Nuix Limited

Thank you for standing by, and welcome to the NUIX Limited Full Year 26 results. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number 1 on your telephone keypad. I would now like to hand the conference over to Mr. John Driven, CEO. Please go ahead.

Welcome everyone and thank you for joining us for NUIX's full year 2026 results presentation. I'm John Riven, NUIX's Chief Executive Officer and with me today is our Chief Financial Officer, Peter McClelland. Today I'll start with our key messages and metrics for the year. Peter will then take you through our FY26 financial performance in detail. I'll return to discuss how we're scaling NUIX NEO and integrating Linkurious. before covering what we see as significant platform evolution and strategic reset. The structural changes we've made to position the business for its next phase of growth. I'll then close out with our outlook before we take questions. Let me start with the highlights from the year. FY26 was a year of profitable growth and decisive action. ACV finished at $260 million, well within our previously guided range. Newegg's NEO ACV grew 179% to $78.5 million across 135 customers. We delivered strong growth in revenue on further success in selling multi-year deals. Adjusted management EBITDA saw a material expansion with revenue growth significantly outpacing cost growth in line with our strategic objectives and we achieved a very strong list in cash generation. with underlying cash flow up 154% to $51 million. And here are the metrics. ACV rose 13.9%. Excluding Wincurious, ACV was up 8.6% or 11.1% in constant currency. This represents good underlying growth despite significant currency headwinds during the year. Revenue up 18.8% or 17.1% excluding Lincurius. Net dollar retention finished the year at 105.2%, up from 101% at the half, a meaningful improvement. Adjusted management EBITDA, which is the key measure of profitability considered by management and the board, up 60.4% or 55.1% excluding Lincurius. and a strong closing net cash position of $49.9 million, up 24.8% on the prior year and post the Linkurious acquisition. Turning to slide 7, alongside the financial performance, we've taken decisive action to position the business for the next phase of growth. These actions reflect a fundamental shift in how we go to market, moving from feature selling to platform value. We restructured our go-to-market and enhanced commercial capability, now operational for FY27. We unified product and technology under CTO ownership, backed by a one-off R&D accelerator investment in FY27. Our AI strategy is advancing, driving internal productivity and capturing new revenue opportunities. The NUIX neo-migration program continues with strong momentum, now representing 30% of total ACV. The Linkurious acquisition is on track with early cross-sell success. And I also want to highlight the dismissal of the ASIC case back in April, in which the Federal Court dismissed all of ASIC's claims against the company and individual directors. ASIC has since appealed that decision in relation to the company. with the dismissal of all claims against the individual directors not subject to the appeal. I'd now like to invite Peter to take you through the financial results in detail.

Thank you John and good morning everyone. As John mentioned, ACV finished the year at $260 million, representing a growth of 13.9% on the prior corresponding period. Excluding Linkurious, Organic ACV grew at 8.6% or 11.1% in constant currency, representing good growth despite some currency headwinds. As you can see from the chart, this represents consistent growth over a five-year period with FY26 including the contribution from the Linkurious acquisition which closed in April. Turning to Nuix Neo. In line with our growth strategies, Newex Neo ACV grew 179% to $78.5 million across 135 customers, up from 75 customers in the prior year. Performance was strongly driven by migration of customers from components to Newex Neo, new customers and further upsell of existing Neo accounts. This brings NUIX NEO's share of total ACV to 30%, more than double the proportion of 12 months ago, and the migration pipeline remains strong heading into FY27. Slide 12 shows the key components of ACV growth during the year. NUIX NEO was the key driver, contributing $50.4 million of growth, more than offsetting the decline in component ACV. Discover was a slight negative with on-premises growth more than offset by a decline in SaaS, driven by the loss of one large contract. John will talk later about how our go-to-market for Discover is being addressed. And then Curious contributed $12 million of incremental annualised contract value during the year. Turning to NDR and churn. Net dollar retention finished the year at 105.2%, up from 101 at December half-year. That improvement was driven by focused, strong upsell activity. On churn, the figure of 6.6% improved from the prior year, although it was higher than the figure reported at the halfs. As we flagged at the 1H results, a single large account in APAC was in the process of winding down over the course of the year and as such was already captured as down selling NVR. The ultimate churn event when the customer formally left us and is counted as churn occurred in the second half which contributed to the upkeep relative to the first half figure. Excluding that single account, underlying churn reverted to approximately 5%, which is more reflective of the ongoing trend. More broadly, the systematic migration of customers from the customer base to Nuix Neo is the key lever of driving NDR improvement over time. And as customers move to the platform, we then see greater opportunity for upsell and cross-sell. Turning to the regional performance, growth was led by North America with strong government agency sales and UX Neo adoption and particularly strong sales from UX Neo Foundation and Legal Solutions. EMEA maintained momentum led by investigation solutions across law enforcement and regulatory agencies with strong new logo acquisition in Central Europe. Asia Pacific was broadly flat, impacted by the loss of that key account that I just mentioned, although we did see successes in government agency sales and UX Neo adoption in the region. From FY27, EMEA and Asia Pacific will be combined into a single international sales grouping which John will come to later. Revenue came in at $263.2 million, up 18.8% or 17.1% excluding Incurious. On a constant currency basis revenue growth was very strong at 20.3%. Multi-year deals rose to 35% of revenue up from 27% in the prior year and this is an ongoing area of management focus representing a deepening of longer term commitments from our customer base. Venturias contributed $3.8 million in the 72 days from completion and also benefited from the close of a large multi-year deal account in June. Turning to research and development. Total R&D was $57.8 million or 5.4% up on the prior year, representing 22% of revenue. We realised efficiency benefits during the period from the structural changes made in the prior year, allowing us to increase output while maintaining disciplined cost growth, and R&D continues to be funded from underlying cash flows. Looking ahead, John will talk to the one-off $15 million R&D accelerator investment plan for FY27, which targets specific areas of platform capability where we see a unique window to capture emerging demand. Turning to adjusted EBITDA, it is certainly worth spending a moment here because this is a very strong outcome in a core measure of profitability for the group. Adjusted EBITDA rose 60.4% to $59.8 million with the margin expanding to 22.7% from 16.8% in the prior year. This result meets our FY26 strategic objective to grow revenue faster than operating costs and clearly demonstrates the expanding operating leverage in the business. Revenue growth significantly outpaced cost growth, highlighting the focus on profitable growth that underpins our strategy. The bridge on slide 18 further illustrates the operating leverage achieved during the year. Starting from the FY25 adjusted management EBITDA of $37.2 million, revenue growth of $41.7 million was the largest contributor, significantly outpacing the combined increase across all cost categories. R&D costs we've just discussed. S&D costs increased were mainly driven by commission plans and G&A with some executive restructure and other variable pay costs. To the right, you can then see the pathway through the statutory EBITDA of $66.9 million after capitalised R&D, non-operational legal costs, restructuring and acquisition costs. I would also like to highlight that statutory NPAC was $16.4 million versus $9.4 million loss in the prior year. Turning to the cash flow, this is another slide that I'd like to draw your particular attention to. We achieved a very strong uplift in cash generation during the year. Underlying cash flow increased 154% to $51 million. After those one-off type items, non-operational legal costs, restructuring, acquisition costs, the overall free cash flow was very strong at $37.4 million, up from $4 million in the prior year. and as John mentioned earlier, the net cash position at the end of the year was $49.9 million post the Linkurious close. I'll now hand back to John to discuss NUIX NEO and our strategic positioning. Thanks Peter.

Many of you will recognise this slide from the half year result. The NEO migration program is the primary driver of the NUIX NEO growth we discussed earlier. We are now in phase 3, execution at scale, with repeatable migration processes in place and partner capability expanded globally. The program is now operating at an established cadence, structured, predictable and delivering measurable ACV uplift across the base. You can see the shift occurring in our ACV mix as we migrate customers to NUIX NEO. and as we win new customers to NUIX through the NEO offering. NUIX NEO's share of total ACV has increased to 30%, more than double the proportion 12 months ago. Discover growth has been lagging, and I'll come back to our response to that shortly. The important point here is that the NEO migration program has now reached an established cadence. We are winning new customers to the organisation through our platform offering and UX Neo is on track to become the majority of ACV in the medium term, opening up further opportunities for growth. Our AI capabilities continue to evolve and the ACV upsell opportunity is significant. Let me walk you through this from the bottom up. Approximately 60% of our 135 NUIX NEO customers have purchased the AI Enriched Solutions Library, solutions that many of you will be familiar with, investigations, legal discovery and data privacy. Importantly, these are not the only use cases for the powerful NUIX NEO capability, which is partly why we're making the shift from discrete solutions to broader platform capability. Moving up. and Curious Graph Visualisation Technology which was acquired in FY26. It's early days but the cross-sell opportunities for customers to leverage Graph Visualisation Technology are significant. At the top, AI in agents such as BYO AI, Semantic Search and Transcription. About 20% of NEO customers have purchased additional AI enablers so far, with early upsell success, following significant expansion of the offering in FY26. Each of these layers represents an opportunity to expand ACV per customer, and we're seeing that play out in practice. These customer stories validate our commercial successes. I won't go through them now but they are representative of the patterns we are seeing across the base. I'll move on. Turning to Linkurious, financial close was April 26 with integration progressing to plan. The full team and Paris office has been retained. In the 72 days from financial close to year end, Linkurious contributed ACV of $12 million, revenue of $3.8 million and EBITDA of $2 million. with revenue and EBITDA boosted in the period by multi-year deal activity. The strategic rationale remains clear. Nuix Neo processes large volumes of complex unstructured data, then Curious visualises the connections within it. Together, a complete workflow from raw data to visual intelligence. The graph analytics market is growing strongly, with significant cross-sell opportunity across the combined customer base. For FY27, we're implementing what represents a very significant evolution in how we build, position, sell and embed the Nuix Neo platform. The structural changes we have made in go-to-market, in combining product and technology and in our AI strategy all flow from a fundamental shift from feature selling to platform value. This is not a minor adjustment. It's a change in how we go-to-market, how we develop our products, and how we engage with our customers. Shifting to a platform model means our addressable market in enterprise unstructured data is multi-billion dollars in size with over 10,000 ICP or ideal customer profile customers globally meeting our target criteria and current penetration of less than 10%. Let me take you through the typical ICP customer characteristics. regulated large enterprises operating in high compliance sectors, significant data volumes at scale, complex compliance and governance requirements across the enterprise and ACV potential of $500,000 plus. Platform positioning opens up a significantly larger addressable market and deeper wallet sharing. This is the strategic heart of what we're building. Today we have deep domain strength in investigations, legal review and data privacy, proven at scale with the world's most complex organisations. This is our foundation and it's a strong one. We are building the trusted enterprise platform for unstructured data intelligence, providing AI-ready data and context for agentic workflows, compliance automation and actionable business insights. The Nuix Neo platform strategy, go-to-market and R&D are all aligned around our ICP customers. Investment is prioritised towards strengthening the platform offering. We're implementing a company-wide shift to account-based marketing, being precise in identifying and targeting accounts with ICP characteristics. This positions NURX to meet growing demand for unstructured data intelligence at a time when enterprises are grappling with how to make their unstructured data defensible, accessible and valuable for AI programs. This is not a theoretical positioning exercise. It reflects where customer demand is already heading and where our pipeline is building. These pillars represent the strategic pathways to unlocking our future ACV potential. Neo-migration, ITP upsell, new customers, discover growth and partner in geographic expansion. These are the pathways to realising Newex's ACV potential and we have strategies in place for each. Our go-to-market strategy is now in place with enhanced commercial capability. The benefits, consistent, repeatable execution across two regional sales teams, focused accountability for discover growth, stronger customer retention and faster time to value through a dedicated chief customer office function, improved pipeline conversion through sales enablement and new ACV contribution through dedicated partner and alliance leadership. This structure supports commercial execution across all five pillars from FY27. I mentioned I'd come back to Discover. We've established a dedicated commercial model to unlock Discover's growth potential, a distinct market opportunity with significant untapped potential, a new EVP reporting directly to the CEO, a dedicated commercial team, a distinct go-to-market strategy and investment in Discover-specific capability. Discover has a strong market presence for target buyers, whether cloud-based or on-premises. Along with this go-to-market repositioning, the R&D accelerator investment this year will mean improved Discover UX, or user experience, and agentic capabilities. This dedicated commercial model creates a more focused strategy for this important customer cohort to unlock Discover's inherent value potential. Turning to AI, our internal AI strategy takes a structured, measurable approach. Dedicated AI roles, model agnostic tooling and digital FTEs as a universal measure of AI ROI. We deploy Nuix Neo on our own workflows internally, proving value before we take it to market. It focuses on scaling capacity, not reducing headcount. And critically, every AI tool deployed carries a measurable return. This is a clear, reportable ROI framework for internal AI investment. Turning to the external landscape, The enterprise AI environment is shifting and those shifts deepen our defensive modes and create revenue opportunities. As AI spend increases and accountability rises, the differentiator is customer control over their data. Our defensive mode is strengthened by data and workflow ownership, full audits ability and building for interoperability. Balancing AI innovation with accuracy and defensibility is complicated and right at the heart of our competitive positioning. Our customers have complex requirements that can be massively improved by AI innovation and simultaneously their outcomes must withstand legal scrutiny and regulatory examination. Nuix Neo provides a secure, auditable AI data layer. BYO AI flexibility, customer control over their data, and amplified ROI through enterprise-scale processing, combined with advanced AI reasoning. As we saw earlier, our pricing models are evolving and adapting to AI. With AI adoption directly expanding customer spend, NeoAgent and MCP Server are important signals of where we're heading next. agentic workflows and ecosystem interoperability that keep Nuix embedded as the AI landscape evolves. Here you can see how it all fits together. The full Neo platform in an enterprise context. The architecture is layered, and as you move upwards through these layers, the AI monetization opportunity expands. Each layer up represents additional value capture and expanding ACV per customer. Turning now to products and technology, product and engineering teams have been unified to accelerate delivery and strengthen platform capability. The benefits, clearer accountability from strategy through to delivery, improved roadmap discipline and roadmap priorities directly connected to customer needs and commercial outcomes. Combined with the FY27 R&D accelerator investment, this positions us to deliver faster with greater platform capability. Our product focus for FY27 is organised around three key principles. Intelligent user experience, a unified platform deployable in any environment, and AI-powered expansion through open APIs and ecosystem integration. This slide builds on those principles with specific initiatives across three horizons – now, next and future. We have an ambitious roadmap that creates a compounding capability vantage over time. Lastly, the R&D accelerator we've alluded to a few times today, a $15 million one-off investment for FY27 targeting five areas. enterprise integration and connectivity, agentic AI capabilities, cloud platform acceleration, unified UI-UX, and accelerated innovation cadence. This is an important investment that allows us to capitalize on the convergence of AI, increasing data complexity, and sovereignty concerns. It positions Neurex to capture demand already emerging in our pipeline, with benefits to revenue growth from FY28. Turning to our outlook for FY27, we are guiding to an ACV range of $285 to $300 million, driven by further momentum from UITS Nero. With the migration program now in an established cadence, we expect further good dollar growth in ACV terms, but clearly lower percentage rates of growth given a vastly higher base now. FY27 adjusted management EBITDA is expected to be similar to FY26, primarily due to the R&D accelerator investment I just mentioned. Recall that adjusted management EBITDA incorporates the entire R&D spent, both expensed and capitalised. So while we do expect further underlying operational leverage, in FY27 that will be offset by the one-off accelerator investment. which will set us up well for further profitable growth. As in previous years, you should expect growth to be weighted to the second half, underpinned by our renewals book, further contribution from upseller tax rates and new customer growth. Before we move to questions, let me reflect on the year. FY26 was a year of profitable growth and decisive action. Financial performance was strong across key metrics. Nuix Neo continues to scale as the primary engine of profitable growth. We have made the structural changes required to shift from feature selling to platform value. These were decisive actions to position the company to capture a significant larger addressable market. Looking ahead, with enhanced commercial capability in place, continued investment in platform and AI capabilities and a clear strategy for profitable growth. We are well positioned to capture the significant opportunity ahead. With that, I'll now hand back to the operator for Q&A.

Thank you. If you wish to ask a question, please press star 1 on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star 2. If you are on a speakerphone, please pick up the handset to ask your questions. Your first question comes from Sinclair Currie with MA MOLUS Australia.

Please go ahead. Hi, and thanks for the presentation. I was really interested to understand a bit more about the migration pathway into NEO. Just to make sure I understand it correctly, so at the moment you're getting most customers onto the foundation layer. and that's delivering you that sort of 30% plus ACV uplift. And then the next layer is to upsell further some of these AI tools. Can you give me some indication of what the uplift would be in ACV on a full suite sale?

Yeah, thanks for the question. Your modelling of it is right, so bear in mind that the NEO contribution comes from not only migration but also winning new customers straight onto the NEO platform. In terms of the uplift to the AI enhanced capabilities and then ultimately the addition of Linkurious, we haven't done full modelling or we don't have enough track record to be able to put a number in market but we expect that uplift obviously to be quite a significant part of that growth opportunity.

Okay and then in terms of when you do get that uplift is there a similar outcome in terms of margins or should we take into account some greater pass-through costs with some of that uplift if you do get those AI related sales?

No, I mean, generally uplift, you know, the same level of margins applying. We are still seeing that growth from, you know, component to foundation, but that's not the exclusive part. We are seeing also from components straight through to full NEO. Some customers find it an easier path to go from component to foundation and then to full NEO. We're also seeing, pleasingly, the results at the moment, that in our NEO suite, we are seeing existing customers starting to buy additional AI services and that migration from one to the other. So we're seeing increased upsell and cross-sell opportunities once we get customers onto the NEO platform. So the margins are sort of maintaining where we've been looking at historically.

Brilliant. Thanks. And just, sorry, just one last question. Apologies. Just looking at the environment in the year ahead, you had some downsells in the past related to, from what I understand, less activity, fewer sort of big scale investigations, etc. Is there anything on the horizon to suggest that normalises, stabilises or even, you know, maybe we see a little bit of uptick potentially in activity coming down the pipe?

No, we're not seeing any additional or changing trends. As we've spoken about through the year, we did see a number of the larger service providers with some of their models. You were seeing downsells as member organisations also headed off in different paths. So as we look forward, we're not seeing any major structural change to the way customers are buying our product today. There will always be some where you get that natural step down from the end of a project. New projects will start up along the way and then Global organizations also will have differences in their buying patterns year on year. So the teams work really hard on the relationships with the customers to try to understand what they see coming over the horizon. But we're not predicting any major structural changes at the moment.

Great. Thanks a lot for that. Once again, if you wish to ask a question, please press star 1 on your telephone and wait for your name to be announced. Your next question comes from Andrew Johnson with MSC Access. Please go ahead.

Good morning, gentlemen. Two questions. First up, just around the divisional outlook or the performance for the three geographic segments and then the outlook. Do you expect those sort of trends to continue? You know, US was very strong. Europe was still pretty good. And Asia-Pac was soft and flat, if I've got those numbers correct. Can you just talk about how you see the outlook for those segments?

Yeah, so thanks, Andrew. In terms of the restructure of the business, which is referenced, we've maintained three go-to-market solutions. However, we now have combined APAC and EMEA into a single international go-to-market and a broken-out Discover into its own business. go to market and those moves and changes are to address growth. So we expect APAC to return to growth. You'll see in the slides that it was broadly flat this year and Discover was slightly down. So the intention of the moves we've made is to return those to go to market motions to growth.

That's probably a good segue into the Discover commentary. Can you just step back a bit and provide a little bit more perspective on where Discover fits in terms of size of contribution to the business and how it fits from a product perspective where it actually fits into the portfolio?

Yeah, so we look at it and one of the key things around the strategic reset is from feature to value selling and the platform. So circa 80% of our business is platform. Discover, I think in round numbers, is about 50 mil and we'd like to see that return to slightly down this year. The positioning of Discover is very much around a specialist capability in eDiscovery and we see several growth opportunities there. One is a major competitor who's leading the on-premise world. That's a very strong point for us. You'll see in the 15 mil accelerator investment that we're investing in the UI, UX and the agentic capabilities with Discover. So we expect that we will not only be able to maintain and grow with existing customers but new customers.

Okay, on slide 34 you talk about Newids Discover being not just for eDiscovery but you give a couple of highlights with a global trader as well as a major bank. I thought it was mostly an eDiscovery product. Are they just different applications of the eDiscovery product or is that actual different use of the Discover product?

It's still, broadly speaking, in terms of use cases, e-discovery, whether it's used by a large regulated organisation, financial services or a dedicated legal services company or, in fact, a law firm. the basic use case is still around e-discovery.

Right, okay. And so if I can slip in one extra one around AI. And good to see that you're focusing on the use of AI to drive innovation and performance rather than headcount. Can you just, in terms of where you see the threats, from AI and where you're putting your focus on to defend the business from AI competition in a very broad sense. If we think about, and I'll go to slide 38, if you think about the various components, I think you've got value build, various components of the business. Where are you spending most of your time thinking about where the threat from AI is going to come from? Is it the bottom level or is it actually up at the top once customers have produced the output from your product to then using their own AI rather than relying on your products?

Yeah I don't want this to come across as glib Andrew but we're more focused on where AI helps us grow versus where it is a threat. That said we make commentary around we believe our competitors moat in terms of what we do is strengthened by embracing AI and so we've got several things in play. One is our BYO AI and so that allows our customers essentially select their LLM of choice and using our platform provide defensible forensic, et cetera, curated data that can then be further enhanced through the use of AI. And then similarly, back to the accelerator investment, you'll see that part of that is around the development of an MCP layer, et cetera, so that customers, again, from the outside in whether they're using Anthropic or OpenAI or any of the big LLMs and the big AI organisations. They can again spread us into their enterprise architecture as the data intelligence layer. Unstructured data is our core strength and then they can use their own AI to leveraged type ability of, again, the curated data. Okay, great.

Thanks very much.

Thanks. Again, if you have a question, please press star 1 on your telephone and wait for your name to be announced. Your next question comes from Evan with Jefferies. Please go ahead.

G'day, morning. Just firstly, on the EMEA region, I'm just interested post the big contract win late last year in Germany, just how your overall, I guess, brand recognition and just product positioning has changed after that contract win. I know you delivered a pretty strong 23% ACV growth for EMEA in 26. So, yeah, just sort of you can expand on how you're seeing your product positioning and brand recognition in that market. Excellent.

Yeah, thanks Evan. Just on the EMEA result, just to be clear, that also includes Linkurious. So just want to make that clear. In terms of our brand recognition, continues to be very strong in the EMEA and the DUC region, particularly in those highly regulated government agencies like tax authorities, law enforcement, and certainly the wind that you're referring to has been a significant part of that. If you looked at the German tax structure, for example, there's both the national tax body as well as 12, 14 provincial authorities, and we count a number of those as customers as well.

Okay, good one, good one. And then just one more, just around how you're thinking about the go-forward operating leverage of the business. I know, you know, 27's got the bigger investment, but as we get through 28 to... onwards, just how you're thinking internally about some of the incremental margins this business can continue to deliver, you know, provided you continue this, you know, this top line type of growth. Just medium term thoughts around, yeah, that operating leverage on a go forward basis.

I think we certainly have a strong mindset to, you know, one of the underlying themes was to make sure that we grow revenue faster than cost and you do see that as a thematic coming out into this year's results. And you can sort of back-solve a little bit where we've given guidance around the impact of the accelerated spend keeping this year, or sorry, the future year's EBITDA around the same level as this will imply that we're continuing to see ongoing operating leverage in the organisation. It remains a key focus of our strategy to make sure that we look at that overall algorithm, if you want to call it that, as to making sure that we can drive operating growth while also making sure that we can convert that into strong cash flows, which you also saw this year.

Yeah. Okay. Good one. I'll pass it on to Garza. Okay. Thanks.

Thank you.

There are no further questions at this time. I'll now hand back to Mr. Riven for closing remarks.

Thanks, Operator. So just to recap, I mean, for us, looking back on FY26 and excited about FY27, FY26 was profitable growth and the second key theme there is around decisive action. Those actions have played into FY27 and set us up for success going forward. But looking back again, ACB at 260 was well within the guided range. It was profitable growth with a good adjusted management EBITDA result. NUIX NEO in terms of growth levers continues to be a core part of our growth contributing roughly 30% and very strong growth in FY26 but that's a combination of not only migration but also the ability to win net new customers and that, you know, FY27 we're very excited about those new opportunities opens up for growth. Just as importantly as the FY26 result is the work we did to strategically reset the business. At the headline level, we talk about feature to value. What does that really mean? We've reset our go to markets to optimize them for growth. We've focused the business around ICP or ideal client profile. We've got a well-defined TAM so we know where our opportunity is. We've lined up our marketing and sales effort around account-based marketing, very targeted. We've combined our product and tech businesses to streamline our ability to bring new capabilities, new features, new innovation to market quicker. And then we've put money behind that with the R&D accelerator of $15 million to really accelerate our product roadmap. And then just to close it out, again, we've put in market that our expectations come year-end FY27. We'll have ACV in the range of 285 to 300. Adjusted management EBITDA, probably similar to this year, noting that we've got the 15 million of accelerated spend. And finally, as in previous years, where we have strong contribution from our renewal book, we expect the year to be weighted to the second half. So with that operator, I'm happy to close out the call.

Thank you for participating. You may now disconnect.