Welcome to the Serko FY 2026 full year results announcement. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Darrin Grafton, CEO. Please go ahead. Good morning, everyone, and thanks for joining our investor briefing for FY 2026 financial results. I'm Darrin Grafton, CEO of Serko, and I'm joined by our CFO, Shane Sampson, and our COO, Matthew Gerrie. Let's begin on slide four. This morning, I'll take you through our performance and highlights for the year. Shane will cover the financial results in detail, and Matt will update you on our strategic progress. I'll then return to cover our FY 2027 outlook before the Q&A. Unless otherwise stated, all comparisons are to the FY 2025 and dollar references are to the New Zealand dollar. FY 2026 was a strong year for Serko, demonstrating both the quality of our business and our ability to execute. We delivered total income at the top end of our narrowed guidance range and materially grew our EBITDAFI. Booking.com for Business continues to deliver strong growth, and we remain the market leader in Australasia. We are also leveraging our IP and experience to drive rapid progress. Serko AI is now in a closed beta in the U.S. with the first users onboarded. Disciplined cost management continues to support efficient growth with total spend at near parity to total income while preserving a well-capitalized balance sheet. We enter FY 2027 with strong momentum and a disciplined focus on execution. I'm now turning to slide five. Total income grew 34% to NZD 120.9 million, driven by strong momentum in Booking.com for Business and the first full year of the GetThere revenue, which added NZD 16.1 million. Total spend was at 102% of total income, with guidance reflecting disciplined cost management as we invest for growth. Operating expenses increased 23% against total income growth of 34%, demonstrating the operating leverage in our model. EBITDAFI reached NZD 6.5 million, up 137%. Net loss after tax narrowed by NZD 4.2 million, largely due to the non-cash accounting impairment in the prior year relating to our acquisition of the GetThere business. Free cash flow was negative NZD 4.4 million as we increased the investment to support our strategic initiatives. We remain well capitalized with NZD 54.1 million in cash and no debt. Turning to slide six, where we look at our total income growth in more detail. You can see the breakdown of total income with and without GetThere. Income from the pre-acquisition business increased 22% from NZD 85.7 million to NZD 104.8 million, driven by Booking.com for Business. In total, online bookings increased 41% from NZD 6.4 million - NZD 9 million. This scale strengthens our market position and informs smarter product decisions. Turning to slide seven, where we take a closer look at Booking.com for Business. Completed room nights grew 31% to 4.3 million, driven by strong active customer growth of 36% to 301,000. We added approximately 79,000 active customers over the year, reflecting the continued strength of our customer acquisition strategy and the appeal of the product in the SME market. Average revenue per completed room night was down 4% to EUR 9.25, in line with broader market pricing trends and the impact of commission tiering as the volume scale. Looking at the charts, our strong three-year growth trajectory gives us confidence in the long-term potential of the partnership. I'm now on slide eight. In Australasia, we continue to see growth across customers and bookings. Travel revenue was up 6%, while online bookings and ARPAB both rose 1%. This travel revenue growth was largely driven by one-off services work for specific partners, so we don't expect that growth rate to repeat. NDC continues to gain real traction in this market. Very few providers globally can offer full integration across both Sabre and Amadeus. We are one of them, and our early investment has strengthened our market-leading position in this region. Turning to slide nine. GetThere has established Serko in the U.S. in a way that would likely have taken years to build organically, giving us direct customer relationships, transaction data at scale, and greater visibility in one of the world's largest business travel markets. This U.S. foundation is now supporting two significant initiatives which Matt will take you through in more detail. The first being Serko AI and the second targeting defined U.S. corporate segments through the Booking.com for Business. Both initiatives remain early stage, the early signals we are seeing reinforce our confidence in the opportunity ahead. Thank you, I'll now hand to Shane. Thanks, Darrin. Turning to Slide 11, FY 2026 delivered strong total income growth and disciplined spend. This saw EBITDAFI increase 137% to NZD 6.5 million. This increased operating leverage from our existing businesses funded increased platform investment. Total income increased 34%, total spend increased by NZD 30.3 million or 33% to NZD 122.9 million. This primarily reflects a full year of GetThere costs, adding NZD 20.8 million and increased platform investment of NZD 13.3 million. Partially offsetting the increased investment, we continued to deliver increased operational leverage in our Zeno and Booking.com for Business operations with reductions in direct costs of NZD 1.7 million despite volume growth and reductions in other operating expenses of NZD 3 million. The net loss after tax decreased to NZD 17.7 million, an improvement of NZD 4.2 million. I will talk to the drivers on the next slide. Free cash outflows increased by NZD 2.5 million to NZD 4.4 million, reflecting the stronger EBITDAFI being more than offset by realized FX losses, lower interest income and increased capitalization of internally generated software. We also made net payments of NZD 2.8 million in relation to the GetThere acquisition, reflecting the final payment partially offset by a working capital adjustment. We have excluded this from our free cash flow calculation consistent with our approach in prior periods. I'm now on slide 12. Our net loss after tax improved by NZD 0.4 million more than EBITDAFI. A very small difference, but the underlying story is a bit more complicated. The bottom part of slide 12 shows the reconciling items between EBITDAFI and the net loss. The key drivers of the movement were net finance income was NZD 2.4 million lower, reflecting lower cash balances as a result of the GetThere acquisition, lower NZ interest rates and new leases, and foreign exchange losses increased by NZD 3 million. These negatives were offset by asset impairments and disposals, which were NZD 3.2 million lower than the prior period and lower amortization and depreciation of NZD 1.9 million. In relation to the foreign exchange losses, the NZD 3.8 million loss on forward exchange contracts in FY 2026 was due to the significant appreciation of the euro on Australian dollars against the New Zealand dollar. Historically, we did not designate these as hedges for accounting purposes, even though they did act as economic hedges in substance. Any gains or losses on the foreign exchange contracts were recognized in the profit and loss, while the revenue book was accounted for at the actual rates applying at the time the revenue was earned. To reduce volatility in reported revenue going forward, we have designated a significant portion of our FY 2027 EUR contracts as accounting hedges, which includes selling EUR 32 million across FY 2027 at an average rate of NZD 1.977 per EUR. As reported at the half year, we include a NZD 2 million non-cash accounting loss on the sale of our InterplX business in September 2025. Disposal made a small positive contribution to profitability in the second half and is expected to generate ongoing financial and strategic benefits. Those of you who attended our Investor Day on 10th March will recognize slide 13. The slide shows the mix of our product and technology spend in the first quarter of FY 2026 and our expected mix in the first quarter of FY 2027. As you will see, we are roughly doubling the level of platform investment with a much more modest increase in overall spend as we continue to reduce spend on our managed travel products. As noted in November, we undertook an optimization program in the second half of FY 2026, which, while largely neutral in FY 2026 due to timing and severance payments, will materially reduce future spend on our Zeno product. We expect to continue to drive further efficiencies in our existing products on an ongoing basis. In this context, I note that platform investment refers to the ongoing process of moving components of Booking.com for Business onto our new platform and building new Booking.com for Business capabilities within that platform together with our investment in building the Serko.ai experience that launched last week. The spend includes our preexisting teams working on Booking.com for Business and the additional staff added in both our India hub and in the U.S. to help accelerate our transition to the new technology. Slide 14 shows our income and spend trajectory over a five-year period during which we have grown income by 5.4x while spend has only increased by just under 1 x. Across the period FY 2023 to FY 2025, we grew income by 78% while holding spend flat, excluding the GetThere acquisition, showing the strong unit economics in the business and our resulting ability to generate operating leverage. In FY 2026, spend grew by 33% while income grew by 34% as we increased platform investment and incorporated a full year of GetThere results. Our track record of investing in growth then delivering operating leverage gives us confidence as we invest in the platform, with the key difference to earlier years being that the investment is now substantially funded from operating cash flows of the business rather than shareholder funds. Moving to slide 15. The partnership renewal was structured to mutually incentivize and benefit both parties to grow Booking.com for Business. The structure included retention of the 50% commission rate until Serko was earning strong returns on its earlier investment. Once those returns were achieved, we moved to lower commission tiers for incremental volume, which provides a stronger commercial incentive for Booking.com to drive further volume growth. The success of both parties in growing Booking.com for Business means we have moved into the first of the lower commission tiers during several months in FY 2026, with our blended commission rate falling from 50% to 48.7%. The lower blended commission rate explains why our average revenue per completed room night fell by 3% more than the average commission per completed room night. As we continue to grow volume strongly, we will see the blended commission rate decline, but we remain confident that each incremental transaction will continue to drive incremental profit contribution, reflecting the very low incremental cost per transaction. For the avoidance of doubt, I note that the potential future volumes on the slide are aligned to our April 2024 communication of the tiering structure rather than a projection of FY 2027 and FY 2028 volumes. Finally, looking at slide 16, Serko's balance sheet remains strong with cash and short-term deposits of NZD 54.1 million and no debt. Our strong balance sheet provides us with resilience and optionality as we pursue the opportunities in front of us. Thank you. I'll now hand over to Matt. Thanks, Shane. Good morning, everyone. Today, I want to briefly recap our strategic focus, including its context, and update you on the progress we've made on our strategic initiatives so far this year. Let's start on slide 18. As shared at our Investor Day, we predict profound change in the way that people experience business travel and how travelers behave. There are early visible signs of this predicted change in customers' expectations and in travel tooling and supply. At the center of this shift is travelers moving from manually booking trips to AI agents acting on behalf based on the travelers' behaviors and preferences learned over time. In this new world, trust becomes the primary differentiator. Travelers need confidence in the results they receive, and companies need assurance that those results remain within the travel policy and deliver real value. Serko's advantages to deliver in this new world are real, are difficult to replicate. We have travel data at scale, a connected supply ecosystem, an embedded technology system, and years of policy and compliance intelligence. In reality, we've been building towards this future for several years. At Investor Day, we focused on the three strategic growth initiatives shown on this slide to deliver sustainable growth in the coming years in pursuit of our NZD 250 million FY 2030 aspiration. The first strategic initiative is Serko AI, our new multi-agentic AI solution, which we are very excited to have launched in closed beta. The second is scaling Booking.com for Business, which remains our most important revenue driver for future growth. The third is bringing incremental demand to Booking.com for Business, delivering value by targeting specialist U.S. corporates that regularly move people at scale and whose needs neatly fit with the features offered in Booking.com for Business. Moving to slide 19, our first strategic initiative, Serko AI. At Investor Day, we outlined the upcoming launch milestones. We are delivering on those. As I mentioned earlier, we've been laying the foundations for an AI solution such as Serko AI for several years. In the last six months, we've made rapid progress. Last week, we released Serko AI in closed beta to U.S. users with the first users onboarded. Initial user feedback is highly encouraging. Now, we are continuously iterating the product based on our user feedback to launch the product to an expanded user base as part of the open beta later this year. When it comes to the user experience, the user experience in Serko AI, our focus is on simplicity and ease of use. However, developing a simple and easy-to-use product is vastly complex. The current functioning product includes a careful coordination and orchestration of numerous AI agents that carry out tasks in parallel, interactions with third-party suppliers, and it delivers a seamless conversational experience to users despite hundreds of actions taking place behind the scenes. We are really excited about the developments of this product and proud of the progress our teams have made with Serko AI. On slide 20, I'll take you through the successful progress we've made in our second strategic initiative, Booking.com for Business. In the past year, we have delivered numerous initiatives with positive outcomes. We set some of the highlights out on the left-hand side of slide 20. For example, customers told us that they wanted an improved mobile experience, we delivered one. In fact, this enhanced experience resulted in conversion rates 1.4 x higher than before implementing the new mobile experience. This work has delivered a better experience for customers, which in turn drives value for Serko and our Booking.com partnership. We've also significantly improved how we support our customers using AI. In fact, we now see that 30% of support queries are resolved autonomously with no human intervention required. This creates a rapid, easy solution for customers while driving efficiency for Serko. In the current financial year, we're in execution mode. We continue to drive improvements across acquisition, activation, and retention of our customers. We're working closely with Booking.com to identify business booker customers and bring them onto the business platform, which helps drive significant customer acquisition. Similarly, we're making it easier for customers to see all their bookings in one place. Customers will be able to seamlessly navigate between bookings that are made on Booking.com for Business and those they've made on the core Booking.com product, which in turn should drive product stickiness. On slide 21, I show progress on our third strategic initiative. We are pursuing U.S. organizations who regularly move large volumes of people at scale, but who do not need the complexity of large enterprise travel tools. We are targeting and onboarding these customers onto Booking.com for Business, which has the features and supply perfectly suited to their needs. We're making solid progress in generating and validating qualified sales leads. To do so, we've brought on new sales leaders from travel brands like Airbnb, who have experience in attracting U.S. organizations like these. We've onboarded additional sales staff to bolster these efforts. Our focus is on learning as we bring these initial customers on board. The next stage will be increasing usage into meaningful volumes before onboarding additional customers to drive volume at scale. Thank you all for listening. I look forward to keeping you updated on our progress as we achieve our milestones. I now hand back to Darrin for the FY 2027 outlook. Thanks, Matt. Business travel demand in our key markets remains resilient despite the ongoing geopolitical uncertainty and macroeconomic challenges. Serko has made a strong start to FY 2027, with booking volumes slightly ahead of our growth expectations. Serko expects total income for FY 2027 in the range of NZD 128 million - NZD 134 million. The range is primarily driven by the timing of booking volumes from the strategic initiative targeting defined U.S. corporates. Serko expects total spend in the range of NZD 132 million - NZD 140 million. Guidance is subject to the uncertainty and volatility in the economic and geopolitical conditions, including the impact of the conflict in the Middle East on business travel demand. We have provided additional context for our guidance in the appendix, we're now happy to take your questions. Thank you. If you would like to ask a question, please signal by pressing star one on your telephone keypad. If you're using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Again, we do ask if you would like to ask a question, press star one on your telephone keypad, and we'll pause for just a moment to allow everyone an opportunity to signal for questions. We'll now go to your first question, coming from the line of Joshua Dale with Craigs Investment Partners. Morning, Darrin, Shane, Matt. First question. In addition to your NZD 250 million revenue target by FY 2030, you also had a NZD 100 million free cash flow target. You've signaled cash burn of NZD 5 million for FY 2027, if we look at your guidance midpoints. You know, to hit NZD 100 million free cash flow in three years' time, there's some quite significant operating leverage implied for FY 2028 to 2030. Is that correct, and is that what's being targeted? Hi, Josh. It's Shane. I'll cover that. I think the first point I'd make is that in terms of cash flow for FY 2027, there are some non-cash items within total spend, particularly the share-based compensation. If you like, at the midpoint, we would probably have positive free cash flow. I think the key point, though, and partly ties to your question about leverage. You know, from our perspective, we've absolutely shown that our business generates strong leverage as we grow revenue to date. We think that will continue. If we hit NZD 250 million, the business would be generating significant cash flow. However, what we are also doing, and certainly our focus for FY 2027, is on what's going to generate the best outcome for the best value for the company and for its investors. At our view, for FY 2027, that key focus is delivering the strategy that Matthew's just talked to. If you like, that's our key focus versus an arbitrary focus on generating a positive free cash flow. Looking out to FY 2030 as an example, that NZD 250 million is a stepping stone to where we think this business could go, not the end objective. If we were seeing, for example, great LTV to CAC ratio, then it would, you know, not be a good decision for us to decide to try and drive more free cash flow and turn down the opportunity to grow value in the business even more. From our point of view, yes, absolutely, we expect the business will be able to generate significant operating leverage. The big open question is what's the rate of growth we're at in FY 2030, and what are the best opportunities to grow shareholder value at that point. Okay. That's helpful. If I look at your FY 2027 guidance again, you know, it's a NZD 10 million revenue increase on FY 2026. Most of which comes from Booking.com for Business. You know, I suppose if we look forward and assume Booking.com for Business can do that level of growth again, maybe NZD 10 million a year out to FY 2030, it does imply actually quite material contributions from Serko.ai and I suppose the B4B partner channel. You know, I appreciate it's very early stage, I just wanted to gauge your comfort with that NZD 250 million target as we edge toward it. Yes, certainly that remains our aspiration. We think the market opportunity is more than big enough to deliver that. as you say, we're still as early days. We've just got the Serko AI product into beta. We've just started the process with the U.S. defined segments. When we look at both those markets, we believe we have got the ability to win in those markets and that the markets are more than big enough to support the NZD 250 million aspiration. Also note that in terms of Booking.com, there's also significant potential for further growth within that business. From our point of view, we've got multiple paths to get to the NZD 250 million aspiration. Thanks. Just last question from me. On the B4B partner channel, you talked to an initial customer group. Can you just go into some detail as to, I suppose, what that is, what you're testing? Is it an actual customer? You know, just a bit more detail on that. Yeah, sure. Hi, Josh, this is Matt speaking. We've brought on our sales team was the first step in the process. We've hired a few people there in our sales team that specialize and have experience with dealing with these types of U.S. organizations. We're filling that pipeline of really exciting leads of people who are looking to come onto the platform. I guess to answer your question directly about what it looks like from here is through the sales cycle, it will look slightly different than, say, something that you see on Booking.com for Business as a sales cycle and slightly different than what you would see in our traditional TMC business. What we're expecting to see here is we will bring on these organizations. We'll go through a testing phase with them, ensuring that they are comfortable with the supply and pricing and functionality of the product. We'll expect scale up in volumes over time as we bring them on. As I said earlier, what our plan is to start with a few of these folks. We've got a pretty solid pipeline, but we're gonna choose a few of them. We're gonna bring them on. Once we're very confident with that sales pipeline and the appropriateness of the product, then we'll be scaling that up. Okay. That's helpful. Sorry, just to clarify, there is an initial customer group that I guess has been signed up for this testing, at the moment, or is that still to come? Yeah, we're in conversations with them at the moment. We're talking to a number of different potential clients at the moment. Yes. Okay. Thanks, Matt. Thanks, Shane and Darrin. Thank you. Thanks, Joshua. If you would like to ask a question, it would be star one on your telephone keypad. We'll now go to your next question coming from the line of Guy Hooper with Jarden. Yeah. Good morning, team. If I could just start on the FY 2027 guidance range and the comment around that range being driven by the timing of booking volumes related to the identified U.S. segments. Can you give us a bit of color around, you know, is it just the top end that's subject to that and, you know, what sort of contributions you're actually expecting to potentially get in this year? What are the risks around that top end? Hi, Guy. Shane. Yeah, I think the, the first point would be that, and the reason why we pointed to that being the primary driver, assuming that the, you know, the market continues to form the way it is, we've got a pretty clear track of where our ANZ and U.S. businesses are going to go. We've got, in Booking.com, we've got, you know, a clear rate of growth there that we've demonstrated we can achieve. This year we have taken out one of the potential volatility items, which is the FX rate. That hedging has locked in the favorable FX rates movement that's occurred in the last year. Really for us then, the number one thing that stands out as potential variances really the U.S. targeted segments. They're contributing a meaningful portion of both the low and upper end of the range. The reason for that is when we're at that early stage, and I think we had our first salesperson only joined us in March. We're very early in the process. We expect to see a rapid ramp across the year. You know, even moving, you know, if, for example, if we achieved our plan but it was one month late, that would move a meaningful amount of revenue into FY 2028, given the lag between signing volumes coming through, and then because it comes through Booking.com for Business, effectively then there's a lag until the booking's complete and turned to revenue. That's really the big driver for us is the exact timing and rate of acquisition of customers in that first year where we're kicking off, can move around a bit. Yeah. Okay. Can you give us any detail around, you know, what the customer acquisition might look like in this space and, you know, the expected paybacks, you know, now that you've hired out a sales team? I think, yeah, to some degree from the range, you can get what sort of the high might be and the lows assuming a roughly small number. In terms of the payback is pretty high. One of the things we focused on with this product is we're targeting people who we believe the current product works for, we're not having to make product technology investment. As you would've seen our general gross margins on that sort of Booking.com for Business is above, you know, well above 90%. You know, the payback on a salesperson is extremely strong. Really the focus is just how fast can we grow that revenue. You know, the ROIs will be extremely strong and just about a given. Yeah. I think probably the other point, Shane, is that it's their longer stay, so they're not like shorter stay sort of accommodation. They're targeting more the longer stay type bookings. Yeah, great. Thanks for the color on that. Maybe just one last one on B4B and what you've seen over the last 12 months. You know, the lower activity per active customer, is that an underlying sort of market trend or is there anything different occurring in perhaps the cohorts that have come on board? I don't think we see a lot of difference in the, in the cohorts in terms of timing. There is a little bit in terms of the mix of where the customers have come from. However, I think we have seen the activity levels recover a bit in the second half of FY 2026, and we're seeing that into the beginning of FY 2027 back towards where they were in FY 2025. That hypothesis we had last time that was quite hard to prove, that it was more about economic headwinds is kind of feeling like that probably was the case. Yeah, based on where we're sitting now, a lot of that has come back. Great. Thanks, team. I'll pause there. Next question will come from the line of Siraj Ahmed with Citigroup. Morning, team. Just maybe two questions. Just first one maybe for Shane. Can you just give us the building blocks for guidance next year? I got the range is because of defined segment, but just trying to understand, I'm guessing GetThere is declining. B4B, is it sort of mid-teens growth? Yeah, if you just give us building blocks, that'd be really helpful. Thanks. As I said, GetThere will decline a little bit. Those losses we had in the first half that we'd talked to previously, so you're more likely to see the second half replicate forward rather than the full year replicate forward. I think Australia will be sort of flattish or possibly fractionally down. We had a sort of slight increase in services revenue this year, and we think that'll drop away again with the underlying travel business, you know, being slightly up. Then, to your point, the booking is the next key piece. We haven't factored anything meaningful into Serko AI yet because we're still seeing that as being about product market fit. Those targeted U.S. segments are really the other key piece of growth other than Booking for Business continuing to grow volume strongly. Got it. Second one, just on the defined segment. Shane, just clarifying, you're saying the range is actually driven by that, right? It's, what, a NZD 6 million range in there. Just trying to think about 2027. Let's say you get the top end, you get NZD 6 million or maybe NZD 4 million - NZD 6 million of revenue from that in the second half. Is that recurring, that just sort of annualizes into next year and grows? Just trying to understand that, right? If the momentum is actually quite high, does 2028, I guess, have significant contribution in that? Yeah. Definitely the exit rate and, yeah, so definitely the way to think about it is those would be customers that would continue to use the product. We would be continuing to add more product, users. I think that's one of the reasons why we see even if we're successful this year, there could still be a meaningful range, 'cause if you like, you know, even the midpoint of that range would see us with a really strong exit rate and you know, a high level of confidence and a good chunk of FY 2028 revenue already locked in. As Matt said, you've kind of got the we've got to get them on board. We'll do some testing with them and then bring them through. Yeah, if we're coming out the back end or the top end of that range, the trajectory into FY 2028 is strong. Yep. Got it. Just maybe last one. In thinking of total spend in the coming and free cash flow into 2030, is the view that this is like the peak year of spend and then it starts coming down from there? It does look like you're using external contractors for this build-out, right? Do we assume there's some coming down from 2028 onwards? I think the key point we're kind of keeping our options open around where FY 2028 spend goes, coming back to, you know, if Serko AI is highly successful, then, yeah, then the cost of acquisition, you would be wanting to push that hard. I think we would expect and it sort of and I think we've indicated, you know, probably more into FY 2029, start of FY 2029, back end of FY 2028, that the continued progress on the new platform should allow us to start doing some rationalization in terms of some of our costs of running the old platform. Yeah, the key open thing for FY 2028 is we'll continue to drive operating leverage out of the existing business, but what's the level of investment to drive the growth. Got it. Super helpful. Thank you. Your final question will come from the line of Vignesh Nair with UBS. Hi, Shane and Darrin. Can you hear me? Yeah. Awesome. Two questions. The first one, obviously, Shane, I think you made a point in the presentation to mention that growth CapEx from here is funded by organic free cash flow from the core. Like, you've got NZD 54 million of cash on the balance sheet, about NZD 4 million or NZD 5 million of cash burn this year. Still ends up with NZD 50 million at the end of next year you would've thought. Just keen to hear your sort of views on how you know, aim to allocate that spend. Are you looking at M&A at the moment? Any sort of color on that would be helpful. Thanks. I think at the moment, Vignesh, our key focus is delivering the strategy that Matt's talked to. You know, our key focus at the moment is getting Serko AI up and running, getting the targeted U.S. segments up and running, and continuing to scale Booking.com for Business while we retain the customers in the managed travel business really for when Serko AI can be targeted at them. Yeah, potential things like M&A. I mean, our key reason for holding that large amount of cash from our perspective, it just gives us optionality. For example, if we were seeing great LTV to CAC coming out in Serko AI, then we've got the ability to invest in it while still leaving ourselves plenty of buffer against any sort of surprises along the way. From our point of view, the NZD 54 million gives us optionality, as we continue to execute on our plans. Okay. Take that as a no. The second question is around I suppose it's a reasonably dynamic environment at the moment, but just scrutinizing a few of your views in terms of sort of assumptions for the Middle East and implications there. Like if you dissect the last two and a half months a bit more and look at sort of maybe weekly year-on-year numbers in the ANZ and U.S. business, is there any sign at all of a gradual deterioration over the last, call it 10 weeks? Like are the last sort of seven days different to, you know, the prior year 2028? Yeah. We have been watching that closely, and the answer is no. One of the reasons we gave April and May and, sorry, March and April in the slide in the appendix, I think slide 33, was because it's Easter seasonality. You know, April was much stronger than the prior year, a lot of that was seasonality. That's why we combined the two. Definitely running into the first couple of weeks of May, we've still seen that resilience. You know, there's a wide range of possible outcomes that could occur from here. I think our view is we're not well placed to make calls on that. We've largely baked into our core guidance that resilience continues. There's a little bit of allowance in our forecast for, you know, weaker macroeconomic performance in Europe will continue to be a little bit of a headwind for us. Actually the change in European growth's not that dramatic. It was never gonna be a fantastic year for growth in Europe. It'll be a little bit weaker. Yeah, guidance is really assuming that that resilience stays there. Yeah, as recently as, you know, last week, we've checked through those and that still remains. We're still seeing strong numbers. Okay. Awesome. Thank you, guys. That's all. Thank you. It appears there are no additional questions. I'll now turn it back to you for any closing remarks. The global business travel market is growing, but the more important shift underway is structural. The industry is shifting from search-led travel management to AI-led travel execution. We're already seeing changing traveler expectations and a behavioral shift towards conversational and AI-assisted travel experiences. That shift creates an opportunity significantly larger than the traditional travel management software alone. Serko sits at the center of the travel ecosystem between the traveler, their organization, and global travel supply. We believe that matters more in an AI-driven world, not less. Our AI advantage is built on three things: millions of real travel transactions, deep policy intelligence, and trusted relationships across the travel ecosystem. As you've heard today, we're already putting these advantages to work. We've entered FY 2027 with positive momentum, disciplined execution, and an ever-increasing velocity. Thank you for your time today. This concludes today's call. Thank you for your participation. You may now disconnect.