Wrkr Ltd (WRK) Earnings Call Transcript & Summary

Hello, and good afternoon. Okay, just coming right up on time. So there's still quite a few coming in, one of our larger calls. Obviously, there's as recent and positive news to talk about. So as I mentioned before, Trent Lund is my name. I'm the CEO of Wrkr, for those who are new to these calls, I recognize many of the names. So good to see the usual crowd also turning up for the call. I have put record on, so this will be made available on the Wrkr Investor Hub. And if you have follow-up questions afterwards, please feel free to load those questions. I have had a couple of questions this week and I haven't answered them directly because I felt today would be an easier and clearer way to answer those questions for all. So what I would ask you is -- the other question while we're -- while I'm going through, this is very much an informal Q&A. If you have questions as we go through, just put it in the Q&A tab, and I will ensure that we pick those questions, pick them up straight away. So again, thanks for attending. This is certainly one of our larger calls. I thought it easiest to cover off with everyone today on 3 recent announcements and some context on where we're going on the business. I've won't go into financials because we are just coming to the -- obviously, just concluding the year-end and preparing our accounts and obviously foresee statements coming up at the end of the month. So I'll leave that for when Karen's in attendance with me. But what I thought I'd focus on is the announcements themselves, the context and that background. So with that, why don't we jump in and I think it's probably best to do them in order. And I just want to share a little bit of the background. Firstly, it's a very, very exciting time for Wrkr and the team. It's very difficult being in a software space dealing on very long protracted sales cycles, and our team are deeply passionate about the products we build and the clients we're building it for. So of course, we -- but we have to want our confidentiality and we have to go through a due process. So of course, it's exciting for us because now we can talk about some of the more exciting elements. So I'll start with the first, which is just an update on rest and just give some context for where that project is. Obviously, I want to step us back in time, so everybody understands the rationale and why Rest was first and so important. We started to work with Rest for 2 reasons. One, they are a user of Link or now in MUFG's own platform for clearing house, which is SCH online. And that is the first core platform that the Wrkr platform is set to replace. So it was important to work through with the Rest and ensure that any features that have been developed over the years were also brought into our solution, not necessarily the same way, but ensuring that it was a real forward leap for them as an organization but also to co-work on the development of their go-to-market transition. So for them to be able to very confidently go to their customers and know exactly what the cost effort, type of [ comms ] would be required to take the market. And in parallel was obviously worked through their commercials which are based on our commercial master service agreement with MUFG but of course, MUFG has a range of other services that are also included. So they are the prime contractor in our solution. The Wrkr platform is a core tenet to the provision of that contract. So that was the background what happened and why exciting? Well, it is to both ensure the comfortable replacement of SCH online but more than that ensure that it accommodated the strategies of an industry fund thinking about PayDay Super and the complexities of PayDay Super. An added challenge for us over the last 12 months is PayDay Super, while the government is very enthusiastic to bring it into fruition, and we believe the date as at today still stand the development of the specifications, exactly what the rules and legislation would be -- have been moving over that period of time. So where do we get to? We were able to deliver on a pilot that we went out and had that key clients with a different variety of sizes, but quite a few in the large employer size actually onboard and process their contributions. And 2 things of note. One, they're still on the platform today. We're still processing those contributions, albeit a meager amount compared to the total. We got the opportunity for third-party user experience people to sit in the room with those employees and actually record their experience and compare that from the benchmark of what they're using today and also assessments they've made of other competitive products in the market. And we were delighted by the outcome. Our experience was top quartile across the board. There was actually one dip in experience, and that was we have a very rigorous process and had identified more errors than some of those clients felt we would have found, but that was seen as quite positive. So they were rectified back at the payroll and the clients ran their next -- the next month's processes through. And all of those errors were removed out of their data. So it actually improved the net data of the system. So that's, first of all, where we had gotten to. The team were very cognizant of the fact that it had been in the market with clients. They're been third-party reviews. They're been very positive feedback. And so we felt it was appropriate to share that content and give the notification to the market that, that pilot had concluded. There are still some 2 steps remaining. One step is the final commercials between MUFG and Rest. Those commercials, as I said before, go beyond our commercial. So we're comfortable with what we've provided. And we believe that will be concluded over the next couple of weeks. More importantly, they have been working through and with third-party assistance to build a transition plan that includes the detailed communications and sequencing of their employers to come onto the platform. So great news for us because it is really taking our original playbook and improving on that playbook. So I'll sort of -- I think as questions come in, in a minute, I'll jump into them. But so to pause there, we expect that core solution is what is called internally, the industry fund solution. It is the core same platform now provided and offered to clients by MUFG and it is the same platform that we used as the basis to offer to AustralianSuper. The good news is that really speeds things up. It is really now a configuration of certain changes that AustralianSuper may require. So in parallel with that pilot, in fact, obviously, elements of that pilot became assets that we shared and information with AustralianSuper throughout their RFP process, which kicked off at the end of last year around September. It was a very detailed RFP. What is unique is AustralianSuper was not an SCH online but are on QuickSuper, which is the Westpac product. I think I'll say it because let's enjoy it for a moment. We're excited because AustralianSuper is, by any measure, the largest superannuation fund in the market. And for us, adding them to this -- to our stable of clients but also the opportunity to really be pushed on our service and ensure our platform is robust. That's incredibly exciting for us. So we went through a detailed RFP. I've been in the game software a long time. I would say it's one of the most detailed RFPs I have been evolved in responding. They were looking both to what their customers receive today, what their expectations were for their customers, but also a real challenge for us to articulate where we felt there were greater benefits for the ecosystem that we could achieve together. We achieved that. And the great outcome is we were able to announce last week that we were successful and the teams are now moving directly into the implementation phase. We have been planning and had a level of awareness that we were -- we were shortlisted, but of course, the commercials needed to be finalized between MUFG and AustralianSuper. That has been done, and that's what allowed us to make that announcement. So, both of those 2 clients are happening at the same time in terms of negotiation and working with them. And we did allude to a while ago that we had hired on more talent because we felt incredibly confident with where the outcome was headed without giving away names. Obviously, AustralianSuper being as large as they are and as iconic, they have a larger group of experts in their business. And so they really have challenged us on additional assets and additional ways of going to market together, which we are excited. We are very aligned around the one-stop shop construct. So, that really takes us to where are we with AustralianSuper and I will just give you the sequencing and then I'll answer some of those questions. Team starts immediately. We are in configuration rather than build because we're using the same core infrastructure that was designed, tested and run that was first piloted by Rest. If we'll take though that configuration and additional requirements will be built between now and November for AustralianSuper. At that date, we are expecting to start early on-take of users. However, there is a significant data migration for this project, and the data comes from multiple sources, both their own internal systems and also from QuickSuper Westpac, whereas SCH was owned by MUFG, it was much easier to have a clear plan for the migration. So we've taken that data migration. Wrkr has been paid an additional fee for that data migration. And we are just working now with those third parties to ensure that data can be accessed in the right time and manner. Assuming we can achieve that, we will be live in what's called PTP or platform testing, which is a month period through February. And then March, April, May and June is the onboarding of all AustralianSuper customers, so employers which takes us between both of those 2 clients, obviously, we would expect to have 100% of their base plus new employers, live on the platform from a transaction fee, all implementation fees concluded and the start of our full licensing by the end of June '26, so June of next year. So we're excited about that. We -- there will be some ups and downs in terms of timing. Obviously, when you bring for Rest, a couple of handful of their key clients represent or employers represent a huge amount of transactions. So if they're upfront, that's great for us. But in reality, it's a long-term 10-year play. So that's the background between those 2. And so I thought one on a pause and just take on some of the questions that you might have, and I work through those if it's okay with everyone, I'll read them out to you, and then we'll continue moving.

So the first is who is the incumbent service provider, if any, to AustralianSuper? That Wrkr and MUFG won the project from? Does the company have sufficient R&D team for that project, or do you need to invest substantially for it to front-end loading before OpEx set up? So 3 elements. Firstly, this is the first of Westpac's base, the largest portion or a single customer of Westpac's base that we will transition across with AustralianSuper. And their core administration platform is MUFG. The second element to that is we have enough funding to deliver to them and Rest as well as our ongoing internal work. So as a business, we're comfortable with that, and we expect some of the transaction revenues to come on board. I will say broadly as a business, and we'll talk to that in the financials coming up. We hired talent early to make sure we'd be in a healthy position, ensure certainty of winning, but the transaction flow itself, we would have liked these deals to be done -- won and done about 6 to 8 months ago. So from my personal perspective, we're probably running about 6 months behind on transaction flow, which is we want that income into the business. We want that generating value for shareholders. But there are challenges in expediting. So we -- I would rather have the client than raise ourselves to those transactions. But yes, no, we're in really good shape. And we did the right work on Rest, so that the -- what we're extending from Rest to give you a sort of example of around about circa 300 very detailed requirements we're dealing with about 25 new requirements that hadn't already been well documented and assessed. So in great shape. Second one, if I can, once financials are completed, how long do you expect all the Rest members to be onboarded? I think I probably hit that. I think Rest, we would expect at this stage, October and going through the Christmas period. Rest is heavy retail. So we may see that staggered a bit depending on which retailers are ready. Myself, I'm targeting, we'll move with comfort rather than speed. We would like the transactions. I want to be really clear on that. But a perfect implementation is more important. And let me just touch on why that is. For Rest and AustralianSuper, Rest as an example, will go out to around about, all up, a little over 40,000 businesses that they will engage with give them a level of high-touch service to bring them on to the platform, ensure the training is right, ensure they're comfortable using it, they can navigate the change that they set up their correct payment methods that they've set up their correct approvals for financial and payment approval that they've set up director authorities and consents, for example. Now that sounds like a lot. When you multiply it by circa 40,000 businesses, it is a lot. That's great for us long term because you don't do that again next year. This is why these platforms are sticky. That's why we're in the -- we're not in enormous transaction fees, but we're very, very sticky over the long term. The contracts are the rolling 3 years plus However, there's indexing -- CPI indexing with that and the ability as we bring on more features to add additional services. But on the most part, it's a high-touch for this onboarding period. So I would expect all of Rest on circa February as we're moving into all bring in all of AustralianSuper. Well, a lot of questions, and I apologize. I'll try not to ramble too long. Okay. Paul, how different is our contractual arrangement with Art and Rest AussieSuper as far as ARPU with Art and how many members will we be serving? So Art, we are behind the scenes, we provide our software under license, but they don't use our gateway license or our financial services license. It's their own cloud infrastructure, their own security teams. It's actually -- it's a really -- it's core IP that we've developed and we continue to add to it every year for them but the risk around it is actually borne by them. So it's a different model. It would -- as a model, it's worth about one customer there would be worth around about 30% max, close to 25% of our user in this full SaaS platform model that we've provided for Rest and AustralianSuper. So very different models, circa one is about 3x to 3.5x the value. We prefer that because we can manage that cost to serve what we think more efficiently than, say, a superannuation fund came because our core business is software. The contractual arrangements, so are very common at 3 plus 3 with CPI indexing -- the SaaS contract, though, for us is better in my view because it's transactions and license. And it allows us because we have direct access to the client. We can upsell additional services, which we cannot do inside the Art agreement. I'd love them to come and join this platform model. We'll work towards that with them if that's an opportunity, but it's -- I would say it's too soon to even speculate on that side. And Michael, can you confirm this takes a potential target number base of Super funds to [ 10.5 ] from [ 7 ], I wish, those that are linked with MUFG. So -- no, we're still -- this is very much -- we're on target for the [ 7 ] because if I take Australian -- if I take AussieSuper, they're 3.5 million accounts that are in accumulation phase, and we've got about 2 million in accumulation phase, with Rest. But we don't receive not each of those, we would consider a full member -- so a full user. For us, a user is someone that we bring their money into the Superstream system and then reconcile it into the fund and then notify the ATO on behalf of the fund. That's the end value chain with the onboarding. So for us, those that would experience that the 7 million will be achieved in total. We will only achieve 7 million if we win AustralianSuper, Rest. So there's 2 ticks, 0.5 million direct. If we add CBUS and Host would do it, but we could also add Zero and Mild and one other and small business clearing house, and we would achieve it. So that's -- what I'm trying to get at there is we're well on our path in the 4 plus 4 to 5, but the last mile will depend on who we can sign next. Hope I answered that. But yes, it won't be as clean as a straight 10.5x the 7. And Michael, again, does AussieSuper pay any implementation, setup fees to help with the initial investment? Yes, yes, they do. We should be clear, they pay MUFG and we have contracts with in MUFG. But it is a -- we trigger a license very quickly upon setting up their tenant. We have an implementation fee that is larger than the initial fee with Rest because of the combined pilot. And we have the data migration, which we've been asked to manage that process through as opposed to a third-party provider, which is a substantive project. So yes, it's actually it means we're kind of have the cash movement in this first phase, but I don't want to underestimate there's a lot of work to do. They're a big organization, and we want to make it perfect. And I think I might have just lost a question there. Apologies. Okay. Tristan, what proportion of members does Wrkr see as serviceable within Rest and AustralianSuper funds once we cut out those members? So we would say around -- you've hit it pretty well on the numbers, I'd say a little over 3 million is what we're expecting in that net plus our current 0.5 million. So it will take us to between with our existing, it will lag is between 3 million and 4 million. So we -- there's not much gap to close, and that's before their growth. So they are both seeking to use our platform to grow their base, which is really exciting. And sorry, once you cut out those members to clearing houses? Yes. And look a lot, you mentioned clearing houses like Zero using Super Choice. So it's a great point, Tristan. Those -- we will get 100% of the inbound for the funds and we'll get 100% of who they provide services for. If Zero or Super Choice is managing the payment into the Superstream network, we'll still be the receiving agent on behalf of the fund. So we'll -- in those examples, we get 50% and in examples where Aussie and Rest are paying and it's going to wear, we will get half and pass on half. So it's a little complex, but there's a huge volume game. And our net of that, which probably leads into the next question from Cam on ARPU, which is, can you clarify the ARPU of $7 to $8 includes PayDay Super reform? So let me be really clear for people. Our ARPU of $8 on our existing and our target ARPU with MUFG based on the various licenses and conditions of around about $7, they do not include PayDay Super, but we have definitely a PayDay Super, although we see the system tripling in transactions. I'd remind everyone that the transactions are only the last circa $2 of our ARPU. So even if it tripled, you'd be only adding say, $4 to $7 at a best case scenario. We have provided discount tiers so that the funds are really comfortable growing and scaling underneath PayDay Super without the price being a linear price. So $7 is our safety number. We do expect it to grow both with PayDay Super. But to be honest, achieving that, the complex, it's not about the complexity of services it's about how quickly we can get all of their users on board for a full year of average revenue. But yes, PayDay Super is really helpful for us on our platform caveat that we -- we built a lot of unique features specifically for PayDay Super, which is what's helping us win in the market. And could you give -- anonymous, could you give color of how ARPU is shaping up in these preliminary deals and compare it with your original expectations? Yes, look, so far, the ARPU is shaping up well. We only carry a small portion of float income in the way we've architected our license and product. So we're less affected, but I would say some industries are very strong on using the 3-day clearance of direct debit and some are using direct credit, which is only 1 day but they have higher volume. So the net amount, we see it so far coming in to expectation. Obviously, you need to get the numbers rolled onto your platform and see the mechanics. What's healthy about our business is because we only provide Level 3 technology support. We don't have the variation of support unknowns. So our revenue is somewhat cemented in, but it just requires the volume to come on into the system. So yes, at this stage, we feel really comfortable that we're on the right target set. Two things, though, with our -- a portion of our ARPU is very much geared on the mobile experience. We have 2 options for clients to use that either a fixed fee for all of their users for a success-based fee, which is much higher. That, we've modeled both out and they come to the same outcome, but one has more upselling. So I personally don't mind if people take the higher risk side and take it on a per transaction. If they take none of those, that does hit and it hits our ARPU by about $2. At the moment, our platform and the discussions that seems to be well tested and shaken out that, that is a unique feature of Wrkr and well worth the investment. There we go. A lot of questions. So I may -- I thought I'd be cutting this short, but we're going through. You've described deployment to downstream partners, Rest AustralianSuper as closer to configuration, UX iteration versus build, which is fantastic. Any key milestones in the next 12 months with upstream partners are requiring significant build or R&D or would you describe it as configuration. I think in terms of the upstream partners, we would see that as an example for the funds, most of what they want is really well documented. So we're comfortable. There's a little bit of work to add, and we have a product council, which means as we add we share and defray the costs, turn it into a license mechanism and share it across all funds using the platform. And I think that's healthy. I kind of think between 7 and 9 is the cap out for what a fund can really afford to be subsidizing in their market and we should be pursuing our further revenues from employers. So the additional service fees. So there are a couple of areas we are looking at in the upstream. One is obviously the continued integration to payrolls. The more we integrate the payroll is the stickier we become and I'm -- that's what I'm all about. We lock us in for the next 10 years and this business will serve itself and will then be just adding value to the employer as the next step. So for us, the upstream R&D is probably going to be more around feature high-value moments. And there's -- we've assessed a couple of real opportunities in the market to either accelerate that, whether we look to work towards merger and acquisition or whether we build ourselves as a team, we've identified some really healthy areas that are a solid adjacency to both the data we will have and the customers that will be connected to. So that's the R&D play for us. But the core platform is very much configuration led now. And Mark, can you talk to the opportunity with the business -- to use businesses, who use Rest, for instance. So Rest -- what is healthy about why do we love this sector of the industry funds that -- while it's -- they don't represent high funds under management for the individual, we don't make our money that way. We make our money servicing the transaction. I'll always say this, make the same $0.10 piece for someone working at Woolworths in a junior brand-first job as a CEO. So for us, volume is good, frequency is great. And that's the market that really the industry funds represent -- retail is a good example. I would -- it says -- looks like I'm muted -- somebody just said. Does anyone else want to add in case -- I think I'm still going -- Yes, the microphone is still working. Sorry, anonymous attendee. Please, yell out anyone else if you can't hear me. Yes. Thanks, Michael. Okay. So just on that retail as a sector is interesting to me working with Rest because Coles, Woolworths, Harris Farm, et cetera, these are big entities that when you're already integrated into their systems, connected to their payroll, you're meeting all of their security standards, in fact, and then some, we're dealing with data that they don't want to hold. So tax file numbers through to the detailed superannuation contributions. They want to pass through and not store that data. That's our role. That puts us in a really unique position for -- it's only about a 10% to 15% data addition for us to be adding things like Visa checks. It's about a 5% addition of data upfront for us to help them think about are people paid correctly. So that's the way we look at it is that just keeps opening up doors and we can tackle it vertical by vertical. AussieSuper is a bit harder because they service everybody. So I don't think we'll have the time of being just one vertical for very long. I hope that answers your question, Mark. Will interest income be earned under the current commercial agreement with Australian Super? So yes, we always earn that by -- just by default of the process. What we do, do is we share that back with the Super Fund where they're paying for the employee and that employee super is going into their account. We think it makes a logical sense to share that back and it helps towards subsidizing the platform. So there's a back forth that works. It works at about a 50% share arrangement when you net it off. For some, it's -- we make 70%, for some around 50%. So 50%-50% is about right. So I answered that. Michael -- are there other major funds on QuickSuper that are likely now to consider making? Yes, it's interesting. We had one coming through our website today, but no names. So we'll start that process then not with MUFG actually. But interestingly for us, we are -- the next key ones, there are 6 funds using SCH online, and that system will be sunset. So they need a home. And there are 2 major players on Westpac that are with MUFG being CBUS and Host. And we're working with all of those organizations through MUFG. We would hope to bring them on, but those players are big enough to make their own decisions. So we we'll avoid arrogance. We think we're doing well. We think we're being recognized by some of the leaders in this game, but we want to know exactly what they need and tailor their configuration to them as well. That's worked for us to date, and we'll keep taking that kind of that approach. But yes, the market is still -- we're halfway is the way to think about it at the moment. Ben -- what is the approximate yearly fee for each full member and accumulation phase? Great question. We typically -- if you add all the fees and licenses together and average out the additional inbound and outbound transactions for nonmembers, but accumulate average that across. Our target is around the $7. It's -- for some customers and some low frequency, it will be lower. It will be closer to the $5. Others are already pushing through the right frequency, they'll be higher. The perverse thing is with PayDay Super, the ones paying quarterly typically are the ones most likely to go to weekly. So they'll have the biggest step change. So by when the fine regime comes in, in '27, we expect that to level set itself out well and truly. But yes, our target ARPU is $7. And so that's the key approach for us. [indiscernible], the big T word being thrown around still. is the big T word? I don't know what the big T word is. Anonymous -- help me out, drop another one in, I'm going to come back to you. So Ben, I hope that answered your question. I'm going to do Tristan while I wait for you to come back. What is the industry view and your view of the risk of July '26 on PayDay Super being delayed? Yes. So my view on this, and we've had quite a few conversations with -- I also sit on the Board for the GNGB who stay very close to this. When we look at that -- at the market, the ATO is going. what we know the advice we gave is this, and we scored a little bit of press the other day. I don't know if you got to see our pulling acting level between myself and Greg Tona on the ABC news -- business news. But we're interviewed on really what our thoughts were, and we think that is how the industry holds, which is this. If we push it down the road 2 years, what happens? I'll tell you, nothing. Nothing will happen. The businesses we're doing the same thing. The payrolls will be in the same position. The system will be in the same state. So it will definitely, in our view, go now. But if you sequence it, the funds must be ready first because if any one customer is ready for PayDay Super, the funds have to be, the gateways have to be. So the infrastructure players and the funds, we're working tightly to get PayDay Super ready. And we're committed on the basis that it is definitely going live. What we think will happen, though, is the fine regime might be delayed by 12 months or might be a soft start on the fines that they give. So that's good because for us, it means it happens and happens immediately. But how many fines and how much pressure to get everybody to move? Well, if the system is doing PayDay, it's easier for them to move, to be honest. But the small business market is going to have a capital problem because their working capital comes out of staff super for many really small organizations. It's a pretty risky business to be in. So yes, we don't believe they'll delay anything other than the final. Look, if they do, we'll sweat off our brow on implementation, but then we'll be slower on transactions and fees. So I say bring it on. We're ready. And I'm just going to jump to, okay, [ Monty ]. Trent, could you please take us through how Rest would take this to the -- yes, to their, say, 40,000 businesses. It kind of breaks down like this. Cohort Group 1 are the biggest and you white glove, meaning there's they have account managers. We have a triage team as does MUFG, and we ensure that they are comfortable. Everything is being tested, monitored. We watch as they go through. There is a mid-group that is high value that they do slightly lighter touch, less account management, but same triage. And then the last 2 groups, they have a lighter touch and a final group, which is it's self-serve, and there is a switching date and push. That's the logical way to do it. Otherwise, like in my experience, people sit and do nothing. And they can't afford to be operating in dual systems. They can't afford to have 2 service systems operating at the same time. So there is -- this is a free service provided by the fund for the employers. So they're very well motivated to make the move. But the funds like to dot every I and cross every T, which is smart. So yes, practically, they have to move somewhere and they have to move to a play that's PayDay Super ready. So either way, they are going to have a change. Paul -- when do you expect any revenue from Hong Kong market overseas? So we have some revenue already coming through on the live platform for Hong Kong, not substantive because the volumes just aren't large yet going through HSBC. I'm a bit torn, Paul. I wish we didn't go there yet to overseas because there is so much market here in Australia, and that's where our attention should be. But you take these windows when you can and having that pension capability allows us to at least as we get some to breathe some air, we have a market we can be pursuing that is not as big as what I think Australia is in the near term, but over the longer term, will be much larger. So we definitely -- we want to go -- we'll go after it, but I must admit on stalling anything overseas because we are really -- we're stretched. Paul -- yes, done. Ian -- does your conversation indicate that Hostplus will join AussieRest using Wrkr? No, I just want to be really clear. Host is a large organization, and they'll go through their own procurement exercise as will CBUS. There are real, really clear benefits though. One, 2 major funds achieve a certain level of scale. It would be hard to achieve the same discount, patent for total services that has been achieved by this MUFG block. We certainly would never provide these prices to a singular fund. Number two, there's millions of dollars of effort have gone into the admin platform integration between our platform and Aspire, and that comes with this package. And so to not have that means whatever you choose, if you choose a different worker, really to get the value you're going to need to pay for that integration separately. And I don't believe MUFG really want to do many, many of these at all. So look, I think there's great reason to come with us, but I want them to make their own decision. It certainly -- we wouldn't want them to think that it was -- the choice had been made for them would be my view. They're bigger organizations than me, and I have an ego. So I respect others might to. I hope that answers your question. Cameron -- is there more appetite for your solutions via MUFG? Look, the great thing is MUFG see us as a strategic partner, and I'm excited for that. It's been long and arduous to get there, and we're still youthful and even forget the gray hair. But we're working -- we want to work globally with them with the broader MUFG. We have aspirations to do something very big here off the back of some great hard work done by many. So it's early days, but we definitely have an eye for that market. I'm just not sure I have the wallet or the energy just today. Don -- in my world of streams, I didn't expect you to pick up AustralianSuper congratulations. Don, I really appreciate you saying that as someone who's been involved in the business for a long time. I think you probably know better than most the complexity of building software while selling while getting it out there. And I've got to say the team from the ClickSuper days or IP1 that are with us today. They -- as we say, we stand on the shoulders of giants. That's the best way. And they've done -- they're outstanding people. So -- but I really appreciate you making that comment. John -- if Hostplus or CBUS were to make a decision going forward with MUFG, how soon? How soon would they need to make that decision? I hope they're making it. If you look at it, the timetable for Aussie gets Aussie ready with all of their customers on by the month before June of next year when PayDay Super starts. So PayDay Super matters to you. You need to be making a decision now because it takes us at least 3 months to bring on additional talent and splice our teams to be able to do more funds. So we're running -- the system is running a bit late, to be honest. So yes, there's work to be done. But they need to make it soon is the short answer. Do you -- anonymous, do you think -- thank you. [indiscernible] that's the T. Do you think we are -- I take over target? I think so. Obviously, I think we're -- it depends on how you look at us. I'll be honest, as a CEO of the company, where our share price sits, is the share price look like fair value to last year's revenue? No. If you look at it to what we now know is baked into the business, yes, of course, I think we've got a long way to grow. But we are clearly at the front end and are starting to forge a great reputation with the super funds, and that makes us an appealing company. Between you and I, just us 83 people, I have no interest in that right now because we are nowhere near where we can get to. So for me, I'd love -- we love it. It's good for our ego, but we're not done. Let's -- we're just going to keep plowing and let that sort itself. We're certainly not actively looking. But I can see there is some logic over time. But we're dealing with patient companies. And frankly, as we grow more away from super, I think there's a lot more to come. I'm sorry, I'm conscious with all of you online, I'm taking us to -- into people's afternoons. So I'll try and kind of go through -- I've only got 2 more questions live, maybe 3. Thank you, Ian. Mark -- AI to drive further efficiency and both parties bipartisan on PayDay. I have to -- well, 2 questions, I think you're asking, is there AI opportunity in this business? AI agents is where we see the value, and that is -- don't build millions of dollars of reporting, let people ask questions as a fund and interrogate, let a user ask questions and interrogate about have they got their super right, for example. There's a lot we can do in that space. I just don't mention it in front of our teams because they love the new stuff. And I'm cracking the whip on bread and butter right now for them. But yes, yes, definitely. And are both parties bipartisan on PayDay. I think, yes, AussieSuper, the super funds get it. It's in the best interest of the industry. And we just cannot have employees not getting paid, and you would be disgusted by the amount of young people, particularly more vulnerable workers who miss out on their super. So we've got to fix it. At the cost of PayDay Super is achieving that, it is a well worthwhile spend. So the Super Funds are aligned, notwithstanding its effort and friction. We're aligned. We are a beneficiary, but there's a lot of work to do. And MUFG, they get it as well. So yes, I think it's bipartisan. I think there's going to be a lot of small business and maybe some of the lobby groups who just don't like it, and we know why that is. Can you speak more about [ Mild ] and Zero and how they might be thinking about partnering with Wrkr? John, I'm going to say no, I can't. But we think we've got a great value prop, and we're testing that. The reason I say no is I don't want to get myself in trouble. So we're going to keep working with that part of the community. But I think that we've got a really compelling shared value prop, which could be really interesting around small business clearing house as well. Last 2, I promise. Ian -- has Wrkr received any revenue from the Workday SAP relationship yet? I wish. I think it's cost me more so far, Ian, to be honest, than we've received. That said, we just received 5 clients to fill proposals in on SAP the other day off the back of our first client success, and we have the starting of some kickoff in marketing, and that's just through dealing with Zalaris, who's our chosen integration partner for SAP. So that's been a real thumbs up. We've got a key client in Melbourne that we're delivering to, and they've -- it's a full stack requirement. Workday, we have a key client, and we're going through that build for them. We've deviated from KPMG a bit just because they've gone a little quiet and they don't seem to service all the people in the market we wanted, but we have taken on that space. So -- and we have picked up a client ourselves, and we're going through the delivery with Workday. So yes, some revenue, but not enough to pay it back, but it's -- they're a longer game for me. Last 2 -- great work for the team. I will pass that on Tristan, I appreciate it. And the same comment from John, well done. Nate -- well done the work, team. I'll pass on all of those and also your comment, Don, it's all very much appreciated. We're excited. You will see I did mention I'd cover off now asked a question about the other director joining us, Duncan McLennan. Those of you who read the notice will have read that Duncan is my wife's brother-in-law. I've known Duncan for a long time. He was the Head of Audit for KPMG Australia, went over to South Africa when -- to be their representative to clean up South Africa with KPMG, has worked in New York and London. He is someone well above what I would have expected us to bring in. And probably the only thing I would say and for some of you who talked to me a bit and know me, I don't think I'm going to get away with much with an experienced auditor and financial person who's very black and white. So the only question the Board asked is how uncomfortable would I be? And I said I'm going to be very uncomfortable because now I have to do all my homework. So anyway, I just want to be declarative on that. I've known him for a long time, but he also makes me feel appropriately uncomfortable is the way I'd say. So that's it from Wrkr. I am on leave for the next 7 days -- 7 working days, I apologize. But any questions that come through, if I'm a little bit slow on the Q&A, apologies. But I've promised a trip away with my dad and my boys and for a quick week, but I'll be back on the helm and down with AussieSuper actually rolling the sleeves up. So thanks again to every one of you who have taken the time. It's as you'll hear it, there's pride in my voice, and we're only just getting going. So thank you again for being investors, and we hope to make you as proud as we are. So thank you.