ActiveOps Plc (AOM) Earnings Call Transcript & Summary

Good afternoon, and welcome to the ActiveOps Plc Interim Results Investor Presentation. [Operator Instructions] The company may not be in a position to answer every question received during the meeting itself, however, the company can review all questions submitted today and publish responses where it is appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to Richard Jeffery, Executive Chair. Good afternoon, sir.

Good afternoon, and welcome, everyone. Thank you for making the time to listen to the results this morning. In the course of the next hour or so, Emma and I will talk you through the interim results and give you a general update on trading. And perhaps we will kick off with a little bit of an introduction to the company for those of you who may not have come across as before. ActiveOps is a SaaS software company. We service clients all over the world with a general problem of optimization of their work and capacity. So in the complexity of the modern world when you've got lots of people, doing lots of things, clearly, with pressures on productivity within service and the like, the pressure on organizations to use our staff really well to get the right amount of work, deliver the right service and ultimately also comply with regulations is a huge ongoing headache. And amongst all the different levers of organizations to change that, whether it's different places to do work, different systems off work, clearly, the extent to which you can orchestrate that really, really well has a huge effect on the business performance. And that's the ActiveOps solution. We provide SaaS-based products, which sits inside organizations at enterprise architecture to provide the tools and the method to help people run their operations better. As you can see on the screen, we are -- we sit across geographies. So we have an EMEA region, Asia Pacific and North America. And we derive revenue from 2 types from the SaaS software itself and from the services that we run in support of either installation or any kind of maintenance activities that we'd like to do. In terms of the key strength of the business, one of the things that we're enjoying at the moment is a really active market. So there is -- and many people on this call read papers about the dilemma, for example, around working from home versus working in the office and actually the inadequate information that most companies have relating to that question. And so there's a huge amount of challenge for organizations to run their operations better. So the market is growing very strongly. And ActiveOps is a specialist in this particular world. To our best knowledge, we are the leading player in this market. We have expertise all over the world in the challenges of running complex operations. And that's embedded both in our software, but also in our methodology that gives us some really interesting differentiation in the market, particularly in the emerging world of AI where you need to know what a good answer looks like in order to be able to train your models to give the answers. And I can touch more on that, but ActiveOps is very well placed to exploit our history in this business. We currently service and we have a great client list along the bottom, you see some of the logos there and sort of blue-chip customers that need our services. But the great thing is we, therefore, have to develop all the kind of -- you can imagine the qualification, the testing, the certification that needs our software can exist in these kind of highly controlled environments. And those are sort of tests we both pass every day, but also act as defensive moats for new players on the market. We generally operate in this land and expand. What does that mean? It means organizations tend to deploy us in an area as a lever on performance, perhaps to raise productivity or meet a service problem. And then they realize the standardization of what we do is applicable across their state. And so we tend to grow very quickly across large customers. And one statistic for you, which we'll come back to, but even within our existing customer base, say, represented by our GBP 25 million of thereabouts of recurring revenue today, we can identify directly at least GBP 90 million of further revenue from those customers, even if we didn't sell a single additional customer through expansion and additional product set. The business model itself is very cash generative. We bill annually in advance. The software delivery has a higher gross margin. So that generates both sort of confidence in visibility of the future earnings, but also cash to expand. And one of the things for today is how we're now really growing our sales channel, but continuing to manage the business profitably. In other words, we're not investing negative -- we're not borrowing money, if you like, to sell more. This is entirely funded out of continuing operations. And in fact, our capital position is very strong. And ultimately, we're capitalizing today on a series of activities. I'll go into both in terms of products and marketing, which really gives us some confidence in terms of the scalability and sales. So lots to be interested in, lots to be excited about as far as we're concerned. Just as for example, there's a slide on the screen here, which illustrates one of our signature customers over the last couple of years, Fidelity International, probably well known to many of you, massive financial services provider. And ActiveOps is now embedded in how they run their operations every single day. They take data from a variety of sources like their human capital management platforms, which in that case is Workday and other sources of information. And ActiveOps synthesizes that to give that single view of working capacity across their enterprise and there's a variety of statements on this slide, which gives you a view on how effective and how impactful that's been on not just their performance recently, but their own self-confidence to now implement further capabilities for change. So -- and the team there are very happily being on our stages around the world as we do our conferences to talk about the impact it's had structurally on their business. And just as a sort of marker of the consequence for ActiveOps there, you can see the growth year-on-year in terms of the head count management. And this is just one example of which we have many. So in terms of the key highlights for this particular half year, what we're particularly excited about is the rate at which new customers are seeing the problems that generate demand. So we picked up 3 new customer wins just in the half year. And in fact, we've 2 more since the half year of September. So lots of good stuff to talk about there. In particular, we're quite geographically displaced and that's another sort of resilience argument. Canada and South Africa, in particular, are very strong for us at the moment. But equally, we're seeing great activity in Australia as well as back in our historical strength in EMEA. So the kind of regional performance adds that kind of resilience to the business. Under the bonnet, what we've been doing, and I'll give you a slide later on about the technology platform. We've now completed a wholesale movement of what you might describe as our legacy platform, always been SaaS, but off our legacy platform onto our new ControliQ platform. And the important thing about that is the capacity to now deploy new technology, which customers who want to pay for. And we'll talk about the series and the impact on the commercials of that. But that is an under the bonnet-type activity the business has been undertaking, which is completed and that obviously unlocks lots of opportunity, but also release capacity to do other things. I'm going to talk more about the product set in a minute. But also the key thing is we've been on a 3-part trick in terms of our development. We've replatformed and enabled our technology to be cutting edge in terms of the latest Microsoft Azure environments. We've been building our marketing positioning and some of you may have looked on our website and have seen some of our videos, but the whole articulation of the need for better decision intelligence to support business strategy is becoming very powerful. And now we're at the stage of actually gearing up our sales teams to support the demand that we've created around the world. So that's the sort of highlights to reflect on, but I'll now move over to Emma to talk a little bit about the actual financials for the half year just completed.

Perfect. Thank you, Richard. So first of all, I'm just going to start off by providing a high-level overview of our commercial model. So as Richard has already alluded to, we have 2 revenue streams in the group. We've got SaaS revenues, which make up around 90% of total revenue and then the remaining 10% is our training and implementation revenues. Our SaaS revenue typically comes from 1-year contracts. And the billing mechanism for this is usually annual in advance, and then they are charged on a per seat basis. Margins for SaaS, we have consistently delivered high margins for SaaS. So this first half of the financial year, we've delivered an 88% margin. And that's a slight improvement on what we have done in the previous year, which support the restructuring of the hosting environment and then just also the operational leverage that's starting to come through from the business model. The other 10% of revenue coming from training and implementation revenue, essentially is derived from ad hoc training and then also the implementation of our software. This does vary and depend on the product mix. So ControliQ and CaseworkiQ typically is a 12-week implementation program, whereas WorkiQ, we can install it in as little as 3 weeks. The margin for T&I does vary slightly, very much depends on which product and also the location of installation, but we typically will see margins of anywhere between 50% and 55%. So the first half of the year, we delivered a margin of 53%. In terms of some of the highlights from the financial numbers for the first half of the year. So with total revenues of GBP 14.3 million, we delivered double-digit total revenue growth on a constant currency basis of 11%. If you have followed us previously, year-end '24 was our first maiden year for profit before tax. And what we have seen here is a continuation of that profitability momentum building in the business model. So the Adjusted EBITDA margin for the first half of the last financial year was 6%, whereas what we've seen for the first half of this financial year is 7%. So we can still see that momentum growth from a profitability perspective despite investment in sales, which I'll come on to in a second. In terms of cash in the bank, we've got GBP 13.4 million of cash in the bank at the end of September '24 and a year-on-year growth from the previous half year, that is a 36% half year on half year growth rate. And we do have a seasonality in our cash number. So for the first half of the year, we actually saw a cash outflow, which is very typical for our business. 60% -- sorry, 65% of our renewals take place in H2 of the year. So typically, what we'll see is a cash generation in H2. In terms of the journey for the EBITDA bridge, so comparing the EBITDA for the first half of last year compared to this half and 2 things really to point out and to talk about. So first is the sales and marketing spend. So for the first half of the year, we have onboarded 5 new sales heads. We started the year with what we would typically class as quota carriers. We started the year with 8. We have onboarded 5 since then. And what we are looking to do is potentially bring on 2 more between now and the end of the financial year. The impacts for the first half of the year of GBP 0.5 million, and that will increase slightly as we go into H2. Most of those heads did join towards the end of the half. And obviously, in H2, we'll have the full half impact for those heads. And then aside from some other inflationary increases and FX, the other thing really to point out on this slide is the change in the capitalization of R&D. So we do capitalize R&D. Last year, we capitalized GBP 1.3 million across the total year. For the first half of this year, we've capitalized GBP 0.5 million versus last year, which was just under GBP 600,000. This isn't signaling that we are reducing the spend in R&D. This is purely a timing of what we have spent time on this first half of the year, whether that was capitalizable or not. So it's purely a timing piece. So it's not a flag of any change to the spend or investment in their product road map. In terms of the strength of the SaaS model, so 2 main metrics, which we obviously talk around is ARR. So ARR on a total currency basis is 12%, which we consistently delivered 10% or plus in the last few years. But actually, the number that we talk about [ loss ] is the net revenue retention. So on a constant currency basis, we've delivered 110%, which we've consistently delivered 110% for the last few years. One of the things we are highlighting and we have included in the RNS, which we released this morning is we have received notification from one of our significant customers of their intention to reduce their user base. They -- we have not lost the customer, and they will still remain in the top 10 customer profile for us, and it will represent 5% of the ARR. However, we are still expecting that on the full year, the NRR will exceed 100%, and we are still confident in delivering the full year Board expectations. In terms of the land and expand successes, which is something we talk about in quite a lot of detail. So one of the statistics that we've had just under 90% of our customers in the first half of the year either increased or maintained their ARR. However, what's more of an interesting statistic is that over 30% of those actually increased their ARR by 20% or more in the first half of the year. We released CaseworkiQ last year, and we're seeing ARR growth on this particular product of over 20%. And then also, which we'll come on to in a little bit more detail is the momentum we're building on Series 3, 4 and ControliQ. So we've seen ARR growth exceed 12% as we've seen a number of our existing customers being upsold from Series 2.5 to Series 3. For those of you who joined the year-end presentation, you may remember that we shared a customer profile of the U.K. Tier 1 bank and we were showing the journey of the ARR growth over the last 8 years. And they have gone through a cross-sell of CaseworkiQ and an upsell to Series 3. And what we wanted to do this time is shine some light on Australia. And actually, this is one of the Australian banks, we -- they've actually been with us since 2003. However, here, we've just looked at the last 9 years. And what you see on this profile is quite typical for one of our customers. So normally, once we've onboarded a customer, we'll go through an expansion program with them. So here, you can see in the first 6 years, we doubled the ARR as we increased the user base by expanding into various different departments. Across FY '23 and FY '24, this particular customer went through an RFP process, which is one of the RFPs that we announced last year. And as part of this RFP process, we actually upsold them to Series 3. And as part of that, we actually were able to increase the ARR uplift by 23% year-on-year. Now what's really exciting here is this is showing you the story of the impact of moving from Series 2.5 to Series 3. Actually, the next exciting point is the fact that we've got the opportunity to cross-sell CaseworkiQ within this particular customer and then also Series 4, which is due to be released at the end of December this calendar year. So therefore, we expect the growth or the opportunity within this account to continue. Richard mentioned at the start of the presentation that the TAM within our existing accounts, we currently quantified to be GBP 90 million of incremental ARR from what we've got today just within the existing customer base of 72 customers. To sort of add a little bit of flavor to that. So within the case of ControliQ and going to Series 3, 20% of our customers are currently using Series 3. And actually, we've got another 8% of customers who have contracted to move to Series 3 in H2. That leaves 72% of our customers who are still yet to move to Series 3 and therefore, gives us a sizable opportunity to continue pushing the ARR number up. And in CaseworkiQ, we currently have identified 45 existing customers, who are candidates for CaseworkiQ, giving us another opportunity for cross-sell within the existing accounts. Just to round off the finance section. So finally, the business is in a very financially healthy position. We've got no debt on the balance sheet. We've got high levels of cash and a high level of our revenue is recurring at 90%. And across the full financial year, we are very cash generative. As I just mentioned, we've got multiple opportunities to cross-sell CaseworkiQ and WorkiQ and then upsell to Series 3 and then also on to Series 4 next year. And then we're now in a position where we are sustainably profitable, and we're really starting to see the momentum in that profitability, which you can see through the EBITDA margins come through.

Very good. Thanks, Emma. So let's start looking more in detail at the strategy and the opportunity going forward. Firstly, and I alluded to this at the beginning, the world is not getting any easier to run. The sort of challenges our customers are facing are only escalating, not just in terms of the defensive position of regulatory environments, but also opportunistically. Everyone is talking about AI. How do you bring AI to bear into your organization and cash the check in terms of exploiting that particular feature function or capability when historically, particularly large institutions have a pretty lousy track record of their yield for investments around technology. And so that kind of appreciation of the problems they have or the need for better control is only escalating. And that's where we really do have a particular sort of dog whistle of a solution that is tracking a lot of intention. The opportunity is to leverage AI in the actual control over business. ActiveOps has its standard, which is global. And when you think about training these large language models and training AI to know what good looks like, you have to have reference points. ActiveOps is the only player in this particular market that has a standardized methodology to answer that question. So our ability now to bring our own technology and leveraging our relationship with Microsoft to bring the sort of really the state-of-the-art around machine learning and so on to that methodology gives us a real edge. And we're seeing that now in terms of the technology we're starting to deliver. So I just want to highlight one particular slide, which might hopefully bring that to life a little. This is a chart of our functional drops and functional releases over quite a long period of time. And I think you can see that J-curve as it's really come through, the impact in the last 2 years of the functionality we are bringing to our customers. Now the last vertical drop there is the latest release in Series 4, where we're now offering our customers visibility across their entire supply chain, like branches, relationship management teams, centralized back offices and contact centers. So executive dashboards, so they can see all that in a single place is incredibly powerful and means the stakeholder community for ActiveOps data is moving from just the COO community to the Chief People Officer, the IT and so on through. Opi. Opi is our copilot. It's our artificial intelligence. What does that do? It makes it easier for managers to do the right thing. So much the judgment in the type of environment we're talking about relies on people interpreting the data we might provide, but ultimately acting on their own knowledge and experience. ActiveOps is AI-driven Copilot now says, here's the -- you're going to an appraisal for a team member, here's the things they're good at. Here's how their learning curve compares with the average. Here's our recommendations for the best use of that person. So we're both impacting the effectiveness of that middle management, but we're also reducing the effort that they would have to take to prepare that kind of data. And crucially, because this is why it really matters to large corporations, we're doing that consistently. When you're talking about organizations with maybe 5,000, 10,000 people in their back office, that's a lot of people, there's a lot of managers, there's a lot of individual decisions. If we can get our arms around that, show them that average person makes a better decision every single moment, that galvanizing, you can imagine the gearing effect is huge. So this technology drop, the ability to provide solutions that people see real problems for is a massive accelerator to our sales. And if any of you look on our website, you'll see a lot of that come through in terms of the presentation of the solution and how we describe problems that people will recognize. Skills cataloging, skills understanding is fundamental to running operations, but it's done so badly because it relies so much on the judgment of individual leaders. ActiveOps' software for the first time enables organizations to effectively determine skills. We track what people do. And from that, we're able to inform through big [ maths ] and big processing, people's capability. So then you have learning curves, you have catalogs and all sorts of other stakeholders start to have a resource of information on which to add our data to theirs to make better decisions in the area of staff well-being, staff enablement, attrition and all the other kind of agendas as well as multiple others. So the impact of both having ActiveOps as a standard, but the enablement is now really, really quite amazing for a lot of our customers. So we're seeing that reflected in our demand side. So for example, our marketing a lot more inbound, but more importantly, inbound tuned towards what we do because you have to have -- if we're going to scale our sales force, what we can't have is lots of educators. We need people who service a known need. And that's the shift. So what we're seeing now is people coming in with a clearer sense of the problem statement, which ActiveOps absolutely can respond to. And that then speaks to the point Emma was making about how we're now starting to turn up the wick in our sales force. Because with the kind of the right skill sets around enterprise SaaS selling, but also the demand side from customers, we can see a real acceleration. And it's coming through in terms of the new logos already in the 5 already this year. In South Africa, we're growing -- we've got a lot of activity going on. We've got spotlight in Canada here. So in Canada, we now have our software in 5 out of the 6 Canadian biggest banks -- biggest Canadian banks, but each of them at a fairly early stage. So we're investing in activity, leadership and presence in Toronto to actually scale that out. In the U.K., we've got 3 new sales team members, 2 of which are enterprise software salespeople. One is a very much a subject matter expert in the area of insurances, different skills, different situations. In Australia, which has been a huge support for the business over many years. But because we've been -- we're effective with the standard for banking over there as a standard for this type of software, it's been relatively flat for a few years. You saw on Emma's slide earlier, the effect of the new product, the new functionality raising tariff. But now also we've got great inbound demand for new services, and we're seeing that with a new health care provider signing up in Australia, which is a global opportunity interestingly as well. So overall, we are now building sales capacity to meet demand rather than trying to invest in sales capacity to trigger demand. And that's a very, very different place for us. Now timing to SaaS software sales, as many of you on the call will probably know well, we're talking about 12 to 18 months to become both effective as an individual, but pipeline sales. But I think what we're signaling here is if you project forward the kind of activity we have now and the capacity we have now into the year -- next year and beyond, it starts to get quite interesting. So speaking to that target addressable and I've touched on this already, for our current GBP 26 million of ARR, when we run the numbers in terms of both the products -- the enhanced products and the increase, that suggests there's at least GBP 90 million worth of annual recurring revenue still to be sold to customers with whom we have an existing contract. And that speaks to the NRR. I mean notwithstanding the event Emma referred to, our historic NRR is a reflection of just that uplift, and we can accelerate that with new products. CaseworkiQ is going really well. It's now in 19 of our existing customers and has talked about lots of opportunities there. Similarly, the other bits of the product and the new series, but of course, with that broad appreciation of the need for better control is coming greater inbound inquiries from our target. We don't suffer from a constraint on target addressable market. The issue is one of focus. The way we do that is we identify the top 250 institutions, which we believe has the need for and the capacity to absorb our type of technology, and we sell and target those. Broadly speaking, they break down to those 3 types of market you see there. But we have the expertise, we have the track record of credentials and to sell to those. And that is -- it's a very large market indeed. Just turning our mind specifically then to what's happened subsequently in terms of current trading and outlook. We've had actually a cracking start to the first -- to the second half. We've got 2 new logos that have really signed up. We're well on track for the deployment of Series 4. We've got just another customer just signed up to Series 4, which will be another uplift for the market. There's a huge amount of momentum behind Series 3 price increases as the contracts renew, that's typically when you imagine people buy the uplift. So we've got a program of work, meaning that the new product is being sold well. This time next year, I would be expecting to report the vast majority of our customers would have moved on to Series 3. And as you know, we've seen a 26% increase in our -- more than 20% uplift in our revenue through that -- they move from 2.5 to 3. We have no shortage of land and expand opportunities. The new opportunities we sold this year, even just those, we think we've added another GBP 10 million to the target addressable for the new customers, which will come through in the course of the next 2 or 3 years. And going back to that road map. I gave you a picture of the things that we're already deploying. But if we extend from that to what we've got planned in the box for next year, we really are talking about some cutting-edge technologies to solve some very hard problems. Just as an example, organizations are increasingly looking to utilize different types of resource in branches and banking or different places. Our technology in conjunction with workflow is enabling them to solve the conundrum of having a politically accept presence in different regions, but not suffer inefficiencies. And that's a huge advantage to an organization with the kind of public service obligation to meet in terms of where it keeps branches open, for example. So lots of things to be excited in there. That's the sort of overview of the business. As you can tell from our tone, I think we're feeling very positive about it, but equally keen to take questions and hear more from the audience. So perhaps hand back to you and inviting some questions.

[Operator Instructions] I would like to remind you the recording of the presentation along with a copy of the slides and the published Q&A can be accessed via your investor dashboard. As you can see, we've received a number of questions throughout today's presentation. Thank you to the investors for submitting those. Richard, if I could just perhaps hand over to you just to read out the questions where appropriate to do so and give you a response and I'll pick up from you at the end.

First one, can you elaborate more on why the one company has reduced usage? I could be a little bit careful because I'm clearly -- the key point there is they're a continuing customer. So they've reduced usage in one particular area. And in that particular area, they have a much stronger and much larger relationship with some of the -- one of the contact center software. And essentially, the contact center software provider somewhat against the grain has offered to provide some functionality, which for effectively a very low price, let's put it that way. We're not -- we've never competed against them. They've never actually delivered anything approaching this. So we will see how events turn. But it's one of those things that large companies in terms of the software spend, you get that. I would say we have one previous example of that where in a similar case, they decided to go on a different route and a few years later, we're reimplemented. So we will see how that goes.

And I'll take the next one. So how good is the profitability at the current levels of operating costs and what level of revenue can you manage from this space to increase the margin? So over the last few years, we've invested heavily in marketing and our product and technology functions. The level in which that investment has gone in, we would expect to maintain for the next few years. Where we are looking to increase cost is around sales, as I've already mentioned. So we've already onboarded 5 so far this financial year with 2 more expected to the end of this financial year. Next year, you'll obviously see the full year impact of those hires. But to answer the question, we expect to be able to maintain the levels of cost that we have in the business and to match with the revenue projections that are currently out in the market.

Next question. How do you plan to maintain the ARR growth rates in Canada and Africa? And are you targeting additional regions for similar expansion? Great question. Essentially, particularly in Canada and Africa, we are at a very low base that gives us plenty of headroom. So the issue is more about exploiting and maintaining that revenue, that growth. But if you take like 5 out of the 6 Canadian banks, for example, 4 of the 5 are at a very low level of penetration. We've landed and we're in that kind of an early stage of validation and expansion. So in terms of the target addressable within that community, again, we see plenty of opportunity to deliver that sort of growth rate in that region. Similarly, in Africa, there's a lot of scope there. We have plenty of opportunities, let's say, for going to different markets, but also different verticals. But at the moment, the benefit of focus and network and relationship means that we are focusing, if you like, on those areas. Different customers over the years have taken us to different regions because they are global and they want to apply us and that we would be reactive to that. But at the moment, we don't need to go, if you like, or more importantly, invest in new areas to create a market. Do you have channel sales partner? Or is it all direct? Again, really great question. The short answer is it's all direct essentially at the moment. But this is absolutely linked to market maturity. What we are seeing though now, as I've alluded to, is more people, more organizations sensitive to the needs for better data. Decision intelligence is so crucial to your capacity to execute change, deliver benefits, satisfy stakeholders. And that is creating a much greater appreciation of the need for better data or perhaps the other way around, the paucity of many systems. Now if that need continues, what's interesting to me is in a different dimension, the strategic conversations we are having with partners, companies is actually going up a notch because they -- in different forms, the consultancies, the SIs and indeed some of the systems, big platform technologies like Workday and ServiceNow and Pega. There is a greater need for stitching these things together to drive value because the track record of driving value isn't necessarily that great. So I think having as we've grown the business over the last 15 years, primarily through the direct channel, I'd be very surprised in 5 years' time, say, if we weren't significantly through partner, and we're just at the early stage of that. Can you break down the NRR, 108% into price increase uplift and upselling features? Any thoughts on changing pricing model from seats, i.e. falling KPI to usage or enterprise-wide model? There's good couple of questions in there. We don't break down thing of the NRR down, George, but we do -- I mean, we've given some figures. So the stat on the uplift to Series 3 gives that sort of 20% gross uplift. We've got 19 new customers already using -- 19 customers now using CaseworkiQ. I think that's contributing -- what revenue, we're going to spot...

For ControlIQ.

For CaseworkiQ. I think it's about 3 million now.

Correct. Yes.

Yes. So we're seeing a good level of cross-sell, but indeed, the population, the addressable for CaseworkiQ, I think has got some good scope in there. You can break it down. At the moment, we have very little penetration of ControliQ, our core product into those American health care providers that use WorkiQ. So there's lots in there. It's one of the things where we -- it's not a generalization. What we're targeting in our different sales strategies are focused towards the particular cross-sell or upsell of different situations. Pricing is an interesting one. At the moment, we are sticking with the seats model. There is scope for different solutions in there. I mean I think -- and this is one of those areas where we'll be a follower rather than looking to be on the cutting edge. We, as an organization, benefited from the general move to annual and advanced billing that other companies took SaaS towards in 2014, '15, '16. We didn't have to make the case for that. Organizations were ready for it. I think we have plenty of opportunity for moving to an output-based or sort of [ earned ] value-type approach. But I suspect other companies, the big ones who also work on [indiscernible] will sort of change the game there, and we'll be in the midst of that.

That does cover off all the questions we've had. And of course, any further questions that do come through, the company will be able to review those and we'll be able to publish responses where appropriate to do so on the Investor Meet Company platform. Richard, before redirecting investors to provide you with their feedback, it's particularly important to you and the team, could I just ask you for a few closing comments, please?

Thank you. I hope through the tone, you can feel the level of sort of excitement we have. I think the product set is absolutely at the moment. I think the messaging is getting better all the time. The attendees at the conferences we've just finished the that AO ran in Toronto back in [indiscernible] in London and in Melbourne, probably at 100% increase in attendance. So lots of real experience to be excited and then the sales team coming on board now to service that capacity. We're keeping our sort of projections and the analysts cut out sort of modest. But as a management team, we're very positive about the opportunity. So again, lots to look forward to.

Fantastic. Richard, Emma, thanks indeed for updating investors today. Could I please ask investors not to close the session to be automatically redirected to provide your feedback in order the team can better understand your views and expectations. This will only take a few moments to complete, and it's greatly valued by the company. On behalf of the management team of ActiveOps Plc, I'd like to thank you for attending today's presentation. That concludes today's session, and good afternoon to you all.