Fadel Partners (LSE:FADL) — Investor Presentation

0:01 Good afternoon, and welcome to the FADEL PARTNERS, INC. Investor Presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged, can be submitted at any time via the Q and A tab situated in the right hand corner of your screen. Just click Q and A, scroll to the bottom, type your question and press send. The company may not be in a position to answer every question received during the meeting itself. However, the company review all questions submitted today, we'll publish responses where appropriate to do so. Before we begin, we'd like to submit the following poll. I'd now like to hand you over to Tarek FADEL, CEO. Good afternoon.

0:31 Good afternoon. I'm Tarek Fadal. I'm the founder and CEO of FADEL PARTNERS. I'm here with the Corey Gibbs, our CFO based in The UK. By way of background, I founded the business in 2003. Came from a long history of business to business technology software. Spent a considerable amount of time at Oracle and Cambridge Technology Group before that, really working with enterprise clients deploying enterprise type software around the world. And our a public company's CFO, been so since 2018, but predominantly background in investment banking, helping companies grow through m and a and capital raise.

1:21 So we'd like to talk to you today about what the company does at a glance and effectively what our software does and how our technology helps customers. So FADEL is a leading developer of cloud based IP brand and and brand licensing software as well as brand compliance software. We've had a very strong track record of growth, particularly over the last four years, And we've made a concerted effort on also increasing our recurring revenue growth over these four to five years. What the company really does is it offers technology solutions in the cloud that help both intellectual property and content owners, otherwise known as the licensors, to actually manage all of their licensing agreements as well as their royalty billing and income that's generated from those license agreements.

2:19 We're uniquely positioned to also work with the content users and the IP users, meaning the licensees. So we sit on both sides of the equation helping manage the content and the licensing agreements for both licensors and licensees and allowing them to better engage and manage all of the associated complicated growth and billings coming out of that relationship. In in addition to that, we've also focused a lot of our time and effort on expanding our solutions and also moving into the brand compliance space, allowing intellectual property associated with marketing content, images, videos, voice over, music, etcetera, to be managed on our platforms and have since also deployed the solution in the market, cloud based solution that is very much geared towards international marketing brands looking to manage their marketing and advertising content and usage rates.

3:27 In terms of who we help, this is just a short list. We have over a 150 clients. Many of them are the who's who in their respective industries. You'll see names such as Hasbro, Marvel, Pearson, L'Oreal, different industries, different types of global clients using one or multiple products that we supply.

3:55 So what problems do we solve? So some of the issues that our customers are facing have to deal with licensing infringement. So, basically, large brands inadvertently infringing on copyrights or licensing rights. In many cases, I would say 90 plus percent of the cases that we've seen, are examples of companies just not knowing that they're infringing on rights because their systems are antiquated or their licensing agreements are done and and shelved in the desk or in the PDF file somewhere. So that's one thing that we help customers do is get visibility into their licensing agreements and their usage terms and the rights associated to their IP or the content. The other one is really helping customers better manage their royalty processing.

4:45 And royalty processing is a complicated process where there's a royalty billing set of systems that marry both sales and usage data as well as download and subscription data and have to account for what are all the contractual permutations against that data so that a royalty statement can be generated. And depending on which side of that equation you fall on, whether you're a licensee paying out royalties or a licensor receiving royalties, the the process is complex and it's fraught with inaccurate, information and which ends up being reflected in underpayment or overpayment of royalties.

5:31 So our systems help licensees and licensors get a better handle of accurately making those payments and providing an audit proof system that allows someone to go back and understand how things are calculated. All of this, as you can imagine, leads to a lot of inefficient processes, whether it's from cost, whether it's from time spent on systems, whether it's not being able to reuse existing content that was paid for by organizations. And so our systems tackle lot of inefficiencies that are in the in the innate to the systems that exist today because of low automation or spreadsheet based usages or just multiple disparate systems or entities that are, you know, in the process.

6:20 We take two perfect examples here. One of them is dispute with Uma Thurman and Lancome, which is a royal brand that was mentioned in the press where Uma Thurman actually sued Lancome for misuse of her images in their marketing campaigns for Lancome using the images a year after the the content had expired. Perfect example of a very reputable company that who had an agency that mistakenly used that content because they just did not know that the the licenses had expired, and it resulted in a lawsuit which was then settled. However, you know, brand reputation was affected, and this is a very typical example that we see with all of the brands that we actually are talking to. It happens every day, all day. And as I mentioned, over 90% of the time, if not more, it's just an important use of content that no one really knows what the events are for.

7:23 Another perfect example of our, you know, our software helping with providing efficient use of people's time and reducing the number of headcount spent on specific process. BowerMedia, for instance, has saved about an estimated million dollars a year annually using one of our platforms, which is a digital asset management system called PictureDesk, by using less editorial staff in their group and having that team spend less amount of time, meaning something down from forty seven minutes to down to three to four minutes of finding the right content to actually use, in this case, image and video content in their publications.

8:10 So less people spending a lot less time, doing the work and then moving from a homegrown, in house system to a private cloud deployment of our software where, they also are spending less time managing the system because we're doing that on their behalf.

8:29 If we take a look at the products that we offer, I'll start off with our IPM suite. It's the IP management suite, which is sold to both the content owners and the users, and the IP owners and users. And so as I mentioned, it's helping both licensors and licensees manage innovative new licensing models, dynamic product configurations, and rights models, and then also supports new revenue generation strategies. So as you can imagine, a lot of the world's leading companies are going through process of identifying how do we deploy more of our IP, more of the content, more of our technology into ever growing distribution channels, which also include new devices, new gaming, new tablets, and how is that content being licensed and delivered. And so we see this space as a a fast moving evolving space, both in terms of solving traditional licensing and royalty problems, but also in terms of incorporating new licensing models that are constantly evolving.

9:38 And so our solutions help companies both manage their licensing agreements, helps this licensing sales teams gain visibility into when those agreements are coming to expire, how well they're performing, and helps the the legal team understand what are all of the complex rights that were granted, and the finance teams, manage all of the royalty accounting behind those goods. Our second product offering is called brand vision. And, what brand vision is is, a relatively newer, marketing wrapping on our digital rights management products, but also an expanded capability. So it's sold to multinational brand marketers. Our focus there is not very specific to a given industry, but it's a more horizontal offering across many industries with that are multinational nature and spend money on high end marketing content.

10:44 And so what we offer is a digital asset management system that allows these companies and these marketers to manage all of their production marketing content, images, photos, videos, music, voice overs, etcetera,

10:59 everything that goes into content for marketing campaigns. On top of that, we have a native ability to also manage all of the usage rights for that content. For instance, if I have a photo shoot and I have hundreds of images that are coming through the photo shoot that are now production ready, those images could be tied to over seven to 10 different licensing agreements, the photography agreements, the placement agreements, the stylist agreements, the model agreements, the athlete agreements, etcetera. And so our system not only manages the images themselves or the videos, but also all of the associated licensing agreements. And it ties the two together so that it allows marketers to understand before they create marketing campaigns what, where, and when they can actually and how they can use that content. And once that content is deployed and is actually distributed, typically, it's distributed in combination of print and digital.

12:00 We also have a new image and video tracking solution that takes into account how am I publishing my content in digital form, be it on e commerce sites, websites, partner sites, as well as social channels social media channels, and releases that content on behalf of the brand so that the brand actually can rest easy that the content that they're using, whether it's in image and or video form, is policed, is matched, and is actually flagged before it goes into any violation on any expiration dates or marketing terms. And so this is a a newer product in the in the offering.

12:47 Our new release has a lot of sophisticated AI based image and video matching capabilities, which is getting a lot of attention from many of the world's largest marketers. And last but not least, part of our brand vision, to accept this, part of our brand vision, product set also is the product called PictureDesk, which came to us through an acquisition in 2021, of a UK based company called Image Data Systems that had built a very powerful content aggregation platform in the cloud. It's highly scalable, contains over a 100,000,000 images, and it's based basically being used by, currently, by editorial staff at some of the the largest news newspaper and magazine publishing groups to quickly search for content via visual searches and identify content that they might want to actually print, whether in digital or in print format.

13:52 And we've taken that set of products, integrated them back into the core FADEL offerings, created the brand vision offering, but also are continuing to sell this product as a standalone capability to magazine publishers, news outlets, and, more. We're also bringing it to the education function side of the world. So touching on the the revenue model splits into the the two broad families here. IPM is on the left hand side, and brand vision is on the right. The left hand side is more an enterprise software type environment, whereas brand vision is a is a SaaS model typically.

14:39 Both split down into recurring versus nonrecurring. And on the recurring side, for IBM Suite, typically, a multiyear license agreement, ballpark figures to give people context, so it's circa $2.50 to 500 k per client per year for the license. And depending on the size of the the client, a support component and depending on the level of support required from product through environment support, the recurring recurring fees of a a not dissimilar nature. When you look at taking an IPM customer on board, it's a big complex process. We are effectively integrating into their native systems, their ERP type systems, so accounting accounting, product management systems, etcetera.

15:29 And and that's a nontrivial exercise. It can be multiyear in nature and can be, you know, 500 to a 100 k to $1,500,000 as a sort of a typical range. Not so recurring in nature, I. Services piece, but what we found with the large customers is that there is still an element of of ongoing work. And when you talk about the really large customers and let's use, I don't know, Pearson as an example, big educational publisher, multi region deployments. Each time you do a a rollout to a new region, there's going to be an implementation of services revenue associated with that. When you look at the the SaaS model for for brand vision, it's a subscription model, less less extreme in terms of revenue per customer per year, much easier entry level price points for for customers.

16:18 With a multiproduct offering, it's a function of whether you're taking one, two, or potentially three products under the b b family as to how much you'd be paying. For the enterprise customers under brand vision, yes, there will be some implementation involved because of, again, large complex environments that that they operate in, but far far less so than the enterprise software side of mind.

16:45 In terms of the the broad presentation, obviously, we we IPO'd earlier this year. We put our results out last week, and and this is a case in part talking about what we did in 2022. It was a very positive year for us despite the the the broader market environment out there. Our revenues grew 10% to 13,200,000, an increase in the proportion of that revenue that's recurring. We're now two thirds recurring with a gross profit margin of 60%. But the two operational side of life, things that were were were hugely important was obviously the development and launch of BrandVision as a new product family and continued operational progress with both existing clients going through multiple go lives and the addition of a number of new marquee customers.

17:35 Now dig into that in a little bit more detail. Obviously, Tarek's already spoken to the nature of brand vision being a sort of a four component part product family, which you see on the left hand side. Digging into to to what we did operationally, it's further rollouts and go lives with people like media participations and Pearson and client wins for companies like Coca Cola, R and Media, Worldport, etcetera. But a good proportion of our time, understandably, was prepped for the IPO, which commenced in 2022 and obviously concluded this year in April. So at the time of the IPO, we talked about four key key strategic goals, if you like, which you see on the left hand side.

18:31 And both Tarek, myself, and all of the team have been incredibly busy leading up to the IPO and then obviously in operationalizing some of those goals thereafter. Well, it's nice to be able to come back in a relatively short space of time and say, yep. We're getting great progress in all of these strategic goals. So we've got new customers across brand vision, across a mix of those product components within brand vision, and there's some great momentum in our pipeline. Content tracking, as Tarek has said, is getting a lot of a lot of attention. It is a a unique offering for for many customers, something they've not been able to solve, and that's hugely appealing for people. So it's it's, you know, good ins for new customers. But we're also selling to existing customers and selling more to existing customers.

19:22 So when you look at brand vision, multiproduct family, you get a foot in the door with one product, you can upsell, you know, ad tracking, add a dam, etcetera. And in the context of of what our targets were for the year, you know, renewals carrying on absolutely in line with what we thought. And that's outside of, you know, obviously, our our ramp up of our sales team, which is a significant part of what we were looking to do with the IPO proceeds, which is scale our platform. We're adding sales. We're adding lead gen. We're adding extra support in admin to expand our bandwidth and our capabilities. And whilst we've had great progress on that to date, we're near an increased account of circa 10 people. There are more hires yet to come through the the back end of this year.

20:11 And then in terms of developing out our product offering, we are typically a quarterly product release cycle. So year to date, we've had five product release cycles with multiple new features and functions being rolled out across all of our platforms. And as Tarek alluded to, there's a picture desk opportunity going going into more of the educational publishing space that is being pursued actively now. What that means for our numbers, and I'm I don't propose to to go into these in huge amount of detail. If there are questions you have, by all means, do ask more now or now or in future. But, you know, I mentioned

20:52 on prior slides, positive revenue growth and a growing proportion of that is is now recurring. Our service revenue declined, which is operationally positive for us because it means we've got customers progressing through implementation into go live environments and giving us faster bandwidth to bring in new customers. Our r and d expense line item is an important one to note. We're we're a US GAAP reporter, and the important thing to note is we expense all of our r and d. None none of it is capitalized. And so think of that when you're comparing us with with with other tech type businesses which do expense which do capitalize their r and d. And, obviously, it grew year on year to reflect the increased spend on the development and rollout of brand vision.

21:41 We bought business back end of twenty twenty one called Image Data Systems, which came with a dam and some AI search capability that's been instrumental for for what's for what we're doing with the brand vision family. And as a result, we now have some intangible assets on our balance sheet. I we don't we don't capitalize our our r and d. We will only get that through through acquisitions, and hence, we now have an increased amortization charge.

22:11 And there are some foreign foreign currency gains driven by, in part, the fact that we bought that business in Sterling, and we're a US reporter. So there are FX translation effects year on year. From a balance sheet perspective, a couple of key observations. We get renewals through the year, but some of them are are are back end weighted to December time. So what you see year on year is sometimes we'll have a large AR balance, which is really a function of renewals happening in December, but not being paid for until until the following year. So so you have an AR balance.

22:49 There will be some deferred revenue payments. Again, a function of that and a function of, in in times, multiyear contracts. You'll, doubt, look at the working capital. This was a 2020 period end balance sheet. Obviously, we did the IPO in April this year, and that brought in gross proceeds of £8,000,000. So a a much, much healthier balance sheet today than 2022. In terms of cash flow, D and A charges mentioned on prior pages. Probably the the bigger issue here is, again, on The US GAAP. We capitalize our commissions, if if you like, a a reflection of the cost of an acquisition of of of new contracts. So there's an element of that going going through the statements.

23:37 But the working capital movements here, again, a function of timing of of renewals, etcetera. And you'll see a deferred payment that came through in 2022 and the the large payments for the the acquisition of IDS that we did in '21 and then later in '22. A line of credits with BofA at about $7.50 was was a was a million at year end. We expect to pay that down through the course of of this coming year.

24:08 So in terms of summary and outlook, we are looking at trading in line with market expectations for 2023. We've got a lot of momentum building also in addition to what we already started in '22 going into 2023 from pipeline generation across all product lines, IP management, brand vision, as well as PictureDesk. We are doing further momentum building, continuing to strengthen the pipeline both in The United States as well as in, Europe. And then, we've brought on key hires and are in the process of onboarding, including two degree of key hires. One is a chief revenue officer based out of New York.

24:56 He's in a global role to manage both our European and US opportunities

25:02 in addition to a VP of demand generation who's looking to build out all of our demand gen activity both from a marketing as well as from a lead generation team that sits across both US and Europe to, be driving and, generating leads for the sales teams. Our research and development continues to be at pace. We're adding new features, new functionalities, some really exciting things coming especially in the digital asset management and content tracking side of the world. We're we are looking to add tracking capabilities across platforms such as TikTok. We've done one already, an integration to track video on YouTube, Instagram, Facebook, and, we're looking to further strengthen our, crawling capabilities across many of the large ecommerce sites globally.

26:01 We are engaged in several, paid, proofs of concepts, trials with some of the world's largest consumer packaged goods companies, who, as you can imagine, spend a lot of money on marketing and to identify where their content resides and if that content is compliant with not just the copyright compliance, but also with their overall brand compliance. Excuse me. So we should we do see this as a great momentum building exercise for us through 2023 into 2024.

26:35 And we coming off of the IPO, we have a strong balance sheet that we're using to actually make these hires and to start to continue to grow the team.

26:51 So that largely concludes the sort of the initial phase. The the slide deck will be on on this site as well as our our website in in short order, which has a few more bits and pieces of details on on the products and the company, including the board, etcetera. But I think probably back to to Paul for that for now from my MC. That's fantastic, Derek. Agree. Thank you very much indeed for the presentation. Ladies and gentlemen, do please continue to submit your questions just using that Q and A tab switch over in the right hand corner of your screen. Just click Q and A, scroll to the bottom, type your question and press in. Just want the team to take a few moments to review those questions submitted today. I'd like to remind you that recording of the presentation along with a copy of the slides, as Vicry says, and the published Q and A will be able to be accessed via your investor dashboard.

27:37 As you can see, we've had a number of questions throughout today's presentation. If I may just perhaps hand back to you, Vicry, just to read out the question where appropriate to do so, I'll either take the or or pass it on to Tarek, and I'll pick up from you at the end. Sure. Sure. But why not why not start with the first one? So a question as we were going through to to to ask, how do you pull together all of the component parts to manage the process or the image in the Uma Thurman example all the outcomes to decree litigation to driver of terms of clients. So so the heart of this, and it's it's an example that, you know, has has many, many analogs. Take a video a magazine still of of UmaTherm and selling a long com beauty product.

28:26 That image has, as Derek said, a whole bunch of rights on it. When it's used post expiry of those rights, so maybe the magazine was only for the twenty fourteen and fifteen period and it was used off that. I I I don't know the exact dates in question. The contracts in breach. Now marketing is exposed to that across all industries the whole time. And so the cost is is not directly a function of us, but the cost is to the company. So in this case, long term has breached contract. It's been sued for breach. Most outcomes are a settlement out of court, an extension of the contract within the firm, and in this case, that was the case, and and certainly not the 15,000,000 fee that they were seeking in in in damages.

29:15 What our systems do, though, is ensure that the rights associated with any marketing campaign, whether it's a glossy spread in a magazine, whether it's a video clip, or any of the other digital or real content versions of marketing, it allows the brand owner of that that campaign to know whether they can use that content in that distribution format. If they do use it correctly with our systems, they'll see, can they use it now? Yes. Is it expiring in due course, or has it already expired? And across multiple multiple components within one campaign, there will be multiple answers.

30:05 So you might have it if you like. It's a traffic light system. So there might be some components within that campaign that are all brief. Absolutely fine. Carry on using. There might be some that are expiring. Go and renew them so you can carry on using this campaign, or there might be some that are already expired. Okay. Bring it down before you get caught in violation. So this helps with compliance. It minimizes the risk of being pursued for breach of contract, and it effectively saves the company a lot of money. I. E. The return on investment for a brand owner in their marketing process is huge relative to the spend on our software. So it's value add for them. It's a more efficient use. And in the context of where marketing is going, which a broad theme is bringing agencies in house, I. E. Rather than L'Oreal, which has, what, 37 brands globally, you know, long term being one of them, how do you manage that centrally? Well, you don't. Originally, it was devolved to, you know, multiple agencies per brand. So you can imagine there are literally hundreds, if not thousands of people and millions of bits of content that have rights attached to them. But if you have a system that can manage them more, can show you at a glance very quickly, very accurately what is within compliance and what is not, it means you will spend less money managing them and certainly less money where there are breaches. Yeah. And I'll and I'll add just a few more anecdotes to that that are important to mention.

31:33 Video increases that complexity, as you can imagine, because with video, you also have things like music, voice over, rights that you also have to manage. So the the complexity grows farther. So and a lot of the brands, as we all know, are doing a lot more video marketing content production these days, and we see that as a very growing trend. And which is why there's been quite a bit of demand for our video tracking capability. But also to to answer the second part of the question around is copyright compliance really a typical savings on mitigation that drive return. That is a portion of it, and that's the compliance portion of it as we agree mentioned.

32:20 The other portion that's equally as important, especially for these global brands, is the fact that when they get on our systems, they now have a single global system to manage their marketing content, but also the associated rights. Meaning, every single brand manager in every single territory around the world now has visibility to not only the content that they can reuse in their local markets, but also all of the associated rights. And so content reuse becomes a very big topic because traditionally, what these brand managers are doing in their local countries are going off and creating or recreating new campaigns because, a, they didn't have visibility into the existing content developed by corporate, and, b, they had no visibility into the rights. And this solves the problem of content reuse and maximizing the return on investment of creating and paying for the high end glossy photoshoots and, videos.

33:20 We'll take the next question. Can you talk please about your closest competitors? Is Ingenta in that category? So there's a couple of couple of approaches on this one. As you've seen in our presentation, we have multiple product offerings. And so we do have competitors who are different in the different product offerings. So the IP management suite, as we mentioned, is a set of licensing and royalty management software that allows companies to manage their license agreements and their royalties. In that context, more so in particular in publishing, Agenda is in that category. Agenda also does a lot, of other things for publishers that we don't play in such as title master software, ERP software for financials.

34:20 We typically integrate to other systems for that capability. And so within go off the much larger enterprises typically use an agenda type system for for accounting. Right. So within the specific segment of publishing, more so Scholastic Publishing, we would consider Ingenta with some of their product offerings, to be a competitor on the rights and royalties. But, we're also seeing quite a bit of Ingenta replacement projects right now in that space as well. And we've done several agenda replacement projects over the last five years. And there's a there's an element of strategically, we want to be in a number of different areas rather than in one specific niche.

35:06 Yes. It's all associated with rights and royalties management. But if you take InCenter, it's a very narrow category, one sector I. Publishing. You know, broad use cases, yes. But if you're not a publisher, there's no conversation to be had. If you're looking at brand vision, we've got multiple products in one one product family that is used across all sectors because it's marketing related. Now that gives us an opportunity for us to win business with one of those product components and then deepen by adding further products in over time, I. Land and expand. So I I think there will be a number of companies like Injecta that are associated to us, but I think our our breadth of capabilities is much wider than many companies like that.

35:55 There's another question here. What impact will being listed have on our ongoing costs? I ignore the, obviously, the one off cost of of listing itself. Look. I think and I say this from the perspective of having having being a being a CFO of another public company and having advised public companies. There is clearly a cost to being in the public domain today. It is a material cost for all of us. So why are we doing it? Well, capital, obviously, to to accelerate growth. We clearly have some capital, as you can see from the left hand chart here, grew very nicely. Thank you very much indeed. Add more capital, and we should get another inflection point and another big spur to growth.

36:40 So to pay for the ongoing costs, the listing fees, the the the burden of some of the advisory fees, and the burden of some of the accounting fees are nontrivial. But in the context of the likely growth we expect to see in the time frame, it's it's it should be a trivial set of costs for us certainly over the medium term and most definitely longer term. But, you know, a good valid a good valid question. What is the sales pipeline conversion you see, and what's the sales process from inquiry to sale? Historically, we've seen a sales pipeline conversion from sales to, win ratio, at roughly 20 to 25% in that, in that space, if you will, which, is not too dissimilar from, in general, the the overall, b to b, software sector in general.

37:38 The sales process, really starts from, at, you know, the the inquiry side, which could be an incoming inquiry of our website, whether it's through webinars that we've done, events that we've participated in, LinkedIn or marketing campaigns that we're doing, leading to drive traffic to the website, all the way through a qualification process, which typically includes things such as, is there a budget? Is there an identified owner for a project? You know, is there a project initiative within a three to six month period, etcetera. And then from there, it gets further qualified and assigned to a field set salesperson who then effectively manages it as an opportunity in our CRM systems all the way through to completion.

38:32 And then there's another way of helping to provide context on that one as well. Historically, and again, I'll refer to the the track record growth. We effectively had one one and a half salespeople working for us and then supported by tariff. We were reactive almost exclusively, so, you know, responding to inbound inquiries. What we're doing with the IPO is building a proactive outbound focused Salesforce. So if the conversion of of inbound inquiries was on a, let's say, a a four to one basis together, a pipeline of $4,000,000, you maybe convert a million dollars there. Well, we'll probably have a significantly larger pipeline and a marginally lower conversion rate because we will have a much, much broader reach.

39:26 But instead of having a pipeline that was $4,000,000, we would expect to have a pipeline, you in in due course once the tech team is up and running. I would have thought 10 times that. So we should be in a world where we are harvesting many, many, many more opportunities and funneling them down with a very proactive outbound sales force. And that's really the driving force behind, you know, the the the primary goal of the IPO is to be on the front foot growing this because it is a a very necessary toolbox for pretty much all big multinational corporates out there that have any form of IP. And, you know, that's a little bit trite because all big multinational companies, you know, have marketing departments and marketing budgets.

40:12 So we you know, the world is our client, basically. That's fantastic. Tarek, Vickery, thank you. Think you've covered off every question we've had through. Of course, any further questions that do come through, you will be able to review, we can publish those responses on the Investor Meet company platform. Tarek, before redirecting investors to provide you with their feedback, I know it's particularly important to you, can I just ask you for a few closing comments? Yes. Thank you. And thank you very much for hosting us today. We are very excited to have gone through an IPO process, albeit in a difficult market. We do we do view the IPO as yet another point in our growth. The IPO has provided capital that is needed to actually expand the company's reach and capabilities.

41:00 We continue to innovate. We're a very innovative technology provider. We're a very well known brand within this space, and we have global blue chip clients who rely on us on a day in, day out basis, to manage their licensing revenues and, expenses and their rights. And with that said, we're seeing a lot of really strong opportunities that continue to evolve irrespective of the the status of the the inflationary status of the world today. And we are very bullish on, our 2023 and 2024 numbers and how we're growing the company. So I'm super excited. I'm super jazzed to be here having completed a long IPO cycle, and we are just, gutting it, as I say. Looking forward to continuing to engage with you all. That's fantastic.

41:52 It's Eric Vickery. Thanks indeed for updating investors today. Can I please ask investors not to close the session? It should be automatically redirected to provide your feedback in order the team can better understand your views and expectations. This will only take a few moments to complete, and that's greatly valued by the company. On behalf of the management team of FADEL PARTNERS, INC, we'd like to thank you for attending today's presentation. That concludes today's session, and good afternoon to you all. Thank you very much.