Tyro Payments Limited (TYR) Earnings Call Transcript & Summary

Well, good afternoon on behalf of my fellow directors and the entire Tyro team. We're really pleased to welcome you to this year's 2021 Annual General Meeting for Tyro. As you may know, my name is David Thodey, and I'm Chair of Tyro Payments Limited. Before we begin today, let me just begin by acknowledging the traditional owners and custodians of the land, sea and waters from where I'm joining you today. And for me, that is the Gadigal people of the Eora nation, but I'd also like to acknowledge the traditional owners and custodians of various lands from where you are all joining this virtual meeting today. And I wish to pay my respect to elders past and present and emerging as well. Well, due to the health and safety impacts of COVID-19 again, we are in -- doing a virtual meeting. And it's the government-mandated lockdowns just have continued, so unfortunately, we really just missed the window here in New South Wales. We had hoped that we might be able to fit in a hybrid meeting, but it was just too difficult to do so, so we are doing a full virtual meeting. Now I know that this virtual meeting format is familiar to some of our shareholders, but I do recognize that that's not the case for everybody, so I'd like to take just a little bit of time at the start of this meeting to take you through the technical aspects of the meeting just to make sure that we all have the same opportunity to be able to ask questions, vote as you would expect or want to do in a physical meeting. I'd also just encourage you now, if you haven't done it, to download the virtual AGM meeting guide from Tyro's website because it has a lot of information in it. Now I'm informed by our company Secretary that, in accordance with the company's constitution, a quorum is present; and I declare the meeting formally open. So let me begin by introducing my fellow nonexecutive directors who are participating in the meeting today. Let me start with Hamish Corlett.

Hi, everyone.

Hi, Hamish. David Fite?

Good [indiscernible].

Thanks, David. And I should quickly say it's David's birthday tomorrow. Fiona Pak-Poy is joining us here.

Hello, everybody.

Hi, Fiona. Paul Rickard? We've lost Paul's voice, but he is there. I promise you. Also joining us today for her first Tyro AGM is Aliza Knox, who's joining us from L.A., of all places. She says that the WiFi coverage is okay over there, but we'll wait and see how it goes. But it's been great to have Tyro -- her on the Board. She joined in April. So welcome, Aliza.

Hi.

It worked. That's great. Okay, well, I'd also like to introduce a member from Tyro's executive team, who I'm sure many of you know: firstly, Robbie, who's our CEO and Managing Director. And he's joining us from Brisbane.

Good afternoon, everybody. Good afternoon.

Yes, hi, Robbie. Prav Pala, our wonderful CFO...

Good afternoon all.

Hi, Prav. You're looking very official there. Prav doesn't always wear a suit. He's pretty good. Jai Amigh, our company Secretary...

Hi, everyone.

Hi, Jai. And I'm pleased to say we're joined online by all of Tyro [indiscernible] leadership team; and Michael Byrne from EY, our auditors, who is joining us. Hi, Michael.

Hi, everyone.

Great. Thanks, Michael. And of course, Michael is available to take any questions from shareholders that you may want to ask our auditors. And of course, the wonderful person who puts everything together for us is Giovanni Rizzo. Giovanni puts together this meeting [ and all the one for ] documentation. So Giovanni, great to have you here. Okay, so let's move on to the agenda. Firstly, I'm going to give you an address as Chair of the company. And then Robbie is going to give a quick view of full year '21 and a little bit of a trading update on full year '22. And then we'll go to the formal part of the meeting. We have 7 resolutions, quite a few, to put to you, our shareholders; and we are very grateful for you being here and participating in that. And of course, we will make time for you to ask questions. I know it's difficult in this format. And I've been involved in a number of virtual AGMs, but look, if there are any questions, we really do welcome them. But also just as equally, if you don't, that's okay. So the first part of [ what I need to do ] is -- the annual report for 2021 was made available to shareholders on the 26th of August in '21, and the notice of meeting we put out on the 1st of October '21. And I'd like to take these documents as read. So they are being lodged. And so let me just run through the voting processes. Now in terms of voting, voting on all the resolutions will be conducted by way of a poll using electronic voting systems provided by our share registry. To obtain a voting card, please go to the bottom of the Tyro AGM web page you're currently on. Under the webcast and presentation, there are 3 boxes, and to register to vote, click on the "get a voting card" button. That's the one to push. If you're an individual or joint shareholder, you will need to register and provide validation by entering your details in the top section of the voting card, which includes your shareholder number, either your SRN or your HIN; and postcode. Usually I key in the wrong postcode. So make sure you have the right postcode. If you're an appointed proxy, please enter the proxy number issued to you by Link Market Services in the proxy details section. Once you have entered your appropriate details, click the submit details and vote button. Once you've resisted, your voting card will appear and will detail the resolutions to be voted on in today's meeting as set out in the notice of meeting. Shareholders and proxies can either submit a full vote or, if you want, a partial vote. So a little bit of administration there, but it is important we get through that. Now in terms of questions, I just want to say only shareholders can ask questions. You'll only be able to ask a question after you've registered to vote, so you've got to do that first. [Operator Instructions] Now for those shareholders who want to ask a verbal question -- and this is a really important part of how we're improving these virtual meetings. And if you want to do that, an audio questions facility is available during this meeting. To use this service, please follow the instructions contained in the virtual meeting online guide. And there's a couple of extra steps in there, but if you do have something you want to ask us, please feel free to do that. And [ we'll get down ] to all the questions received. However, if there are questions on a similar topic, Giovanni will pool them together and we'll try to provide you one response, but we will try to answer every question. If you have trouble at all through the AGM meeting platform, please refer back to the AGM guide, on the Tyro website. And there are some helpline numbers there that you can go to. Now if we do experience the thing you never want to happen, a technical issue that impacts the ability of the meeting to continue, I will talk to Giovanni about the situation and we'll communicate with you further. If it's not possible, we'll get out to you e-mailed instructions and try to get the meeting back going. Okay, that's a bit of a mouthful, but we need to do that just so everyone is sort of at the same level of understanding. We can now turn to the first item of ordinary business, which is the tabling of the group's annual report for the 2021 financial year: as I said, the group's financial report, the directors' report and the auditor's report. These reports were lodged with the ASX and made available to shareholders as of 7th -- 26th of August. As the Corporation Act does not require vote on these reports, they will be tabled but will not be subject to a resolution. So I now table the annual report for the year ended 30th of June 2021, together with the related directors' report and auditor's report. So that one's done, so let me now turn to my presentation, just a few brief comments on the performance over 2021. Well, look, I do want to just talk around the payments industry because it continues to go through significant change. There's a structural shift that we're seeing in the way people pay both here in Australia and internationally. And that is going to continue, we think, for many, many years. Cash as a means of payment, well, it's going to continue to decrease with customers preferring contact-free payments or what we now term sort of frictionless payments as the current term. And eCommerce payments is a critical part of that, and now QR code-based payments. These changes are really driving, I think, some really exciting and innovative products in the whole payments areas. And some of these are around digital enablement of small and medium businesses who, as you know, have not always had access to the digital capability. And then when you add to that the ability with eCommerce and these new cloud-based technologies, it's really enabling small businesses to operate in fundamentally different ways. And I understand that cloud penetration in small and medium businesses is at most just in the 20-odd percent, so we've got enormous opportunity. We're also seeing the advent of blockchain manifest through cryptocurrencies, and this is going to be a really important part of the future. We've also got the rollout of open banking, which is giving customers the ability to share their banking data with third parties and will also allow customers to choose better-suited banking products and switch their products between banks more easily. We think these are enormous opportunities. And these innovations will provide opportunities to accredited participants who really may not have been able to participate before. So Tyro is really strongly placed to support our merchants in response to these industry changes; and we have some great, industry-leading product offerings. And as we look to the future and the strategy that we're embarking on, we are excited. These industry changes have and will continue to be a positive catalyst for growth at Tyro, and it's for that reason that Tyro will continue to invest in the growth runway that we think is available to us. So '21 was a pretty full year. And we really were focused on 3 key strategic initiatives: firstly, the completion of the Bendigo Bank Alliance, which I'm very pleased to say the team did a great job and that has all happened very smoothly. We completed the acquisition of the health fintech Medipass, which has restrengthened our presence in the health sector. And we're continuing to focus on eCommerce solutions. And of course, we have that very strong partnership with me&u, and we think that's really starting to yield some real benefits as we go forward. Now Robbie is going to take you through more of the details of these achievements after I finish, but as I mentioned, full year '21 also presented us with some really big challenges, in fact probably the biggest challenges we've had in our history, with COVID-19 continuing to be a significant challenge right across our community or across all our customers and also for our staff. With the rollout of vaccines in Australia and globally starting to offer hope that businesses can return to at least some degree of normality, many of our merchants are just starting to come out of this period but are still severely impacted. I do want to stress, I think, for anybody who's been involved in anything to do with COVID, and I've seen it from CSIRO's perspective, I'm afraid coexistence is going to be absolutely essential going forward because we don't know just where different virulent strains may come from. And until the world is completely vaccinated, it is just an unknown for us all. So there are still limitations placed on a number of things, international travel, for example, though it's great to see New South Wales opening up. We've still got state-based lockdowns. At least we're starting to see that freeing up a bit. And that's been limiting just the number of customers that can really sort of come back on [ full line ]. However, if you've ever seen the results, and Robbie mentioned this, we did see just last week some good transaction growth. And also as we did in the year '20 and we really focused again on in '21, we really do remain committed to doing all that we possibly can do to support our merchants and our teams through this challenging period both in offering a range of financial and well-being support packages to our merchants that we've done, but we're also ensuring we continue to provide critical payments and banking services to that 58,000-odd merchants. But the second thing that happened in '21 that really challenged us was the terminal connectivity issue which was experienced by our merchants in January 1, 2021. I remember the day intimately. In response to this event, we have spent a lot of time as a Board and with Robbie and the management team looking at how to remediate the impact we had, also to financially support our merchants in a fast and straightforward way and to make -- if they did want to make a claim and if they had suffered financial loss. So we've been hard at work here. This make-good process continues to be available now and to any merchant who's been financially impacted. And we would encourage anyone, if you want to talk to us, please do talk to us. Tyro remains really fully committed to this approach notwithstanding the representative proceedings that were filed in the federal court 2 weeks ago, which was not a surprise to us. We knew it was coming. Robbie is going to provide a bit more detailed analysis on this issue together with the specific steps we are taking in remediating our merchants so that you understand that; because remember our merchants are so critically important to us, and how we're using industry-leading products to really provide support to our merchants, et cetera. As a Board, we were very encouraged by the way the team rallied together and dealt with the adversity. It wasn't easy. And the way that they've really pushed through the impact of COVID and supporting our merchants, also dealing with the terminal connectivity issue that was really complex because we had to bring all the terminals back into the office, but I'm happy to report that, as at yesterday, 93% of all remediation claims relating to the terminal incident have been resolved. So we've really been processing those as quickly as we can. Against this backdrop of the structural changes in the payments industry as well as the COVID challenges and the connectivity issue, it really was very gratifying to see and to report that Tyro performed strongly in '21, achieving record transaction value. Our gross profit was great. And a positive EBITDA of $14.2 million. So the delivery of this positive EBITDA, I think, provides shareholders with confidence that Tyro is on a path to profitability as we continue to grow. The COVID-19 pandemic has clearly demonstrated how really deeply interconnected our world has become both socially, environmentally across our lives, across our communities. And now that we're working with, well, over 58,000 merchants across Australia, it's really important that we fulfill our mission of simplifying payments and banking for our customers. We've really focused on delivering solutions that create a sustainable future for our stakeholders. And this includes our shareholders, our people, our merchants, the broader community in which we operate. This is all about creating a sustainable future. And we are very focused on our environmental footprint and our impact on the planet and the strategies that we have in place to minimize that impact, so this year, we released our first stand-alone sustainability report, which you can read. It's on the website. And I really would encourage you to read this report and look at the significant steps that we are taking. And of course, as I mentioned, it really is across all those elements of environmental, social and government responsibility as we sort of go on our journey to creating a truly carbon-neutral world. Also, of course, diversity is very important to us, and an inclusive community both within Tyro and with our merchants and with our customers. So let me just sort of wrap by talking about the Board. At the end of the year, Cathy Harris, who many of you know, decided to step down from the Board. And I should take this opportunity to thank her again for her significant contribution to our company over the last 5.5 years. We've been really fortunate to have the benefit of Cathy's strong customer focus. And let me assure you she was always a voice for the customer, and she was fearless in her counsel to the Board. We miss Cathy's contribution but wish her all the well, but as life goes on, Cathy's position as Chair of the people [ and rem ] committee has been taken by Fiona Pak-Poy. And she's done a wonderful job, and you'll be hearing from her here today. We have announced today also that Hamish Corlett, who's been thinking about his Board portfolio commitments and his day-to-day professional responsibilities against a desire to have a bit of work-life balance -- he's had another family member arrive. And for these reasons, Hamish feels that the time is right to step down from the Board. It's time. I'm delighted to say he is here today, but he will be standing down at the end of the meeting today. I really would like to thank Hamish for his commitment to Tyro over the last 6 years. His contribution to our success has been really invaluable. He has such a great knowledge of the global payments sector, I think, really probably second to none, [ except ] maybe David Fite. As a Board, we've been really grateful to have Hamish on the team. His insight, his counsel and his passion have been really appreciated. So we -- fare well, Hamish, but as with all these things, we have new Board members arriving. And as I mentioned earlier on, on the 21st of April, we were pleased to welcome Aliza Knox to the Board. Aliza's experience in scaling banking and financial services businesses is -- and particularly in the digital sector really makes her a great addition to Tyro's Board. And she's going to say a few words to you later on. So I do want to stress Board succession planning remains really a key focus for the Board, and we spend time on it every time we get together and just to make sure we've got the right skills around the table to help Robbie and the team move the business forward. And I do want to just say that we're in the process of just appointing additional directors. And that should be -- and we should be able to announce that in the next few months. As Chair of the Board, it's really my pleasure to thank all the Board members. We've had a lot of Board meetings, if you look at the annual report. We spent a lot of time together as we worked through a lot of these issues over the last year, but I really appreciated all their contribution. I would really like to thank the incredibly dedicated team, the people of Tyro. They have been just wonderful in what they've done; also our merchants; and you, our shareholders; and all our other partners. So thank you very much. A big year. We've got -- trying to make '22 a little bit better, not so many issues, but we will wait and see how we go. So that concludes my address to you. And with that, I'm going to hand across to Robbie to give you an update on '21 and trading. Over to you, Robbie.

Thanks, David. And welcome again, everybody. It's great to be here this afternoon. I have to say, though, I look forward to the day when we can do these events in person again. In short, though, look. It's been an intense year here at Tyro. As a team, we've traversed a lot of ground since the -- our IPO, which was hard to believe but only less than 2 years ago. So despite a few challenges thrown our way, we continued to successfully deliver on the strategy we outlined on our listing, and I'll talk a little bit more about these accomplishments shortly. I'll also touch on some of our coming initiatives, and it is the opportunity still in front of us that truly excites me. In thinking about our future: We still only have a 3.8% share of the $670 billion card-present and card-not-present market in Australia. And that's despite lifting the transactions executed on our platform last year by 26%. Before delving into our FY '21 financial results, I'd like to spend a few minutes explaining why Tyro is perfectly placed to provide a much-needed alternative to the traditional incumbents. We're a technology-focused and values-driven company providing payment solutions and complementary banking products. We exist to set businesses free to get on with business by simplifying their payments and banking. We do this with a DNA that is fundamentally different to the rest of the pack in a number of important ways. Most significantly, we have a long and successful track record in payments in Australia, having established our payments operations some 18 years ago, producing deep payment domain knowledge and expertise with a proprietary payments technology platform. We applied for and were granted an unrestricted Australian banking license 6 years ago. We were the first new local banking entrant in a decade. We've always had a plan and a determination to establish a payments and banking solution purpose built for Australian businesses, particularly in the long-neglected SME segment. Our ability to solve the friction points in payments stems from being a tech-driven enterprise, with approximately half our team being technologists. And significantly, our plan has always been to stay niche and nimble with a payments centricity, designing banking and other value-adding services around our payments core. It is these attributes in combination that enable us to provide a simply better solution for Australian businesses. As I'm sure you know, we have strong growth ambitions. And despite the disruption COVID caused us and many of our merchants, we continued to successfully execute against our plan for the year. In this regard, there are 7 key callouts I'd like to highlight for you today: firstly and as David mentioned, the transformational Bendigo Bank Alliance. This is a key initiative for the team this year. It's added more than 18,000 new merchants to our portfolio and around $5 billion in annualized transaction value. Partnering with Bendigo Bank sees our leading proprietary payments platform becoming available to Bendigo Bank's current and future customers. It gives these customers access to more features, more payment options and seamless integrations to more than 320 point-of-sale systems. Under our long-term, collaborative and strategic alliance, Bendigo Bank continues to provide all other banking services to these customers. This is a great example of 2 Australian customer-focused organizations coming together to provide better solutions for Australian businesses through a partnering of capabilities and expertise. We welcomed the 20-person Medipass team to Tyro in May. Medipass integrates with 18 cloud-based practice management systems and has approximately 1,700 active health care merchants working with it. Medipass complements, with limited overlap, the approximate 9,500 merchants in Tyro's health vertical, along with the 52 practice management systems that currently integrate with us. This combination provides Tyro's health merchants greater claiming and payment capabilities extending beyond Tyro's private health insurer and medi claim -- Medicare Easyclaim options, to now include a range of state- and federal-based compensatory funders. Our acquisition of Medipass is a significant step in building out Tyro's core health vertical. The approach taken is consistent with our strategy to build our offering through acquisition where there's a distinct opportunity to gain scale and to enhance our segment position. By combining Medipass' platform with our existing card-present health offering, we can provide a simple, unified solution to health care practitioners for payments and claiming. We continue to invest in our Tyro Connect integrations hub, which amongst other things is providing unique data insights to some of our merchants on the connect platform. Having launched in the year, Tyro Connect is going from strength to strength. In today's competitive and tech-enabled environment, merchants can find themselves having to juggle many different apps in order to meet customer expectations and to manage day-to-day tasks. Tyro Connect enables hospitality businesses to easily integrate and more effectively use the apps they need to thrive. The team at Tyro Connect is piloting a new partnership with Hubster which will enable us to make leading ordering apps available to our merchants and point-of-sale system partners. Tyro Connect is also piloting a new menu management builder which allows our merchants to build and manage their menus with Tyro and then publish them to all their delivery partners, saving them from having to update their menus in all the different systems they operate in. Turning to eCommerce. We started to provide the in-app payment solution for the leading "tap, order and pay" platform me&u using our eCommerce capabilities. me&u enables customers to view menus and to order and pay for meals via their mobile phone. In December 2019, we made a 16% equity investment in me&u for $3.5 million, which also provided us with the right to be me&u's exclusive in-app payment provider. This innovative solution found particular relevance as a result of COVID, but beyond that, it improves the customer experience. It frees up wait staff and increases order value and frequency. Also me&u is a foundation app on Tyro's -- Tyro Connect's platform. In June 2021, me&u commenced migrating their in-app payments to Tyro's eCommerce platform, and this activity will continue progressively throughout the year. On the banking front, Tyro was one of the first nonmajor banks to become an active data holder under the Consumer Data Right or open banking in June 2021. Open banking seeks to provide a safe and secure way for customers to share their data between accredited organizations to enable easier comparison of financial products and providers. It will provide a single view of accounts across banks and it will streamline application processes. In December 2020, we made a 20% equity investment in Paypa Plane for $1.9 million, the intent of this investment being to expand the payment solutions we offer merchants by integrating Paypa Plane's innovative recurring payments functionality into Tyro's bank accounts, this functionality being of particular relevance to merchants operating businesses such as child care centers, gymnasiums and subscription-based services. As David mentioned, though, our #1 priority in the second half of the year was to do all that we could to rebuild the trust with those of our merchants who were impacted by the connectivity issue we experienced in early January. Our efforts here have been effective and have been focused on doing the right thing. The pleasing result of these efforts has been the absence of noticeable increase in merchant churn, together with merchant application numbers returning to record highs, and I will touch on that a little bit later on. The issue definitely negatively impacted our Net Promoter Score, which was a positive 43 before the event. Our NPS fell at the peak of the event to a low of negative 25; however, has improved every month since January such that we ended the year at positive 21. And pleasingly, our NPS is currently a positive 47, so higher than where we were before the event. Our remediation program for those merchants financially impacted by the event has been well received. All financially impacted merchants were invited to register with Tyro to enable remediation claims to be assessed. As at 31 October, we've settled claims with approximately 93% of those merchants who had sought remediation. Our remediation process remains available for financially impacted merchants; and is designed to provide a fast, fair and straightforward resolution and avoid the unnecessary incursion of legal and litigation funding costs and also avoid the inevitable time delay and uncertainty associated with legal process. We remain fully committed to this approach notwithstanding the class action. Moving now to our financial performance for FY '21. As David mentioned, COVID continued to impact our performance as state and territory governments variously implemented lockdowns which forced many of our merchants to either partially or completely close their operations. Nonetheless, we achieved strong results in the year. Our payments operation processed $25.5 billion in transactions on behalf of our merchants, an all-time high and up 26% on the prior year. This included close to $0.5 billion from our Bendigo merchants who started contributing from the 1st of June. We significantly increased the number of merchants trusting us with their payment requirements, with just over 58,000 merchants working with us at the end of the year. We achieved stable merchant retention metrics at comparative low levels on an industry basis when you consider the segments we serve. Transaction value churn remained relatively constant at 8.7% compared with 8% in the prior year. And our merchant number churn decreased from 11.3% -- to 11.3% from 11.7% in the prior year, so again very good performance there. Our merchant cash advance loans returned to strong growth in the latter part of FY '21 as we switched back to an automated loan approval process. This followed a period of manual approvals where we mitigated risks inherent due to the COVID volatility. We wrote $25.8 million in loan originations in the year, of which close to $20 million was achieved in the last quarter of the year. Our risk-based management of our loans during COVID, together with many merchants' businesses rebounding following the initial lockdowns, saw our loan loss rates remain well within our risk appetite. Loan losses as a percentage of originations at 30 June amounted to 2.7% or $700,000, and that compared favorably against 1.8% or $1.1 million in the prior year. Our fee-free interest-paying bank account and term deposits now have over 4,600 active merchants. And that's a 26% increase on last year, with $75.5 million held in deposits compared to $50.5 million in the prior year. We lifted our revenues 14% to a new record $238.5 million, and even more impressively, we lifted gross profits 28% to a new high of $119.4 million. Our operating costs were well controlled, lifting 7.9%, excluding the costs associated with the terminal connectivity issue and M&A project costs. We recorded a positive EBITDA of $14.2 million compared with an EBITDA loss of $4.4 million in the prior year. And that result implies an EBITDA margin of 12%, demonstrating operating leverage from scale in the year. Our statutory net loss after tax was $29.8 million after accounting for $13.3 million in costs associated with the connectivity issue; and $5 million in costs associated with the IPO, the Bendigo transaction and the Medipass transaction. Excluding the impact of these one-off costs, net profit before tax on a normalized basis was a loss of $10.9 million. We continue to maintain a balance sheet that positions us well for our growth ambitions. Cash, cash equivalents and financial investments available at 30 June 2021 totaled $172.8 million compared to $188.3 million in the prior year. Total regulatory capital at 30 June 2021 was $83.7 million, with a total capital ratio of 73%. Tyro has always held sufficient capital to meet its internal targets which are above APRA's prudential capital requirements. Total CapEx expenditure for FY '21 was $23.1 million compared to $11.9 million in the prior year and in the main comprised terminal purchases and investment in software. It is definitely an exciting time to be at Tyro. We've achieved a lot in the last year, but it's the opportunity in front of us that remains large and exciting. We have a mix of features and products in train that will continue to build on our payments centricity and [ to build out ] our ecosystem, products such as the Tyro Go terminal, which will open up new verticals such as trades and micro merchants and provide a queue-busting solution for larger retailers. We are also assessing our next-generation terminal, which presents some exciting opportunities, including mPOS capability. We're looking to expand our merchant cash advance product to make it available to a wider cohort of Tyro merchants, with larger advances available. In health, with the Medipass digital claiming capabilities, including state and federal compensatory funders, we have an opportunity in combination with our existing solutions to create a leading unified claiming payments platform for Australian health care practitioners. We've also created IP, both technical and commercial, in creating our payments alliance model for Bendigo Bank, which has potential application to other market opportunities. This is an area we remain keenly interested in exploring. In this regard, we have a current pilot in operation with Telstra that includes 29 of its retail locations, where business customers can view and sign up to Tyro terminals. We also have an appetite for bolt-on acquisitions whether large or small which present an avenue to gain scale, leverage our platform or capabilities, enhance our market position or supplement our ecosystem. In terms of outlook, whilst we're not providing specific profit guidance for FY '22, I do take this opportunity to highlight a few of our key trading stats, noting these data points are unaudited. We averaged over 1,200 new merchant applications per month for the first 4 months of this current financial. Our transaction value to 29 October 2021 grew 25% to $8.97 billion compared to $7.16 billion for the same period last year. Impressively, transaction value is up 46% since New South Wales came out of lockdown on the 11th of October. Our eCommerce transaction value for the year to 31 October 2021 was $178.6 million, up 1,848% on the prior corresponding period. Loan originations to 31 October 2021 were $20.6 million, up more than 1,400% on the same period last year. Deposit balances at the end of October 2021 were $97.7 million compared to $91.2 million at [ 31 October ]. And group gross profit at 31 October was $38.5 million, up 14% on the comparative gross profit in the prior period. So in closing, I'd like to thank my excellent team at Tyro and formally welcome the Medipass team to the Tyro family. Without the team's commitment to the cause, sheer hard work and desire to make payments and banking better for Australian businesses, none of what we've achieved would have been possible. I'd also like to thank the Tyro Board members both past and present for their support over the close to 4 years. Thanks for listening. And back to you, David.

Thanks, Robbie. That was a very extensive business update. I think you'd appreciate, just listening to Robbie, there's a lot happening across the business. And we do have an exciting plan ahead of us but still a long way to go. So now it's time to turn to the formal business of the AGM. So these items of business, which obviously were included in the notice of meeting which we sent out to shareholders, cover 7 ordinary resolutions that we require more than 50% majority vote, to pass, by shareholders, so we are very grateful for those who are entitled to vote. As we move through the voting of these -- for these resolutions, if you have any resolution-specific questions, we will endeavor to try and cover them as we address each solution because that sort of keeps us in an orderly process. After the consideration of the [ above 5 resolutions ], we're going to move to general questions that shareholders may have; and you can ask any questions of Robbie, Prav or Jai or anyone else. So -- but before I go there, I am required to again take you through the voting process part of putting all these resolutions to you. As you will know, Link Market Services, which is our registry, is conducting the voting by poll. [ Nicholas O'hagan ] will act as our returning officer. He's doing a great job. Votes will be counted after the end of the meeting with the results of the voting, which will be published on the ASX and also on our Investor Relations website at tyro.com after they're made available. Shareholders or your -- or their duly appointed proxies can cast their votes using the online voting cards after validating their online registration. And as I said before, to obtain a voting card, please go to the bottom of the Tyro AGM web page you are currently on, under the webcast area there. And there's those 3 boxes, and to register a vote, click on "get a voting card" button. Now if you're an individual or a joint shareholder, you need to register and provide validation by entering your details at that top section of the voting card, which includes your shareholder number, your SRN or your HIN; and of course, your postcode. If you are an appointed proxy, please enter the proxy number issued to you by Link in the proxy details section. Once you've entered your appropriate details, click the submit details and vote button. It's a -- quite a process, isn't it? Once you've registered, your voting card will appear, and all the resolutions to be voted on at today's meeting as set out in the notice of meeting. Shareholders and proxies can either submit a full vote or their partial vote, so if you're intending to vote, you're going to be able to finalize and submit your votes on any of the 5 resolutions put to you at this meeting up to 5 minutes after we've closed. So if you don't get in, in the 10-second period that I'll allow you to vote, you've still got 5 minutes. So with regard to proxy votes, the number of proxy votes received prior to the meeting will be shown on the slide relating to each resolution. Shareholders have appointed me, as Chair of the meeting, to vote on their behalf for approximately 215 million shares voting either for, against or with discretion for every resolution. As indicated in the proxy form and in the notice of meeting, my intention as Chair is to vote in favor of each resolution for all discretionary or undirected proxies held by me. Okay, okay, now we come back to the financial report, directors' and auditor's reports. As I mentioned before, while there's no resolution required in relation to these reports, I would now like to invite shareholders and their proxies to comment on or ask any question in relation to these reports or the group's business. Questions also can be asked of our auditors, Michael Byrne, in relation to the conduct of the audit, content of the audit report, the accounting policies adopted by the group and the independence of the audit in carrying out the audit. So I think that's everything, so I -- if there are any comments, questions in relation to these matters, I'm going to pause for 10 seconds while I ask Giovanni to see if there are any questions. So I'll just give you 10 seconds. 10 seconds always seems like a long time in these meetings. Giovanni, are there any questions at all?

No questions received at this time, David.

Okay, then well, thank you for that. We'll move right along, but please do -- if you have any questions, do stop us. So let's move to the first resolution, relating to the adoption of the remuneration report for full year '21, that can be seen on your screens now. As indicated, I intend to vote all undirected and discretionary proxy votes held by me in favor of this resolution. The group's remuneration report for the '21 year forms part of the overall Tyro annual report, and it's, of course, available on the website. It outlines the group's remuneration strategy, our practices; deals with details of specific remuneration arrangements that apply to KMPs, key management personnel, in accordance with the requirements of the Corporations Act. As required by that act, also the Board presents the rem report to shareholders for consideration and adoption. It is a nonbinding vote, but I do want to say the vote on the adoption of the rem report is advisory. But we take it very seriously. While it doesn't bind us, but -- we really do want to hear your feedback. And as we have gone around speaking to various investors, we've had some really good feedback. So it is an important part of what we do in terms of determining our remuneration structures going forward. So -- but before we put this resolution to shareholders, I am going to ask Fiona Pak-Poy, who has so admirably chaired the Tyro People Committee, to provide a summary of the rem framework in place for '21 and also the key remuneration outcomes. So Fiona, over to you.

Thanks very much, David. I'm very pleased to present our FY '21 remuneration report to shareholders, this being my first as Chair of the People Committee, but firstly, I would like to reiterate David's earlier comments and thank Cathy Harris for her tremendous contribution to the Board but particularly for the work that she did in putting in place a robust People Committee and remuneration structure that positions Tyro and our team well for the future growth. Hi, Cathy, if you're listening. We're all going to miss your expert guidance. FY '21 was a challenging year for Tyro on a number of fronts. And it won't be a surprise to any of you that the 2 greatest challenges we faced as a company and as David described earlier, COVID-19 and the terminal connectivity issue, also had the biggest impact on our people as well as our merchants. However, we as a Board and People Committee are very proud of the way our team dealt with the events in the most challenging of circumstances. We believe that we have exited the year stronger organizationally having successfully navigated the challenges that came our way. Another major challenge we faced from a people perspective in FY '21 and continue to do so was the hypercompetitive talent market in which we find ourselves competing, which was only made worse because of border lockdowns. This has had a direct impact on the retention of existing Tyro team members and also attracting new talent to Tyro. After no fixed annual remuneration increases were provided to any of our employees for the previous 18 months prior to January 2021 due to the impact of COVID-19, an average increase of 4.4% across the company was implemented, with effect from January 2021. Tyro received $4.5 million in JobKeeper payments for the 3-month period 1st of July to the 30th of September 2020, after which we ceased receiving any contribution from this federal government assistance scheme. These JobKeeper assistance payments were very important in what were such uncertain times, allowing us to retain our full complement of employees onboard throughout FY '21, enabling us to assist our merchants for the many and varied challenges they faced due to COVID itself but also the associated trading restrictions, particularly in the hospitality and retail sectors. The next 2 slides are quite detailed, so I'll just highlight a few salient points. A new short-term incentive plan was introduced in FY '20 and amended in FY '21 to better align the strategy of Tyro to performance both for financial and customer performance measures. The plan was also extended to a greater portion of the Tyro team to assist in retaining key talent and importantly also attracting new talent to the team. The overall FY '21 STI outcome came in at 89% of target, with no incentive paid on the customer satisfaction metric component which represented 10% of the total STI plan. As Robbie mentioned earlier, the customer satisfaction metric that we use is the Net Promoter Score, commonly known as NPS, which is essentially a measure of how likely customers are to recommend your service to others. The Board set a target score for Tyro to achieve an NPS of 43, but due to the impact of the terminal connectivity issue, we achieved an NPS score of just 21, disappointing but probably understandable given the impact that it had and significantly lower than where we'd have liked to be, which resulted in this part of the STI component not being achieved. However, pleasingly, as Robbie mentioned and showed the graph, our NPS is now on a very strong upwards trajectory. The FY '21 long-term incentive plan was made available to 43 employees, comprising the executive KMP, the XLT and key employees identified by Robbie and the Board. Performance rights were granted in February 2021 to these employees, with vesting based on the achievement of EBITDA and gross profit performance hurdles. This plan is not due to be tested until FY '23. We also introduced 2 new LTI plans in FY '21. As mentioned earlier, we find ourselves in a hypercompetitive talent environment in Australia, particularly in the tech field, so to help address this situation, we've implemented a number of retention strategies including remuneration increases; an improved STI plan; and other improved employee benefits, for example, increased parental leave. However, to reinforce our retention initiatives below executive KMP and XLT level, a new one-off FY '22 LTI retention plan has been put in place utilizing long-term equity grants in the form of service rights, with vesting taking place in 3 annual tranches that will commence in FY '23. We are committed as a Board to continuously reviewing the effectiveness of our remuneration framework, and we always welcome your feedback on our remuneration report. Following the engagements that we had with stakeholders in FY '21, changes were made to our remuneration framework and report to address feedback that we received. In closing, I would just like to thank all our team members for their strong performance, dedication and loyalty in FY '21, which was an extremely challenging personal and professional year for all of us. I'd also like to thank our external stakeholders, for your feedback, and look forward to our continued engagement with those of you participating in today's AGM and those of you unable to attend this call in FY '22 and beyond. Back to you, David. Thank you.

Thanks, Fiona. Again a really good summary, and my thanks to you for sharing the committee. I do just want to say it's so important for us to align remuneration structure with the interests of shareholders, but in a COVID world and with some of the challenges, it is difficult. But that is our intent, [ and then exercising ] good judgment on that, so there's due recognition of the environment in which [ they're working ]. So with that, let me just ask. Are there any comments or questions in relation to the rem report? I'll turn on my 10 seconds and then see if there are any questions. I'll take that as 10. Giovanni, have we received any questions?

No questions received at this time, David.

Okay, thanks, Giovanni. I will now propose resolution one, as set out in the notice of meeting, to be put to a vote. And I invite shareholders to cast a vote for this resolution. And again I am going to pause for 10 seconds while you vote, and then we'll move on to resolution two. [Voting]

Okay, as I said, you've got 5 minutes to lodge your vote if you haven't already, so let's move on to the second resolution. And that relates to the retirement by rotation and reelection of our director, David Fite, that -- it can be seen on your screen now. As indicated, I'm going to vote all undirected and discretionary proxy votes held by me in great favor of this resolution. The ASX listing rule provide that a listed company must hold an election of directors at each Annual General Meeting. And accordingly, David Fite has elected to retire and then offer himself for reelection. And in accordance with good governance principles, your directors have been required to consider whether they wish to recommend the election or reelection of a retiring director. This consideration did take place in the absence of the director standing for reelection, and I'm pleased to say that your directors unanimously recommend that -- the reelection of David as a director, but I am going to ask David to say a few words about himself and the skills and the great expertise that he brings to our Board. So David, over to you.

Okay, well, thank you, David. And hello to all. Thank you for joining the AGM and thank you for your support of Tyro. I'm sure that, if we were in a room together, I would know and recognize many of you, but for those of you who I don't know, I'd like to introduce myself and share some of my background. In brief summary: I'm a reformed banker and now a long-term investor in fintechs. Let me explain that maybe in more detail, if I may. I moved to Australia in '94 actually from Bankers Trust in New York, joining Westpac to help with its turnaround when it was having a number of issues related to the recession at the time. First, I was treasurer, [ then I've been in ] all the financial services businesses. And finally, I was the group executive in charge of all retail and business products. I continued my banking career after Westpac, moving to Japan to join another bank in financial strife, a bank then called the Long-Term Credit Bank of Japan, which [ we renamed ] Shinsei. And there as a senior corporate officer, CFO, a member of the Board, I basically oversaw all of the businesses from retail all the way through to institutional. I've also served on the board of a few other banks, one in Taiwan, Cosmos Bank. And in each of those roles, I was involved in SMEs and across a range of business areas, including payments, lending and deposits, importantly, for our purposes. Post the banking career, so now for well more than 15 years, I've been an investor in financial services companies. Indeed when I started, the term fintech hadn't even come in usage. So for example, I first spoke with Tyro in 2005, when it was only 2 years old. I invest in early-stage companies as well as later-stage companies which are growing quickly. And much of my focus is on companies that solve problems for SMEs, so I've been involved in Australia in a number of businesses related to lending to small and medium enterprises. One of them, for example, is Judo Bank, which some of you may be familiar with, where I served as a director until recently when I just stepped down. So I think in the notice of meeting [ it really has me listed ] as a director, but that's now out of date as of last week or so. And the businesses I invest in and support in -- include companies in payments, lending, insurance and marketing, a pretty wide gamut but most of them having to do with small enterprises as the ultimate customer. Now I became involved in Tyro formally in 2008 when I became an investor. And I was attracted by its mission to help provide a better merchant acquiring service to SMEs, basically using technology as a competitive advantage. And I knew firsthand from my experience with Westpac, where I'd been the group executive with responsibility which covered merchant acquiring and products for SMEs, that these businesses were not getting properly served. And I was attracted because Tyro was setting out to change that by bringing innovation to payments. And today, Tyro continues that work. You've heard earlier in this meeting about a bunch of the innovations which are going on. And it's absolutely core to the mission of the company. And it's an important task for the economy as well because the SMEs, as we know, basically employ the majority of people. And Tyro is also increasingly helping larger enterprises, so the mission today is just as appealing to me as it was when I first got involved. And I was privileged to join the Board in 2018. And I hope, in the [ 3 ] years since then, I've been able to contribute on governance, risk management, scalability issues related to the work I'd done as part of big banks. I also hope that I've contributed with perspectives on technology, product development and growth strategies from my participation in the fintech ecosystem. So I'd like to continue contributing to Tyro in any way I can, and thus today I stand for reelection as a director. So I appreciate your consideration of my election. Thank you.

Thanks, David. And I think you can tell that David just has enormous experience [ set that's so valuable ] to your organization. So let's just now pause for any comments or questions concerning the reelection of David as a nonexecutive director. And again I will pause for 10 seconds to see if there's any questions at all. Okay, Giovanni, have we got any questions at all?

No questions at this time, David.

Okay, well, I will now propose resolution two, as set out in the notice of meeting, to be put to a vote. I invite shareholders to cast their vote for this resolution, and again I'm going to pause for 10 seconds. And then we'll move on to the next resolution. [Voting]

Okay, let's move on to the third resolution, and it's concerning the retirement and reelection of Fiona Pak-Poy that can be seen on your screens now. As indicated, I'm going to vote all the undirected and discretionary proxy votes held by me in favor of this resolution. I do just want to say that clause 47a of the company constitution provides a director must retire from office no longer than the third Annual General Meeting of the company or 3 years following that director's last election or appointment. The requirement will result in more than half the directors retiring standing for reelection in the '22 AGM, so just to try to manage this a little bit better, we thought we should just have an ordinary rotation process. So Fiona Pak-Poy intends to retire and then nominate herself for reelection so that we're not sort of [ backing up ] a number of directors and we get continuity in the Board and skills. So let me throw it to Fiona again to ask you -- to say a few words about herself and her experience that she brings so valuably to the Tyro Board. Over to you, Fiona.

Thanks, David. Thank you. Firstly, I'd just like to say that it's been a real pleasure to serve on the Tyro Board for the last 2 years since shortly before its IPO in 2019. Unlike David Fite, I am not a banker, definitely. However, like David Fite, I have known about Tyro for a long time, first introduced to it when it was originally money switch back in maybe even earlier, 2003 or '04, when we looked at investing in it on behalf of the fund I worked with. So over these years, I've had a distanced, distant relationship, I guess, with it, but I've been -- particularly in the last few years have been very excited to witness its development to the impressive company that it is today. Originally, I started life as an engineer, then strategy consultant, venture capital investor; and my experience has therefore been -- long been a portfolio one. And I have been involved as an investor adviser, director in smaller tech start-ups, to large private and also publicly listed companies like Tyro and formerly media intelligence company Isentia and MYOB, although these are all spread across a number of different industries. In addition, I've been a member of the federal government's [ Board of Innovation ] Australia and many of its associated innovation committees, on the board of many other entities like the board of Sydney School of Entrepreneurship and a university tech transfer office for many years. So this variety of these rich and varied experiences with a number of innovative entities have provided me with what I trust is a sound and balanced perspective in which to consider the risks and opportunities that Tyro faces, enabling me to assist my fellow directors with governing Tyro in what I believe is a best-of-breed manner while helping guide management and still fostering the entrepreneurial and innovative spark in which Tyro was founded, or as Robbie described earlier, niche and nimble, which I like. As a member of the Risk Committee, a former member of the Audit Committee and now Chair of the People Committee, I am constantly building my understanding of what makes Tyro tick, but I'm extremely fortunate and indeed grateful to be digitally flanked here today by such talented fellow directors. A well-functioning Board is indeed a [ tin game ], and I'm honored to play a part in our collective endeavors. It's been wonderful working with Hamish. And I wish you well. David, it will be my pleasure to continue to serve on the Board of Tyro Payments. Thank you.

Thanks, Fiona. And let me just reaffirm just how great it is to have Fiona onboard. She's got a great intellect. And she has picked up the cajoles of Cathy Harris with a great customer advocacy, as she came to the Board this morning having visited 3 small merchants -- well, actually quite large merchants down in [indiscernible] and asked how things were going which she got told. So it's really great to have Fiona on the team and we really appreciate it. So let me just pause. Are there any comments or questions in relation to Fiona's reelection [ that we do so ], reelection? And I'm going to pause for 10 seconds while -- [ given there are ] any questions, turn on my timer. And okay, Giovanni, any questions?

No questions at this time, David.

Okay, then I'll propose resolution three, as set out in the notice of meeting, to be put to a vote. I'm going to invite shareholders to cast their vote to this resolution, and again I'm going to pause for 10 seconds. And then we'll move on to the next one. [Voting]

Okay, I'm going to keep us moving, okay, resolution four. And this relates to retirement and reelection of a director, and this Aliza Knox. And you can see it on the screen now. As I have indicated, I'm going to vote in favor of this resolution. I do just want to say that on the resolution we have the option to fill a casual vacancy, and that's what we're doing, and as long as we don't exceed the maximum number specified in the constitution. So we're well within that. So we're putting Aliza as -- for reelection pursuant to the constitution. She was appointed in April. She's already made a good, significant contribution, but she does need to retire and renominate herself. And let me now throw to Aliza to say a few words from Los Angeles. I should say it's 10:00 p.m. there, right, Aliza?

Yes.

So you're doing pretty well, bright eyed. So over to you.

Well, thank you, David. As we all know from being in Australia, often it's we who are on the short end of the stick at midnight or 2 a.m., so it seems fair that I should do it well, traveling, which is a foreign concept only recently returned. I've really had a terrific experience, so far since April, being part of the Tyro Board. And I'm delighted to be able to contribute in some small way to what is already an incredibly strong Board and management team. And I'm grateful for your show of support of voting your shares, David. My background, briefly. Having come from tech, I've now devoted my life into software releases. So my 1.0 release early career was a long stint at the Boston Consulting Group, mostly in Sydney and then in Singapore; and also looking at financial services firms, which include American Express, Visa and Schwab, and all of which I had some interaction with payments, particularly Visa and Amex. Then my second iteration was tech. I ran part of Google, then all of Twitter and Cloudflare for Asia, stepping down from my full-time role on December 31 of last year. Part of the Google time included Google Wallet as well, so really with that part of my career is the exposure to digital and scaling growth tech firms. So hopefully, those two, in some ways, different careers, the financial services and then the growth tech, work together to help me have a background that adds value to Tyro. For the last 10 years, I've also been on a number of public company boards, including [ InvoCare ] and then Scentre Group in Australia. I've stepped off both of those and was delighted to be asked to contribute to Tyro. So I'm honored to [indiscernible] help Tyro along in its path of scaling [indiscernible].

All right, thanks very much, Aliza. We lost you just a little bit at the end. As I said to Aliza -- no, no, don't worry. It was just the last bit. And well, we won't talk around third world countries in the United States, but we understand the challenges of infrastructure. And they -- and she wasn't on a Telstra network, I'm sure. Anyway, okay. So we should now -- look. Thank you. I would quickly say Aliza has really bought a -- really her sharp mind, her insightful comments, her strategic thinking to the Board in the period she's been remotely visiting us again. While we did meet Aliza personally before COVID hit, she's really been amazing in the way she's just sort of stepped in. So let me just now pause, in case there are any comments or questions in relation to her reelection. And again I'm going to pause for 10 seconds while we go through this, or maybe 7 seconds. Okay, Giovanni, have we got any questions?

No questions at this time, David.

Okay, well, I'm going to keep going because I will now propose resolution four, as set out in the notice of meeting, and put it to vote. I invite shareholders to cast their vote to this resolution. And I'll then pause for 10 seconds then we'll move on to resolutions five, six and seven. So just pause for a moment. Remember you've got 5 minutes to lodge your vote. [Voting]

Okay, I'm going to keep going. Moving on to the fifth resolution, relating to participation by a director in the rem sacrifice rights plan, that can be seen on your screens now. As indicated, I intend to vote all the undirected and discretionary proxy votes in favor. You are being asked to approve this resolution to allow remuneration sacrifice rights and any shares issued on the conversion of those sacrifice rights under the Tyro Payments Limited remuneration sacrifice rights plan. And this has to do with Aliza as a director of Tyro. Shareholders resolved in the 2020 AGM to allow sacrifice rights and any shares issued on the conversion of those sacrifice rights under this program for a period of 3 years from 27th of October 2020, being the date of the last Annual General Meeting. This plan enables nonexecutive directors the ability to purchase shares in the company due to the operation of the Australian insider trading laws and the group's focus on good corporate governance to invest in the company. NEDs may voluntarily elect to sacrifice up to 100% of their fees into the sacrifice rights. Elections are made on an annual basis, and that's why we have to bring it to you. Sacrifice rights are allocated shortly after the publication of the annual report, of course, subject to shareholder approval, based on the fees sacrificed for the year. And they vest and convert into ordinary shares shortly after the end of the financial year, subject to compliance with the group's securities trading policy. So that's important. We sort of just ask your approval, and we're open to any comments or questions in relation to this. As you know, a number of the directors have availed themselves of this opportunity. So let me pause for 10 seconds or 7 seconds and see if we have any questions or comments on this one. It doesn't look like [indiscernible]. Giovanni, anything come through?

No questions again, David, unfortunately.

Okay. That's Okay. Let's now propose resolution five, as set out in the notice of meeting, and put it a vote. And I invite shareholders, to cast your vote for this resolution. Again I'll pause briefly. And then we'll get on to the grant of service rights for the Managing Director. [Voting]

Okay, let's move to the sixth resolution, which is as I mentioned that's the grant of service rights in relation to the '21 short-term or STI plan to the CEO and Managing Director, Robbie. That can be seen on your screens now. As indicated, I'm going to vote undirected and discretionary proxy votes that I hold in favor of this resolution. Shareholders are being asked to approve resolution six to allow service rights and any shares that may vest following the conversion of those service rights under the incentive plan to be issued to Robbie. So are there any comments in relation to the grant of these service rights? Again I will pause for 10 seconds while -- to determine if there's any questions. Okay, Giovanni, anything there?

No questions, David.

Okay, we're getting near the end. And I've enjoyed myself. I will now propose resolution 6, as set out in the notice of meeting, to be put to a vote. And I invite shareholders to cast their vote on this resolution. I'll pause for a further 10 seconds and then we'll go to the last resolution. And then we'll go to general Q&A, of course. [Voting]

Okay, moving to the final resolution. And this relates to the grant of performance rights in relation to the '22 LTI, long-term incentive, plan for our CEO and Managing Director. It can be seen on your screens now. Again as I've indicated, I'm going to vote in favor of this resolution. Shareholders are asked to approve resolution seven to allow performance rights and any shares that may vest following the conversion of those performance rights under the incentive plan to be issued to Robbie. So that's all laid out in the notice of meeting. And so are there any questions or comments at all on this? I'll wait a few moments. And then we'll go to the general Q&A session. Giovanni, any questions?

No questions received, David.

Great. I've got to say I'd be looking forward to being in the same room with everyone. Okay, I now propose resolution seven, as set out in the notice of meeting, to be put to a vote. I invite shareholders to cast their vote for this resolution, and I'll pause for a few seconds while you do that. And you've got 5 minutes. And then we'll go to the general Q&A in case that there are general questions. [Voting]

Okay. And you've got 5 minutes to -- if you need to tie anything up. That now concludes the formal part of the meeting, and I'd like to now move to general Q&A that you see is a good time. Giovanni, have we got any questions at all that were received? I just remind shareholders that you can ask for the dial-in facility if you'd like to. And so that if you -- there is a voice option, and that's in the AGM meeting guide. So any questions at all, Giovanni?

No questions at this stage, David.

I think we should put a resolution that we must have a face-to-face meeting next year. I think it would be unanimously carried. I'll wait a few more seconds. It's interesting. My script says, "Thank you for all your questions." I think I'll just cut that bit out. And I think I'll say thank you for coming. Look, I just want to finish by saying that we really appreciate your support as shareholders. And we have these Annual General Meetings because they're important, but we are always open to any thoughts, questions, dialogues. And Giovanni is very good at covering it, but we are a company that really does want to have strong governance but be open and transparent. And I think you've seen that with the way we've published transaction volumes every week through this whole period. And we have a lot to do. We've still got an incredible opportunity, but we really do appreciate your support. And we think that this is a wonderful company with great opportunity. We thank the management team for all they've done, and we're looking forward to another exciting year going forward. I do remind you, if you haven't voted, you've still got 5 minutes, I think, after I close the meeting to lodge your comments. So on behalf of my fellow Board directors, I do thank you, our very loyal shareholders. We thank you for being at the meeting today. And I look forward to next year. We've got to have a face-to-face meeting. I think I just -- I could say we're going to do it, but I might be a bit brave because you just never know what's going to happen. But we do look forward to seeing you and -- as we go forward. So I now declare the AGM closed. Thank you very much.