Earnings Call: H2 2024

Oct 25, 2024

Summary

FY24 revenue grew 20%, recurring revenue 24%, and EBITDA turned positive, supported by 97% retention and strong regional growth. Deferred revenue recognition affects FY25 comparisons; investment remains focused on scaling through partners and product expansion.

Good morning, ladies and gentlemen, and welcome to the PCI Pal results presentation. To start with, if we could cover a couple of housekeeping items. Before we begin, we would like to submit the following poll, which you will see on your screens. Throughout this presentation, investors will be in listen only mode. However, questions are encouraged and can be submitted at any time via the Q&A tab situated on the right-hand corner of your screen, or if anyone has dialed in, via pcipal@walbrookpr.com. The company may not be in a position to answer every question it receives today. However, the company will review all questions submitted and publish responses where appropriate. These will be available via your Investor Meet Company dashboard. Finally, we would like to remind you that this presentation is being recorded. I would now like to hand you over to Chief Executive, James Barham, and Chief Financial Officer, Ryan Murray. Okay. Many thanks, Tom. Thanks for the intro. Hello, everybody. Good morning, or welcome, wherever you are time zone wise. Thanks for joining us on a Friday. I know we normally run these things on a Thursday, but we had a packed week, and so it was the best time to fit it in. Really pleased to get the results out. Clearly a slightly frustrating situation with the audit. Fully resolved now. I think we've been pretty clear in terms of what the situation was in the announcement that we've put out. One of the main frustrations from me is that there's no real impact on the underlying business. I was keen to get out and speak to investors this week. Very positive week with those that we've seen so far, and just really underline how well the business is performing under the surface. Strong run rate, new business, high retention rates, high platform uptime, all the good things about this healthy, growing company that we've built. We're going to have a rattle through today. I've got Ryan with me as well, our new CFO. Ryan joined us just nine days ago now. We're going to go easy on him on this presentation. Ryan's going to do a quick piece on some of the financials, but I expect it will be at the interims when you hear a bit more from Ryan. Obviously when we planned that hire, we had expected to have our results out and actually have our AGM done by now. But he's done a great job meeting some of our investors this week. But a little more from Ryan in a moment once I get through the deck. So in terms of the update, strong sustainable business that we are building at PCI Pal. Quality revenues. We really have a foundation at this point to push on, particularly with the litigation behind us. I am completely focused on that and what the next three to five years looks like for this business. Revenue growth in the year up 20% year-on-year. Had it been for the deferred piece of revenue that you would have seen in the updates from the audit, that would have been somewhat higher than that. You do need to play that into your thinking if you are looking at the market forecast for FY 2025. We are carrying a double piece of revenue effectively in FY 2025, so it is important to look below the surface there to see the sorts of growth rates we are expecting into the next year. ARR growth strong at 23%. Again, that one would have been higher than that but for the change in the revenue recognition, and really buoyed by strong operational performance in the business. We had a good uplift in the amount of projects that we run, getting through to revenue recognition, and really good health. I will talk about customer retention in a moment. Onto bullet point four there, the TACV. This is the key future indicator of recurring revenue for PCI Pal. It generally maps forward about 12 months for recurring revenue. So finished the year at GBP 19.2 million. That is up 17%. We are happy with that. I very much believe, and I have been talking to investors this week, that we can consistently grow that TACV over the next three years by 18%-20%. Region forecast, I think for FY 2025 is 18%, but we certainly think we can achieve that. I kind of see that as the baseline actually for this business. That is what we can do from the current plan. But we are going to be thinking about how we can push harder, and we can grow this business quicker. But to do so from a profitable base, and that is very much something that I am very focused on at the moment. Contributing to TACV was the ACV that we signed in the year. We do report very clearly on the amount of new business licenses that we sign in the year. We know that investors like seeing that, GBP 3.8 million. Actually it is the only metric that is down year-on-year, so it is down 9%-10% in the period. Slightly unusual year to a degree because we ended the year feeling very buoyant on the sales side of the business, and the reason for that is because the damage on the ACV number was really done in our Q1. We had a particularly quiet Q1. But since then I have had four straight quarters, either at budget or ahead of budget. From a new business sales perspective, as a CEO doing what we do, that is incredibly encouraging. We are hitting our sales forecast quarter to quarter across a four-quarter basis. When I say four quarters, I am including Q1 of FY 2025 into that as well. The run rate business was particularly strong in FY 2024. In FY 2023 the number was kind of buoyed by one or two particularly large deals, whereas FY 2024 was not like that. Those that know us will know that I talk about accessing the breadth of the contact center market. It is the small to mid-market end that is the vast majority of the contact center space. We can sign enterprise customers. We have proved that. We have a very strong enterprise customer base, a very high retention there, but it is that run rate that is really going to underpin the growth of the business going forward. We had stronger run rate business across FY 2024 than we have ever had, and that is testament to the partner ecosystem that we have built and continue to build on, and more on that in a moment. I am pleased with the sales momentum that we are seeing in the business. Looking at some of the other metrics that are key to our operations. Customer satisfaction is high, customer retention is high at 97%. Churn in the business is just over 2.5%. That is just fantastic. That is testament to the effort of our entire organization. We are very pleased with how the customer success team is operating since we invested in that two years ago, and that is certainly contributing to that high customer retention that we have there. That does contribute to the health of the revenue that I mentioned earlier. It is healthy revenues that we see. NRR at 102% was in line with where we expected it to be. We expected it to be north of 100%. We are going to hover around that level for the time being. I have spoken to investors about this before. NRR is no doubt where this business has an opportunity. When you have retention rates like we have, we have more opportunity to do more business with our existing customers, and that is even more valuable revenue when you can grow it through your existing customer base. Again, that is something that we are looking at very closely. You know that we have been evolving our product set over the last couple of years with more investment into product and engineering. We will start to see some of these add-ons and features that we are able to sell on to our existing customers. But longer term, we are looking at how can we really move the needle on NRR, get that tracking up, not 105, not 110, but more than that. That is another thing I am super focused on with all this time I have got back post-patent case. The patent case is resolved. Long since forgotten actually to a degree. But very pleased to have got that settled at the end of the year. More pleased to have been very successful in the U.K. courts, won our case, won our counterclaims invalidating our competitor's important patents, but then completely sensible in our view that we got a settlement that has not disrupted the business. We move on from there. Yes, big distraction for the last three years and a big cost impact. We now have a lot of mind space back, which is excellent, and very focused on growing this business. We have been doing Investor Meet Company presentations for a long time now. We are evolving the way we talk about this business a bit, but I am not going to go into too much detail on the background. If you want more of that, you can watch some of the previous presentations. We are all about enabling businesses to have secure and frictionless payments in their business. We do that across all business communications channels. That is our market. Particularly that involves a very strong partner ecosystem that we have, incorporating some of the global leaders in the business communication space, particularly, sorry to use acronyms, but CCaaS, UCaaS, and CPaaS vendors. These are Contact Center as a Service, Unified Communications as a Service, and Communications Platform as a Service. Basically cloud communications, and it is where it is all at today from a communications perspective. That is where PCI Pal is particularly strong in our market. I have got a full update on our partner ecosystem shortly. I am going to move on from there. We have got some fantastic customers. We have got some great logos. We have got many more logos than the ones you can see there. We do not always have the opportunity to share the logos that we do work with, partly because we work through partners, so it is not directly our customer to necessarily share. Companies these days are very sensitive to using their branding as well. We have got lots of very large customers across Europe and North America, as well as the small to mid-market end that we serve. We have got more than 700 customers today. We are signing new customers at a rate of more than 200 a year, and certainly leading our market in terms of net new logos that we are bringing on. Just more evidence of the momentum that we are building in this business. Just onto our products in terms of what we do, and this has been evolving a little bit over the last few years. Looking at the sort of center of that graphic there that you can see, we talk about two kind of touch points that we see across business communications, and that is agent assisted and that is automated. So agent assisted is where you have effectively got a human-to-human interaction. Automated is where you have effectively got a human-to-computer or human-to-bot interaction. Traditionally, that would have been more the IVR type interaction. So auto attendant, press 1 for this, press 2 for that, or speech recognition. More commonly now what we are seeing is conversational AI. So we are seeing bots actually fulfill those interactions with consumers. That is still very much part of our market, be it that it is relatively new into the space. Then kind of sitting underneath these two sort of categories that we have are three core products. Those three core products are Click to Pay, Speak to Pay, and Key to Pay. Effectively what we are doing with those offerings is we are facilitating payments across those different channels. So Click to Pay, we are sending out secure digital links that are completely integrated to the communications environment, the desktop environment, and any payment service providers that the organization uses. Also with Click to Pay, when the customer clicks on our link, which might be served through a web chat session, it might come through a notification in an app or an SMS link, they will be presented with a PCI Pal payment page. Within that payment page, we can take a credit or a debit card payment, but also we can take any number of other digital payments as well. So it's much more like an e-commerce experience. The consumer will be able to use their Klarna account, for instance, if that retailer that's using us uses Klarna. They'll be able to make an Apple Pay payment or a Google Pay payment, particularly if they're on their mobile phone. So it's a really nice customer experience that they get to go through. We're seeing more and more uptake in the Click to Pay offering. We actually lead with Click to Pay as well now because it's much more common. More historically, those that know us well, excuse me, will know that Key to Pay was kind of the traditional solution, which is the DTMF masking, so keypad masking with a customer typing their card details in rather than speaking them to a call center agent. PCI Pal intercepts the tones and processes the payment for that organization. We also have a speech recognition version of that solution, which is Speak to Pay. We made a significant enhancement to our speech recognition capabilities at the back end of FY23. We've been very successful across FY24 in both rolling that out to existing speech customers that we had, but also selling it to new customers coming through. One of the trends we're starting to see is some customers looking to leverage Speak to Pay as the primary over and above Key to Pay in the voice channel, which is quite interesting, but it shows you the sophistication of the speech recognition capability that we have, which is also AI-leveraged technology as well within that we've partnered with Microsoft on. On the top left there, just to sort of highlight some of the differences from when you've seen us before. Our core market is contact centers or call centers, and we serve the breadth of the contact center market. We do, though, talk about customer-facing teams. We're doing more now, where we're servicing employees that are taking payments in environments outside of contact centers. Quite commonly that might be a finance team, for instance, or debt recovery, those sorts of things, but perhaps not in a contact center environment. So we're working with our partners who have businesses across contact center communications, but also unified communications as well. So, we very much aren't just looking at the contact center today. We will deploy our services outside of that. On the bottom right-hand side there, we're referencing technology. I've talked about secure digital links, DTMF masking, speech recognition. Conversational AI as well is something you're going to hear a bit more from me in the presentation, and the impact that is having on the contact center market, and frankly, the opportunity that that's presenting to us at PCI Pal, but more to come on that when I get to the partners' slide. In terms of the strategy for the group, clearly it is a lot more detailed than these three circles or bubbles on screen right here, but it is very much been, and continues to be, about being the leader in cloud in our market. We were the first to market with true public cloud offering. We have a single public cloud instance that is fully multi-tenanted. We believe we have more customers than any of our competitors using our type 2 solutions across that global cloud platform. I will give you an update in a moment on how well that platform is performing for us. The public cloud platform gives us the ability to access the breadth of our market globally. What we do is a little bit niche, you could say, but it is a global market. The standards are very similar globally. The technology is very similar globally. Our partners have businesses globally, and the public cloud platform enables us to actually access the breadth of that environment. We use the channel as a sales model to cost-effectively access those customers. We have the technology to do it, and then we use channel partners, so big resellers really, who we work very closely with. They productize our solutions, and then we leverage their businesses to market and sell our products. That allows us to be much more cost-efficient within the business. Although we are a global business, we are only 130 people, and we are able to do that because of the nature of our technology and our partner ecosystem. A tiny bit more on the technology. Global coverage that we have got, not a huge amount has changed here in terms of where we are located, I might add. Predominantly as a U.K. headquarters of business, majority of our headcount is in the U.K. That is because we have engineering and a number of back office functions here, as well as typical sales and marketing. In the U.S., North America, we are much more customer-facing focused in terms of the resources that we have there. We have sales, marketing, professional services, and a small element of engineering, which is more focused towards customer deployments in North America as well. Then we have a small team out in Australia in Sydney, which is doing an excellent job. We realized across this year that we have never lost a customer in Australia. So, 100% retention of customers across Australia, not just in FY 2024, but pretty much forever. Which is fantastic. We are building a profitable little base in Australia, which we plan to use to grow further across the other continents nearby. In terms of the platform itself, the key point here is the stability, maturity, and the reliability of the platform that we have. Everything is in Amazon Web Services. We can scale the platform very quickly. The orange padlocks on the slide there show you where we have availability zones within Amazon Web Services. We can actually spin up an instance within Amazon Web Services within hours if we choose to. We do not need to grow more than what we have today. In terms of our reliability stats, they really are very good. Across FY 2024, we had three quarters at 100% uptime, which I think is top percentile, we would call that. Top percentile performance. Across the year, it was over 99.999%, so over five nines uptime. Pleased to tell you that Q1 for FY 2025 was another quarter at 100% uptime. These sorts of foundations in our technology give me so much confidence in being able to build on this in the future. To have that platform there, so robust, gives us the ability to completely focus on opportunity rather than looking backwards at resolving problems we might have. It's a really great place for us to find ourselves in. Partner ecosystem. This is a huge part of our business. We have lived and breathed channel pretty much since day one of starting this journey back in 2016, 2017 time. It took a bit of time to get going, when the majority of our business at those times was still direct. For the last three to four years, we have been selling at least 65%-70% of our business through our partner ecosystem. In FY 2024, 80% of our business came through our partners, 70% of the ACV value. That's really good metrics for us to see. I think value-wise, if we do sign direct, they do tend to be slightly larger, so that will proportionally push down the value we get through partners. We're even seeing an uptick in the amount of enterprise opportunities coming through our pipelines through our partners. Again, I'm not going to go too much into the detail on how we categorize these partners. I've done that before on previous presentations. We have some fantastic names that not only do we work with, but they resell us, so they sell us on their paper. We are fully productized with those organizations. We have peer-to-peer relationships across product, marketing, customer success, sales. We're building really strong relationships with mostly these very large U.S.-headquartered organizations. In FY 2024, we announced the signing of a new strategic partner for us, which was Zoom, which I'm sure everybody has heard of, although probably more for their video conferencing business and possibly their unified communications business. Zoom are a Gartner Magic Quadrant in the UCaaS space, leader. Their contact center business is something they are heavily investing in right now. So they are coming in fast as a challenger into the market, and we've had a really good start with them. We announced in Q4 that we've now got them to full launch, so general availability after the productization across North America and EMEA. There is some other regions globally to come through off the back of that. Also we announced we'd signed our first customers in the partnership in both the U.K. and the U.S., and we've continued some of that momentum into FY 2025 in our Q1 already. There's a lot more we can do there, and they're already proving to be a really successful partnership, which aligns very nicely with some of the more established partnerships that you can see there with Genesys, Talkdesk, and 8x8, and those sorts of organizations who we've worked with for a relatively long time. We won Tech Partner of the Year globally for 8x8. Great to see. I met with their executive team recently and very pleased with how that relationship's going. All in all, partner ecosystem is an area of the business that we need to leverage more, as we grow. And there is much more opportunity to work deeper and broader with these large partners that we have, and that's one of the key initiatives that we've set ourselves this year within the business. We started investing more into our channel management team. We call it our strategic alliances team, is the terminology we use, and we will continue to invest in that as a priority over the next three years. We're investing in holistic management of those relationships rather than just simply investing in more sales heads. We're all about growing the strength of that relationship, which then will feed healthy pipeline, healthy revenue that is then sustainable into the business, and that's what we're all about, and that's how sophisticated we've become, since we first sort of started going down the channel route more than five years ago now. Now I'm going to hand over to Ryan for just a brief moment, really, just to introduce yourself, Ryan, to the group, but you'll get a lot more opportunity to speak to Ryan at the interims otherwise, and then we'll hand back over to me. Thank you, James, and good morning, everyone. I am excited to be joining PCI Pal on this journey. And thank you for joining us today. As James outlined, it's the end of my second week of the business, so I'm getting my feet under the table and beginning to understand what's going on. Therefore, I am happy to present some of the financial highlights for the year ended 2024. And so pleased to say that the revenues increased 20% year-on-year. But most importantly, within that, actually, it was the recurring revenues had seen growth of 24%, which really underscores the growth in the key revenue stream within the business. And flowing on from that, gross margins were delivered an increase as well, up to 89% from 88% the year before, which is making progress towards our target of ultimately 90% for the business. With the growing revenues combined with the margins, the business should continue to drive operational gearing, which in turn provides the real opportunity to reinvest in the business to continue to drive the growth and within that top-line recurring revenue line. If we look at the next slide, James, if you don't mind. Yeah, sorry. I was off controlling the slides. I forgot them for a moment there. As James mentioned, it's a real global offering, and it's pleasing to see that the revenue growth was experienced across all three of the main geographic regions. EMEA, probably the market we're most mature in, still seeing double-digit growth at 13%. North America, ANZ, experiencing 32% and 82% growth, which really highlights the opportunity in these markets and why it is important for the company to continue to invest and to capitalize on these opportunities. One of the other significant milestones I'd like to highlight for the business this year, despite the challenges that have happened over the last couple of months that you've heard about, was delivered a positive EBITDA. It's the first time since relaunch, and that's dedication and discipline of the business in delivering on that. It's demonstrating the operational gearing that it can deliver and will continue to deliver to, and reinvest in the business. I think underlying all of that is actually an ongoingly really solid run rate and growth in the run rate of the business. As James outlined earlier on, the small to mid-market contact center is the focus of the business. Yes, larger deals will come, as they did in 2023, and of course, we'll take advantage of them. If you look at the underlying run rate of the business and the core target customer, this remains really, really strong, which gives good confidence in the revenues and the future growths. The revenues following on from that is also the excellent customer retention rates, up from 95% last year to 97% this year, which really highlights the quality of the revenue and the confidence in the revenue. From that, the business enabled to make decisions about investing to ensure we drive growth for the years ahead. Ultimately, yes, it is a people business, and to see the headcount has significantly grown from 2021, from 71 people up to 122. It's important that we keep investing in the business. On the people front, we're expecting that to slow down overall going forward as the business is really reaching the operational gearing level. The patent case, obviously everybody is pleased to hear that that is fully settled, and the business can focus on the opportunity ahead. The business ultimately is now cash generative and cash flow positive, with GBP 4.3 million cash on hand. All in all, it's a strong balance sheet and a solid position to push forward from. That's all from me this time, and thank you very much. I look forward to maybe to provide you with more detail the next time that we speak. Okay, thanks. Excuse me. Thanks, Ryan. I was just busily flicking through some of the questions that have been coming through for later, so we should have time for some questions at the end. Just onto product update before we look to wrap up with an outlook. Good momentum here. We've been investing in product and engineering, or we certainly did a couple of years ago, to grow that team to allow us to develop more features and enhancements to what we're doing. I would say that maintaining the tight-knit integrations that we have with our partner ecosystem in itself requires quite a lot of effort. That is clearly very critical to the business and also keeps us ahead of the competition as well. Broadly speaking, the engineering team have performed very well across FY 2024, and I'm happy with what's been produced. Bit verbose this slide, I'm afraid, but I'll talk to it rather than reading it out. New user interface, we've been talking about that for a little while now. Pleased to say that's at full launch now. New user interface, so that's both for the agent and for the consumer that's using that across any of the channels. Live voice or if it's across web chat session, or a chatbot session, whatever. The new user interface that customers are using, we're now selling that as part of any direct sales that we're making, and we're currently going through a process to roll that new user interface out to all our key partners, and we expect to have that achieved by the end of this quarter, actually. So by the end of H1 FY 2025. Apart from looking nice, one of the other aspects of the new user interface is that it incorporates all the new digital payment features that we've been releasing over time. They have been available within the previous version, but this is a much easier way, particularly for our partners, to incorporate those add-ons, which in turn will create some add-on revenue opportunities for PCI Pal as we go forward. But also it creates much more parity between using PCI Pal's services within the contact center and the features that might be available in an e-commerce, on a website, for instance. That's a good step forward for us. Moving down onto bullet point number 2 there. We've really been, for a long time now, been trying to drive towards more autonomy for our partners and our customers to actually be able to deploy or gain access to our services themselves without full involvement from PCI Pal. We have a deployment time in this SaaS business, that on average is about 5 months. Now, with some of the newer integrations that we've got with the likes of Zoom, we're seeing that reducing substantially. That time to revenue effectively is something we're often looking at. We look at that as a key internal metric. As a business, we have over 100 payment service provider integrations that we maintain. That in itself carries a lot of value. We have released something we've been working on for quite a while, a new microservices, or payment microservices infrastructure for our PSP integrations that we have. What this effectively means is that rather than having developers complete the integrations to payment gateways into other payment environments, we've actually created an environment in which we can then have operations level people actually complete those integrations. So that means that it's much more cost-effective for us to do it. It can be done much faster. Then it also means the maintenance of those integrations, because they do change over time, is much easier for us as well. So, that's quite important from a scaling perspective, but it also means that we are improving and feeding our opportunity within an area of the business that actually does carry quite a lot of value to us. The fact that we potentially inadvertently aggregate across payment providers is really very interesting to us at this point as we look more longer term from a product perspective. But today, operationally, that's a big help for us having the new payment microservice in place. Fair amount of work going on data infrastructure. Talk about that in a moment when I get to the AI section. To bullet point number three there on the top right. We've launched a new go-to-market model, something we've been working on for a while. Again, this goes back to our desire longer term to put more in the hands of our customers and partners for particularly small to mid-size customers to go live with less involvement from PCI Pal. So how can we achieve that? Well, we've got the new user interface that helps in part, the new payment microservices, that's another building block to that as well. The new go-to-market model. So we are now live with this go-to-market model. We have a standardization process for many small to mid-market opportunities that we're dealing with. What I mean by standardized is that, it's a slightly more rigid structure to the products that they're able to gain access to. Now, we tried to do this before, but I would say it wasn't as successful as we wanted it to be, and we got some resistance. The reason we're doing it now, and it appears to be that we're doing it successfully, is because we have built in so many additional features and enhancements that actually the standardized version of our product is pretty much as good as anything out there anyway. When we are really looking at custom solutions, which we are much more interested in doing for enterprise size customers, that might be new IP that we are developing or completely new innovation that we are doing or something that is very bespoke for that enterprise customer. We are actually at a more mature stage from a product perspective that we have been able to successfully start rolling out this standardized approach, which again, we think will drive improvements in time to go live, which is the TTGL metric we mentioned. It is the same as time to revenue or time to value, whatever you want to call it. Yeah, very pleased with that. Again, that is also being rolled out to those key partners at the same time as the user interface. By the end of H1 FY 2025, that is when we expect to have certainly our top five partners rolled out to for that go-to-market model. Then I would expect to see some of the gains coming through, in time to go live. Then just finally there on artificial intelligence, so AI. If you have not already, we spent a fair amount of time really refreshing the market overview section of my CEO report, in the accounts. I am not necessarily talking to the quality of my writing, but, you might be interested in some of the market research reports that are included in there. There has been some very recent work on the impacts of AI, on the contact center market today, and potentially in the future. As I have explained already with conversational AI, we see that very much as an opportunity for us. We are using AI internally for cost efficiencies. We have got a key initiative across FY 2025 about single source of truth for our data within the business. Looking to use data to gain better insights, to give our customers better insights, to allow us to build out our own AI product roadmap as well. We are talking about there the early stages of a payment bot that we have at the moment in prototype, and that works through both a voice and text basis, and also a payment bot API for conversational AI vendors. I think I skipped over this in the partner section, but we now have, across FY 2024, we have signed three conversational AI resellers. We really do not mind whether it is a bot or if it is a human on the other end of it. Still needs to take a payment, still does not have the integrations to the payment environments, does not necessarily have the integrations to the communications environment either. Often enough, they are not PCI compliant either. For us, we do not see a substantial risk from AI based on the assessment that we have made. We see opportunity today, though we are looking at it super close. It is a very important leadership objective for us this year to keep close to it and spot the opportunities and deal with any risks as they come. But product-wise, hopefully I have got the message across that we intend to use what we have built today as a foundation for this business. We do not expect over the next five years to just continue doing exactly what we have done for the last three. We plan to evolve. We will capitalize on the go-to-market strength that we've got and on the platform that we've built, and that's very much in our intention. Keeping with what I've explained to investors for a number of years now, when we hit profitability, we will use that profit to reinvest in the business for growth. We believe that's what the majority of our investors want to see, and we believe ultimately that is what is going to drive real value in this business. Just rounding out on the outlook. We feel very positive about the business. I'm very excited about the business right now. It was a pain, the audit process that we went through, but we should be wiser than wise off the back of that process. We've started this year well. ACV new business is where we wanted it to be for the first quarter. Retention continues to be strong. There's a great vibe in the business. People retention's high. Culture's great. We're going to have a fun year. We're going to enjoy it. We're going to work really hard. We feel very good about the business right now. Pipeline's growing. I couldn't feel better about PCI Pal right now, having got some of that stuff behind us, from the patent case and such like. That rounds out the presentation for today. Thank you all for joining us. We will move to some questions. Normally, I use the CFO section, which is shorter than normal, to read some of those in advance. We'll see how we get on with those. But I'm going to dive in to pick some of those. One of the questions I saw come through earlier on was related to growth rates, and what do we see as accelerators for growth. I think that's an important question to answer on this forum. Accelerators for growth are more of the same, first and foremost. We are limited on what we can invest in this business right now, and the reason we're limited is not cash. It is that we've hit this point of breakeven and moving, shift into profitability. We haven't quite got the hockey stick through the operational gearing yet, but we have profits that we're able to invest in the business. But that's more limited over the next 18 months. As the operational gearing and cost efficiencies come through, then back half of FY 2026, 2027, 2028 onwards, we're going to have more profits to invest for top-line organic growth. That's something that we are intending to do at this point, but we do intend to stay profitable. That's one aspect to it. Anything we do related to growth will be looking to leverage our global cloud platform. Potentially, in the majority of cases, also leverage our go-to-market model with our partners and leveraging our partner ecosystem. Looking to build on those things. Deeper, broader relationships with partners, either through further geographic expansion, which would be partner led, to broader product sets that we can also take through those same partners. Product adjacency is something we're considering. Not just features and enhancements, but adjacent products that make sense, but actually carry their own revenue stream, their own revenue line. Those sorts of things. Just jump in some of the other ones. Yeah. Questions about the patent case. Did we recover all of our costs? I cannot comment on the settlement. It was a confidential settlement. What I can tell you is that we did not change our market forecast around that time. The other point I will make is that we recovered our costs on the U.K. side, or certainly a proportion of our costs, having won the case, so they were recovered. We received that payment, and we announced that. There is no concept of cost recovery in the U.S. litigation system for patents, so we were not going to get costs back in the U.S. Yes, that factored into our decision as to whether we wanted to continue with the process, when we had an opportunity to settle the case. I think broadly speaking, having spoken to a lot of our investors, I am very satisfied with what we did. I think it is the right thing to do. We are not a big business, so it was a distraction to management, and we are much better off being 100% focused on growing the business and moving forward. That is the decision we took. Let me pick out some other ones. Yeah. While you are having a look at that, James, maybe investors, if you do have questions, if you could continue to submit via the Q&A tab on the top right-hand corner of your screens. While James is just looking at those, I would like to remind you that this presentation is being recorded, and for anyone who has got investors who were not able to make this meeting, it will be on replay, so we will be able to play that back in due course. Yeah. There is a number of questions around levels of profit, and there is some questions around dividends as well. I think the message should come across from us that we are investing for growth, and that is what we intend to do. The cash reserves that we have in the business, we intend to use those over the next 2 to 3 years to invest in the business for growth. That is very much the focus of the business. We believe that if we deliver stronger top-line growth, that will deliver more value to shareholders longer term, than profitability at the bottom line. Now, profitability is key, but at a level that will allow us to invest in the business. That is generally where we sit today. Hopefully that gives you the position of the board right now in terms of what we intend to do with the business. Okay. I think, Tom. I think that probably rounds that out. That covers those, I think, in a collective response. Super. Great. Okay. Well, look, thank you, James. Thank you, Ryan. Could I ask investors not to close this session, as you will be automatically redirected for the opportunity to provide your feedback. If anyone has further questions or would like additional information on PCI Pal, please do get in touch via pcipal@walbrookpr.com. Many thanks for attending today's presentation, and we look forward to updating you again soon. Yep. Thanks all.