Welcome to the Jumbo Interactive Limited FY21 results briefing conference call. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I'd now like to hand the call over to Mr. Mike Veverka, Founder and CEO. Please go ahead. Good morning, everyone. Today, as usual, I'm joined by our CFO, David Todd, to present our full year results. I'll provide an overview of the results and tell you about the opportunities we see ahead, while David will provide a more detailed run-through of the numbers. I'll speak briefly about the conditional acquisition of Stride, which we announced this morning, before wrapping up and moving to Q&A. Turning to the group results, we reported a strong double-digit growth across TTV, revenue, and underlying EBITDA. Despite fewer and lower-value jackpots and the absence of a greater than AUD 100 million jackpot, Lottery Retailing continues to deliver good growth, With the increase in TTV predominantly driven by our SaaS segment as clients went live on the Powered by Jumbo platform. Revenue was up 17% and was balanced between Lottery Retailing and the emerging SaaS and Managed Services segments. At the headline level, Lottery Retailing revenue was up 9.6%, although after accounting for the transition of our Western Australian customers to Lotterywest's white label platform in December 2020, underlying revenue growth was 17%. This includes the transfer of around AUD 30 million of TTV at a revenue margin of around 20% to our SaaS segment at a margin of 9.5%. Underlying EBITDA was pleasingly up 13%, despite the introduction of a 1.5% service fee payable to Tabcorp on the subscription price of tickets and continued investment in the business. The lower underlying NPAT growth of 7% mainly reflects the impact of a higher amortization charge following the capitalization of the Tabcorp extension fee and lower interest revenue. Capital generation and cash conversion remained strong, with operating cash flow up 24%, and the board has declared a final fully franked ordinary dividend of AUD 0.185 per share. COVID-19 has had a net positive impact on the FY21 results, with the mobility restrictions supporting the purchase of tickets digitally. Moving to the next slide, this shows how we're building upon the operating model that I first unveiled at our interim results back in February. Today, I'll highlight one. We have moved from a one to a three operating segment, all underpinned by our proprietary technology platform and over two decades of lottery management expertise. Secondly, the significant opportunity for each of our segments, particularly for our emerging SaaS and Managed Services segments. Thirdly, our SaaS business, which is focused on licensing the Powered by Jumbo platform to government and charity lottery operators, while our Managed Services segment assists charities that do not yet operate a lottery. I also want to flag the conditional acquisition of Stride, which we announced today, which adds scale to our Managed Services segment and gives us a foothold in the Canadian charity lottery market. There'll be more about this a bit later. Overall, it's been an important year for Jumbo, with the successful transition to the new Tabcorp agreement and the implementation of our new operating and organizational structure. We aim to build on this in FY22 as we invest in the business to ensure we have the right capabilities to capitalize on the growth runway ahead. Turning to Australia and our Lottery Retailing segment, I've summarized the key trends impacting the segment as follows. Number one, online sales in Australia of lottery tickets increased by 4.8 percentage points to 32.8%. I also note that plans are underway to refresh the Oz Lotto game. The changes are likely to be implemented late FY22. Secondly, while the jackpot sequence improved significantly in the second half with 23 Powerball Oz Lotto jackpots greater than or equal to AUD 15 million compared to just 15 in the first half, the total number of jackpots for the year was still slightly down on last year. Thirdly, additionally, the average value of large jackpots was down 21% with no jackpots above AUD 100 million. Onto the next chart. This chart of Oz Lotteries' sales performance over several years explains both the resilience of the growth of our Lottery Retailing business. You can see the steady growth achieved from small jackpots in the light blue and the boost we get from the large jackpots in dark blue. To reinforce this point, just two weeks ago, we sold a winning AUD 80 million Powerball ticket to a player in Victoria. We estimate that the total national sales for that draw alone was up an impressive 16% compared to the previous AUD 80 million. We know that our sales for that lottery were up 32%. Additionally, three of the 13 Division two winners were Jumbo players, and this 23% data point is another indicator of market share. What this demonstrates yet again is that we typically grow TTV, and therefore market share, far more emphatically during periods of large jackpots. It's no surprise that our share tends to subside in periods of low jackpots, as was the case in the first half, and rise during periods of high jackpots. Overall, our moving annual total TTV from Lottery Retailing has grown at a very healthy average compound annual growth rate of 20% over the last five years. Moving now to our SaaS segment, where we license our PBJ platform to customers nationally, including to ourselves at Oz Lotteries. FY 2021 was a pivotal year, as all four external clients in Australia went live on the platform. While it is still relatively early days, I've included some high-level metrics on the bottom right-hand side outlining some of the benefits our clients have observed on the platform. I note that Lotterywest went live on the platform in December 2020, and we have already seen some encouraging performance improvements. We now have around 880,000 active players in Australia, and we finished the year with an annual run rate TTV of AUD 132 million based on Q4 results. We're working closely with our first international client, St Helena Hospice, to launch our market-leading lottery platform in the first half of FY 2022 in the U.K. I've added this next slide to highlight the global opportunity that exists for our SaaS business. The U.S. government lottery sector represents the largest opportunity. The pace of digital transformation in lotteries has been slower than in online wagering space, which is not really surprising. However, as legislative changes continues and consumer demand for lotteries gains traction, particularly as lotteries seek to ensure their products remain relevant for the next generation of players who are more digitally savvy, we see a significant medium-term opportunity for Jumbo to be the preferred partner for small to medium-sized state government lottery programs. We believe we have the technology and the lottery management expertise to deliver market-leading growth. In the U.K. and Canada, we have prioritized the charity lottery sectors and continue to evaluate opportunities in these markets. Turning now to the Managed Services slide, where we provide lottery management services to charities that do not yet have a lottery. Our U.K. business, Gatherwell, continues to go from strength to strength, with TTV increasing at 26% per annum over the last three years. Gatherwell continues to expand its reach with local government authorities and school now supporting over 10,000 good causes. We have leveraged Gatherwell's expertise and capabilities in launching Managed Services here in Australia with our foundation clients of Paralympics Australia and St John Ambulance Victoria, which went live this year. Today, we also announced the conditional acquisition of Stride, and the charts at the bottom left of the slide provide a pro forma view of TTV and active customers. As you can see, with AUD 122 million in TTV, Stride adds significantly more scale to this segment. Moving to the next slide, it provides an overview of the Managed Services opportunity in the charitable giving sectors across the U.K., Canada, and Australia, as well as our key priorities in these markets. Importantly, the total addressable market to Managed Services is much larger than SaaS, as a lot more charities need Managed Services in addition to a software platform. COVID-19 has certainly amplified the trend towards digital channels, with lotteries seen as an important source for sustainable fundraising revenue. I'm optimistic that our Managed Services segment can capture more than its fair share of this substantial market over the medium to long term. With that, I'll now hand over to David to run through the financials. Thanks, Mike, and good morning, everyone. On slide 10, you'll see that statutory EBITDA is up 10.9%, while underlying EBITDA rose 13.2%. Statutory revenue was up 17.1%, with all segments growing strongly, noting that financial year 2021 reflects the first full-year contribution from Gatherwell, while financial year 2020 only had approximately seven months. The increase in cost of sales was driven largely by the introduction of the Tabcorp 1.5% service fee on the subscription price of tickets, as well as growth in ticket sales. Underlying operating expenses, excluding one-offs, increased at a lower rate than revenue, driven by increased investments in the business to drive growth and building capability, including enhanced corporate governance and risk management. Slide 11 starts with Lottery Retailing, where we saw underlying TTV and revenue growth of 15% and 17.1%, respectively. On this slide, I have adjusted the numbers to reflect the transition of our WA customers to Lotterywest, which from 21st December is reported in our SaaS segment. This was effectively a transfer of TTV at a margin of approximately 20% to a SaaS margin of 9.5%, with an estimated AUD 2.1 million headwind to the FY 2021 result. We have not disclosed comparative EBITDA figures for all three segments due to the change in operating model and organizational structure earlier this year, but I have broken out the performance by halves. The stronger second half performance primarily reflects the improved jackpot cycle, with 23 Powerball and Oz Lotto jackpots greater than AUD 15 million, compared to only 15 in the first half of 2021. Turning to SaaS on slide 12, where 2021 financial year has seen a significant uplift in TTV and revenue as our four SaaS clients have been successfully migrated to the PBJ platform. While Mater Foundation has been on the PBJ platform for the full 12-month period, Endeavour and Deaf Services only fully transitioned in October 2020 and May 2021 respectively, while Lotterywest went live on 21st December. Based on the fourth quarter, the annualized TTV run rate was AUD 132.2 million. Revenue of AUD 31.2 million comprises internal revenue of AUD 27.1 million from Lottery Retailing and revenue from external customers of AUD 4.9 million. This inter-segment revenue is equivalent to 7.5% of Lottery Retailing TTV and reflects a license fee for use and customization of the PBJ platform, including ongoing system improvements, platform feature developments and innovation, and use of data analytics software. The external revenue margin was 4.7%. Financial year 2021 EBITDA was AUD 22 million, reflecting an EBITDA to revenue margin of 68.5%. Moving to Managed Services on slide 13, which principally reflects the performance of our U.K. business, Gatherwell. Noting that our Australian operations, Jumbo Fundraising, was only launched in February this year, and therefore its contribution to financial year 2021 has not been material. The headline results shown in the charts are distorted due to the timing of the Gatherwell acquisition, where approximately 7 months of trading was reported in financial year 2020, with a full 12 months reported for financial year 2021. On a like-for-like and constant currency basis, Gatherwell delivered a very strong performance with TTV and revenue up 40% and 42% respectively, with EBITDA more than doubling to GBP 663,000 at a margin of 36%. Operating costs on slide 14. At a headline level, operating costs were up 19.3%. After removing one-off items, including the consulting fees relating to the Tabcorp agreement extension and due diligence costs associated with the conditional acquisition of Stride, operating costs increased by 15.2%. In the chart on the slide, I have shown the underlying operating cost growth, removing the impact of one-off items and adjusting for the timing of the Gatherwell acquisition. You can see the underlying cost growth was 12.2%. The new Tabcorp agreement provides Jumbo with a high degree of certainty over the longer term, and we are now one year into our 10-year agreement. The board and management team are committed to strengthening our capabilities from both a platform and people perspective to ensure we maximize the growth opportunities that lie ahead. That said, we anticipate a step-up in underlying operating expenses in FY 2022, particularly in the areas of marketing, people, and technology as we build the foundations to successfully execute our growth strategy over the medium term. The continued growth and cash generative nature of our Lottery Retailing business provides us with a unique opportunity to simultaneously grow and invest for the future. Turning to the balance sheet on slide 15, we continue to maintain a strong position underpinned by the strong organic cash generation of the business. The board has declared a final fully franked ordinary dividend of AUD 0.185 per share, taking the total dividend for the year to AUD 0.365 per share, reflecting an 85% payout ratio of statutory NPAT. We continue to maintain a strong cash position after accounting for the payment of the final dividend due to be paid to shareholders on 24th September 2021. As flagged at our interim results in February, the board has now reviewed our broader capital management strategy, including dividend policy. On balance, the board has resolved to maintain the existing dividend payment ratio at 85% of statutory NPAT. I note that the overall capital management framework will continue to be reviewed in the context of future growth opportunities for the group. Cash flow on slide 16. Turning to the cash flow, where the cash generative profile of the business is clearly evident with a free cash flow of AUD 28.6 million and a greater than 100% cash conversion. I will now hand back to Mike. Thanks, David, thanks for highlighting the commitment to continue to invest in our technology and people, which will be critical to executing our growth strategy. One example of the expansion opportunities emerging for the group is highlighted by today's announcement of our acquisition of Stride, which marks our entry into the Canadian charity lottery market. While the acquisition is only expected to be completed later this year and remains subject to regulatory approval, I'd like to highlight the following points. Stride adds over AUD 122 million to group TTV. It brings in over 750,000 new customers to the group from a combined population of around 5.6 million people in Alberta and Saskatchewan. As it only operates in two provinces, there's significant opportunity to expand outside these provinces. The acquisition will be funded entirely from available cash reserves, and given the earnings profile of the business, it will be EPS accretive from day one post-completion. I am also very pleased that Stride's founder, Dean Faithfull, and his management team intend to stay on with the business, and I welcome them to the Jumbo family. That brings me to the conclusion of the formal part of the presentation, where I would just like to summarize the key messages from today's presentation. Firstly, we have successfully implemented our new operating model and moved from one to three operating segments. Lottery Retailing continues to perform very well and enters FY 2022 with strong momentum, given the recent Powerball jackpot sequence in July and August. All our domestic SaaS clients have successfully transitioned to the platform, and our foundation client in the U.K. is expected to go live in the first half of 2022. Gatherwell continues to go from strength to strength, and we're very pleased with how we have integrated this business and leveraged its expertise in setting up Jumbo Fundraising here in Australia. The transition to the new Tabcorp agreement has gone well, and importantly brings long-term certainty for Lottery Retailing, as well as an opportunity for us to build our emerging SaaS and Managed Services segments globally. We continue to invest in the business to ensure we have the right capabilities to minimize the execution risk of our strategy, particularly as we seek to enter new markets outside Australia. Our balance sheet remains a key strength for us. Finally, we are well-positioned to benefit from the structural tailwind supporting our global lottery industry and the ongoing shift to digital. On that note, we're happy now to take your questions. Our first question is from Desmond Tsao of Goldman Sachs. Please go ahead. Good morning, Mike. Good morning, David. Hope you're both well. First question from me, maybe just around the acquisition of Stride. I guess if you could provide a bit more detail around the acquisition, I know in some of the commentary, you've mentioned some hurdles that you guys would have to meet. Also just keen to find out whether there's any potential synergies from this acquisition, if any at all. Some comments around margin profile would be appreciated as well. I think the implied revenue margin for this business is about 5%. If you could perhaps compare and contrast that with the U.K. charity and the Australian charity business, that would be great. Thanks, Desmond. Look, the synergies are quite evident. This is quite clearly a typical external lottery manager that I've been talking about for a while, i.e., a company that's been around for a long period of time, developed very strong links in the community with certain brands, and has built a great business. Now that the industry is moving digitally, they lack the digital expertise to take them to the next level. That's where Jumbo comes in. We are able to provide them with that digital expertise to continue their growth. In that way, it's quite similar to Gatherwell, and there are many other organizations like that in the landscape. It is subject to regulatory approval, as was Gatherwell, but we don't see any issues there, but we just have to wait and go through that process. I will point out that the multiple we bought that for is a touch under 5, so 4.8 of net profit before tax, which is quite typical in the industry for businesses of this nature and their EPS accretive. That gives you a bit of an overview on Stride. Desmond, you are right about the revenue margin. It is around the 5%-6% level for the Stride business, which is a reflection of the market in the Canadian region. It obviously differs to the U.K. with Gatherwell, where we're looking around the 20% level. Obviously different to Australia as well, where we're looking between 15%-20%. Great. Appreciate the color. Maybe a follow-up on that. I think, Mike, you mentioned that it only operates in two provinces at the moment. Is there a reason why that is the case? Is that more regulatory or just specific to the business and I guess the CapEx focus in the past and not moving into other areas of the Canadian market? Yeah. Again, as a private company, they're somewhat limited in what they can do. They've decided to focus on those two jurisdictions. We see opportunity in the much larger provinces around them, as in British Columbia and Ontario. That should provide some good growth opportunities for them at that point, especially with the extra firepower that they get from Jumbo. Again, another big positive as to why we chose to buy that business. Fantastic. Then just last question from me. I think on page 25 of the annual report, you provide some interesting disclosure there. I'm just referring to the middle chart there, just around the Powerball estimated market share, which I thought was pretty interesting. Perhaps if you could elaborate a bit more on that chart, the story that you're trying to show and how we should interpret the estimated winner ratio and the estimated sales ratio. Yeah. Look, we've attempted to find some independent data points that show what our market share is and how it fluctuates. What we found is that it's pretty consistent to what we've been saying all these years. The two obvious ways of doing that is just to estimate overall sales and look at our percentage of sales on that front. Also, the winner ratio, which is another proxy to market share. I can go into that in a lot more detail offline on that if you wish. What it does quite clearly show is that, because we're a digital-only seller of tickets, that during the low jackpots, our sales do sag because it's very driven by the jackpot size. Then it roars back to life during the high jackpots, as we've just seen in July and August. It was a touch of a shame that the AUD 80 million at the end of June actually occurred in July, so it didn't make it into the June results. It gave July a big boost, and the most recent one, which we had the winner, did really well for us. It just goes to show how that's just the nature of the digital business that we're in, just how it works. We're just providing some extra color around what happens. Okay. Fantastic. Thanks, Mike. Thanks, David. Thanks, David. Thanks, David. Our next question is Rohan Gallagher of UBS. Please go ahead. Hi, Mike. Hi, David. I just had a question on Stride as well. I think you mentioned the AUD 1.2 billion market opportunity and Stride having about AUD 120 million or 10% share roughly. I was wondering if you could let us know a little bit more on the competitive landscape in Canada. Are there sort of any other providers who currently provide a similar service to the market? Yes, there are. It's quite similar to what we've seen in the U.K. where you have maybe 12 or so of these ELMs, external lottery managers. Quite similar in nature. They've built themselves up over a 20-year period with close associations with various charities and built up a good business patiently around them. They all do follow that profile about great run businesses, but they just lack that digital strength because they just haven't been in a position to invest to the level that we have in our digital capabilities. As we look to the Canadian market and the U.K. market, any other market that we get into, we see the growth coming through acquisition as a good way and fast way of getting the customers on the books, and then turbocharging them to grow organically with the benefits of the digital offering. Very similar in both those markets, and I think we're fine-tuning a really good strategy in executing that. That's great. Just on the fee as well. I think David, you just mentioned it was around that 5%-6% mark. I suppose looking a bit further down the track, would the intention be to lift that fee more in line with what you do in Gatherwell in the U.K. or here in Australia going forward, just with potentially new customers you sign up? It's very typical to local conditions, and the amount of assistance and work that we have to do. Sometimes it's a light touch, sometimes it's a heavy touch, and the fee goes along with that. Look, there is opportunity down the track for fee expansion, but I think the main focus is just to sign up more and more of these types of businesses and organizations in the short term, and then look at growing their business at that point. When they're growing, then we grow with them because we're a percentage-based model, and we can look at fees at that point, usually associated with extra services that we can provide. We give them the basic platform, prove to them it works, and then they say, "What else do you have?" Then we can provide them with the more fancy stuff like the artificial intelligence and machine learning, and that comes at an extra fee. Sure. The last question I just had was on the SaaS business. I think you quoted AUD 132 million Q4 run rate. Does that include Lotterywest in there? Yes, that's right. It does. Sorry, does that mean out of the 4 initial charities that you guys signed up for roughly about AUD 140 million in TTV, which contracts are still not up to the full run rate? They all are now. As at the end of June, they are all at the full run rate. Okay, great. Thank you. Our next question is from Rohan Sundram of MST Marquee. Please go ahead. Hi, Mike and David. I might just start with a follow-up on Stride. Can you just please explain, to grow that business outside of its two provinces, what would be involved there? Do you need to win tenders, or can the businesses take on additional managers such as Stride and yourselves? Not a hell of a lot is required. Obviously some regulatory approvals will need to be put into place, there's nothing that we can see as too onerous on that front, especially with the weight of a large public company behind it. It's more about having the products and the ability to manage the extra business that would come from those areas. As we look over the lottery industry landscape, there is a big demand for quality digital services, especially in the charity sector where there's just not really much out there. We're not too concerned about getting the clients. It's about getting ready so that we can manage those clients and make them grow and to really support them. It is a bit of a case of putting the cart before the horse, but that's the way of doing it and ensuring that we can really look after these clients and then, pretty confident that they'll just follow one after the other at that point. If you do a good job as we've done in the past, the clients are out there. Okay, you can take the product to a new state, and if you're good enough, you'll be approved. You don't need to displace anyone or wait for any expiries or anything like that. Is that right? Yes. That's right. There's a hell of a lot of charities out there that need to start a lottery. We're not just reliant on existing ones. There's a whole lot of charities that just really need to get started, but they got nobody to do it for them. All right. Thanks, Mike. Last one from me is on the Lotterywest. How would you describe the performance post the migration and how are you progressing on the discussions around any other potential opportunities with them? Yeah, look, it's gone really well. Obviously, as our potentially largest SaaS customer, being a government lottery, we're really making sure this one performs and it has. They're happy, we're happy. The teams are working well together. There's a long-term view with what we can do with them. We catch up with them very regularly and talk about new projects, and they're very forthcoming with other ideas. It's a very positive relationship and it's one to watch down the track. All right. Thanks, Mike. Thanks, Rohan. To remind to ask a question please press star then one, Our next question is from James Fuller of Evans and Partners. Please go ahead. Good morning. It's actually Sacha here. Morning, Mike. Morning, David. Yes, sir. Just got a clarification question on Stride, first of all. You listed the TAM as AUD 1.2 billion. I assume that's a TTV TAM, but then in the presentation you've got it under Managed Services and you refer to a AUD 13 billion TAM in the Canadian market. The revenue margin looks more akin to a SaaS fee. I'm just wondering where this business sits. Is it within Managed Services at the moment? Yes, it's most definitely Managed Services. The fee does vary, as I said before, but it's more than just providing a software platform. It's other services, running the lottery, helping with customers, helping with marketing that we get involved in. It's very firmly in Managed Services. Is the better number for the TAM the AUD 13 billion rather than the AUD 1.2 billion? Yeah It looks like this business already has a 10% share, which seems odd given it is only in 2 provinces. I suppose, the 1.2 refers to the existing charities out there that already have lotteries. The Managed Services is positioned to start pitching to the rest of the market that are out there asking for somebody to run a lottery for them because they need those funds. That's the difference in the TAMs. Got it. That makes sense. It looks like you're sort of embarking on a bit of a roll-up strategy with these external lottery managers. Given these contracts are probably quite sticky, is it more a case that you've got to go out and buy existing ones rather than take market share from ones that are already out there? Look, that's certainly the faster route and if we pick them up for around about a multiple of five, it certainly makes sense to do that. Certainly, as we gain a bit more traction and we get a larger slice of the pie, then we'll have a bit more weight, and we could probably pick up a lot more clients, just through our presence in the market. For now, quite happy to buy them up at these multiples and take the clients along. Otherwise, we could just waste a lot of time trying to convince clients to leave their existing provider and move on over. This works much better. I'm just wondering if you can clarify the run rate for Lotterywest within the SaaS business. Within that 130 odd run rate you're talking about, where has Lotterywest landed in terms of TTV? It's pretty much around the historical levels. We're still looking at around the AUD 30 million per annum. Okay. That implies that some of the other contracts have ended up being a bit smaller than originally expected, does it? I think the gap that you might be referring to is maybe a couple of the small ones that we did announce a while back that we've sort of put on the back burner, Multiple Sclerosis Society and a couple of those. Certainly the ones that we have got live are working very well. At a run rate of +AUD 130 million, it's not looking too bad. Okay. Last question, just wondering if you can put some quantum around the OpEx uplift next year? Yeah. As you know, Sacha, we don't provide guidance or anything like that. I think the way to look at it is, the underlying OpEx for 2021 increased by around 12%. We're talking about a step up in OpEx for 2022. It'll be north of 12%. The main areas that we will be investing in are marketing, people, and technology. The marketing is mainly in the Lottery Retailing segment. That'll track similar trends to what we've seen historically. In the 2021 results, that sort of landed around 7% of revenue or 1.5% of TTV. In the people side of things, we're looking at employing around 24 new staff. Obviously, that's going to be phased over the 2022 year, so we're not quite sure what the exact impact will be. There's about 18 in Australia and about six in the U.K., generally in business development and software engineers. Obviously, there's also been a fairly big increase in salaries around software engineering, where COVID has had an impact on the market, where you've got companies in Sydney and Melbourne and even internationally offering engineers in Brisbane positions. It's been an extremely competitive market. Just to add also a bit more context to that. From a broader perspective, we've only just finished our first year with the Tabcorp 10-year deal. There is opportunity out there. It is the right time for us to do what we can to execute all this growth that we're seeing around the place. We don't want to become one of those statistics of Australian companies buying businesses internationally and not executing on it properly. We're making absolutely sure that we get it right. The fact that we've done quite well with Gatherwell is a really good start. Stride's of the same sort of ilk, we're pretty confident around that. We just want to make sure we get the execution right, which I think is the right thing to do. Okay, great. Thank you. Our next question is from James Bales of Morgan Stanley. Please go ahead. Hi, guys. A couple more questions on Stride. I just wanted to get some color on the preexisting organic growth and market share performance that they've been delivering. That's Stride you're referring to there, is it, James? Yes, that's right. Look, they've had sort of moderate growth for the last few years. They have big contracts with the STARS Air Ambulance over there and the Calgary Stampede, as well as a whole host of others. Their growth has been somewhat limited by the ability to go into the other areas and the limits as to what they can do digitally. The growth is only single digit. To us, we see that as an opportunity just to buy them at a cheaper multiple and then provide them with that digital capability. Does that answer your question, James? Yeah, that's helpful. Just a follow-up to that. Can you maybe talk us through what's involved in the digital integration and the architecture that you'll have there? Is this basically going to be completely powered by your software? What's the timing on that? The timing's very much governed by the client themselves, and it follows a similar process that we went through with Lotterywest and even going back to Mater and Endeavour, but at a much faster rate. Yeah, the plan is to move them over to the Powered by Jumbo platform and slowly introduce them to the new tools that are available, go through a bit of training. The actual work involved in setting it up is not that great. It's more the handholding with the client to sort of say, "Well, look, here are the keys to your new digital platform, and this is how it works." It could take them two or three months before they become competent and make the most of what they have. All of their clients are much smaller than what we've done with Lotterywest and some of the others. It shouldn't take us more than a couple of months to get them going. That's not so much the main issue. It's more just getting in the door with these clients, which we've done via Stride. When do you think you'll have an offer to sell to new customers in Canada? A bit of a work in progress. For new customers, probably take about another six months. If you, again, follow what's happened in the U.K., we had to get some regulatory approval to be able to provide the software, which we got fairly quickly. We're now working with St Helena Hospice, and then that should roll out to a few more after that. A similar thing should happen in Canada at that point. Work with existing, develop our own offering over there, and then start rolling it out to others. In parallel to that, look at the other acquisition opportunities. Got it. Maybe more broadly, you sort of mentioned St Helena. It's been a while since there was a new SaaS customer announced. What do you think the runway is domestically, and how should we think about the planned growth trajectories for SaaS versus Managed Services internationally as well? Look, there is still some opportunity in Australia, but we already have probably half of the top 10 on the books already. We are sort of seeing the maturity in the Australian market, which is why we're moving into the U.K. and Canada, where we're in a much smaller early market position. We're also targeting a much larger market. If I look forward over the next three to five years, quite easily or quite obviously, the growth will come internationally in that area. It's not to say we won't get any more in Australia, but it'll be very much overshadowed by what we get out of U.K. and Canada and other areas. Great. Thanks for the help. There are no further questions at this time. That does conclude today's call. Thank you for joining us. You may now disconnect your lines.