All right. Good afternoon, everyone. Thanks for joining the BeMost Software event today. Really appreciate all of your time. Next up, we have human capital management and payroll software provider, Dayforce, and I'm very excited to have Jeremy Johnson, who's the CFO, with us today. Jeremy, thanks for joining. Thanks for having me, Dan. It's good to see you. Great. Thank you so much. In terms of logistics, this will be the same as all the other sessions. If you have any questions that you'd like me to ask Jeremy, shoot me an email, and I will do my best to get that answered for you. With that, why don't we just jump right in? It's been interesting, Jeremy. We've gone through both March quarter-end reporters, and now we've had April quarter-end reporters in software, and it feels like everybody's feeling and seeing something a little bit different. I think maybe to start the conversation, we'd love to kind of hear what Dayforce is seeing in the current market environment. How are your customers reacting? How are you reacting? Kind of give us the lay of the land as you see it today. Yeah. Thanks, Dan. We had a good first quarter. You can see, obviously, the results were strong, and we're really pleased with what we saw. I think I look at the whole macro as a few pieces, and we can get into each of them, but the first one is probably just around employment levels at our customers. Employment levels of our customers have kind of remained in line with our expectations, and that is lower growth than where it's been in the past. If you go back a couple of years ago, we may have gotten a few percentage points from employment levels from our customers of growth. Last year, it was lower, and even this year, it's below 1%. That's really what we expected, but it's what we've seen. I do not know that that's it's not a huge driver of our growth. As I mentioned, it's a percentage or so of growth year- over- year, but it's kind of where we expected it to be based on where the economy was looking coming out of last year. I think the second thing from us is you get an impact from interest rates and what happens at either the Bank of Canada or the U.S. Fed. That flows through us from the through our float balances. Yield for us is coming down year- over- year. Float revenues last year were about $200 million. We're expecting it to be about $180 million. That'll change, I'm sure, tomorrow and the next day, and it'll fluctuate continuously. I'm glad I do not have to forecast that on a daily basis, I guess, is what I would say. FX is an impact for us. We have something like 20-some-odd percent of our business in Canada, another 4% or 5% in Australia, and a little bit less than that in the U.K. FX rates impact us, and we give constant currency guidance. That is really it from a macro side of things on the impacts to our business. I think the biggest thing that I will talk about when I say, when I think about the macro is the demand environment. The demand environment for us, it is probably the best indicator of how things are going in the macro. It has been really, really solid. We have had a strong Q4 growth rate in bookings where we had 40% growth, and we expect the first half of this year to also grow at about 40% as well. Continued Q4 into Q1 and into Q2, and we're feeling really strong about how our message is resonating with investors. That has to be the biggest impact for macro from our side of things. Okay. Okay. That's great. I definitely want to dig into the bookings environment and what you're seeing there and how that flows through. One of the questions I get from people who are newer to the Dayforce story is they just try to understand the sequentials of the business. If I look last year, Dayforce recurring ex-float constant currency was growing something like 20%--21%. In the first quarter, you grew about 16%, and it stepped down. I don't guide for the second quarter, but if I look at consensus numbers, it looks like another kind of lower pace of growth than last year. Maybe just help me, why was the business growing 20% last year, and why is it growing 16% today? What are the variables to consider for that deceleration? Yep. Yeah. So Dayforce, you're exactly right. Dayforce recurring grew at around 20% last year, excluding float constant currency. The one thing that is inside of those numbers is we did an acquisition of a company called eloomi. I'm sure we'll probably get into that later, but it's a learning acquisition platform, a learning management platform, a nd that was folded in. It added about 150 basis points of growth to last year. If you kind of take that out, we were growing in the upper teens. That comes down to about 16% in Q1. We guided to the full year around 15%-17%. I think part of this is some of the employment levels that we've been seeing. There is some macro. You've seen inflation in the past where we get a price increase adjustment every year. It's CPI-based. We saw some really nice price increases over the last few years. There's a slight headwind from that. The biggest piece of this is that we are seeing just a, we're kind of in a little bit of a pocket from a growth perspective from a new business side of things. I think we talked about this demand that we saw in Q4 and into Q1, and we're seeing into Q2 and the first half of this year. Our business, we recognize revenue once we take that customer alive. That bookings goes through over the next kind of, on average, major markets for us is around six to nine months. Major markets is about 500 employees to 3,500 employees. Enterprise goes from 3,500 to 12,000. It's around the 12-month cycle time on average. Large enterprise can be 12-plus as you get into those larger global rollouts or phased rollouts across different departments. You kind of reverse that and go back and say, "What we are experiencing now is what we sold in 2023 and kind of early 2024, where it just was not as strong. We could not actually come out and say, 'I have been seeing 40% growth rates.'" We are in a little bit of a pocket right now on top of some of those macro headwinds that you see in the numbers. I think what I look at is I say there is confidence in, obviously, the back half, but into 2026 as well. We feel really good about our path to achieving guidance this year and then continuing to grow in the right direction here in 2026 and beyond. Okay. Okay. I think since we've brought it up, the bookings environment a couple of times, you probably just hit it now. What, in your mind, was the catalyst that took us from the bookings environment in the first half of 2024, which you just mentioned was kind of okay, to the fourth quarter of 2024 and the first quarter of this year, which were much stronger? From your perspective, what drove that step up? I think there's a few things. You go back a few years ago, and we were largely selling Pay 'n Time. We built Dayforce as this Pay 'n Time continuous calculation, single application. That's what we were selling up until about 2020, 2021 timeframe. We brought in, and that's a great value proposition, i t was a great differentiation, and we have done and still have that differentiation in market. We are the only ones that have a single application for Pay 'n Time. For the most part, at about 1,000 employees, we get about $10-$12 per employee per month for that Pay 'n Time kind of bundle. Most of our customers buy that bundle. We didn't have the full suite HCM at that time. We brought in a guy named Joe Korngiebel, who's our Chief Product and Technology Officer. He came in from Workday, a competitor, and his remit was very simple. It was, "Go and build out full suite. Do not lose anything on the compliance side, which is that Pay 'n Time core, but go and build out full suite and make us competitive as much as possible." Our idea is that by adding the full suite across the talent portfolio, so this would include recruiting, performance management, compensation management, learning management, and everything else across the suite, we could actually go in and take that $10-$12 per employee per month that we get at 1,000 employees and double it and get another $10-$12. Joe has done a fantastic job at that. We are now a top right quadrant in Gartner for enterprise full suites, and that is a couple of years in a row. This last quarter, on new business sales, we attached a full suite deal to 86% of our major market customers and 100% of our enterprise customers. So that 3,500 and 12,000 bought a full suite. E ven some of the larger customers are buying a full suite as well. We have, I think, reached parity in terms of talent, which is helping us. That helps us get a larger deal. It helps us win rates, and that's a benefit. The other thing that we have started to lean into is managed services. Managed services for us is, again, it adds another $10-$12 per employee per month at about 1,000 employees. As you move up market, all of those numbers come down with volume discounting. Managed services for us is when we actually go in and we are the payroll department. We act as we do a managed service to be the payroll department for our customers. It is not a PEO. We are not outsourcing HR. We are not the employer of record or anything like that. We are truly just acting as the payroll department for our customers. We extend it into benefits sometimes as well. We started doing this about three years ago with some larger customers that asked us to do it. To win the deal, we would say, "Yes, we can do it." We had these few customers where we saw this, and we saw higher revenue per customer. We saw higher NPS scores, higher retention, and an overall better customer experience. One thing we did not have at the time, though, was the margins of managed services were lower than the software margins we are getting. We charge it as a recurring fee, just like a PEPM. The margins were lower. Over the last few years, we really focused on driving those margins up. Now we are at parity with the software margins and the managed margins such that we actually feel comfortable leaning into managed a little bit more. We have done that really nicely. In Q1, 70% of our growth came from managed, or 70% of growth in managed services sales year- over- year. It is still a relatively low attach rate across our base and across the new customers, but it is growing really fast. That is helping us resonate not only on the new business side, but on the add-on side. There is back to the base sales. As I mentioned, add-on sales, back to the base motion is going really well. Our add-on sales grew 30% in Q1 year- over- year. Last year, we talked about 40-some-odd percent or just under 40% of our sales, total sales, were add-on sales, and the rest of it was new business. In Q1, it was a little bit lower because we had such a high new business quarter, but we still grew at 30% on add-on sales. We are loving the traction that we are getting on that side of things. I think if I was to strip it all out, you go through all of that, and you strip it out and say, "What do we think is driving this?" I think our messaging is really resonating with customers, and I think our sales team is executing really well. All of that is driving win rates to almost double year- over- year. Those two things, I mean, are certainly behind a lot of the bookings. That's very comprehensive. Thank you to go through all of the pieces there. I guess one thing that you didn't mention that comes up from time to time is total cost of ownership, right? When you do the simplification that David Ossip, your boss, has been talking about, right, the 12-to-1 simplification, that ostensibly reduces the cost of ownership, which makes you maybe more compelling compared to an ERP-centric provider. If you had to think about sort of the things you just talked about versus your ability to deliver at maybe a more reasonable price, where does that fall on the continuum of buying decision for customers these days? I think it's huge. It actually plays into that messaging story really well, right? I think if you go back, again, a few years ago, we had this very simple message. It was that single application, Pay 'n Time, continuous calculation. Here's our differentiation. We got into COVID, and our messaging kind of shifted with what we thought was the market. That market was, "There's a boundless workforce. There's a complexity crisis, and we're going to help you tackle that." What we found is that that was a very hard message to deliver for our salespeople and also hard to quantify and understand for our customers. This past year, we actually pivoted that message back to, or to now we have the ability to do this 12-to-1 kind of consolidation play, you could think of it as. That messaging is really nice because what it allows us to do is not only most of the RFPs come in from the HR side of things. What happens now is that there's a gate at either technology or CFO or even CEO with getting these deals across the lines. With this 12-to-1 consolidation play where we can basically come in and say, "You've got about 12 on average systems that are doing all of the things for you on HR." That's payroll, that's tax, that's benefits, that's your learning. You probably have two or three vendors for learning. You've got a vendor for recruiting. You've got a different vendor for performance management. You've got a different vendor for compensation and raises and things like that. Across the board, you've got a ton of different vendors. That just means you've got a bunch of subscriptions. You've got a bunch of people managing those technologies. You've got a bunch of people that are managing the integrations of those technologies into your ERP or into your HR stack. What we come in is one Dayforce. We say we've got one Dayforce that is a single subscription. It's a single integration and tech team that can run it. There's truly a hard dollar ROI there. That message resonates really nicely with the CFOs and the CEOs of the world, which is now a gate through this. It also resonates really nicely with the CTOs of the world because they're all about simplification. I think it's going really nicely, and I think it's a message that's differentiated from any of the other players out there right now. Okay. On the managed services bit, I think you talked a little bit about this at Investor Day. Obviously, we talked a little bit more about it today. Seems like a really interesting opportunity. How have you been able to drive this business that has the same gross margin profile as software? You'd think it'd be a pretty people-centric processes. What have been the steps to get that business now to parity? Can it be above parity in the future, or is this now kind of where we should be thinking about it? I think if this is where we should be thinking about it, and again, at parity, you would, and that's how we started, was a very people-centric approach to it. We obviously added a bunch of automation across the board. We were able to scale this pretty nicely such that a single person or a group of people can manage multiple customers pretty efficiently. We were also able to utilize lower-cost jurisdictions. We utilize the Philippines quite a bit and some of our other lower-cost GEOs, where it helps us reduce the cost. On top of that, we found that customers are willing to pay for it. Just for this one thing, we're able to get kind of $10-$12 per employee per month at that 1,000-employee level. We had some, it's easier to make the margins work when the revenue's there, I guess, is what I would say. Okay. Maybe we can just hit it a little bit to margins because that's been something that you've really worked hard on improving since you've come back into the CFO role. If I look in the first quarter, I think underlying EBITDA margins like ex-float were up five percentage points year over year, like a big significant improvement. How much of what you've been able to accomplish on the margin side is just scale? How much of it has been some of the restructuring and optimization that you've done? To help us sort of unpack sort of why we've been able to see so much improvement on the margin front over the past year. Yeah. It starts with the recurring nature of our business, a nd our Dayforce recurring revenue is obviously the most profitable. As we continue to grow that piece of the business compared to some of the other pieces, it helps us out quite a bit. We've gotten Dayforce recurring revenue margins above that 80%. Obviously, Powerpay is really nice from a margin perspective, and that other kind of bureau business is shrinking and shrinking. It does start there, and we'll continue to drive efficiency through that. The other piece of it is the professional services and other gross margins are going to continue to improve. We've been able to drive some process improvements through that business, some automation, some use of low-cost geographies, and we think we can get that into a break-even state on an adjusted basis this year. I don't think it'll stop there. I think we can continue to improve those margins. Also, a mix of kind of high-value, high-margin post-Go-Live professional services, we call them VAS services, helps us out quite a bit there. Those things help. Last year, in 2024, it was an investment year for sales and marketing. We knew that. This year, it's the reaping of the productivity, and we're doing that really nicely. I think, obviously, when you improve your win rates pretty substantially, that helps quite a bit too from a productivity side. Scale in G&A is something that you'll continually see. Our product development and management costs, as I mentioned, we had built out a lot, a ton of work to build out the platform, and we had invested there. I think you should start to see us go into a period of slight scale. We still got work to do on the product, and that'll never end. I do think the big builds have kind of ended. Now we focus on kind of making the platform more AI-ready. In general, our ability to generate adjusted EBITDA and convert that into free cash flow is going really, really nicely. You talked about the adjusted EBITDA side. We're focusing more on the free cash flow margin side of things right now, where we've grown that from, I think it was below 7% a few years ago to now this year, we're targeting 12%. Even in that 12%, I've got about $25 million or so of my one-time costs for the separation and the reduction in force that I did in March. I've also got $25 million of pension termination costs in the back half of the year. Those things go away next year and provide an incremental benefit to next year. We have a really good line of sight to, I think, exceed our expectations that we set at Investor Day, where we said we'd expand free cash flow margins at 100-200 basis points a year. I mean, this year, our guidance would imply we're doing 230. Next year, I think we can certainly do that or more. We're feeling really good about our path here on profitability. That's great. I was going to ask about free cash flow next, so you beat me to the punch. Just to be clear, that free cash flow is kind of independent of the interest rate environment because clearly there's some moving pieces there. Float is very helpful. Even as float is going down, you're still able to drive those free cash flow outcomes. That's exactly it. Yeah. That's the other headwind I didn't even mention because it's just part of our business and it's part of our planning. So float was $200 million last year. It'll be, I think our guidance says $180 million this year. So that's a $20 million headwind that we're eating inside of that number. Okay. That's great. I want to zoom back to Joe and sort of the HCM development and some of the AI developments that have been introduced at least over the past couple of quarters. Maybe to get some perspective from you about sort of where on the customer side are you seeing the most pull for AI, and how do you see Workday's AI position relative to your competitors? Anything you would call out that you think is differentiated in terms of how you're approaching the market versus what you're seeing from your peers? Yeah. First of all, we're set up really nicely from an AI perspective. We are, I think, the only vendor that has a single application for the entire people platform in one application. That means we have really a single database that we can actually utilize to drive some of our AI agenda. I think we are positioned really nicely. I talked about the $10-$12 per employee per month for Pay 'n Time, another $10-$12 for the full suite, and another $10-$12 for managed. I think there's another opportunity out here for what we call kind of data and intelligence for another $10-$12 over time. Again, that's at 1,000 employees and scales downward as we move up. It'll take us a little bit of time to get to that full amount. You start to think about data and intelligence as kind of dashboards and analytics, which we've had for a little bit of time. You've got the Integration Studio, which we launched last year, which really connects your system with the others and allows customers to manage those integrations nicely. We've got the Hub Experience, which is the basis for a lot of things. The Hub Experience for us is the landing page where customers and employees land when they open Dayforce. It's a really kind of like Wix-type tool where customers and HR teams can really manage that landing page easily and nicely. What it actually is is a content management system. In that content management system, customers can load all of their documentation, whether that's handbooks or manuals or benefits packages or expense policies or anything they want into that content management system. We can apply our Co-Pilot, which is our first stage of kind of this rollout of AI, to that and train it against their own documents such that an employee can go in and start interacting with the Co-Pilot or the AI assistant that we have there and really improve their user experience, but also stop calling HR for a lot of things that they would be doing. That is the level one there. Level two gets into a more agentic approach. I think level three just becomes a full AI-enabled platform. The agentic approach that we are going to start rolling out, a couple of agents here towards the end of this year, will cut across the HR, the talent, the time, the pay, the analytics side of things. Eventually, we'll have agents that kind of dig down into a number of different workflows there that help with, I'd probably call it, workforce assistance, right? You get into more of the workforce augmentation, which is really real-time insights and recommendations in the flow of work to really drive some better decision-making. Ultimately, I think where this can go is autonomous people operations. That's kind of the end state. We're a little bit ways out from that, but that's kind of how we think about AI in our platform. I think there's dollars to be had from a sales side of things there. We're starting to see it with the Co-Pilot right now, where we had 50% of our Q1's new business sales attached Co-Pilot to it. We're starting to get some nice use cases of how customers are using those. Okay. Will each one of these AI use cases come with their own dollar PEPM here, a dollar PEPM there and build up, or are you going to be packaging these together into more comprehensive sets of solutions? I think as you go longer term on new business sales, you start to just say, "Here's everything we've got, and this is the price for it." As we kind of build it out, you're going to have to take that kind of iterative approach. Here is what's available today. We upsell in future. In the future, we should be able to sell a data package that includes all of this to new customers as it's built. Okay. Maybe we talk a little bit more on the technology side. You bought eloomi last year to bulk up on the learning side. Joe has released a bunch of innovation on sort of the HCM, the talent side. Is there any part of the portfolio here where you envision that there could be technology tuck-ins or bolt-ons to sort of further accelerate the trajectory and the roadmap where you want to go? Or just maybe more generally, how should we think about inorganic as a contribution to the growth of the story? Yeah. What we've done in the past is probably what we do in the future, which ends up being smaller tuck-in acquisitions more than anything bigger. I think eloomi was one of our larger acquisitions that we had done, a nd even that was pretty small. I think what's great about eloomi, and this is kind of how we think about it, is that we actually replatformed eloomi onto Dayforce within six months of acquisition. Now, we're selling a Dayforce Learning that is Dayforce Native, single application, allows us to continue that message of kind of one system, one data source, one experience- type thing. There are certainly areas that we could go in and shore up and add, but that's how you'll think about it, how we'll think about it, is I think there's a ton of value to having that kind of differentiation of one system. That generally leads to smaller kind of tuck-in acquisitions that we can replatform. Not to say that we won't ever do anything bigger. It's just right now that's really our focus. If I think about areas, we've talked about expense management could be an interesting one for us, just trying to find the right asset. I think there's some things in recruiting that we can add. Obviously, we'll look at the AI front as well. Okay. Maybe we can go and do an update on what you're doing in terms of pricing and packaging. I think a few years ago, there were some comments that as you use more system integrators, more partners, there's the opportunity to do more pay-on-provisioning. As we think about sort of AI tools, maybe you want to be a different pricing model than a PEPM model. Maybe just give us sort of the lay of the land where you see pricing and packaging today, where we stand today, and maybe how it could evolve going forward. Yeah. Today, just where we're at is we price on a per-employee, per-month basis, and we generally charge at Go-Live. There are customers where, and there's a lot of the times we'll be able to get some pre-Go-Live kind of revenue ahead of time. Most of it is still a Go-Live-driven business. It's fine. It's an okay business model. I think customers can tend to resonate with that. They associate value with kind of that Go-Live because they can start paying. I would say the market today is really largely defined as us and Workday competing for a couple of the legacy vendor businesses. When we're up against Workday, they are charging on a subscription kind of basis as a true software company would. I think there's a path for us to move forward toward a model like that. You'll see us start to test that out here in the back half of the year and see if we can move into that full-time. Definitely moving to a simplistic packaging pricing model that is a subscription-based model that has a defined term and ability to raise kind of price and talk to the customer at renewal time and upsell additional functionality and a true software model that I think personally, I think I know our customers would really appreciate than getting a monthly invoice every single month with, "Here's how many people you paid, and here's your price for each of those," and doing a bunch of reconciliation there. I think it's a lot easier to administer. I think there's a lot more value that can be gotten out of that model too. Okay. On the AI side, would you price things differently, do you think? Or would that still be a PEPM model from your perspective today? I think it'll still be kind of a PEPM subscription-type model. We'll watch out for it. I think everyone seems to be worried about costs and the cost of that, which is a great concern. I think the way we've done things with our LLMs that we're training things on to date has been pretty unique in that it's kind of an individualized LLM for each customer. That way, costs don't get too far out of control. I think we're feeling okay about where we're at right there. As we roll out the agents, we'll see how this evolves. Right now, we're pretty confident it can be a per-employee, per-month kind of subscription model. Okay. In terms of maybe going back to the strength and back-to- the- base, how much has this been sort of right salespeople, right aligned, right moment? You've done some more on the processes to go and focus more heavily on that. Or maybe is it that the product has gotten to the point where you can sell more talent now in many different ways than maybe three years ago you couldn't do. What are some of the drivers that have helped you been able to do this back to the base strength? Yeah. As with everything, it's not just one thing. It's a couple of things. I do think we are at a perfect point here in our product lifecycle that we can actually start going back to the base. When we started with nailing pay and time, and we say pay, but pay is deep, right? Time is deep as well. You start with nailing that. Now that we've got the full talent and HR suite and we've got analytics on top of that, you do have the ability to now go back to the base and that base of customers that we've grown from zero to near 7,000 already and selling them what they didn't have, what they don't have from what we've already developed and now developed. There is a product lifecycle side of this. The other side, though, is having the right people and putting the right processes in place. We brought in a seller, a leader for the back-to-the-base team and built out that team. In the past, we had our new business sellers kind of having a quota that they could either fulfill through new business or add-on sales. Of course, when you do it that way, they're going to go after the big dollar deal, right, which is the new business deal. Second fiddle will always be the add-on sales. When we pulled it out and we created our own team that was a back-to-customer-base team, back-to-the-base team, and brought the right leader in and then had the product, i t's just that along with the messaging, it's working really, really nicely. We think that over time, I think last year with just under 40% of our total base or our total sales were back-to-the-base sales or add-on sales, w e think that can get to 50% or so over time, which has a nice ability to go into a net retention play. Our gross retention is 98% last year. Our net retention should be 110% plus. We think there is a path to get there. We are not there right now, but we are having a lot of success this year. We think that will continue into the future here. Okay. Maybe a couple of quick hitters on the go-to-market in other ways, p artner investments. You made a lot here over the past few years from having not sort of that well-defined strategy in sort of the pandemic timeframe to now, I think, a very clear one. Where do you stand in terms of the need to further invest and grow, maybe from an outsized perspective, the partner ecosystem? Are we now on sort of the right slope to be able to meet the needs of the business as you foresee it over the next few years? Yeah. I think partners for us is really two things. One is the SI side of the partnership, and then the other one is really software partnerships. On the SI side of things, we've spent a lot of time and effort building those relationships up. I think it's going really nicely. We've figured out that in different geographies and in different kind of segments, certain partners are emerging as the premier partner. It's some of the likely ones that you'd expect, some of the larger consulting firms. We're building great relationships with those. Where you see the partners mostly on the SI side of things is in the large enterprise and enterprise side. We still have partners that do some of the things in the major market space, but what we found is that a lot of the partners are too expensive for some of the budget envelopes of the major market customers. We will continue to have a really nice, efficient team that does the implementations in that major market space. We will utilize partners not only to do and do some of the implementations on their paper and make it kind of a real nice software, clean software play, but also to bring us pipeline. That can happen across the board. We are starting to see that happen as these relationships with the SIs get stronger and stronger, and they build practices around Dayforce. That is a good thing. On the software side of things from a partnership side, you need to have an open platform. There is always going to be things that we say we are not going to do it or somebody else can do it better. We are, I think, really good at that. I think it is something we can drive further and actually create a revenue opportunity on. That is something that is probably in the next few years we should build out, and we will build out, is more of a partnership business. It is there, but it is not as big as it could be today. Okay. On these sort of auxiliary revenue streams, maybe touch on The Wallet and Flex. What are you seeing in those businesses today? I know Flex is very, very small, but maybe just where the momentum has been in the business since you launched that more fulsomely last year. Yeah. I mean, I'll start with The Wallet, and then we can go into Flex, which, as you mentioned, is pretty small and still early days on that. On The Wallet side of things, it's going really nicely. We've grown that revenue from, I think, in 2023, it was around $12 million. In 2024, it was $30 million or so. This year, it's going to continue that trajectory of growth and be one of our fastest-growing products that we have out here. I really like the traction that we're hitting with Wallet this year. Last year, we talked about that it was mostly not only just new customers, but we also launched a couple of different ways to move money in and out of The Wallet. This year, it's actually innovating outside of The Wallet. What we have done is we have launched a functionality called Direct to Bank, where you actually do not need to go in and register for The Wallet. You can, inside the mobile application or inside your web application, actually just see your earned wages. Any employee can, whether they are registered or not, and choose to move that money into their direct deposit account or into a debit card that they add. Because they are not doing that through The Wallet, we do not have the ability to not charge a fee because of the interchange. We are actually charging a fee for that, like some of the other earned wage access players are. Still, employees can access their money completely free if they want to by registering for the wallet. If you do not want another piece of plastic in your wallet or another app on your phone, this is a unique way to do it. I think that is seeing some really nice traction year over year and can drive some incremental revenue growth here this year and continue the traction there. Actually, what it does is it opens up that market to right now, it is kind of with the Wallet, it is limited to the unbanked for the most part. There is kind of a ceiling on growth, I think. What we are doing here is moving outside of that and hopefully opening up even more growth for the future there. The FlexWork business continues to go pretty well, I think. It is early days. Like we said, we have got a dozen or so customers. I do not even call them charter customers. Customers using it, posting shifts, filling shifts, working. This is the year where we're going to decide if this is a business model we want to continue with and if it makes sense inside of the Dayforce asset or if it evolves into something different. I think we just got to see where the results are, and we'll keep you updated as we come through next year. That sounds fantastic. All right. We are out of time. Jeremy, it was a pleasure to talk to you as always. Thank you so much for spending time with us this afternoon. Appreciate it. Thanks for having me.