Xref Limited (XF1) Earnings Call Transcript & Summary

Okay. Good morning. Thank you for joining us. Hopefully, the numbers are currently growing. It's 10:00 dead on. I might give it another 30 seconds just for those numbers to creep up. Hopefully, you can all hear me. Everything looks good here. If you can't hear me, please message, but it all looks good on my end. All right. Numbers have zoomed up. So let's get going. Good morning. Thank you for joining me. I am Lee-Martin Seymour. I'm the Founder and CEO of Xref. This morning, I will walk you through our results presentation and leave a bit of time at the end, as usual, for some questions. Thank you for those that have already supplied me with questions. It's nice to be prepared. So if you have any during the session, please post them. We'll try and get to them. If we can't get to them, I'll answer you after the session. And if you do need time one-on-one with me to explore any of the things that we speak about this morning, please feel free to e-mail me. Now we released our last presentation on August 28 last year. And that presentation detailed our progress with things like our self-sign-on platform that was released last year, AI products that we've released our platform consolidation. And we really dug deep on what we are trying to achieve following what has been quite horrific market conditions, particularly in recruitment and obviously, failing the elephant in the room, which was a failed acquisition by SEEK. So if you haven't already, find time to go back to that release and have a look at Page 15 of that presentation, which quite neatly set out our goals moving forward. And as a reminder, they were for us to drive our new platform adoption, especially in the areas of our new AI tool sets. We wanted to develop our mid-market sector by driving adoption of our self-sign-up tool, and we'll speak about that today. We wanted to increase our vendor usage on Trust Marketplace and increase the number of checks that were taken within our new platform. And we wanted to improve yet again our operational efficiency, especially by the use of internal AI tools in departments such as support and development. Obviously, net new business growth was a massive target for us last half. And in such a tricky market, we've got a great story to tell. And then onward from that, what we were doing within API development. So we'll speak about all that this morning. But that presentation last August was our vision, this presentation 5 months on walks us through the value, the value our technology is bringing to our platform, the value it's bringing to our operational efficiency and the huge value that it's currently bringing to our clients. So hopefully, this morning will give you a really nice view of what's happening within the team at Xref. Now this slide appears at the bottom of our current presentation that is online. But I brought it up here so that we can talk about these figures from the onset and start to set the scene of where everything fits in. So our overall revenue for last half was $10.2 million, with $4.2 million from our new platform, and that was up 58% year-on-year. Our EBITDA was positive at $1.3 million, demonstrating that our business has a core profitability. Now you will see in the results that there is an adjusted EBITDA because we've removed the R&D grant that was there last year. And that shows that our underlying business and our EBITDA has grown by 900% in the half, so or as in comparison to the previous corresponding period. So the new platform ARR grew 27% from $7.2 million to $9.2 million from July to December. And that now represents 54% of our total ARR in the business. Now that is a really key number because that suggests that we're home. Most of what we do now is in our new platform, which is the first time we've been able to report that. It's a very exciting figure for us because it represents a huge move. Our total operating expenses were reduced by 14% to $9.9 million. And an awful lot of that is the efficiencies that we're finding within our own team being able to reduce headcount as we go and find efficiencies within the way we service clients, the way service -- the way clients self-service themselves on the platform, removing manual handling from us and obviously, the way we're using AI-generated code in testing and development within our technology team. And what was quite nice across all of that, improving obviously, our EBITDA, reducing our operational efficiencies or expenses, but also reducing our debt by nearly $900,000. And our cash balance at December 31 was $2.8 million. So if you have any questions about this, please pop those on. But let's move now on to -- on to what is -- what do we mean by our transition is complete. So we have pivoted and done it in such a well-structured manner. It is now complete. I can say it's complete because 54% of our ARR is on the new platform. But that is all that we are selling today. Most of our business is now using our new technology. We started our transition away from a credit-based transactional point solution in 2020. And we've worked hard to decouple ourselves away from the ebbs and flows of recruitment as it were. So let's just walk through what this means to us. And the reason why we decided to make a pivot into where we are today. The first, obviously, as everybody knows, decouple ourselves away from the ebbs and flows of recruitment by moving from a credit-based recruitment point solution to a SaaS-based platform. We wanted to remove manual handling in our client support and deliver far more self-service tools to our clients, which we've done. We wanted to transfer from credits. If you remember, we used to be credits per reference to SaaS, and we wanted to adopt a low friction renewal model. So this presentation today is going to speak to our multiyear and auto renew contracts now that we are seeing to take care or reduce friction within our renewal process. We wanted to reduce our reliance on the enterprise sector, and we wanted to dive deeper into that small and mid-market area. So we're going to talk about that today. We wanted to widen our impact across many roles, including the executive and HR teams and move onward from just dealing with recruitment teams. But the biggest change of all for us was the toughest, the toughest that a SaaS business can ever go through, and that was to change our value proposition. Now automating references had obviously tremendous value, and it's where we began. But extra strategy was, let's say, misaligned, right? We wanted our clients to hire more and increase our revenue by increasing their own turnover. So that was at odds with what our clients' objective is. They want to reduce turnover and increase engagement. So our value proposition to clients has changed over time because now when we speak to clients, we talk about using references and check, background checks and employment engagement tools and Exit Surveys and the Talent Pool. And we work to lower a business' turnover and increase their engagement. And this is no better evidenced by the news stories that came out in the last half. And if you haven't seen them, they're on the hub, they're on LinkedIn, you can Google them. But the work that we did with companies like Hungry Jack's, William Buck, Cancer Council, SCEGGS, Charles Darwin Uni, we help lower turnover, improve engagement with the tools that are available to them via Xref. Now these are all exceptional reasons for us to pivot in such a way to be in a far broader offering to a far broader amount of people. But what is the biggest reason of all? Well, that's quite simple. Our platform harvests data faster across the full employment life cycle. So it serves -- our platform now serves as an engine for workflows. You'll see the workflows written there, automated referencing, background checking, Pulse, engagement, leadership surveys, Exit Surveys, psychosocial surveys. These are traditional arduous manual tasks that we've been able to rebuild in an automated way and using those workflows obviously generates an amount of data. Now these workflows aid different parts of the employment journey. So in recruitment, in retention and predicting outcomes via our insights. And we have a number of different personas like candidates, employees, employers, past employees, referees, organizations, verification vendors, all contributing data as I'm talking right now. And that adds itself to our data lake. Now what -- our data collection has expanded scope over time. In fact, our data collection and our data lake is accelerating at the moment by replacing our traditional and often manual tasks with this automation. So the collected survey data, bear in mind, keep this in mind because this is crucial. Yes, it's proprietary, but this survey data is public opinion, and it did not exist before we collected it. And it cannot be synthetically created by LLMs. So this data includes 26 years' worth of engagement data and industry benchmarking. It includes 16 years of employment data. This proprietary data lake of 9 million career histories has become the most desired attribute of Xref for other HR platforms and background checkers wanting to surface this data. But this isn't new to us. The distribution of this data is not new. We have 9 million career history sitting there. It's based out of public opinion. We have machine learning that identifies career fraud and services data for Talent Pools and rehire targets. We do things with core capabilities and benchmarking and sentiment. We collect this data and we throw analytics over the top, and we can surface that via our own native platform or we can surface that through your desired platform, whether that be SmartRecruiters, PageUp, Equifax or Bullhorn, whatever your platform of choice may be, you can request and collect that data and review that data from within that platform. So we have been distributing this data for a very long time. But we are a founder-led organization. So we are committed to fresh thinking and disruption. And in 2010, we picked up the job of referencing, and we gave it back to its rightful owner, which is the candidate. And for the last 16 years, we've been holding the candidate responsible for the collection of their own references. The next move is quite exciting for us. And it echoes the need for our data lake and this proprietary data. This year, you are going to hear more about our metadata API, which is a very exciting space. Now to understand it, you need to understand that the way or the time frame in which references are collected is too late. So references are collected sometimes after interview, whereas if you, like me, understand or remember how it was -- how it used to be done, references were always provided on application. And then they were removed. As the world digitized, they were removed out of their applications, those lovely headed letter references didn't come along with the reference -- with the resume anymore. In fact, it was replaced by one of the most useless sentences in the employment sector globally, and that is the sentence references available on request. So how are we going to move the collection of references back to its rightful place on application? Well, we're going to do that via the Xref metadata API. And you are going to hear more about this. So what this does is allow a candidate on -- when they create a profile on a job board or any other platform and they are applying for a role, we can surface the metadata out of our data lake and ask the candidate if they would like to include this as part of their application. Yes, they can enrich it. Yes, they can update it. And everybody in this process becomes a winner. The candidate is able to elevate their standing by adding references and historic verification to their application. The employer gets to hire faster, making far better, quicker informed decisions. I'm not waiting for after interview reference checks or checks. And also, by doing all of this, we make sure that our historic data is enriched and updated by the very people that created it in the first place. This is a very exciting space. And you'll see here actually a record. It says John Citizen, but this is a real record of a candidate within our database who has been referenced multiple times from multiple employers over the last 16 years. They've actually provided references for other people, and they've also done an Exit Survey on one of their previous organizations. Now this person, in particular, I've actually spoken to this person, and they have a strong desire to surface this metadata at the point of application. So really exciting space for us. Now the strategic shift was decided and executed during the COVID market. The goal was to move away from being a market-dependent point solution, obviously, just references. Xref now offers a self-service SaaS platform with agnostic integration partners. But you could look at us as sort of 3 different beasts. For references, we're first in market and we're a leader, right? For background checks, we're an aggregator. We don't want to be a background checking business. We want to bring all the great background checks from the vendors out there and bring them into the Trust Marketplace so they can be consumed on one platform. And in terms of engagement, where this we're this disruptor, bringing different views of Pulse and Exit with Xref Engage, et cetera. So we have 3 different roles here. But this shift was made in possibly one of the most brutal recruitment markets I've seen. And we have been able to position ourselves ahead of the competitors. And now as we move on in this presentation, I'm going to speak to you about the achievement that we found and the success we found within the new platform. So over the next 7 slides, you'll see the pill at the top says new platform. Now I'm going to call it the new platform across the next 7 slides. And then when we get to the end of this presentation, I'm going to tell you what we're going to call it because by the time we end up sending you more news, we're just going to call it by its name. So I'll let you know what that is at the end. So last half, 181 clients migrated from our legacy reference platform into our employee intelligence platform, right, i.e., our new platform. And 124 new clients joined that platform who had not used us before. So our active clients across the platform reached 843, and it represented 54% increase based on the corresponding half last year. Now our quarterly revenue was $4.2 million, which was up 57% based on the corresponding half. Let's talk about platform adoption on the new platform. Our self-service tools significantly aided the new platform's growth. In particular, we released -- last December, we released a year ago, roles and permissions, new roles and permissions platform across that technology. And it meant that our clients could provision their teams and their users and give them product access across the platform. Our users on the platform grew 148% to 7,000. And then the surveys that those users requested grew 130%, up a standard -- standout 285% across the year from H1 last year to H1 this year. And then move on to checks taken in Trust Marketplace. I've said previously that our target was to increase not only our vendors on Trust Marketplace, but to increase the amount of checks that were taken on the platform. So we have increased the checks by 220% and 400% more active users used Trust Marketplace from within the new platform last half. And more people are using more surveys and checks, and that's the data engine that I showcased at the beginning. Now that's platform adoption. Let's drive a bit deeper to feature adoption. Our feature development prioritizes our client feedback. Sometimes we prioritize feature adoption because it unlocks revenue, and we prioritize feature adoption because it drives scale far better. So for a self-service feature, that drives scale. Our critical older features, those that were built in -- if you have a look in 2016, 2018, they were machine learning. We didn't call them AI then, but they're machine learning products that were so critical on the old platform that they found themselves being rebuilt in the new platform, and they are always 100% adopted. Exit, Pulse and Trust Marketplace, are a huge opportunity for revenue growth and data growth for us. So for instance, if you have a look at the Exit Surveys, if we did as many -- or if we did 50% of the Exit Surveys that we do in references, so you're thinking now about talent coming in, talent coming out. If we did 50% Exit Surveys to reference surveys, it presents a $7.5 million revenue increase. And you can see the other opportunities that are there. So Xref, it's a nice time to say that Xref is not a nice to have. You need to put yourself in the position or in the shoes of our client. Xref is a business-critical tool set, and it reduces the manual tasks and it increases our clients' overall engagement and reduces turnover. So if you do know someone in the industry, and it's not hard to walk 10 paces and find a HR person that knows Xref, I would put yourself out there and ask about. And these things are the reason why we are #1 on G2. Now let's talk about a real client, right? And not a legacy client that's migrated. Let's talk about a brand-new client that started with us 12 months ago. Minor Hotels, global hotel business, you can see the size of that business there. But they started their life in reference checks on platform, progressed to Pulse surveys and now they've pushed it even further to Exit Surveys. A fantastic journey. Obviously, there's no figures there because that's their business, not ours, but a fantastic journey of a really nice sector. We don't do it an awful lot in hotels, but it's really nice to see apart from the Ritz and the Fairmont and The Claridges and a few others. But in terms of a hotel group, using this across their business to drive their engagement to reduce their turnover is a fantastic result. And if we are out there every day speaking to clients, this is what we're trying to do. We're trying to land and expand. And you don't have to start with references. You can start anywhere. You can start with Exit Surveys and work backwards. There is something in the platform that is going to benefit your business today. And that is showcased by our client acquisition for last half, 124 new clients joined in H1, and that is a 57% increase on what we've seen in the corresponding half. The average invoice that we saw was about $6,300 and our client acquisition cost was about $3,000. So you can see that our cost of acquisition is very healthy. And I'll speak about that when I get to the marketing operational efficiency slide. But ultimately, what you can see is that we spent $377,000 on key marketing that brought us a number of leads that I'll speak about in a little while, and we were able to close that 124 clients out of that lead flow. I want to have a look at those 3 circles on the right. And I'm just going to pick out a few things. In the top one, which is the sector circle, you can see that with education, health care and professional services, 60% of our business. And this is true of the new companies that have joined us, but it's also very close to what it looks like on our -- the rest of our business. But 60% of the sectors that join us are in that very critical space that tends not to get affected by industry slowdowns, et cetera. So it's quite nice to build a moat around those. Quite a nice one in the middle graph was the fact that we attracted 9% of the SMB market last half, and that was really driven by the self-sign-up technology that we launched in May. So we're driving deeper in the markets that we're already in. And then the last one is very exciting because we were able to secure 22% of our net new clients in North America. So a really nice space for us at the moment. And then you can enjoy a few of the logos that joined us last half. So a really good story. So in terms of client acquisition, great half. But what did we do with the clients that are migrating and currently on? So let's talk about renewals. And remember, we're still talking about the new platform. 431 clients renewed during the half. So it showed a really strong level of retention. Now you can see here the amount of clients that were renewed, and they've been on the platform maybe 1 or 2 years. So this is this -- maybe their first renewal. Second, for a slim few, this is their third renewal. So really starting to see a level of strong retention from people using this platform. 43 of these renewals had an element that we haven't seen before, which was the upselling of these clients. We can upsell into Trust Marketplace. We can upsell into Engage. We can drive further adoption into other areas of that platform to increase their use of what we call profiles. Now with every subscription, a client has a -- depending on what tier they sign up for, they have a profile cap on there. And if they were to use that profile cap before the end of their 12-month subscription, they can then purchase a cap extension. So last half saw a change -- a bit of change in policy from us. We didn't allow clients to renew early or earlier than their original 12-month end date. Instead, we sold them cap extensions of about $180,000 across these set of clients, and we refrained from renewing $600,000 worth of renewals because when we get to the actual end dates, we can renew them at a far greater level, which is great, a nice change of policy. And it's an efficiency that is derived out of migrating clients and waiting for their first, second or third renewals. And a really nice part of last half was 30% of those clients that renewed signed either auto renew contracts on credit card or they signed up for multiyear contracts. And 12% of them actually paid their multiyears upfront, which is a little bit of a kicker on cash. So an outstanding half on the new platform renewals, and it said a lot about the benefit of that platform. In terms of ARR on the new platform, we moved from July to December from $7.2 million to $9.2 million. We retained 251 clients and we migrated 137 to the new platform. Upsells were about $1 million, including Engage and Trust Marketplace. Cap extensions, as I said, was sold to 50 clients at about $180,000. We deferred $600,000 of renewals, and that will appear in the next quarter. If anybody wants me to dive a bit deeper on that mechanism, then I can. This -- obviously, it will lead to larger renewals in future months, but it will be [ compacted ] by the same behavior overlaid in this quarter. So revenue churn remains about 15%, and that's really just down to market pressures, lower budgets, a bit of competition in certain areas, something we're quite used to, but something we're definitely wanting to retain and improve on. Where is the rest of the revenue, right? So we've spoken about the new platform. Let's make a shift on looking at the complete business. Here, you can see where the rest of the $10.2 million worth of revenue existed last half. Now the things that we're going to continue to talk about are in the new platform, $3.9 million, the upsell areas and the API channel. We're going to continue speaking about those. But what we're going to put in this legacy part is our old reference platform and the identity platform that we bought in 2019. They remain as our legacy, and we use those as a pond to bring migrated clients into the new platform. Let's look at operational efficiency. We've looked at the platform. We've looked at the rest of the revenue. Let's have a look at what Xref looks like internally. So these figures on the left give you a really good idea of how impactful our teams are. There's only -- today, there's only 60 of us, and that includes 5 of us on the Board. So we have a sales team. Each one of those individuals on the sales team contribute $1.2 million on average a year, and they close 127 deals a year. In terms of our customer success, they're closing 45,000 cases for clients a year, including candidates and referees and survey providers. The good thing is that 15,000 of our cases are now solved last half by the AI agent -- or sorry, that's an annual figure. 85% account retention is a great stat for our customer success team to lord about. And we are #1 on G2. So how we service our clients is just simply outstanding. In terms of the technology department, we have 26 sprints last year, 16,000 code deployments, 3 new products launched, 9 maintenance projects, 13 new features launched, 7 new integrations launched, 4 AI products that we launched last year. And alongside all of those deployments, we were still 99.9% uptime across our platforms. In terms of operations, this business has gone through a huge dramatic transformation. And so we still have employee engagement score of 73%. And despite our changing in headcount in terms of rightsizing our business, we still have a 95% employee retention rate. So great figures. And I wanted to call out our use of AI within our support engine. You can go to that link that's supplied there and ask anything about Xref and the way that we do things on platform, and it will talk to you quite nicely. It's very intelligent. It knows more about the platform than I do. But we solved 7,000 cases last half, and we reduced our overall case load for our manual cases for our customer success team by 25%. So really good result. And in terms of AI code, you have to be very careful in this in this space. But we have made some excellent decisions on the use of AI within our development team last half, and it is running alongside us very nicely in test and development. And so 57% of the 0.5 million lines of code that were deployed last half were AI generated. So based on, obviously, our history, we have an awful lot of history in our platform and code repositories. And so that AI can read that and say, hey, this is the way that Xref builds a button, right? So just to put that into perspective, but great stats that have allowed us to drive operational efficiency. Let's talk about marketing. We delivered 2,000 leads last half, just over 2,000 leads. And that's a 250% increase on the corresponding half, which was a fantastic result and we did it in such an efficient way. We had content downloads, demo requests, self-sign-ups, we leverage the ATS channel. We campaign the Trust Marketplace. And you can see on the right-hand side that we actually created $3.4 million worth of pipeline that's rolling into the half we're now in, right? So we closed 124 deals out of that pipeline, and we pushed $3.4 million into the next half, which is a great achievement. And alongside that pipeline today, there is obviously compounding another level of leads that is moving over the top. So a great result. Now how are we doing that? We're not doing signs on buses. We're not doing any huge paid media. We're not on the road in trade shows, spending money on stands. We're just being so super efficient and clever. So if you are following us on any of our social channels, particularly LinkedIn, you will see the wealth of our e-books, our thought leadership, our banners pointing to knowledge articles. If you love listening to me or you can't sleep at night, get on to LinkedIn and watch some of my videos that were submitted last year. So everybody is behind some smart marketing and we are driving digital marketing in such a great, efficient way. And obviously, if you're not subscribed to our newsletter, then you should be. So if you subscribe to me on LinkedIn or the Xref channel on LinkedIn, then you'll keep up to speed with us pretty well. And this is what has been driving our lead flow. Let's talk about profitability in terms of operational efficiency. We have reduced our operational expenses by 14% year-on-year, and that has contributed to our $1.3 million EBITDA or $1.2 million EBITDA adjusted. And we have done that via rightsizing our headcount, reducing our marketing spend and spend on SaaS, everything has been brought down. You will see the top green line is professional services. And in the first and second half of last financial year, there is about $1.5 million in here that fueled a failed attempt by SEEK to acquire us. So we've lived through that. We've come through the other side and professional services is now where it should be. On the right side, you'll see our revenue per head. And this is obviously our headcount reducing and then our revenue increasing. And you'll see that at the moment, we are outperforming the industry at $362,000 with our sort of our current RPE, which is a great way of seeing how efficient our overarching business is. So amongst everything else, launching products, winning clients, performing great marketing tasks, we've been able to obviously take care of business at the same time. I've talked about these stats -- ask any questions you will on those, but we dealt with these up above. Now this here is not a forecast. It does show 4 key pillars to growing our platform. And they are migrating the remaining 315 clients from the legacy platform into the new platform. We have shown that we can grow adoption, look at Minor Hotels, right? We can grow adoption. So our target is 20% adoption across the clients that we already have, and we can do that via Trust Marketplace and Engage and cap extensions, et cetera, and Pulse and Exit. And we -- the strategy also includes the winning of 300 new clients. We did 124 last half. We're building that. The milestone is the next 300, right? Can we increase, of course, the average revenue for those 300. And the key goal is to retain, obviously, 85% retention rate on all current platform clients. So we're going to speak to this. And I would -- if I were you, I'd take a mental picture of those 4 key pillars because as we grow, we're going to be speaking not only just about the new platform, but we're going to be speaking about these stats. And I said to you at the very beginning, I'm going to speak about the new platform, right? And I'm going to tell you what that platform is going to be called at the end. Well, that's pretty simple. Our new platform is just Xref, okay? So we survey and check at the point in which a candidate, employee, ex employee crosses their career path with an organization and we call that an Xref. So with that, that sort of concludes my debrief of the presentation. I would like to take a minute to welcome our new Company Secretary, Kamille, and she joined us just recently. I would also like to thank our post Company Secretary, Robert Waring, who was with us for 10 years from when we listed in 2016 until now. So I'd like to thank him for his service to the Xref business and his support of keeping us -- keeping our noses clean while we're on the ASX, and I wish him all the best in his retirement. If you -- obviously, we've got a capital structure there. But if you go to this last page, there is a wealth of information. If you are a new investor of Xref, then there is a wealth of information for you here. As I said, as a reminder, go back to Page 15 of the last presentation. And if all else fails, connect with us on LinkedIn, connect with me on LinkedIn and get hold of me because I'm available for conversations if you want to dive deeper on anything else. Now I'm going to drive straight into questions. I have a couple of questions to answer.

The first one was questions around the balance sheet and our sort of view for the future. I think in terms of our balance sheet, cash at December 31 was $2.8 million. We have made a huge asset shift -- an asset shift in our business from our old platform to our new and that now we're holding $9.2 million of ARR within that new platform, and we have a very clear growth trajectory for that new platform. Obviously, on the balance sheet, EBITDA, our underlying profitability for the business outside of debt is very healthy, and it shows that we are doing all the right things, including the 14% reduction on expenses. Now it was good last half to see us reduce that debt. Our organic paydown of that debt and managing it is our priority because you don't have to be a rocket scientist to understand if we remove that debt off of our balance sheet, we're in profitable territory where we can keep reinvesting in this amazing marketing machine that we've built. So debt reduction is top of mind and doing it organically throughout the year is something that we've just proven that we've got the ability to do. Self-sufficiency is obviously key. The goal is to meet our obligations and without further capital raises. So leveraging our improved efficiency and our One Platform strategy. And we've got time. We've got time to remove that and sort of rebuild that balance sheet in an incredible way because -- our first tranche is due February '28, and our second tranche is due in May that year, May '28. So we have time to be creative and get ourselves into a really good position in terms of the balance sheet, and we've just proven that we're on the way to do that. In terms of our capital allocation, obviously, debt retirement is at the top of that list. Driving AI efficiency is on that list as well. Our continued SaaS migration, bringing our legacy clients across those legacy platforms cost us money. So it's key for us to reduce the expenses that we have on those platforms and bring all of our clients into the new party. And then obviously, our margin expansion. So prioritizing our hire to retire people using things like Trust Marketplace and spending more over time. Those cash -- those cap extensions are showing us that people are starting their journey thinking they're only going to spend x and then they get 9 months down the line and they haven't got enough cap, so they're doing cap extensions. And then they're pushing into other areas. So our capital allocation has got to be on reducing debt, increasing AI efficiencies, increasing our SaaS migration or concluding our SaaS migration, increasing our margin and then driving our net new clients on that. And I think that sort of concludes our mission, the mission for this year and certainly, the metrics that we are going to talk to over the next little while. And I would like for everybody to explore and understand our focus on the metadata API because that's something we're going to start talking to very quickly. Now in terms of revenue, yes, we have been listed for 10 years, right? We've done a very, very good job over the last 10 years of behaving ourselves on the ASX and making sure that we do all the right things. But we are not the same business. Our revenue is completely different to what it was in 2020. So yes, our top line revenue has reduced, but we really haven't had the impact that a business would normally have moving business model, client proposition, platform and changing our complete offering and sectors and personas that we deal with. So we're quite happy with the fact that we have this amazing growing part of our business. It's very different to where we were all at COVID from '16 through COVID. But I think you'll agree with me that this has been a very hard transition in a brutal market, but where we are, 48.55 minutes later is in a very, very, very good place. And if you are ever lucky enough to spend time with our team here, you'll understand that we're all very excited about what's just to happen and so should you. So any questions, please get hold of me. I don't have -- I'm just going to quickly check while you're all on. I don't have any hands up. I don't have any questions. If you do have anything, please reach out to me. Ultimately, thank you for your time this morning. This will be recorded online. With that, I bid you all adieu. Have a lovely day and thank you. Bye-bye.