Darryl Garber – CCO for ELMO | How the company is leveraging a $2.2 billion market opportunity

Candice: [00:00:11] Hello and welcome to talk money to me. This is your Need to Know Financial Podcast. Thanks so much for joining us. I'm Candice Bourke.

Felicity: [00:00:18] And I'm Felicity Thomas. Now we've got a very special guest today. Darryl Garber is Elmo Software's chief commercial officer or CEO at a catch up, our beloved listeners, the Elmo software business is a 283 million market cap SAS software technology business listed on the ASX under the Code Aiello. Now in a nutshell, Elmo is a leading provider of cloud based software for small and medium sized businesses, customers and operations across Australia, New Zealand and the United Kingdom operate Elmo. Now it's a software as a service or SaaS, like we've said, business model based on recurring subscription revenues.

Candice: [00:00:58] And as you'll hear in our chat today with Darrell, it's really a one stop shop that is offering, you know, pretty compelling solutions to small, medium, large businesses. If you look up Elmo on wherever you track your investments in the markets, you'll notice that the stock has been around on the ASX for a couple of years now, actually listed back in June 2017. Elmo back then raised 25 million at the IPO at $2 per share at a valuation of 108 million. So it has been basically it's doubled in where we are currently trading it. As we record this podcast, you'll also notice that the company was founded back in 2002 and Darrell joined the company back in 2011 and has over ten years experience in roles encompassing business development, marketing, corporate finance management strategy. Hence why we wanted to bring him on the podcast to hear about his thoughts on the software sector. 

Felicity: [00:01:52] That's it. Now, Darrell is clearly our guy to speak to as he's been with Elmo through the early growth phase, which they actually had fewer than 20 employees and less than 5 million in annualised recurring revenue. He's also worked across various departments as Elmo grew rapidly and transformed into a global ASX listed company with more than 500 employees and over a hundred million in annualised recurring revenue. Now he played a critical role during Elmo's Pivot in 2017 waiting period of expansion by actually acting as a project lead for Elmo's listing on the Australian Stock Exchange, the subsequent capital raising and a number of their acquisitions. And remember, before we get into it, our chat today is not considered personal advice, even though we're registered financial advisors at Shaw and Partners. Please note this podcast and the content discussed does not constitute as financial advice, nor is it a financial product. With that, we'd like to welcome Darryl Garber from Elmo Software. 

Darryl Garber: [00:02:49] Thanks, Felicity. Thanks for having me. 

Felicity: [00:02:50] I'm Candice. So to start off the conversation. Can you tell us a little bit more about Elmo and how the technology, an idea actually came about? 

Darryl Garber: [00:02:59] Elmo essentially is a one stop shop for small and medium sized businesses to manage people process. And the idea came about because our founders had a thesis that business process at the time of our founding was very inefficient. It was mainly paper based. And so there was this new thing called the Internet. And I thought that would really pave the way to provide a lot of efficiency to automate these processes and really assist businesses managing people. They essentially developed a learning solution as the first module, if you will, and in the early days it was quite a hard sell because not only was Internet very slow as often companies didn't have computers, but fast forward to 2022. Everyone's got a computer in their pocket and using software to automate business process has really become the gold standard. And h.r. Professionals need that tools of trying to manage their workforce just like financial professionals need their finance system or sales professionals and need their CRM. So it really was, it was the right thesis and I guess that's reflective on I have at of business has growing over that time. 

Felicity: [00:04:15] That's right I mean not as slow as dial up though, right. 

Darryl Garber: [00:04:19] I like dial up back in the day. So, you know, as as the Internet improved, it certainly provided a tailwind for us. And and it really that conversation didn't happen any more as to, you know, the the friction between the Internet and particularly with the advent of of mobile technology. So it's been a it was the correct thesis, and the technology was certainly paving the way to what is now the gold standard in business process management. [00:04:51][32.5]

Felicity: [00:04:52] Is there a story behind the name? Because when I think of Elmo, I think of Sesame Street. So what does Elmo actually stand for? [00:04:59][6.8]

Darryl Garber: [00:05:00] Elmo stands for e-learning modular object. Essentially it's a homage to our founding and our first module as a learning management system with some online training courses. But we really pivoted the business in 2013 to be a one stop shop for all people management process. And that's really when the business started to take off, when we started to build new modules and really help with their various other processes and become that central vendor that can go to to help and assist them with. This is when the company really started to achieve their high growth rates. [00:05:40][40.3]

Candice: [00:05:41] So building out these modules, you know, you joined the firm back in 2011, right? And then you're saying it started to really accelerate in 2013. So switching into kind of your role within the business and why you decided to join LMI, give us give us that story. You know, what's the backstory there? [00:05:57][16.7]

Darryl Garber: [00:05:58] I was studying property economics at UTS and it was around the time of the GFC. So getting, getting a job in property was quite challenging at the time. So I started at entry level sales job at Walmart, doing lead generation essentially, which we now call in the software industry, SDR work. And I quickly realised that Elmo had huge prospects. The Internet and the technology that we're providing was really the future of work. And this really kickstarted my career and I knew there would be lots of opportunities around us. So as the company grew, I agree with it. I moved from entry level roles to senior roles and eventually into management positions, and I really had exciting projects I was able to participate in and lead, particularly our IPO and initial acquisitions. And now I really focus my time on investor relations and our dealings as a publicly listed company. [00:06:54][56.1]

Felicity: [00:06:54] Now I'd like to just point out that Daryl and I actually did Property Economics together. So we've known each other for a long time now in economics together. [00:07:02][7.6]

Darryl Garber: [00:07:02] And we also did our Graduate and Diploma in Applied Finance to go small. [00:07:08][6.0]

Felicity: [00:07:09] We did it and and ended up both in kind of different we're both not in property, so it's kind of funny how that turns out. Darrell, can you go through the technology, right, and how it works and why it's a benefit to businesses? That's the first question. Now, the second one is what trends are you seeing within your customer base? Are there any modules or products that have been more popular in the recent economic environment? [00:07:35][25.9]

Darryl Garber: [00:07:35] Yes, sure. I'll I'll cover the first question. So in terms of our technology, so we provide a very broad modular solution to give customers a one stop shop to manage their employee lifecycle, their full employee lifecycle from hire to retire. So what we do essentially is automate many mundane tasks for professionals. So things that everyone's doing as in the course of their business like recruitment, onboarding, learning and development, performance management, h.r. Administration, which are things like employee details and leave expense management, etc., etc.. The effective results for the businesses, why they choose us or why they need us is because it results in increased efficiency for the business as a result of the automation and increased transparency as a result of the reporting analytics that we're able to provide, which they can then utilise to make business decisions and the ability to effectively manage a hybrid or flexible workforce, which I'll talk about a little bit later in terms of the trends. And I was saying so the particular trends or the topical areas at the moment are wellbeing and hybrid work, which are both new modules that we've recently brought to market. So I'll talk about wellbeing first is wellbeing then I don't think it's a secret that there's been a mental health epidemic, particularly in the developed world, and we do a quarterly employee sentiment index survey, which is like a pulse of what employees are feeling at the moment. And this last quarter the results came that over 70% of Australian workers believe the cost of living pressures are negatively impacting their wellbeing. And this is particularly acute amongst Gen Z who are feeling most affected with over 82%. So what our wellbeing module does is essentially and leverages our online learning resources. And we've also partnered with a specialist employee assistance provider called Acacia Connexion to provide access to 1300 experienced mental health clinicians that they can then utilise to assist their wellbeing to really tackle or best tackle. This problem that a lot of our customers and their staff are facing now. Moving on to hybrid work, this is also a very topical area and one I've seen a lot of debate amongst business leaders about. And regardless if you're pro hybrid of remote working or your pro in office working while we're in this hybrid work environment, I know in our journey growing the business from, you know, 20 odd employees to over 500, where we're at now is a lot of the a lot of the secret sauce, if you will, came from the ideation and going for lunch with your colleagues, you know, having a coffee and just, you know, talking about sport or your family for for 80% of the time. And then the last 20% of your you'll solve a problem that you were facing, develop developing the product through the sales and marketing process, etc.. So it's how do you manage that in a hybrid work environment? So what we've done is we've created a module that essentially enables our customers to see who's in the office, who's at the office, and be able to plan. So then they can still foster the the culture, the innovation, but still be able to also ensure that they can, you know, adopt a hybrid working policy which may also have wellbeing benefits for many individuals. [00:11:27][231.7]

Candice: [00:11:28] It's interesting you're talking about the hybrid model because I guess, you know, that's the post-COVID world we're living in, right? For many businesses, small, medium and large. I just want to break it down for our listeners. Right. So these trends you're talking about, it's obviously very Australian market focussed. Do you know if this is similar to what's happening in the UK and and Europe and America and like that leads into I guess, what is your addressable market size? You know, now Elmo is more than just an Aussie company. You going offshore more and more. You know how how is it comparing the Aussie market to to other offshore opportunities. [00:12:04][36.3]

Darryl Garber: [00:12:05] Yes. So we started, um, we started with the Australian focus and then expanded into New Zealand and, and more recently into the UK. So it is a trend we are seeing across the markets. We operate New Zealand, in the UK as well in terms of our total addressable market. So in the mid-market we've got 75,000 organisations in Australia and New Zealand as well as the UK. This represents a $10.6 billion opportunity we've got circa 5% market share as of the half and obviously this will be refreshed when we put our full set of financials to market later this month. And out of this 5%, they've only got a handful of our modules of available approximately 20. So and we've got lots of room to grow our mid-market customer base, which is the lion's share of our annualised recurring revenue and both through winning new customers as well as cross-selling to additional modules that our clients make to our existing existing customers. [00:13:14][68.6]

Candice: [00:13:14] So sorry to just break it down even more that 5% market share you've already captured. Is that mainly just moving businesses from the old system like paper excel onto your modules or is it winning in actually from competitors? [00:13:27][12.6]

Darryl Garber: [00:13:28] Exactly. As you said in the first instance, it's mainly taking people into the cloud for the first time and a lot of the even mid-market organisations are still very early in their adoption curve. They may have some point solutions, so they may have something that they've got for, say, you know, learning or, you know, one element, but that that they often will take a multitude of LMI modules and over time everyone wants to use their staff to log into one system to to be able to do as much as possible to make, make it simple and remove the friction for the employees in that organisation. And I guess this leads me on to the next market segment which we focus on, which is the small business segment which really came through our acquisition of Breathe and 2021. So the small business segment is employees with businesses, rather with employees of 50 or less. This is a $2.2 billion market opportunity and there are 3.7 million organisations here across Australia, New Zealand, the UK. Yeah, and yeah, there's a lot of small business organisations and we've got a we've got less than 3% market penetration here and it's an area of rapid growth almost. So we're experiencing strong growth here and it really provides us a good opportunity going into the future. [00:14:51][82.9]

Felicity: [00:14:51] Yeah, a lot more to grow. [00:14:52][0.8]

Candice: [00:14:53] Would you say it's a fair assessment to say that the big end of town, like Salesforce, a lot of you are less I can never say that company name. Right. [00:15:00][6.9]

Felicity: [00:15:00] Unless I. [00:15:01][0.9]

Candice: [00:15:02] Last. And I do my best to get around it for some reason. Would it be fair to say that those guys target the big enterprise, you know, 100 plus employees? And you're more focussed on the small end of town. Like what? What would you say is correct there? [00:15:16][13.9]

Darryl Garber: [00:15:16] Well, firstly, I might differentiate ourselves for them and from them is because Salesforce is really focussed on Salesforce automation and Atlassian and really focuses on, you know, tools for project management, particularly with developers. Elmo is really focussed on h.R. And people management so that they all do business automation software and really help businesses work more effectively and efficiently. But we've all got our little niches that we focus on. So in Elmo really focuses is the mid-market. Our real core sweetspot is businesses with 100 to say 2000 employees. Right. And a small business platform through breathe. The real sweet spot is 50 employees and below. And why I guess that they have their own sweet spots is different businesses have different levels of complexity with their people management needs. So you really need a fit for purpose platform for each market segment. Otherwise, you know, a mid-market business using a small business platform, it won't have the level of complexity or sophistication that they would require to manage that people effectively and vice versa. A small business platform using a mid-market product. It might be over, you know, over complicated for the simplicity they need with a with less staff in their workforce. [00:16:50][94.0]

Felicity: [00:16:51] That's really interesting. Now, I'm going to pivot to more of the trends in the SAS space, I guess. Darrell, are there any future catalysts that you believe in this sector that will benefit Elmo and Felicity? [00:17:05][13.8]

Darryl Garber: [00:17:05] The last few years have been so transformative in the world. You know, there's obviously been COVID and everyone's been forced to move to a remote work environment. And this is provided for us, an environment where we've been really able to assist customers to effectively manage their remote based workforce. So with things like hybrid working and even modules such as onboarding and recruitment, it's really made our solution mission critical for many organisations to be able to effectively operate in this sort of environment. So we're really focussed on making the most of that opportunity and given the pace of change that's occurred over the last couple of years and we're not looking to much in the future into what trends might might happen, though we work very closely with that client to try identify their challenges and provide solutions to be able to assist them in their businesses and their workforces. And but right now, it's being it's really being able to assist businesses manage their hybrid workforces, which is really providing a good tailwind for us, which is reflected in our recent results. [00:18:20][75.3]

Felicity: [00:18:21] Yeah, because I guess, you know, companies are always going to need SAS support. And I think that what was really interesting are people are getting onboarded to new businesses without even being in the office at all. Right. It's all remote and I can see how Elmo would really benefit those companies now. So we've got a really high level, Darrell, on the business model for Elmo. But before we take a look at the company financials and of course here, the growth outlook, which is the exciting part. We're going to take a quick break and hear from our sponsors. [00:18:51][29.6]

Candice: [00:18:54] And we're back. Alright, so we're obviously a podcast about talking money. So this is our segment. We're going to really look under the hood of the company financials. So Dara, we want you to talk money to us. Okay, so your latest update was pretty fantastic. You know, you delivered some solid numbers and a pretty interesting outlook. So I'm just going to summarise a couple of the key takeaways from our perspective. So firstly, strong FY 20 to our organic growth of 29% double digits. Love that organic annualise recurring revenue cargo growth of 36% from f y 18. So good strong track record there and your increasing operating leverage was driven mainly by an all in cash costs that's remained steady with a tight 35 to 35 mil quarter range and that's been consecutive for five quarters. Impressive. And then finally, if Y 23 guidance looks really good from what you're kind of forecasting here and to continue to grow, like you were saying at the top end of our conversation, despite what's going on, you know, recession and the macro backdrop. So as a result, I noticed your share price was up 10% on the day. So that's that's always nice, isn't it? [00:20:07][73.4]

Felicity: [00:20:07] Positive. [00:20:07][0.0]

Candice: [00:20:09] So I guess breaking it down, what gives Elmo the confidence to give such a strong guidance? You know, what is driving your growth if you can talk about it? And how has the company factored in that these macro risks that we're facing at the moment? [00:20:22][13.9]

Darryl Garber: [00:20:23] We've got strong conviction around our guidance for a couple of reasons. Firstly, we've got longish well, not longish, but 3 to 6 months sales cycle, which gives us a really good view on our pipeline. And our sales pipeline really underpins our FY 23 guidance. We've also got really strong momentum in the business from the trend towards hybrid and flexible working, which is providing a tailwind for us behind the adoption of people management solution. And that's reflected in our FY 22 numbers. And our pipeline supports this for FY 23 as well. And that really is the reason why, you know, that we can be confident of of the guidance we've put out. And also, we've done a heavy amount of investment over the last couple of years, and we really got the team and product in place to be able to to leverage. That's proven and provided the foundation for our growth and as well as our ability to to scale and reach operating cash flow break even in FY 23. Yeah. [00:21:36][73.4]

Candice: [00:21:37] So that's one of the benefits of being a recurring monthly or subscription based business model, right? Because you can kind of predict and see your pipeline like you're saying, 3 to 6 months in advance. Any further elaboration on why you've been able to smash these numbers in consecutive over the last five quarters? You know, we've been able to hold costs in particularly pretty stable. [00:21:56][19.2]

Darryl Garber: [00:21:57] Yeah. So it's really about the investment that we've done over the last couple of years. So despite the macro conditions in the last couple of years, we identified that we had a very large market opportunity and we were still early in our growth phase. We really needed to build out the product and team to make the most of this opportunity and to get to the scale of where we're at. So we've done this. We've achieved significant milestones within a product within our team, and we've now got the infrastructure where we can leverage our fine foundation to build on our our our growth rates that we have built on the momentum and the brand recognition we have in the market to be able to deliver that growth into Slide 23 and beyond. [00:22:49][52.7]

Felicity: [00:22:50] SAS is a rapidly changing sector, right? So how does Elmo stay relevant in such an evolving, fast pace environment? [00:23:00][10.0]

Darryl Garber: [00:23:02] This is actually a really important question and and this is something that I'm quite passionate about because when customers purchase of partner, if you will, with Elmo, they're not getting a discrete product. They're getting a constantly evolving and enhancing solution. So how do we keep it relevant for them? Well, the way we keep it relevant for them is by really having a customer centric approach, working really closely with them. So to do that, we've got formal feedback loops and we've got informal feedback loops. We also partner with national industry associations and are very deeply embedded within the community and they really feed or inform us onto what modules we built, and that's how we've built our suite out over the last couple of years. And what? Enhancements to make because as the nature of work changes, so too must the tools that professionals need. And that's really enabled us to stay relevant and have a leg up in being the provider of choice in the market. [00:24:10][68.0]

Felicity: [00:24:10] So really to summarise is Elmo's not a cookie cutter approach. You're ever evolving and you really tailor the solutions to the companies that run your software. Would that be correct? [00:24:20][10.3]

Darryl Garber: [00:24:21] Essentially, we we evolve and enhance, and that's the benefit of of cloud based software versus traditional on premise software is that it is you do have an ability to constantly evolve and enhance and improve the product. So if you have have a look of where it goes over time, it it constantly evolves with customer feedback and and we have really built out a reputation for that and it's really important. [00:24:50][29.0]

Candice: [00:24:50] Fantastic growth numbers speak for it. Right. And it's it's obviously a sticky offering that you're making for your customers because they want to continue to grow with you. And I guess sticky and relevant. [00:25:01][11.0]

Felicity: [00:25:02] That's what we licence to the world. [00:25:04][1.5]

Darryl Garber: [00:25:05] And it really gets entrenched within the crux of the organisation and it touches all the employees that they used to leave that use the onboarding. They use that for enterprises. [00:25:18][12.7]

Candice: [00:25:19] And it's harder for them to leave you right in that sense. [00:25:21][2.2]

Felicity: [00:25:22] But why would they want to. [00:25:22][0.7]

Darryl Garber: [00:25:23] Yeah, absolutely. Because they go through that, you know, change management to go from Excel or paper or or casual conversations to to having something more formalised way where there are benefits to the business, that that's a strength of the business model in general, which is not just unique to Elmo, but, you know, all SAS businesses that provide business automation solutions. [00:25:46][22.5]

Felicity: [00:25:46] But Elmo's are the best out it right now for. [00:25:48][2.0]

Candice: [00:25:50] You to advise because you've got you guys go way back, right? I guess it's refreshing to listen to you talk about the growth and the pipeline because of what's going on in the macro environment. Right. But I guess cloud software, you know, external solutions for small, large, medium businesses, they're not going anywhere. So not looking at the short term view, it makes sense and your numbers are speaking to it. So. Speaking of the future, can you give us any further comments on expansion into new software system products, services, maybe new markets, any M&A that you can speak to? [00:26:26][36.1]

Darryl Garber: [00:26:27] Yes. So since IPO, we've since our first acquisition just before IPO, we've had ten acquisitions. So we have been quite acquisitive. But in 2021, we had two transformative acquisitions. One was where expenses in the UK and one was Brent, which is also based in the U.K. So we've expenses really provided us an expense management solution, which is a really key area for a lot of businesses to manage their expenses and have that visibility. But it also had a great team with previous h.r. Software experience, so we've been able to leverage that to actually launch that Elmo business in the U.K. So we've been really focussed on bedding down the Web expenses business and making it into the Elmo mid-market business. And that's already been significantly done. We've launched a number of Elmo modules into the U.K. and we've actually won a number of customers in the U.K. So the focus is really to to to continue to accelerate Elmo's growth in the U.K., in the mid-market, and similarly on the small business front. And we launched a number of modules into Greece, and the U.K. breed was experiencing a tremendous growth. The small business segment, as you mentioned, is very, very early in their adoption of people, management and software. So we're getting really strong growth out of Brave. And when we purchased them, they only had one module essentially, which was a charcoal, which is like leave an administration. We've been able to add another three modules and we've been able to increase the module count by 30% since acquisition. So the focus is really to grow the opportunities with these acquisitions and organically grow at our high growth rates and into FY 23 and beyond. [00:28:33][126.8]

Felicity: [00:28:34] Fantastic. Now, can we delve a little bit deeper? I mean, what do you look for when you're potentially going to take over a business? I mean, how do you ensure that your values align that the software will benefit Elmo moving forward? [00:28:46][12.5]

Darryl Garber: [00:28:47] So historically, it's either been for client lists where we can cross-sell alcohol. Modules into two or it's been for technology where we do an assessment of build versus buy and if it makes sense to buy the technology rather than build it from a format, from a cost and time perspective, then we'll do that and launch it within the the platform and make the most of the commercial opportunity. But we're saying that after two large trans transformational acquisitions and the real opportunity at hand is to ensure that we maximise the growth we'd be able to deliver out of these two and really grow the mid-market Elmo business in the UK and really grow the small business, small business business as well and continue on that high growth trajectory. [00:29:40][53.1]

Felicity: [00:29:41] Well, that's really exciting, right. And I guess that kind of leads into our final question for the day. What really excites you about where the company is today? And of course, Elmo's Future growth. [00:29:52][11.1]

Darryl Garber: [00:29:53] At IPO in FY 17 was less than 20 million. This year, it surpassed the 100 million threshold, which is a huge milestone for any SAS business. That's tremendously exciting for us, and it really validates our strategy and the the years of investment and hard work that the team have done. And now we're at a point where we've heavily invested into maturing the product and team and we provide the infrastructure to scale that business. So it's a really exciting time as we're experiencing the benefits of the scale. We've got a great set of solutions. We're experiencing operating leverage come through and this starts off with strong the results that we posted in 522 overshooting the top end of our guidance and cash flow breakeven will follow in FY 23. And this is all while we're still experiencing rapid growth. So it's a really exciting time about the business and I'm really looking forward to the years to come. [00:31:01][67.5]

Felicity: [00:31:01] So away, some away. [00:31:03][1.4]

Candice: [00:31:03] I guess to finish off, I just want to just raise one, I guess theme that we talk about quite often here on Talk Money to me is a bit of skin in the game and diversification. So we know that for all businesses it's very important to have diversified customers in all different sectors. Where would you say, you know, just to wrap up the conversation about growth that you're seeing, you know, opportunity there across the diversification of your customers? [00:31:28][25.1]

Darryl Garber: [00:31:29] Well, we've got a very because we operate in the mid-market and small business, we don't really have any core segments where we can we can say, you know, we're getting 20% growth in this segment or or or this segment constitutes a high percentage of our customer growth. I can talk from an investment perspective, but from a company perspective, I think the strength of our business and our business model is that we've got very low customer concentration. So like maybe an investment portfolio. Yeah. When you have a business where you've got low customer concentration, it means if there's one industry that's struggling due to cyclical conditions, it means that there's other industries that make up a strong proportion of your customer book that might be benefiting from, you know, government grants or whatever it might be. So diversification is important, I believe it is. And not just from a investment point of view, but, you know, from a company view. And I think I've seen that with know other companies that might rely on, you know, a couple customers that take a big percentage of their revenues is our our top talent. Customers are still a very small percentage at last reporting low single digits of our revenue book. So it's it's an important attribute of the business and one that really makes it a defensible company. And investment, I think. [00:32:52][83.1]

Felicity: [00:32:53] Now is fibbing. Before when I said that was actually the final question. We have one we have one more. [00:32:58][5.7]

Candice: [00:32:59] I guess, on our toes in peril. This is the million dollar question. [00:33:01][2.6]

Darryl Garber: [00:33:02] I know this question. [00:33:03][0.8]

Candice: [00:33:04] Because we share an avid, avid listeners. That's great. [00:33:06][2.6]

Darryl Garber: [00:33:07] And and I didn't prepare for it either. [00:33:09][2.0]

Felicity: [00:33:10] So you don't need to make coffee, tea or tequila. [00:33:14][4.1]

Darryl Garber: [00:33:16] The truth is the truth is coffee. Better to have a bit of fun. I'm going to I'm going to say tequila because who doesn't like a good tequila every now and then? [00:33:25][8.7]

Felicity: [00:33:25] Oh, yeah, I love a spicy margarita. And I think everyone now knows that because I've said it a few times. Well, thank you so much for chatting with us today. It was really great to have you on the show. All right. [00:33:36][10.7]

Darryl Garber: [00:33:36] Thanks so much for having me, Candice, Felicity, appreciate it. 

Candice: [00:33:40] Please remember, although Felicity and I are financial advisors at sharing partners, our discussion today does not constitute as personal financial advice. If this conversation has piqued your interest, feel free to always reach out to us. We'd be happy. To chat to you more broadly about your circumstances. And obviously the conversation with Daryl today is based on the facts known the recording, which is the 9th of August 2022. It's actually Felicity's birthday, so shout out to Felicity on your birthday. 

Felicity: [00:34:09] The birthday girl and still working. All right, make sure you follow us and talk money to me. Podcast for daily market updates. Although that's actually been a little bit slack at the moment with harsher away on holidays. Now, if you enjoyed this podcast, please give us a five star review on Apple Podcasts Spotify. And remember, if you have any questions or you want to contact us.