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

Good morning, ladies and gentlemen, and welcome to the PCI Pal results presentation. To start with, if we could cover a couple of housekeeping items. Before we begin, we would like to submit the following poll, which you will see on your screens. [Operator Instructions] The company may not be in a position to answer every question it receives today. However, the company will review all questions submitted and publish responses where appropriate. These will be available via our Investor Meet Company dashboard. Finally, we would like to remind you that this presentation is being recorded. I would now like to hand you over to Chief Executive, James Barham; and Chief Financial Officer, Ryan Murray.

Okay. Many thanks, Tom. Thanks for the intro. Hello, everybody. Good morning, or welcome, wherever you are time zone-wise. Thanks for joining us on a Friday. I know we normally run these things on a Thursday, but we had a packed week and so it's the best time to fit it in. Really pleased to get the results out. Clearly a slightly frustrating situation with the audit. Fully resolved now. I think we've been pretty clear in terms of what the situation was in the announcement that we've put out. So one of the main frustrations for me is that there's no real impact on the underlying business. So I was keen to get out and speak to investors this week. Very positive week with those that we've seen so far, and just really underline how well the business is performing under the surface. Strong run rate, new business, high retention rates, high platform uptime, all the good things about this healthy growing company that we've built. So we're going to have a rattle-through today. I've got Ryan with me as well, our new CFO. So Ryan joined us just 9 days ago now. So we're going to go easy on him on this presentation. So Ryan is going to do a quick piece on some of the financials, but I expect it will be at the interims when you hear a bit more from Ryan. Obviously, when we planned that hire, we had expected to have our results out and actually have our AGM done by now. But he's done a great job meeting some of our investors this week. But a little more from Ryan in a moment once I get through the deck. So in terms of the update, yes, strong sustainable business that we're building in PCI Pal. Quality revenues. We really have a foundation at this point to push on, particularly with the litigation behind us. So I'm completely focused on that and on what the next 3 to 5 years looks like for this business. Revenue growth in the year, up 20% year-on-year. Had it been for the deferred piece of revenue that you've seen in the updates from the audit, that would have been somewhat higher than that. And you do need to pay that into your thinking if you're looking at the market forecast for FY '25. We are carrying a double piece of revenue effectively in FY '25. So it's important to look below the surface there to see the sorts of growth rates we're expecting into the next year. ARR growth, strong at 23%. Again, that one would have been higher than that but for the change in the revenue recognition. And really buoyed by a strong operational performance in the business. So we had a good uplift in the amount of projects that we run, getting through to revenue recognition, and really good health, so I'll talk about customer retention in a moment. On to bullet point 4 there, the TACV. So this is the key future indicator of recurring revenue for PCI Pal. It generally maps forward about 12 months for recurring revenue. So finished the year at 19.2%, that's up 17% -- sorry, GBP 19.2 million, up 17%. We're happy with that. I very much believe, and I've been talking to investors this week that we can consistently grow that TACV over the next 3 years by sort of 18% to 20% region forecast, I think for next FY '25 is 18%. But we certainly think we can achieve that. And I kind of see that as the baseline actually for this business. That's what we can do from the current plan. But we're going to be thinking about how we can push harder, and we can grow this business quicker, but to do so from a profitable base. And that's very much something that I'm very focused on at the moment. Contributing to TACV was the ACV that we signed in the year. So we do report very clearly on the amount of new business licenses that we signed in the year. We know that investors like seeing that, GBP 3.8 million. Now actually, it's the only metric that's down year-on-year. So it's down 9% to 10% in the period. Slightly unusual year to a degree because we ended the year feeling very buoyant on the sales side of the business. And the reason for that is because the damage on the ACV number was really done in our Q1. So we had a particularly quiet Q1. But since then, I've had 4 straight quarters either at budget or ahead of budget. And so from a new business sales perspective, as a CEO, doing what we do, that's incredibly encouraging. We're hitting our sales forecast quarter-to-quarter across a 4-quarter basis. And when I say 4 quarters, I'm including Q1 of FY '25 into that as well. So the run rate business was particularly strong in FY '24. So in FY '23, the number was kind of buoyed by a 1 or 2 particularly large deals, whereas FY '24 wasn't like that. And those that know us will know that I talk about accessing the breadth of the contact center market. It is the small to mid-market end that is the vast majority of the contact center space. We can sign enterprise customers. We've proved that. We've got a very strong enterprise customer base and very high retention there, but it's that run rate that is really going to underpin the growth of the business going forward. So we had a stronger run rate business across FY '24 than we've ever had, and that is testament to the partner ecosystem that we have built and continue to build on, and more on that in a moment. So yes, I'm pleased with the sales momentum that we're seeing in the business. Looking at some of the other metrics that are key to our operations. Customer satisfaction is high, customer retention is high at 97%. Churn in the business is just over 2.5%. That's just fantastic. So that's testament to the effort of our entire organization, but we're very pleased with how the customer success team is operating since we invested in that 2 years ago. And that's certainly contributing to that high customer retention that we have there. And that does contribute to the health of the revenue that I mentioned earlier. It's healthy revenues that we see. NRR at 102% was in line with where we expected it to be. We expected it to be north of 100%. We're going to hover around that level for the time being. I've spoken to investors about this before, NRR is no doubt where this business has an opportunity. When you've got retention rates like we have, we have more opportunity to do more business with our existing customers. And that's even more valuable revenue when you can grow it through your existing customer base. So again, that's something that we're looking at very closely. You know that we've been evolving our product set over the last couple of years with more investment into product and engineering. And so we will start to see some of these add-ons and features that we're able to sell on to our existing customers. But longer term, we're looking at how can we really move the needle on NRR, get that tracking up, not 105%, not 110%, but more than that. And that's something I'm -- another thing that I'm super focused on with all this time I've got back post patent case. And yes, the patent case is resolved. So long since forgotten actually, to a degree. But very pleased to have got that settled at the end of the year. More pleased to have been very successful in the U.K. courts, won our case, won our counter claims, invalidating our competitors' important patents, but then completely sensible in our view that we've got a settlement that has not disrupted the business. And so we move on from there. So yes, a big distraction for the last 3 years and a big cost impact. So we now have a lot of mind space back, which is excellent and very focused on growing this business. We've been doing Investor Meet Company presentations for a long time now. We are evolving the way we talk about this business a bit, but I'm not going to go into too much detail on the background. If you want more of that, you can watch some of the previous presentations. We're all about enabling businesses to have secure and frictionless payments in their business. And we do that across all business communications channels. So that is our market. And particularly, that involves a very strong partner ecosystem that we have, incorporating some of the global leaders in the business communications space, particularly -- sorry to use acronyms, but CCaaS, UCaaS and CPaaS vendors. These are contact center as a service, unified communications as a service and communications platform as a service. Basically cloud communications, and it's where it's all at today from a communications perspective. And that is where PCI Pal is particularly strong in our market. I've got a full update on our partner ecosystem shortly. So I'm going to move on from there. We've got some fantastic customers. We've got some great logos. We've got many more logos than the ones you can see there. We don't always have the opportunity to share the logos that we do work with, partly because we work through partners, so it's not directly our customers to necessarily share. But also companies these days are very sensitive to using their branding as well. But we've got lots of very large customers across Europe and North America, as well as the small to mid-market ends that we serve. We've got more than 700 customers today. We're signing new customers at a rate of more than 200 a year, and certainly leading our market in terms of net new logos that we're bringing on. So just more evidence of the momentum that we're building in this business. Just on to our products in terms of what we do, and this has been evolving a little bit over the last few years. Looking at the sort of center of that graphic there that you can see, we talked about 2 kind of touch points that we see across business communications. And that's agent-assisted and that's automated. So agent-assisted is where you effectively got a human-to-human interaction. Automated is where you've effectively got a human-to-computer or human-to-bot interaction. So traditionally, that would have been more the IVR type interactions, so auto attendant, press 1 for this, press 2 for that, or speech recognition. But more commonly now what we're seeing is conversational AI. So we're seeing bots actually fulfill those interactions with consumers. Well, that's still very much part of our market, be it that it's relatively new into the space. And then kind of sitting underneath these 2 sort of categories that we have are 3 core products. Those 3 core products are Click to Pay, Speak to Pay and Key to Pay. And effectively what we're doing with those offerings is we are facilitating payments across those different channels. So Click to Pay, we're sending out secure digital links that are completely integrated to the communications environment, the desktop environment and any payment service providers that the organization uses. And also with Click to Pay, when the customer clicks on our link, which might be served through a web chat session, it might come through a notification in an app or an SMS link, they will be presented with a PCI Pal payment page. And within that payment page, we can take a credit or a debit card payment, but also we can take any number of other digital payments as well. So it's much more like an e-commerce experience. The consumer will be able to use their Klarna account, for instance, if that retailer that's using us uses Klarna. They'll be able to make an Apple Pay payment or a Google Pay payment, particularly if they're on their mobile phone. So it's a really nice customer experience that they get to go through. And we're seeing more and more uptake in the Click to Pay offering, and we actually lead with Click to Pay as well now because it's much more common. And then more historically, those that know us well, will know the Key to Pay was kind of the traditional solution, which is the DTMF masking, so keypad masking, with a customer typing their card details in rather than speaking them to a call center agent, and PCI Pal intercepts the tones and processes the payment for that organization. We also have a speech recognition version of that solution, which is Speak to Pay. We made a significant enhancement to our speech recognition capabilities at the back end of FY '23. And we've been very successful across FY '24 in both rolling that out to existing speech customers that we had, but also selling it to new customers coming through. And one of the trends we're starting to see is some customers looking to leverage Speak to Pay as the primary over and above Key to Pay in the voice channel, which is quite interesting, but it shows you the sophistication of the speech recognition capability that we have, which is also AI leveraged technology as well within that, that we've partnered with Microsoft on. On the top left there, just to sort of highlight some of the differences from when you've seen us before. Obviously, our core market is contact centers or call centers. And we serve the breadth of the contact center market. We do like to talk about customer-facing teams. We're doing more now where we're servicing employees that are taking payments in environments outside of contact centers. So quite commonly that might be a finance team, for instance, or debt recovery, those sorts of things, but perhaps not in a contact center environment. And so we're working with our partners who have businesses across contact center communications, but also unified communications as well. So we very much aren't just looking at the contact center today. We will deploy our services outside of that. And then on the bottom right-hand side there, we're referencing technology. I've talked about secure digital links, DTMF masking, speech recognition. Conversational AI as well is something you're going to hear a bit more from me in the presentation the impact that is having on the contact center market and, frankly, the opportunity that's presenting to us at PCI Pal. But more to come on that when I get to the partners slide. In terms of the strategy for the group, clearly, it's a lot more detailed than these 3 circles or bubbles on screen right here. But it's very much been and continues to be about being the leader in cloud in our market. We were the first to market with true public cloud offering. We have a single public cloud instance that's fully multi-tenanted. We believe we've got more customers than any of our competitors using our type of solutions across that global cloud platform. I'll give you an update in a moment on how well that platform is performing for us. The public cloud platform gives us the ability to access the breadth of our market globally. What we do is a little bit niche, you could say, but it is a global market. And the standards are very similar globally. The technology is very similar globally. Our partners have businesses globally. And the public cloud platform enables us to actually access the breadth of that environment. And then we use the channel as a sales model to cost-effectively access those customers. So we've got the technology to do it, and then we use channel partners, so big resellers really who we work very closely with, they productize our solutions and then we leverage their businesses to market and sell our products. And that allows us to be much more cost-efficient within the business. So although we're a global business, we're only 130 people. And we're able to do that because of the nature of our technology and our partner ecosystem. So tiny bit more on the technology. So global coverage that we've got. I mean not a huge amount has changed here in terms of where we're located, I might add. And so predominantly as a U.K. headquartered business, majority of our head count is in the U.K. That's because we have engineering and a number of back-office functions here as well as typical sales and marketing. In the U.S., North America, we are much more customer-facing focused in terms of the resources that we have there. So we have sales, marketing, professional services, and a small element of engineering, which is more focused towards customer deployments in North America as well. And then we have a small team out in Australia, in Sydney, which is doing an excellent job. We realized across this year that we've never lost a customer in Australia. So 100% retention of customers across Australia, not just in FY '24, but pretty much forever, which is fantastic. So we're building a profitable little base in Australia, which we plan to use to grow further across the other continents nearby. In terms of the platform itself, the key point here is the stability, maturity and the reliability of the platform that we have, everything is in Amazon Web Services. We can scale the platform very quickly. The orange padlocks on the slide there show you where we have availability zones within Amazon Web Services. We can actually spin up an instance within Amazon Web Services within hours if we choose to. We don't need to grow more than what we have today. And in terms of our reliability stats, they really are very good. And so across FY '24, we had 3 quarters at 100% uptime, which I think is top percentile, we'd call that top percentile, performance. Across the year, it was over 99.999%, so it's over 99.999% uptime. And pleased to tell you that Q1 for FY '25 was another quarter at 100% uptime. So these sorts of foundations in our technology give me so much confidence in being able to build on this in the future. To have that platform there so robust gives us the ability to completely focus on opportunity rather than looking backwards at resolving problems we might have. So it's a really great place for us to find ourselves in. Partner ecosystem. So this is a huge part of our business. We have lived and breathed channel for pretty much since day 1 of starting this journey back in sort of 2016, 2017 time. And it took a bit of time to get going when the majority of our business at those times was still direct. But for the last 3 to 4 years, we have been selling at least 65%, 70% of our business through our partner ecosystem. And in FY '24, 80% of our business came through our partners, 70% the ACV value. That's really good metrics for us to see. I think value-wise, if we do sign direct, they do tend to be slightly larger, so that will proportionately push down the value we get through partners. But we're even seeing an uptick in the amount of enterprise opportunities coming through our pipeline through our partners. Again, I'm not going to go too much into the detail on how we categorize these partners. I've done that before on previous presentations. But we have some fantastic names that not only do we work with, but they resell us. So they sell us on their paper. We are fully productized for those organizations. We have peer-to-peer relationships across product, marketing, customer success, sales. We're building really strong relationships with most of these very large U.S. headquartered organizations. In FY '24, we announced the signing of a new strategic partner for us, which was Zoom, which I'm sure everybody has heard of, although probably more for their video conferencing business and possibly their unified communications business. Zoom are Gartner Magic Quadrant in the U.K. space, leader. Their contact center business is something they are heavily investing in right now. So they are coming in fast as a challenger into the market. And we've had a really good start with them. So we announced in Q4 that we've now got them to full launch. So general availability after the productization across North America and EMEA. There are some other regions globally to come through off the back of that. And then also, we announced we've signed our first customers in the partnership in both the U.K. and the U.S. And we've continued some of that momentum into FY '25 in our Q1 already. So there's a lot more we can do there and they're already proving to be a really, really successful partnership, which aligns very nicely with some of the more established partnerships that you can see there with Genesys, Talkdesk, and 8x8 and those sorts of organizations who we've worked with for a relatively long time. We won tech partner of the year globally for 8x8. Great to see. And yes, I was -- met with their executive team recently, and very pleased with how that relationship is going. So all in all, partner ecosystem is an area of the business that we need to leverage more as we grow. And there is much more opportunity to work deeper and broader with these large partners that we have. And that's one of the key initiatives that we've set ourselves this year within the business. We started investing more into our channel management team. We call it our strategic alliances team, is the terminology we use. And we will continue to invest in that as a priority over the next 3 years. So we're investing in holistic management of those relationships rather than just simply investing in more sales heads. We're all about growing the strength of that relationship, which then will feed healthy pipeline, healthy revenue that is then sustainable into the business. And that's what we're all about, and that's how sophisticated we've become since we first started going down the channel route more than 5 years ago now. Now I'm going to hand over to Ryan for just a brief moment really, just to introduce yourself, Ryan, to the group. But you'll get a lot more opportunity to speak to Ryan at the interims otherwise. And then we'll hand back over to me.

Thank you, James, and good morning, everyone. I'm excited to be joining PCI Pal on its journey. And thank you for joining us today. As James outlined, it's the end of my second week of the business, so I'm getting my feet under the table and beginning to understand what's going on. Therefore, I am happy to present some of the financial highlights for the year ended 2024. So pleased to say that the revenues increased 20% year-on-year. But most importantly, within that, actually, it was the recurring revenues, had seen growth of 24%, which really underscores the growth in the key revenue stream within the business. And flowing on from that, gross margins were -- delivered an increase as well, up to 89% from 88% the year before, which is -- works -- making progress towards our target of ultimately 90% for the business. So with the growing revenues combined with the margins, the business should continue to drive operational gearing, which in turn provides the real opportunity to reinvest in the business to continue to drive the growth and that top line recurring revenue line. If we look at the next slide, James, if you don't mind...

Yes. Sorry, I was [indiscernible] for a moment.

As James mentioned, it's a real global offering, and it's pleasing to see that the revenue growth was experienced across all 3 of the main geographic regions. EMEA, probably the market we're most mature in, still seeing double-digit growth at 13%. And then North America and ANZ, experienced 32% and 82% growth, which really highlights the opportunity in these markets and why it is important for the company to continue to invest and to capitalize on these opportunities. One of the other significant milestones I'd like to highlight for the business this year, despite the challenges that have happened over the last couple of months that you've heard about, it's delivered a positive EBITDA, first time since relaunch. And that's dedication and discipline of the business and delivering on that. And it's demonstrating the operational gearing that it can deliver and we'll continue to deliver and reinvest in the business. I think underlying all of that is actually an ongoing really solid run rate and growth in the run rate of the business. As James outlined earlier on, the small to mid-market contact centers there is the focus of the business. And yes, larger deals will come as they did in 2023, and of course, we will take advantage of them. But if you look at the underlying run rate of the business and the core target customer, this remains really, really strong, which gives us good confidence in the revenues and the future growth. And the revenues following on from that is also the excellent customer retention rates, up from 95% last year to 97% this year, which really highlights the quality of the revenue and the confidence in the revenue. And from that, the business is able to make decisions about investing to ensure we drive growth for the years ahead. Ultimately, yes, it is a people business, and if you see the head count has significantly grown from 2021, from 71 people up to 122. And it's important that we keep investing in the business. But on the people front, we're expecting that to slow down overall going forward as the business is really reaching the operational gearing at level. The patent case, obviously, everybody is pleased to hear that is fully settled and the business is focused on the opportunity ahead. And the business ultimately is now cash generative and cash flow positive, which -- with GBP 4.3 million cash on hand. So all in all, it's a strong balance sheet and a solid position to push forward from. So that's all for me at this time, and thank you very much. I look forward to maybe -- to providing you with more detail the next time that we speak.

Okay. Thanks, Ryan. I was just sort of busily looking through some of the questions that have been coming through for later. So we should have time for some questions at the end. And so just on the product update before we look to wrap out with an outlook. So good momentum here. We've been investing in products and engineering -- well, we certainly did a couple of years ago to grow that team to allow us to develop more features and enhancements to what we're doing. I would say that maintaining the sort of tight-knit integrations that we have with our partner ecosystem in itself requires quite a lot of effort. But that is clearly very critical to the business and also keeps us ahead of the competition as well. So broadly speaking, the engineering team have performed very well across FY '24, and I'm happy with what's been produced. A bit [indiscernible] this slide. I'm afraid, but I'll talk to it rather than reading it out. So new user interface, we've been talking about that for a little while now. So I'm pleased to say that's at full launch now. So new user interface, so that's both for the agent and for the consumer that's using that across any of the channels. So live voice or if it's across web chat session, or a chatbot session, whatever. So a new user interface that customers are using. We're now selling that as part of any direct sales that we're making. And we're currently going through a process to roll that new user interface out to all our key partners. And we expect to have that achieved by the end of this quarter actually, so by the end of H1 FY '25. One of the -- apart from looking nice, one of the other aspects of the new user interface is that it incorporates all the new digital payment features that we've been releasing over time. They have been available within the previous version, but this is a much easier way, particularly for our partners, to incorporate those add-ons, which in turn will create some add-on revenue opportunities for PCI Pal as we go forward. But also it creates much more parity between using PCI Pal's services within the contact center and the features that might be available in an e-commerce on a website, for instance. So that's a good step forward for us. Moving down on to bullet point #2 there. We have -- we've really been, for a long time now, have been trying to drive towards more autonomy for our partners and our customers to actually be able to deploy or gain access to our services themselves without full involvement from PCI Pal. We have a deployment time in this SaaS business that on average is about 5 months. Now with some of the newer integrations that we've got with the likes of Zoom, we're seeing that reducing substantially. But that time to revenue effectively is something we're often looking at -- we look at that as a key internal metric. Now as a business, we have over 100 payment service provider integrations that we maintain, and that in itself carries a lot of value. We have released something we've been working on for quite a while, a new micro services or payment micro services infrastructure for our PSP integrations that we have. And what this effectively means is that, rather than having developers complete the integrations to payment gateways into other payment environments, we've actually created an environment in which we can then have operations-level people actually complete those integrations. So that means that it's much more cost effective for us to do it. It can be done much faster. And then it also means the maintenance of those integrations, because you don't -- they do change over time, is much easier for us as well. So that's quite important from a scaling perspective, but it also means that we are improving and feeding our opportunity within an area of the business that actually does carry quite a lot of value to us. That kind of the fact that we potentially inadvertently kind of aggregate across payment providers is really very, very interesting to us at this point as we look sort of more longer term from a product perspective. But today, operationally, that's a big help for us having a new payment microservice in place. Fair amount of work going on in data infrastructure. I'll talk about that in a moment when I get to the AI section. To bullet point #3 there on the top right. We've launched a new go-to-market model, something we've been working on for a while. And again, this kind of goes back to our desire longer term to put more in the hands of our customers and partners for particularly small to midsize customers to go live with less involvement from PCI Pal. So how can we achieve that? Well, we've got the new user interface that helps in part the new payment micro services. That's another building block to that as well. And the new go-to-market model. So we are now live with this go-to-market model. So we have a standardization process for many small to mid-market opportunities that we're dealing with. And what I mean by standardized is that it's a slightly more rigid structure to the products that they're able to gain access to. Now we tried to do this before, but I would say it wasn't as successful as we wanted it to be, and we got some resistance. The reason we're doing it now, and it appears to be that we're doing it successfully, is because we have built in so many additional features and enhancements that actually the standardized version of our product is pretty much as good as anything out there anyway. So when we're really looking at custom solutions, which we're much more interested in doing for enterprise-size customers, that might be new IP that we're developing or new -- completely new innovation that we're doing, or something that's very bespoke for that enterprise customer. So we're actually at a more mature stage from a product perspective that we've been able to successfully start rolling out this standardized approach, which, again, we think will drive improvements in time to go live, which is the TTGL metric we mentioned. It's the same as time to revenue or time of value, whatever you want to call it. So very pleased with that. And again, that is also being rolled out to those key partners at the same time as the user interface. So by the end of H1 FY '25, that's when we expect to have certainly our top 5 partners rolled out to for that go-to-market model. Then I would expect to see some of the gains coming through in time to go live. And then just finally there on artificial intelligence, so AI. If you haven't already, we spent a fair amount of time really refreshing the market overview section of my CEO report in the accounts. And I'm not necessarily talking to the quality of my writing, but you might be interested in some of the market research reports that are included in there. There's been some very recent work on the impacts of AI on the contact center market today and potentially in the future. And as I've explained already, with conversational AI, we see that very much as an opportunity for us. We're using AI internally for cost efficiencies. We've got a key initiative across FY '25 about single source of truth for our data within the business. So looking to use data to gain better insights, to give our customers better insights, to allow us to build out our own AI product road map as well. So we're talking about there the early stages of a payment bot that we have at the moment in prototype, and that works through both a voice and text basis, and also a payment bot API for conversational AI vendors. So I think I skipped over this in the partner section, but we now have, across FY '24, we've signed 3 conversational AI resellers. And so we really don't mind whether it's a bot or if it's a human on the other end of it. Still needs to take a payment, still doesn't have the integrations to the payment environment, doesn't necessarily have the integrations to the communications environment either. And often enough, they're not PCI-compliant either. So for us, we don't see a substantial risk from AI based on the assessment that we've made. We see opportunity today, though we're looking at it super close. And it's a very important leadership objective for us this year to keep close to it and spot the opportunities and deal with any risks as they come. But product wise, hopefully, I've got the message across that we intend to use what we've built today as a foundation for this business. We don't expect over the next 5 years to just continue doing exactly what we've done for the last 3. We plan to evolve. We will capitalize on the go-to-market strength that we've got and on the platform that we've built, and that's very much in our intention. And keeping with what I've explained to investors for a number of years now when we hit profitability, we will use that profit to reinvest in the business for growth. We believe that's what the majority of our investors want to see, and we believe ultimately that is what is going to drive real value in this business. So just rounding out on the outlook. We feel very positive about the business. I'm very excited about the business right now. It was a pain, the audit process that we went through, but we should be [ wipe the why off ] the back of that process. And we've started this year well. ACV new business is where we wanted it to be for the first quarter. Retention continues to be strong. There's a great vibe in the business. People retention is high. Culture is great. Yes, we're going to have a fun year, we're going to enjoy it, we're going to work really hard. We feel very good about the business right now. So pipeline is growing. Yes, I couldn't feel better about PCI Pal right now, having got some of that stuff behind us from the patent case and such like. So that rounds out the presentation for today. Thank you all for joining us. We will move to some questions. Normally, I use the CFO section, which is shorter than normal to read some of those in advance. So we'll see how we get on with those. But I'm going to dive in to pick some of those.