. You I bet you all buy services. If you it's the it's the the person that gives you the premium service that you go back to, and then you trust them and then you build that relationship, and that's how this game works. So what investors are missing slightly is that as a powerful energy powerful economic force within the company that really will drive growth and does constantly drive growth and has done as you all have seen for the six years we've been a listed company.

1:03:11 Okay. Final question given the time and just to reemphasize that any questions you've submitted, and thank you for doing that, we will answer outside of this. So I think it'll be printed up and somehow released to you guys so you will get answers. Steve, why don't we finish with you and and maybe stay with AI given, you know, that's being spoken about a lot. Can you can you speak to any areas or types of work where you're admittedly seeing some volume or pricing impediment from AI related influence? Yeah. So That's from Hamish a, by the way. Okay. So, again, I think this is a slight misunderstanding as to how consulting businesses and value high value consulting businesses make their margin.

1:03:59 You know, this this isn't suddenly I I mentioned when I answered around the culture point, our clients buy us because they trust us and if all of a sudden actually, there's a great example in in the presentation that M gave where for a European bank, found an opportunity to save them 200,000,000. If we decided or if we had agreed upfront to charge that client 25% of what we found as savings, I can guarantee you now that that client would, in the moment of trying to give us 50,000,000 power $50,000,000 in that case, I think it was, they would wholeheartedly resist giving us that 50,000,000 because they know it would have only cost us 1,000,000 to deliver 200,000,000 of savings.

1:04:45 So the point here is that we cannot fleece our clients because our clients, we want that ongoing relationship with that European bank and it's more valuable to the firm to do that than to gouge a client for a one off opportunity. And AI is not that one off one off opportunity. You know, if we suddenly get an opportunity to produce a 50% EBITDA, our clients would not appreciate that. Yeah? So I believe, because I've been in this industry as long as I have and you guys can do your research, there isn't another consulting firm that delivers a 30% EBITDA consistently like we do. In actual fact, there was one we discovered and we bought them. They were TRC. But there it's very, very seldom you do that. Why? Because there's a a expectation of clients. They don't mind you making good margins like we do, but they expect a certain level of service, they expect a certain level of trust, they expect a certain level of transparency, and these things all in some over time produce a long longevity of relationship and a trust and an understanding that you're a company that isn't allowed to earn your margins because you are you deliver high quality, you're trustworthy, you don't don't try gouge me, you add value to my business. If I make if you add more value than you cost me, you let me take that value.

1:05:58 So it's a very important thing to understand is that it's not mechanistic. This thing is it's a complex web of of levers that we pull to deliver on the quality relationships we have and the longevity of the relationships we have, and we can't gouge our clients in getting there. We've got to make fair margins to them and to us, and, you know, I think given my experience in this industry, and I think I experienced building this business, is that a 30% EBITDA, give or take a few percentage points either side year on year is a very fair expectation we can expect to our clients to pay given the quality we deliver. And AI is just another way to deliver quality. So please don't think about it as, oh, suddenly you're gonna become more efficient and therefore you're gonna make more money. That's not how this game works. It's it's a very different style of of of business than an operate operational business or a product business or, you know, it's not that kind of thing. It's a relationship business that's built on trust, respect, and and and adding adding value.

1:07:04 However you deliver it, whether you're doing it with people or with tools, expect you to add that value. So, hopefully, that answers the question. But are we closing? Is that we're done. So, yeah, we're a little bit over time, but thanks so much for your attention. And and for those of you who are holders, I think quite a lot of you on this call are actually holders, so thank you for being supportive of our business, and and hopefully, we keep delivering to you like we we we we have done over the last six years. We will continue to do so. And, you know, let's see where we go. You know? We're gonna hit that two fifty mark. Gonna We're hit the unicorn mark and hit the the 100 mark. So stick with us on this journey, and thanks for the support so far. That's great. Thanks for updating investors today. Can I please ask investors not to close this session as you'll now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations?

1:07:54 This may only take a few moments to complete, and I'm sure it'll be greatly valued by the company. On behalf of the management team, we'd like to thank you for attending today's presentation, and good afternoon to you all.