Good afternoon, and welcome to the ActiveOps PLC Interim Results Investor Presentation. Throughout the recorded meeting, investors will be in listen-only mode. Questions are encouraged to be submitted at any time by the Q&A tab situated in the right-hand corner of your screen. Just simply click Q&A, type in 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 can review all questions submitted today and publish responses where it is appropriate to do so. Before we begin, we'd like to submit the following poll. I'd now like to hand you over to Richard Jeffery, Executive Chair. Good afternoon, sir.
Good afternoon, and welcome, everyone. Thank you for making the time to listen to us this morning. In the course of the next hour or so, Emma and I will talk you through the interim results and give you a general update on trading, and perhaps we'll kick off with a little bit of an introduction to the company for those of you who may not have come across us before. ActiveOps is a SaaS software company. We service clients all over the world with a general problem of optimization of their work and capacity.
In the complexity of the modern world, where you've got lots of people doing lots of things, clearly with the pressures on productivity, with the service and the like, the pressure on organizations to use their staff really well, to get the right amount of work, deliver the right service, and ultimately also comply with regulations, is a huge ongoing headache. Amongst all the different levers of organizations to change that, whether it's different places to do work, different systems of work, clearly the extent to which you can orchestrate that really, really well, has a huge effect on the business performance. That's our, that's the ActiveOps solution. We provide SaaS-based products which fit inside organizations, enterprise architecture to provide the tools and the methods to help people run their operations better.
As you can see on the screen, we are sit across geographies, so we have an EMEA region, Asia Pacific, and North America. We derive revenue from two types, from the SaaS software itself and from the services that we run in the to support that, either in installation or in kind of maintenance activities that we might do. In terms of the key strengths of the business, one of the things that we're enjoying at the moment is a really active market. There is. Many people on this call will have read papers about the dilemma, for example, around working from home versus working in the office, and actually the inadequate information that most companies have relating to that question.
There's a huge amount of challenge for organizations to run their operations better. The, the market is growing very strongly, and ActiveOps is a specialist in this particular world. To, to our best knowledge, we are the leading player in this market. We have expertise all over the world in the challenges of running complex operations, and that's embedded both in our software but also in our methodology, which gives us some really interesting differentiation in the market, particularly in the emerging world of AI, where you need to know what a good answer looks like in order to be able to train your models to give answers. I can touch more on that, but ActiveOps is very well placed to exploit our history in this business. We currently service, and we have a great client list.
Along the bottom, you see some of the logos there, and sort of blue-chip customers that need our services. The great thing is we therefore have had to develop, you can imagine the qualifications, the testing, the certification that means our software can exist in these kind of highly controlled environments. Those are the foot taps we both park every day, but could also act as defensive moats to new players on the market. We generally operate in this land and expand. What does that mean? It means organizations tend to deploy us in an area as a, as a lever on performance, perhaps to raise productivity or meet a service problem, and then they realize the standardization of what we do is applicable across their estate. So we tend to grow very quickly across large customers.
One statistic for you, which we'll come back to, but even within our existing customer base, say, represented by our GBP 25 million of recurring revenue today, we can identify directly at least GBP 90 million of further revenue from those customers, even if we didn't sell a single additional customer, through expansion and additional product set. The business model itself is very cash generative. We bill annually in advance. The software delivery is has a high gross margin. That generates both sort of confidence in visibility of the future earnings, but also cash to expand. One of the themes for today is how we're now really growing our sales channel, but continuing to manage the business profitably. In other words, we're not investing negatively. We're not borrowing money to, if you like, sell more.
This is entirely funded out of continuing operations, in fact, our capital position is very strong. Ultimately, we're capitalizing today on a series of activities I'll go into, both in terms of products and marketing, which really gives us some confidence in terms of the sustainability and sales. Lots to be interested in and lots to be excited about, as far as we're concerned. Just as a, for example, there's a slide on the screen here which illustrates one of our distinguished customers over the last couple of years, Fidelity International, probably well known to many of you as a massive financial services provider. ActiveOps is now embedded in how they run their operations every single day.
They take data from a variety of sources, like their human capital management platforms, which in their case is Workday, and other sources of information. ActiveOps synthesizes that to give that single view of work and capacity across their enterprise. There's a variety of statements on this slide, which gives you a view on how effective and how impactful that's been on not just their performance recently, but their own self-confidence to now implement further, you know, capabilities for change. The team there are very happily been on our stages around the world as we do our conferences, to talk about the impact it's had structurally on their business.
Just as a sort of marker of the consequence of ActiveOps, there you can see the growth year -on -year in terms of the headcount under management. This is just one example of which we have many. In terms of the key one, key highlight for this particular half year, what we're particularly excited about is the rate at which new customers are seeing the problems that generate demand. We think that three new customer wins just in the half year, and in fact, we've two more since the half year of September. Lots of good stuff to talk about there. In particular, we're quite geographically displaced, and that's another sort of resilience argument. Canada and South Africa in particular, are very strong for us at the moment.
Equally we're seeing great activity in Australia as well as in fact, in our historical strength in EMEA. The kind of regional performance adds that kind of resilience to the business. Under the bonnet, what we've been doing in our previous slide later on about the technology platform, we've now completed a wholesale movement of our, what you might describe our legacy platform, or we've been SaaS, but of our legacy platform onto our new ControliQ platform. The important thing about that is the capacity to now deploy new technology, which customers want to pay for. We'll talk about the series and the impact on the commercials of that.
That is an under the bonnet type activity the business has been undertaking, which is completed, and that obviously unlocks lots of opportunity, but also really capacity to do other things. I want to talk more about the product set in a minute, also the key thing is we've been on a three-part trip in terms of our development. We've re-platformed and enabled our technology to be cutting edge in terms of the latest Microsoft Azure environment. We've been building our marketing positioning, and some of you may have looked on our website and seen some of our videos, the whole articulation of the need for better decision intelligence to support business strategy is becoming very, very powerful. Now we're at the stage of actually gearing up our sales team to support the demand we've created around the world.
That's a couple of highlights to reflect on, but I'll now move over back to Emma to talk a little bit about the actual financials for the half year just completed.
Perfect. Thank you, Richard Jeffery. First of all, I'm just going to start off by providing a high-level overview of our commercial model. As Richard Jeffery has already alluded to, we have two revenue streams in the group. We've got SaaS revenues, which make up around 90% of total revenue, and then the remaining 10% is our training and implementation revenue. Our SaaS revenues typically comes from one-year contracts, and the billing mechanism for this is usually annual in advance, and then they are charged on a per-seat basis . Margins for SaaS, we've consistently delivered high margins for SaaS.
For this first half of financial year, we delivered an 88% margin. That's a slight improvement on what we have done in the previous year, which support the restructuring of the hosting environment and then just also the operational leverage that's starting to come through from a business model. The other 10% of revenue coming from training and implementation revenue, essentially is derived from ad hoc training and then also the implementation of our software. These could vary depending on the product mix. ControliQ and Casework iQ, typically is a 12-week implementation program, whereas WorkiQ, we can install it in as little as three weeks. The margin for T&I does vary slightly. It very much depends on which product and also the location of installation, we typically will see margins of anywhere between 50%-65%.
For the first half of the year, we delivered a margin of 63%. In terms of some of the highlights from the financial numbers for the first half of the year, with total revenues of GBP 14.3 million, we delivered double digit total revenue growth on a constant currency basis of 11%. If you have followed us previously, year-end 2024 was our first major year for profit before tax. What we have seen here is a continuation of that profit, profitability, momentum building in the business model. The adjusted EBITDA margin for the first half of the last financial year was 6%, whereas what we've seen for the first half of this financial year is 7%.
We can still see that momentum grow from a profitability perspective, despite investment in sales, which I'll come onto in a second. In terms of cash in the bank, we've got GBP 13.4 million in cash in the bank at the end of September 2024. A year-on-year growth on the previous half year, that is a 36% half-year-on-half-year growth rate. We do have a seasonality in our cash numbers. For the first half of the year, we actually saw a cash outflow, which is very typical for our business. 60%, sorry, 65% of our renewals take place in H2 of the year. Typically what we'll see is cash generation in H2.
In terms of the journey for the EBITDA bridge, comparing the EBITDA for the first half of last year compared to this half, I have two things really to point out to talk about. The first is the sales and marketing spend. For the first half of the year, we have onboarded five new sales heads. We started the year with what we would typically class as quota carriers. We started the year with eight. We have onboarded five since then. What we are looking to do is potentially bring on two more between now and the end of the financial year. The in-year.
Sorry, the impact for the first half of the year of half a million GBP, that will increase slightly against H2. Most of those heads did join towards the end of the half, and obviously in H2 we'll have the full half impact for those heads. Aside from some more other inflation increases in FX, the other thing really to point out from this slide is the change in the capitalization of R&D. We do capitalize R&D. Last year, we capitalized GBP 1.3 million across the total year. The first half of this year, we've capitalized half a million GBP, versus last year, which was just under GBP 600K.
This isn't signaling that we are reducing the spend of R&D, this is purely a timing of what we have spent time on the first half of the year, whether that's capitalizable or not. It's purely a timing piece, so it is not a sign of any change to the spend or investment in this product roadmap. In terms of the strength of the SaaS model, two main metrics that we often talk around is ARR. ARR on a total currency basis is 12%, which we consistently delivered 10 or plus in the last few years. Actually, the number that we talk about quite a lot is the net revenue retention.
On a constant currency basis, we've delivered 110%, which we've consistently delivered 110% for the last few years. One of the things we are highlighting, and we have included in the RNS, which we released this morning, is we have received notification from one of our significant customers of their intention to reduce their user base. We have not lost the customer, and they will still remain in the top 10 customer profile for us, and it will represent 5% of the ARR. However, we are still expecting on the full year, the NRR will exceed 100%, and we are still confident in delivering the full year board expectations. In terms of the land and expansion efforts, which is something we talked about in quite a lot of detail.
One of the statistics that we have just under 90% of our customers in the first half of the year, either increased or maintained their ARR. However, what's more of an interesting statistic is that over 30% of those actually increased their ARR by 20% or more in the first half of the year. We released Casework iQ last year, and we're seeing ARR growth on this particular product of over 20%. Also, which we'll come on to in a little bit more detail, the momentum we're building on Series 3 for ControliQ. We've seen ARR growth exceed 12%, as we've seen a number of our existing customers being upsold from Series 2.5 to Series 3.
For those of you who joined the year-end presentation, you may remember that we shared a customer profile of a U.K. Tier 1 bank. We were showing the journey of the ARR growth over the last eight years. They have gone through a cross-sell of Casework iQ and an upsell to Series 3. What we want to do this time is shine some light on Australia. Actually, this is one of the Australian banks. They've actually been with us since 2003. However, here we've just looked at the last nine years. What you see on this profile is quite typical for one of our customers. Normally, once we've onboarded a customer, we'll go through an expansion program with them.
Here you can see in the first six years, we doubled the ARR as we increased the user base by expanding into various different departments. Across FY 2023 and FY 2024, this particular customer went through an RFP process, which is one of the RFPs that we announced last year. As part of this RFP process, we actually upsold them to Series 3, and as part of that, we actually were able to increase the ARR uplift by 23% year-on-year. What's really exciting here is this is showing you the story of the impact of moving from Series 2.5 to Series 3.
Actually, the next exciting point is the fact that we've got the opportunity to cross-sell Casework iQ within this particular customer, and then also Series 4, which is due to be released at the end of December this calendar year. Therefore, we expect the growth or the opportunity within this account to continue. Richard mentioned at the start of the presentation that the TAM within our existing accounts is currently quantified in GBP 90 million with incremental ARR from what we've got today, just within the existing customer base of 72 customers. To sort of add a little bit of flavor to that, so within the case of ControliQ, going to Series 3, 20% of our customers are currently using Series 3.
Actually we've got another 8% of customers who have contacted to move to Series 3 in Q2. That leaves 72% of our customers who are still yet to move to Series 3, and therefore, gives us a sizable opportunity to continue pushing the ARR numbers up. In Casework iQ, we currently have identified 45 existing customers who are candidates for Casework iQ, giving us another opportunity for cross-sell within the existing account. Just to round off the finance section. Finally, you know, the business is in a very financially healthy position. We've got no debt on the balance sheet, we've got high levels of cash, a high level of our revenue is recurring at 90%. Across the full financial year, we are very cash generative.
As I just mentioned, we've got multiple opportunities to cross-sell Casework iQ and WorkiQ, and then upsell to Series 3, and then also on to Series 4 next year. We're now in a position where we are sustainably profitable, and we're really starting to see the momentum and that profitability, which you can see through the EBITDA margin come through.
Thank you. Thank you very much. Let's start looking more in detail at the strategy and the opportunity going forward. Firstly, I alluded at the beginning, the world's not getting any easier to run. The sort of challenges our customers are facing are only escalating, not just in terms of the defensive position of regulatory environments, but also opportunistically. Everyone's talking about AI. How do you bring AI to bear into your organization and cash the check in terms of exploiting that particular feature, function, or capability, when historically, particularly large institutions, have a pretty lousy track record of their yield for investments around technology? That kind of appreciation of the problems they have or the need for better control is only escalating.
That's where we really do have a particular sort of solution that is packing a lot of intention. The opportunity is to leverage AI in the actual control over business. ActiveOps has its standard, which is global. When you think about training these large language models and training AI to know what good looks like, you have to have reference points. ActiveOps is the only player in this particular market that has a standardized methodology to answer that question. Our ability now to bring our own technology and leveraging our relationship with Microsoft to bring the sort of brilliant, the state-of-the-art around machine learning and so on, to that methodology, gives us a real edge.
We're seeing that now in terms of the technology we're starting to deliver. Just wanted to highlight one particular slide, which might hopefully bring that to life a little. This is a chart of our functional drops and functional releases over quite a long period of time. I think you can see that J curve as it, how it's really come through. The impact in the last two years, the functionality we are bringing to our customers. Now, the last vertical drop there is the latest release in Series 4, where we're now offering our customers visibility across their entire supply chain, like branches, relationship management teams, centralized back offices, and contact centers.
Executive dashboards, so they can see all that in a single place, is incredibly powerful and means the stakeholder community for ActiveOps data is moving from just the CRO communities to the chief people officer, the IT, and so on through. Oppy. Oppy is our copilot. It's our artificial intelligence. What does that do? It makes it easier for managers to do the right thing. So much of the judgment in the type of environment we're talking about relies on people interpreting the data we might provide, but ultimately acting on their own knowledge and experience. ActiveOps' AI-driven copilot now says, You know, "You're going to an appraisal for a team member. Here's the things they're good at. Here's how their learning curve compares with the average.
Here's our recommendation for the best use of that person. We're both impacting the effectiveness of that middle management, but also reducing the effort that they would have to take to prepare that kind of data. Crucially, because this is why it really matters to large corporations, we're doing that consistently. When you're talking about organizations with maybe five, 10 ,000 people in their back office, that's a lot of people, that's a lot of managers, that's a lot of individual decisions. If we can get our arms around that, show them the average person makes a better decision every single moment, the galvanizing, you can imagine, the gearing effect is huge. This technology drop, the ability to provide solutions that people see real problems for, is a massive accelerator to our, to our sales.
If any of you look on our website, you'll see a lot of that come through in terms of the presentation of a solution and how we describe problems that people will recognize. Skills cataloging, skills understanding, is fundamental to running operations, but it's done so badly because it relies so much on the judgment of individual leaders. ActiveOps' software, for the first time, enables organizations to effectively determine skills. We track what people do, and from that, we're able to inform, through big math and big processing, people's capability. You have learning curves, you have catalogs, and all sorts of other stakeholders start to have a source of information on which to add our data to theirs, to make better decisions in the area.
Whether staff wellbeing, staff enablement, attrition, and all the other kind of agendas, as well as multiple others. The impact of both having ActiveOps as a standard, but the enablement is now really, really quite amazing for a lot of our customers. We're seeing that reflected in our demand side. For example, on the marketing, a lot more inbound, but more importantly, inbound tuned towards what we do. Because if we're going to scale our sales force, what we can't have is lots of educators. We need people who service a known need, and that's the shift. What we're seeing now is people coming in with a clearer sense of the problem statement, which ActiveOps absolutely can respond to.
That then speaks to the point Emma was making about how we're now starting to turn up the wick in our sales force. With the right skill sets around identified cross-selling, but also the demand side from customers, we can see a real acceleration. It's coming through in terms of the new logos already in the pipe already this year. In South Africa, we're growing at. We've got a lot of activity going on. We've got Spotlight in Canada here. In Canada, we now have our software in five out of the six Canadian biggest Canadian banks, but each of them at a fairly early stage. We're investing in activity, leadership, and presence in Toronto to actually scale that out.
In the U.K., we've got three new sales team members of the sales team, two of which are identified software sales people. One is a very much a subject matter expert in the area of insurances, different skills, different situations. In Australia, which has been a huge support for business over many years, but because we've been. We're effectively the standard for banking over there, as a standard for this type of software, it's been relatively flat for a few years. You saw on Emma's slide earlier, the effect of the new product, the new functionality raised in tariff, but now also we've got both inbound demand for new services, and we're seeing that with a new healthcare provider signing up in Australia, which is a global opportunity, interestingly, as well.
Overall, we are now building sales capacity to meet demand, rather than trying to invest in sales capacity to trigger demand. That's a very different place for us. Now, timing to software sales, as you, many of you on the call probably know well, you know, we're talking about 12 to 18 months to become both effective as an individual, but pipeline sales. I think what we're signaling here is if you project forward the kind of activity we have now and the capacity we have now into the year, you know, next year and beyond, it starts to get quite interesting.
Speaking to that target addressable, and I've touched on this already, we, you know, for our current GBP 26 million of ARR, when we run the numbers in terms of both the products, the enhanced products and the increase, that suggests. There's at least GBP 90 million worth of annual recurrent revenue still to be sold to customers with whom we have an existing contract. That speaks to the NRR. I mean, notwithstanding the event Emma referred to, you know, our historic NRR can see the reflection of just that uplift, and we can accelerate that with new products. CaseworkiQ is going really well. Now in 19 of their existing customers, and there's lots of opportunities there. Similarly, the other bits of the product and the new series.
Of course, with that broad appreciation of the need for better control is coming greater inbound inquiries from our target. We don't suffer from a constraint on target addressable market. The issue is one of focus. The way we identify the top 250 institutions which we believe have the need for, and the capacity to absorb our type of technology, and we sell and target those. Broadly speaking, they break down to those three types of market you see there. We have the expertise, we have the track record credentials and sell to those. That is a, you know, it's a very large market indeed. Just turning our minds specifically then to what's happened subsequently, in terms of current trading and outlook.
We've had actually a cracking start to the first to the second half. We've had two new logos that have already signed up. We're well on track with the deployment of Series 4. We've got just another customer signed up for Series 4, which will be another uplift to the market. There's a huge amount of momentum behind Series 3 price increases. As the contracts renew, that's typically when you imagine people buy the uplift. We've got a program of work, meaning that the new product's being sold well. This time next year, I would be expecting to report the vast majority of our customers would have, you know, moved on to Series 3.
As we know, we've seen a 26%, 22% increase in our actually, more than 20% uplift in our revenues through that, the move from five to three. We have no shortage of avenues to find opportunities. The new opportunities we sold this year, even just those, we think have added another GBP 10 million to the target addressable for the new customers, which will come through in the course of the next two or three years. Going back to that roadmap. I've gave you a picture of the things that we're already deploying, but if we extend from that to what we've got planned and got for next year, we really are talking about some cutting edge technology to solve some very hard problems.
Just as an example, organizations are increasingly looking to utilize different types of resource in branches and banking on different places. Our technology, in conjunction with workflow, is enabling them to solve the conundrum of having a physically accept presence in different regions and not suffer inefficiencies. That's a huge advantage to an organization with a kind of a public service obligation to meet in terms of where it keeps branches open, for example. Lots of things to be excited in there. That's the sort of overview of the business. As you can tell from our tone, I think being very positive about it, but equally keen to take questions and hear more from the audience.
Chris, I hand back to you and invite some questions.
Fantastic. Thank you very much indeed for your presentation, Richard Jeffery, Emma. Ladies and gentlemen, do please continue to submit your questions. Just click on that Q&A tab just on the right-hand corner of your screen. Just while the team takes a few moments to review those questions submitted today, I'd like to remind you the recording of the presentation, along with a copy of the slides and the published Q&A, can be accessed via your investor dashboard. As you can see, we've received a number of questions about today's presentation. Thank you to the investors for submitting those. Richard Jeffery, if I could just perhaps hand over to you just to read out the questions where appropriate, to do so and give your response, and I'll pick up from you at the end.
First one: Can you elaborate more on why the one company reduced usage? I have to be a little bit careful because obviously the key point there is they're a continuing customer, so they've reduced usage in one particular area. In that particular area, they have a much stronger and much larger relationship with one of the contact center software. Essentially, the contact center software provider, somewhat, against the grain, has offered to provide some functionality which, for, well, essentially a very low price, put it that way. We've never competed against them. They've never actually delivered anything approaching this, so we will see how events turn, but, it's one of those things with large companies in terms of the software spend, you get that.
I would say we have one previous example of that, where, in a similar case, they decided to go down a different route and a few years later, we're re-implemented. We'll see how that goes.
I'll take the next one. How good is profitability at the current levels of operating costs, and what level of revenue can you manage from this base to increase margin? For the last few years, we've invested heavily in marketing and our product and technology functions. The level in which that investment has gone in, we would expect to maintain for the next few years. Where we are looking to increase costs is around sales, as I've already mentioned. We've already onboarded five so far this financial year, with two more expected for the end of this financial year. Next year, you'll obviously see the full year impact of those hires.
To answer the question, we expect to be able to maintain the levels of cost that we have in the business and to match with the revenue projections that are currently out in the market.
Next question. How do you plan to maintain the ARR growth rate in Canada and Africa, and are you targeting additional regions for similar expansion? Great question. Essentially, particularly in Canada and Africa, we're at a very low base that gives us plenty of headroom. The issue is more about exploiting and maintaining that revenue, that growth. If you take my five out of the six Canadian biggest banks, for example, four of the five are at a very low level of penetration. You know, we've landed and we're in that kind of early stage of validation and expansion. In terms of the target addressable within that community, again, we see plenty of opportunity to deliver that sort of growth rate in that region.
Similarly, in Africa, there's a lot of scope there. We, you know, we have plenty of opportunities, let's say, for going to different markets, but also different verticals. At the moment, the benefit of focus and network and relationship means that we are focusing throughout on those areas. Different customers over the years have taken us to different regions because they are global and they want to acquire. That, you know, we would be reactive to that. At the moment, we don't need to, if you like, punch pole or more importantly, invest in new areas to create a market. Do you have channel sales partner or is it all direct? Again, really great question. The short answer is it's all direct, essentially, at the moment, but this is absolutely linked to market maturity.
What we are seeing, though, now, as I've alluded to, is more people, more organizations sensitive to the needs of better data. decision intelligence is so crucial to your capacity to execute change, deliver benefits, satisfy stakeholders, and that is creating a much greater appreciation of need for better data, or perhaps the other way around, the paucity of many systems. If that need continues, what's interesting to me is in a different dimension, the strategic conversations we are having with partners companies is actually going up a notch because they, in certain different forms, the consultancies, the FIs, and indeed some of the systems, the big platform technologies like Workday and ServiceNow and Pega, you know, there is a greater need for stitching these things together to derive value, because the track record of driving value isn't necessarily that great.
I think having as we've grown the business over the, over the, well, last 15 years, primarily through the direct channel, I'd be very surprised in five years' time, say, if we weren't significantly delivering through partner. We're just at the early stage of that. "Can you break down the NRR, 180% into pricing, increase, uplift, and upselling features? Any thoughts on changing pricing models from seats, i.e., falling KPI to usage or enterprise-wide model?" There's a good couple of questions in there. We don't break it down in that, of the NRR down, George, but we do. I mean, we've given some figures. The stat on the uplift to Series 3 gives that sort of 20% gross uplift.
We've got 19 customers now using CaseworkiQ . I think that's contributing, whatever it is in putting on spot.
For ControliQ.
CaseworkiQ . It's like GBP 3 million now.
80. Correct. Yeah. Correct.
We're seeing a good level of cross-sell, indeed, this population, is it addressable for CaseworkiQ ? I think it's got some good scope in there. You know, you can break it down. At the moment, we have very little penetration of ControliQ, our core product into those American healthcare providers that use CaseworkiQ . There's lots in there. You know, it is, it's one of those things where it's not a generalization. What we're targeting in our different sales strategies are focused towards a particular cross-sell or up-sell of different situations. Pricing is an interesting one. At the moment, we are sticking with the seats model. There is scope for different solutions in there.
I mean, I think, and this is one of those areas where we'll be a follower rather than looking to be on the cutting edge. We, as an organization, benefited from the general move to annual and advanced billing that other companies have tapped towards in 2013, in 2014, 2015, 2016. We didn't have to make the case for that. Organizations were ready for it. I think we have plenty of opportunity for moving to an output base or a sort of value type approach, but I suspect the other companies, the big ones, who also work in the ME public, will sort of change the game there, and we'll be in the midst of that.
Fantastic. Thank you very much indeed. That does cover off all the questions we've had. Of course, any further questions that do come through, the company will be able to review those, and we're able to publish responses where appropriate, to do so on the Investor Meet C ompany platform. Richard, before redirecting investors to provide you with their feedback, which is particularly important to you and the team, can I just ask you for a few closing comments, please?
Thank you. I hope from the tone, you can feel the level of sort of excitement we have. I think the product set is absolutely at the moment. I think the messaging is getting better all the time. The attendees to the conferences, we've just finished the U.S., the AO Mi in Toronto, back in London and in Melbourne, probably at a 100% increase in attendance. lots of real reasons to be excited. The sales team coming on board now to service that capacity. You know, we're keeping our sort of projections and the analyst sort of modest, but as a management team, we're very positive about the opportunity. Again, lots to look forward to.
Fantastic. Richard, Emma, thanks indeed for updating investors today. Can I please ask investors not to close the session, as we automatically redirect you to provide your feedback in order that the team can better understand your views and expectations. This will only take a few moments to complete, and it's greatly valued by the company. On behalf of the management team and ActiveOps, I'd also like to thank you for attending today's presentation. That concludes today's session, and good afternoon to you all.