Today, I hope you're taking in some lunch and enjoying it. It's been a super productive day thus far. As I said earlier at the breakfast keynote, this is our 11th year. We couldn't do it without the support of everybody in this room, so thank you. It's a heartfelt thank you. We also have such a fantastic keynote for lunch with Greg Adelson, who's the President and CEO of Jack Henry. Long time supporter of the conference, supporter of RBC, it is just such a pleasure to have you up here with me today, so thank you. No, I appreciate you having us again. Our meetings this morning have been great. The conference continues to grow, congratulations to you. Well, thank you. Speaking of growth, we'll start off at a very high level here. If you wouldn't mind, I know you've done a bunch of surveys, you've been talking to a lot of CEOs. You've had your own conference. What's the state of banks' budgets? Where are they spending? What are they looking to invest in as they go into this next frontier? Yeah. I think right now we are a part of three or four different surveys, they go throughout the year, and they've been very consistent in the answers. This particular year, if you take calendar year of probably last year at this point in time to this year, take that 12-month time period, we're seeing somewhere between 6%-10% anticipated growth in the banking spend. That will come from a whole avenue of a variety of different products. They're really focused on deposit growth, lending growth, opportunities for building better efficiencies, utilizing AI as part of that, utilizing payment strategies to drive non-interest fee income. Really, that's where the driving forces are. The good news is from a Jack Henry perspective is those are the products that we're really focused on, and we're seeing that play out in our pipelines as well. Yeah, without a doubt. 6%-10%, that's a pretty meaningful number. How do you? If you look at a couple of years ago, it was more like 3%-5%. As it's continued to grow, I think the part that we like to say is that really there isn't a problem that a bank or a credit union has in the industry today that can't be solved through technology, especially when you're looking at those type of things as your primary drivers. That is continuing to add to that. Yeah. No, it seems like it's been a step function up over time. For sure. When a lot of people, I think, would've thought maybe just the opposite, that they would've been pulling back. There's an interesting, I think, dynamic in the market these days around the core upgrade cycle, and there's lots of things that are happening there. There's a competitive dynamic that's happening that we should talk about in terms of some dislocation that maybe exists. I'm just wondering broadly, also within the realm of maybe that dislocation, what are you seeing in the market today? Well, just to be candid, there's some unrest with some of the competition that we have out in the space. There's been a variety of different comments made over the last 6 to 12 months from really both of our key competitors that in some cases they've changed the dynamic of what they are focused on, whether that be a strategy standpoint or in other cases where they've walked back some comments they made on consolidation. That's opened up the market for Jack Henry significantly, and it isn't just as a by-product of those comments, but also as a by-product of the things that we've been building over the last several years that we'll talk about later on. If you look at the actual cycle, typically you see around 200 deals come to play every year. I would say that this year you're going to see more than 200. You'll probably see closer to 250 based on some of the early prognostications of where RFPs are right now. As a by-product of that, Jack Henry usually wins 50 of those deals. About 100 make a decision. Jack Henry wins about 50 of those over the last several years. I've already announced publicly that we will win north of 55. I'm very confident of that. That will be a better year for us, but also we're winning larger deals, so when you look at the size of the deals that we have won traditionally versus what we're winning in the market right now. The overall RFP cycle is continuing to churn. At this point in time, we actually have the highest pipeline that we've had in recent years for all three of our segments. Not just core, but also payments and complementary as well. All of those are by-products of the things that you're talking about. Yeah. It's interesting because Jack Henry has historically been thought of as much more smaller credit unions, community institutions. The types of wins that you just described, they have gotten much larger. At a time when I think the bank technology has gotten more competitive, yet you're winning a disproportionate amount of those. What are some of those attributes that are contributing? A lot of it is what I was talking about before related to innovation. If you all have heard any of our earnings calls or any of the conversations I have, I've been talking about culture, service, innovation, strategy, and execution being five words that truly define Jack Henry as a level of differentiation from our competition, not just in the space that we actually support in the banking and credit union space, but candidly in general across companies in the U.S. We're doing things better than anybody in our market right now. We've always had a great culture and a great service reputation that goes back 50 years. We actually just celebrated last week our 50th anniversary as a company. The level of innovation that we've been bringing to the industry today, and the type of things that we're building and as fast as we are building it, is really what's driving these larger opportunities. We've done a great job of doing what we say we're going to do because that's a mantra that we're really big on. It's one thing to show PowerPoint slides, and it's another thing to show a level of execution by actually showing the technology in live demos and things along that line. That's allowed us to win larger deals. In the last three years, we've won 44 multibillion-dollar institutions compared to only 15 the two years prior to that, and there's a reason why we're in the middle of that third year right now, but we've already won 13 multibillion-dollar institutions this year. The other thing is that we're winning larger multibillion-dollar institutions. There was a press release two weeks ago that we won the largest single new core win in the history of our company on the banking side. A $9.2 billion institution with 1.5 million accounts. When you look at the size of the client, the number of accounts that they have, those are all things, and it came from one of our larger competitors that was on one of their state-of-the-art platforms. When they saw our technology and the things that we had done, they made the decision to make the change. Yeah, that was a tremendous win. I want to talk about the trifecta wins, as you have started to coin the phrase. I love the trifecta horse racing concept. That's right. This is a little different. I grew up in Kentucky, right? You did? Okay. My grandfather was a bookie, so we're all in good company. We probably know each other well. Yeah, we probably did. Let's define a couple things. There's core, there's digital banking, and there's card solutions that fall, I think, underneath that trifecta. Maybe touch a little bit on how they all are intertwined, why now they're starting to fall into the success path. Why are the banks really ready for that? Yeah. Part of it is back to innovation. Our digital platform, which we started in 2018, which we built from the ground up, is public cloud native. It's the only digital public cloud native platform that's out there. We now have 15 million users after eight years of being in existence. We were always known as a really good retail provider, so when you look at banks or credit unions that were more retail-focused, it was a great solution for them, but it lacked a lot of the business capabilities for more commercially-focused institutions. We've really spent over the last two years, in fact, at Investor Day two years ago in September, I made the public announcement that we were going to get on par with our largest digital competitor. I won't give them any props today by naming them. The reality is, those of you that know the industry know who they are. We've done that. We've now gone and built the feature functionality to be on par with those larger digital-only competitors. Just to put it in reference, just in digital alone, we've won 18 deals outside of core deals in the last two quarters from those competitors, where again, we would see one or two of those maybe in a year in years past. On the card side, the exact same thing. We built out a significant amount of feature functionality, specifically on commercial card, that would allow us to tie into the Banno business application. When you take and go to a commercial bank, where they were maybe looking elsewhere in the past, they're now looking at those two products together. A trifecta win for us is significant because it brings about 60% more total contract value to the overall deal, so than just a core alone. When you look at the importance of that, it also becomes stickier. A typical core deal is six to seven years. A typical digital deal or a card deal are three to five. If you tie it in at the same time as the core, you pick up several extra years in the term because they like to make those particular things coterminous. That also drives additional term in the agreement along with the stickiness. You take all of that, if you take the innovation, you take the things that we've been building on, 60% of our core wins this year have come with trifecta, with both digital and card, compared to 29% last year. What we're doing is working and it's playing out in the overall numbers. Yeah, it's just so much more holistic of a discussion than we would've had, again, only even several years ago. Exactly. We still have some things to work on that I think are going to help us even more. As we've added various features and things that we'll talk about in the SMB space, that's also added to the value that we bring. Yeah. What's interesting about that discussion is that the importance of modularity in core technology is also occurring. You've got this broader context of pulling these things together, but you've got this modularity that's taking place even at the core. I'm wondering, how do we interpret that dynamic? Yeah, it's a great comparison because what we're trying to do from an innovation standpoint, that modularity is also what we call componentized, right? Right. Exactly. We're basically breaking apart the core into discrete components. The reason why that's important is that as folks want to integrate and take advantage of public cloud offerings, we're building each one of these new components, of which we've built 25 of them over the last four years. Whether that be your general ledger or wires platform, exception item processing, authorization management, there's a whole host of things that truly make up a core, right? ACH features, things like that. It allows our customers, as existing Jack Henry clients, also prospects of larger sizes, to do this incrementally, meaning that you don't have to go through a big bang theory change to go through a core conversion. Most people, if you know the industry well, most people compare a core conversion to heart and lung surgery. There's a lot that has to go in to making that core. Doing this in a componentized framework allows us and our customers to take advantage of public cloud native things, but doing it in small doses. A couple of examples. Our domestic wires platform, there was a big regulatory and framework change, ISO 20022, those that are in the payments industry know what that is, which is going to a standard format. Well, that particular change took place on July 14th of 2025, and we had several customers that turned off their core functionality for domestic wires and turned it on in our new public cloud over that same weekend. That was a pretty gutsy move to make, but it went flawlessly because it was only one piece of technology that needed to change. As we've continued to build this out, and we will continue to build more functionality that will be monetized, but also of it is being built inside the company. In the past, just like a lot of large companies, we have a multitude of business units that would operate somewhat independently, and we've worked on that over the last eight years with a program we called One Jack Henry, which has made a lot of positive progress there. Also it was about building the technology. If you needed to build authorization management into a particular product, we would build it in eight different products. Well, now we build it one time in a full API environment, and it's being utilized as a shared service across the organization. It's allowing us to develop our code faster as well, and also at a lesser cost and price point. It's interesting. The holistic view of these trifectas and then the core being modular, in my words, in my vernacular, I guess. They're not working against one another, is it fair to say? No, they're working in tangent. You could get core components that would be tied to a digital win or a card win as well. Really when you start to look out in the future, when you look at a traditional core win, we're going to have to look at it differently because we may sell four or five different core modules. Is that a core win, or is that just a complementary or core components? Everything that we're building will allow us to sell inside the Jack Henry base and outside the Jack Henry core base. We could go sell to one of the Fs and c reate opportunities there. Each one of those is building, like I said, an incremental way for us to sell and an incremental way for our customers to take advantage of new technology. Yeah. You'll probably agree with this. When you think about the competitive dynamic out there and the products and what you're hearing from clients that are coming to you, I feel like you guys are quite a bit ahead of most of the competitors when it comes to that. Well, I'm a little biased, but yeah. From that standpoint, I do think we are. Also we're getting outside validation. Not only in the number of core wins that we're getting and the changes of even this large customer that we just talked about. We're getting validations from some of the largest consulting firms. The McKinsey and the Deloitte have now spent time in our offices. In fact, I got inbound calls from senior partners from both of those organizations that made a comment, "Hey, I got people on my team that have never even heard of Jack Henry. We're hearing a lot about Jack Henry in the space. We want to come in and spend some time with you." The way those meetings have gone, and we've had lots of subsequent meetings since they've happened. They've been so impressed with what we built and provided some level of context on how different of what we built compared to others. It's not even just the level of componentized that we built, it's how we're building it. We're building it as a fully integrated stack on top of our existing cores that are all complete, have the complete follow-through or process through as you would. Back when I said about domestic wires. When they turned the domestic wires off on the old core and turned it on the new one, all the settlement part of that went through the old core. It didn't matter because we built the integration. It isn't a side core like some people like to talk about. It can be used as a side core, but it's not a side core. That's really important and again, a big distinction in the technology that we're building. Let's talk a moment about the migration really of cores into the cloud. On a hybrid and private basis, it's been happening for a number of years. You've made a lot of progress there. I can't remember if it's in the 79%. You still have some room to grow there. What hasn't happened is really the migration to the public cloud. Two things. One is what was the benefit that you had in terms of the model, the financial mechanics of moving into the hybrid world? Then secondly, what's going to get everybody over the hump to go into the public cloud, and will there be another financial benefit that you get? Excellent question. We've been pushing the convergence from on-prem to private cloud for better than 20 years. As I said, we're up to 79%. Just to put that in perspective, when somebody makes a move from their on-prem environment to the Jack Henry private cloud, they typically pay us anywhere from 1.75x- 2x. Why? Because they're eliminating staff. All of the burden of compliance and cybersecurity and all that falls on Jack Henry. We're covering all that. As we started to move clients into that environment, we used to get about 40- 45 a year. We're going to get 30- 35 this year, but they're larger. Because what's left of not moving are the larger clients in the Jack Henry portfolio. What's happening today though is a lot of those larger clients are changing their mindset because of things like Mythos and things like AI, where that burden of them having the cost to be able to run the vulnerability scans and the AI components that you need, that all again would fall on Jack Henry. We're getting more and more interest from larger clients of making that change. Even this year, when you look at the number that we will close, the bulk of those are multi-billion dollar institutions that are finally making the change. That'll continue. I already gave you the financials there. To move to the public cloud, there's a couple things that happen. One is what we just talked about, the incrementalism that happens when you move from the wires platform that sits on the existing foundational core today, but goes into the public cloud. We get a lift because we're providing some additional functionality with that particular wires platform. Usually around 20%-25% is the lift for each of those products as we start to roll people out. At the end, there's going to be some folks that say, "You know what? I'm not moving to your private cloud. I'm going to wait till all your core is ready, and we're going to move to the full public cloud." We don't expect to lose any of that incrementalism. If it was one, let's just call it two to make it easy. If it was 2% + 25%, we expect it to be 2% + 25%. Maybe it's 2.25% Is the growth. We don't know what we don't know because we haven't moved anybody as a full core yet and won't for the next several years. The good news is we're getting the regulators used to this because, again, Banno's been in the public cloud since 2018. We actually wrote some of the documents that live in Washington today, because we were one of the first companies to really go public cloud in our space. We have a really good track record of having 16 million users today already operating in the public cloud. That's going to help us, not only with the confidence of the regulators, but also the confidence of our customers. I did want to click on the regulation because, we work at a bank, we understand the regulatory compliance frameworks. It's a high hurdle. What do you think some of those things are going to be to get the regulators, as you say, you're building some of that framework with them. What is it that they're concerned about? Well, a lot of it is just PII data and making sure that you're protecting that. In a lot of the things in the core, you're able to protect that in various ways. The things that we've been able to prove out to them is the value of being in the public cloud. Not only the level of scalability, the level of incrementalism where you're able to innovate faster. Like in our Banno platform, we can push to production a couple hundred times a week, literally because we do small increments of advancements in that. You're not waiting for the big bang once a year or twice a year type of release. We're able to do things at a much more quicker pace. The other one is just pure uptime and reliability. We're primarily in the Google Cloud today, though we use Azure and AWS as well. In the Google Cloud, you can get, when you think about the number of platforms they support today, we're able to offer our customers five nines of uptime in the cloud, where traditionally in our space with foundational cores, it's 99.5. That's a traditional number today. That's a significant advancement and opportunity for our customers. That makes the regulators feel better because the uptime's better. They get a little nervous about the innovation happening faster. You have to take them through that process. The other thing is that as we build these innovations, we can build compliance and security as the code. We actually have audit trails built into the public cloud that allows us to track that. That makes them feel better because literally at a beck and call, they can pull up all the audit trail for the things that happen, and you can't do that as easily in the traditional course. Yep. Let's transition to AI for a little bit. It's funny because it wasn't that long ago that cloud was the new technology. Now we're here in AI. The question really is, what are you doing internally from a development perspective? What are some of the outcomes that you're seeing or expecting to see over the course of whatever timeframe you're talking about? Is it a revenue enhancer or is it just a cost efficiency tool for you today? Yeah. Before I answer that, we've joked about changing the name of the company to Jack Henry AI just to improve the stock price. There you go. Get some new buttons. We're kind of in the bathwater of Bain right now. To answer your question, one, we've actually worked on the AI journey for three and a half years. We built out our governance framework. I was COO at the time, we built out our governance framework with our chief risk officer and chief information security officer three and a half years ago. Did a great job of laying out the foundation of what we thought was going to happen. Of course, things have happened a lot faster than we originally anticipated. The other thing is, because of that, we now have roughly 100 tools that we allow our associates to utilize. We have almost 1,200 associates that have been trained on how to use AI, including vibe coding. We have nine AI coaches that we've hired, that are Jack Henry employees, that come in and work with each of the business units. We've done over 100 cases of vibe coding where we've actually eliminated tools that we would've had to license out before or created a better pathway of doing things that were pretty mundane work. We've done a lot in development. We've seen 70%-90% improvement in our development throughputs and accuracy. We've done a whole host of things in some non-traditional function areas like HR and legal and finance and building out a lot of improvements in those areas. As a byproduct of that, we're also building it into our products. All of those components that we talked about earlier, we're building AI into every one of those components. You can actually talk to our general ledger with prompts using AI. If a CEO or CFO wanted to ask a question of what our deposits were at noon at branch ABC, you can talk to the GL and it will give you the answer. We built in a whole bunch of various functionality into some of our existing products. We have 14 proof of concepts that we have right now, with new products that we're getting ready to launch this year, this calendar year. We're on a fiscal June 30th. That's why I made the distinction. We're getting ready to do that. There'll be some incremental opportunity there with revenue, as building out efficiencies back to being one of the key things that banks and credit unions wanted in the survey, was building better efficiency. We'll give them the tools to do that. In some cases, already have. It's a combination of both, we're very bullish that we think that AI is actually going to continue to be an augment to what we're doing, an accelerator to what we're doing, and not a disintermediator. Yeah. I wanted to dive in on that a little more, because we always talk about system of record, regulatory framework. What are some of the main attributes that give you the confidence to say that AI is not going to be disruptive to the technology and software that we've been building for 50 years? Yeah. I think it starts with what you described. System of record is a big component. We've also talked about regulators. You're not getting an AI bot to talk to a regulator, right? When you look at things that you're going to disintermediate in the space of a variety of different industries, I think somebody would pick something besides banking to try to disintermediate at the core level in particular, because there is so much complexity that goes into building that out and things along that line. The one thing that I'll talk about is that even as agentic AI and other agents are built, they're just another point of reference to working within a system of record, right? You can point the agent to building some level of technology, but you still have to go through the system of record to get there. They're not the system of record. As we give AI functionality to our banks and credit unions, it's creating more opportunity for that bank or credit union to be more efficient, as we talked about. Maybe they're replacing people. In a lot of cases, they are. Other cases, they're replacing mundane tasks that allows their people just to be more productive and spending more time with their customers and c reating that level of atmosphere. What does a bank or credit union, especially community bank or credit union, have as a true differentiator? It's service, relationship, and trust. You don't build that through AI. That's what community banks have. I don't think that's going to go away. The ability to utilize the agents or the things that you need to do to build out the technology still has to go through all of the foundational things that we control, which is, again, the system of record and the regulatory. UIs may end up being maybe less important in the future. We'll see where that goes. APIs are absolutely going to be important because that's what you're calling to be able to drive that level of innovation. Then, one thing that we've talked about before is service in general. Jack Henry's known, and has been, this is undisputed, that we're known as the best service provider in the industry. When you look at that level of service, we didn't get it by accident, right? We did it through a variety of white glove types approaches. We're using the AI to do the exact same thing that our banks and credit unions are, which is we're building a level of efficiency that allows us to worry less about mundane things and spend more time with our customers and their customers to make things successful. I just don't see that being something that will disintermediate us, because, again, you got to be able to get through the regulators, and you got to be able to provide the service, and you got to be able to handle the diligence to even get approved that some outside company is going to get approval from a bank or credit union to allow them to enter their infrastructure. Yeah. I'm glad you brought up service because you are known for that. Every survey we've ever looked at, third party or otherwise, you guys have been right at the top. A lot of, I think, people who are at the lower rungs of those surveys are suggesting that agents will help neutralize that process. What I'm hearing you say is, "No way. They may have their own philosophies. I'm just going to say from our standpoint, I think agents will help improve service functionality. A lot of that's going to be self-service functionality. Which again, that is a part of service. I will tell you, we spend a lot of time with Gen Z and other, trying to find ways to continue to really promote and work with the Gen Z-ers and others. When you look at where the opportunity, again, for a community bank to thrive, it's not going to self-service. That's not what's going to thrive. Larger institutions, yeah, that's where they make the difference and where they can spend their money doing it. Customer service isn't necessarily at the top of their perspective. For community banks and credit unions, that's what drives it. Yep. Let's spend a moment on tokenization. Deposits, assets, it's a growing topic of interest. What are you seeing from your clients? Are there opportunities for that to be an enhancement that you can provide to them, or is there a threat in any way, shape, or form to what you're providing to clients today? Yeah, I want to provide both contexts. Both tokenization and stablecoin, b ecause we're spending time on both. The interesting thing with stablecoin, back to the platform that we built and the speed of innovation, we actually built a proof of concept in stablecoin to move the send and receive USDC in two weeks. We actually had three customers that were ready to go live, were waiting on the regulators to approve it. The reality is, we built the technology in two weeks. The other side of that is stablecoin is going to create opportunities by the fintechs to compete with our banks and credit unions, where tokenization will be more embedded into the bank or credit union as an inherent. That's why they're very interested in tokenization. There's several big bank coalitions that are coming together. The carry network is one that's being formed. There's a couple others. We're spending time with all of them. We believe that tokenization is very important and will be an augmentation to our overall strategy related to combating the stablecoin piece. One of the things that we do really well, and again, differentiated from our competition, is we do not compete with our customers. They've had some acquisitions through the years where they've actually competed with their customers as well. Our big mantra is, in fact, our number one strategy as a provider is, it's as simple as this: we enable our clients to win in the markets that they serve. One of the things that goes back to our founder, Jack Henry, that he used to say that I love the quote, is that our clients are not in business to make Jack Henry successful. We are in business to make them successful. That resonates when you're going after and building a relationship with a potential prospect or client. Back to my point about tokenization. Tokenization is something we need to deliver to our clients because that's what we do. By the end of this calendar year or first part of 2028, we will have a solution in place, through either a third party or some things that we're working on with Google, that we think will allow us to do that more quickly. That's great. In that same vein of that quote, let's talk about your SMB strategy. It's perfectly developed for that, right? Yeah. How do you help enable your banks compete against these fintechs? That's kind of the roadmap that you guys are mapping out. Maybe spend a little bit of time on that. Obviously, Tap to Local's part of that. Yeah. I might go a little longer on this just because there's a little differentiation that I want to point out. The original premise of what we were doing in our SMB space was we wanted to create a solution that would allow our banks and credit unions to compete with Stripe and Square. They partner with Stripe and Square, but some of the things that they were missing is that Stripe and Square take their deposits away. Once they take your deposits away, they start to lend and provide other services. It became a level of disintermediation and that they were kind of letting happen. We said, "You know what? We can create a solution that we can build that we think is candidly better than some of the things. It's still early stages, but I'm going to talk to you about some of that level of differentiation in a second. We built a really cool solution. It took us nine months. We went to Mastercard and Visa, actually they both were so interested, they both have invested into the solution set from a marketing standpoint. That kind of started. We got through the process. They told us it would take two years. We built it in nine months. We launched it in November. It's just since November, we have 900 customers already live on our merchant acquiring, what we call Tap to Local. I'll give you some distinction about that in a second. A secondary product that we call Rapid Transfers, which less than 10 institutions in the country have today, including the tier ones. That is a real-time money movement using the Visa and Mastercard debit rails to move money inside to the bank account, so a Jack Henry client, to an outside account, whether that be E-Trade, Coinbase, a RBC, whoever it is. Those are real-time transfers. Think about today, wherever you bank, if you're not at one of those 10 institutions, when you do a real-time transfer from an external account, it goes through ACH. It takes several days for it to actually hit your account. What we created is real-time. We are seeing a significant, by the way, it's the number one feature used at Chime today, is to move money in and outside of the account. We've now enabled 128 community institutions with another 180 in the queue to go live on this really cool technology, that we've been able to create. It creates deposit opportunities because more of what we're seeing are transfers from larger institutions like one of yours into these community institutions. It now becomes deposit gathering for using that. It's a great solution for that. I'll go back to Tap to Local, which is our merchant acquiring. Again, Stripe and Square create these solutions for all different size customers. Our focus initially was sole proprietors. Why? Because sole proprietors make up 80% of all small businesses in the country today. We wanted to attack something that we thought would have some girth, and had a real challenge. Here's what we did. Because we have all the data on our core, we're able to instantaneously approve 75% of everybody that goes through the process that wants to be a merchant. If you think about, again, Stripe and Square, it usually takes a couple days, sometimes a week, to get approved as a merchant. We can instantaneously approve you. As soon as we instantaneously approve you, we send you a message that says you're now eligible to take payments. I'll get back to that in a second. The second part is, the other 25% are candidly gun dealers or marijuana dispensaries or whatever. They go through a whole host of additional scrutiny. We do this all in-app, by the way. Everything that they fill out and complete is all in our digital application. Some really cool technology. Second part is that once they're approved, they get a notification that they can start taking the payments on their phone. We're fully certified for iOS and Android devices. We're one of the only companies in the country that's certified on both of those devices, which creates, again, you don't have a bifurcated group. Once they're actually taking payments, we have a couple of really cool features. One, today they get next-day settlement of their funds. There's certain companies that give next day, not everybody, but most of the Stripe and Square for sole proprietors, they keep their money for several days. Next day is a big benefit. Coming in 2027, we're going to have eight settlement windows a day, meaning that our small businesses can get their money up to eight times a day based on the bank's preferences. That is unique. Nobody's doing that. We pushed Mastercard to build out the eight windows because Visa already had them. We'll be able to launch that in 2027. The other big one is this. We actually have patented this process. When you get your money, again, next day or eight times a day, in the Banno application, you will get a deposit amount, and that deposit will have every single transaction that occurred for you that equaled that deposit amount directly in your Banno application. If any of you have a small business today you have to go back and manually reconcile all of those transactions back to the deposit amount to see if they really equaled. We have it all in the application for you. Once you actually validate it in the application, we give you a button to push, and it automatically uploads to QuickBooks, Xero, whatever your accounting package is. We built all this out about five years ago. If you know anything about 1033 and trying to actually get rid of screen scraping in the applications, we eliminated screen scraping in the digital application. Plaid, Finicity, Akoya, MX, all of them directly write to our APIs so that you can't screen scrape our Banno application, which allows us to be able to pull all those transactions seamlessly in for the customer. That's why we patented it with the things that we built there. That's the distinction there. I think this is going to be the fastest growing part of our payments segment for the foreseeable future based on the early returns that we have and the growth. We've already added additional features, not only can you pay with your phone, we have QR codes, we have payment links, we have the ability to add some other features. We do cataloging. We have a whole bunch of things. We have an 18-month roadmap that we're going to be rolling out over the coming months that will have a bunch of new features. As I like to say, is that this is the worst the product's going to look. That's great. No, I knew it was a super exciting topic for you, I just wanted to wind you up. Yeah, you did. You let you go. It doesn't take much to wind me up. The other part is just understanding that we're doing this all for our banks and credit unions. We're not competing against them. We're helping them sell. We're providing tools to help them sell. We're pushing notifications out to the merchants to help them sell, and we're not going around them and taking things away from them like Stripe and Square. Yeah. It leads me to the next expansion here, which is taking the Banno digital asset and banking solution and starting to push it a little bit more outside the core. Yeah. Today we have roughly 1,030 of our 1,700 core clients take Banno today. We still have about a 40% opportunity within our own core base. As we built out feature parity, as I mentioned a couple of years ago, where we put that into play, it's now given us an opportunity to go compete with the larger digital-only players out in the market. Even if one of our competitor's core is not ready to make a change, they might be ready to make a digital change. That creates opportunity for us to sell that product. We're targeting a few specific cores. I'm not giving anybody any insight into those yet, but we're already targeting them. We already have a team that's out there focusing. I think the good news for us is that it will provide incremental opportunity for us within the digital space while we continue to build out additional features that will grow our existing, that we still have 40% penetration. Yeah. Just all incremental. All incremental year to year. Let's talk about M&A and banking. You have a unique lens from which you can see that. Oftentimes, when these transactions, it sounds like, are in the works, they have to come to the technology providers first and get in queue because that implementation cycle takes so long. What are you seeing in that context today, given the fact that there is this expected heightened M&A activity? How does that play into your business? Good question. Just for those that don't know, over the last 40 years, you've seen some level of consolidation in the banking industry. Those of you that are old enough know that there was 20,000 banks and credit unions 30+ years ago, now there's roughly about 8,000. As that starts to happen, again, about 4% over the last 40 years. We're seeing about 6% right now. A lot of it is the speed. The Trump administration definitely allowed for faster approvals. Under the Biden administration, it was going anywhere from 8 to 14, 15 months, now it's around three to six months to get an approval. You're seeing that level of speed. To your point, we do get early notifications from our clients that say, "Hey," they won't tell you who it is, but they'll tell you the size, who they're coming off of, things along that line. We prepare. We've actually added two new merger and acquisition teams as a byproduct of that over the last year to make sure that we have all the slots that we need to satisfy that. Answer your question about what it means to us. Typically, over the years, if you just think about 40 years of consolidation, we've been growing at an average of anywhere from 5%-7% over those 40 years, or even greater in the early years of Jack Henry. Don't see that changing because we typically win more of these deals than we lose. We do lose some. Some of them can be of size. We win some, and some of them can be of size. The level of differentiation for us is this. Through the innovation that we've been talking about throughout, we just had a $45 billion institution that was on a competitive core buy our $5 billion institution. We're in talking to that now $50 billion institution about a whole host of things. That would not have happened several years ago. That's a big thing. Overall, it's a positive. Yeah. We've outlined all of these great opportunities, new incremental markets, technologies that are going to come to bear over the next couple of years. The question that I get a lot from investors is, can Jack Henry's growth rate, its actual algorithm, accelerate, or are we looking at a company that is going to just be able to run at these levels for longer? Which one is it? Well, candidly, we think I'm not up here giving guidance yet. I will tell you that. Just structurally. Structurally, I can tell you right now, the things that we are building and where we have seen the amount of wins and opportunities, we believe that right now we're averaging right around 7%, have for the last couple of years. Believe even though we guided lower than that this year, we've already upped our raise, our guidance all three quarters so far. Based on the SMB story, based on going up market, based on a couple of our competitors struggling and opportunities in there, we do see an incremental opportunity. I've used that word a lot today, I apologize. That's okay. An opportunity for getting closer to that 8% growth. Is that going to happen in 2027? I don't see it happening in 2027. I do see some nice opportunity for us. Could it happen in 2028 and 2029 and beyond? I do believe that. We're very highly motivated to make that happen. Yep. I can definitely foresee that happening, and also the length and the duration of that growth as a result. Greg, thank you so much. It's a pleasure. Congratulations on the 50 years. Thank you. I've covered you for not that many, but it's been a while. I really very much appreciate your time here today. Thanks. Thanks for having me today. Appreciate it. Thank you.