Thank you for standing by, and welcome to the OFX Group Limited 1H 2024 results call. All participants are in listen-only mode. There'll 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 1 on your telephone keypad. I would now like to hand the conference over to Mr. Skander Malcolm, CEO and Managing Director. Please go ahead. Thank you, Zach, and thank you everyone for joining the call. As Zach mentioned, I'm joined by Selena Verth, our CFO, and Matt Gregorowski, who leads our investor relations program with Citadel-MAGNUS. Selena and I will take you through the pages, and then there'll be time for Q&A. The presentation will cover four things: the half year results, what was achieved and what drove it, our financials in more detail, the strategy for the larger OFX, including why and how we'll be more valuable in the future, and our fiscal year 2024 outlook. Let's move to slide 4 in the pack. Our first half of 2024 was a good performance. The turnover at AUD 19.2 billion, down 3.5% versus prior year. Net operating income, or NOI, at AUD 115.1 million, up 9.4%, and underlying EBITDA at AUD 31.8 million, up 1.6%, excluding our Paytron investment. Our fundamentals continued to improve, with recurring revenue up just over 2 percentage points to 84% and NOI margin, ex same currency, up 8 basis points to 70 basis points. We finished the half, AUD 60.8 million in net available cash, a very healthy position. There's no doubt that the external environment has been an unusual and challenging one. High interest rates, persistent inflation, geopolitical conflict, continuing to undermine business confidence. This was especially the case in Canada, where our corporate portfolio saw a reduction in ATVs and the penetration of forwards, driven by soft corporate confidence. However, we did not see a reduction in client engagement. In fact, we grew transactions, and in the early part of the second half, we've seen ATVs in our Canadian corporate segment improve considerably, with other regional corporate segments performing well. Against this backdrop, it's very reassuring that the resilience and diversity of our business shines through, and to see OFXers globally continue to execute well. The Firma integration is progressing very well, with synergies ahead of our expectations, and our investments in marketing and commercial excellence are driving record growth in registrations, as well as improvements in conversions, and particularly in our corporate segment. We closed the Paytron acquisition in July. It's a strong cultural fit. The product and technology roadmap is exciting, and the opportunity of building stronger relationships with our clients is very clear. So all in all, a good performance, which gives us confidence in the outlook, with the second half expected to be stronger than the first half for several reasons, which I'll get into. Moving to slide five, you'll see that we have maintained the lower end of our NOI and EBITDA guidance for fiscal year 2024, but narrowed the top end to reflect the softer economy in North America, predominantly Canada, in the first half. We expect NOI to be between AUD 225 million and AUD 238 million, and underlying EBITDA to be between AUD 63 million and AUD 70 million respectively, including Firma synergies, but excluding Paytron. We have included our second half of 2024 assumptions, as well as the drivers for both the higher end and lower end of the range, which we've updated based on learnings from the first half. In the first half, we drove record NOI of AUD 115.1 million. This included margin actions in the first quarter to support the clients of a small group of departing traders, as we previously reported, reducing NOI. This will not repeat in the second half and was covered by the one-off release of an associated escrow payment of AUD 3.7 million. The record NOI was driven by strong pricing discipline, by sound treasury management, and through generating interest income on cash balances. All of these will continue in the second half. In the first half, we did see corporate confidence dip, particularly in Canada, which impacted corporate ATVs, and these were down 23.3% in Canada. Although we did grow corporate revenue in both the U.S. and Canada as we grew transactions, we've seen margin improvements quarter-over-quarter and expect a stronger second half in North America. I will talk to our corporate segment in more detail in a moment, but we've seen another good half, with active clients growing and particularly good growth in our new business efforts, with registrations up 41.9% and conversions of prospects also improving. This, combined with our usual strength in retaining and growing clients, has meant our active client base returned to overall growth. I will also cover Enterprise in a moment, but part of the confidence we have in a stronger second half overall is the excellent progress we're seeing in Enterprise, with revenue up 46%, a stronger pipeline, and our first new client signed in North America. Our high-value consumer segment also had a good half, delivering just under AUD 36 million in revenue. Some of our popular high-value use cases returned after a subdued second half of 2023. Therefore, our outlook includes confidence in the momentum we have, which has continued in the early part of the second half, balanced with the external uncertainty that persists.... Turning to slide 6, I'll share more detail on our main segment performance and their drivers, starting with B2B. B2B is our main focus and represents two-thirds of our revenue. So it was good to see 6.8% growth versus first half 2023, even with the external conditions I've described affecting corporate revenue in Canada, particularly. We grew B2B revenue in every region. We grew NOI margin. We grew transactions and transactions for active clients, and all very healthy signs for the portfolio and a testament to the strength of the client relationships. The decline in corporate ATVs in Canada was higher than we anticipated. However, we saw that decline moderate in the second quarter versus the first quarter and into the second half, and we expect the decline to moderate further as confidence returns. I'll talk more about this when I cover our corporate segment in a moment. Moving to slide 7, as the title suggests, we see momentum building in our corporate segment. Revenue terms, the decline we saw in the second half of fiscal year 2023 was reversed in the first quarter, and this was stable in the second quarter, despite the margin action we took in Canada. We grew revenue in each of our major markets, including Canada, with especially strong performances in the UK and Europe, which demonstrates the benefits of having a diverse global business. We grew transactions and transactions for active clients globally, as well as active clients. All these metrics confirm that we have very engaged clients who continue to see the value of working with OFX. What we're particularly delighted with, though, is the progress we're making in building our commercial and marketing program for corporate. As you will recall, we pivoted our marketing program to be focused on corporate around three years ago, and since then, we've continued to invest. Where the real breakthroughs are coming in our ability to convert that interest we generate into new dealing clients. We have done that through several investments in our platform, but also through the improvements in our commercial teams and the efforts we're expanding into converting prospects. We've always been strong at growing existing relationships, so getting strong at winning new ones at scale is very exciting for future value creation. Moving to our enterprise segment on slide 8, it's wonderful to see the revenue growth at 46%, given the investment and hard work our teams have put in. We have learned a great deal here, particularly how to win and activate smaller clients. It's terrific to see traction building, especially among recent wins. The pivot to focus on smaller opportunities and to activate them quickly is working. We have seen strong growth from our established clients also. The pipeline is healthy, and we're delighted to have our first new enterprise client in North America, with a second signed after the close of the first half. As we've previously said, this segment will grow in its contribution to OFX over time, generating EBITDA accretive returns. Moving to our high-value consumer segment on slide 9, we drove a good first half, delivering AUD 35.8 million in revenue, which is one of our best ever. And this was against an unusually strong first half of fiscal year 2023, which in turn drove a very strong overall result. We've seen that consumer volatility has driven activity in some high-value use cases, particularly property and wealth transfers, and we've seen this activity continue in the early part of the second half. The return of higher value use cases to the mix drove ATVs up to approximately 20,000, which is in line with our long-term mean. So in all, good execution and momentum intact for a stronger second half. Now let me hand over to Selena to walk us through the financials in more detail. Thank you, Skander. Moving to slide 11, we have delivered a strong financial result. Fee and trading income is up 3.3%, with strong growth from EMEA up 16.1% and APAC up 2.7%. As Skander has already taken you through, North America was softer, down 3.4%, due to short-term margin actions and corporate confidence suppressing Canadian ATVs, taking them down 23.3%. It's great to see strong underlying portfolio metrics in North America, with transactions up 13.4%, a healthy corporate pipeline, a new enterprise partner signed with additional new signings in the second half. Net operating income of AUD 115.1 million is up 9.4% on the first half of 2023 and is our highest ever. This is up more than fee and trading income, due to strong interest income for the half of AUD 4.3 million as we generate interest from our cash balances. NOI also includes the AUD 3.7 million escrow release, which has offset the lower North American fee and trading income. These items, along with pricing increases, have driven the higher NOI margin up 7 basis points to 60 basis points. Underlying EBITDA is AUD 31.8 million, slightly lower than the first half of 2023 at AUD 32.3 million. Excluding the Paytron EBITDA of AUD 0.9 million, it is at AUD 32.7 million, up 1.6% on the first half of 2023. We will take you through our operating expenses, and while they're up 14.2%, the growth rate in expenses has slowed, up only 5.9% on the second half of 2023. Our tax rate in the first half of 2024 was 15.1% and is lower than our guidance tax rate of 24%. This is due to two items. Firstly, the AUD 3.7 million escrow release that is in other income is a non-taxable return of capital. Secondly, we had a higher R&D claim than we anticipated for fiscal year 2023, which has resulted in a larger tax offset. As previously guided, the OBU tax regime ceased at the end of last year, and we no longer had any OBU tax benefits in the first half of 2024.... Statutory net profit after tax is AUD 15.8 million, up 4.9%. This does include AUD 1.1 million of one-off costs related to Firma integration and Paytron transaction costs. We have a strong balance sheet, and our net cash held balance is AUD 92.8 million. Moving to slide 12, our underlying operating expenses were AUD 83.3 million. As we indicated, the full-year results, our expense growth has slowed up 5.9% in the second half of 2023, from 14.2% in the first half of 2023. This is most notable in the employee and information technology lines. The employee expenses in the first half of 2024 reflect CPI and full-year run rate of employees of AUD 2.7 million and Paytron costs of AUD 0.7 million, offset by productivity programs, which include Firma synergies. Promotional expenses were AUD 9.7 million, up from AUD 7.7 million in the second half of 2023. We tend to have a higher first half spend, as our branding campaigns are built and executed in the first half. In the first half of 2024, we refreshed our OFX pert campaigns globally, and are really happy with the results. As Skander mentioned, corporate registrations are up 41.9% on the first half of 2023. Technology expenses of AUD 6.5 million were up 4.9% on the second half of 2022. This reflects our technology infrastructure costs. We're currently running two platforms, OFX and Firma, which will be simplified once integration is complete. We have successfully completed Australia, U.K., and New Zealand migration, and the Canadian migration is progressing well and should be complete in the second half of 2024. Bad and doubtful debt is in line with our expectations of AUD 1.2 million. We continue to remain vigilant and invest in technology to combat fraud, while also ensuring we review our credit positions and collect collateral from clients when positions move out of the money. We continue to invest in our single global platform and are excited for what Paytron adds to the platform for our corporate clients. Our investment in the first half of 2024 was AUD 9.3 million, which is 8.1% of revenue. For the full year, we expect this to be a similar level of fiscal year 2023, as we have guided. Our Firma migration continues to be a success. We've migrated clients from Australia, UK, and New Zealand. Of the annual AUD 5 million Firma synergies we are targeting by the end of fiscal year 2024, AUD 3 million of these are cost synergies. We are pleased with how these initiatives are going, and we're ahead of expectation. Expense actions, including closing duplicate offices, headcount reductions where there is excess capacity, savings in our bank fees and platform consolidation. Moving to slide 13, we continue to see margin expansion in the half, with NOI margins at 60 basis points, up from 57 basis points at the end of fiscal year 2023, and ex-Same Currency at 70 basis points, up from 68 basis points at the end of fiscal year 2023. You can see from the margin walk, we increased pricing in the book by 3 basis points, which includes treasury management. We watch the market closely and have an excellent pricing engine that we can use to test price elasticity, and if there is more elasticity for the service that we offer, we will command a higher price. We've worked hard to ensure the cash balances we generate—we generate interest income with the rising interest rates. We generated AUD 4.3 million of interest income in the half, up 64.7% on the second half of 2023, which was AUD 2.6 million. You may remember at the AGM, when we provided a 1 Q 2024 update, that we unexpectedly had a handful of traders leave the Firma business. We continue to provide excellent services to clients across OFX and Firma, and to mitigate the risk of them leaving, took defensive actions in the short term, which impacted NOI margins. Clients of the traders who departed were allocated to Firma's most experienced traders and expect revenue to return to historic levels through the balance of the year. Therefore, we saw a temporary reduction in margin, which is offset by the AUD 3.7 million released to other income. The escrow release is accounted for in the first quarter of 2024. As we continue in an inflationary environment, investors are naturally concerned about the effect it may have on our growth and returns. We'll continue to manage margins and generate more price if we see elasticity to ensure we get the right price for the fantastic service we offer. We'll also continue to work our cash balances to generate interest. It is a critical lever, which we can generate excellent value when it is managed well. Turning to slide 14, we continue to have a strong balance sheet. Our net cash held position is AUD 92.8 million, which is both the cash held for own use and deposits due from financial institutions. We hold some of this cash as collateral for our trading lines and bank guarantees. Collateral and bank guarantees were AUD 32 million, resulting in a net available cash balance of AUD 60.8 million. So our cash flows from operating activities in the first half of 2024 generate a high cash conversion rate of AUD 31.8 million, underlying EBITDA generating AUD 33 million of net cash flow from operating activities. Our tax payments of AUD 7.4 million were offset by the AUD 8.2 million change in the forward book of clients, forwards maturities in half. We funded the Firma acquisition using a AUD 100 million five-year ob debt facility. We've paid down a further AUD 11 million, with our loan balance now at AUD 55 million. Our net debt is AUD 11.8 million, given our strong cash balances. We are on track to repay the debt facility through the full year, subject to no other value-creating growth opportunities emerging which require funding. We announced our share buyback program at the fiscal year 2023 results in May. It is part of an active capital management strategy, which returns value to shareholders, while also providing capital flexibility to execute on growth investments. In the first half of 2024, we deployed AUD 7 million on the market to purchase 3.6 million shares. The buyback program continues to be active through the 12-month period. Skander will now take you through the strategy and our fiscal year 2024 outlook. Thank you, Selena, for that excellent detail on financials. Moving to slide 16. We've shared this slide before. It describes our ambition to grow and how we believe we can create a more valuable company. I won't spend too much time going through this again, but for those who aren't familiar with it, you can access the recording of our Investor Day in March of this year on our website. But I will highlight that we said back then that we knew we could, through the strength of our client relationships, generate revenue beyond the core spot transactions that we do today. We announced the acquisition of Paytron soon after, and that move was a very clear action to take us in that direction for our clients, because the Paytron platform and team, while supporting clients in cross-border payments, was built to solve another pain point, being AP automation. That is what they have been doing, which we will bring to all our OFX clients in the near future. Moving to slide 17, this describes how and why this is valuable, and we feel it's important for investors to understand this as you consider the value of OFX now and in the future. What is unassailable is our absolute focus on growing our revenues in a way that generates healthy returns. Firstly, our new platform will help us to win new clients and generate more earnings from existing clients by providing a richer client experience, more products, and a better digital experience. Specifically, access to AP automation, cards, and better risk management. In each area, our research and industry experience shows that clients value these products and services from reliable and trusted partners. Our very low lapse rates, our very high NPS scores, and the growth in our transactions for active clients confirm we have very strong relationships. Our research tells us they want this, and industry experience shows when it's done well, works. It all, you can see the investments we've already made in marketing and commercial, as well as risk, in helping us build a much more efficient and substantive growth engine to win new clients. We'll continue to use the mix we have today across marketing, partnerships, alliances, and direct sales, but we will get better at targeting and lead management and commercial excellence to win bigger and with stronger ROIs. I have shared one example, and there are many, of the kind of revenue growth that is being generated by competitors in cards. Paytron already issued cards, and we expect to start offering cards to some OFX Australian corporate clients in fiscal year 25. On the right-hand side is a breakdown of the indicative mix we will generate across our products and services when these programs mature, as we've shared with you previously. That mix is more sustainable, generates more growth, and is more engaging for clients over time, and that is what we're driving for and towards. So in closing, our fiscal year 2024 outlook on slide 18 is to produce a stronger second half. As I mentioned earlier, we expect fiscal year 2024 to deliver NOI of between AUD 225 million- AUD 238 million, and underlying EBITDA of between AUD 63 million -AUD 70 million, including Firma synergies and excluding the acquisition of Paytron. On the right hand are the main second half assumptions, as well as the drivers, which would see us end the year at the lower or upper end of the range and what impact these would have. As Selena mentioned, we have reaffirmed our guidance on intangible investments for the year. Overall, we believe we are well placed to achieve a stronger second half performance because we saw the momentum in our corporate segment build through 2Q, and it has continued early in the second half because margins continue to improve, because we expect a stable consumer contribution. Finally, we have strength on our balance sheet and continue to generate cash to invest, and the team's executing well. Thank you for your attention, and I'll now, I'll now pass back to Zach to handle the Q&A. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speaker phone, please pick up the headset to ask your question. Your first question comes from Owen from Canaccord. Please go ahead. Good day, guys. First question, just around the, obviously a bit of a margin contraction during the period. Revenue growth of 3%, OpEx growth of 14%. Can you just kind of touch on the level of OpEx in the first half? Is that expected to stabilize in that... at, at that level? Are you taking any cost rationalization programs or is it steady state there? Yep. So as we've said before, we are running productivity programs through the business, so we are limiting costs as much as we can. The other thing to take note of as well, which you would have seen in our past results, is promotional expenses tends to be a lot higher in the first half than the second. That's when we do our branding work, so I wouldn't expect promotional expenses to be as high in the second half. That will come down. Information technology, professional fees, other expenses, I don't expect very little growth there, if at all. That and the output, we're really happy with where they're at. From, Market Cap. Sorry, it seems like there's some noise on the line. Then really the one there is employee expenses. We're not planning on adding employees in the second half, so it's really just a CPI run rate and also offset by any synergies that we could get or expect synergies otherwise we can- ... Okay, good one. And then, just to understand the benefits of the float here. So on the balance sheet, you're looking at AUD 300 million. Just to kind of understand how much, you guys benefit from higher interest rates, is that do you guys get an interest income of the entire float there, or is it a proportion of that? Yeah, it's a proportion of that. And what we do is, the team, the treasury and operations team, work absolute wonders to make sure we put the cash in, in the best places as possible, make some interest while they're not blowing down customer payments. In that first half result, there was AUD 4.3 million of interest income in that first half result, which is excellent. Obviously, we've all just seen a rate rise last week, that should add benefit to our flow and what we can do with that. And we are pushing all our, our banks and bank counterparties that when we do hold balances, what interest can we earn, and how, how can that improve? So I would expect a higher interest income in the second half with everything that we know. Good one. And then just the last question, you just ran the Firma synergies. Obviously, that was going to be second half weighted. You guys have previously guided that, obviously saying the exit run rate there is AUD 5 million. How much was achieved in the first half, and how much do you expect will be achieved in the second half? Yeah, of the AUD 5 million, AUD 3 million are expense and AUD 2 million are revenue, as you, as you may remember. A lot of the expense synergies are playing through now, which is wonderful to see, and actually are better than expected, so tracking higher than the AUD 3 million, which is awesome. On the revenue side of things, one of the big synergies there was giving the Firma Canadian traders access to our US licenses. Now, we have pockets of that happening now, but the full migration for the Canadian business, all other regions are done. The full migration to Canada happens late in the fourth quarter. Once that happens, that will make that synergy tracking better. So that is. I'd say revenue is not in the... It's very tiny in that first half number, expense is a decent amount in that first half number, and will only get better. Revenue will really kick up by the end of the year. Okay, good one. Maybe just one little final one, just to understand the corporate acceleration you guys are talking about. Can you guys give us a bit of a snapshot of how you're tracking in the third quarter for the corporate revenues? Have you seen it back to within that trend growth of between 10% and 15% there? Yeah. So maybe I'll take that one. Yeah, I mean, through the first half, despite the, despite the softness up in Canada, every region was growing, transactions, including Canada, and transactions for active clients, you know, very strongly. We saw that continue into the third quarter. But I guess the most encouraging statistic we've seen so far is that Canadian ATVs are right back up, to the, to the levels that we were experiencing, you know, when we initially acquired Firma. So, you know, that's very encouraging from a kind of an overall perspective, because as Selena touched on, the NOI margins are coming back, including in Canada and Canadian corporate, and they're very healthy everywhere else. So really, more transactions, ATVs returning, that's, that's why the outlook is what it is. Thanks, guys. Your next question comes from Lafitani Sotiriou from MST Financial. Please go ahead. Okay, guys, just a few questions from me, if I may. The first is in relation to the traders that left and that you guided to at the last result. Can you just give us a bit of color about how that's gone with a bit more detail? I think you said at the time that you're reallocating a lot of their clients, you were trying to win those. And was there any element of those traders leaving behind the weaker Canadian number? Thanks, Las. Maybe I'll take that one, too. So those traders that left in March, and since that time, we've reallocated accounts. We've actually seen some of the accounts that you know we were concerned with and volumes going away come back, which is really encouraging. We've got you know examples of where clients have come back to us. The ATVs weren't impacted by that last... We saw ATV across Canada, not just the Edmonton group, which was where that trader group was. We also saw ATVs in the OFX corporate Canada dip a little, not as much, but the same sort of trend. And so what's been happening since then is really the North American team has reallocated those accounts, where, like I said, we're seeing that business come back and the ATVs come back up in Canada. So that's really the extent of it. Got it. And can we just move on to pricing? I've been a bit surprised to see pricing power still coming through. Can you just talk a little bit to your expectations around pricing power and what dynamics may be driving the strength over the last two, three years? Yeah. What I, what I'd say about that, Lafitani, is that, you know, in an inflationary world, you know, we certainly think about pricing and whether we can, you know, cover inflation and, and all the evidence suggests that we can. There's a couple of reasons for that. One, we're really a digital plus human business, so if you're just a kind of straight out platform, you're kind of immediately substitutable and pricing is harder to get... Two, we've been seeing an increase in penetration of forwards, and generally, their margin accretes. Three, we're actually seeing that, you know, strength in difficult times, clients are hugely grateful for. So as you start to get, you know, those relationships, more transactions, you actually see, you know, that support from clients. And I'd say 4, definitely the competitive situation is very different from where we were a few years ago. And I've talked to you in the past about some competitor pricing and actions that have been, you know, very aggressive, and some of the public companies you would be aware of last. But as Selena said, you know, you never take that for granted. You have to look at the relationship. You have to think about, you know, the sort of service and value equation that we're providing. But, you know, what they like is things like faster payments, lower fees. You know, we've just recently, for example, in North America, improved payment times. All those things go to reassuring clients that they're with the right partner and, you know, obviously, that includes generating a fair price for the service. Yeah, got it. Can I just circle to Paytron for a little bit? I know it's only a relatively recent transaction. I was kind of expecting a, maybe a little bit more color on, on the roadmap, expectations, hurdles, when we could expect revenue. I know you did mention financial year 2025, but can you just talk more to the integration rollout, and your ambitions with that business? Sure, Lap. And look, we closed in July. And obviously, we've been, you know, sharing with the market and everyone kind of how we expect the financial profile, and I would say, you know, obviously on track, for that. But I would say to you, just a bit more color, I'd say we're more encouraged than we were even three months ago. And the reasons we're more encouraged, the number one, we were working on various platform investments, which Selena has laid out over the last couple of years, which were producing good outcomes. And obviously, part of the Paytron rationale was one of the modules, particularly the client user interface, looked very attractive to us relative to what we were building. And that appears to be both technically and operationally sound, as an assumption. Two, you know, the value proposition that the Paytron folks were working on was also something that we had been aware of and were working towards. You know, with publishing strategically, we were moving towards more than spot by way of revenue sources. And the Paytron folks are really, you know, proving that out. And I would say three, culturally, it's had a really very positive effect on the OFX teams. You know, when you're going through various platform investments and you're thinking about things that you wanna do, oftentimes, at this stage, you're sort of fixing things and you're trying to introduce new things. But the Paytron folks have really brought a level of energy to the new products like cards, like AP automation, to the broader OFX community. I would say to you, there's a lot of kind of FOMO around the group around when they can get access. Then the second part of your question, we're well advanced in terms of the integration conversations and planning. In fact, we made one of the co-founders, Francois, our Global Head of Product. So he's looking at products across the group now. He and the team are working very hard with the group to work through the integration. And as we've highlighted, we expect to be able to start offering it to OFX Australia corporate clients next year. We'll do some tests, ideally this year, but definitely next year. You know, we feel pretty positive about what we've actually bought and, and the team, and the culture, and, and the, and the kind of optionality that it provides for earnings and, and growth in the future. Can I just follow up on that? So in terms of timing of revenue and ramp up, can you give us a bit of color? So is it the start of next financial year, is it later on, how broad-based, and did they have some organic growth initially? Has that just all been put on hold while you work on the integration? Yeah. So they do have organic growth, but obviously, they're in a startup, a very early startup phase. And you can see in the footnotes, actually, on the, like, the second slide there, exactly how much that is. You know, revenue is about AUD 200,000, which is quarter's worth now, and it's growing excellent off a very small base. And we did highlight when we bought it, that it would be EBIT decreasing in the short term because the costs, because of where it is, the costs are higher than the revenue. But we love what we see, and we also love what we see when others have done this, which is a great point that, you know, our customers, like, want the product or use the product, and it generates great returns. Within the consideration, you may remember, and you can go back to our full year results presentation, the consideration is deferred performance rights based on migration, also revenue milestones. So everyone is motivated to make sure that we make this thing grow. We also make sure that it is our corporate platform of the future, and we'll all work in that direction. And the full, pretty much 100% of the consideration is that. So we haven't released what those milestones are to the market, but, you know, we're all running in the direction that we want it to work. We see great revenue there. And you can also see in that full year presentation, we said that card subscription should at least be 5% of our- ... revenue streams in the future or more. Yeah, no, I've got that. I'm just keen to see a bit more color about how you execute that, but I'm sure we'll see it in the future. And just my final question is to do with enterprise now. We've actually been waiting for a little while. You've had some big client wins in the last few years, and you finally had a spike in the revenue. Could you just add a bit more color around? Is it more your new new wins that you've had recently that are contributing to that revenue growth? Or is it some of the wins that you've had previously, finally starting to ramp up? Or is it a mixture of both? It's a mixture of both, which is, which is the best best answer I have. We've got a really healthy relationship with, with our existing clients, and we're continuing to see great support from them, and that's really encouraging. But then to your point, you know, we, we, we talked about this about a year ago, where we said, "Look, the larger clients continue to be attractive to us. You know, they, they're very encouraged by what they're seeing on their sides, but getting larger clients activated quickly is, is challenging." So we really started pivoting to the smaller clients, and that's worked exceptionally well. So if you look at Shift and Automic as two examples, you know, both of them from signing to new dealing clients and revenue, less than 100 days. And also what I like is that the technology that we used with some of the larger clients is being reused. And indeed, the North American win in the first half is the Toronto Stock Exchange. So that's a big, you know, if you like, use case, where obviously working with Link here in Australia and being able to have a great reference client, great technology that works, can be exported globally, and it hasn't created a huge, you know, intangible investment to go build that solution. That's why we feel good about it, Laf, and I know you've always called that out as a big opportunity for the company. And like you, we're delighted that we're starting to see that momentum really build over time. That's it. Thank you. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. We'll now pause for a moment to allow participants to register their questions. There are no further questions at this time. I will now hand back to Mr. Malcolm for closing remarks. Okay. Thank you, Zach, and thank you everyone for joining today, and I look forward to catching up with you, as we manage our roadshow over the next week or so. Thank you very much. That does conclude our conference for today. Thank you for participating. You may now disconnect.