1 00:00:03,440 --> 00:00:06,830 Sean Aylmer: Welcome to the Fear and Greed Daily Interview. I'm Sean Aylmer. The 2 00:00:06,830 --> 00:00:10,590 Sean Aylmer: pace of deal making in recent months has been quite extraordinary. 3 00:00:10,890 --> 00:00:13,970 Sean Aylmer: It seems every week, almost every day, in fact, we're 4 00:00:14,150 --> 00:00:17,450 Sean Aylmer: talking about another merger or takeover bid. Then, consider the 5 00:00:17,450 --> 00:00:20,380 Sean Aylmer: number of IPOs (Initial Public Offerings) so far this year. More than 120 6 00:00:20,380 --> 00:00:24,530 Sean Aylmer: companies have debuted on the ASX already in 2021, and 7 00:00:24,530 --> 00:00:28,030 Sean Aylmer: we're only in October. Globally, IPO activity this year has 8 00:00:28,030 --> 00:00:31,460 Sean Aylmer: already exceeded last year's total. Duncan Hogg is the EY 9 00:00:31,930 --> 00:00:35,339 Sean Aylmer: Oceania Head of M&A (Mergers and Acquisitions) and my guest this morning. Duncan, welcome 10 00:00:35,340 --> 00:00:35,840 Sean Aylmer: back to Fear and Greed. 11 00:00:36,520 --> 00:00:37,870 Duncan Hogg: Oh, thank you, Sean. Thanks for having me. 12 00:00:38,210 --> 00:00:41,670 Sean Aylmer: What's going on? Why are there so many IPOs out there? 13 00:00:41,860 --> 00:00:42,909 Sean Aylmer: Why is there so much M&A? 14 00:00:43,870 --> 00:00:48,170 Duncan Hogg: Look, it's really one of complete market confidence. We obviously 15 00:00:48,170 --> 00:00:52,360 Duncan Hogg: had 18 months of COVID and people's concerns around what 16 00:00:52,360 --> 00:00:55,170 Duncan Hogg: COVID might mean. And now people are really looking at COVID 17 00:00:55,390 --> 00:00:58,130 Duncan Hogg: in the back mirror and are thinking about, well, what's next? And 18 00:00:58,130 --> 00:01:01,220 Duncan Hogg: in doing so, what COVID has also done is it's allowed really, 19 00:01:01,390 --> 00:01:03,820 Duncan Hogg: really cheap cost of capital to come into the market. 20 00:01:03,880 --> 00:01:06,210 Duncan Hogg: And that has enabled people to essentially put the money 21 00:01:06,530 --> 00:01:08,940 Duncan Hogg: out into the market and through M&A, because, ultimately, if you 22 00:01:08,940 --> 00:01:10,410 Duncan Hogg: leave it in the bank, you're going to get no return. 23 00:01:11,580 --> 00:01:14,610 Sean Aylmer: I get that, but the thing I sometimes wonder about 24 00:01:14,610 --> 00:01:18,410 Sean Aylmer: IPOs particularly, is that they are going to the market 25 00:01:18,459 --> 00:01:23,270 Sean Aylmer: mostly to raise money to fund growth. Very, very broadly 26 00:01:23,270 --> 00:01:25,760 Sean Aylmer: speaking. There's also really cheap finance to do it other 27 00:01:25,760 --> 00:01:27,660 Sean Aylmer: ways though. Bank debt, for example. 28 00:01:28,120 --> 00:01:30,580 Duncan Hogg: Yeah, no, there is. There are cheaper ways to do it through 29 00:01:30,580 --> 00:01:32,840 Duncan Hogg: bank debt. But in the end, ultimately you have to 30 00:01:32,840 --> 00:01:34,910 Duncan Hogg: have a level of equity sitting within a company. And 31 00:01:34,910 --> 00:01:36,959 Duncan Hogg: the IPOs are really sort of seen as not just 32 00:01:36,959 --> 00:01:40,190 Duncan Hogg: a growth opportunity, but also an opportunity for founders or 33 00:01:40,190 --> 00:01:43,350 Duncan Hogg: private equity players to really release some capital through the 34 00:01:43,350 --> 00:01:45,530 Duncan Hogg: equity markets. So in that way, they can see an 35 00:01:46,100 --> 00:01:49,110 Duncan Hogg: opportunity there where there's high valuations and they want to 36 00:01:49,110 --> 00:01:49,580 Duncan Hogg: pursue it. 37 00:01:49,850 --> 00:01:51,910 Sean Aylmer: Okay. So where are we seeing most of the activity? 38 00:01:51,960 --> 00:01:54,160 Sean Aylmer: Let's talk about IPOs first and then we might go on 39 00:01:54,160 --> 00:01:54,610 Sean Aylmer: to M&A. 40 00:01:55,310 --> 00:01:58,220 Duncan Hogg: Yeah. So, most of the activity is actually, and I think most of your 41 00:01:58,220 --> 00:02:01,080 Duncan Hogg: listeners would expect this, is actually in the technology space. 42 00:02:01,380 --> 00:02:04,559 Duncan Hogg: So around 35% of all IPOs globally have been in 43 00:02:04,870 --> 00:02:07,520 Duncan Hogg: the hnology. And that's really driven by an expectation that 44 00:02:07,520 --> 00:02:10,419 Duncan Hogg: they're high growth type companies and people want to get 45 00:02:10,419 --> 00:02:13,919 Duncan Hogg: in there early to obviously participate in their growth. There 46 00:02:13,919 --> 00:02:16,109 Duncan Hogg: was another one which I think your listeners would expect 47 00:02:16,240 --> 00:02:18,470 Duncan Hogg: would be healthcare. Just given what's happened with COVID and the 48 00:02:18,470 --> 00:02:22,200 Duncan Hogg: dislocation of really the healthcare sector driven by COVID. That's 49 00:02:22,200 --> 00:02:24,480 Duncan Hogg: sort of seen a number of healthcare stocks come into 50 00:02:24,480 --> 00:02:27,480 Duncan Hogg: the market as well. Once again, with investors sort of 51 00:02:27,480 --> 00:02:30,960 Duncan Hogg: supporting them, just given the growth profile of healthcare over 52 00:02:30,960 --> 00:02:31,940 Duncan Hogg: the last sort of few months. 53 00:02:32,340 --> 00:02:34,600 Sean Aylmer: Okay. And then in the M&A space, it seems just 54 00:02:34,600 --> 00:02:38,380 Sean Aylmer: very anecdotally, infrastructure, obviously because of Super. But even energy, 55 00:02:38,380 --> 00:02:40,169 Sean Aylmer: there seems to be lots going on in energy as well. 56 00:02:40,230 --> 00:02:43,510 Duncan Hogg: Yeah. The two larger sectors are definitely infrastructure and energy 57 00:02:43,550 --> 00:02:46,350 Duncan Hogg: utilities in Australia. The infrastructure side, we have quite a 58 00:02:46,350 --> 00:02:49,639 Duncan Hogg: sophisticated infrastructure market in Australia. Not only from a listed 59 00:02:49,639 --> 00:02:52,980 Duncan Hogg: perspective but also just from an investor perspective. So we 60 00:02:52,980 --> 00:02:55,389 Duncan Hogg: are seeing a number of the sort of global super 61 00:02:55,389 --> 00:02:58,290 Duncan Hogg: funds, both here in Australia and overseas, looking at what 62 00:02:58,290 --> 00:03:00,220 Duncan Hogg: we have listed on our market and seeing a real 63 00:03:00,230 --> 00:03:03,440 Duncan Hogg: opportunity there. And then with energy and utilities, it's really 64 00:03:03,440 --> 00:03:07,400 Duncan Hogg: driven predominantly by what's happening with firstly ESG issues. So 65 00:03:07,400 --> 00:03:10,960 Duncan Hogg: that's environmental, social and governance issues. So there is sort 66 00:03:10,960 --> 00:03:13,669 Duncan Hogg: of a bit of a movement in that space where 67 00:03:13,669 --> 00:03:15,760 Duncan Hogg: consolidation is seen as a best way for a number 68 00:03:15,760 --> 00:03:18,280 Duncan Hogg: of the energy companies to think about ways in which 69 00:03:18,280 --> 00:03:21,700 Duncan Hogg: to defend themselves against these sort of oncoming ESG issues. 70 00:03:22,190 --> 00:03:24,380 Sean Aylmer: Okay. The other area, the other sector which I always 71 00:03:24,380 --> 00:03:28,190 Sean Aylmer: find interesting is gaming in Australia. And buy now pay 72 00:03:28,190 --> 00:03:30,960 Sean Aylmer: later is very different, but that's the other one. We 73 00:03:30,960 --> 00:03:33,650 Sean Aylmer: seem to be very good at listing gaming stocks that 74 00:03:33,700 --> 00:03:36,010 Sean Aylmer: operate in the US or buy now pay later stocks that 75 00:03:36,270 --> 00:03:38,940 Sean Aylmer: basically operate in the US. 76 00:03:38,940 --> 00:03:42,500 Duncan Hogg: Yes, no, we do. Once you have a market that 77 00:03:42,500 --> 00:03:46,070 Duncan Hogg: has strong comparables, like we do in the Australian stock exchange, 78 00:03:46,230 --> 00:03:48,830 Duncan Hogg: then what that means is that then someone else looks 79 00:03:48,830 --> 00:03:50,730 Duncan Hogg: at our market as a way in which to list. 80 00:03:51,230 --> 00:03:54,210 Duncan Hogg: For example, I listed a company earlier this year where 81 00:03:54,210 --> 00:03:57,270 Duncan Hogg: they had strong US comparables. So, very strong companies that 82 00:03:57,270 --> 00:03:59,850 Duncan Hogg: were equivalent type companies in the US. And one of 83 00:03:59,850 --> 00:04:01,580 Duncan Hogg: the things we considered was whether we actually list the 84 00:04:01,580 --> 00:04:04,190 Duncan Hogg: company in the US for that basis. But in the end, 85 00:04:04,190 --> 00:04:06,660 Duncan Hogg: we actually convinced people to look at the US sort 86 00:04:06,660 --> 00:04:08,570 Duncan Hogg: of multiples in terms of looking at that IPO. 87 00:04:08,920 --> 00:04:12,680 Sean Aylmer: Okay. So some of the IPOs coming up, we've got GQG Partners, 88 00:04:12,680 --> 00:04:15,210 Sean Aylmer: which is a US fund manager, and that's supposed to 89 00:04:15,210 --> 00:04:17,980 Sean Aylmer: be worth more than a billion dollars. Judo Bank's another one. 90 00:04:17,980 --> 00:04:19,760 Sean Aylmer: There still seems to be a bit in the pipeline 91 00:04:19,760 --> 00:04:20,810 Sean Aylmer: for the next couple of months. 92 00:04:21,130 --> 00:04:23,410 Duncan Hogg: Oh, no, the pipeline's looking very exciting. So we had 93 00:04:23,410 --> 00:04:25,960 Duncan Hogg: a reasonably quiet third quarter, and that was really driven 94 00:04:25,960 --> 00:04:28,970 Duncan Hogg: I think by lockdowns in New South Wales and Victoria. 95 00:04:29,230 --> 00:04:31,650 Duncan Hogg: But the pipeline is very strong. I think we are looking at 96 00:04:31,650 --> 00:04:33,849 Duncan Hogg: probably one of the biggest quarters coming up. As you 97 00:04:33,850 --> 00:04:35,650 Duncan Hogg: point out, there's a number of IPOs that are going to 98 00:04:35,650 --> 00:04:38,550 Duncan Hogg: be a billion dollars plus. We only had about a 99 00:04:38,550 --> 00:04:41,859 Duncan Hogg: billion dollars of IPO raisings last quarter. The quarter prior 100 00:04:41,860 --> 00:04:44,080 Duncan Hogg: to that, there was about 3 billion. And we're looking 101 00:04:44,080 --> 00:04:46,430 Duncan Hogg: to potentially around about 4 billion potentially in terms of 102 00:04:46,430 --> 00:04:48,610 Duncan Hogg: raisings coming. So it's going to be a big, big quarter. 103 00:04:48,940 --> 00:04:50,880 Sean Aylmer: How often do you get a billion dollar listing? 104 00:04:51,240 --> 00:04:53,520 Duncan Hogg: Not that often, Sean. That's the thing. It's a bit 105 00:04:53,520 --> 00:04:56,150 Duncan Hogg: like how often do you get a $ 10 billion M&A transaction? 106 00:04:56,150 --> 00:04:59,490 Duncan Hogg: Same thing. We've had a number of those. So, it is. 107 00:04:59,490 --> 00:05:02,190 Duncan Hogg: This is quite an extraordinary market. In the end, we 108 00:05:02,190 --> 00:05:03,640 Duncan Hogg: don't know when it'll end. It will end at some 109 00:05:03,640 --> 00:05:06,320 Duncan Hogg: point because they always do. So it's just a question of enjoying 110 00:05:06,320 --> 00:05:09,180 Duncan Hogg: it while it's there, and just making sure everyone's aware 111 00:05:09,529 --> 00:05:10,710 Duncan Hogg: that this will end at some point. 112 00:05:11,610 --> 00:05:15,810 Sean Aylmer: Nuix 12 months ago listed, did well till February, and 113 00:05:15,810 --> 00:05:19,610 Sean Aylmer: then hasn't done so well. I think that probably people were warned 114 00:05:19,610 --> 00:05:21,110 Sean Aylmer: off it a bit on the back of that. But 115 00:05:21,110 --> 00:05:25,260 Sean Aylmer: as an investor, how have these IPOs this year gone? 116 00:05:25,260 --> 00:05:28,610 Sean Aylmer: Albeit very short term returns here, but I'm just interested 117 00:05:28,610 --> 00:05:32,490 Sean Aylmer: whether most of them are listing and kind of trading 118 00:05:32,490 --> 00:05:33,960 Sean Aylmer: about where they're listing or not? 119 00:05:34,410 --> 00:05:36,539 Duncan Hogg: Yeah. We did do some analysis on this a few 120 00:05:36,540 --> 00:05:39,089 Duncan Hogg: months back, so this is slightly outdated, but when we 121 00:05:39,089 --> 00:05:41,520 Duncan Hogg: looked at it, if you invested a dollar in every 122 00:05:41,520 --> 00:05:44,290 Duncan Hogg: single IPO that's occurred this year, I think the return 123 00:05:44,290 --> 00:05:47,850 Duncan Hogg: was around about 18%. The way you price an IPO is you generally try 124 00:05:47,850 --> 00:05:49,930 Duncan Hogg: and give a bit of upside to the investor base 125 00:05:50,150 --> 00:05:51,940 Duncan Hogg: because that encourages people to come in. We call it 126 00:05:51,940 --> 00:05:55,640 Duncan Hogg: an IPO discount. So from that perspective, you would expect 127 00:05:55,640 --> 00:05:57,960 Duncan Hogg: them to turn up. There are obviously ones that underperform 128 00:05:57,960 --> 00:06:00,029 Duncan Hogg: as well. And so therefore you always need to really 129 00:06:00,029 --> 00:06:03,289 Duncan Hogg: understand the fundamentals of the company you're investing in, rather 130 00:06:03,290 --> 00:06:05,050 Duncan Hogg: than just jumping in on any IPO. 131 00:06:05,279 --> 00:06:07,490 Sean Aylmer: Okay. Stay with me Duncan, we'll be back in a 132 00:06:07,490 --> 00:06:07,760 Sean Aylmer: minute. 133 00:06:12,970 --> 00:06:16,470 Sean Aylmer: I'm speaking to EY's head of M&A, Duncan Hogg. So how 134 00:06:16,470 --> 00:06:18,460 Sean Aylmer: does Australia compare to the rest of the region and 135 00:06:18,470 --> 00:06:20,480 Sean Aylmer: the rest of the world in terms of IPOs at 136 00:06:20,480 --> 00:06:20,870 Sean Aylmer: the moment? 137 00:06:21,190 --> 00:06:23,260 Duncan Hogg: Look, we probably had a quieter quarter than most of 138 00:06:23,260 --> 00:06:25,210 Duncan Hogg: the rest of the world. So in fact, Europe had 139 00:06:25,210 --> 00:06:28,730 Duncan Hogg: a big resurgence in IPOs and the US continued to 140 00:06:28,730 --> 00:06:31,969 Duncan Hogg: track pretty well. Asia Pacific also had a strong sort 141 00:06:31,970 --> 00:06:34,450 Duncan Hogg: of quarter, but they're actually expecting the opposite to us. 142 00:06:34,970 --> 00:06:38,039 Duncan Hogg: They're sort of expecting a slow down in this fourth 143 00:06:38,040 --> 00:06:40,969 Duncan Hogg: quarter, whereas Oceania where we are, we're expecting obviously a 144 00:06:40,970 --> 00:06:44,940 Duncan Hogg: growth quarter. But generally, it's positive market confidence globally, just 145 00:06:44,940 --> 00:06:48,610 Duncan Hogg: given the amount of money, market stimulus and just confidence 146 00:06:48,610 --> 00:06:49,870 Duncan Hogg: in the market that's out there. 147 00:06:49,870 --> 00:06:52,419 Sean Aylmer: I just want to talk about the role of super funds 148 00:06:52,420 --> 00:06:54,670 Sean Aylmer: in all this as well, because, throughout the year, I've 149 00:06:54,670 --> 00:06:59,140 Sean Aylmer: continually talked about Super funds buying assets, particularly infrastructure. How 150 00:06:59,140 --> 00:07:01,040 Sean Aylmer: big a role do they play in this sort of 151 00:07:01,050 --> 00:07:03,510 Sean Aylmer: IPO and M&A business at the moment? 152 00:07:03,740 --> 00:07:06,729 Duncan Hogg: Yeah, I think as most Australians would know, every year 153 00:07:06,730 --> 00:07:09,680 Duncan Hogg: they've got to put money into super, therefore the superannuation 154 00:07:09,680 --> 00:07:11,550 Duncan Hogg: fund has to take that money and put it somewhere. 155 00:07:12,010 --> 00:07:14,180 Duncan Hogg: The two main areas they put that money, or the 156 00:07:14,180 --> 00:07:17,040 Duncan Hogg: primary area they put their money is in equity capital markets. 157 00:07:17,330 --> 00:07:20,020 Duncan Hogg: And then they also look at what they call alternative investments, 158 00:07:20,050 --> 00:07:22,780 Duncan Hogg: of which infrastructure is a large part of that. And 159 00:07:22,780 --> 00:07:25,800 Duncan Hogg: so with the equity markets continuing to go up, the 160 00:07:25,800 --> 00:07:29,090 Duncan Hogg: allocation that needs to go to infrastructure, therefore, increases because 161 00:07:29,090 --> 00:07:33,490 Duncan Hogg: they need to maintain an allocation between equity, alternative investments, cash, 162 00:07:33,490 --> 00:07:36,410 Duncan Hogg: et cetera. And in doing so, that's really driving the 163 00:07:36,410 --> 00:07:40,239 Duncan Hogg: superannuation funds to look to what's out there in the infrastructure side. 164 00:07:40,540 --> 00:07:44,270 Duncan Hogg: So as we continue to grow our superannuation base, we'll 165 00:07:44,270 --> 00:07:47,940 Duncan Hogg: continue to see superannuation funds looking at opportunities to take 166 00:07:47,940 --> 00:07:48,710 Duncan Hogg: companies private. 167 00:07:49,150 --> 00:07:51,650 Sean Aylmer: Do they put too much price pressure into the market, 168 00:07:51,650 --> 00:07:51,960 Sean Aylmer: do you think? 169 00:07:53,460 --> 00:07:56,070 Duncan Hogg: Look, in the end, they are long term. Superannuation funds 170 00:07:56,070 --> 00:07:58,470 Duncan Hogg: are long term investors. They might be seen to be 171 00:07:58,470 --> 00:08:00,970 Duncan Hogg: paying a high price at this point in time, but 172 00:08:00,970 --> 00:08:03,500 Duncan Hogg: these are really long term assets. Look at Sydney Airport, 173 00:08:03,500 --> 00:08:06,790 Duncan Hogg: for example. That still has another 85 odd years or 80 174 00:08:06,810 --> 00:08:09,020 Duncan Hogg: years to run on its lease. So they're taking a 175 00:08:09,020 --> 00:08:11,610 Duncan Hogg: long term view. So in the short term, it might 176 00:08:11,700 --> 00:08:14,210 Duncan Hogg: look expensive, but from their perspective, they'll be long term 177 00:08:14,210 --> 00:08:16,360 Duncan Hogg: holders of these assets because that's what they need to do to 178 00:08:16,360 --> 00:08:18,790 Duncan Hogg: match the superannuation that they've heavily invested in and will 179 00:08:18,790 --> 00:08:20,050 Duncan Hogg: have to pay out and in the future. 180 00:08:20,060 --> 00:08:21,990 Sean Aylmer: Okay. If we look at some of the really big M&A deals, 181 00:08:22,640 --> 00:08:26,630 Sean Aylmer: so Square's $39 billion acquisition of Afterpay, you mentioned Sydney Airport. The 182 00:08:26,940 --> 00:08:30,390 Sean Aylmer: consortium led by IFM's paying towards $24 billion dollars for that. 183 00:08:30,390 --> 00:08:34,510 Sean Aylmer: There's a $21 billion dollar Santos Oil Search merger. BHP's 184 00:08:34,510 --> 00:08:36,660 Sean Aylmer: deal with Woodside over the oil and gas business. Do 185 00:08:36,660 --> 00:08:38,990 Sean Aylmer: you think this is just a moment in time, or 186 00:08:38,990 --> 00:08:40,559 Sean Aylmer: do you think we're going to keep seeing this for 187 00:08:40,559 --> 00:08:43,480 Sean Aylmer: the next 2022, 2023? 188 00:08:43,480 --> 00:08:45,559 Duncan Hogg: My view is I think this is a moment in time. I 189 00:08:45,559 --> 00:08:48,040 Duncan Hogg: think this is, as I mentioned before, this is an extraordinary 190 00:08:48,040 --> 00:08:51,210 Duncan Hogg: period we're going through in terms of the number of large 191 00:08:51,210 --> 00:08:54,640 Duncan Hogg: deals in the market. What it does show to me though, Sean, 192 00:08:54,780 --> 00:08:56,670 Duncan Hogg: and we always used to think this as bankers, was 193 00:08:56,670 --> 00:09:00,260 Duncan Hogg: that certain companies were beyond approach. Whereas now, you're looking 194 00:09:00,260 --> 00:09:04,540 Duncan Hogg: at 30, 40 billion dollar transactions in the Australian market. Which 195 00:09:04,540 --> 00:09:06,449 Duncan Hogg: we used to look at the US and always be 196 00:09:06,450 --> 00:09:08,330 Duncan Hogg: in awe of those size of deals, and now we're seeing 197 00:09:08,330 --> 00:09:11,220 Duncan Hogg: them down here. So basically, anyone is now a potential target. 198 00:09:11,480 --> 00:09:14,530 Sean Aylmer: Yeah. The Afterpay one is quite incredible because we never thought 199 00:09:14,530 --> 00:09:16,950 Sean Aylmer: a US financial payment system would come to Australia. Do 200 00:09:16,950 --> 00:09:19,510 Sean Aylmer: you think that that could happen in the other sector 201 00:09:19,510 --> 00:09:20,090 Sean Aylmer: of the economy? 202 00:09:20,870 --> 00:09:24,350 Duncan Hogg: Potentially. Afterpay is actually, I just noticed, I looked the other day, 203 00:09:24,350 --> 00:09:26,870 Duncan Hogg: it's in the top 10 deals this year in M&A globally. 204 00:09:26,870 --> 00:09:29,429 Duncan Hogg: So it is a big deal. So what it does 205 00:09:29,429 --> 00:09:32,130 Duncan Hogg: show is that if you're able to create a company, or a company 206 00:09:32,130 --> 00:09:36,160 Duncan Hogg: has global reach, as Afterpay was doing, there's obviously some 207 00:09:36,160 --> 00:09:37,990 Duncan Hogg: big players globally who might come out and have a 208 00:09:37,990 --> 00:09:38,949 Duncan Hogg: look at the Australian players. 209 00:09:39,270 --> 00:09:41,079 Sean Aylmer: It'll be interesting to watch. Duncan, thank you for talking 210 00:09:41,080 --> 00:09:41,790 Sean Aylmer: to Fear and Greed. 211 00:09:42,070 --> 00:09:42,600 Duncan Hogg: Great. Thanks Sean. 212 00:09:43,030 --> 00:09:46,270 Sean Aylmer: That was Duncan Hogg, the EY Oceania Head of Mergers 213 00:09:46,270 --> 00:09:48,960 Sean Aylmer: and Acquisitions. This is a Fear and Greed Daily Interview. 214 00:09:48,960 --> 00:09:51,210 Sean Aylmer: Join me every morning for the full Fear and Greed 215 00:09:51,210 --> 00:09:53,819 Sean Aylmer: podcast with all the business news you need to know. 216 00:09:54,100 --> 00:09:55,840 Sean Aylmer: I'm Sean Aylmer. Enjoy your day.