Tyro Payments Limited (TYR.AX) Earnings Call Transcript & Summary

Thank you for standing by, and welcome to the Tyro Payments Limited FY '25 results. [Operator Instructions] I would now like to hand the conference over to Mr. Martyn Adlam, Head of Investor Relations. Please go ahead.

Thank you, Drew. Good morning, and thank you for joining today's call. My name is Martyn Adlam, our Head of Investor Relations for Tyro. I would like to acknowledge that I'm hosting this meeting in Sydney on the land of the traditional owners, the Gadigal people. I pay my respects to Elders past, present and emerging. This morning, we released our results for the 2025 financial year. All the documents included in today's presentation have been released through the ASX and are available on our Investor Centre. This call is being recorded and transcribed and a replay will be available at Investor Centre shortly. On today's call, you will hear from Jon Davey, CEO and Managing Director; and from Emma Burke, our Chief Financial Officer. There will be time available for Q&A at the end of the presentation. I would now like to turn the call over to Jon and ask the audience to turn to Slide 7.

Good morning, and thank you to everyone for joining our call. My name is Jon Davey, and it's my pleasure to share our FY '25 results with you. On today's call, Emma and I will provide an update on how we've performed over the 12 months. And we will share why strategic initiatives we prioritized give us confidence to the future. Our results can be summarized across 3 key themes. First, in FY '25, we have laid the foundations for future growth. The delivery of our strategic initiatives has accelerated and there is good momentum in both payment and banking as we head into the new financial year. Second, we've delivered top line growth and margin expansion in line with our FY '25 guidance, and we've continued to drive financial discipline in the business. And third, we are well positioned to continue delivering profitable growth, facilitated by entry into new verticals with a large addressable market and high barriers to entry and an improving economic outlook. Before we get into the details, as noted, we have delivered against our financial guidance for the year, with gross profit of $220.1 million and an EBITDA margin of 28%. I will share details about our FY '26 guidance towards the end of today's presentation. Ahead of talking to FY '25 results, I want to share a snapshot of how the business performed -- our business performance has improved over the 3 years since we became profitable. Our financial position today and moving into the future is fundamentally different with this change driven by a clear strategic focus and greater financial and operational discipline. At the top line, gross profit has grown by a compound annual rate of 14%. At the same time, our total expenses have increased by a significantly lower rate at just 3.7%. As a result, our FY '25 EBITDA of $61.6 million has a 3-year CAGR of almost 80%. We've seen an increase in our EBITDA margin from just 7.2% to 28%. And from this improvement in our operating performance, we've moved from a loss of $16.1 million to a $17.7 million profit in FY '25. If we also reflect on the economic environment during this time, it's been crucial that we reshaped the business to become more resilient. Our significantly improved operating efficiency has enabled us to perform and put this date for when economic headwinds received as we would expect most of that top line value to drop through to EBITDA. Moving now to look closely at FY '25 and recent performance. We're encouraged by trends in payment volumes. Specifically, if we look at Tyro Core volumes in FY '25, there was no clear trend in transaction value growth for much of the year. This was driven by softer consumer spending, elevated levels of business closure and ongoing competition in the more discretionary verticals of our portfolio. In Q4, however, Tyro Core volume improved quite meaningfully growing at 5.3% compared with Q4 last year. And in the first 7 weeks of FY '26, Tyro Core volume growth is tracking even higher. Supporting this recent improvement has been the increase we have seen in front book volumes, a measure we use to track first month TTV for different cohorts of merchants. In FY '25, new Tyro merchants processed 19% more than merchants that joined in FY '24. Within hospitality and retail, this was even higher at close to 30%. We've also seen stronger results in banking. At the half year, we saw the front book attach rates for banking reached close to 25%. In the second half, this has been over 30%, leading to a significant increase in active accounts, which have grown by 43% to almost 11,000. In lending, originations were 15% higher to $157.3 million. This reflects stronger penetration across the larger group of merchants and improvements in the customer experience, which has led to higher conversion of applications. Demonstrating once again improved performance in the back end of the year, whilst loan originations were up 15% for the year, originations in Q4 were almost 30% higher than in the same period last year. We've spoken in the past about how banking merchants make a much greater gross profit contribution, with merchants using our cash flow product having 3x higher gross profit contribution. Our FY '25 results have been strengthened by an additional 4,000 merchants who not only benefit from an integrated payments and banking offering but from whom we will see significantly better economics. Over the next slides, I would like to highlight some important changes we've prioritized to make payments, the easiest part of doing business. A core part of our solution is the payment terminal. Customer research continually highlights to us how important it is to have a fast, reliable terminal with sophisticated POS integrations. Our latest fleet includes the Tyro Pro Touch, which we've been rolling out over the last 18 months and the more recently released Tyro Pro Key, which includes the best features of the touch with the additional convenience in the physical keypad. This is particularly important for many customers, including our health merchants, where there is strong demand for devices that are highly accessible and as consumers with disabilities. Tyro has long been known for leading the market with the number and breadth of our point-of-sale software integrations. 2 years ago, we led the market with these integrations, delivering real productivity benefits to merchants by removing double keying on both the POS and the terminal. We're also first to use these partners sales distribution channel. Today, our integrations are across all our industry verticals and customer segments. And this year, we added 34 new POS integrations to our network, so there are now more than 450 software and distribution partners integrated with Tyro. We passionately believe that our merchants should be able to take payments anywhere whether that's the countertop, at a restaurant table or in queues. Our embedded payments SDK provides the ability to access Tyro's payment network on a merchant's own device. As form factor preferences change, our SDK provides a simple way to get Tyro Payments into a wide range of nontraditional payment devices. This year, we have completed 9 partner integrations, and we're excited to further expand this capability in FY '26. Another way we are making it easy for merchants to take payments is our payment links feature, which we launched this year. Connected to the same-day single settlement of our card present payments, this allows merchants to send payment requests to customers by SMS or email. The Tyro Health. The 2025 financial year has been another year of strong growth. Total transaction value grew by 15%, Tyro at pacing system growth of 8%. Over the past 3 years, we've invested to build the market-leading proposition, one that can meet the varied needs of doctors, medical specialists, dentists and our light health professionals. We have a majority market share with GPs, but many subverticals mentioned our share is in the low single digits. This highlights the great growth potential. I outlined the scale of the opportunity when we presented our half year results in February, noting that 97% of all our payment volumes in health are through POS machines, but more than 20% of our merchants use us only for online payments and claiming. Our new Tyro Pro Key device unlocks more of the power of an integrated EFTPOS and online solution that will allow us to grow both by cross-selling FPOS payments to our existing customers and to new customers in the various subverticals where we have low market share. With such a fantastic opportunity ahead, we will continue to invest in both product and go-to-market activities. I also want to share with you some examples of larger merchants that have recently rejoined Tyro. As we've improved our product and increased operating efficiency, we are better placed to offer a more compelling solution to larger merchants. On this slide, you can see a few of the large merchants that have joined Tyro this year. The first is El Jannah and the legendary charcoal chicken. This is one of Sydney's most talked about and fastest-growing food brands. The second is Hunter St. Hospitality who operate over 40 venues across Australia including brands such as Rockpool Bar & Grill and Fratelli Fresh. Hunter St. Hospitality have rejoined Tyro after just 2 years with one of our key competitors. The third on this page is Mister Minit. Mister Minit provides shoe repair, engraving and key cutting services at hundreds of locations across the country. Adding big names like these and seeing the growth in front book volumes that I spoke about earlier is a strong validation of both our strategy and the way we are executing. And so far, I've only spoken about what we've been doing in our existing markets. As you know, we've been focused on growing our addressable market. And in FY '25, we made huge progress by setting up our business to grow into new verticals. Much of this will be familiar to you as we've shared updates through the year. Over the past 12 months, we've been investing in the development of capabilities that allow us to provide specialist payment solutions into the pet insurance, aged care and unintended device verticals. To do this, we are leveraging capabilities of unique to Tyro and working with important industry partners. We've also been doing work that positions us to enter the automotive industry. And we've already started a sizable pan in the automotive sales and service vertical, who we believe will provide a gateway into the wider ecosystem of automotive merchants. Overall, we estimate that by targeting these industries where we currently have no share, we've expanded our addressable market by over $40 billion. It has taken a lot of work to get to this point, but it's exciting to head into FY '26 with good momentum in core payment volumes and great foundations for growth in new verticals. Earlier, I highlighted numbers that showcase strong uptake of our banking products and spoke to our confidence in building upon this momentum in FY '26. I am very excited to announce that yesterday, we launched our new banking platform with partner Constantinople. Launching a new core banking platform in 9 months is a fantastic effort and their teams have put in a huge amount of work to get us to this point. The new products are far superior to anything we've had before and provides a functionality that truly differentiates us and will help our integrated payments and banking solution winning market. The solution is currently available to a select group as we test it in a live environment. But this will be fully available to all new Tyro merchants in the coming weeks. I'm confident this will be the catalyst to drive adoption rates well above 50% and for banking to represent the total gross profit, targets that we continue to strive for internally. Before I hand over to Emma, I want to share how we're leveraging the power of AI. There are 3 broad pillars against which we think about AI. The first is productivity, which includes process automation and data-driven decision making. We're already seeing productivity benefits by not needing to backfill roles in some teams when we had employee attrition. The second pillar is centered around service. As we build out our support model, our merchants will have access to 24/7 support on any device with predictive service and faster time to resolution. We're now using AI tools across some of our customer support teams, and we have seen good improvements. In our contact center, we've rolled out core wrap-up bots, and we're leveraging Salesforce AI tools to better inform our agents. These changes have led to a 10% reduction in average call duration and higher customer satisfaction. The Tyro Health Online, 45% of queries are now being handled entirely by AI. This has led to a 50% reduction in average time to close a customer chat and an increase in customer satisfaction. The third pillar is product innovation. And we believe AI will allow our teams to take product innovation to a new level. We're already seeing faster testing and development cycles, and we believe this is translating to shorter time to ship product features. Our engineering teams have embraced the AI opportunity and currently 75,000 lines of code are being generated or modified by an AI code editor weekly. From a product perspective, we see fantastic opportunity to leverage the massive amounts of data that we have to better support merchants. And we believe we can do this by offering agentic products and personalized offerings. Product innovation and the use of AI will be key to helping improve sales, retention and ultimately, customer lifetime value. Tyro's roots are in innovation and disruption and I've been pleased with the enthusiasm our teams have shown in adopting tools and pushing the boundaries. We look forward to sharing more examples of how we are leveraging AI over the coming months and years. With that, I will now hand over to Emma, who will talk through our financial performance.

Thank you, 2John, and good morning to everybody joining the call. Jon has taken you through the key themes through our FY '25 results. I will spend some time talking to the financials. FY '25 has been focused on delivering profitable growth in a fairly challenging environment whilst also improving our operating performance. You can see on Slide 23 that we delivered gross profit of $220.1 million, equivalent to 4.4% annual growth and an EBITDA margin of 28%. Both these results were in line with the guidance we set this time last year and contributed $61.6 million of EBITDA and $19.6 million of free cash flow. Diving into the payments contribution towards our performance for the year. We saw gross profit in payments increasing by 4.4%. This was supported by the benefits of our gross margin from the pricing transformation activity that we completed last year, which cycled through the margin in FY '25. Our net math reached 38.9 basis points in half 2, up from 37.1% in half 2 last year and from 37.6% in half 1 this year. Our pricing transformation is now largely complete, and any future changes will be more BAU in nature aside from potential changes that come out of the RBA proposals. Turning to volumes. It's been encouraging to see how performance has progressed over the year. For the full year, we processed $43 billion of TTV, which is 0.2% higher than last year. Within this, Tyro Core increased by 1.7%, supported by another year of strong growth in Health, which grew at 15% and reached almost $7.5 billion in TTV for the year. In our larger, more discretionary verticals of Hospitality and Retail, Volumes were down 2.1% and 0.2%, respectively, for the year as we saw ongoing softness in household consumer spending and elevated business closures. In fact, in the last year in Australia, almost 1 in 10 of all food and beverage businesses closed down. We are hoping for improvements in this space in FY '26 and a return to more normalized levels. So whilst our discretionary TTV was down for the year, Hospitality and Retail both delivered positive growth in half 2, and we saw encouraging signs exiting the year. On the next slide, the chart shows growth in volumes for the month compared with the same month in FY '24. You will see that for most of FY '25, it was quite inconsistent, and we had several months of negative growth. For Q4 marked a turnaround and volumes for Tyro Core were up 5.3%, a growth rate we haven't seen for some time. Encouragingly, growth in July and August have been solid too, and we're seeing stronger trading across our core verticals. Linked to these half 2 improvements is what we're seeing in TTV churn. Over the past couple of years, this has been much higher than our historical norm. As I called out, business closures have increased, and that's one of the biggest drivers of churn. We also had one-off impacts to churn in FY '25 driven by Lightspeed, which is now washing through our metric. And looking forward to the FY '26 year, the early signs in July and August have been positive, and we're optimistic about an improvement in trading conditions for SMEs. There are likely to still be some challenges across the macro in FY '26, but a combination of continued strength in health improving trends in discretionary and the launch of new subverticals, we are optimistic that FY '26 should deliver a material improvement in performance for payments. Moving now to banking. Like Jon, I'm excited about the launch of the new banking platform. I've seen the app in action, and I think it is great. In FY '25, banking gross profit increased by 6.7%, and this was driven by 2 main things: Firstly, our deposit costs reduced substantially in the year, which reflects the transition away from more expensive wholesale deposits for only deposits from our merchants. This supported an overall improvement in the net return on deposits to 2.7%. Deposit balances also closed the year 5% higher at $93.4 million. Secondly, was an increase in gross profit from lending, which predominantly reflected an overall better credit quality, leading to a fair value gain in the year. The 15% increase in loan originations was predominantly in the second half, so it's had less of an impact on gross profit this year. As Jon mentioned earlier, Q4 saw a 30% growth in origination and the benefits will flow into FY '26. The net return on loans, excluding the fair value gain was 20.9%, and we controlled lending losses despite a more challenging environment. As a result, the overall net return on banking increased to 11%, up from 8.3% last year. On Slide 27, you will see how we've continued to make strong progress in improving our operating efficiency with the ratio of operating expenses before lending and non-lending losses over gross profit reducing to 69%. This contributed to our operating jaws widening and more gross profit dropping through to EBITDA. There have been some areas of our cost base where inflation has been high, particularly across some of the major business software platforms. But overall, we've been able to stay focused on expenses this year. We're pleased that we were able to achieve a good balance of hitting our EBITDA guidance while also investing appropriately to deliver the strategic initiatives that Jon talked about. As we explore emerging technologies and stay focused on where we have a right to win,, our expectation is that we can deliver continued improvement in efficiency without compromising our product strategy and tech requirements. Tying all of this together, we're pleased that we exited FY '25 and having delivered guidance on gross profit and EBITDA margin and there are positive signs for FY '26. Below EBITDA, FY '24 and '25 were quite different at a statutory level. As you will recall, last year, we benefited from some one-off items, which included a $9 million legal settlement. That meant that statutory PBT last year was artificially high at $22.4 million. This year, our statutory PBT was $17.8 million, equivalent to an EPS of $0.0339 per share. Free Cash flow was the same and benefited from one-offs last year. This year, we generated $19.6 million of free cash flow, which will contribute to an already healthy balance sheet, as I will now talk through. Given the strength of our balance sheet, investors and analysts have been asking us recently to clarify how much of the cash and financial investments on our balance sheet are [ ROI ]. On Slide 29, we've set out a table that simplifies how to think about this. Essentially, we have cash at the central bank and financial investments such as investment-grade corporate bonds. We then have a net position with the schemes sometimes are payable and sometimes a receivable. In June '25, this was a net payable to merchants. And then we have our banking products. And the net of the deposits less the loans outstanding is what is owed to merchants in respective banking. At June, that was $44.3 million. We also have guarantees that we hold off balance sheet, which we can use as operating funds. What's left after adjusting for customer banking in the net scheme position is $137.8 million. The final consideration is that we have a portion of restricted capital and liquidity to ensure we meet our capital requirements. While we aren't able to share exactly what level of capital is restricted, we currently have a capital ratio of 84%, which is multiples above the requirements. So what does that mean? Ultimately, our balance sheet is solid, and we have significant surplus funds to deploy to accelerate our strategic delivery. As we've previously explained, we will consider using these funds for internal capital investment in the business, inorganic growth opportunities and returning to our shareholders where it makes sense to do so. With that, I will now hand back to Jon.

Thank you, Emma. I would like to finish by summarizing why we are well positioned to deliver strong outcomes to shareholders. First, we are clear on our strength, and we'll continue to leverage these to our benefit. Our scalable proprietary tech stack gives us the flexibility to launch new services and enter new verticals. Our industry and segment-focused partners provide market-leading customer experiences and a highly effective sales distribution channel, and our integrated payments and banking solution provides the market-leading integrated payments and cash flow management solutions. Second, we've spent a lot of time aligning our product and tech investment with our strategic goals. In FY '26, we will double down on our omnichannel offering, hardware agnostic solutions. We will prioritize merchants in new and existing verticals in our traditional SME heartland, but also larger merchants who need both card-present and eCommerce payment solutions. And we will prioritize the development of genic payment and banking experiences to significantly uplift customer experience and productivity. By driving greater adoption of banking, our overall customer economics will improve. And by continuing to drive operating efficiency, we will deliver greater profitability. Within the business, we continue to set targets consistent with the Rule of 40 principle that we introduced last year. If we deliver our strategic priorities and our medium-term banking plan, we expect that we'll be operating some way ahead of 40% in the medium term. With greater clarity on the RBA proposal for payments and surcharging and the benefits coming through from an improvement in the macro environment, we have great confidence in the quality of earnings we can produce over the medium term. Turning finally to our expectations for FY '26. The 2025 financial year saw soft consumer spending and business closures that have been unusually elevated. Encouragingly, however, payment and lending trends exiting FY '25 and entering FY '26 been promising. We remain cautious but we believe that we can grow gross profit at a faster rate in FY '26 than we did in FY '25. Just how fast it grows will depend on several things, but we believe that the target of between $230 million and $240 million of normalized gross profit is achievable based on what we know today. Further, reflecting the ongoing work to improve operating efficiency coupled with the high drop-through of gross profit that comes with receding macro headwinds, we believe that we can deliver an EBITDA margin of between 28.5% and 30%. We believe this range captures some of the risk of continued softness in the macro environment but also some of the upside potential from a bounce back in consumer spending, demand for credit and the benefits coming from our growth initiatives. So to summarize, FY '25 is about delivering the foundation for future growth, and we've seen good momentum into FY '26 across both payments and banking. We achieved top line growth and EBITDA margin expansion in line with our guidance, and we continue to embed greater financial discipline in the business. We believe Tyro is well positioned to deliver profitable growth, and we're excited about the opportunities in the new year. That concludes our presentation. I'd now like to open the call to Q&A.

[Operator Instructions] Your first question comes from Owen Humphries and Canaccord.

Well done. Good results guidance. Just to confirm here, the $230 million to $240 million you're talking about, that's largely volume growth. There's no pricing initiatives through this year to achieve that GP growth.

That's correct. As I spoke to, the pricing transformation is complete. And so any pricing that we see now will just be more BAU before we have the changes from the RBA.

Good one. And just that customer origination growth of 30%. That's for the final quarter. Is that right? Is that right one?

So the customer origination growth of 30% in the Hospitality and Retail. No, that was across the full year.

Got you. Okay. Do you have the, for the last quarter, the last 6 months maybe is that accelerated?

We don't have that with us in. We can, it will obviously be higher because it averages out at 30% across the year, but we can have a look at that number, and we'll see if we can bring that into one of the meetings we have.

Good one. And thanks for the transparency around your available liquidity. I get asked that a lot. Part of those initiatives include inorganic opportunities. Can you just talk through in the last maybe 6 months, how many you've investigated, how active you are in that process, what you believe the correct strategic fit would be for your business?

Yes. I mean, Owen, this is an area that we continue to really focus on. Obviously, the SmartPay transaction was one that was disclosed. And obviously, we're quite open about that. When we sort of think about the opportunities, we think about them in sort of 4 key areas: number one, those that will give us scale. Secondly, those that will provide us bit like Medipass has done in terms of our health business in driving growth. So you provide new payment type capabilities. Third area we think about is software in the fourth as we think about is banking. I'd say that's fair to say that over the last half we've looked at several opportunities. And it's [indiscernible], probably across those, that range of opportunities. So I would say, are pretty small, which would give us an immediate sort of capability, a new capability, some of which are some of long-larger, but we're pretty focused. We see some great opportunities there. So it's just making sure we get the right one at the right price.

Yes, for sure. I know it's early days. Just on the new banking platform that's launched in the last couple of days, but you said before, you're doing some trials with some customers. Maybe can you give an indication of some of the economics you're seeing now that this trial has been going on for some time around the breadth of products available and the gross profit uplift that you're seeing when they migrate to that platform?

Well, I mean I think, Owen, if you think about the economics associated with the new platform are really no different to what we see in terms of gross profit contribution, et cetera, from our back book customers. What we've done at the moment is we've launched it, we've got a pilot underway for our new transaction account and debit card as well as our term deposit product. That will be launched to front book customers over the coming weeks. So I'd probably say within sort of the next 3 to 4 weeks, we will have that for front book customers. Our merchant cash flow product be launched before Christmas. So we're probably thinking sort of November time frame. The economics with it are really -- we moved to more of a platform-based fee and more of a variable cost model on our internal costs. So I think that's probably all I can say. Is there anything you'd add to that, Emma?

I think what the other thing is, given we have a better platform now with more functionality, it's likely to lead to high deposits because our merchants will be able to leverage the account for more activity, and therefore, it will make more sense for them to hold funds in there so that they can make payments. They've got the card availability. And so we do believe that we'll roll through it that way. Good one.

And maybe the last one here, just on that guidance, the I mean just the variance in that guidance that is how much is controllable versus noncontrollable i.e., the macro versus some of the new products or verticals you're launching into?

I think from our perspective, we're obviously comfortable with that guidance range over the year. Depending on what happens with macro and the likes is probably more pushing up to the higher end of the range if things continue to perform well over the coming period. Obviously, there's a lot that we're focused on from a product strategy. And so we can't determine what's going to happen from a macro perspective. So we're really just focused on delivering everything within our product strategy continuing to focus on each of those aspects so that we can continue to grow both from a banking perspective and from a payments perspective.

Your next question comes from Jack Daley and Shawn Partners.

I guess just firstly for me, just on health. So you said it grew 15% TTV year-on-year, exactly about 14% year-on-year in the second half. It looks like it's maybe coming back slightly just in terms of year-on-year growth and then also sequential TTV added. Can you make any comment there? And I guess how we should be thinking about the outlook for health moving forward and kind of the growth opportunities you're seeing there?

Yes. I mean, so Jack, thanks for the question. Look, we remain really, really positive about health, it did drop back slightly in the second half. I mean, there's probably 2 things I'd say. Number one would be that the government made some changes to bulk billing, which have increased the level of bulk billing, which has impact on the transaction value that we process. I think probably the other thing I'd say is that we often talk about health as being nondiscretionary there is element of discretion in the health space. But really, we're very comfortable and confident in maintaining growth rates around that mid-teen level. I mentioned the opportunity, the market share that we have in some of the sub-verticals where it's low. We've got some fantastic new products and features that will continue to push and increase our investment from a go-to-market perspective. So there's nothing there that worries us at this stage.

That's great. And then I guess just on kind of the RBI review. It seems like you guys made from a direct perspective, we're quite well positioned, and then obviously, you do a lot of your sales do come through partners. Can you maybe just give a sense of those city bundled kind of software selling or even surcharge selling if there's any kind of early history on how they might be changing that business model and if there's going to be any impact from kind of the partner ad sales?

Jack, I think it's probably too early to sort of comment too much at the moment. Certainly, from our perspective, yes, we do drive a lot of sales through third-party partners. I wouldn't say that those third-party partners are pushing any of the surcharging or sort of no cost EFTPOS type solutions any more than anywhere else we sort of make merchants aware of the capability and then provide that choice as we are required to do by the RBA today. Where we see the opportunity is really based on the fact that we've got the pricing structures in place today that allow us to be able to adapt quickly. And we certainly know that many of our competitors do not have that capability. So I see it less about -- less a question about which channel we're originating the sales through, but more about the way that we manage pricing structures and put those in place to leverage the opportunity.

Sure. And then I guess it's just being, you put out an answer a little bit about potential folks with parties interested in the business. Is there any comment that you can make sales at that?

Look, there's really no more than I can say other than what was in the disclosure on the 30th of August. And as a reminder, we have received unsolicited and nonbinding interest from separate parties regarding the acquisition of Tyro. We have also said that we are very prepared to engage with approaches. But at this stage, the interest we've received is not a level that the Board is considered representative of our value. We will provide further updates as and when we are required to do so that at this stage, we've got nothing to say beyond what was in that announcement.

Got it. And then maybe just last one, just on you said they're coming in FY '26. And maybe just a little bit of sense in terms of the go live and then what do you expect by way of kind of ramp-up in volumes and merchant standing up?