Based in Australia. Today we're talking to you from HQ in Petone. Before we kick off, I'd like to bring your attention to the disclaimer. There's some key things there I'd urge you to pay clear attention, that it needs to be read with the notes and the statements that have gone out. I assume that you've now read that. The plan today is to go through this agenda. I'll take you through the investment case, why PaySauce, why now? Talk about the New Zealand launchpad, and some of the results that we've had for the last financial year and the first quarter that has just been completed. I'll hand over to Chris. He'll take you through the Australian market opportunity, and look at the outlook. We've got time for Q&A, and please send through questions where Chris and I will look to answer them at the end of the presentation. Thinking about PaySauce, why PaySauce, why now? We've been in market now in New Zealand for 10 years. We've proven the formula, and we are entering a new market, which is Australia. Australia is the first time we're using our Global Payroll Platform, it's being used in the market, it's the first time. You can think of New Zealand being the R&D lab, where we've done a lot of work on the plumbing, the infrastructure. We've taken the time to understand the opportunity and the challenges of the Australian market. We're now in a growth phase. We've built the platform, and we are now in Australia, and we are signing up customers who are using PaySauce to pay their employees, file their returns, and do their compliance around payroll today. If you look at the investment case, we see that there are seven drivers behind that. Building the machine. When we talk about building the machine, we are talking about Australia as the playbook and what we are learning there, how do we build a business at scale? We are being deliberate, and all of the learnings from that will be transferred to the next market we use the payroll platform in, and the next market after Australia, and I'll come to that, will be New Zealand. We've got a very experienced team. I laugh about this, I'm one of the old men of payroll. We've been doing this for a fair amount of time, and we've been very focused on the niche as well as the market sector, which is the micro-business compliance part. Unashamedly, we see that micro is the opportunity, and everything that we've done and everything we've seen to date back up that thesis. That it is the forgotten sector that not many people cared about, and we believe that it has a lot of blue sky opportunity, and we are committed to pursuing that. That's a really, really important part. Mobile native, again, in today's day and age, if someone can't run their business off their phone, I think that's a miss. We are really, really committed to that and making sure that everything a business owner needs to do around their payroll HR obligations, they can do off their phone. The fifth part is that we strongly believe that payroll has natural moats. There's compliance, there's accreditation, there is financial obligations that all provide a very strong moat around our core business, which is payroll calculation and payments. There's a massive opportunity in Australia. Australia is seven times larger than the New Zealand market in that micro-business space, and that's why we've designed a solution that is agnostic around the jurisdiction. It allows us to customize and go forward. The third, the last important part of that is in order to succeed in a new market, we identified we need a team that is experienced, who've done this before. The team that Chris has brought on board and working with me are they're experienced, they've done this before in market. That is the seventh sort of driver of the business. Looking at the themes three and six, why now? There's a massive underserved market, and at the same time, there is a regulatory catalyst. There's 694,000 businesses in Australia today that employ between one and four employees. From July 1st, that is a few days back, Payday Super as an obligation on every single business in Australia that employs kicked in. That's a significant change in how people used to do things, and whenever there is a massive regulatory change, that creates an opportunity. It is a catalyst. Third, the micro sector is the fastest growing employer segment, not just in the markets we are in, but that's a global trend that we've clearly identified. As I said, Payday Super is, again, Payday Super is a not once and done. It is a catalyst that will drive people to look at what they're currently doing, discover that there are some challenges that they may not have anticipated, and then they become potential customers for us as they look for a solution to deal with their obligations. The plan is policy driven and time bound. There's a deadline, the time has started now. What I'd like to say is, it's not a start, it is not a finish line. July 1 is the start line, and that will see customers looking to what do they need to do about payroll. If there's no catalyst, there's no incentive or motivation to look to make a change. The geo-agnostic part is by design, and we are looking to use that back again into New Zealand, where we'll build a New Zealand solution back onto the same platform. As I said before, the payroll has substantial natural moats. Things like, you need to be accredited to the ATO to file. That is around super, that's around the AFSL obligations. One of the key factors that sets us apart as opposed to lots of other SaaS businesses is we've got an obligation to be right 100%, 100% of the time. We cannot hallucinate, we cannot leave anything to chance. That is an obligation we take seriously because our customers depend on us to look after their most significant asset, their employees, to be paid on time, every time. It's mission-critical, as I said. It's high volume, but we've worked out that, as we've demonstrated in New Zealand, that we are able to generate good returns despite the fact that it's a lower price point, by the work that we've done in keeping the cost to serve while providing an exceptional customer experience. That's the balancing act that we've demonstrated that we are able to do. We're seeing incumbents leaving the micro sector and chasing the market to the mid-market or the 20+ employees. We see that the opportunity we have. I've been asked this question, will generic AI be able to design a solution? You might be able to do it for yourself, but in terms of meeting some of the compliance obligations, that is a significant barrier to entry. At the same time, we know and we recognize that AI is a substantial enabler, and we are all in on AI. We're using AI at the front end. We are providing better customer care across a greater time zone, and that has enabled to increase the engagement with our customers without having to scale and use people to do that. People supplement what we're doing. We're seeing that our chat agent, Penny, is able to deal with 80% of the queries that are thrown at Penny. The feedback from customers, as opposed to being negative, has been very positive. Customers like the fact that they can get in touch with us after hours, solve a problem, and get on with the work that they need to do. Later on this year, we're looking at providing a MCP connector that'll allow customers to engage with their payroll and do any kind of reporting. That's where we see the ability for us to use AI in a positive sense to deliver an even better customer experience for us. New Zealand has been the foundation that has enabled us to do what we're doing and invest in the way we're doing. We're strong, profitable, and cash generative, and that is the foundation, and that is the engine that powers the work that we're doing in Australia and beyond. Just some of the highlights from the full year result. The processing revenue was up 13% year-on-year at NZD 7.2, which is the processing fee revenue. We had some severe headwinds with the interest side of it as the OCR came back. Despite that, overall, we were able to grow revenues on the top line. EBITDA was NZD 1.2, and the bottom line result was NZD 0.2 million in the last financial year. In that financial year, some of the investments that we've made in Australia were starting to come through. Looking at the quarter we've just completed, I'm delighted that we've been able to report ARR of NZD 9.5 million. We've increased the processing fees in that quarter on a year-on-year basis by 11% to NZD 1.9 million. We're currently sitting on 8,756 active customers, and as I said before, the contribution from the interest income component was NZD 400,000, which is 17% down year-on-year, which is the impact of the OCR reduction. The ARR growth continues to be underpinned by the increase in customer numbers, we're seeing the quality of the earnings improve as well as we're moving customers away from some of the cheaper plans. We've discontinued the simple plan. We're encouraging customers to move further up the value chain, and we are seeing that translate into increased ARPU for us. The next stage in what's up for New Zealand is that as we've proven the model in Australia, we've used the Global Payroll Platform, successfully built the Australian rules and filing. It is in market, it is stable, and what we've built is sufficient to attract customers to use that. Chris will cover some of our experiences as to how that is progressing. That's a culmination of a two-and-a-half-year program of work, and we've proven that it works, it's stable, and it's what we require. We'll be looking to migrate our New Zealand customer base and sign up new customers onto that same new platform in the latter part of this year. There'll be two parts of work going on. The migration piece is a substantial piece of work, and we expect that to take a reasonable amount of time without creating disruption to existing customers. The significant piece is that the infrastructure we require is already in place. Things like the Intercom integration for Fin AI, Penny, our chat agent, and the customer support teams are already in place and ready for the transition back into New Zealand in this financial year. Looking at the progression from there, the growth unlock we see is the Australian opportunity, which is a part that Chris will be eager to talk about, and I'll hand over to Chris. Thank you, Asantha. We're coming up to about a year to the day that I met Asantha in Australia to look at PaySauce. It's a great pleasure to be here to present to our shareholders and to talk about what's happening in Australia. As this slide covers, I, over the years, have built a pretty good network, and one of the exciting things for me is being back in the accounting industry after 10 years and being able to tap into a network of really capable and experienced people. As pointed out here, the alumni from Xero are very front and center to the team that we're building here over in Australia to take the business forward. Some of the names there, Mel Shortland-Power, who is arguably one of the most respected practitioners in the industry, was head of bookkeeping at Xero, has joined us to lead the bookkeeping channel. I'll talk a little bit about the significance of that. The approach we're taking in Australia, I made a commitment to the board at the end of last year as we set out to embark on the journey in Australia, was to take a contract-first hiring approach. Many of the people, in fact, most of the people that are working in the Australian market are on contract. That was really to, I guess, audition, to prove the fit, and make sure that we could build the business and prove that Australia was a credible market. I'm here today to say that that is the case. We're really excited and looking to flip some of those roles now to full-time roles into the team. Also, I've put my own skin in the game here, as has been disclosed to market, but having invested in the company. Feeling very confident and look, excited to be back into the accounting space. A lot of the same faces are still there, and we're starting to build, and I'll be sharing with you a lot of the insights and the progress that we've been making. Just go to the next slide. How are we going about things? Well, really, probably the key theme here is that we're taking a very modest approach in how we're building the business here and doing that in a very quality way and ensuring that we can build for long-term scale. Asantha's talked there about New Zealand deliberately easing to ensure that we could focus particularly our R&D resources on building out for Australia, also some of the changes there. Probably the key point there, that third bullet on the left of that box is we're being very selective and intentional about how we're building foundations. One of the things that I learned through the Xero journey was it's really important to build credibility and trust as we go to market. There's been many examples of players coming into the market looking for quick wins and sugar hits. That's not what we're about. As we start to connect back into the accounting and the bookkeeping and associations that govern small business, having people that we've got involved from the Xero journey in particular has been really important, but also how we're building very methodically to do so in a way that is sustainable long-term. That'll be a theme that comes through when I talk about the work that we're doing in Australia. We're building a playbook, the exciting thing as I take you through our go-to-market approach is, as Asantha said, being able to retrofit the new Global Payroll Platform into New Zealand also comes with a lot of learnings around our go-to-market model, which we're figuring out a lot in Australia and is starting to really show signs of traction, which is exciting. It's also that deep customer learning. The thing I love about PaySauce and how Asantha's gone about things is having that deep customer connection, and the fact that Asantha will drive three hours from Melbourne to go and help a farmer run their payroll says a lot about how he looks at the business, but it says a lot about how we're really taking deep customer learnings as a key part of how we're going about things. That last point there, I did want to talk about discipline and action. As Asantha would know, and I've seen this with many founders, that you tend in the early days to chase the money trail. We've had opportunities in Australia, one in particular, where we had a deal worth several thousand customers, that we decided to pass on for the pure fact that it didn't align to where we saw our long-term go-to-market model. That'll be a theme that will be continuous for us as we embark on the journey, which is staying true to what we know will be a sustainable growth, and I think that's really important. Part of the benefit of being able to raise the capital we did in December, it gives us that opportunity to do things properly and to build a sustainable model. Sorry, I'm pressing the wrong one. What are the building blocks? What we've done, we've built the Global Payroll Platform. This is a really great product, and I can say that from the years of experience. I was very excited when I first saw the Global Payroll Platform that was built almost 12 months ago. We're building the AU product on top of the core components there. That's a geo-agnostic platform that we can lift and shift into new markets. We're now live with four awards, and that's been relatively simple, starting with the farming sector, with the Pastoral Award, and then moving into retail, hospitality. There'll be others that will follow. The traction or the cadence in which we're building that now is really encouraging and is quite fast. As Asantha talked to the compliance plumbing, there's deep compliance that's associated with providing payroll. Working with the ATO, the Single Touch Payroll, having AFSL payments, superannuation, all of these things, as Asantha's pointed out, are moats, but they're really important components. Again, trust is a vital component of doing payroll, and we think that's resonating well. We've done a lot of work in building a website that is really tailor-made for a product-led growth model. I'll talk a little bit about what that means. That's the PLG, if you see that in the slide. As well as certification that we're working with the bookkeeping community, which will provide great traction in that particular channel to market, as well as some leadership. Some great names coming in from the Xero and other connections that I've built over the years, which is exciting. It was actually nice to get a number of phone calls when we officially launched in April from my network, interested in what we're doing. That's a real bonus for me to be able to bring a lot of those capable people into this opportunity. What are we doing? I mentioned the bookkeeping community. I'll talk a little bit about that as one of the key channels. We are looking at extending other awards. We've got enough to work with at the moment, to be honest, that's not a huge priority. We are looking at what other awards we want to bring on. That's pretty straightforward. Asantha's mentioned the Payday Super window. That's a real opportunity for us over the next 12 months to capitalize on that and be what I've described as an educator to the micro-business market, and then embedding AI and some of the other aspects there. Things to do still come down a lot to product. Light rostering, embedded super clearing house into the core platform, optimizing our model. We'll talk a bit about some of these things, but it's really just continued improvement and building out the product to be able to scale and build the business here in Australia. The key milestones. Just as a refresh, we commenced this journey back in September. We built a Global Payroll Platform, that entered beta release back in September. We had our first customer go live, the Griffins up in Gippsland, that now become a bit of the face of PaySauce, particularly in the farming community. That went live back in October. We spent the summer months really bedding down the team and ensuring that we had a lot of the product elements ready for market and did a soft launch at the Australian Dairy Farmers Conference in Melbourne. We spent the next few months really honing our go-to market model. Getting our website built, the PR coverage and so forth. I'll talk about some of those partnerships there that we've been securing in the first half of this year, which are really, I think, vital in terms of the opportunity to build out the business, then the Payday Super that went live. We've surpassed some interesting numbers now around our gross payroll numbers. I've made a comment there that we've moved from market validation to execution, and that is absolutely the case. We are seeing some great tailwinds around the Payday Super issues that the government's introduced, which are compliance overheads for SMEs. Awarding complexity in Australia is a really big issue, and it's something that we do automatically in the platform. That is really resonating with all aspects of our stakeholders, from SMEs to bookkeepers, accountants, and strategic partnerships. I'll talk a little bit about strategic partnerships and the bookkeeping community. They're both highly engaged and very influential into the micro-business space. Also, probably the most critical thing that Asantha and I are very connected on is just the feedback we get from customers who are using the product. They love the product. It's a great product. We continue to evolve it. I was hoping to get here today to be over 100 customers. We're just shy of that. In the coming days, we'll bypass 100 customers. That's a meaningful number now. We've got real customers using the product to pay staff. There's some decent volumes coming through. We expect that to continue to grow, and we're learning a lot from that early adoption. Let me talk a little bit about our go-to market model. There's really these three channels that we see delivering. This is not a replica of how Xero went about it. We're borrowing from some of the lessons, of course, that we took from the Xero growth, in the Australian market. There are some nuances here that are a little bit different, which I'll talk to. I'll jump into those. There's a couple of pictures there. Let me talk about bookkeeping channel. This is a trusted advisor channel to SMEs and particularly micro-businesses. Bookkeepers aren't necessarily doing all of the work when it comes to bookkeeping. A lot of these micro-businesses do the books themselves, but they're highly influential. We've now established partnerships with three significant associations in the bookkeeping space, the Australian Bookkeepers Network, Institute of Certified Bookkeepers, and First Class Accounts. In fact, Mel Shortland has just recently finished a roadshow with First Class Accounts, where she's been certifying bookkeepers in a program we've recently launched. We've now got 55 partners on board. 35 of those we've described as referral partners. We're also looking to utilize the bookkeeping channel for implementation. Some of our customers will self-implement, and others will require some expertise. We know that registered BAS agents in Australia, which is bookkeepers, are really well-placed to do that, and we're looking to help them monetize that opportunity by being able to onboard customers that are looking to come onto PaySauce. We've already got 10 customers signed through those referrals. We've got over 50 that are in the pipeline, and that's building. I can say from firsthand experience of sitting in a couple of the sessions that Mel ran, the feedback has been phenomenal. Really love the product. You'll see one of the quotes that I'll share with you shortly about PaySauce and the reaction that we're getting. Critical to us and really probably the primary focus for us long-term will be building a direct channel, and that's really about building an automated way of being able to acquire customers through things like a website and a CRM that's been specifically engineered around a product-led growth model. There's a lot of nuances to that. This is trying to take the human element out of it and being able to acquire cost-effectively, and we're already seeing that, which is great. I've just shared there some of the stats. It's still early days, but some of the traction that we're getting around the direct model is really encouraging. We're getting website visitors. Our email open rates are actually above industry average, which is great. Critically, Payday Super as a content is generating great traffic, so that's really pulling its weight around our organic traffic. A third of all traffic coming to the website is based on Payday Super, so we're positioning ourselves as an educator in that space. Really exciting, I know it's early days and there's small numbers, but we've had two customers that have fully self-served, from sign-up and onboarding and pay run with zero human touch. It's starting to work. Again, it's early days, but our hope is that over time, as we really fine-tune the direct model, that we'll see more and more customers coming through and actually self-serving. The last one is strategic partners. We saw an opportunity there to work with what I'd describe as larger sort of hub and spoke type providers that have influence down through a channel of small business providers. I've got Meena Berry, who was my first ever sales rep into Xero, who's come on board to drive that partnership channel. We're seeing some great traction. Again, Payday Super and award compliance are big issues. They're top of mind for the operators. Whilst they don't necessarily hire specifically downstream in a franchise, those employees, they're actually responsible for a lot of the compliance around award compliance and super. We've set up a partnership with Franchise Council of Australia and kicked off a pilot with one of their providers. They have 50,000 small businesses across their network of franchise operators, so that's exciting. Also Metcash, which is a new partnership that's formed. They have a really strong membership base, 6,500 direct members, 80,000 affiliates, and they've engaged us as a payroll solution provider, and hopefully, we'll be announcing shortly, some further progress in that partnership, which we're really excited about. Here's some of the quotes from customers. The thing I love about those top two are actual SMEs, micro-businesses that are using the product. You can see there. This is really grounded stuff. We talk to customers that really don't want to know about payroll in the sense of how it's managed. They just want to know it works, and it's paying the tax, and it's doing the super, and it's doing everything in the background, and they can actually have peace of mind. It's really straightforward, and our solution does all the heavy lifting, so they love it. Amanda Fisher, there, I go way back with, and in fact, there's a number of accountants and bookkeepers that have come on board. As I said, the feedback, for me, is really encouraging. They love the platform. They love the fact that it does all of the pieces they need to do award calculations, Single Touch Payroll, Payday Super, and real-time wage payments. We've got a unique offering that a lot of the large providers have ignored, the micro business space. The fact that we're getting that sort of feedback from advisors that are in this day in, day out is really encouraging. The quote there from Jay Westbury, who we've been working really closely with, and again, we're tackling a lot of the issues that they are concerned about, Payday Super, award compliance. That's exciting for us, and we'll have further announcements there as we build out that partnership. Just in terms of how we're looking at risk, I'm sure that there's some questions about the go-to-market approach that we're taking. Partner channel for us is obvious. Initially, we announced this in the annual report that initially we see probably about 60% of our sign-ups coming through that channel. It makes a ton of sense. We've got really strong connections there, and they love the platform. Day in, day out, we're tracking that. We have a referral process that's fully mapped out. We're working with major bookkeeping associations, and a lot of that's based on our historic relationship through the Xero experience. That's tracking really well. We expect that to grow further. The strategic channel, we understand that it takes time. There's often delays because these are large opportunities. Our pipeline coverage is very strong. It's growing. FCA and Metcash partnerships deliver significant upside in terms of the downstream SMEs that we can chase. We've got a dedicated resource in Meena that's actually chasing and building that pipeline on a day-to-day basis. The early adopter buyers, the customers who sign up first, are not necessarily representative of the broader market. I think we've got such significant addressable market here. We're talking 600,000 SMEs or micro businesses, and a lot of what we're doing follows the Xero journey. It's a proven path. We're doing things somewhat differently, but we're experienced and have done this before. I think our forecast allows possibility for a slower ramp. As I said, big theme here is doing things sustainably and ensuring we're building for the long term. Thank you. Cool. Thanks, Chris. That takes us to the last part of the presentation, which is how to measure us and capital discipline. In terms of the key things to keep an eye on, partner activation. The network, the team that we've got in place that are building, and how do we convert that into actual promoters out there, and getting the results. Onboarding consistency, that's the key success measure for us is the first pay run. It's all about how do we get a customer from a lead right through to the first pay run. Chris talked about, we had two customers that were able to do that themselves. Now, you'd say, that's a small number. For us, that is the proof of the model that we're building. In New Zealand, we require someone to take the customer end to end in terms of getting them to their first pay run. To be able to do that without that is a significant step forward for us that enables us to scale. That's a really, really important milestone for us. Again, the award coverage piece, I think as long as we've got a significant component share of the micro-business market, the 10 awards will give us around 80% of that micro market, which is a significant piece. We'll add additional awards based on demand or a decision to enter a certain vertical that might dictate we'll add an additional award. Product milestones, we've got the focus on building some more capability, for the Australian product, and that's in the pipeline. The last but most important piece is how are customers seeing us? Because that drives the spread of us, that's what succeeded in New Zealand. Our customers powered our growth, which enabled us to attract a customer and bring them on board for less than one year's revenue. We know that's only possible by being 100% committed to delivering experience to the customer where it not only just does the job, but actually delights them. That is a really key indicator for me, and for the team in terms of what's that experience? Are they thrilled at the end of it? At this point, they are. It is making sure that continues, and we don't drop the ball on that. In terms of capital discipline, at the end of the financial year, we had NZD 4.5 million of net cash. We are self-sufficient. In the current market, we don't anticipate any further requirement to get us to being self-sufficient in Australia. I think that's the key objective for us is how do we make the Australian part of our business stand on its own two feet with the revenue it generates in the market? That's the next objective for us. As you can imagine, we've got a really good use of capital, and we're investing that, and we've demonstrated over the last 10 years that we are good custodians of your money. At this point, the best place for that is to invest that back into the business, not to pay out dividends. The capital raise has enabled us and given us a very strong platform to execute the playbook that we've built and to refine and give us the tools to take the product from Australia back into New Zealand and beyond as opportunities arise. That ends the formal part of the presentation. We'd be happy to take questions, and I'll ask Todd. Todd, has any questions come through for us? Thanks, Asantha. Yes, there's a few questions that have come through earlier through the inbox. Just a reminder to everyone on the call that the Q&A button is available there if you wanted to continue submitting them through. The first question through, though, was from James Lindsay. It says, what else needs to be done to the Global Payroll Platform before it is brought back to New Zealand and used there? There's no further significant work required on the Global Payroll Platform. What needs to happen now is the customization for New Zealand. This is again, a great opportunity for us to learn of. We are essentially building the New Zealand rule set from the ground up. That'll allow us to have that product in market, without needing to do anything to the core platform. It is the customization for the local market, and we expect that to be something we can deliver on in the next couple of quarters. Awesome. Thanks, Asantha. Another question here from James. Can you quantify the impact of the 2019 New Zealand IRD payday filing changes a bit more? How long did you see elevated interest following the initial implementation, and was the stronger heading into the change or initially after the change? That's a great question. It's something that is seared into my mind because it was right at the start of our journey and it was a great catalyst. Again, what we realized was that requirement was, while there was a start date, it brought the interest. We saw interest from potential leads that stretched into 12-18 months from the launch, from the go-live date. I expect a similar playing out in Australia with the Payday Super going live on the July 1st. Awesome. Thanks, Asantha. Another question here from James. Can you talk to what awards are currently covered in Australia and the goal for the rest of the year? Yeah, I can pick that one up. Look, we started in September, as I mentioned, in the farming space on the back of New Zealand's strength there, so with the Pastoral Award. It's a fairly complex award. We did that really just because we had that experience and to prove that out. Shortly into the new calendar year, we launched retail, and then shortly after that, hospitality. What's been interesting is, the Gen 2.0 payroll engine, it's real. We're seeing rapid configuration of the rules engine for new awards. We're comfortable at the moment. Probably the next one we'll roll out, which is a sort of a subset of hospitality, is QSR, which is quick service restaurants. There's quite a significant opportunity there in the market. We're going to sort of bat away at those for a little while. It gives us a significant number of customers in those verticals, and we're assessing a few others. We get together, and we look at, based on feedback, where the most opportunity is, and there's some that we're looking at. For example, professional services, also in the social community home care, the SCHADS Award, which is a really complex one. This is the great thing about being plugged into the bookkeeping community, is that they provide a lot of really good insights for us. At this stage, we've got more than enough to tackle. We'll switch those on as and when the market demands and when we see fit. To add to that, Chris, one of the success factors that we've had in PaySauce is because of our focus on verticals, we get seen as the payroll solution for that sector, and we need to continue to build on that. Therefore, the strategy always has been, rather than trying to be everything to everyone and going massively wide, to really be laser-focused and go deeper, narrower. I'm confident that that strategy will pay off a lot better for us because it increases the viral conversations between customers in that sector. That's a feature of the micro-business sector, is that micro-businesses talk a lot amongst themselves, and if something is working for them, they will tell their mates about it. The way we can accelerate that is to be seen as a payroll for that sector. Without having to build specifically for that sector, we get identified as the payroll for that. It's a really important piece that we continue to execute really well and take our time with the opportunities that we've opened up with the 10 awards by the end of this year we hope to get to. I hope that answers the question. Awesome. Thank you, guys. Another question here from James. Can you provide more color on the Metcash partnership and what this could mean? Yeah. Metcash, we approached. They're in the process of providing benefits to their members, by virtue of a procurement portal. They were searching for providers in a whole range of different spaces that can bring benefit to their members, from payroll and other software providers through to partnerships around petrol discounts and all sorts of things. That's an initiative they kicked off. We're front and center, working with them around payroll solution and looking at a couple of pilots to kick off. As I said, we're very close to finalizing some details around that partnership, which I will share. That's a really good example of how a strategic partnership can play out for us, where we get incredible reach into a high volume of small business operators, with a centralized influence or decision-making model through the Metcash network. We expect to have more and more of those as we build out. That'll be, again, one of our go-to-market strategies. It's exciting because of just the sheer reach that we're able to achieve through that. We'll provide more detail as we continue to build on that partnership. Great. Thanks, Chris. Another question here from James. Can you talk to how AI is being integrated and used in your Global Payroll Platform and what the plan is for further development? I'll pick that up. I think we've covered a bit of that, in essence, we're using it really in three areas, and one is, of course, in our R&D team. A lot of the code development, automated testing has been done, and we're seeing the benefits of that by speed to market. We're a pretty demanding bunch over in Australia, and I think the team here has done an amazing job of being able to keep pace of requirements. A lot of it has to do with efficiencies. Really a modern platform, of course, that we've built. Also, huge efficiencies that's been accelerated through the use of AI in those areas. Asantha's already spoken about Fin AI, which is a technology I've been involved in previously. That's providing huge benefits for our customers with providing much, much faster and more accurate responses to support tickets. Something like 70%-80% now being responded to there, so that's a great use of AI. The third one, which Asantha alluded to, we're looking to productize later this year, AI built into the platform for the benefit of our customers. That ability for a customer to bring their AI agent through an MCP server. What is that? It's basically a plug-in where you can plug it into an external data source, i.e., a payroll platform, securely to be able to interrogate that. You've got a scenario there where our customers can very easily, in natural language say, how much leave is owing across my team? Who's had the most sick days this year? What's my cash flow situation regarding Payday Super for the next six months? All sorts of open queries. It's like having a 24 / 7 intelligent payroll officer in your pocket. We love that. It's a really good use of AI. We're hoping to have that productized later this year, so really exciting developments. Just to add to that, Chris. I get asked the question, for a micro business, are they using AI? Hell yeah. If you look at somebody like Belinda, our first customer, or Linda, they're using it in day-to-day use today. I mean, Belinda planned her trip to China using ChatGPT. This is where our customers are. Our goal is to meet them where they are, so that then they can ask questions like, who's likely to take leave in the next three months? Using their agent, talking to our payroll core where the data sits, is able to answer questions intelligently and accurately that way. Rather than impose something on our customers, we're meeting customers where they are on their AI journey to significantly increase that delight factor that I talked about earlier. That's where we see some of the big wins for us. We think rather than being a victim of the AI development, we'll be a victor in how AI is used to deliver efficiency for us and delight for our customers. Awesome. Thank you, guys. A question here from L.B. Dalton, are you in competition with accountants? I can pick that one up. No. Not at all. In fact, we've had quite a number of referrals come through from accountants, particularly in the farming sector. You have some farmers in particular locations that specialize in that space. As I mentioned earlier, we're not banking on one particular channel. For example, with Xero it was pretty much all, we were all in on bookkeepers and accountants because they pretty much owned that accounting relationship. In the micro-business space, it's a combination of bookkeepers and accountants providing payroll services and some that don't. What we're seeing is that, I think over the last 10, 15 years with cloud systems, is that accountants and bookkeepers are really, really technology literate when it comes to solutions that help their clients. They're actually recommending platforms like PaySauce because they help the client. Whether they've got a services arrangement or not really doesn't matter. They're there to help the client, and accountants are doing other work for them. We're offering that choice. In some cases, we'll work with an advisor. In other cases, we'll go direct to the SME. Certainly, from the feedback we've had from the advice community, they love PaySauce, it's the first purpose-built platform at that micro end of the market, and they're recommending it. That's awesome. The other piece to that is for an accounting firm to offer payroll as an outsourced solution, for that to be a viable business, they'll need to have 15, 20 employees. That's not our customer. If a customer's got two or three employees, for an accountant to offer a payroll outsourced solution for that customer, the economics just doesn't stack up. It's better for the accountant to refer the customer to use a solution that'll do the job properly and accurately and not create a problem for them at the end of the financial year. Thank you, guys. Another question here, this one's from Matt Taylor. How much of the work to enter a new market like New Zealand is handled through configuration versus requiring technical build? You used the word customization before for New Zealand, which sounds more involved. Chris has described new awards in Australia as configuration. Is this consistent across markets, or are there specific cases where new markets require additional technical build beyond the standard configuration? No, it's 100% configuration. The engine is what it is. That's the whole investment that we've made, is that we've got the engine. All you're doing is providing the configuration for the local market. Whether it's an award or whether it's a set of country rules. The leave legislation in New Zealand is very different to the Australian one. That's configured, and that sits on the engine. Great. Thanks, Asantha. Another question here, this one's from Neil Morris. You've built highly efficient unit economics despite selling to micro businesses. How have you observed the unit economics change acquiring and keeping Australian customers versus self-sustaining New Zealand economics? I can talk to that. Look, it's a great question. Certainly over time, we expect unit economics in Australia to be really strong because of the product-led growth model. It's very early days. We only really officially launched in April. I'd say our unit economics right now probably don't look great because we've invested ahead of the curve. As I said, as we start to see more and more customers self-serve and go through the acquisition funnel really efficiently and perfect that model, then obviously that's where our focus is, and that will be retrofitted back into the New Zealand market. It's not just about bringing the new product to the global platform to New Zealand, it's also what can we learn from Australia, and bring to the New Zealand market? Ideally, going forward, that'll be a recipe or a playbook that we can take to other markets. Great. Thank you. A question here from Ben Davies. Was light rostering always in the product roadmap? Yes. We believe the whole idea is for a microbusiness cycle around payroll and everything that goes with it. We built that in New Zealand for our New Zealand customer base. It has been on the roadmap from day one. Great. Thank you. Another one here from Ben. How long will the New Zealand migration take? Will it be finished in FY 2026, FY 2027. Look, that's a really interesting question. At this point, we anticipate that it will straddle this financial year into the next financial year. As we've said right from the start, the foundation of the business currently is that New Zealand customer base, and we're not going to do anything to compromise that. It's already there. It is just how quickly we can get to the end goal is a single solution for all markets, and that's always been the ambition, and it's no different. It's really hard at this point, to give you a firm number on that, but I suspect it's going to take 12-18 months to complete that migration drive. Okay. I think our New Zealand customers will be. They've been patient as Australia sort of taken the ticket to come first on the Global Payroll Platform. It's an awesome product, and I'm excited about being able to put that in the hands of our New Zealand customers, and if that takes time, so be it. I think the reaction will be really positive, because certainly that's what we're seeing in Australia. Just to clarify that, we expect to have that available for new New Zealand customers in this current financial year. Great. Thank you, guys. We've got a question here from Ian Frame. Are you considering listing on the ASX? Thanks for the question, Ian. Look, nothing's off the plate. We'll look at each of those opportunities as to the need of capital for the next phase of our business. At this point in time, that's an option that we are aware of, but there's no commitment one way or the other towards that. Excellent. Thank you. We've got one here from Rob McIntyre. Longer term, what is your plan beyond Australia, and will that require new capital raises? Excellent question. From day one, we built this business to be a global payroll business. We are unashamedly committed to that. We call it the global payroll engine for that reason. The proof of that was getting it up and going in Australia. We'll now bring that back to New Zealand. We'll then look at bringing the other territories we currently have on SmoothPay onto that platform. The answer to that is we definitely have global ambition, which is why we are very deliberate about building playbooks in each market we go into and say, look, what are the learnings from here? How can we use that in the next market entry we make? Great. Thanks, Asantha. I've got one more here from Neil Morris. If approximately 8,000 customers was the threshold to take PaySauce from New Zealand to Australia, what threshold is the target before Australia expands into new jurisdictions? I can talk about it. Look, I don't think there's a specific customer number in mind. Our focus is ensuring Australia's successful. We're going to get to self-sufficiency. I think we'll assess from there. There's an assumption that U.S. will be the next market. I think there's many other markets that are attractive for us. We're not at that stage yet. All our effort is going into ensuring that we can build a successful business in Australia and get to self-sufficiency. I think at that stage, we'll then assess what lies next. Fantastic. Thank you, guys. There is no further questions that have come through, so we will end the Q&A there. Thank you very much for attending this event. As you can see, Chris and I are really excited about the opportunity, and the feedback we are getting from the market. There is a lot of work to be done. We are committed to that work. We are committed to being really deliberate and executing really well. We take the responsibility that you have placed on us, by the money that you have given us around the last investment round and before, and our intention is to ensure that we can be held accountable and deliver the results that you are looking for by building yet another successful global business out of New Zealand to go global. Thank you very much, and look forward to the next update. Thank you.