accesso Technology Group plc

Hello, everyone. Thank you for joining. I hope everyone is doing well, and looking forward to a fantastic presentation today. I'm joined here by our esteemed CFO, Matt Boyle, and we're going to walk you through our full year results. We do have a longer presentation than we've had in the past, and so we won't have time, obviously, to cover every slide, so you're going to find I'm going to kind of do an abbreviated presentation today, and the full presentation is available, will be available on our website. But just for the sake of hitting the key points, I am going to move around a bit for the sake of speed. So let's start off actually on page eight, because I think you all know who we are, what we do, what markets we serve. You all have heard that plenty of times and are very familiar with the business overall. But I want to point out that we have a history of sort of evolution. That's really what the whole company is about. And as we'll talk about more later, we're in that same position today. And we're kind of built for that. We're geared for change. All the way back from the very beginning when Leonard Sim had the idea to start a virtual queuing product because he got tired of waiting in line at Universal Studios in Florida. From the fact that we started out with Excesso Passport as a SaaS product when people thought we were crazy. that no one would rely on the Internet for their ticketing. Then we pioneered online ticketing. We were the first to market with mobile ticketing for theme parks and attractions. And so, you know, we're always evolving, always inventing. And while we're doing that with the products that we have, we've also been expanding our verticals, and our capabilities with a whole range of acquisitions in what is now built, you know, I would call it a global powerhouse across the attractions industry in terms of technology. So we're very familiar with change, and as we all know, the market is quite disrupted right now, Sasmageddon, if you will, and we'll talk more about that as we go through in terms of where we think our position is in that space. So I'm going to, you know, obviously Matt will talk about the numbers. You can see the headlines here on slide 10. You know, top line revenue 155, cash EBITDA 23 million. We have lots of cash, a great balance sheet at the end of the year, and some great progress on our EPS. And Matt will get into all this in more detail. But overall, you know, a solid year. Obviously we'd like to have more growth. But, you know, in a year that was a bit challenging for a variety of factors, We held our own quite well, and I am pleased to be in with the result, given all the overall circumstances. So one of the things we've seen in our, I guess, our market updates is just the environment and how we responded to that. And, you know, we're a pretty nimble company. If you were around during COVID, you saw that in full play. And, you know, we adjust, and not only in our technology, but also in how we operate our business. So we had some uneven demand across the geographies. There were some travel disruptions, people not wanting to travel to certain regions for socio or political reasons. We had some summer softness with operators. And, you know, I think the operators are always struggling to respond. Is it just happening for a week or is it a trend? Should we change our pricing? Should we change our promotions? And then also we were dealing with the overall backdrop. In terms of our trading, I guess you could say our share price with the sort of indiscriminate, as someone called it, indiscriminate software sell-off. despite the fact that we feel our position related to AI is actually very strong. So what we've done is our commercial team has done very well. You can see our wins. We've had a great focus on cost discipline. We've lowered our headcount from just to about 600, down 605 or so, where we stand today, and focusing a lot on productivity and efficiency, some of that powered by AI, some of that powered by just rethinking how we're structured. our margin, our transactional revenue was flat. It's important to note here, we didn't go backwards. And I think, you know, in hindsight, some of the conversations or updates we had about transactional revenue softness could have implied that we were going backwards. And really what I meant was that we weren't seeing the growth that we had hoped for. So I just wanted to point that out because I think some translated the fact that, oh, the market was soft and transactional revenue went backwards for excess. But that's not the case, actually. It held flat even in a difficult market backdrop. And importantly, as we announced today, we laid out and have facilitated a structured transition plan between myself and Lee, having hired him at the beginning of last year. He is now ready to take the helm on May 1st. So, you know, a lot of information here on this slide, on slide 12. A fantastic new chief commercial officer in place. We've really refreshed our go-to-market approach. We've thought about our look and feel. You may notice today our presentation was a little different than it has in the past. We've gone to a sort of crisper look, more modern look. We have a fully brand-new website, which actually is quite a project with all the products and markets that we serve. And as a result, our pipeline looks really good. It's continuing to strengthen, strengthen as the year has progressed. And the quality of our wins has improved. You know, we're seeing more customers from our legacy product moving into SaaS solutions or new customers coming in looking for SaaS products. And also continuing to expand our relationships with existing clients. So, overall, our win rate has dramatically improved. The new business that we signed compared to 2024 was roughly double in terms of annual value. So we're really happy with the traction we're seeing on the commercial side and with the new focus that our team has. 13 and 14 really are a bit of just an update on how things are going with both Excesso Freedom and Excesso Paradox, two acquisitions that we've made in recent years. And, you know, just highlighting the fact that, you know, we've thought about these acquisitions and these different products very carefully. And sometimes it takes a little patience, but our strategy is intact and it's really paying off. We're seeing great momentum with Freedom. We now have 63 venues that are contracted and continuing to grow. That's more than doubled than we had in the prior year. And it's proving to be a really important part as prospects consider their overall operation and the benefit Xesso can bring to them by having that integrated platform between ticketing, food, retail, and all kinds of things. Same thing with Ski. Excessive Paradox, which is really an acquisition we made to give us a path forward for our clients that are on Seriousware, which is an installed application. Customers looking to move to SaaS needed an alternative, particularly in the Ski market, and Excessive Paradox is doing exactly that. So we're seeing great move from the clients in that Seriousware product moving over to our transactional model or SaaS model. And overall, just in terms of Ski, remember, we have 160-plus resorts as clients. That's double the nearest competitor in this sector. So we are very strong in Ski and continue to grow. And I believe it's a very important vertical for us to continue to stay focused on and to continue to innovate with. So I want to take a moment on this one because if you're on slide 15 about virtual queuing. And, you know, I think this is really important because context does matter. And as the headline says, you know, one decision is not a verdict on the product. And we sort of had a lot of focus around this, a lot of chatter around what's going on with accesso and queuing. And, you know, I think it's important to point out that, you know, we have 25 years of fine-tuning a really robust application that works at scale. and handles a wide range of scenarios. And, you know, as I called out in the slide, it's not something you can vibe code over the weekend. And, you know, it's not just about the base idea of, okay, who's next in the queue, what's happening? It's all the multitude of scenarios that go on in an environment when you have 10, 15, 20, 30, 40,000 people in a park, and 15, 20 attractions, all the different variables that are going on, helping guests with accessibility, accessibility needs, the whole range. And importantly, we do still have IP. I know that our core patent expired some years ago, but we've continued to file patents for specific functionality that is very critical to how the application works when you're running at scale. Again, someone can make a very simple deli queue type product, but our application and queuing is much more robust and much more significant than that. And we had a successful defense of one of those patents in 2025 that we're very happy about. So I just want folks to think about this product as something that's obviously the foundation of the business, but it's not a legacy product. It's not a tired product. It is a fantastic product that not only proves itself functionally, but also from a revenue perspective. And as we noted mid-year last year, one of the major customers indicated they were not going to continue using the product. And near the end of the year, they changed their mind on that. They've extended through this year and actually have a pilot going at two additional locations. and very, very pleased with those initial results from those pilots. So I just wanted to sort of put a pin in this because I think it's super important that we realize that Locu is a very great product, and it will still be a centerpiece for us in our product strategy. A couple of pages here, sort of 16 and 17. I won't go through those in detail. I think it goes without saying that every organization is looking at AI enablement in terms of how they work. We are certainly doing that across every single area, including myself. Munsu's presentation has been designed by AI, as a matter of fact. And, you know, we are looking at everything from engineering, product design, sales and marketing, operations, so many tasks that can be expedited with the use of AI tooling, all in different scenarios. And we are seeing some great efficiencies coming from that, improved work products, improved time to market with everything across the board, whether it's an application, whether it's meeting notes, whether it's marketing content. We have embraced AI across the organization, and it's also allowing us to find some efficiencies, but also to be a better business, to operate more efficiently and more effectively and be faster at bringing things to market. So, you know, we're going to talk more about AI in a minute as a product and how that is a strategy. But I think it kind of goes without saying that we're embracing AI in the organization. We're a technology company, for goodness sake. And, you know, it's at the core of what we do. I have multiple AI applications on my own desktop. And I can only imagine how many our developers and our operations teams are using in their work every day. And so it's important just to call that out. I don't think it's something that, you know, you need to hear about every presentation because it sort of, as I said, goes without saying that this would be a fundamental part of how we operate. So with that in mind, I want to save as much time as possible for the strategic inflections that is coming up later in the presentation. But I'm going to turn it over now to Matt to cover the financial highlights for you all.

Thank you, Steve. So key financial highlights on this page to call out. So you see at the top there is cash EBITDA was 23 million, so plus 0.8% up on the prior year, a margin of 14.8%, again, consistent with the close to 15% that we had in the prior year. So cash EBITDA, for those that aren't familiar with it, is our principal operating metric. It is an adjusted EBITDA number, less capitalised development spend. So our revenue was 155.1 million. That was plus 1.8% up on the prior year on a reported basis. On a like-for-like basis, it was up just under 4%. So there were a few like-for-like adjustments to strip out there, being the disposal of a Brazilian subsidiary that we made in January 2025. and a couple of B2C business that we disposed of in 2024, and a one-time hardware sale that we also had in 2024. So stripping those out, we were just shy of 4% growth on a like-for-like basis. You'll see growth margin there, up slightly on the prior year, up to 78.5%, up from 78.1% in the prior year. That really is just due to the margin mix, or the revenue mix. So the hardware is typically a lower margin, and we didn't have it in 2025, so up slightly. You'll see there a notable increase in statutory profit before tax, which is very strong, as well as a notable increase in adjusted earnings per share. And again, a very strong, Steve mentioned it, strong balance sheet, so 30.5 million of cash at the year end. And that is after a significant share repurchase activity that we've had over the past 15 months that I'll cover in a later slide. On the right-hand side, you'll see a mix of our revenue on a by type basis. So 84.6% is repeatable. And just as a reminder, the majority of our revenues are about just shy of three courses. It's coming from transactional arrangements, whether that's on a revenue share basis or a cents per transaction basis. That's the major component of repeatable revenue. And then we also have some support and maintenance agreements as well over term periods. Next slide, please, Steve. Thank you. And then this side, again, for those of you that have followed us for a while now, this is our breakdown of that revenue by cycle into the more granular buckets that we have. So at the top there, you'll see repeat the breakdown of repeatable revenue. So within transactional revenue itself, you've got virtual queuing. So we highlighted there it had quite a choppy peak seasonal period in that summer, so we were down 6% compared to the prior year, but relatively flat ticketing and e-commerce. So Flat attendances equates to flat ticketing revenue, but resilient despite that. And then offsetting that, you've got growth in distribution of 4.5%. So we mentioned this in the half year, where there are flatter attendances, operators will tend to lean on those distribution channels for promotions and discounting to fill the gaps that they have. And you see that reflected in the numbers there. So the 4.5% increase. So there are other components contributing to the repeatable bucket are recurring license fees of about 30.8% and maintenance and support agreements are both up to 16.8%. And they're being driven really by the new horizon venues that we've had going live throughout the back end of 2024 and throughout 2025 and predominantly in the Middle East, which operates a license and support model one night and less so of a transactional model. And then beneath that, you'll see the contributors to our non-repeatable bucket. Again, I think this is really highlighting the resilience of our business model. So where there is flatness or less lower growth in transactional, you do have this service-based non-repeatable business that we can turn to. you'll see increases there in implementation change requests and billable services and the professional services line that we've broken out on a more granular level this year to make it easier to follow so the increases in implementation and change requests really accustomed to customers wanting advanced change requests or advanced roadmap items to align with their own projects or desires that they may have. And then we have a very willing and able professional services team that perform ad hoc customer requests and typically fluctuates year over year, but really is another string to our bow. And then the final item to call out there is the hardware line. So, again, touched on it earlier, you'll see a drop of about a million dollars, and that's really because of the one-time excessive prism sale that we had in 2024 that we wouldn't expect to repeat in 2025 or going forward. Next slide, please, Steve. And then this is the income statement, so a couple of call-outs on this slide. Really, we've covered revenue and cost of goods sold. It's the admin expenses, so flat there, which really goes to show the robust cost control we've had throughout the period. So reported admin expenses up 0.2%, and the underlying admin expenses up to 99.5 million, which is up to 2.5%. The underlying expenses we have, majority payroll, being a SaaS-based business, mostly payroll and headcount-related costs, And you'll see on Steve's earlier slide that we ended 2024 on 682 heads. We ended 2025 on 655 heads, and we're now down at roughly around 605 heads, really having robust cost discipline and making sure that we're right-sizing the cost base to reflect the revenues that we have. And then the final piece of call out here is the net finance expense, I will call it. So that is a net number of 0.1 million expense for the current year, which is significantly lower than the prior year. And then that's reflective really of the fact that we had lower drawings throughout the year. So we were drawn roughly about 10 million average on the facility throughout the period compared to double that in 2024, as well as having some positive effects revaluations. We have a USD facility sat in a GBP entity, so we benefit from the positive gains in that facility. And that's reflected in the finance income line. The next slide is a cash EBITDA. So this is bridging from the previous slide where you saw operating profits and how we get to our cash EBITDA numbers and the adjustments that we're making. You see then pretty limited exceptional expenditure during the year. Really, that's only related to the disposal of the Brazilian subsidiary. And then you'll see the amortization line dropping down quite dramatically during the year. That's really assets becoming fully amortized. So there's a 20% drop in the number there year over year. Assets becoming fully amortized and the cost dropping off. You'll see the share-based payments there dropped to about 14.9%. So we run equity programs for all of our staff, but the vesting assumptions changed slightly during the year, which is reflected in the cost decrease that we have there. And then the last one to call out on this slide is the capitalised development spend. Again, we're very prudent on this number, so you'll see a slight increase from 2.6 to 3.1, but that's still only representing about 2% of revenue year over year. And that's all really to call out on that slide. And then this slide is showing cash flow. So I think the thing to call out here really is the strong, stable, sticky nature of our cash flow. So you can see year over year, very, very consistent and strong cash flow, free cash flow generation. So you can see the top there, 1.8 million up on cash flow before working capital movements. And just to touch on those working capital movements, you'll see a large swing there from negative 11 almost in the prior year to plus six in the current year. So that really reflects the seasonality, particularly of our distribution business, depending if it has a seasonal peak in December and depending on whether it's collected at the cutoff of December or whether it hasn't, it makes a significant difference on a December basis throughout a three to five year average. You'll see it normalises quite dramatically. So that's driving that movement. Back to the previous slide, Steve. Yeah, sorry. And then the other things to call out on the cash flow are you'll see there a 4 million acquisition, just over 4 million acquisition of intangible assets. So that's the one risk intellectual property that we purchased in the mid-year. And then you've got 15.9 million on share buybacks and a further 4.1 million on shares for our employee benefit trust. So we ended the year on 30.5 million, which is gross cash of 41.4 and borrowings of 10.9 million. So, again, very, very strong healthy balance sheet that we've got. Just touching on the outlook before we move on. So we have made movements, I think it's fair to say, since the year end. So we've had the tender offer of 20 million as well as the acquisition. We expect to end the half year, so H1, in a relatively very modest net debt position, which is consistent with our normal seasonal cash profile. And then we collect cash significantly through H2 and we'll end the year, end 2026, back in a very strong net cash position. And then final slide for me, really touching on capital allocation that we mentioned at our interim, but bringing to the fore again here. So we've operated quite a number of schemes over the past 12 months really at this point. So first buyback started in April 2025. So we purchased 1.7 million shares for just shy of another million dollars earlier. A further program extended that for another 1.2 million shares for $5.3 million back in October through January 26. And then on the 18th of March, we completed a tender offer that you will all have seen for $20 million returning or purchasing and cancelling 4.8 million shares and just shy a total of 20% of the shares in issue being cancelled over that period and a total of 36 million returned to shareholders. So we still hold a very strong balance sheet, post all of the movement, post year end, which gives us leverage to continue to provide shareholders returns through meaningful caps of allocation in the period going forward. And that's everything from me. Back over to you, Steve.

Sorry, Matt, I'll practice your slide turning better the next time. All right. So on to some very exciting things. And There's a lot to unpack here, and we've tried to make sure we have plenty of time for this, and then obviously we have a lot of time for questions at the end as well, for those of you that have questions. We spend a lot of time thinking about AI, obviously, not only internally, but also what it means from a product perspective, and importantly, what are our customers looking for? But I want to start with just kind of highlighting what the overall AI space looks like, and As I said before, there's been a sort of indiscriminate sell-off of software companies. And it feels like everyone sort of said, run from software, we'll figure it out later in terms of which ones are viable, which ones are at risk. And, you know, we obviously have an opinion about where we sit in that, you know, based upon the facts of this issue. AI and the different categories of businesses that are at risk. And obviously on the left-hand side, you see companies mainly that have perceived pricing. That's the big underlying issue. Think about all the applications we use in our daily lives, our email, things like our word editing tools, all those applications that we use every day are seat licenses. And so companies that are running on seat licenses are looking at this, obviously, at a declining workforce, lower seats. And not only that has a one-time effect, but a continued drip of lower seat licenses being needed. And so those sort of are the big core types of products that are in the highest risk category. In the middle, you know, you've got some companies that are, their systems of record, they have a lot of integrations, but you know, the data is sticky, but AI really just become an interface layer and sort of translation layer. And then on the right-hand side, you see categories four and five, and I think we sort of sit in the range of those, depending on the product that we're talking about. But, you know, vertical systems of record, deep domain expertise, which is certainly Exasso, proprietary data, proprietary logic, obviously, there's a lot of that in our business, transactional pricing, not seat license pricing. And, you know, AI, the businesses in these categories, really AI enhances them versus replaces them. And we clearly believe that AI enhances everything we do. As one headline we have, it says it makes us more valuable, not more vulnerable. And I believe that is absolutely true. And, you know, you can sort of digest this and think about, okay, where does Excesso sit? But I do believe we've been caught in a wave of the, you know, sort of everyone running from software. And when, you know, folks start peeling back and really categorizing the companies in the space, they're going to realize that, wow, Excesso is in a really strong position. And not only in a strong position today, but also where we're going is going to further secure that position. And so I just kind of thought this slide was really helpful in terms of putting some context around that because we get a lot of questions about, oh, what's going to happen to Excesso with AI? And I think it's going to make us a lot better. So, you know, as I said before, we have embedded customer data. Our systems are mission critical. They're not a nice-to-have system. maybe word processing like you may have today, or email systems. We have 20 plus, probably almost 30 years of accumulated tech logic, and that's hard to come by in our space. And not just across ticketing, but across a range of solutions that our operators are using. We have a whole ecosystem. We're not just sort of a one-trick pony. You can come to us whether you need one solution, two solutions, or nine solutions. And we can help you out with that in an integrated and coordinated manner. And that's something that absolutely no one else has. And importantly, just our structure of our transaction-based revenue. And we've certainly, you know, had the jabs about that over the years about all being transaction-based. But I think it puts us in a really great position. And we are thankful we are in that situation versus having sold our products on a seed license basis, for example. we are well positioned and not under threat from a revenue perspective that a lot of the other companies are going to be facing in a pretty strong way. So, as I said, we have a strong position in what is an otherwise noisy market. And, you know, from an offense perspective, there's nobody else that has everything we have to offer to operators of these venues. And, What we've stepped back and looked at is clearly we're going to innovate within our products. Passport will get AI. Paradox will get AI. Horizon will get AI. Freedom will get AI. All of our products will get AI. Where it benefits the product, where it benefits the user. But importantly, that overall view is really where AI is going to be at its strongest. The ability to take different components, different silos of data and make sense out of that and turn it into insights is invaluable. And it's not just about our systems. It's about all the systems the operators use. That is the opportunity. So I'll talk more about that in a minute. But we sort of have four things we've been working on in the past year and their accelerants of our growth going forward and at the core. of our innovation history. Number one is we've extended our view on payments. This is something that's been well considered because when you embark upon a journey on payments, it's rather permanent. You're installing hardware over the venue, the terminals you check out with, you're doing lots of internal plumbing, and importantly, you're relying on this partner for service, which is an important part of our customer's business. And so when you're going to connect yourself to a partner, you need to make sure you're attending to the right partner. Because you don't want to sort of get, you know, have issues with your payment process that then sort of backwashes on your overall relationship. And so we spent quite a bit of time, the majority of last year and even part of the year before, evaluating all the different providers that are out there. And we're very happy to say we've secured a partnership with Addion. And I'll talk more about what that looks like in a moment. Composable Commerce, we've mentioned that before. You know, at the core, as I reflect on Excesso overall, you know, e-commerce is at the core. It is our absolute powerhouse. And not just for ticketing, across everything we do, leveraging that expertise for transaction optimization is absolutely foundational to this business. And we have to always evolve. And so, right now, we are well underway with what we call composable commerce. And it's our next evolution of e-commerce and how customers will buy when they go to their computer, when they go to their phone. Alongside that is conversational commerce, which is, you know, there will obviously be people going to their computer, will go to our phones for a very long time. But there's a big wave coming, and that is conversational commerce. That is going to chat GPT. That is going to meta AI and saying, hey, I would like tickets to Lego Land this weekend. What are the options? I'm looking for a Six Flags annual pass. Can you give me my choices? And have all that in a chat, never typing a thing on your keyboard or on your phone. And we have really made great progress on this. In fact, we're ready for our first customer pilot here coming up in the next coming weeks, actually, allowing guests to browse, order, and pay everything via conversation. And that is an example of, again, another level of innovation, just like mobile ticketing, just like being a SaaS company. this level of innovation and getting in there early when, you know, you can be an early adopter. You can learn from those smaller sample sizes and perfect your process. So when it becomes larger, you're the leader. And last but not least is our AI evolution from a product perspective. And as we shared today, we have acquired Dexabit. We identified that as a target. Likely so, we brought this to our attention early on after joining Excesso. And, you know, after getting to know them and realizing what they've built, it was clearly an opportunity for us to leapfrog, to use the term, to accelerate our capabilities. And we certainly looked at alternatives and, hands down, determined that acquiring DebtSubmit and bringing that into our ecosystem was going to be a game changer for us. So, I'll unpack these a bit more as we go through. You know, payments are at our core. Start with payments. We move billions of dollars a year. Passport alone moves something like $4 billion of revenue. That's just Passport. Think about all of our other products in total. We're moving a tremendous amount of money. And what that does is it allows us to get scaled pricing. Our individual operators, maybe they sell $20 million a year across their whole resort or $200 million. They can't access the pricing that we can access when we look at the billions of dollars that we process. So what we're doing now is we've moved from being a payment gateway, which is what we've had forever, which is where we hand off the transaction to the processor. We're now going into actually being a processor with a partnership with Add-In. And what that does is it allows us to, A, bring much better pricing to operators that can't negotiate anywhere near that level of rate. And it allows us to integrate our system in a more comprehensive way to become less disjointed, if you will, because we can then end-to-end offer the package that is plug-and-play more so than, please go here for your payments, go here for this, go here for that. We can bring you the whole package. And so within that, on the payment gateway, yes, you get a fee for every transaction that goes through. But on the processor side, you get a portion of the margin as well. So in addition to giving the clients a much better rate, access to much better rates, we also are rewarded with that for bringing those clients into the add-in platform. And so it expands a new revenue line for us in a way that is scalable, not just across ski or theme parks or live entertainment, but across our whole business. And so that is a very scalable opportunity that, you know, over the sort of midterm, long term, is going to be a very valuable line item for Exesso in terms of margin. And if you think about other operators that are out there in different areas like Shopify or Toast Point of Sale here in the U.S., they actually make most of their money on the processing side, and they don't make a whole lot from software if you look at their financials. And so this is an area that we have not really explored until now, and we've made a big move with a partnership with Adian, which was by far our top choice. Their global footprint is phenomenal, and they're going to give us that end-to-end relationship that we're looking for for our customers. So our clients will get a better rate. It's less complicated. And by the way, it doesn't take much capital for us to do this. So we're off and running. We'll start bringing customers on here mid-2026. Obviously, it will take time to scale, but we'll be moving on this very promptly to make it a core part of our offering. So I talked about composable and conversational. There's more details on this page. If you think about e-commerce, and maybe true to my heart, if you think about excessive passport, e-commerce was the lifeblood, is the lifeblood of that product. And, you know, we've taken that learning across our whole product set in increments. And products all have their own e-commerce, I guess you could say, module, right? But what we're doing with Composable Commerce is we're separating that from Passport and we're making a commerce layer and e-commerce layer that can work across any of our products. So it's adaptable and scalable across our product set. So taking that transactional revenue and that incredible optimization we bring to our clients for optimizing their revenue and opening that up to work for Paradox, to work for Horizon, to work across our whole product set is a very big move. And it's an effort we've been working on for about two years. We completed our first pilot over last summer, and now this year we'll start the rollout to Excessive Paradox. It will be the first of our products to adapt composable commerce, and then clearly we'll work across the portfolio to bring that to life. But if you look at the revenue profile this brings in, if you look at Horizon, for example, Horizon doesn't have a transactional-based e-commerce product. And why would we rebuild something only for Horizon when we should build something that works across all of our products? And that's what we're doing. So you might imagine Horizon will be next. And then clearly, Passport will get a major upgrade with Composable. So it's not just separate. It's also a different architecture. If you think about e-commerce as a flow, A, B, C, D, then you check out. That's kind of what we have today. But composable is what it says. It's composable. Think about being able to drag and drop and design your own screens. Think about being able to go in as a user and change your colors, change the shape of the squares and rounding the corners and changing the fonts and changing the pictures and the images. That's what's composable. So we end up with a much more adaptable platform. And it's one of the things that our clients often ask for is the ability to customize the flow and the site to work for their branding, but it has all the optimization within that, so they can't mess it up essentially. We've determined which modules work the best, and we make those modules available to them to drag and drop on their screen. So this is a fundamental part of transactional revenue growth for Accesso going forward. A sub to that, I guess you could say, is conversational commerce. And that is, like I said, you just talk to it, right? And it helps you out with your order, helps you out with your choices. And, you know, this is where everything is going. And, you know, going to a venue's own website will certainly happen for many years to come. But there's going to be a convergence of shopping within things like ChatGPT, where everything we do will be a, we'll go to Claude, we'll go to ChatGPT for everything. And it will shift from being a Google search. Google's already doing that today. It'll shift from going to a venues prime website to just using ChatGPT for everything we use or whatever your platform of choice is at the time. So conversational commerce allows us to plug in to those chat based channels. very smart, and have a dialogue with our product set, have a dialogue with our customer's information, and give the user back exactly what they're looking for in a way that we are managing the messaging. We're giving them those options, and we're still controlling the transaction. And, again, something operators can't bring to the table themselves, and we're making sure our plumbing is there. We're making sure that this is available. And, like I said, it will be rolling out in a few weeks as a trial at a very significant theme park. So we're looking forward to that. Stay tuned. So shifting now to the fourth box, which is how we think about AI. So my favorite headline here is data everywhere, inside nowhere. I'm going to say it in my sleep. But that's really what we were looking at. And on the left-hand side, you can see an operator and all the things she's thinking about, right? Oh, my gosh, I have all this information. Everything is in a different folder, right? It's all in a different data silo. Guest surveys, social media, ticket sales, weather, accidents, incidents, you should say it. their loyalty program, their point of sale data from their restaurants, from their retail stores. What do you do with all this data when it's not connected? And that is the problem. And the opportunity is to help them leverage that. So, if you want to know how to optimize your labor, you have your labor scheduling system and you have your food sales. Two different buckets. How do you leverage those two together to help the operators create optimized labor schedules, for example? How do you leverage whether pre-bookings, social media feedback, marketing calendar, all those to drive dynamic pricing. Connecting all that is something that human brain simply cannot do, but AI now opens as a new opportunity. And so we are absolutely the best prepared in the market to bring this to our customers and to the in markets that we serve. We can see everything across the guest journey. We're embedded in their core systems. We have the foundation for AI insights. And we obviously have a huge customer base. We know how to execute at scale. And importantly, we know the business really well. That's something that's lacking. When you go to chat to UBT or to Claude or to whatever your choice of AI tooling is, it doesn't understand the attractions sector. It doesn't know what a per cap means. It doesn't know what seasonality means in terms of that context. And That's what we bring to the table, right? And that's what the tooling we need to do. Because that's different than just loading all the data into a random AI tool and hoping it can give you the proper answer. It needs context. So with Dexabit, we acquired that context. We acquired that intelligence. And, you know, what we're looking at is embedding the intelligence of the core. And like I said earlier, not just putting AI into our products, of course we're going to do that, but thinking about it more broadly in terms of what will really make a difference to the industry, which is what matters, and that's what will drive our business. So on Saturday, Matt may be a little tired still, on Saturday we completed the acquisition of Dexabit, and we're bringing that into Exesso and into the market as Exesso Intelligence, which happens to stand for AI, by the way. And it's an AI analytics, demand forecasting, capacity planning program It's a big data management platform. And what's interesting is it gives you a single view across everything, not just the excess of systems. Clearly, we're important to that equation, but it gives you systems from other vendors. Maybe you're using a different food system. Maybe you're using a different scheduling system. You need weather data. You need event data. You need local event data. You need school calendar access. You need all of that. And what it does is it unifies all that into one layer of intelligence. And what Dexibit has done over several years now is accumulated the context, if you will. So the models are trained, the AI models are trained on specific contexts, like what does seasonality mean? What does an event do? What event in town has an impact on my attendance this coming weekend? When it rains, what happens to my attendance? When the sun is out, what happens to my attendance? All of that off-the-shelf AI absolutely does not bring to the table. So for us, this is clearly a leapfrog move. I did enjoy the frog icon, I have to admit. And, you know, we certainly evaluated whether this would build versus buy, and we determined that buying this was going to catapult us ahead of the industry and give us something that would take us years to build on our own. So there are already 75 venues using Dexabit. They include things like the Smithsonian, so a very good, strong blue-chip customer base. They have 1,000 pre-built visualizations or dashboards, if you will, And they're already integrated to 100 systems. That alone would have taken years for us to do, just the integrations. So what it does, it brings all these things together on the left, right? Food sales, wait times, whatever it may be the venue has in their different data folder, the data silos. First of all, it gives you reporting. Okay, reporting is really important. And we struggle ourselves to bring all of our different applications, if someone's using more than one of them, into a single view. We get that immediately. Just add water and you're going to have dashboards across all the excessive applications that you're using. And that will give you, you know, will give us a significant advantage in the marketplace and a big advantage for our clients to have a single view across the business. There's also an important part, which is called voice of the visitor, which is looking out across the Internet at all the things customers are saying about your venue and bringing that all into a consolidated perspective. and also providing you insights around things you can do to improve any concerns that visitors might be expressing. So what we do in phase two is we move into predictive operations. So things like demand forecasting, what should I expect for attendance this Saturday? What should I expect for attendance across next year? Dynamic pricing, things like staffing, as I mentioned before, as well as capacity planning. That's sort of phase two. And, in fact, I think Dexabit's already – pretty far into this, what we'll be doing is looking at bringing that into our product set as capability. So imagine Accessible Intelligence taking all these different variables and creating dynamic pricing and then feeding it back into Passport, feeding it back into Horizon, feeding it back into Paradox. So it becomes a loop of not just putting data out about what happened, but helping you predict the future and operationalize that into something that maximizes revenue. And then phase three, you know, that is sort of, okay, Star Trek here, but this is not far away, by the way, which is allowing things to automatically happen, right? Self-healing operations. So when you see something happening, have the system respond to take care of it versus opening a trouble ticket, for example. So that is the next level. I think where we're going to see Exesso out of the chute is going to be phase one. We're going to be largely there probably in a matter of weeks, honestly. Phase two will then be a process that will happen over, starting this year, over the next couple of years, and getting better and better every single day. So, just the intelligent reporting alone is a significant advantage to the industry, and the elements of the predictive operations that will come to market very soon, and the ones that are already there, are something that no one else is offering. So, what you end up with is a little bit of a complicated graphic that shows, I think, in one view, accessible in the middle, our applications, whichever ones you're using, wrapped around a payments platform. And then the internal systems, other systems you're using, your CRM system, your financial reporting system, Google Analytics is looking at your website traffic, your hotel management system, which we don't offer today, your visitor survey data, and then external data like weather, school calendars, social sentiment, industry data, economic data. All of that can be combined to give you, through accessible intelligence, applying sector context, all the data, all the dashboards that are there, being able to interact with a conversational engagement to do this, and give you all the things you see across the bottom, forecasting, revenue optimization, dynamic pricing, ops planning. And I think an important part here I want to highlight, because I didn't cover it before, is that third green box, conversational. So having grown up in the theme park industry, one of my early days was deep in spreadsheets and a lot of manual data work. And what would happen is everybody comes to you asking you, can you run this query for me? Can you build this spreadsheet for me? Can you give me this report? The operator, the operators don't have the ability or the access to that kinds of data or the skills to mine the data. And what Dexabit Accessible Intelligence brings to the table is conversational insight. So anyone with any skill level can ask a question. What was my number one guest satisfier yesterday? What food items sold the most on Saturday? Which food items didn't sell on Saturday? What should I expect next week because there's a big concert in town? Will it affect my attendance? You can ask those questions, and it can take all this information and come back to you with an intelligent answer, insight, and predictions. And that's really what unlocks the power here is not that you've got to be a master in database queries, You can be anyone. You can be the CEO. You can be the head of marketing. You can be the store manager. And you can use this by simply asking a question and getting back the data you need, whether it's an answer, whether it gives you back a spreadsheet, whether it gives you back a report. That is conversational insight that absolutely does not exist today. And it's across all of these squares on the page, not just one system. This is an absolute game changer for Exesso and, importantly, for our customers. So, Matt, you're going to cover the outlook, I believe. Or am I going to cover the outlook? I'm going to cover the outlook. So, the outlook is coming up. I think this slide is actually out of order. So, number one, we're unrivaled in our position. Cover all that ad nauseum. We're engineered to evolve. You know, one of the things that we've gotten, on the right side you'll see, we've gotten beat up a little bit in the past about the amount of money we spend on R&D. Well, what that has done is kept us current, kept us flexible, kept us adaptable, and we're ready for AI. And If you scrimp on the R&D, you find yourself in a position when something changes, you're not able to respond because you now have to go and spend the next couple of years on significant deficit of technology. Excesso is not in that position. And if I've ever been thankful for our commitment and our continued investment in our products, it's never been stronger than today. And the fact that we are literally AI ready, and I can say that our competitors by the large, are not in that same position. This is an absolute strength for us, and the ability to layer AI onto what we have immediately is going to have a significant impact on this business going forward. So I think, Matthew, now you've got the outlook part.

Yep, I'll cover this Steve, thank you. So at the top there you've seen the two black boxes. The guidance we're giving is in line with the current consensus, so revenue of 146 million approximately and approximately 20 million of cash EBITDA. As a trading update, January and February traded in line with our expectations, particularly on transactional volume, that's pleasing given the choppy end that we've had from June through December at the end of 25. And being mindful, though, that it is still early in the year. We are a seasonal-based business and our peaks are in late May, late June through early September, and then again at Halloween at the end of October. So mindful that there is still a lot of the year left to play out. Just really highlighting the Middle East piece in there that's in our numbers. So we expect this year somewhere between 4.5 and 5 million of milestone-related revenue from that Middle East region. Half of that, so approximately 2.5 million, we've delivered already. It's just pending customer acceptance, which is great. The remaining 2.5 million is to be delivered from April through the year end. So some level of risk there. So far, it has been business as usual for us, as best it can be, given the circumstances. But it could change at a moment's notice. We did have a positive signal that Aqua Arabia, a large park there in the Qadir attraction, opened on the 20th of March, despite the conflict. But we are happening, but we are mindful of it. The last piece on this slide is just to highlight really the strength in the balance sheet, which I mentioned on my earlier slides with regard to capital allocation. So we have purchased 20% of the shares back over the last 12, 15 months and completed, as Steve says, a game changer of an acquisition. And we have predictable steady state free cash flows and we expect to continue supporting future shareholder capital returns.

Okay, the last slide, I have to leave it up there. Our new tagline, Power in the Business of Fun. I'm going to close with that, and then I'm going to stop the share so we can take questions from the group. I know we moved through a lot quickly. We have a lot to unpack. It's also been a very busy week or two here between finishing up results, finishing an acquisition of a company based in New Zealand. nonetheless and so we're obviously very excited about all the things that are there to come very excited about I'm very excited about Lee having having I guess you could say handpicked my successor and having him here for since the beginning of last year he's fully embedded in the business and you know having such a planned transition smoothly with such a qualified person it was not only intelligent and great at what he does. He's a great person as well. So I'm super excited. And, you know, to have a running start on the next wave of accesso with all the things that are to come. I think the debt submit acquisition is just is going to really make a huge difference in this business. On top of everything we already have that's working great. So I'm super excited. And Matt and I are happy to take your questions. So let's go.

We will now start the Q&A. If you wish to ask a question, please use the raise hand function at the bottom of your Zoom screen. If you have dialed in, please press star 9 to raise your hand and star 6 to unmute. Participants can also submit questions through the webcast page using the ask a question button. We'll take our first question from Katie Cousins with Shaw Capital. Please unmute your line and ask your question.

thank you um hopefully you can hear me okay um two please um on decks exodus um struggling with the name of it um decks of it um have you got any examples of their existing customers who are already using it and and anything tangible you can kind of point to how it's improved trading um that's the first one

Yeah, I mean, the Smithsonian is one that is a notable customer. I mean, Matt, you probably can name a few others on the list you have in front of you. I think it's, you know, the customers often request that they're not be quoted as a customer just for confidentiality reasons, so we can't provide the whole customer list. But there are a few notable ones that I think are important to highlight. And, you know, what we see is a very high retention rate for the customers. They see, you know, there was even one customer example where they said, oh, you know, maybe we don't need this. And then they quickly came back realizing they did need it. You know, the power of what it brings to them in terms of being able to operationalize the amount of savings just in report generation alone, aside from the revenue and business optimization, is very significant. And, you know, I can tell you that on the excessive side, we've been working with Dexibit now for, I guess, a year as a partner while this was happening on an underlying basis. And we're two for two. We showed the product to two customers and both bought it. So, you know, in the first meeting, by the way, they bought it quickly. They bought it without question. And they're loving, you know, that's on its way. So, you know, I think it speaks for itself. And As I told someone yesterday, it's almost hard to explain it until you see the demo and see how it works because it's really mind-boggling. But the operators are getting a lot of value from it. And I don't have exact numbers on what the improvement to them is. I think some of the capabilities we're going to bring into our product, like dynamic pricing, for example, will have a material impact on their top-line revenue.

Thank you. It's good to hear the 100% success rate so far. The second question is just in terms of new wins, and it was encouraging to see that actually I think it was 11 out of 43 new wins took multiple products. Could you provide a bit more colour on what products that they're taking and is there a bit of a pattern between a combination of products?

We're basically seeing any product plus Freedom. That's kind of what the equation would be. Obviously, a lot of Paradox plus Freedom, some Passport plus Freedom. Freedom is gaining traction as there are more customers using it. Our referral base increases and it sort of starts to snowball. But it's generally plus Freedom. That's really helpful. Thank you.

Our next question comes from James Lockyer with Pure Hunt LLP. Please unmute your line and ask your question.

Hi guys, thank you for taking my questions. Firstly, just on the guidance for the year, I think within the £146 million, you've got some milestone payments from the Middle East within that, and obviously you had some of that in 2025. Am I right in thinking that on the current guidance, it sort of implies a decline year of ELA? And if that is the case, what's the major driver for that? And if not, how should we see some upside from current guidance from that perspective?

I'm not sure where you're getting the decline from, James, but last year we did roughly about 3.5 to 4 million of milestone-related revenue from Saudi Arabia.

I meant the group revenue. Sorry, I meant the group revenue. So I think it was 155 last year. Yeah, the first one customer.

I mean, we do have the loss of a major queuing customer in the current year. So transactional revenue would be below where it was in 2025 for 2026. So that is reflected in that guidance. But the Middle East alone, if you're looking at it, will be slightly up where it was for 2026 compared to 2025.

And what's the implied underlying organic growth then from the core business in the guidance?

For transactional revenue, you mean?

Yes, thank you.

Yeah, well, it's... So it's reflected in our commercial wins, really. So if you look at the commercial outperformance that we had, so we had moved from 30 wins in 2024 to 43 in the current year, and ended in 2025, and that will be reflected in the growth rate that we have underlying outside of the major milestones and non-repeatable revenue and ignoring the major customer queuing loss. So there will be growth in that.

excellent thank you and on the on the ai point i think you flagged some operational efficiencies their productivity gains throughout that and obviously we're early days with where that technology is coming through where do you see um you know the benefits uh the next few years in terms of time saved product releases quicker in terms of if you're able to quantify that in terms of where you think margin might get to because of the ais you're implementing

Yeah, so, you know, we've had enough time now with the tooling and understanding kind of where we see the most efficiencies the quickest. Clearly, you know, any kind of operational or, you know, product area, operational area are seeing the most gains. We are not seeing the gains in engineering, which is not unusual, especially when there's so much context required. The tool doesn't quite understand the context in order to just write an e-commerce application for a theme park, for example. It doesn't have experience with that. And so we're not seeing the gains in engineering, which I think is not unusual for a lot of companies. It is helping us move faster in certain areas, and certainly refactoring code is quicker. You know, things where we need to update something, we're seeing some gains there, but not large gains. The bigger gains are coming in sort of our, like I said, our operations products and marketing areas, you know, Think about even just sales proposals, the speed with which and the quality with which we can create sales proposals. Those are the areas that I think are going to make the biggest underlying difference in terms of efficiency, both in being able to operate over time with fewer people, but also, importantly, being able to move faster, getting quotes out faster, getting product design faster, and handling customer queries either automatically through automated processes, or more quickly with AI tooling. So I think we're going to see the biggest benefit in the areas outside of engineering, which is more than half our group. And engineering will be a little bit slower on the uptake. And, you know, we'll see those. It will be a decent amount still, but it's not going to be the same level we're going to see in those other areas.

Okay, maybe just a final one. Historically, you've talked about a 20% margin. Do you think, as the medium-term, longer-term guidance, do you think that this could see BAI investments, the acquisition you've made recently, the pricing, because you're consumption versus per seat, do you think the margin could be higher than 20% over the mid- to longer-term?

Yeah, I think where we get there is we need to increase our revenue growth rate and increase One of the sort of two sides of that, one is attrition. So making sure we stick our customers right, we stick the landing with our customers for the long term, right? They're not seeing some better things across the street, so to speak. And this progress with AI will differentiate us in a way that competitors can't get to for years. And so I think on any attrition basis, this will really help a lot. Although we don't have much, if we allow the competition to continue growing, our attrition could start to grow. On the new wins, this is something that no one else can bring to the table. And sometimes we find ourselves competing on price maybe, or a customer's past history with an application they're considering. this is something that is going to be a differentiator for us that, again, is unmatchable. And I think our competitors are going to be showing a feature within their own system. They're not looking at the overall client's ecosystem the way we can come into the room, already ready to do with the integrations that are in hand. And the conversational AI is really going to be unprecedented. So I think that will help the revenue growth rate. And if the revenue growth rate picks up, you know, 7%, 8%, 9%, which is probably about where this company can be given our scale, And at the same time, the cost base is not growing. It's continuing to shrink even by the amounts that we did this year. You get there pretty quickly. And so, you know, it's really about not solving. We can't cost our way at 20%. That is certainly not the goal. And I think a lot of our savings we will reinvest in things like accelerating AI capabilities even further. But at the same time, continuing to lower that cost base and propelling the growth rate is obviously the combination to higher margin.

Well, thank you, and I'm sure we'll catch up before you go, but I wish you good luck, unless we don't. Thank you, James.

Our next question comes from John Byrne with Barenburg. Please unmute your line and ask your question.

Hello, yes, thanks. And thanks for the presentation. Two questions from me. If I can, I'll take them in turn. So firstly, on Dexabit, I guess from a commercial perspective in terms of monetizing, what should we expect in terms of contribution from, you know, excessive intelligence going forward? And do you think about it, you know, as a standalone kind of product to monetize or is it kind of primarily a good foot in the door for cross-sell opportunities and sort of supplementing existing solutions? How should we think about it?

I think it's strategic for us, number one, around our product set and increasing our win rate, which is more powerful than just selling, you know, excessive intelligence on its own. Because the value of selling intelligence along with Passport, along with Teradox, along with Freedom, that's a much bigger opportunity than Dexabit would have had on their own. And that really is going to amplify both the value that they are – their product breaks, but also the overall results. And so, you know, I expect that in the commercial model, there's still a bit of a discussion around that, and we will obviously be managing that going forward. But there will obviously be customers that, you know, are out there that can benefit from the technology that don't necessarily even maybe work in our space, or they don't use one of our applications. We see that as a lead opportunity. Let's bring them in. Even if they're using a competitor system, let's enable them with some elements of the product. And that brings them closer to accesso and allows us to talk to them more about our actual solutions and maybe switching over. So we see it as a conversion tool. We see it as a strategy, you know, to improve our overall portfolio. But I can say we've not sort of said, oh, this line item today is going to grow in a trackable manner for its own revenue category. It's going to become more of an overall benefit to the business.

Great. And then just secondly, on Outlook, you mentioned seasonality. Can you just remind me or give us a steer in terms of concentration in those summer months, you know, say June to August, particularly given the growth of the ski product? What should we expect this year?

Yeah, so the majority of our revenue, John, comes from that June through September period. So, and October, a little bit in December, but you think of it as pivotal really for our year. And we had that last year, right, when there was softer and weaker transaction volumes through the back end of June and early July. We revised guidance, according to me, at that point in time, so it reflects the importance of it to our business, and that will continue going forward. I mean, Ski has seen some level of growth. It was certainly our strongest performer in terms of commercial new wins last year, but it will take some going and some way to offset the size and the impact of the attraction space that we have.

Brilliant. Thanks. That's all from me, and just to echo, good luck, Steve, and next endeavours. Thank you, John.

Our final question comes from Jasmine Rand with Deutsche Bank. Please unmute your line and ask your question.

Hi, I hope you can hear me. I'm just standing in today. Yeah, Jasmine from Deutsche Neumas. On the customer base, I appreciate you mentioned or can be named. But can you talk at all about any joint customers you may have? And then again, I think you just touched on it slightly, but what do you expect from a pricing solution to be looking ahead? And then secondly, on capital allocation at this level, how are you thinking looking ahead in terms of shared buybacks compared to kind of further bolt-on acquisitions? Thanks.

So the interesting thing with this is that... Sorry, did I get an echo there? Yeah, there we go. So interestingly with Dexabit is Angie and her team's focus have primarily been around cultural attractions, museums, if you will. And so our overlap, that's not one of our bigger markets. You know, it's similar operations, similar concept to a theme park, but it's just a different space. We certainly have museums in our portfolio, but it's not a primary sector for us. And so, you know, our overlap or sort of bumping into each other had been fairly limited. We obviously had gotten to know them before joining Accesso. We got to know them as a group much more closely over the last year, year plus. In terms of customer overlap, I think, you know, that's what we're going to build going forward. And, you know, we see their customer list is additive. as new commercial opportunities for us. Some of them are certainly customers we would like to move over to an excessive platform. And so, you know, it's really about taking what they've built, where they've learned the context of a venue operator, primarily in the cultural space, and now enabling that across the broader leisure and attraction sector. That's really our goal. It's a bit – obviously, they have a great customer base. But it's really focused on what the potential is for the product within our ecosystem. In terms of capital, Matt, you hold the mic.

Yeah, I'll just touch on the capital allocation piece. So thanks, Jasmine. I think the key point to highlight there really is the nature and the stable, sticky nature of our cash flows, which I hope has been reflected in the last couple of years when you looked at the cash flow slides, the general season. consistent free cash flow, which we've used accordingly to provide shareholder returns over that same period. There's no reason that that shouldn't continue. So whilst spending $20 million on a tender and making an acquisition over the weekend, we still hold a strong balance sheet, which we would continue to leverage to provide shareholder returns in whichever form that may take. We'll make the best use of our available options at the time that that comes, but there's certainly no reason it shouldn't continue.

i'll add on to that matt they wouldn't let me write in the annual report that our share price is frustrating um and so i'll say it now they thought it was a little a little too direct but it is very frustrating obviously um if you look at our underlying business this is strong um you know it's strong we've got a very good position related to ai um and uh you know we have a really great customer set and we've sort of been caught in a wave of either disproportionate focus on you know one client one product some of the AI pressure, maybe some market pressure as well, a whole variety of factors. And our view, I think, along with many probably of you, is that our share price is tremendously undervalued. Our company valuation is much lower than it should be. And I'm confident that this too shall pass. We just got to keep our head down, continue to build great product, provide great service, And if they share price, obviously buy back shares to the extent that it is reasonable for us from a balance sheet perspective.

Great. Thank you very much. That's the end of our Q&A session. I'll now hand over to Steve Brown, CEO, for closing remarks.

Thank you very much. And it seems like this may be my last investor presentation, so I thank you all for sticking with us and staying so tuned into our business over time. It's clearly an exciting business and, you know, I've been through many waves of change in this business since 2007, which turned into Excesso in 2012 and then what it is today. You know, I had 12 employees in the very beginning. There's 605 now. We've worked, I think, three countries. We're working 31 countries now. And this business is built on changing and innovating and, you know, not just sort of building something and letting it run, but it's always being ready for whatever is next. And I think The move we've made here is our big step into what's next. And, you know, not just adding features and calling it a strategy, as we say in our report, but thinking about it more comprehensively. And importantly, if we always put the operators first, the clients first, in terms of what will help their business, then we will win in the end. And I think that's exactly what Dexabit and Accessible Intelligence will do for the business, is put the client first, help them run their business much better than they can without it, and in turn will continue to be the trusted partner and the market leader for many, many years to come. So I thank you all very much, and I'm sure Lee will do a fantastic job. I have all the confidence in the world, and he's obviously supported by Matt, who probably can use a good rest about now. So thank you all very much, and we'll talk to you later.

Thank you for joining today's call. We are no longer live. Have a nice day.