PCI-PAL PLC (PCIP) Earnings Call Transcript & Summary

Good afternoon, ladies and gentlemen, and welcome to the PCI Pal results presentation. And before we begin, we would like to submit the following poll, which you will see on your screens. [Operator Instructions] The company may not be in a position to answer every question received today. However, the company will review all questions submitted and publish responses where appropriate. These will be available via your Investor Meet Company dashboard. Finally, we would like to remind you that this presentation is being recorded. I would now like to hand you over to Chief Executive James Barham and Chief Financial Officer William Good. Gentlemen?

Thank you, Tom. Hello, everybody. Good morning, good afternoon to everyone that's joining. William and I are actually in the same room today, which will be nice, but hopefully, it doesn't pose any technical issues for us. So yes. Full year FY '23 feels a long time ago now with 4.5 months into FY '24 as we stand. Results delayed slightly, as many of you will know, as a result of the proximity of the audit to the patent ruling in the U.K. which was obviously good news for us, expected good news, but FY '23 was an important year for PCI Pal in terms of building those foundations for important financial milestones in FY '24. So those milestones being cash generation, full year cash generation in FY '24; and full year group profitability at adjusted PBT level. And very much, we've been on track for that in the last few years, so we're expecting to achieve that, so I'm very happy with the year that we had. I would say this business has suffered a number of headwinds that have come our way completely outside of our control. And it's really thanks to the team that I've got at PCI Pal that we've been able to deliver the year of growth that we have. So we've got some quick highlights for you, a strategy update, financial review from William and then a bit more on products and outlook. Please feel free to submit some questions through the chat if you'd like, and we'll try and leave some time at the end to get to some of those. So in terms of the highlights, as we've said in the RNS, another strong increase in revenue; record new business sales as well in the period, particularly pleased about that given my commercial background; exceptional year for the U.S. business, real breakout year for them, which is really important given the size of the market opportunity in the U.S. So yes, all in all very good. Revenue, up 25% to nearly GBP 15 million year-on-year. That's all organic growth. All of our growth to date has been organic. Exit ARR run rate, up to 12.6% (sic) [ GBP 12.58 million ], only 14% increase. There's a couple of reasons for that. There's no underlying issues, just purely that our new business sales were heavily weighted into H2. So collectively, the year was a great year for new business sales, but H2 was much stronger than H1, as had been anticipated. So that's reflected in the strong uplift of 23% in TACV, which is the total annual recurring revenue value of all the contracts we have signed to date, which is up to GBP 16.4 million. The other reason why the exit ARR is perhaps not looking a bit higher than that is that -- some of you will know that, over the last 2 years, we've been transitioning customers off of our first-generation privately hosted environment. And we have succeeded [ in doing that ]. And as a result of that, some of the revenue has been lost, but actually we've retained the vast majority of the margin. And that's because we have to offer some commercial incentives to those customers to move across. However, a majority of -- the customers on that legacy platform that we've not really sold on since, well, 5 years ago now, majority of those are quite small customers, but that in turn had an impact on the exit ARR which otherwise probably would have been well north of [ 20% ]. As I said, excellent year for new business ACV. So that's annual contract value. Our ACV is licenses. This is annual contract -- annual licenses that we have in our contracts. And we're at nearly GBP 4.2 million, which is a 20% increase year-on-year. And that's driving the TACV, as I mentioned, so exceptional year for the business in terms of new business sales. William will talk a bit more about gross margins, but again, we've seen those increase again, up to 88% in the period. We do expect that to probably level out some ways slightly north of 90% in the not-too-distant future. And that's just by nature of the fact that all of our businesses on our AWS platform, a vast majority of our revenues, are high gross margin. It's only where we're carrying some transaction-based business that maybe we'll have tighter margins than the sort of 90% that you can see on the screen there. Supporting revenue growth. Just on the right-hand side talk about some of the customer success metrics. And in the report, you'll see we measure various things that feed up towards how we're managing things like, well, preventing churn. So the flip side to that is gross revenue retention or GRR. Very happy with that in line with management expectations at 95%. Actually the churn related to just -- half of it related to just 2 customers, which were actually customers that had to leave for operational purposes, if you like. They're not using a competing solution of some sort. And one of them, in fact, we knew that was going to have to happen 2 years ago. So underlying trend really strong given we were 3.5% churn, just churn, last year. Positive NRR at 103%. Year-on-year, that's a drop from the very strong 118% we had last year, but we did advise investors at the time that we didn't expect to do that again in this year, in this FY '23. The reason for that is because in FY '22 we made a number of significant upsells to -- expansionary upsells, i.e., selling more of the same, to existing large customers. We didn't expect to do that again in FY '23. And the 103% is pretty much in line with what we expected to the -- for the year. I'm going to talk a bit more about new products later, which are really [ hotting up ] for us now. And we're expecting in this current year, in H2, to be coming to market with new product enhancements and features, but really they are going to be driving long-term NRR for us. We're clearly illustrating that we can keep customers. We can build strong relationships with customers even through partners. We want to be able to expand those relationships through new products and services that we've been working very hard on the last 18 to 24 months. But all in all, good performance, very happy with that. Pathway to profit in FY '24 is visible to us. We've just got to get the deals that we signed in the last year to revenue recognition and keep selling across this H1 in order for that to be through into revenue. I'm going to try and canter through this background. If you want more background information on PCI Pal, please feel free to look at our previous presentations as well because we've done a lot more on this. So fast-growing SaaS business at PCI Pal. Effectively what we do is facilitate secure payments for organizations across business communications environments. What do we mean by business communications environments? You might hear buzzwords like CCaaS or UCaaS. These are contact center as a service or unified communications as a service. Really these are the communications platforms and environments that are covering interactions that customers have with businesses through call centers or what are known as -- today as contact centers, so we secure data and we secure payments across all of those channels. Voice or phone is the most common, but growing very quickly are digital channels such web chat, social media interactions, e-mail. All those kind of touch points with -- between consumers and businesses go through contact center business communications platforms, so majority of our customers are using our solutions in call centers today. However, we are starting to see more customers using our solutions outside the contact center, in contact teams such as finance departments and any area of their business where they're taking payments, or branch network, so to speak. Now the problem that we solve very much relates to a compliance standard called PCI DSS, the Payment Card Industry Data Security Standard, that governs how organizations secure credit and debit card data. And as part of that, I'll draw your attention to the fact that PCI Pal is a principal participating organization in the PCI Security Standards Council. And we're also the only company in our space with a member of our team on the advisory board for that global body. So really important for us that we're part of that given the market we operate in. And [indiscernible] part of that. Key markets today are U.K., where we launched, a much mature business; North America, particularly the U.S., where we launched in 2018, 2019; and more recently, ANZ, so in particular Australia, but as you've seen from the updates, we are doing business in New Zealand as well. Core products: Agent Assist, digital and IVR. I'm not going to go into the detail of these, but effectively we provide secure payment solutions across live agent interactions through Agent Assist, through digital [ interactions ] through the digital products. And then IVR is fully automated, so this is where you speak to an auto-attendant rather than speaking to somebody in a contact center. So that's known as IVR. Now we've worked primarily through resellers, so we have an extensive partner ecosystem that we've built up since 2016, 2017, when we really started on this journey. We are very much a partner-first business. And I'll talk a bit more about the data related to that, but we've geared this business up to be that from very day 1. We live and breathe channel in this business. And that's an example of some of our partners: Many of those are Gartner Magic Quadrant companies in the unified communications or contact center as a service market, such as Genesys, Amazon Connect, Talkdesk. You may have seen we put out an RNS Reach on -- just yesterday actually. And we've announced a really important strategic partnership with Zoom, a new reseller relationship. Zoom have an extensive business globally and they're going at contact center market very hard. And they're already at Gartner Magic Quadrant in the unified communications space, so we look forward to updating investors on that one in the future -- and then just some examples of some of the great brands and organizations that use PCI Pal. In terms of our strategy. Very simplistically, 3 key pillars to our strategic growth. So cloud is to be the leaders in what we do in true cloud solutions in our market. We were the first to market with public cloud offering. And we've leveraged cloud to enable us to access the breadth of the contact center market globally and to be able to deal with any size organization in the contact center market as well. It also allows us, through cloud, to access the market internationally and to do that in a cost-effective way as a smaller business. And then we're leveraging a channel-focused sales model in order to drive scale through the business. As I've mentioned global a few times. So just covering off how we are set up as an organization both in terms of our people, operationally but also in terms of our platforms. So we've got various locations globally now. So U.K., which primarily we're based out of -- we started in Ipswich actually, in Suffolk, but we spend most of our time in London now in the U.K., which is where we William and I are today. North America, we have an office in Charlotte, in the U.S.; and also an office in Toronto in Canada; and Australia, Sydney. At year-end, we were at 114 people. We're about 120 now. We expect to increase the head count this year at a similar level as we did last year, so a few more than 120 by the end of FY '24. What you'll notice is that the hiring has slowed, but that was completely as planned from our fund -- our last fundraise in May '21. So we have an injection of investment into new heads and now we're slowing that down because we've established the new functions that we needed to. And we're going to start realizing the operational gearing through that. Now supporting our kind of holistic view to where we have our people is our AWS platform. As you can see from the orange padlocks on the screen there, these are the AWS instances that we have available. We can spin these up extremely quickly. Within 1 day, within a matter of hours, we can have a new instance live pretty much anywhere in the world that AWS has a presence, but primarily today that's focused across London, Dublin, Frankfurt. And then we've got 1 in U.S., 1 in -- we've got 2 in U.S. actually now. There's a new 1. It needs to be added to that. Toronto; and also Sydney as well. Now in terms of new products, a bit more on that to come later, but on the sort of right-hand side of that slide there, at the bottom, you can see that we've launched an enhanced speech recognition offering in the second half of FY '23. It really is a big step forward. So we've had speech recognition capabilities really [ to deal with ] exceptions. So customer accessibility issues through our Agent Assist solution, but also it's used in our IVR as well. But actually we've moved to an offering which we've integrated so well and using such good technology that the success rates well exceed 90%, so we're actually now seeing some customers looking to use speech recognition as the primary data capture mechanism, as opposed to keypad entry. So that's a really interesting development that we're enjoying talking with customers about because we're giving them that additional choice. One thing I didn't mention was on the platform maturity. So as I said, we were the first to market, in 2017, with our public cloud platform. Five nines uptime reliability, as you can see in the pink box there, pretty much 100% across our H2, so really stable platform from which we can grow from. We can layer on products and services as well, so very happy about that. The green row. That's, by the way, our patent -- that's where we've got patents. We don't -- we tend to just patent things that we think are ultra innovative and to protect the unique ways that we do things, particularly related to the way we integrate cloud to cloud, particularly how we integrate the [ voice cloud ] to cloud. And our most important patent has been granted across all the territories that we cover and more, so we do use that to protect our relationships with our partners, as the leader in cloud solutions in our space. And I'll move to partners now. So in terms of the update on our partners. We break them into 3 categories. I'm not going to get too deep into that on this call, but I have done on prior calls. But you can see that on the slide there. A majority of our partner deals come through our integrated partners. So these are partners that we generate tight-knit, repeatable integrations with, so once we've integrated with them, they can sell us and repeat sell us. And the operational effort is quite minimal. We typically expect to do somewhere between 75% and 90% of contracts through partners, so really in the year, the sweet spot, in the top right there, 85% of contracts through partners was exactly as we expect it to be. The big trend change, I suppose, which is entirely expected, is that we're seeing more value coming through partners as well. So more ACV value coming through, which is really a sign of the depth of the relationships that we have with these organizations that we've built over time. I've been telling our institutional investors this week, when I've seen them, that we have not lost a single global partner relationship. We've only ever retained these relationships and made them deeper. You get the odd road bump along the way, but actually we're very good on a relationship basis with these partners, so it's no surprise for me to see that the value of contracts coming through partners is increasing, up to 77%. And directly that's as a result of those partners trusting us more with their enterprise customers, so we're seeing -- historically we may have done some enterprise deals direct. We tend not to do that anymore. We tend to be able to fulfill them through our partners. And yes, we're continuing to invest in that side of the business. Okay. And then just to round off before I hand over to William for the financials. As some of you will know, we've had an ongoing patent litigation lawsuit going on at PCI Pal. If you'd like more background, I will suggest probably the best place to go is to read the last couple of years' financial accounts or the half year accounts as well because we've given extensive detail. The summary on this call is really strong victory as expected: So we've been very confident throughout. And I think that this ruling very much validates the management and the Board's position on this. And it validates our view that this has been brought by a competitor to try to disrupt this business. The judge ruled that the patent were invalid for several reasons, not just one, so we won on pretty much all of our counterclaims that we made, but the judge also ruled that, even if the patent had been valid, we wouldn't have infringed, neither with any of the changes that we submitted that we could make in a worst-case scenario. So this really was a strong outcome for us. We absolutely will be seeking a maximum cost order when we go to the form-of-order hearing in the U.K., in front of the judge, mid-December. It's the 18th and 19th of December in London. And I think the view of the Board now is really that the downside risk or the downside risk perception should significantly -- be substantially reduced for investors as a result of this kind of validation that we've seen through the ruling. The U.S. side of the case continues, but the U.S. side is fairly similar. And in fact, we've got more that we can go out in the U.S., so we will continue to fight this position very hard as we continue to drive this business forward. So William, I will hand over to you.

Good afternoon, everyone. Thank you for attending. It's much appreciated, the support we get from our retail shareholders as well as our institutions. So just turning to FY '23 results. We had a strong year. We managed to achieve targets and revenue continues to grow strongly. ACV is a record high period -- for the period. And EBITDA is decreasing as planned. And we won the patent, as James has just been describing, which that case has been a distraction. And we've also been facing the stronger headwinds of higher inflation, higher interest rates, which has clearly had a slight dampening effect on the market, but we still managed to deliver what we said we would deliver. Just turning to the results. Looking at the top left-hand graph, this just gives you the history of where we started from, from actual COVID revenue. So back in 2018, when we launched -- yes, it was financial year 2018. When we launched the AWS platform, we were a tiny business with 20 people turning over [ GBP 2 million ]. So over the next 5 years, we've managed to deliver strong sales, embed our AWS platform. And we just reported GBP 14.9 million worth of sales for the year. And FY '24, the current forecast is GBP 19.1 million, so you can see the momentum that's been building up. At the same time, we focus on our gross margin. Back in 2018, our platform at the time, the Gen1 platform, which I'll talk about a bit more in a minute, was of revenue share, so 50-50 margin. We own our AWS platform. We've developed it all in house, and as a result, the more and more we sell on it, the stronger and stronger our margins are getting. I'm expecting our margins to peak out at around 90%, 92%. It depends on the sales we've actually got, clearly, but that's quite roughly where I'm expecting it to peak out. On the left-hand side of those graphs up there. There's a commitment from James and myself. We've been growing the business. We've set out on that ambition. We've been supported by our shareholders through 3 fundraisings and proceeds from the sale back in 2016. We've spent about GBP 20 million developing this business, but it's always been our ambition to build a global business, so we've gone from 20 people to 120 people currently. That costs a lot of money. We've spread out into the U.S. and around the rest of the globe, but at the same time, we've got a commitment that not all revenue will be spent on costs and growing the business. Each year, we look to sort of -- to put some back to the shareholders at the end. And you can see that on the adjusted EBITDA line, and you can see that stepping down. And we're expecting to hit roughly EBITDA breakeven in the first half of '24. And we're targeting full year a break-even small profit in FY '24 at adjusted PBT level. So [ the group ] PBT, just taking out costs and the exceptional cost of the patent case. So we've grown strongly. Our revenues have grown on a compound rate, since 2018, of 48%. The EMEA business recorded GBP 10 million worth of our sales. That's up 18% in the year. North America is growing stronger -- more strongly. Why is that? Well, the actual contact center market over there is 5x the size of the U.K. business. We are selling more and more in that region. ANZ is growing, but we've only -- we only launched there last year, so it's going to take time to build that momentum. And it's a lot smaller market, but it's going to be a footprint, we believe, into the wider APAC region. So all in all, we're well placed then to achieve our FY '24 targets and hitting profitability. Just looking a bit more on sales. On the top left-hand side there, the graph there, you can see our progress in new ACV sales. These are the contracts we sign each year, and it just relates to the recurring revenue that's embedded in those contracts. And as you can see, it's stepping forward as we get more and more momentum with our partners and more and more brand recognition within the market. That ACV then feeds into TACV. TACV is the pile of contracts we've got in the building. Not all of them are live. And I'll talk about ARR in a minute, but there's always a delay between signing and go live. Our typical time to go live is around 5 to 6 months, so as at end of the year, because we have such a strong second half in sales terms, we had quite a lot of contracts in deployment, at the end of June. We had GBP 3 million worth of contracts in deployment, as opposed to GBP 1 million in the prior year. Those contracts will feed through into ARR, as James described earlier, so ARR is our measure of the value of the live contracts as at a point in time. So that had grown to GBP 12.5 million, GBP 12.6 million, at the year-end. Now why aren't these slightly higher? Well, 2 reasons. Our Gen1 platform, it was the original platform, where we decided to shut down the payment element of it during the year. That cost us GBP 0.5 million in revenue, so if we had -- if we'd kept it going, our growth rate wouldn't have been 25%. It would be nearer 30%, but in shutting it down, we've taken GBP 0.5 million off our recovering revenue and off our TACV. So that's -- that lowered the revenue, the TACV down, from GBP 17 million down to GBP 16.5 million. And our ARR on the same sort of measure would have been around GBP 13 million. However, we kept the margin at the bottom line, so no impact to the business. And it's good housekeeping because we've managed to take out another platform that doesn't meet PCI compliance. The other thing just to note on TACV. We reset the exchange rates in both the ARR and the TACV at the end of each year. So in -- at the end of the year, the U.S. dollar rate was $1.27, having been as low as $1.12 in the year. That took another GBP 400,000, GBP 500,000 off our TACV and about GBP 300,000 off our ARR figure at the time. So those numbers you see there give you a reflection of the true position of what we have coming into the market -- into the FY '24. As James has already said, customer retention rates remain excellent. It was 4.6% churn, so 95.4% gross retention. And as James said, half of that came from 2 customers, 1 of which was NHS track and trace, which again because -- obviously no longer needed because of COVID pandemic restrictions being relieved. NRR remains positive. So on our current product set, we expect to sell between 1 and 2x what we lose in churn. So if our churn is 5% on the ARR, that's GBP 600,000 a year. We would expect to sell between GBP 600,000 and GBP 1.2 million in upsells to our existing clients. We achieved 1.5x. That's well within our expectations. Just moving on to some other financial highlights, just a reminder on that bullet point. People are our biggest cost within the business. We do everything in house. We don't outsource our developments or anything like that, so my cost base of the administration cost base: 78% relates to people and people-related costs, leaving 22% within the other -- for the rest of the overhead. So that 22%, you've got about 7% equates to our running the AWS platform, which we treat as an overhead, not as cost of sales. Why is that? Because our AWS platform includes all our development, staging and test platform. And the cost for that was pretty stable in the year. Our next biggest expense, after that, is marketing. And that spend was about 6%, 7%. And then the rest is covered across normal other bits and pieces of running a business, like offices and things like that. Just turning to the patent case. Clearly it's an unwelcome financial distraction. By the end of June '23, we had already spent some GBP 2.7 million -- or received invoices of GBP 2.7 million in defending that case. Jump to today, an amount of around GBP 3 million. The one thing to note within our numbers, if anyone looks at the results: We received in the year nearly GBP 2 million worth of invoices, but a lot of that was back-end loaded in June because the court hearing was in June, so I came into the year with about GBP 700,000, GBP 800,000 worth of unpaid patent-related costs. Now those will be absorbed in Q1 and so nothing to worry about, but that's just needed pointing out. We've obviously won the U.K. case, and as James said, there's form-of-order hearing in December. And we're pushing to have U.K. costs awarded there and then. Clearly that's the judge's discretion, and so we will take and listen to [ her ] observations. We are hoping for cash refund from -- on our expenses [ that we've expensed ] heavily, but all our plans do not include receiving anything upfront currently. So the current -- so what's happened to our cash flows? FY '23 was predicted to be the last year where we've been investing in the business. We have negative cash outflow. So we spent GBP 3.6 million in the year, of which GBP 1.3 million related to the patent case. GBP 2.4 million was running -- or was spent running the business. Now if you look at H2. We actually generated from operations GBP 200,000, excluding the costs of the patent case, so that shows our business is growing. It also shows that H2 is slightly stronger than H1. Now we did receive [ a flip ] from one of our customers who paid 3 years in advance upfront. It's a big American company we have. So that generated an extra $1 million or circa GBP 800,000 in additional cash coming into the business. However, we had a delay in our R&D tax credit of GBP 550,000, which we were expecting to receive in Q4, but it actually got bumped. And we've now received it in Q1 FY '24. So those two kind of offset each other, so we would have been cash positive even after those adjustments. So we finished the year with GBP 1 million worth of cash and an undrawn HSBC facility. Now with the costs of the patent case, I have spent that cash. And we have drawn down, in the first couple of months, on the HSBC facility, but I'm now back in a position of net cash. And as we head towards H1, which is only 7 weeks away, believe it or not, we're expecting to be back into a net cash position. So happy to take any questions on the chat as they come through and if you want to ask them, but in the meantime, I'll hand you back to James.

Okay, thanks, William. Yes, I'll be keeping a note of the questions coming through as we try and get to as many of those as we can at the end. And if not, we'll submit responses in the portal, as well written responses. So just on to products briefly before we wrap up. So in May '21, which was the last fundraise we did, we raised that for a number of reasons. Primarily was to expand further globally, invest a bit more into the U.S., expand the business into Canada, ANZ, but also a big part of it was to raise capital to invest further into growing our engineering and product function within the business. And we've been doing that. I mean we made a fairly cautious start to it because we think that's what investors wanted following the raise in 2021, but we've been moving that forward. And we're getting very close, and coming up to the end of H1 in FY '24, to actually releasing some of this stuff to general availability. So it's just a bit of a reminder in terms of where we're coming from and going to. So the investment in engineering and product was very much timed to align with the execution, successful execution, we've had against our strategy. So as I indicated earlier, our 3 key strategic pillars of cloud, access to global market and channel partners, we've done very well there, in my view. And as such, we've got very strong market position in our space globally. And we've got a global cloud platform that's seriously reliable that we can now iterate upon. We can build new products, new services onto that, with a view to trying to drive that out into the existing customer base for upselling and cross-selling opportunities but also to enhance our opportunity both in terms of new business and also longer term looking to grow our addressable market by entering new areas as well. And one area we've talked about a lot is payments, so today we're very focused on security and compliance, but really security and compliance is becoming table stakes of what we do. And we're driving the value proposition more towards customers generating more revenue. Controlling [ your costs, their costs ] is becoming much more relevant today. And we're bringing a lot of the really interesting digital payment methods that we've seen across e-commerce environments to the sophisticated omnichannel communications environment as it is today. I appreciate this is not the most exciting update on product for investors to see. We are not quite ready to go out to market yet with snapshots of what these things actually look like, though we do have the majority of this in minimum viable product stage, which is MVP stage. We have new customers that have been signed to these, but we're running it through a very proper product management process, which is a business we now aim to do with a strong product function within the business. But the sorts of things that are going to be coming to market literally in the coming months and across FY '24 are a completely new look and feel to the user interface both from a consumer perspective but also in terms of agents as well. Included in that as well, a new reporting interface and data analytics as well. We're bringing digital wallets to all of our current offerings that we have today. So not just able to take credit and debit cards but also incorporating [ all the ] digital wallets, the main ones, that are out there, Apple Pay, Google Pay, et cetera. We've got embedded integrations with "buy now, pay later" vendors. So buy now, pay later being the likes of Klarna, or Affirm in the United States. And I say embedded because these are really tight-knit, repeatable integrations that we've got. We've been able to deliver services for these things for a number of years, but they would require custom projects. What we're looking for is high repeatability of these sorts of services that we're delivering so that, in the long term, we can scale quickly. And we can have these things live and running for customers in a very short period of time more typical with what you'd associate with a true SaaS offering. And then we've also got the new fast start payment processing option in place for small to medium-sized businesses, a partnership that we've put in place with Stripe. And we have signed our first customers to that as well, so we're actually getting a piece of the payment as it goes through. So one of the aims we have for this year, and certainly it's a personal goal of mine, is that by the end of FY '24, we would have rolled out and have our top 5 partners today live with these new product features and this new offering. So that's really only 6.5 months away -- sorry, 7.5 months away, but we'll try and get it done in 6 months if we can. So we really will have a very new look and feel to our products in the next 6 to 9 months time. And that's really exciting to be part of, and our team has done exceptionally well to do that. On the right-hand side of that slide there, you can see as well that we've mentioned, and we did start to talk to investors about this, we're developing our own artificial intelligence capabilities through our road map. These are more likely to come at the back end of FY '24, through into FY '25. We -- everything we build today is really focused on driving more availability of the data so that we can therefore, off the back of that, analyze that data; and we can do intelligent things with it. So particularly around customer experience and the touch points with payments as that's going through; gaining more insight so that we can in an automated fashion go back to our customers and give them recommendations on how to increase revenue, reduce costs, reduce handling time within contact centers and these sorts of things; and be doing that in a completely automated and intelligent fashion. So a lot of momentum being built up in the background here, but it's all off the back of the additional investment that we made following the fundraise in May '21. It's all as planned. Just wrapping off, before questions, on the outlook. So we're expecting to accelerate revenue growth slightly in FY '24, to 28% to 30% revenue growth. We're expecting this year, as we've said, to be our first full year of cash flow positive; to be our first group -- profitable at group level, so adjusted PBT level; and expect to be -- well, we might be EBITDA profitable at the half year. We'll see. It depends. We've got a few things to fit into that, but yes, full group profitability at the full year is what we're aiming for. I've talked about the top 5 partners and the new product launches that are going to be coming. And of course, when they do get launched, we're probably pushing out some financial PR around that as well through perhaps RNS Reach. We've got the U.K. form-of-order hearing for the patent case. We're looking forward to that. And we'll let the U.S. bit just run on, having done a lot of the heavy listing now and very confident in our position there. In terms of sales highlights, I mentioned earlier about Zoom. So that's happened since the year-end, so that's excellent. And we're really advanced in that, by the way, so we're already working pipeline with them. And that's expected to be fully live at product stage in just January, so 1.5 months time. So good momentum in the U.S. for new business; and high engagement levels from our partners, particularly around our new products that's coming through. So I think that wraps up the main slide deck, so we'll get to some questions.

Yes, [ quite a lot of them ].

There is quite a lot, so I, we -- and some of these were submitted in advance as well. So we won't be able to cover all of these, though we do have a fair amount of time. So I'm going to try and group some of these together as well.

So perhaps we'll cover the patent question, first, of which there's been a few. So I'll try and take these all together. So given the victory in the U.K., do we think there's a material risk from the U.S. side of the case? And also can we talk a bit about timing of the U.S. side as well, when we expect to get to trial in the U.S.? So answering both of those: I mean confidence is high, our approach validated. And the U.S. case is very similar, so there's absolutely no reason -- for that confidence of ours to flow into the U.S. case. We've learned a lot through the U.K. case result. There's more to go out in the U.S. as well. We do intend to validate these patents given where we've got to with this, so not only prove that we don't infringe but invalidate them as well. I mean, as you can imagine, as directors of a publicly listed company, albeit a fairly small one, we've been very thorough in preparing for trial. So even though we've been confident, we're prepared for every potential outcome and have a way forward with any of those. So we continue to have those plans if we need them. We don't think we'll need to make any changes to our solution. We don't think we'll need to take a license in the U.S., but we are prepared for those things if we absolutely need it. So in terms of material risk, we believe it's substantially reduced and think it's highly unlikely that anything that happens in the U.S. is going to prevent this business continuing the momentum that we expect it to. In terms of timing, I think we're expecting the U.S. trial to probably not be until maybe autumn next year, perhaps summer if we're lucky. We do want these things to happen as soon as possible. Another question was can the other side appeal in the U.K. And if so, what's the time line? My understanding is that the time line is they have 21 days following the form-of-order hearing. So form-of-order hearing is mid-December, so that will be January. And then I believe that an appeal hearing is probably going to be 6 to 9 months from that point. And preempting another question which has come at us from other investors: Yes, when we win the appeal, we would expect to get the majority of our appeal costs back as well as other costs that we're seeking in the form-of-order hearing. A couple of individual questions I'll take. I don't think there's many here for you actually, William, I'm afraid.

No, no...