Dev Accelerator Limited (DEVX) Q1 2027 Earnings Call Transcript

Ladies and gentlemen, good day, and welcome to the Day of Accelerator Limited Q1 FY27 Earnings Conference Call, hosted by Churchgate Partners. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference, please signal an operator by pressing star, then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Umesh Uttam Chandani, Managing Director. Thank you, and over to you, sir.

Thank you so much for sitting with us, and good afternoon, everyone, for joining this earnings call. I hope you all had the chance to go through our investor presentation and the media releases that have been uploaded on the stock exchanges. We will share our key reporting operating in financial highlights for the quarter ended June 30th, 2026. I will first start with this quarter's proposal and then spend some time on the expansion that is taking place across the EREX. Following that, I will also take you through some of the initiatives that we are building around our GCC platform, technology, and real estate, and then finally address our recent fundraise and capital structure. For quarter 1 FY27, our consolidated revenue was 53.8 crores on a standalone basis, which largely represents our core workspace operations. The revenue increased by 7.8% on a year-on-year basis to Rs. 42 crores from 38.9 crores in Q1 last year. One of the important developments during this quarter Is the fact that revenue from Capital One, which is one of the larger assets that we have signed up, has become operational towards the end of FY26, and that numbers have started recreating the revenue that has been generating from Capital One. As more of our signed capacity moves into operation, the revenue contributions from these centers will progressively become visible in our financial performance. Now coming to our profitability. Our consolidated EBITDA under inlays increased by 14.7% on a year-on-year basis to 30.3 crores, with EBITDA margin improving to 56.3% from 47.4% in Q1 and F526. At an IGAP level, our consolidated EBITDA increased by 24% to 12.5 crores. With an EBITDA margin of 23.2% compared to 18.1% in the corresponding quarter last year. The consolidated profit before tax under IGAP increased by 64.9% to Rs. 7.1 crores, which earlier was 4.3 crores in the previous quarter. So, on a stand-alone basis, EBITDA under INDS was 27.7 crores with a margin of 66%. At an IGAP level, the standalone EBITDA increased by 9.8% to Rs. 9.9 crores, while TBT increased by 59.1% to Rs. 6.6 crores. As we have explained in our earlier interactions as well, We also look at the numbers of IGAP, just to understand the underlying economics of our workspace operation, as our rental outflows are treated as operating expenditure, rather than being split between depreciation and finance costs under India. Let me now come to the operating side of the business, because this is where the action is, and this is where the scale-up is. The same thing that we have referred during our last call. I just want to bring that up because we can see them becoming visible now. At the end of quarter one, our operational portfolio was 1.13 million square feet compared to 0.86 million square feet in quarter one last year. We now have 17,294 seats across 27 centers in 12 cities. Our occupied seats increased to 15,899 from 12,534 in Q1 FY26, and overall occupancy also improved to 91.93% from 88.6%. Another important development for us has been the increasing share of enterprise business. The enterprise clients contributed approximately 70% of our revenue from operations during our first quarter, compared to 52% in the corresponding quarter last year. One of the significant ratios to understand this industry is revenue to rent. The quarter that we finished, the performance of the revenue to rent ratio was 36x. Approximately 80% of our operational SBA today is in Tier 2 cities, and these markets contributed approximately 74% of our stand-alone revenue during the quarter. So our Tier 2 strategy, which we started with BEVEX, continues to remain at the center of our business model. I think one more important number to understand is the fact that 1.13 million square feet is operational. Beyond that, we also have secured future growth and we have signed up the capacity. So the operation number, although being 1.13 million square feet, there is an additional 0.19 million square feet, which is under pickup. And on top of that, a staggering 2.31 million square feet has been signed for future consumption. This takes our total identified portfolio to approximately 3.63 million square feet. Across 40 centers, and operational seats being more than 52,000. So there is a significant amount of capacity that has already been identified beyond what is currently contributing to our existing level. Our core focus in the team is now on converting this signed capacity into operational centers in an extremely disciplined manner. Anglap continues to be the best example of how we intend to build this scale. Capital One, with approximately 3.15 lakhs per week, became operational with 95% is being pre-eased. We have already signed the pipeline with the developer for an approximately 8.6 lakhs per week under our development management project in Ahmedabad on the same stretch of Amli Bhopal Road. Once the building is ready and handed over to us, we will do investment into capital towards It would be roughly around 100 odd crores. Following which, our property operations would come in with approximately 8,500 seats, and it has the potential to generate a revenue of roughly 120 workloads. We now intend to take the learnings from this model and replicate them across selected micro markets in different cities across the country, where we understand the demand in and out, our client base, and also the real estate environment. The way we are looking at Derex today is also different from simply being a workspace provider. There are strong tailwinds into this domain and sector. We definitely would want to capitalize on that and not limit ourselves to becoming a single delivery platform, but also become a core workspace solution provider for enterprises and GCC. Our design and build unit, which is NEDAL and FRED, would fulfill the design and execution capability. And then our subsidiary, which is FastJoy, adds the technology solutions layer on top of it. So along with this, we also intend to develop on our existing capabilities of providing facility management, running payroll for our existing clients, tenant sources, and providing other services to our GCC client base. The objective is to participate in a much larger part of the client's requirement and build long-term relationships across multiple services. Technology is becoming another important layer to reach the platform that we are planning for. We are building a technology-led real estate ecosystem through our AI infrastructure launchpad, where we will be inviting AI and top tech innovators. That is startups, to develop solutions around operational efficiency, process automation, customer experience, and data-driven decision-making processes. For this, we are partnering with a very reputed and renowned An India Media Organization, which will help us scout innovators and connect with a wider innovation network and identify solutions that can be deployed across our platform. Our investment in EZV networks complements this initiative by giving us access to broker networks, real estate market intelligence, and demand intake. The idea is to connect technology, data, and our physical operating platform. With dedicated teams and resources being put behind these initiatives, our focus is on identifying solutions. It can translate into measurable improvements in the way we source, operate, and scale our center. We have also initiated the process for building a tokenization platform outside India, wherein the law firms that are required to execute this have been onboarded. We have signed engagement letters with all of them. And the incorporation process of setting up an entity has already come in by the investors who are looking to participate in the global capital that we are raising. Over the time, I believe that this access to newer pools of global capital can complement our existing funding channel and then also support our expansion in technology initiatives that we are looking to take off. At this stage, the process has already come in. And we will keep all of you updated as it progresses further. Let me now address our capital structure, because there have been few developments after the end of our quarter, and I think it is important to explain all of them together. Subsequent to quarter 1, DAVEX raised 100 crores through senior listed secured, redeemable, and non-commitable debt. Carrying a coupon of 11.75% per annum with a tenure of 36 months. The financing comes with normal security arrangements and covenants associated with such instruments. I wanted to bring one clarity into this transition. As part of this financing arrangement, roughly 1.85 crore share, which is representing 19.65% of the key security, has been incorporated. The promoter shareholding has not been pledged. Neither the promoter shareholding is reduced because of this transaction. The promoter holding is subject to certain companies, including a maintaining of minimum promoter shareholding of 19.65%. Against this requirement, the current promoter shareholding is 36.81%, which is significantly above the prescribed minimum requirement. In fact, recently, promoters have also infused capital through preferential warrants. The stock exchanges have provided in-principle approval for 33,33,330 equity shares to be issued upon conversion of these warrants, subject to applicable requirements. Upon conversion, promoter shareholding is expected to increase from the current 36.81% to approximately 37.29%. So, the important point for shareholders is that promoter holding is not reduced due to debt raising, and upon television of the warrants, it is expected to increase further. On leverage, there is also an accounting aspect that investors should keep in mind while looking at our balance sheet. Under India's accounting rules requiring us to recognize the full future rental of our lease year as a liability today. Therefore, every time we find a mean center, Our reported liabilities go up. It is important to note that this is not a borrowed money. There is no bank, no loan, and no repayment schedule attached to it. It simply represents the rent that we will be required to pay each month out of the revenue that we will be generating from our operation. When assessing our leverage, we would encourage all our investors to look at our borrowers, which we report separately. At the end of quarter 1, FI 27, our gross debt was 135 crores, compared to 145 crores at the end of FI 26. With cash and cash equivalents of Rs. 54 crores, our net debt was 81 crores, compared to 89 crores at the end of FI 26. Our net debt-to-equity improved to 0.4x from 0.48x. While net debt to EBITDA on an IGAP basis was 1.04x compared to 2.10x at the end of FI26. The 100 crore NCD that we raised will get reflected from quarter to onwards. At the same time, we have repaid approximately 55 crore of existing debt. Therefore, while reported borrowings will reflect the new fundraise, it is equally important to look at the repayment of existing debt and the accounting impact of lease liabilities while assessing the overall leverage of the business. Coming back to the business, the capital that we have gained is ultimately linked to the expansion of opportunity that we see ahead of us. Our approach is to use appropriate structure for each asset, whether that is three-piece model, The objective is to scale without compromising the unit economics of individual filters. Our development management model remains particularly relevant for certain micro markets when we have strong conviction of fulfilling the demand. It allows landowners to retain ownership while directs bring in an execution category. Institutional specification and strong client relationships. For Derex, it provides an opportunity to create grade A-plus supply without acquiring the underlying land. We currently have approximately 1.4 million square feet planned under this model, spread across Andhrabad and Jayapur, and we intend to selectively replicate it across different micromarkets in different cities, where institutional office supply remains limited. So, when I look at quarter 1 FY27, I would not look at the quarter only through 53.8 crores of consolidated revenue that we have reported. I would look at it what is being built behind those numbers. We have 1.13 million square feet operational today, approximately 2.38 million square feet of signed pipeline, more than 52,000 feet across total identified portfolio. Occupancy of over 91 percentage, enterprise contribution of 70 percentage, and multiple funding and operating clusters available to convert this pipeline into revenue. FY26 was about demonstrating that our tier-two strategy can work at scale, and now FY27 is about executing the kind of assets and expanding into multiple different territories. Our priority is to bring the signed portfolio into operations, increase the revenue base, deepen our relationship with enterprise and GCC clients, and build additional capabilities around technology, design, and services that can increase our participation across the client lifecycle. We believe the opportunity in front of Devix is much larger than the capacity that is operational today. At the same time, our focus will remain on discipline expansion. Center-level economics, and building a business that can scale across multiple TA2 markets. With that, I conclude the business update for the quarter. Would be extremely happy to answer the questions that you have along with the team.

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to please use handsets while asking a question. Ladies and gentlemen, we will now wait for a moment while the question queue assembles. Padek, our first question comes from the line of Shubham Spathiar with Chhattisgarh Investments. Please go ahead.

Hi, thank you for the possibility. I'm Aurel. Yes, sir. So, I was just going to our F526 number, and I believe there was a center in Noida that closed, And that Noida Center was having... Some capacity of 1,500 seats, if I'm not wrong, and after closing it, let it down to 750, right?

Right. I'll do it on the motor filter.

Yes. So my question is, if I see our city-wise revenue, despite of closing that NOIDA center, our revenue from NOIDA increased from 9.14 CR to 9.77 CR. But our revenues from Mumbai center decreased from 14 CR to 11 CR. So what was the reason of the dip of 3 CR from Mumbai?

I just wanted to know, Farin this side, I just wanted to know from your time, like, how, like, from which segment you are derived in numbers so I can be able to reconnect those numbers.

So for FY25, I've used DRHP numbers. And for the quarterly numbers and FY26 numbers, I'll just use your presentations.

So, Inna, while you're referring about the branch number, so that is why I'm asking, like, in a presentation, there is no any branch-specific number. So, if you can...

I'm talking about... I'm talking about safety-wise revenue, so I'm not talking about any particular branch. Okay.

So, yeah, you rightly mentioned about the NOIDA centers. That revenue contribution till the December we have received from the NOIDA and the centers got wind up and then closed because of the litigation that happened and we closed it down the NOIDA centers. So, that Because of revenue is not contributing for the this quarter, so that deep you observe from that center, because of like NOIDA is one of the like the centers where you are receiving the almost 3.5, 3.7 crore revenue monthly from the center, that revenue is not there with this particular financial, this particular quarter.

Yeah, I'm not talking about this quarter. I'm talking about FY26 versus FY25. So in FY25, how much did you want from Noida? Total monthly revenue from NOIDA we are receiving from the

FY26, monthly revenue is a 3.2, 3.5% revenue per hour revenue.

Then there's something wrong with the numbers that you have reported, right? Because I think in FY26, from NOIDA you've earned 9 CR for the whole year. I think we can take this question offline if we don't have a number or anything. Let me pull up the entire NARDA chat.

Thank you, everybody. Let me pull up the exact number from the NIS.

Sorry.

Let me pull up the exact numbers that we have. Yeah, sure. Mr. Sir, reported numbers in FY26

for the entire, so in Noida, we have, technically we have three centers. It's not 9 crores as a revenue, that's around 12 crores as a revenue. 11.5 crores is the operational revenue that we generated in Noida.

11.5 crores.

Correct?

11.5 crores, you said, right?

Yeah, 11.45 crores, the precise revenue that we generate from managed office space revenue in Noida. This is, Noida is a city. In Noida, we have three different centers that we have across three different micromarkets. This number that I'm referring to is the number that we used to generate before closing down the center.

So this is before you close the center. And what would be the number after that? Yeah, because in DRHP, I can see NOIDA, so you've given location-wise breakdown, right? So NOIDA number of centers are 3, and in FY25, you earned 9.14 crores from NOIDA center, and it has number of centers mentioned as 3. Correct, which is true. So, that is referring to FI-25. I am referring to FI-26. Yeah, but in FI-26, one of the centers got closed, right?

That closed towards the very end of the year. The full year was operational. And during the year, the remaining two centers' occupancy also increased.

Pricing got increased.

So, those centers also started contributing more. Now, today, while we speak,

there is a dip of 4.5 rows from the center that has been closed.

Got it. OCR, okay. And then the next question is, yeah, so, I'm clear on that. So, my next question is on Capital One. So, Capital One, we had 95% pre-committed occupancy, right? And we were expecting a revenue of 3 CR monthly from that asset. 2.75... 2.7, yeah, 2.753 CR. Correct. So, if I do the math, so per square foot revenue is coming at around 1,050 per year, right?

1,050 per year?

Yeah, so our square foot built-up area is around 3,015,000, right? Correct. And if I take 2.75 times 12, Sir, it's 2.7% annually, right? Correct. So, 1054 is the number that you are saying to? Yes. Yes. So, if I see our, in general, our current Ahmedabad portfolio is earning around 2,500 revenue per square foot, right? I'm talking about annual revenues.

So, that's all. You want to eat two pieces.

So, you have to give me a clue.

I can hear you, sir. I think we're going to have 20,000 rupees per square foot annually. So, per square foot per month is 208 rupees.

Yeah, yeah, yeah. So, my question is, is less than 50% of what we are earning currently in our Amdaad portfolio, right, despite having 95% pre-committed occupancy. So, what's the...

I don't think that's correct. We have the highest portfolio in Ahmedabad today, where we speak, so I'm not sure where did you get that number of 2,500 rupees. This 1,044 that you are referring to boils down to 87 rupees per script per month in Amzabar. So the first year that we are expecting right now has certain rent-free periods and fit-out periods. So when it's left, time time has been released. From that day, when we start the fit-outs, typically it takes 3 to 4 months of time for clients to come in and start paying the rental. And that is when the actual number starts hitting in the books. So let's say if I chose one client April, my revenue for that client would start in July or August. So in a year, if you count that, the number would be lesser because like out of 12 months, you deduct 3 or 4 months. So practically, we are left off with 8 to 9 months of actual rental realization. Got it. So then the average would come down, sir. For the full operational year, when the client is paying the revenue, those numbers are in the range of 110 to 125 rupees per profit per month.

Got it. So the number that I was referring to was in FF26, you earned around 78 crores from Amdawad, right? In revenue.

I'll have to go back and fetch all this data that you're asking for.

Okay, no worries, no worries. And one more question before I join the queue. What is your percentage revenue from Renton versus one-time?

What is the percentage revenue from Renton?

Rental revenue and one-time revenue. So, recurring and one-time revenue. So, one-time revenue is a Nederland thread business.

So, in the, last year, we closed seven rows of one-time revenue, which is a Nederland thread. And the remaining was coming in from the flex of the manager of the state's business.

This is so. Stand-alone business is an entirely recurring revenue business, right? Correct.

So out of 53.8, 42 crores is the managed office space business, and the remaining is the operational revenue from the LNC. We did one time in meeting.

Got it. Got it. And just one more question. So what is the total amount of KPIs that you have spent? Till date to have 1.13 million square feet of portfolio.

Thank you, everyone, and welcome to the call.

I can pull up the exact data, but let's see if I can tell you right away, that's 1.15 million square feet, that's almost 12 lakhs square feet of the year, wherein 75% of our space takeoff is built in by us, so that's roughly around 9 lakhs square feet, multiplied by 1,300 rupees per square feet. 1,300, right?

Yeah.

118 odd quotes of investment in the pitfalls. Of probably the assets that we have. Now, this would be all fresh investment. There would be obviously assets which would have turned older when we would have reinvested some more capital in that. The future deposits that we have paid for, like, as I covered earlier, there's almost 2.3 million square feet of assets that you're signing up for the future take-up. For doing that, we would have paid additional deposits and paid some capital for them to kind of do the refurbishment. That would be on top of it.

Got it. Okay. Yeah, thank you.

I'm happy to answer the previous question that you had, sir. If you can send me an email, we'll be happy to answer that in detail.

Yeah, I'll send you an email, sir. Sure. Thank you.

Thank you. Ladies and gentlemen, to ask a question, you may please press star and 1. Our next question comes from the line of Mukul Bhushan with Raru Family Office. Please go ahead.

Hi, sir. Have I already been? Yeah, pretty good. So your presentation shows that the debt to

equity at 0.78x and your ROC at 14%. But that appears to exclude the 226 crore of leave liability from five to nine years of fixed contract. On a leave-inclusive basis, debt-to-equity is about two times and ROC is about nine percent. Since these are like real fixed commitments, would they exclude both virgin headquarters?

So, I just give you the context about the ROC and ROE. In our business, what happens like whenever we have sufficient capital to deploy for the capex and expansion for the new centers, But new centers will take a time. Let's say I'm just giving you the understanding about giving you the example. If I'm opening a new center, that's the centers I find out in the market and then search it for the centers and then do the furniture for the clients. So that will take a 75 to 90 days to take a new work to the space owner. That's the same thing if I give it to clients, and then clients pay me rental on a monthly rental on a time. So, approximately on the journey and the history-wise, one center will take almost six to nine months to operate and reach at a mature level. So, you see that if I invested 1 rupees in a business or 1 rupees in a cafe, that gives me or maybe that reflection in the revenue, that reflection in the matrix like ROC and ROE, will maybe possible in the same financial year or maybe might possible that this will therefore or maybe give a result or give a reflection in my revenue the next quarter or maybe next financial year. So that happens like because of my ROC is 40% and ROE is 7%. We recently go in IPO, so sufficient amount of IPO funds is still with us. So that funds we are in a process to deploy in the finding a new opportunity and already some property are under construction. So that property will get a handover and then we'll deploy the funds in the center. That center will give us a sufficient amount of revenue So, we can have a good amount of good percentage of ROC in the future. So, you can have a same reflection in the coming quarter, where we are improving our ROC and RO good.

Okay, okay. I have one more question.

So, I see full-year standard of margin improved to 50.5%, which is what you highlighted, but quarter-four alone is 59.2%, which is 64% last year. So, that's about down 5 percentage points.

So, can you explain what drove that quarter-on-quarter drop and the FY27 model? Should I use 60.5% or like 59.2%?

Yeah. So, in this similar line, like you rightly observe about that, our EBITDA margin for a standalone business is increased 0.66%. That is because of operational leverage, and we reduce some sort of cost in the system. But again, like it is not a drop on a margin side, but because of some of the expenses, like you have one time in the nature. So, that's because of the drivers for falling down the percentage of margin. But I will make sure that we are in a process to improving our operation at very robust level, we are improving our margin. And you also see that the industry peers are at an EBITDA level is 60 to 65%, where we are at a reach at a stand-up is 66%. Please look for one of the drivers where we are falling on a consolidated basis for 59% of EBITDA, but you see that because of one of the subsidiary is a middle-end threat, where we are booking a revenue as per index on a project completion on milestone day, so that revenue and that percent is not 100% of will be come on the revenue side on the P&F. So that is why you see that the control level of my data is falling down for some percentage.

Okay, okay. That's all for myself. Thank you.

Thank you. Ladies and gentlemen, to ask a question, you may please press star and one.

I'm going to press star and one at this time.

If you have any questions, you may press star and 1 on your touchstone telephones.

Next question comes from the line of Shubham Padhiar with Chhattisgarh Investments. Please go ahead.

Yeah, hi, thanks again. So, in your RHP, you have mentioned that we have a subsidy by the name of Scalex Advisory Limited. And we have some sort of non-complete agreement when it comes to GCC business. Can you just explain me what's that agreement and how does it restrict us or how does it restrict them to, you know, do business concerns with GCC?

Sure, sure. So, KX Advisor is the name of the entity. That's a joint venture between DaveX. Then there's a reputed developer in Grip City and Ahmedabad called Sehri, and a very old FP&A firm, which is an accounting firm, Talati and Karati. So, largely, when a GCC enters India, they are looking for a full-fledged solution under a single roof. We are looking for a partner who can help them enter in India, help them with the compliance strategy in the country, help them with the transfer pricing approach, and all the legal and the compliance hurdles that are required to set up an entity in India. That is where Talati and Talati kind of come to get an expertise. Then second is the need for real estate, and that is where Sherry comes into picture. And the third need is the two, management of the infrastructure process. And then management of infrastructure comes up with add-on responsibilities of running the payroll, managing the recruitment, running the IT infrastructure. These are, you know, some needs which are kind of created. Now, when I say Bayrex, it includes Bayrex as well as Bayrex Information Technology. This is the author of Dave Expletive, wherein they would be focusing the need of IT network, setting up their cloud solution, and managing their NOC centers. Now, this is a need when a VCC enters India. Earlier, what we used to do, provide them this solution, but it was being offered in a standalone business. Like, I would offer them managed office-based spectrum, Sebi would offer them real estate, Dalati and Dalati would offer them accounting solutions. Instead of that, you form this entity. Then the objective was to put the client under this umbrella and offer them a full spectrum solution under the same entity. And this is created largely from a gift-sitting perspective and the requirement that it will come. So there's no one who would enter in the completing situation of managed office space of Devix. If there's a requirement of only managed office spaces coming in from a lead or a client, it would be redirected to Devik.

All right. And how much do we own in this day?

Sorry, how much have we invested?

How much do we own? What's the percentage of the money?

That's roughly 12 percentage in the entry.

Okay, and is that NGT operational, or is it yet to start this operation?

Well, no, we just onboarded a senior leader in that, and the operations would start beginning now. The GTM strategy has just been formed, so the operational activities would start now. But as I said, this is predominantly for capturing the market within GIF City. And only for, for GCC, please.

Okay, so, so, that, now, the area is just restricted to the city.

Sorry, I lost the written detail.

So their geographical area is restricted to GIPCity.

Yes, that is the objective because Scribd has a very strong presence of real estate within GIPCity. It gives us a certain advantage when global companies are looking to enter and set up in GIPCity.

Yeah, I mean, if the question was to understand, would they enter the business of GDX?

I mean, no, I mean, that's not the core fundamental of setting up this entity.

So we can still do GCD business, right? Under GDX?

Yeah, absolutely. We still are. I mean, currently we are doing GCD business. We have a couple of clients who are also paying us for managing the payroll, so if you see our revenue heads, there's a payroll and facility management head as well, which is largely coming in from those clients which are looking for DCC solutions. In fact, while we speak, we are speaking to a couple of clients who are looking for solutions in Danglore and in Hyderabad for full-spectrum DCC solution providers.

Understand. Thank you, Dr. Komen.

Thank you. Participants to ask a question, you may press star and 1.

We have no further questions, ladies and gentlemen.

I would now like to hand the conference over to the management for closing comments. Over to you, sir.

Thank you so much, everyone, for joining the call. I hope I was able to justify the questions and able to rightly respond to the questions that were asked. For any further information, I think we had a couple of questions wherein we would be required to fetch the data. I would appreciate if you can reach out to our email address of investor relations team, and we would be happy to address those questions. So, look forward to kind of connect with you again in the next quarter. Till then, kind of stay safe, stay healthy, and thank you once again, all of you, for joining with us.

Thank you. On behalf of Dave Accelerator Limited, that concludes this conference. Thank you all for joining us. You may now disconnect your lines.