Ladies and gentlemen, thank you for standing by, and I would like to welcome you to the discussion on Text Q1 2026/2027 KPI conference call. The call today will be hosted by Marcin Droba and Łucja Kaseja from the Investor Relations Department. At the end of the presentation, we will have an opportunity to ask questions. Without further ado, I would now like to pass the line to Łucja. Please go ahead, ma'am. Good afternoon, everyone. It is always a pleasure to meet you on our webinars, and I appreciate your presence as the summer holidays have started. My name is Łucja Kaseja from Investor Relations team, and today, we will cover Text numbers. I will try to be efficient as we have both the full- year results for the financial year, which ended on March 31st, and the key operational data, KPIs, for the April-June quarter to cover. These data were published yesterday on July 2nd. Before we start, I will ask everyone to take a moment to review disclaimers. Also, a note on the documents. The presentation is already uploaded to our website. Transcript and recording from this meeting will be available later today. Let us start with the most recent and arguably most interesting data, the KPIs for Q1 of our new financial year, a year we expect to be very exciting, and we hope a successful one, too. As you can see, MRR, monthly recurring revenue, reached a record level of $7.46 million at the end of the quarter, translating to an ARR of $89.52 million in annual recurring revenue. This represents growth of 4% year-over-year and 7.6% quarter-over-quarter. This result is broadly in line with our expectations and is driven primarily by the completion of LiveChat pricing grandfathering. In April, we migrated all LiveChat customers on monthly contracts to the new pricing. Interestingly, for some of them, this served as a catalyst to switch to annual plans. That does compress MRR slightly due to the lower effective price they have on annual plans, but it is fundamentally a positive development and one we welcome. In the coming quarters, we will migrate customers with expiring annual contracts to the new pricing, though it is worth noting that the bulk of the impact from grandfathering was absorbed this quarter. Naturally, payments collected in Q1 also reached a record level. The figure of $24.19 million represents growth of 10.8% year-over-year and 7.2% quarter-over-quarter. The influence of annual prepayments is significant here as well. For those of you modeling the revenues in Polish zloty, it is worth noting that payments were not evenly distributed across the quarter. April was, by far, the strongest month. This slide also hints that ChatBot is underperforming somewhat, while HelpDesk continues to perform very well and is still growing rapidly. Text isn't visible in this chart yet; however, w e are confident that Text will be visible in the second quarter data. This slide shows a share of customers paying more than $500 per month. An increase was to be expected, and indeed, their share of total MRR rose to over 55%, up from 52% in the previous quarter and 45% from a year ago. The next slide shows the share of customers with more than one product in total MRR. We see continued slight growth in the share of customers paying for at least two of our products, which reached nearly 40%. That covers the April-June quarterly data. We will now travel back in time to the financial year that ended in March. The annual revenues reported in Polish zloty declined by just over 7%. Since virtually all of our revenues are denominated in U.S. dollars, the decline in dollar terms was minimal, approximately 0.5%. Profitability declined more sharply, however, o perating profit fell by 28.4% for the full year and net profit by over 29%. This naturally reflects the expansion of our cost base. We increased spending on product development, customer acquisition, and significantly, cloud infrastructure. In return, this allowed us to build an entirely new product, broaden our functionality, achieve key security certifications, and improve service quality. We are not satisfied with these financial results, but we know that over the course of the year, we accomplished a great deal. The slide focusing on Q4 in isolation also shows negative trends. Revenue in zloty down over 10%, net profit down over 22%. Despite this, quarter was more encouraging. We will take a closer look shortly. Before we do, as a matter of record, a brief look at the EBITDA slide. We saw a year-on-year decline of nearly 24%. In Q4 alone, EBITDA came in at PLN 37.6 million, translating to 47% EBITDA margin. Let us look at margins in more detail. Last year brought a contraction, but this slide shows that Q3 marked a stabilization and Q4, the beginning of recovery. An interesting additional data point, when we compare our quarterly results against market consensus, the picture was mixed. Revenues came in approximately 3% below expectations, while net profit was only about 1% below. I will come back to what I mentioned a few minutes ago about the uneven distribution of payment collections during the quarter. We had a very strong start to Q4, but a relatively weak finish. That wasn't a favorable dynamic given the movement in the Polish zloty-U.S. dollar exchange rate. I believe that's precisely why reported revenues came in slightly below analyst forecasts. Yet, despite that, margins still came in a touch ahead of analyst assumptions. What can we expect from margins in the coming quarters? We may spend somewhat more on marketing, but changes to our sales process should work in our favor. At the same time, the growth we recorded this quarter, driven by the end of grandfathering, flows through almost entirely to margins. The Polish-U.S. dollar rate will also be a factor, and while the dollar strength we are seeing at the end of June will not have any significant impact on Q1 results, if the trend holds, it could be supportive of Q2. Deferred revenue, otherwise known as future revenue, may not be the most critical metric, but it is a useful complement to the overall picture. After a series of declines, we are seeing a recovery here as well. At the year-end, the figure stood at PLN 67 million. As the slide on the cash position illustrates, our financial position is very strong. At the year-end, we held PLN 62.7 million in cash, and this is after paying out the first dividend advance in February. We allocated PLN 29.6 million to that payment, which is PLN 1.15 per share. The management board also has approved a second interim dividend of PLN 0.98 per share, which will be paid out to shareholders on July 29th. Looking at the revenue breakdown by product line, LiveChat's revenues declined while ChatBot and particularly HelpDesk performed well. It's worth noting that HelpDesk had a relatively weaker Q4 compared to the full year, whereas ChatBot showed the opposite pattern, with its best quarter coming in Q4. These dynamics are naturally reflected in LiveChat's declining share of total revenue. The product remains dominant, at 83.7%, it's exactly 5 percentage points below the prior year. It is worth noting, however, that the LiveChat pricing changes that took place last quarter should cause its revenue share to increase going forward. On the geographic breakdown of revenues, there are no surprises or notable shifts. The United States remains as the most important market, followed by the United Kingdom at close to 8% of revenues, with Indonesia still rounding out the top three. Poland accounts for approximately 1.5% of our revenue. Moving towards the conclusion of our presentation, the headline numbers from the quarter just ended, that is April- June, are MRR growth of 7.6% and payment collections growth of 7.2% quarter-over-quarter. This is largely attributable to completion of the LiveChat pricing gap around grandfathering, the impact of which has now been largely absorbed. Nonetheless, it's a tangible result and one that flows directly through to margins. Returning to growth driven by new business is certainly a priority, but revenue retention will remain critically important as well. API usage revenues, which are not included in MRR, declined slightly, remaining at just below $250,000. This doesn't concern us. It's not a reflection of lower consumption. It relates to the timing of package purchases and payments. Stepping back to the closed financial year, it was a period of intensive work, primarily on product and infrastructure. The financial results are certainly not where we want them to be, but Q4 already showed meaningful improvements in cost discipline and margin performance. The past months have been eventful. We'll highlight only what we consider the most significant developments, though we encourage you to follow our website, social media, not just the IR profile, and to sign up to our newsletter. In May, we unveiled the final name of the product we had previously referred to as Text App. We also introduced its new visual identity and alongside it, a refreshed visual identity for company as a whole. This was developed in collaboration with COLLINS, a renowned agency with deep experience in brand transformation. We agreed that in our industry, everyone looks and communicates in much the same way, and that we need to change by differentiating ourselves through a bold, distinctive visual language. The result is what you see right in front of you. On the PR front, we are currently active in the U.S. market through Ted Miller Group. These activities also mark the beginning of our go-to-market strategy for Text. What you're seeing now is greater activity across social media and PR. We are starting to break with an entirely new message, one centered above all on the exceptional performance of our AI solutions. AI resolution rates at the absolute top of the market, as well as the concrete business outcomes our solutions deliver, particularly in driving online sales growth. We can demonstrably and dramatically improve conversion rates to order. At the same time, we deliver significant value through automation. Our workflow solutions alone is currently saving our customers over 33,000 hours of work per month. Our challenge is getting these results in front of a broader market, and that takes time. This is a phase campaign that will intensify in the second half of the year. Three months ago, on the webinars, participants asked when we are going to expect tangible results from this new communications strategy. Our answer now is the same as it was then. Realistically, the earliest would be toward the end of the calendar year, more conservatively toward the end of the financial year. In parallel with these efforts, we continue to work on adding new distribution channels for Text and other products. In recent months, we announced, among others, a technology partnership with Meta. Our products have been listed on the Microsoft and Webflow marketplaces, and a local point of interest from Poland on Polish Development Fund platform as well. This has always been how our business worked. None of these channels is a revolution in itself, but our strength lies in having many of them. For the sake of completeness, I should also mention that we are working on our visibility within AI models as well. What is important, Text itself received native integrations practically within the last few days with Shopify and WordPress, and two weeks ago, it received a native WhatsApp integration. The fact that these things are so fresh should also give you a sense of how early we are still in with this journey with Text, n ot with the product itself, but with building the customer acquisition engine around it. It's a time-consuming and labor-intensive process, which also represents a certain moat that the market hasn't fully appreciated. We approach it calmly and consistently. And while praising the strengths and capabilities of Text, we should underscore that we maintain the highest standards of compliance, as evidenced by our certifications and attestations. In May, we received our SOC 2 Type 2 attestation. Type 1 already helped us meaningfully in defending and retaining certain customers. Type 2 should make it easier and faster to open conversations with larger clients, particularly in the U.S. The past period has also brought significant organizational changes, reflecting the evolution of our key priorities. At the start of the last year, our focus was on building Text and navigating the complex migration to new infrastructure. That was reflected internally. For example, we dissolved the separate LiveChat, ChatBot, and HelpDesk teams and replaced them with cross-functional teams organized around functional domains spanning all products. This year, the focus is on customer acquisition and go-to-market strategy, and our structure once again reflects that, particularly at the chief officers' level. One significant change that took place recently was the dissolution of a traditional sales department. As communicated previously, its responsibilities have been taken over by the customer success team, supported by other departments. We believe that leveraging our own technology, our certifications, and our attestations, this team will perform equally well, if not better. In Q1, we will incur approximately PLN 2 million in one-time costs related to the transition away from the sales department. However, we expect these changes to have a meaningfully positive impact on sales margins and in subsequent quarters. Lower infrastructure costs are also impacting margins. After a period of increased spending, particularly in the previous two quarters, we have been able to gradually optimize the use of new infrastructure since the beginning of the calendar year, and we are closely monitoring these costs. Finally, a word on dividends. In accordance with the management board decision, approved by the supervisory board, we will pay the second interim dividend of PLN 0.98 per share on July 29th. The management board is also proposing to the general meeting a profit distribution under which the total dividend, inclusive of both interim payments, would amount to PLN 4.26 per share. This means a remaining payment of PLN 2.13 per share would still be due. The final decision, of course, rests with the annual general meeting, which we plan to schedule around the same time as last year. To close on a lighter, IR note from our annual report. During the financial year, through LiveChat and later Text on our website, we conducted 699 investor chats, totaling five days and 21 hours of conversation, achieving a customer satisfaction rate of 92.5%. This is in addition to emails and in-person meetings at conferences and other events. The vast majority of these substantive, quite high-quality discussions, very rewarding for us, and we trust for you as well. We are grateful for them and, of course, warmly welcome further engagement. Thank you for your patience. We are now going to take your questions in text form, please. Thank you very much for the presentation. We will be now moving to the Q&A part of the call. Please use the interface to submit your questions as a text. We will just give a moment or so for the questions to come in Using that time, the Polish language call traditionally gets more attendees and more questions, so I think it's worth going over some of the topic that came up during that previous call. Customer churn post-grandfathering. We saw a pretty sharp spike in May, sharp but not really surprising to us. In June, churn stayed at historically high levels, but not higher than what we were already seeing in the months before grandfathering ended. That's something which is reassuring, though we can't rule out that the churn will stay elevated in coming months. Dissolving of the sales team and what it means. We want to be very clear that this decision came from a genuine belief that the customer success team, backed by our technology and other teams, can deliver results just as good and quite possibly even better. Over the past several quarters, we've made a lot of progress on the quality side. We've added SOC 2 attestation. We have everything that larger clients typically need, and we still have a legal team in place to help customer success work through contract terms and put together documentation for the enterprise customers. That said, the decision was also driven by looking honestly at the team's results. We've talked on our webinars about how the sales team was trying something new for us, more outbound activity, showing up at industry events, that kind of thing. Those outbound results just weren't where we needed them to be, and the margins the team was generating weren't satisfactory either. Salesforce acquiring Fin. Our context. There's clearly a market and real demand for products like ours and like those of our competitors. What we can say from experience is that when our competitors get acquired, it has generally made things easier for us. We'll see if that plays out the same way this time. Perhaps yes, perhaps not, we will see. In fact, in some ways, we take it as a validation of what we are doing here at Text. I can see now that we have some questions. Yes. Mariusz Hojda from CG Capital is asking, when do you expect Text to become visible as a separate contributor in your KPIs or revenue? Will you disclose Text MRR, Text revenue, or AI usage-based revenue separately? The short answer is Q2. Definitely, when you look at the report, reporting division of the revenue by product is something company just have to do. It's obligatory, so that's what we have to do, and something what we will do, and Text will be visible in that result from Q2. Maybe just a quick reminder for our participants joined via the web. You have the option to send your questions as a text. We'll just give an additional moment or so for any other questions to come in. I think that would be all. Thank you. Thank you, everyone. Thank you for your time, for your attention. See you in three months. Thank you very much for the call. Thank you. We are now closing all the lines. Goodbye. Thank you. Bye.