First of all, I would like to wish everybody a great afternoon, and welcome to Jack Henry's 2026 Investor Day. It is the first one we have had in a couple of years. My name is Vance Sherard. I am Vice President of Investor Relations. To those on the webcast and those here in Dallas, we are very glad that you could join us. Greg just asked me a second ago, I think this is a record attendance, so we are glad for that as well. In addition to the investment community, today we are joined by several representatives of Jack Henry's board. I believe they and the management team, many of them are going to stay with us after the presentations are done for the reception, where we are going to do some demos and conversations can continue. Now I just need to do a little bit of business. I have got the safe harbor statement up here. For today's presentation and any future use of these slides, including the appendix, which we will not be presenting today but is available to you online, we are going to be talking about non-GAAP measures and utilizing the safe harbor statement on the screen. We have got a full day. I am not going to speak very long. We have got four presenters who are going to provide a lot of insight into Jack Henry's operations and our financial outlook. In the middle, we are going to take a short break, where there will be some refreshments. We are not going to take questions at the end of every presentation. We would prefer to take them at the very end of the day. Then if you will join us at the aforementioned reception, we are going to do demonstrations of six current products that I think you will find interesting. With all that, I am going to get out of everybody's way, and it is my pleasure to introduce Jack Henry's President and CEO, Greg Adelson. Thank you, Vance. Thanks, everybody. As Vance said, just a pleasure to see all of you and to see this large of a crowd. We were really excited about trying to do this. We talk a lot about culture at Jack Henry, and for you to get a chance to be at one of our offices and to experience what one of our offices looks like and the people and the culture that we have here. Really excited about today. I am going to kick some things off, really starting off with what we are about. Basically, this company for 50 years, as you know, we are celebrating our 50th anniversary. For 50 years, we have built a foundation that started with Jack and Jerry and continues today. We've added some nuances to that foundation that we'll talk about, and we've added a lot of things that we believe are the key differentiators for how this company is run. Not just in the Jack Henry Way, but also as compared to what the industry runs today. The one thing that's been consistent for us over the last 50 years is building on the foundation that Jack and Jerry started. That foundation really starts, first and foremost, with our people. You'll hear a lot about our people and a lot about our culture throughout today, because it is the foundation of how this company was built and how we continue to maintain the things that drive us to new levels. The second part is that we have never lost our way through the years on who we support. We support community and regional financial institutions in the U.S. That's what we do, and that's all we do. I think from that standpoint, you'll see a lot of the focus and the priorities that you'll see later on come to make sure that our institutions are successful. Lastly, we've created a different kind of mindset around how we do industry-leading customer service and how we support our clients. It goes back to two founding principles that Jack and Jerry started with our company, doing the right thing and doing whatever it takes. In fact, I actually added my favorite quote from Jack Henry back in the day, that our clients are not in business to make Jack Henry successful. We are in business to make our clients successful. That's something that we remember every single day as we try to move this company forward. The part that we've added to it, in 2019, we actually wanted to add a little bit to the foundation. We were working in a more remote environment, because if you can remember, right around the corner, COVID was coming. We were already 30% remote, but we wanted to make sure that we managed this company and led this company with four key tenets. Those tenets, you can read, are transparency, consistency, collaboration, and communication. It isn't just about how we led our company with inside, it's how we led conversations with our clients as well in that exact same manner. Again, today, those are big foundations for us to continue to move the company forward. Last year, we added a nuance to that called the Jack Henry Way. If you think about The Ritz-Carltons and the Nordstroms and others that have great service reputations, we wanted to build something that was around that same type of mindset. Again, you can see here that everything of the company starts with our people. Making sure that our people are successful, have a chance to grow, and creates an atmosphere to where we continue on that service level that we support across the industry, which again, is far superior than what is happening with the rest of the industry today. We continue to elevate in that manner. Ultimately, it's about results. Nobody at this company, nobody in this room, cares about anything on a page other than to see the financial results and the sales results. Ultimately, bringing the people, the service reputation, allows us to have the results that we have been driving over the last couple of years. One of the things that Jack and Jerry were pretty adamant about was building the foundations for our success, and it really starts with these three pillars. We have talked about people. As I said, we are going to talk about our people a lot. We believe that if we take care of our associates, our associates are going to be motivated to ensure that they provide that industry-leading customer service. As you can see over the history of our company, we have maintained a 99%-plus client retention rate minus M&A, but we have maintained 99%-plus client retention because we make sure our associates are motivated, and they do provide that level of customer service. Ultimately, for our shareholders, we have continued to bring back positive returns, 22 consecutive years of dividend increase and increasing our shareholder return. On that subject, I am going to take just two quick slides on FY 2026, because nobody is here to talk about FY 2026. I do want to give you an opportunity to go back and understand that the foundation of what I just talked about helped us build the success that we had last year, which by the way, in our 50th year, was an historic year, both from a financial results and a sales results. As you can see, we finished the year at 7.3% organic growth. That was on a basis of a guidance that we gave back in August of that year, 5.8%-7%. You can see the basis point margin growth that we had of 92 basis points, again, on the basis that we have provided over the last, now our fourth year is FY 2027, of 20 - 40. That is the third consecutive year, or that was the third consecutive year that we beat 60 basis points of margin expansion, again, coming out of the gate at 20 - 40. Return on invested capital, again, at 23.2%. I think all of you know in this room, anything over 20% in this industry is really, really good. Again, we really outperformed what our expectations were there. Same thing with free cash flow, and our GAAP EPS growth being double digit for three consecutive years in a row as well. On the sales performance. We talked a lot about our sales performance, and I do want to put a couple of things in your head to make sure that everybody fully understands. When we report competitive core wins, it is much different than what you see in the rest of the industry. 58 competitive core wins included 52 logo changes and six de novo wins. Six of those were brand-new institutions that were coming in, and so we will not count those as competitive wins, but we did have to win against our competition, but they were not logo changes. 52 of them were. What isn't counted in that number, which is counted, again, in a lot of our competition, is the fact that we had 36 in-to-outs, meaning that 36 of our customers moved from an in-house environment or on-prem environment to our outsourced environment in either Symitar EASE or our banking OutLink environment. 36 of those. We also had 14 institutions that moved out-to-out, meaning they moved from an existing Jack Henry platform, so let's take our CIF 20/20 core or our Core Director core, and they moved to our SilverLake core. So 14 of those. We also had over 40 institutions that moved from Jack Henry to Jack Henry in a merger. All of those numbers are not calculated into this particular. If you throw all those numbers together, you're up to about 125 - 130 opportunities that this company produced last year with their sales team. 14 of those were actually multi-billion dollar institutions. I got a slide later that I'll show you on why that level of significance. But 14 were multi-billion, and as it states here, we've had 45 of those over the last three years. Again, that's a big deal. Not only did we get 14 of them, we happened to win the largest deal in the history of Jack Henry from a banking perspective as a new deal. A $9.2 billion bank down in Houston, Texas, who decided to come to Jack Henry after working with one of our competitors, and you're going to learn the reasons why as Ben goes through his presentation on the things that we were able to show them that weren't just a PowerPoint or an item that we were going to do in the future. It's something that we were already doing, and that really got their interest. You'll see a quote from that CEO later on as well. The other big metric is something that we started last year, to really drive the fact that we needed to focus on bringing more digital and card deals along with our core wins. We challenged our sales leaders to be much more focused. We challenged our operations teams to build out the feature parity. With a lot of work over the last couple of years, we got to that point. 59% of our wins last year were what we call trifecta wins, compared to 39% the year before. You hear me on our calls talk a lot about our key differentiators. What we talk about is culture, service, innovation, strategy, and execution. Really, the next set of slides is to show you why we talk about it as a differentiator and some examples of where we see and what our customers have seen, or prospects before they became customers, see as truly key differentiators. If you think, I talked about these five already, but we focus on these five because we believe these five are truly opportunities for us to look different in the market compared to anybody that we compete with. I'll go through each one of them with a couple of examples. I mentioned earlier about our culture and being in this office where we have a large contingent of associates in the Dallas-Fort Worth area. We bring a lot of folks in. We do a lot of surveying. One of the things that we do is we survey our associates literally every single day, because every single day, I send out an anniversary email to everybody that had an anniversary. Most days, it averages about 30 people. At the bottom of that email that I send out, and I personally send that out, each one of them has a survey that they can fill out, a very short one. We truly get instantaneous feedback from our associates on a daily basis. Then once a year, we do an annual survey as well. We gather a much more detailed survey that goes out and covers a lot of different grounds. These are just some of the results that happened in fiscal year 2026 from the survey results. Again, 95% of our associates believe in the Jack Henry values, 86 believe and trust the leadership team and the executive team, 85% believe that they belong or feel that they're included as an inclusion component. Our average tenure has actually gone up. When I took over a couple of years ago, it was a little under 10, but we're right now at 10.6 years. Our overall attrition rate is down to less than 7% across the organization. That includes a call center of roughly 400 people. If you look at that as the final marking here, metric, 88% of our associates intend to stay at the company. Don't get me wrong, if we have associates that are not performing, then they're not here. We make sure that we hold people accountable, and we move things forward. These are the people that we're treating the right way, and when we treat them the right way, they want to stay at the company. As a byproduct of that, we win a lot of national awards for best places to work. I won't spend any time reading these to you. The reality is, in the cities that we work and nationally, we win a lot of these. Again, they're very intentional as part of our culture. Now I'll move on to service. In this particular slide, there's really four different monikers here. There's two quotes, and you can read them later. I'll hit the highlights of a couple of them. One of them is from the CEO of Woodforest National Bank. Basically, what he said is that innovation that keeps our clients competitive, that's what I talked about earlier. He said, "Jack Henry stood out as a clear choice because of its modern integrated platform, open architecture, and public cloud-native services. It's a forward-looking company, and we're confident it will help us operate more efficiently, strengthen our digital capabilities, and deliver the experiences our customers expect." The one in the bottom left there is from a credit union CEO, and it really talks about something that we have talked about at the company for a long time. We are the most open platform, and we have been for many, many years. Why is that important? Because when you have 300 or so products and services, you're not going to be the best in 300 or so products and services. We're going to allow the latitude for our clients to pick and choose who makes sense for them. We will integrate to that particular solution set, and we will allow them to have that level of flexibility. Two things happen there. One, we get a client who is extremely happy and wants to stay with us from a core perspective and buys other products that do make sense for them. Two, it challenges our operational teams to get better, to make sure that they are building the right products to make sure that they have an opportunity to be successful. This particular CEO just talks a lot about what we were doing in our open platform and allowing them to integrate the third-party solutions and enabling their members to have the financial services they rely on while easily adding new capabilities as needs change. In the top right-hand corner there, that is really a quote from the FinTech Breakthrough group. You will find out that our Tap2Local solution that we have created, we will talk a little bit about in my presentation, we are going to talk a lot more in Ben's. Actually, it was voted as the small, medium-sized business payment solution of the year. That was something that they talked about the solution itself and why they thought it was redefining how small business payments are operating in the country. Then the last one is, we have several associations that we work with. One of them is the Independent Community Bankers of America, ICBA. They sponsor a lot of our products in with community banks and credit unions, and this is them talking about our financial crimes product, Financial Crimes Defender, and the things that they see as differentiators in the space as well. Then ultimately, it comes down to: how do our customers feel about us? One of the things that we do a lot is we survey our customers, both from an annual basis on their core anniversary date. Every single year on their core anniversary date, we get feedback from the executive level on how we are doing across the organization at a whole bunch of different proof points. But the other thing that we do is that when we do have a case open up, the person that is submitting the case actually has the chance to respond to a survey if they wish, and to respond on how that survey or how that experience was with our team and overall from a customer service standpoint. What I will point out here is that a 4.61 customer satisfaction with the customer service experience is based on a five-point scale where three is meets expectations and five is extremely satisfied. We average a 4.61 and a 4.75 for the customer service rep themselves. Again, one of the things I like to point out is that I do not know about you, but when I do surveys, I typically do not answer the ones when I am happy. I usually do the ones when I am not. Our customers take the time to respond to our surveys because of the level of satisfaction that they receive. Again, this is ingrained into all of our customer service reps, but also all of us. Myself and everybody on my leadership team takes calls when we need to, proactively or reactively. Innovation. Culture and service has been a part of our company for 50 years. Like I said, it goes all the way back to Jack and Jerry's days of starting this company. Really, innovation was a big part of how this company started. It was one of the first cores ever built. Actually still today, we are, of the big providers, the only one that has built a core. I think that is extremely important to understand. We are not finished. We have a lot of things that we are working on that you will see between Keith and Ben, but we also just have a lot of things that we are building outside of what you will see today. We are continuing over the last several years, we have been investing 14%-15% of our top line back into our products. That is really the general expenses that happen in the technology side. That is our tap software development, that is internal use software. It is an amalgamation of those three components that make up this 14%-15%. Again, you can see on the other side of the slide of where the key focus areas are. Again, you are going to see some of the examples of this and what we have been building through the years, today, either in this session or as demos later on after we are completed. The one thing that we want to emphasize today, and there are several, but one of them that Ben will emphasize, is that the Jack Henry Platform is not just a digital core. It is actually the instrument that drives all the innovation for our company. It is different than any of the other digital cores that you have seen out there in the space today, for a couple of reasons. Again, I do not want to take Ben's thunder, which I think we all know that nobody can take Ben's thunder. The reality is, what you are going to see today are the things that we did that were very hard to build out the differences in our digital core. One of them, in particular, is the integration to our existing cores. Our digital platform not only houses the core components that you will see today, but it houses all of the innovation, the SMB strategy, our stablecoin tokenization deposit strategies. Everything sits on top of that platform, and it is all fully integrated and runs through our existing cores. Which creates a really simple way for our customers to adopt that technology, and move forward. The other thing is that it is fairly sophisticated on both its user experience and its user interface. It is the only new core, only new platform that you can actually operate from a mobile phone. You can use any device, as we like to say, that you can purchase at any of the electronic stores. Basically, you get the same optimal experience on whether you are using it on your laptop, an iPad, a mobile device, you are able to do that. Again, that is very unique. All powered by 100% native web components. The other part is that this is extremely important these days. It is fully ADA compliant out of the box, which is important for a lot of our customers. You are going to see this slide really brought to life with the demos and the things that Ben is going to do. But this really serves as the impetus to what I was talking about earlier, where the digital core itself sits on top of the foundational core, fully integrated, and allows all of that innovation to be built on the platform. So whether that's card utilization, mobile utilization, payment utilization through different rails, all of that's built on top of the platform. So one of the things that we'll be talking a lot more about, lesser today, but more in the future, is about our focus on tokenized deposits and stablecoins. I mentioned on a couple of earnings calls ago that we had several clients that were ready to go live with moving USDC, and we're actually waiting on the regulators. They were supposed to be, I do not know whether it changed on the vote on the CLARITY Act today. I do not know whether that happened or not. But, so we need some clarity from the CLARITY Act to continue to move some things forward. But also, there's a ton of use cases that this particular technology can be utilized in. So whether that's cross-border payments, treasury payments, and of course, liquidity oversight. But you'll see how we're taking this technology and building it into not just the platform, but also to other products that have been out there today. So you'll see what we're doing with our Victor Technologies acquisition, our treasury platform, things along that line, where we're building more and more feature sets into the overall platform itself. Talked a little bit about Tap2Local. So again, something that we have been extremely focused on. We've been in partnership with Moov on this. We actually got live in roughly seven, eight months in total from a certification standpoint to building out the technology. If you remember two years ago, at this particular event, we talked about the rollout, and we talked about what we were going to build, as part of that particular session, and we went and did it all. So now we are out. So roughly 1,000 of the Banno clients have the access to it. We have roughly about 900 that are truly live on the Tap2Local product. Ben's going to do a demo, show you some more of that stuff in live. Then, of course, upstairs, after we'll do a lot more demonstration and you can ask a lot more detailed questions. I mentioned earlier that it was the FinTech Breakthrough's Product of the Year, and we're very proud of that. But again, the speed that we were able to build this and the sophistication of the product, which includes two patent pendings, as well on some of the technology that we built. So now we'll move into strategy. So when I took over the chair two years ago, this is actually a chart with a couple of updates that I put together as part of my starting out, as far as what I wanted to articulate to the team. Again, this is starting at 1:00, everything starts with our people. So making sure that we did not lose the culture that was built long before me, and maintained by the CEOs before me, that was extremely important, but also just making sure that we double down on the innovation that we're doing, and hence what we're talking about or what we did talk about on innovation. I am a big believer that it really does not matter what you do or say if you do not have execution. I do not care whether you got a great strategy or you got great level of innovation, if you cannot execute on what you say you are going to do, it really does not matter. We spent a lot of time, Shanon, our COO, and myself talk a lot about execution, and the team is doing a great job of making that happen. Our SMB strategy, what you see today with Tap2Local and Jack Henry Rapid Transfers is just the beginning. We have a whole host of things that we will be talking about and some things that we have already built, that we will be releasing here in the near future, and maybe even just a little surprise on something today. Then ultimately, Keith is going to talk a lot about what we have been doing with AI. AI is not only building efficiency for the company, but it is also helping us deliver better products, more products that we think will be more highly penetrated, things along that line, as a big driver. Then delivering our platform and our components along with other solutions up-market. I talked already about the 45 wins that we had in the above billion this year. I will bring that back to life here in a second. Security and compliance. There is not anything that you can do in this industry when you are supporting the number of clients that we have, where security and compliance cannot be top of mind. I will give you a little hint of that in the frontier model component here in a second. We talked a lot about evaluating low margin, low growth businesses that we needed to either look at sunsetting or what we call end of lifing or potentially even selling off. We have several of those that we have been working on. I will give you an update real quick at a high level. But that is still a focus of ours. Process takes a little more time, but it is definitely a focus of ours and has been for the last couple of years. Then ultimately, it is about doing what we say we are going to do. I think one of the primary reasons why we continue to win is because we have proof points that we are doing what we say we are going to do. I will show you a couple of examples of that as well. I mentioned this several times, we are winning larger deals. This gives you a depiction of where we were the three fiscal years prior. Starting in fiscal year 2021, 2022, and 2023, we won a total of 23 new multi-billion dollar institutions. The other thing that is important to note, of those 23, most of them really were around the billion and a half, billion eight, maybe $2 billion. They really did not start to creep up to the $5 billion, the $7.5 billion, the $9.2 billion that we won. That started to happen in fiscal year 2024 through 2026, of which we have won 45 of those. We have won several $5 billion institutions during this timeframe, a couple of $7.5 billion and $8 billion, and then of course, the one I referenced already, the $9.2 billion Woodforest deal. As a byproduct of that, in a market that is continuing to decline with banks of all sizes through M&A, Jack Henry's market share has actually grown in both the banking and credit union in the above billion-dollar space. As you can see, we now have a combined market share of 32%, both banking and credit union in the above billion space, and we grew almost 5% on the banking side of our business and almost 4% on the credit union side of our business, again, in a shrinking market, during M&A, through the wins that we've had over the last several years. We bought a company back in September of last year, so roughly a year ago, called Victor FI, which we've now renamed Jack Henry Payments Orchestrator. This particular product and solution set is extremely important to us, in some things that we're doing, again, with the platform, what we're hooking in some of the functionality into our treasury products. But it was, at the time, the only direct-to-core solution set that was out there. There has been another company that's now bought a company or created a relationship with a company that does do direct to core, but it's mostly on the card side. It isn't on the full payment side that we have in place today. But again, this is something that we're going to continue to double down. We've created a really strong pipeline, both in the banks that are interested and the FinTechs that are interested because we're bringing. We're kind of a matchmaker in this world. We're bringing FinTechs and banks together to work together in the banking-as-a-service type of mindset. Here's just quick things that is important for the financial institution itself. Obviously, all of our institutions are looking for deposit growth and non-interest fee income, so those are two of the biggest things. Then there's an opportunity here for lower cost of funds. Again, we have a whole team, and we have a sales team that's fully dedicated to just this portion of our business and opportunities. Then ultimately, it comes down to execution. As I mentioned earlier, I'm a big believer that if a strat, like I always say, and it's not something that's rocket science, but again, strategy and innovation without execution is meaningless. Nobody cares about what you're talking about, they only care about what you did. That's really where we've been focused. This is a depiction of something that we started in actually 2020. By the time we got it done, the first roadmap that we showed was in 2021. In 2021, across our organization, we had no consistency on how we built roadmaps. We had no consistency on how we measured our success. That's something that we focused on. When we put this very first chart together, and I was happened to be COO at the time when we did this, we were only hitting at 69% of what we said we were going to do for our clients. There's nothing more frustrating for our clients to have happen, is to believe that a company is going to build something for them and it not get done in the timeframe that they said it was going to get done, because they're banking on the things to be at that level so they can go make their own decisions. We put this into place, and we put it into place for over 60 different products across our organization, all in a consistent format. We actually show this to our customers every six months. It sits out on what we call the For Clients portal, which is only available to our clients. They have the ability to go out and look at these roadmaps and see what features are planning to be accomplished over that next six months. One of the reasons that we did six months is that the world is changing very fast. If we are going to hold ourselves accountable, then we need to make sure that we are working in increments that we can actually execute in. We have other roadmaps that are longer- term, and we share those, and we do joint roadmap planning with our customers and things along that line. This is what we would say we were going to do across those particular product groups, and it is all of our big product groups. As you can see, over the last several years, this last iteration, which was in July of 2026, because we show it in August timeframe in February, but in July of 2026, we hit almost 90% of what we said we were going to do. The six months before that, we actually hit 94%. You can see the evolution of our time of that. I think anything over 90% is incredible. Again, if you talk to the consultants in the industry, they will tell you anything over 80% is better than what most of the companies in our industry do. We track this very thoroughly. We hold our teams accountable. You can see the amount of throughput that we have with 650 or so different features that are added each and every year. I mentioned earlier about product rationalization. The rationalization component of this, again, is important for us. If we are going to talk about focus and priorities and execution, we cannot be spending time on things that truly are not going to move the needle for our customers. Again, if they are not moving the needle for our customers, then they are not going to move the needle for us. Over time, a whole host of things have been built. Some of them maybe should not have been built. That is what it is. Other things are where they are as far as their maturation process, or maybe they are the laggard from a standpoint where we have built something better and we need to just get rid of that and move them to the new platform. One of the things that Shanon has been highly focused on over the last couple of years is making sure that we do the right diligence on these particular initiatives. A whole host of things that we go through to evaluate those products and where they should fall in our product market. Again, we got 300 products. Probably too many, to be honest with you. There is just only so many things that you can be really, really good at, and that is what we are focused on. So far in the last two years, we have put 18 products into product retirement. Our process, again, like what we do with everything with our clients, is a very fair process where we give them anywhere from 24 - 36 months to move off of that particular initiative. We either help them move to another Jack Henry solution or give them enough time to find something else. Each of these have gone through their level of innovation and evolution. We are going to continue to double down on this. I expect this number to continue to increase. There could be some that are candidates for some level of divestiture. All of these solutions are very small. You would never even know any of the names. That is how small they are. The reality is they take away focus, they take away dollars. For us to get where we want to get, this needs to be part of the priorities. AI is a big part of what we have been building over the last several years as well. Keith is going to do a really good deep dive into this. We have been focused on AI for four years. We built our governance framework. Something that I think is very unique is that we had a really good collaboration between the CTO, our Chief Information Security Officer, our Chief Risk Officer, and our COO. Four key leaders in the organization that spent hours upon hours building out a framework and getting to a point where everybody felt comfortable, which is not easy. We did it. As a byproduct of that, we have been actually very active utilizing AI tools over the last several years. Keith is going to talk a lot about that, but the utilization of almost 100 tools that we have in play today, that is allowing us to be very successful. As of today, and I mentioned this on the last earnings call, 22 of our products with AI are in production today. Some of them are built into existing product sets like Financial Crimes Defender. Some of them are in Banno. Some of them have the capability to be monetized. Others are not going to be monetized. They are just going to help the penetration of the product itself, which allows us to continue to grow in that particular group. We have another 20 or so that we are planning to release in the next six or so months. Keith is going to give you a taste of some of these. He is actually going to show you some of the things that we have built. We have had things that we do within the organization that is extremely important as well. You can see that as of today, we have 30% of our associates that have been trained on AI. We have nine AI coaches. They spend a lot of time with our team helping to build the skill level and honestly, just the confidence to go out and be able to work with vibe coding or whatever the key things are. 85% of those folks that have gone through the training said that immediately they felt more comfortable with the skills that they learned that will allow them to go out and be successful building out, whether again, it's small vibe coding initiatives or other things. 85% immediately that week provided that feedback. Some of the things that we've seen already were an example there, around 2:00, where it says 90 seconds, where it used to take 40 days to actually review some things in a previous process. Now they're able to do in 90 seconds. We have 3x the daily capacity in some of our areas related to code development. We've had some groups that have really taken off in some of our areas and others that are kind of getting up to speed. We've seen as much as 3x. Projects that maybe would have taken us three years to do, we're able to do in, say, a year, 18 months. Our mantra with AI has been very direct, which is, if you look at our company, we've always been a company that tries to again, back to people, doing more with the same. That's really the mantra. The message to our associates is, "You're not going to lose your job, in particular, because of AI. You're going to lose your job, in particular, if you're not using AI to make yourself better, and somebody across your room is doing that." Our message to our team is get embraced, get comfortable, use it, make your job better, make us more successful, allow us to do things more quickly, and that's really embraced the mindset of our associates to be much more willing to get involved with AI and use it. Again, a couple other things there with creating some process that used to take weeks that we're now doing in hours, where we create an architecture diagram for a lot of our clients. Lastly is really around, I touched on frontier models. One of the things that we've mentioned before is that we have been part of Glasswing, one of roughly 100 companies that have access to that. We've been heavily involved again, at the CTO level, the CISO level, the COO level, and really across our organization. The reality here is that people aren't able to plug the holes of vulnerabilities at the speed that is needed with these types of frontier models. You need AI to do that. We've been able to utilize AI in our environment to where things that used to take 72 hours to do, we can now do in less than 10 minutes, where we can plug vulnerabilities. Again, you're going to continue to see us spending a lot of time. We're protecting a lot of assets and a lot of customers, and so this will always be, as I said before, security and compliance will always be at the top of our food chain to making sure that we keep our customers safe. That is a kind of a quick run-through. I was the appetizer for the main events that are coming up. I think you guys will get a chance to really understand what we have built over the last couple of years, really over the last couple years. Ben is going to show you where we were at this time two years ago to where we are today. When I talk about the speed of innovation, and I talk about what we are able to do on the platform, it will come to life when you get a chance to see all that. Without further ado, again, we talk a lot about our five differentiators. Hopefully, you got a chance to see those in action. Ultimately, it is about trust and building relationships, and making sure that the things that we are doing truly matter, and our customers believe in that. Ultimately, our number one strategy is to enable our clients to win in the markets they serve, and that is all that our focus is about. Hopefully, you got a chance to see some of that in a short order, and you will see a lot more of it here in the next coming slides. I am not able to advance this. Okay. Got it. Okay. Pleased to introduce Keith Fulton, who is our Chief Data and AI Officer at the company. Keith came to us about almost two years ago. It will be December, it will be two years. He has got a strong background in core development. He actually was at one of our competitors for a long time, ran all their core development. He also has a strong background in AI and things along that line. We got him to come over to the good team side and got an opportunity to move forward. Keith, glad to have you. Thank you. All righty. Thanks for that great intro, Greg, and nice job on your section. All righty, let us dive in and talk about AI. I have got four main topics today on AI. We are doing so much in this area, and I know that I am obsessed with it. Not everybody is as big of a nerd as me, okay? I never stop thinking about this. I never stop reading about it. Maybe you are sick to death of it, but I am going to try to make it interesting for you so you can see what Jack Henry is doing all over the place. We are going to talk about these four big sections. The first one I want to talk about is just how are we doing this accelerator on development? Greg touched on it a little bit. We are accelerating all over the place. And just in general, how is Jack Henry reaping the benefits of AI? I put some tool counts up there for you to see. You will see, in the dev side are those ones on the right, GitHub Copilot, 1,200 people. Cursor is 840. I did that slide three weeks ago or four weeks ago. We are now up over 1,000 licenses on Cursor. We have developers everywhere learning this. It is going viral, and we are seeing acceleration across the board. The growth is crazy in the way we are using these licenses. And we are doing that in a smart way. The reason we are using some of these tools is because they are cheaper than other tools. And so we will get into that and touch on it in a minute. But we are seeing across the board where we have broad adoption of this over and over, sort of somewhere in the 80%-90% range. This team, JH Origination, they have been able to really prove, and they have been very good with their metrics and their stats to show 90% acceleration in terms of features per release that they are able to do. So if they could do 10 features per release before, now they can do 19. And it does not take too many quarterly releases before that starts to be felt in the market. And so we are really seeing this as a competitive advantage for us. Another one, just on a more individual level, Foresight is our product that does Check 21 image archiving. And it is a legacy product. It is not a fancy cloud thing. And even those guys are seeing 3x the contribution rate in their GitHub than what they were before. iPay again, bill pay services, not super sexy, 2x documented progress with what they are doing. And then I put this one up here as a, we are doing a monetization effort as we kind of bring together iPay, which is our core, sort of bill pay platform, and Payrailz, which is our recent acquisition. Well, it is not that recent, four or five years ago. We are bringing those together to make them into one solution for the market. And that team has been using AI to port all the APIs from one language and architecture to another one. And at the beginning of this year, you see that is February of 2026, they were doing five APIs a month, and then last month, they did 48 of them in a month, and they are on pace to do 54 this month, I think. But we will see if they get there. But already that is nearly a 10x upgrade, 10x acceleration in our ability to deliver new code. This idea of translating and upgrading legacy code to new modern stacks, I think that there is some sort of hype out there in the market about this. I think we are starting to figure out how to really make that real, and it is exciting to see. Tokenomics, I just put one slide in here on this, which is to say we are tracking this very closely. Mimi watches me like a hawk on this. We are very concerned about this, and we are not going to waste money on token maxing games and trying to squander billions of dollars on this stuff. We are trying to do it in economical ways. We have multiple providers involved. I showed you Google and GitHub and Copilot, which is Microsoft, and then Cursor, which is SpaceX AI. We play these competitors against each other, and we work with whoever is the cheapest. We do not sign long-term agreements on these things. We are going to ride the prices down as the price war continues on this stuff. That is a quick touch on how our development environment and kind of development capabilities are progressing. Now let us talk about AI inside our products. We have 7,500 FIs that use at least one Jack Henry product. We have 1,700 roughly that use our cores. The average customer of our core uses between 40 and 50 of our products. One of the ways to get community banks all over the country to use AI is for us to put AI into our products, and then when they get the next version of the product, all of a sudden, they are using AI too. That is what we are doing here. I think of this as injecting the turkey. This is a funny metaphor, I hope, but it is like we are going to take the turkey, which is our product, and we are going to make the turkey more delicious. We have built an architecture that allows every product team that we have to use AI and benefit from that in a very standardized way with very little learning curve. We do not have to have each one of them go through their own independent safety inspections about prompt injection and privacy and PII data. We can build that one time in a central way, and then each product team can take advantage of that. This is the reusable injector idea with this. For example, Financial Crimes Defender, it is our product that does BSA compliance. It does a lot of things. One of those is something called a SAR narrative. A SAR is a suspicious activity report, and whenever a bank teller or a banker sees something that they think is suspicious for any reason, it is the law that they have to flag that transaction and somebody in the bank has to investigate it. Each bank in the country has an investigative arm that looks into, is there money laundering? Is something shady going on? Is there human trafficking, drug dealing, yada? They have to fill out an official form on that, and then they actually have to write an essay about what they found, and that essay is called the SAR narrative. They send those off to FinCEN in Washington, D.C., and then FinCEN aggregates those across FIs and looks at them in aggregate. That essay is a chore, and what we have done is we are not trying to automate the investigation. Human investigators are needed. I think the idea that you can take an autonomous agent and completely outsource the investigation to AI is crazy. This is something bankers go to jail for if they get it wrong. We have got to have humans doing the investigation. However, can we save them time writing the narrative? I think we can. Here is a quick summary of this. You'll see he's using Financial Crimes Defender. He's entering in some specifics, and I went through and abbreviated this section quite a bit. It's $13,000 in ACH potential fraud. Now we're going to use AI assistance to help us generate the narrative. The AI says, "Hey, I don't have enough data here. Who was it that did this?" It was an accountant, and this is their passport number. Now, boom, I'm going to generate a narrative. This is just a dummy, quickie narrative. Then I'm going to take this and I can now edit it or send it off for approval and click a button and submit. There's a human being using it the whole time. Okay? We have this in five banks in closed beta right now, and we're seeing some amazing results from this. You see that it used to take them 60-90 minutes to do the SAR narrative by hand, and now it's taking them 10-15 minutes, so that's 85% faster. That's enabled them to go from five SARs a day to 25 a day on average. Now their error rate, look at that. Their error rate went from 10% to 2%. Not only is it faster, but they're not sacrificing quality to get that. They're raising quality. They're getting better compliance. Then, of course, if the time goes down, the cost goes down, obviously. Okay, I looked it up, and there's 4.1 million SARs being filed every year in America. Not by Jack Henry, but just in aggregate. FinCEN's dealing with 4.1 million of these. Think of that as 4.1 million man-hours of time that this one feature that I just showed you a 30-second clip of could save if it was universally adopted. That's an example of where clients already use Financial Crimes Defender today. They already do SARs today. They already write these narratives today. We're just giving them an easy button and giving them a way to do it faster and better. The next one I have is just a product we call JH Analytics, and it's a set of Cognos reports that become reports and dashboards for our clients to use. What we did in this case was we built the You see the Ask Jack panel on the right over there? We built a plugin for Cognos, and I'll just let this one run too, if I can advance it. Okay, here. Now we have JH Analytics, and here you can drop in your chat assistant, and now you have a chatbot. You add it to your dashboard, and now you can talk to your chatbot about the dashboard. The interesting thing about this one is that the chatbot can see the screen you're looking at. It can see the statistics and the graphs, and you can say, "What's the most important thing on here?" Or, "Where did this number come from?" Or, "Why is this this?" Or, "I don't understand the definition." It has a RAG database behind it, but since it can also see your dashboard, it has a lot more context about what you're trying to do, and it can give you much more direct advice. That's another case where it's not getting sent to FinCEN. It's just a way to make executives more productive and lower their cognitive load when they're looking at their dashboards. The last one I'm going to show you is LoanVantage, the credit narrative that goes when you approve or you decline a loan. You've entered in all this data. You've got all this collateral. We've all been through the process on a car loan or a mortgage, okay? We put in all the stuff. Now we need a document for the underwriter to say, "Why are we approving this loan?" I put this one in here because it generates a Word document, and it doesn't just work inside the system, but it actually gives you a deliverable that then you can forward around in your organization and keep on file in the way that you normally do. We've got AI helping with tasks inside an application. We have AI in a Cognos product that's not even a Jack Henry product that's looking at your data. We have this that's creating Office documents on the side to help you do your job and to help you work with your coworkers on this stuff. Okay, I showed you three. We have a bunch of these that are coming. I put the chart up here to just show that between July and January, we have nine of them or 10 of them coming. Every month, boom, boom, things are coming out. This is where closed beta comes in. We'll go GA, generally available, at a later point. But with our products now, we've all adopted a standard process that when we have major new products or major new features, we put them in what we call a closed beta. There's a certain number of clients who are the inner circle who get that first, and they help us tune it, and they help us preview it. We make sure that they're referenceable, and they say nice things about it. Then when we GA it, we know we have something that's really going to have product market fit out there. Okay? Those are three examples. I have examples of all of them, but I thought it might get too tiresome in this room for everybody, although I'd love to show them. If you want to see them, just raise your hand. All right, we have the injector, the Cirque injector. But that injector turns out to be really valuable. What if we took the injector itself, the AI architecture, and we productized that? That's the next thing we did, was we want to give that injector out to clients. The clients who are banks and credit unions who have technical IT teams and building custom solutions or integrations, they want dev acceleration. They want AI features in their stuff. They have a learning curve. They don't want to all learn Python and LangChain and all these fancy things. They just want to call an API and get a result. They don't want to think about prompt injection filtering and PII leakage and so on. They just want all that handled. We're going to give them an architecture that does that. We built something called the AI Fabric, and the first part of the fabric is what we call the AI Gateway. What we built is a set of RESTful APIs that allow you to call an AI behind the scenes at Jack Henry, and you ask a question, get an answer. In a matter of an hour or two, you can get a credential, and one of your developers at your banks can wire up and start to build their own chatbot. Real easy. If you want to build a Cognos plugin or a SAR narrative generator or a Word document generator, you can do all that with these APIs. Prompt injection and PII filtering, any kind of sensitive information is already handled for you. If you are a CIO of a bank and you want your IT group to start to experiment with AI, but you are worried about safety and risk and liability, just use the Jack Henry APIs and all that safety stuff is handled for you. You do not have to guess that your IT team is working it out. The last thing is it gets more fancy than just ask a question, get an answer. Retrieval, augmented generation, MCP servers, A to A capability for agents to call other agents. There is a lot of fancy things under the covers. We abstract all that away just into fixed APIs. Our clients love this. We have three clients in closed beta with this right now, and they are out there using this, banging on this every day. This will be GA'd very soon. It is amazing to see how the mission of Jack Henry to help our clients win in all these little banks across the country, that even in something as technical and as esoteric as AI, we can bring something to market to help them even the playing field. The second one is the crazy cat lady problem. Vibe coding. Vibe coding is a process of using an AI tool to just describe an application that you want, and then the AI tool will code it for you. In a matter of sometimes even minutes, you can get an AI to write you a solution. We had a case at Jack Henry where we had a lady in our procurement department, and she wanted a tool to help the procurement lead and the purchasing manager and the legal lead keep in sync on who had the meatball on each particular deal across a list of all the different procurement things. In a weekend, she vibe coded an app that does that. She is not a technical person. She is just a procurement person. She vibe coded this thing, and she showed it to me, and I was like, "Holy cow. That is neat. You are solving a problem. You are solving a business problem for Jack Henry with this. But where is this thing?" She had built it in Replit, and so it was out on repl.it somewhere in some email server. I got this vision of Microsoft Access in my head of we're going to have all this shadow IT and shadow vibe coding things. We've got to somehow bring some sunlight to that. Those could proliferate kind of like cats. We have to help those people do that. We need to unleash their innovations. We need our Jack Henry associates to be able to solve their own problems and scratch their own itches. The idea of using vibe coding to help people build solutions that they don't have is an amazing idea. But if we don't have control over them, it could be an unmitigated nightmare. This mic is rolling. What we've done, by the way, our clients have the same problem. What we've done is we've built this thing, which is the AI Garage. Jack Henry itself, we always talk about Jack and Jerry, and they started in this exact car mechanic garage when they started the company. To honor that, we decided to call this thing the AI Garage. Now, if you vibe code something in Replit or in Gemini or in Lovable or whatever you use, you can export it out of that tool and import it into our garage. We will scan it for security. We scan it for secrets. We scan it for vulnerabilities. We try to make sure all that kind of stuff gets done. We then containerize that in a Docker container, and we deploy it to GCP, and we put the code in GitHub under a name that you choose, all in the Jack Henry domain. So now we have security. We have control of the code. We know exactly what we have where. We're hosting it in our tenant. It's not being hosted at a random site like Replit. We have all of our normal controls around our GCP security are all there. Guess what? Now we're going to let clients do it too. We're opening up the garage so that our banks and our bankers out there, if they have solutions and they're creative and they're innovative people, they can now vibe code their own things and put that in their own tenant in the cloud using our garage and unleash all the innovation of hundreds of thousands of bankers everywhere. We already have, I think Greg had it on a slide, more than 120 vibe coded applications within Jack Henry that have been put in the garage that we're running across the company, solving business process problems across Jack Henry. When I first proposed the idea that we needed a garage was in March. At the time, I kind of said it as this aspirational long-term thought of, these are three, I had three examples in that presentation. I said, "7,000 associates are not all going to vibe code something, but what if 100 of them did? How much better would Jack Henry be if 100 of them did that?" Now six months later, we got 120. I thought that would take years. So who knows how many we'll have? Maybe 500 in a year. These kinds of things where we can solve problems but also build control over those and not have it be shadow IT, but have it be real innovation, real business stuff, that's important for Jack Henry. It's important for our clients. Our clients are really excited about this. They love this. This is not yet ready for closed beta because the success rate of things passing the tests, all the different privacy and security tests right away, is not as high as we want. We do not want to make the load on the person doing the vibe coding too hard. We want the AIs to do the work for them. We are trying to make that experience a little bit more perfect. Inside Jack Henry is fine. For clients, we got to make it a little nicer for them. We are hoping for January on that. The last thing I am going to talk about is AI fabric is sovereignty. I used to call this AI privacy, but the industry seemed to have picked the term sovereignty now. That is that the more our clients use AI, the more Jack Henry uses it, the more of our proprietary data and the more of our clients' proprietary data is getting pushed out to enterprise models, third parties, Anthropic, Google, OpenAI, whoever. We have signed enterprise contracts. We have licenses. We have contracts that says they are not allowed to use our data, they are not allowed to retain it, they are not going to train on it, et cetera. They sign those, and we have signed them, and we have negotiated all that. But the reality is, the more sensitive our data gets, the stronger of a guarantee we need that it really is absolutely private. This is even more so true of our clients. Imagine if we get to an agentic world where you are starting to talk to your bot about non-performing loans in your bank. I put that on the list up there. If your chatbot is running at chatgpt.com, you are giving Sam Altman every non-performing loan in your bank. He promises on the contract he is not going to use that data. Is that enough? I am not sure. But maybe for some people, it will be. I am sure that for some, it will not. We need to do something about that. I think we need to be their AI provider. We are now calling that the Jack Henry part of the Jack Henry fabric, the model enclave. We are going to run local models, open source models. I say locally, but I mean, instead of in a third-party cloud provider, we will run it in our GCP tenant, and we will run these models in boxes that are as trusted as the boxes that we run our outsourced data centers in. If you think about us with OutLink on the bank side and Symitar EASE on the credit union side, we are already hosting the bank's data. We already have all their loans. We already have all the deposits. We have all their transactions. For them to then have a chatbot experience to talk about their loans, and if it is a Jack Henry bot, then they are not telling us anything we do not already know. They trust us to hold that data, and they can trust us. The idea of hosting models in a private tenant that is only ours and not at a third party, we talk to our clients about this, and they flip out. I think, and I am not making a forward-looking statement, I think we will sell trillions of tokens on this. Everybody we talk to loves this and wants this, and is extremely worried about third-party privacy at the hyperscalers. The last thing I'd say on the productization of AI is we help our clients and hold their hands to help them be successful, like Jack Henry is being successful, is the consulting services side. This really breaks down into four categories. There's board-level services. The board of directors at a bank in Amarillo, Texas, they're reading about AI, and they feel pressure that they need to be taking advantage of AI for their financial institution, but they don't know how, and they don't know where to start, and they're worried about liability and risk, and they hear nothing but safety hand-wringing from the Internet about it, and yet they feel this pressure. What should they do? That's what board services are for. Governance and policies, it's the same thing for the chief risk officer and the administrative groups that run the bank. What is their policy? You could have adoption coaching in step three of training people how to use AI, but until you have a policy that determines what's permitted and what's not permitted, you can't even do step three. The question of what's permitted is, what's going to fly with the regulators? What is the FDIC going to cock an eyebrow at versus what are they going to be okay with? We can help them with that. We're living through that today. The last thing up there is the number four, is tech consulting. How do you use our AI Fabric, how do you use the model enclave, how do you use the vibe coding garage? Let's do some POCs with you. We'll be there too. We'll call them the four deployed engineers if it helps, but we'll come work with you and get you going on all this. Anyway, this is exciting, and I'm interested to see how this goes. I don't see this as a giant part of the future of Jack Henry. I see it as helping our clients be successful and helping them accelerate their work as we're accelerating ours. Let's talk about machine learning for a minute. Before, it's all been LLMs and generative AI, but now let's talk about the other side of statistical machine learning, because this is another area where we can really help our clients win. The first thing is we need to build a data consortium. Right now, we have thousands of FIs. We hold all their data. In general, each one of them is its own silo, and we can't treat all that data in a pool. We're working right now, and it's very active on getting all of our different FIs to join forces so that we can start to do fraud modeling and market modeling and all kinds of stuff, and do all that in a much larger way. Across the entire base of our institutions. If Jack Henry account holders were all treated as one institution, we'd be the third largest bank in the country. We should act that way, and we should treat our data that way. Once we have that, then we're going to build out what we call the Data Science App Store. We have an app marketplace today at Jack Henry, and we are going to start to have predictive models that predict the future for our FIs. Instead of them having to hire a team of data scientists to go solve data strategy problems, we are going to have those people, and then they will be able to, basically, just with a couple clicks, activate a data science app, agree to the terms of service and the bill, and then click and go, and they will be able to use it right away. I have a couple of examples up here. One is this issue of retail is commercial. How many small businesses are being run from retail accounts? The ABA would tell you it is 26% of all the retail accounts in America are doing this. That is a huge number. If you think about Gen Zers creating companies, sole proprietorships at a record rate, and that is what I think it is. I think the Gen Xers are tired and do not start companies, and I think the millennials and Gen Zs all start companies, and on the average, it is 26%. Those companies doing that, their money is at Stripe, Square, Block. It is not at the bank. We are not taking care of them. It is out of sight, out of mind to us that they have any kind of commercial stuff going on. What if we could give a sales team at a bank the top 100 most likely, most lucrative commercial accounts that we should upsell to, and we could charge better fees, we could take better care of those people, and we could win all the way around. All of a sudden, instead of just having pretty cognitive dashboards, I am talking about business strategy. I am talking about the growth of the bank. I tell you, I am in rooms with CEOs and CIOs every single week, and I get to this, and they go, "Wait a second, you are going to be able to do that?" They are amazed. The next one I have is another tie to the actual business performance of the bank. This is about customer churn. How do you predict what customers are going to leave your institution? Imagine if we had a model. Let us just talk about the problem. In any given year, in the average at a bank, about 10% of the people will leave your bank. It could be 8%-12%, I think I put up there. Think of it as 10%. In a 500,000 account bank, that is 50,000 accounts you are losing every year, which means you have to make up 50,000 accounts just to stay even. $250 average revenue per account is a low number. Some banks will tell you it is $500 an account. Let us just say it is $250. That tells you it is $10 million-$15 million in loss from that 8%-12%. You then have to go find 40,000-60,000 new accounts just to get back to flat. The rule of thumb at a bank is it costs two years of revenue to get a new client. That means it costs $500 per client to get a new client in the door. What is that? That is $20 million-$30 million in cost to get back to flat number of depositors. Now if you take the revenue loss plus the cost to replace, that's $30 million-$45 million a year for a large bank that churn is costing them. How can Jack Henry help? Real costs, real losses. We've got something we're building called the Churn Sentinel. I've seen iteration one of this. It's amazing. The idea is we look at all the customers that have left recently, and we look at their behaviors before they left. Then we apply those behaviors, and we look for those behaviors in people who haven't left yet. For example, if they redirect their direct deposit, they've had direct deposit at a certain bank for years, and then one day that direct deposit stops, they might be changing to a different primary bank holder. It also could be that they lost their job and they're in between jobs. That in and of itself doesn't mean anything or doesn't mean enough. Then let's say their transaction volume goes down, their average daily balance goes down, other indicators happen. We can see from the way previous people who've left behave how the new people behave. What if we gave a weekly sheet to the de-risk team of who they need to go call to try to save every week? What if they gave them? It could be that they just need to apologize. "What's going on? Is something happening? Did something go wrong?" Or it might be, "Hey, if you'll bring your direct deposit back to us, do that for 90 days, and we'll give you 200 extra bucks for switching back to us." Or it might be, "We'll give you a break on your car loan if you'll stay with us." Kind of thing. These are offers that a bank can make to be proactive. What if we could get 8%-12% churn down to 7%-11%? Let's cut 1% off of it. All of a sudden, we're going to save $1 million-$1.5 million in revenue loss avoidance, and we're going to save 10% of the replacement cost, which is $2 million-$3 million. That's overall now $3 million-$4.5 million a year just because I built a Churn Sentinel in the Data Science App Store. This is where we're taking data out of the realm of just better and better dashboards into actual business execution and strategy. This is going to affect the way banking gets done everywhere. Big banks, giant jumbo banks, they're doing this. They've got teams that do this. Community banks don't. We have to give this to them. It's going to be a game changer. The closed beta for the data science stuff is in January. Each machine learning app will be priced separately. Some will be very cheap, others could be very, very valuable. We'll see how that goes. Instant activation. Membership in the data consortium that I mentioned at the beginning is required. If you want to benefit from the data consortium, you have to be a part of the data consortium. That's typically called a give to get model, and that's how we're going to run this. My last topic, which is my favorite topic, is agentic AI. I put the agentic AI future of Jack Henry. Is that grandiose enough for everybody? This is where I think we're all headed. The current state, if you just think about the architecture of any software system today, it looks something like this. You have a user, they're using a web browser on a laptop or wherever. That web browser is using APIs, and then the APIs are causing a system of record, the back-end system, to do work. And those systems of record can be very simple, or they can be very, very complex. There's all kinds of stuff that could be happening there. This is dumbed down to the nth degree, but this is how they mostly work. As I mentioned before, there's a thing called vibe coding, which allows amateurs to just make whatever they want with coding. You don't need to be a coder anymore to code. It's a little bit like if you've tried it's a little bit like conjuring a rabbit out of the hat, which is I think it feels like magic. If you haven't tried it, you should definitely try it. It's easier than you think. Give it five minutes, you'll do it. It'll be amazing. What's that going to do? That's going to create a whole bunch of different front ends. I'm adjusting something. It's going to create a whole bunch of different front-end possibilities. Guess what? At Jack Henry, the system of record and the APIs are they still are what they are. You still need the banking core. You still need Financial Crimes Defender. You still need the new platform. You still need the services that Banno provides under the covers behind its web services. APIs and systems of record are what matters most, and the good news for Jack is that that's what the business of Jack Henry is building those. The next thing is that you can have agents. I think of that as a little bit of, instead of the magician conjuring, it's more like a remote control car, where you just twiddle a button and then the car does what you say. It drives away. What that does is now I've got a human on their phone talking to an AI bot, and now the AI bot is calling the APIs, and the APIs are still calling the system of record. What happens there? All of a sudden, it's too much work to launch a browser. I just want to talk to my bot, and my bot will do the work. The UI has become an impediment for some users. Not all users. This isn't an overnight process. This is a 10-year process. I'm just trying to predict the future here, where is this all headed. Agents will not be one-to-one with apps. Once agents are using APIs, there's no reason why they shouldn't use multiple APIs. What that gives you is something like this, where now you are talking to your phone on your agent on your phone, and then your agent is now calling multiple things. Now the new SoRs do not have to be comprehensive. Agents become the glue, which is the kind of orchestration layer between all these things. I did a non-Jack Henry example just to illustrate my concept, because it is getting a little bit abstract. I said, "Go through my Salesforce opportunities and compare them to my inbox in Outlook. Build me an Excel spreadsheet of anyone who has asked me a question that I have not responded to, or anyone who has not corresponded with me in the last 30 days. Now go through all the people I have not corresponded with, add a comment in the spreadsheet to the right of each row with two relevant ideas for messages." Okay, so now I am using Salesforce, Excel, and Outlook. In two seconds, I wrote a prompt that I could run every day and have my to-do list upon the sales. Agents do not always need humans, though. I had a human texting with agents on the phone in my previous examples, right? But kind of like who, what triggered that light when that attribute came in? It was a motion sensor. We are going to have similar things in our systems. I think of it as triggered by scheduling, triggered by an outside event like a mail, or it could be the A to A thing that I was describing earlier, where agents are calling agents. In that world, the humans become less relevant. When we talk about automation of the banks or automation of any industry, the humans eventually get less relevant. How about this? I have a triggered by timing example here at the beginning. Every weekday night at 5:00, check all three of my banks for the highest savings rate and transfer any balance over $5,000 from all my accounts to the highest yielding savings account. You could write that query in 30 seconds. Every night at 5:00, it runs. It calls all the APIs. The banks are now suddenly in a sweeps competition based on interest rate, and they do not even know they are in it. All they are doing is giving up interest rate and balance data. They do not know what is happening. Okay, that is how powerful these things get. The other one I made on event-driven basis rather than timing is every morning at 8:00 A.M., check my inbox for e-bills and notifications, use my online banking to pay them if they are under $300. If it is over $300, send me a text, transfer money from my savings to replenish the checking account. Okay. Again, that is a 3 cents thing that now takes care of my bill pay forever. What are both of these doing, though? Both of them are calling Jack Henry APIs to make that work. The inquiries, the highest savings rate, the balances, the transfers, the bill pays, the transfer back to replenish the money, that still needs Jack Henry behind the scenes to do it. We love this model, and I think it is going to be interesting to see how it explodes. I made a business one for SilverLake for a banker as well. Every morning at 7:15, go through all the exception items using SilverLake. For each one, check the customer's previous transactions to see how we handle prior exceptions. Check their history in Synapsis. Synapsis is our CRM tool, for those who do not use Salesforce. Decide on the exception disposition of fees according to our bank policies and stage them up. If you recommend waiving the fees, put a note in Synapsis in the CRM tool and stick an email to the customer in my drafts folder. I do not want to send it. I need a human in the loop. Now, just with a couple prompts, I have changed the way we do exception item at the bank forever. What you end up with here, if you tie all this together, is you have humans, but you also have all these events talking to agents. They are running anywhere with agent APIs, system of record. We think Jack Henry needs to be the key enabler in the middle of all this. What do we do based on this? How do we execute on this? Now I have got a little primer on what agentic AI is, an analogy with restaurants. The way we have always done it before is that we have AI inside our products, and I demoed three of those examples for you. It is very comfortable. It is like this guy going into the McDonald's to order. But in the future, we need to be a drive-thru. We need people outside the restaurant to also be able to access our features inside the restaurant. Here I said millions of independent agents. It could be Anthropic agents running in SpaceX data centers, OpenAI running in Azure. All of them are running anywhere, and they are all calling our APIs to do work. You might say, "Well, I am a fancy restaurant. I do not want a drive-thru." Okay, but guess what? You are going to need drive-thrus. I use the analogy sometimes of Shake Shack. Shake Shack has a policy of not having drive-thrus. You are supposed to go into a Shake Shack. But if there is a Shake Shack on the left and there is an In-N-Out Burger on the right, which one has 50x more cars and more customers than an In-N-Out Burger does? People route around a Shake Shack because it is too much work to go there. If we do not offer drive-thrus in our APIs, then people are going to route around us. Luckily, Jack Henry has had a strategy of being open and having APIs and being leaders in third-party integration for years. This plays to our strengths. I think this is going to be a fantastic time for Jack Henry. We are harness agnostic. Okay? Harness is one of those words that is a little bit technical. But if you think about Claude Cowork, Copilot, Hermes, LangGraph, Grokpod, Agentforce, et cetera, everybody is trying to be the harness. I have spent most of 2025 thinking we needed to build our own harness and be a harness ourselves. But now I do not think that is true. I think we are the drive-thru. For us to say, "Well, we only serve pickup trucks," or, "We only serve Toyotas," that would be a bad way to run a McDonald's. We need to provide the drive-thru, and we need to be agnostic as to who drives up and what they want, and serve whoever comes there, however they come. How do the people at the drive-thru know what to order. We need to stick a menu out there in front or behind the restaurant, and we say, "This is what we offer. This is what you call it. This is how much it costs," et cetera. This is a function of an MCP server. There's a lot of tech talk out there about Model Context Protocol, and there's a lot of esotericism. At the end of the day, the people at the drive-thru need to know what they can order before they come to the drive-thru. This is how we do it. We are going to build our own MCP layer to handle all of this for our clients and our products, system to record. The last thing I will say on this is, even though we need drive-thrus, not everything is accessible in the drive-thru, is it. If you are the Brinks guy, you cannot get the bags of cash from yesterday's receipts handed to you through the drive-thru window. You got to park, and you got to go in to get the bag of cash. What we need is a risk framework for what constitutes a burger and what constitutes a bag of cash. We are going to use that to respect with our APIs that inside the risk framework, not all risks are created equal. The verdicts of all this are SoRs are what matter. Jack Henry is an SoR business. The stone tablet here is intentional. Trust is of paramount importance. Our customers and our customers of our customers trust our banks as the custodians of their money and as a ledger of everything that means anything in the real world. We will continue to provide that to all these people. We are actively working on agentic APIs across our roadmap. I use this example of the sous chefs making the little dessert there or whatever it is. That chef might like those sous chefs, and he is training them, and he trusts them. But nothing goes out to the customer at a Michelin-star restaurant until the head chef reviews everything. We always need a human in the loop. It is what we do. We need to get used to the fact that we are going to have exposure outside our walls. This is the drive-thru window sign. Every product in Jack Henry needs to establish this drive-thru window for themselves so that things on the outside, the agents, can get at what they are doing. I put all this together into that was a lot of slides for not a lot of practical examples. I put together another demo to show what is it like to chat with SilverLake. Here, I am now in Microsoft Teams, and I am looking up a guy named Humberto Bogran, and we found his customer ID at SilverLake. I am like, "Yes, I want you to pull up the account." It thinks for a minute, then it shows the account. Look, oh my gosh, there is 40 outbound checks for $1. That looks like testing or structuring of some sort. The teller is like, "Okay, I do not like that. I want you to suspend that account. Put a restriction on there, block it." It says, "Done." Restriction placed. Status number six, restricted. That person never logged into SilverLake. They never launched a browser. They never searched a query for that. They did not click a flag. They did not drop down a box. They just told the bot what they wanted, and the bot did it. I accelerated that quite a bit. There is a lot of thinking time in there, and so forth, that we cut out of the video. I just want to show you, this is the simplest example I could think of to show you guys what the future is that we think Jack Henry is headed towards. I went back to harness agnostic. This is our risk framework that we use. We have L5 is level five risk, deleting data or moving money. That is the Brinks truck example. We are not going to do level five. Level four is where you get into embarrassment if you contact outside customers or even data exfiltration. If you combine reading and querying data with L4, sending data outside, you can get into bad combinations. We are not going to do that. Guess what? There is a lot to do with one, two, three, levels one through three. This is a little framework we made to help our portfolio think about their own priorities. What you see here is read only APIs, rules and statuses, comments, cases, and others, reset passwords, update limits, and so forth. Those are all yeses. I put in L5 execute transactions as a no all the way down the line because that is moving money. It is difficult to undo, and we do not need to support that. I wanted to emphasize that we are not doing that right now. The idea is that then if we had all the things that are Ys and they are working, then now they are like Lego blocks, and we can make composable interlocking sets and then saying, we want to query this and lock that and update the limit on that and put a note there. We can do all that stuff, and banks will be able to take entire workflows that they operate today, click, clicking, alt tabbing between different tools, and they will be able to orchestrate that in a single prompt in the not too distant future. This is what we are building toward here. The last thing in my wrap up is going to be, that is Jack in the middle there. 50 years ago, his innovation was that large banks had computer systems, and small banks did not. The largest banks in the country had armies of programmers and mainframe computers the size of buildings, and those punch card readers and so on. The small banks could not afford to do that. They were all still ledgers like they were in the 1800s. Jack was like, "You know what? I bet I could build a piece of software, and if I made it configurable, I can make it to where more than one bank could run on the same software. That is how they could afford to run it. That is what he did. Now it is 50 years later, we are going to revolutionize community banking again with all this API stuff. That is what is coming. We are very excited. There is a mountain of work to do to get there. Me and my partnership with Mr. Ben over here, we are cranking on this every single day. Anyway, that is what I got for you today. Thank you. We are running about 15 minutes ahead, but let us take a 20-minute break and come back at about 10 till. That will give Ben a little bit of extra time, and we will just start a little bit early. If you are looking for the restrooms, they are going to be to your left as you exit the room, and then we are going to have some refreshments down to the right as well. Thanks. Really appreciate Keith. We are really glad that Keith is here. He and I are AI partners in this new world. I am glad you got a chance to hear him. We are not going to waste any time. We are going to get right into it. We talk about platforms in the AI era. I am going to pick up where Keith left off talking about what we are building. We are going to talk about the Jack Henry Platform, and specifically what makes Jack Henry different. Of course, Greg talked a lot about a lot of different things that make us different as a company. I am going to talk to you about what makes our technology different and why that is really mattering and why we are winning new deals because of it. I am also going to just talk you through what has shipped since I last saw most of you. I know I saw a few of you at SI, and I have seen a few of you at different events that Vance has brought me into, but for the most part, I have not seen most of you since September of 2024. We are going to go through everything we have shipped since then, provide an update for you all on what we are doing with business across the board, not just Tap2Local, also Banno Business and treasury. You are going to see our strategy there. Then I have two new announcements for you guys. All right, buckle up. We are going to go fast. Oh, sorry, one more thing. I am going to show live demos. You are going to see live software. You are going to see the platform in action. It is right here. You are also going to see real live consumer software. This is going to be Banno running on IncredibleBank. Anymore, I am just tired of pure slideshows. We are going to show you some software as we go. You can see it for real, for real, for real. Without further ado, in 2020, I think you all know this, we set out to build a new kind of core system. The company had decided we actually needed to do this. There are a lot of different ideas. The market had these new side cores showing up. Beginning to build to direct to digital experiences. At this point in time, back in 2020, we had had a lot of early success building out the Banno Digital Platform inside the company. We will talk about that a little bit today. We really wanted to build a new core. The other thing is long-term, Jack Henry has a strategy for consolidation over time. We have been working on this for a while. The ideas actually were percolating for two years, pre-2020. I wanted to give you a timeline for what happened and how we ended up building a platform. We had a vision to build a new core, and that was in 2020. In August of 2022, well, before this, Greg had asked me to be the CTO of the company and take on this project. It was being run by a small team inside the company. We did that, and what we worked on as a team is, hey, let us realign this idea of building a core to let us build a platform. All right? Basically, we worked the entire plan, but a big part of building a platform in the cloud with all of the language that comes with that is we needed a cloud partner. We announced the GCP deal. Big shout-out to Google and the GCP team. They have been an amazing partner, absolutely stunning partner for us in this build-out. Cannot say enough great things about them. Then we updated the roadmap. Some of you who were here several investor days ago might remember me showing you a three-year roadmap. How many of you remember that? All right. We hit every single thing on that roadmap on time and under budget. All right? This core is basically done, and we are going to show it to you. All right? Updated roadmap in 2022. Right after that, we hit ChatGPT era. You guys just got to see a great presentation by Keith talking you through where we are in that journey. I just wanted to articulate the fact that we actually decided to build a platform, be API first long before this happened. Then back to Investor Day of 2024. I'm going to come back to this in a minute. We get SaaSpocalypse at the beginning of this year. Really, at the end of the day, I think most analysts, and I've had the good fortune, we've had a lot of inbound inquiry for the management team to meet with the large consulting firms. I just collected a few quotes from Gartner and McKinsey & Company. The bottom line here is the companies that win in this next age are going to be platform-first companies. They're going to be API-first companies, cloud-native, headless architectures. Those companies are going to establish significant competitive moats, and we are one of those companies. Value is going to accrue to people who integrate the stack. I'm going to say that again. Value accrues to people who integrate the stack. That's how this is going to work. Some quick quotes from McKinsey & Company here. What we're building is a new structure, a new platform around our foundational cores to enable a faster pace of innovation. Our customers get a connected workspace around their financial institution. This allows them to evolve at their pace, at their strategy. The things that they want to do. I'm in the fortunate seat to get to meet with our customers every single week. I love it. It's one of my favorite things. I don't meet anybody who has the exact same strategy as the last person or the last financial institution I met with. They all have unique strategies for how they want to grow, what technology they want to adopt, and how they want to build their bank or credit union. The other big thing, you all know this is a big part of our message, but being on the Jack Henry stack allows you to avoid a large core conversion. This is a very big deal for our customers. It also is attracting new customers. Greg talked about Woodforest National Bank as an example, where they want to be on the Jack Henry stack because they see a world in which they won't have to do another one of these conversions, if that makes sense. This gives them a chance to launch and evolve new products on the platform. Which is a big deal. Now we're going to just dig into what makes Jack Henry different. I did show these slides, I don't know. I can't remember if it was 2022 or 2023. But I did show these slides. I want to revisit them. I built these way back in 2022 to really explain what I felt was the problem in the market with sidecores. I just want to say this upfront, I have a lot of respect for our competition in the sidecore market. I just saw a challenge that our customers are going to face if they were to adopt sidecore technology. Again, why did they do it? Just remember, it was for digital experiences. They needed to build new digital experiences, and they felt like they couldn't do this on traditional core systems. They wanted these four to build new digital experiences on sidecores. The fundamental problem is there's no integration with the foundational core that runs the bank or the credit union, settles and clears every single night and every single weekend. That's the problem. This is the problem in the entire industry, this little guy here. Okay? There are a few other things, and again, there is no shade to these competitors. Most do not have a UI or UX. They are headless. I want to stop and talk about headless for a second. We are also headless, but we have a full UI, and you are going to get to see that today. If you want to see more details, you can go up and check out the demos upstairs, okay? Our thing was, hey, a lot of customers, even larger customers who have big teams, they do not want to spend their time building out a new UI/UX, even with AI tooling, right? That needs to be fit and finished and ready out of the box for them. But we are also headless. So we have 100% coverage of APIs. I am just going to show you this. I am sure you will not go look at this for yourself, but if you do want to, all the API docs are here on the open internet at jackhenry.dev. Okay? Everything is here. All right? So when we say we are API first, platform first, that is the case. However, we chose to build a UI. We knew we had to build a UI. The other thing I wanted to mention is, I often say there is so much innovation that is possible for our customers where there is no AI required. We are doing a ton of stuff in AI. I am going to show you some live demos. You are going to see some cool stuff. But there is a lot of low-hanging fruit for efficiency gains that our customers can get if we just bring really good design into the back office of a bank or credit union. Okay? I will give you some examples. Every time they bring one of these sidecores in, they have new compliance and regulatory and security concerns. Also, generally speaking, they need an additional team to run it, all right? So they have the team that is running their foundational core, then they need to run their sidecore. All right? Then at the end of the day, as it stands today, and I think this will change, just to be clear, sometime in the future, I am not smart enough to know when, but sometime in the future, these sidecores will be able to settle and clear a bank or a credit union. They cannot do it today. All right? Okay. My idea was very simple. Super simple. We had built this digital platform inside the company called Banno. You guys know it well. All right? I was just like, "Why don't we just build a platform and connect it to our foundational cores and make this easy and help our customers avoid a conversion?" Because how this could have gone, okay, is we could have said, "Hey, we are going to build a sidecore and we are going to go compete with the likes of Thought Machine, Finxact, et cetera." We could be sitting here talking to you today explaining that we are now going to go to market and tell our customers that they have a conversion if they want to use the new technology. Okay, how well do you think that would have gone over? Not very well. Okay? So we needed to offer them a path. I'm going to cliff climb you through what that path looks like for our customers and a bunch of stories about customers that are taking that path today. The idea is, hey, build a platform connected to the foundational core. If we did that right with really good integration to our existing core, our customers would have optionality. That would allow them to modernize and convert at their own pace. I think everybody knows that conversion is a really scary thing for a CEO and management team at a bank or credit union. We needed to break that up and allow them to take that at their own pace. This is the mental model. You guys have seen this before in my presentations, but I just do it every single time so everyone understands this is a foundational core system. All right? We enable the public cloud on top of that foundational core system. This is our wonderful partners at Google and the Google Cloud Platform. Okay? Again, like I said, this has been an amazing partnership. Full build-out. I'll give you some stats on that later. We enable a public cloud for our foundational core systems. That enables data and AI. You saw Keith give you a wonderful presentation about Jack Henry AI Fabric and Gateway. Okay? That Fabric and Gateway runs on this platform. Okay? This platform is, and I would say anytime you sit down to build something new, you need a little luck. Okay? You do need a little luck. We got lucky. I didn't know ChatGPT was going to happen. I'm not that smart. We wanted to build AI native. We had talked to Google about it, even pre-ChatGPT, that we wanted to build an AI native platform and enable the Google AI stack at the time. That has just evolved to where we are now, and we are just basically natively AI ready. You saw a bunch of examples of that in Keith's presentation. That gets us to where we were in the build-out in 2024. I'm going to come back to this in a second. Right here is where the magic is and where all the hard work is. We integrated this new platform to our foundational cores. A lot of people think, "Well, why is that magic, Ben?" This is one of the big reasons why Woodforest National Bank came to Jack Henry just this year. Because anytime you go buy a sidecore and you realize, oh, I got to integrate a bunch of payment systems, I got to integrate a bunch of things on my foundational core, every time that happens, you're now spending a lot of money. Folks have spent millions and millions and millions and millions, I'm not exaggerating, we know the numbers, millions of dollars integrating these sidecores into their foundational core systems. All right? This is a huge problem. What we offer is out-of-the-box integration to our foundational cores for every single product that we offer on the platform. All right? Okay, I'm going to give you a quick example so you have a mental model for how this works. We've done this dozens of times at this point, okay? Very simple. What you see on the left-hand side of your screen is the Fed. We manage all this orchestration to the Fed. My team runs all the internal integration here at Jack Henry. What we can do is, on a Friday, we can coordinate with the bank or the credit union to stop using their wires module. Our conversion team actually runs a small conversion. It is mostly automated, okay? We reroute for the Fed, and now that wires platform is running here. It is not just moving off a foundational core. A lot of our customers actually use third-party wires platforms, competitive wires platforms, and they are now moving to our wires platform. So it is not just coming off of our foundational core, it is also coming from third-party systems, and it works the same though. Make sense? All right. So on a Friday, this happens, and our goal, what we say, is CEO and CFO should never know this happened. This should be a non-event at the bank or the credit union. All right, I am going to stop and give you a fun story. We actually did five of these on the ISO conversion cutover. You are familiar with ISO 20022? It was a big day in financial services for a lot of us. All hands on deck. Massive change in the wire protocol. Okay. We actually converted five institutions that night. One of those was a credit union customer, and the feedback we got back on Monday was the CEO said, "That was the easiest thing my credit union has ever done." Absolutely amazing, right? Okay. Then the next day, they get a new UI/UX that they are running their wires on. All right. You get a new wire room, they get new functionality that they have never had before, they get some AI assistance, they get a bunch of other things that we bring to the table. That is not all. Remember I said, "Hey, we deliver UI/UX." Let me tell you the rest of the story. We did that conversion for them last year during the ISO cutover. I just met with them again, actually just several weeks ago I went and met. The CIO and their head of technology was there. What he explained to me is that they had gone in to jackhenry.dev, him and his team, okay, and they had worked with our API documentation. This is a big auto lender, so if you imagine disbursements for auto lending, okay, it is a very manual process inside the credit union. They took our headless platform, all right, and they orchestrated a bunch of automation inside the credit union, and he walked me through that. Now there is a bunch of really great people at that credit union that can go do other things at that credit union to provide value. All right. They automated the entire stack. They are over the moon because they get a UI/UX, but they also get this headless automation. Again, I am going to make T-shirts that just say this, "No AI required." Massive efficiency gain inside the credit union. So that is just one story of many that we are now seeing on the ground. Obviously, this enables a faster pace of innovation. When I say this, I mean this in two dimensions. One is it enables Jack Henry to deliver faster innovation. All the things I am building in this fabric for Keith, the rest of the company goes faster. The pace of engineering and development and product development all is increasing. We get a faster pace of innovation because we are building a platform. Our customers get a faster pace of innovation because they can build. And again, I am going to say this 8,000 x in this presentation, but without a major conversion. This is why people are moving to the Jack Henry Platform. What I call the Jack Henry full stack. September 2024. How many of you remember September 2024? Over at the Hyatt, I think, was where we were. In September 2024, I spent a lot of time trying to explain to you all what I call stuff below the waterline. Engine room stuff like this is what we are building and how we are building it and why. We literally had only one module running on this platform. Now, we had done a lot of work here, a lot of work below the waterline up to that point. A ton. Here is everything we have built in the last two years. I am just going to do this a couple times in case you missed it. This is my favorite part of the presentation. Maybe we will just do this for the rest of the time. Is that enough? There is actually more than this. I just wanted the slide to look nice, so I just left it at this. There is a bunch more. Not only that, all that is running on platform, both headless and with a UI. Isn't that cool? Can we do it again? Amazing. Those modules can be combined to build new kinds of products. These are six examples of products that we have launched and are live with customers in some form. A new general ledger. Amazing. You will get a chance to see this in a second. We talked about domestic wires two years ago, but we now have international. We are just now rolling out international wires. Exception item processing. You are going to get a demo of that in a second. Tokenized deposits and stablecoin. Yes, CLARITY Act just failed. I think that is kind of rippling its way through the markets. Hopefully, you are short Bitcoin. Just a reminder, we do have the GENIUS Act, which is a great beginning for stablecoins. There still is a big fight over how those will be effectively "banks." Interest accrual and those kinds of things. We have tokenized deposits and support for USDC, and we are a part of the OpenUSD efforts. We have a full module that supports that today. We will come back and explain that later. We have built out a whole new ACH platform. Early stages, phase 1 deliverable. It is now live at customer sites. Last but not least, because we have a real core, a new one, we have deposit accounts. A couple of things about deposit accounts. Obviously, our foundational cores have amazing optionality for deposit accounts. Combinatorially, they can put together all kinds of different types of deposit accounts, and that is great. But what we focus on with the platform is building deposit accounts that a bank or credit union could not build themselves on their foundational core, if that makes sense. Stuff like round-up checking. Stuff like that. Things that they would have to go have a third party either build, do custom with us, et cetera. Also, things like stablecoin can now be bundled and combined into a deposit-style account, then offered, say, to a consumer or a business. As you hopefully know, Finxact often go to market and pitch customers to launch a new brand. We are doing the same. We now have our first customer live on this platform running a new brand. The way this works, remember, we built this awesome digital platform. I am a little biased. We will talk a little bit more about that later. But Banno actually works natively on this platform, works against this new core system and this technology that we have built. Much like some of our competitors, our customers can build a separate go-to-market brand, but they get one awesome feature. It settles and clears and integrates to their foundational core, so they do not need a big team to run it. They can run it with their existing team. They do not need new vendor due diligence because we are the vendor of choice. We are the primary vendor at the bank or the credit union. They do not need a new security team. They do not need new anything. So it is way more efficient to run a new brand on Banno plus platform, way more efficient, like orders of magnitude efficient than any of our competitors. I am a little excited about this. Big shout-out to Hope Credit Union, who is an awesome partner. The brand that they are launching is a new type of brand to go bank the unbanked. Really amazing effort on their part. Just some numbers. We are now running active-active across two regions in GCP. The digital platform is now at 16 million users. It is actually a little more than that, but who is counting? I am counting. I am sure you are too. Then we have 1,030 financial institutions. So that is running and really kind of burning in, scaling this platform. So it is not like this platform is just barely having a few users on it. We now have millions of users running through it. It is not just that we are building, and we are building a lot. You just saw what we built since we last saw you, right? We have also been building and developing partnerships and give our CEO, Greg Adelson, the management team, and Erica Pilon, you get a chance to meet her, for a lot of work and help in these efforts. We are working really hard and I want to. We announced the Moov partnership, and we will go through that here in a bit, but Moov is now a primary partner on platform. So everything we built with Moov is available actually here on our API docs in a headless way. I am explaining why that matters here in a second. But then we have Circle, which we have enabled for USDC. We have announced that we are part of OUSD, and then Visa, Mastercard, big-time partners for us for real-time money movements and merchant acquiring, et cetera. As these partners come on platform, what we do here is the same thing we are doing with our cores, we integrate, deeply integrate to these partners. Literally somebody can come along and put an agent on the system and do exactly what we do in Tap2Local against what we built for Moov. Does that make sense to everyone? We are both headless and we have products. What this does is enables all kinds of new ideas from our customers. It enables us to then build new products that our customers can buy from us, things like Tap2Local, et cetera. That also enables new add-on sales for existing products. I have a few examples for you. Treasury. Just a couple of quick notes about Treasury. I will go into a little bit more detail about this later, but I think we are now at the point where we can say this, we have one of the premier Treasury products in the U.S. We have customers going into places like New York City and competing directly with JPMorgan Chase and the bigs on Treasury. Fun fact, I think Greg has said this publicly in earnings calls, but we are now winning core deals simply because of our Treasury platform. It is such a compelling product for them to go build big deposit bases and go compete. So we are very competitive. What we have got here is, we have got a bank that actually is going to New York City, closing 600- 700 new accounts per month up against the big banks, and they are winning, and it is awesome. They are growing like a weed, adding literally, I am not exaggerating, billions of deposits in months with our Treasury product. Super cool. But in order to compete, they needed access to stablecoin rails. They need access to stablecoin. So they are now piloting this in lower environments. This is a little bit of engine room or below the waterline, but I wanted to explain this. I have seen questions coming in about regulatory, et cetera. There are two things to understand about regulatory duress in our world. One is we do not get to talk to regulators at the bank or credit union. Everybody got that? We do not get to talk to them. The credit union and the bank do not get to talk to our regulators that regulate us. If Ben could fix one thing in Washington, D.C., Ben would fix that. Because it would be really nice if we could get a check mark, GTG, for a regulator at a bank or a credit union, but they cannot see the regulatory duress that we have. By the way, I am a big believer in the U.S. regulatory system. I am a big believer. It is great. It is hard, but it is great. Anyway, why is this important? Why does this matter at all? We provide lower environments for the platform. So our customers get a chance to take something like stablecoin, run it in lower environments, non-production, and bring their regulators in to look at it. You will get a chance to see some of our regulatory functionality in the platform itself because the regulator can actually come in and audit the entire thing themselves. Super cool. This allows them to get comfortable, educate their regulators, do their due diligence on us, which we are already a primary vendor. Again, this is a huge efficiency gain. It is easier for them to come to us to license this technology than it is for them to go outside and take on new due diligence efforts. Does that make sense? Huge efficiency gain for them. That is Treasury. I want to talk about Victor. Greg mentioned it and talked about it at length. We love this acquisition, and we are in the process of moving Victor, we call it now Jack Henry Payments Orchestrator, onto the platform. Let me give you a future intuition about why this matters. This has already come up in deals that we have for Victor. In combination with what we have done with Moov and our card network partners, Visa, Mastercard, we can now offer Visa Direct and Mastercard Send natively to customers via Victor. Does that make sense? Do you understand the strategy now? Why would we buy Victor? We can bring that in. Also, cool thing, Victor has some functionality that the platform does not have, and we will be utilizing that. Super awesome. Basically sub-accounting. This gives us a combinatorial effect of what I call 1 + 1 + 1 = 10. Again, over here on the left, what you see is some of the modules on the platform that we are using out of the box to enable some of this functionality. All right, cool? All right. It was on the slide. I want to just call out GRAPH. I have not talked in public about GRAPH at all. It is important to probably start talking about it. This is what I call below-the-waterline technology, but it is actually way simpler than you think. This is just entitlements, rights, and permissions. If you and I are running a business together and we have to entitle a bunch of people to go do stuff on our behalf, like initiate a wire, and then, say, you and I approve it, all those kinds of things, that is what the industry refers to as entitlements. What we realized because we had built a large digital platform, and we are the only core processor that has built one inside a core company, we realized that we needed to build a substrate that worked for both the bank and the consumer. That is because traditionally, this gets super boring, so I will not bore you, but traditionally, rights, entitlements, and permissions have been split between core systems and digital systems. This is a huge inefficiency for their customer. Massive. There is not a single customer that you can go talk to if you ask them about this, about entitlements in their digital system versus entitlements on their core, they will all go, "Oh, it is horrible." So we saw a chance to go solve this. In addition, we already had an identity platform that we had built for Banno. We have now overhauled that identity platform, that is now getting rolled out to all of our customers. So everybody gets Jack Henry ID. The other thing to understand about GRAPH and our identity platform is that it is a big part of the middleware that we are building for our outside the base. This is a multi-year build as we are targeting getting Banno and Treasury outside the base, which Greg has talked about enough in public. Okay, so fine-grained permissions. We actually built this design. We call it fine-grained permissions at every level. What do you need for AI agents? You need fine-grained permissions at every level. All right, so let me explain. My simple way of explaining this is I have always said when we built Data Hub, so everything Keith is doing on the data side is being built on top of Data Hub. We built that. We talked about that in 2024. If we had not built Data Hub, Keith would be two years behind on his efforts, min. So I always say no data, no AI, no identity, no fine-grained permissions, no AI agents. We built one of these things already. Let me give you a quick intuition for this. If you have an AI agent on the consumer side that is doing something, and then back to you and I running a business, and let us say we enable business agents to help us do our work. That identity of that agent is going to be linked to you and I as business owners. And if that agent does something, who is responsible? You and me. That is how the regulators will see it. We already have priors for this. This is not that complicated because we have had workflow for how long? Two decades. So how does that work? The identity of the person who built and designed the workflow. When the regulator comes and looks at a workflow automation inside the bank, they are going to be like, "Hey, yo, who built this?" There is an identity of somebody who did it. Then they are going to be like, "Well, okay, how did it run?" Because that is the automation. And then, "Okay, who is running it? Who is the human in the loop that did the final approval?" That is co-linked agent identity with human identity. And who is responsible? Fun fact. This is a real story. Doing my one-on-one with Greg. Driving back from Chicago with my wife in my self-driving car. I am not paying attention. I have it in max mode. Do not judge me. I have it in max mode. Just talking to Greg and drinking coffee. I am not kidding. Just drinking coffee in my self-driving car. My wife is in the passenger seat. I get pulled over. Who is getting a ticket? It ain't the car, okay? It is not the self-driving system. I get the ticket. Right? And I had to tell Greg, "Well, I got pulled over." He is like, "Were you speeding?" I am like, "Oh, yeah. Definitely speeding." And I was really fortunate that the police officer came up to the passenger side and talked to my wife first, because I would have got a ticket for sure. Anyway, did not get a ticket, got a warning. Gentleman was really nice to my wife. I think if it was just me, I would get a ticket. Anyway, you get the point. No identity, no fine-grained permissions, no agents. We are in full rollout for both GRAPH and Jack Henry ID. All right. Okay. We are going to keep moving here. Tap2Local. Again, just an example of Tap2Local is leveraging our platform. Obviously, Moov being a partner here, ledgering exceptions, orchestration, and our entitlements permissions layer. Okay. But it is going to get more interesting for you all as investors because we are going to go do more high-grade partnerships. We have two more. We wanted to announce them here, but we are just not quite ready. We have got some more I's to dot, T's to cross. Two more amazing partnerships coming. We will announce those at Connect. That will enable even more new products. Again, with a combination of things we build, things we buy, and then these partnerships, really high-grade partnerships. But I want to make sure I explain this. When we bring these partners in, we will build all the hard, heavy lifting work to integrate them to the platform. That is what makes them valuable. Remember back to my opening slide. The value is going to accrue to people who integrate the stack. Value accrues to people who integrate the stack. Value accrues to people who integrate the stack. And that, over time, we are going to keep doing this, and we are not going to stop. Also, this is not fancy work. This is hard work. This is what I call dirt, shovel, ditch, sweat, equity work, right. And it requires analysts, requires Julie Morlan's whole team. It requires people who really understand how systems work, partners working in the trenches with us. And then my engineering team, who is super AI-pilled and has software factories and just print and code. All right. Basically then, I already said this, but to repeat it, this is going to allow us to build a whole new suite of products. So this should get really fun for you all over the next couple of years, because we are done with the below the water line. So now the products are coming. Now the revenue is going to start to flow, because customers then can purchase these as add-ons. I know you guys do not care about this slide. You can ask me about it later if you actually do. All right. We are in the early stages of rollout. Like I said, all the primary component parts that you need for a true core processor are complete. I would argue that, again, there is no shade of competitors. I would argue that almost all the competitors do not actually have a complete core system. They do not. We do. All right. And like I said, running active-active on the public cloud. And it ships with integration to our existing foundational cores, and we got to do a demo. How many of you all want to see the software. Okay, let us go. Okay. Real quick side note, if you care, this is our design system. Greg talked about it, but it is open source and it is on the internet. We actually think having this open source is amazing. Keith talked about the acceleration of development. Having a design system, literally anybody on my team can connect to the design system Cloud Code and generate 13 prototypes, send it to a customer, get the feedback. So the pace of iteration just works like crazy. So this is open source. Our customers can use it. Our partners can use it. But that is effectively how we get the UI we have. And now you are looking at the UI. Okay. So this is the platform. I am going to just give you a quick tour through a number of things. I'm going to start in the most boring part, and that's because I was fielding some questions in and around regulatory. I thought I never really actually ever talk about this or show this. I'm going to do this really quickly because we actually built this first. My team has seen and felt a lot of regulatory duress, and I've spent a good part of my life under regulatory duress, as has most of my team. We're going to actually move this to audit, and I'll hit this really quick so you can see this. We actually built this first. There's a thing underneath the hood that you can't see. This is our entire audit trail for the entire platform, okay? There's a special thing that we did, that we actually can put controls in the platform, and then this is actually the work surface that the regulator can use to audit. What you just saw, here's basically what happens in a regulatory exam. They look at a control. It says you do X, Y, or Z, and then they say, "Okay, we want to see if you do X, Y, or Z for this period," say three months. They will pull that up and they will audit you, thus an audit log or audit trail. I'm just giving you a quick look at what this looks like. What we wanted is for our ability to hand this to a regulator, and they can actually pull it up on an iPad and audit and regulate the system, okay, live on the platform. Okay? This is all real-time. That's the most boring part. We'll talk about Wires. This is our Wires platform. Also, if you like dark mode, pretty cool. We've got dark mode. If you're tired of staring at a bright screen. You might say, "Oh, Ben, that's not every." This is actually a big deal for people that are working on a computer screen all day, especially processing wires, et cetera. I'm going to go back to light mode just because it's a little easier to see. This is Wires. Now, we're multi-tenant SaaS, obviously, but we also are multi-institution for a single tenant. What that supports is people that run multiple charters, and we have a bunch of them, okay? They're known as holding companies, okay, often. We have a bunch of those. I'm actually just going to switch to a different tenant. This is how easy it is to just switch to a different tenant. I'm in a completely different tenant. You can see in this tenant, I have international wires enabled. So international wires is here. Okay? We're going to switch back to the other one, which is Garden, and we're going to continue our little tour. We're going to hit ACH really quick. We just launched ACH. It's been a long time since somebody built a new ACH warehousing platform. You should check that out in the market. Who's building these kinds of things? Almost no one. This is now an additional module on the platform. Let's jump in to general ledger. This is our GL. We built Data Hub in the early days below the waterline because we knew we needed something for all of these modules, and that was a built-in reporting system. I am going to just hit reports for GL, which is a huge part of any general ledger product. These are just examples of dashboards that customers can build out on their own. This is using a platform we call Jack Henry Insights. It is a built-in reporting platform that is in every single module. The customer actually buys this from us and pays for it. That is the general ledger. We are going to jump into exception item processing, one of the most boring parts of the bank, and give you a taste of what we are doing with AI. I had this preloaded, just so you know, sorted. I had a particular item that I could work with. In this particular exception, if I am working this desk, I am reading this thing like, what is going on? I have got some notes, and I have got this AI assistant that has given me some info on this. If I look at this, if I look at the details, it is saying, "Hey, suggestion is move this to checking." I just want you to notice that we have actually highlighted the fact that this is marked savings and needs to be marked checking. You can see that little AI note there. We will mark this as checking, and then you can see that. Oh, okay. That is what the AI suggested. Now we can approve it. These AI assistants are going to be all over the platform for every single work queue. Let me give you the quick intuition for this. If I am a person running this on this desk, let us go back to you and me running a business. Let us just say we have been at the bank for eight years. We have a payroll file come through ACH, and it bonks. NSF. Ends up here. We have never had a late payment in our life. What do you think one of our banks or credit unions is going to do? They are going to put that through and give you a phone call, right? That is institutional knowledge that is just not captured in existing systems today. We capture that, and we will present that as the next best option. Again, human in the loop. That is exception item processing. Let us jump into digital assets. Again, we have support for Circle and USDC. Over time, we will have support for OpenUSD as that comes to full, mature fruition, and we can start building against that platform. In addition, we are doing tokenized deposits. I want to give you a quick preview to that. We also have smart contracts on the platform. How many of you know how smart contracts work? Smart contracts are literally the opposite of LLMs. They are 1,000% deterministic. Do not you think that banking needs a deterministic layer of automation? Yeah, smart contracts. It is amazing. Already in the platform. We will announce some more stuff when we are at Connect. That is part of the platform that is being utilized today to pilot things like stablecoins, et cetera. I am trying to slow myself down as I get rolling. We are going to jump over and just show you insights really quickly. Remember back over here under general ledger, we had this reporting system. This reporting system, the underlying technology we call JH Insights, and that is a first-class citizen, first-class primitive on our platform. I am going to jump into our help desk conversation platform. What this is we have this thing called Banno Conversations. You guys have probably seen it over the years. It is a big reason why people buy Banno. It is a built-in help desk that allows them to do digital self-service in a really high-grade way. This is just a dashboard built against that data. We are solving a really interesting kind of boring problem inside the credit union or the bank. You saw Keith's presentation. He is building this awesome analytics data platform. One of the things we find inside a bank or a credit union is they have a good data team a lot of times, or they have a data warehousing product with a team working on that. Then there is somebody, John Doe, at a desk who needs a report, and he is literally asking them to build a report. That report could just be built with natural language and easily generated right on the platform. We built this out. This is what we call Insights. I am going to just jump into this particular one, and you can see. Maybe my boss hit me up and is like, "Hey, I want to see an eight-month view of this." I am looking at this thing. I only got three months, six months, 12. I do not see eight. Can I see eight months? We have a little AI assistant down here. We have got these all over the place in the platform. This is going to repaint and give me eight months. I am going to say, "Hey, how about 18 months?" Could I hit enter. Could I come up here and muck with this report builder and build all that out? Short answer is yes, I can. For sure. Let me give that a thumbs up. We do not need to give you the feedback now. We will run this for 18 months. What we are doing is we are giving a normal person who does not understand how the data works, they do not understand anything, they can very quickly generate a report and a dashboard. Their boss asks them for something, they can go get that. Then, like in this particular case, if I am running the help desk, say, for the bank or the credit union, I can just put this on my iPad and roll into a presentation, plug it in, and I can go through my dashboard. That is Jack Henry Insights. I got one more thing before we switch gears. I am going to switch over. What you have been looking at is really the banking side of the platform. Now I am going to show you the credit union side, and I am going to show you the integration. Now we switched gears. Now we are in a credit union. You might say, "Well, Ben, that is not a real live use case." We actually have, Shanon, help me, nine customers. 12 now. 12. That run both SilverLake and Symitar at one financial institution. We have a phenomenon wherein which credit unions are buying banks. We now can run this platform across both of them. You just saw me do it with one click. But I am going to jump into Symitar. Well, what is Symitar doing here. When I said we had real integration, I was not kidding, because what I am doing now is pulling a member up that is on Symitar. We are actually completely overhauling our user interface for Symitar, and this is going out to customers. I can. Look, all this information is on Symitar. When I say we are doing deep integration to our existing foundational core systems, I am not kidding. Not only can I see Meg's data. By the way, Meg is awesome. She leads our sales engineering team in the CTO office. She works with me. It is really great. Not only can I see all of Meg's information, I can also take actions. I can take actions. I can move money, I can put stops in, I can loan recast, I can pay a loan, I can manage cards, I can edit a member. There is a bunch more functionality coming for our customers. That is the tour. Just doing a quick time check. I am actually doing pretty good. For once, Greg, doing good. That is the demo of the platform. What do you think. Good. Yeah. None of that existed two years ago. None of it. In 2018, we are going to switch gears and talk about Banno and Treasury and Tap2Local. In 2018, we began building the Banno digital platform inside Jack Henry. I am going to come back and explain this. I realize this is just something we have not explained a lot in public, so really wanted to make sure our investors understood this part. In 2019, right before the pandemic, Greg came to me and he said, "Hey, since you own Banno, I would really like you to take on a Treasury product." There was a fledgling project inside the company to build a new Treasury product. We had the good fortune and privilege of taking that product on in 2019 and begin working in earnest. This is part of the story I wanted to make sure you guys understood. This is just a quick cross-section of the top digital competitors in our market. You can see the names. I think all of these names should be familiar to you. These are great platforms. I have nothing negative to say about them. They are also partners of ours. They are actually real partners of ours. They actually resell a lot of our products. What I wanted to articulate is that all of their founding dates are before Banno. Banno is the newest platform that has been built. It has the unique class that it was built inside a core company. I always wondered when I was just a FinTech hacking code with Wade in Iowa, I always wondered, what would happen if somebody really built one of these things inside a core processor? That is what we did in 2018. The management team came to me and asked me what it would take to rebuild Banno from scratch inside the company with our core systems as the primary target. We did that. That then got us to where we are today with 1,030 financial institutions. We are, I believe, the largest platform by financial institution count. Not user count, but by financial institution count. Pretty awesome. Like I said, about 16 million users. I do not think there is any debate about this. Banno is best in class on retail. What we have been up to for the last four or five years is building out the business side of this. That is always the hardest build. If you go talk to any of these folks that are on the screen, they will all tell you this. If you were closely following folks like Q2 or Alkami, they will tell you how long it took them to build out the treasury functionality and the entire business functionality. Kudos to them. They have got great platforms. There is no shade here. I just wanted to give you a kind of a reset of where Banno is in its sort of life cycle in innovation. That gets us to 2024, where we announced plans to build Tap2Local. That was me and Wade talking to you all, right, over at the Hyatt, explaining what we were going to do. We had not started yet. It was just we had kind of inked our deal, right, Wade? Really what that gives us today, I am just previewing what I am about to go through with you. What that gave us is a rounding out of our business strategy. We have Treasury, which I just talked about. Amazing product. Our customers are having huge success with this. We have Banno Business, which is in massive rollout right now with the operational team. Then we added micro and small. A couple of things. Banno Business is for small to mid-sized. Treasury is for large commercial. All these products have overlap. They also have features that each one can use. I am going to explain this here in a minute. Features that we build on Tap2Local, Banno Business customers want and Treasury customers want. This is an ecosystem now. Do not just think, "Oh, it is just Tap2Local. Ugh." No, it is like this is a platform ecosystem play. We can service now somebody who is running an LLC on a retail account, going to the farmers market, maybe selling raw milk in Indiana. I go buy that stuff right next to my house. Super cool. You should try it. It is good for you. You do not have to, though. It is kind of weird. Indiana is a fun fact. It says for cats and dogs only because that is what you have to, by law, put on the label to sell it. I buy it. You should try it. Anyway, so farmer's markets, all that kind of stuff. Then service businesses are notoriously underserved. Landscape companies, et cetera, are notoriously underserved by our customers because they cannot scale this. Then these mid-sized businesses are people with employees. Maybe they got crew, maybe they have some management team help, maybe they get some third-party finance help. This line, I refer to this is a hazy line because it can depend, but this is a line where in which a business needs a CFO, roughly speaking. What we have our customers do is our customers are doing an amazing job at this, actually. I will just brag on Alpine Bank. Alpine Bank, awesome customer, full-stack Jack Henry customer. They spent two years breaking down their entire segmentation across these products, and this is how they are going to market. Everyone knows that small business is a huge opportunity. The underpinning data for small business being an opportunity is this. This is just a quick graph of the number of new businesses open in the U.S. I just demarcated 2020 because of what happened here. This is only going to grow, especially with AI. Back in 2024, this is actually 2023, I think. I do not have a date on here, but Mimi and Wade were dreaming this whole thing up, like, "Hey, how do we go help our customers compete?" We talked about that at Investor Day in September. This is just for fun. This is me. After we left Investor Day in September, we had a lot of work to do. It was not just a tech build-out. We had to go get deals done with Visa and Mastercard, our awesome friends at the card networks. This is me and Greg and Wade actually coming back from the Mastercard trip, where we just met with Mastercard executives, New York City. This is my home little airport. Late at night, we got a picture. This was us getting to work on the deal side of what we did, and I just want to give a huge shout-out to our card partners, Visa and Mastercard. Absolutely amazing partnership. I really appreciate them because they sat down and listened to me, Greg, and Wade explain what we wanted to do, because a lot of the ecosystem I just explained to you, I did it maybe in a shorter time with less detail. Explained what we were doing and why. They loved it, both card brands. They loved it. In the meantime, what we did, one of the things that Visa and Mastercard, some wonderful people came to us and said, "Hey, you really should do real-time money movement on the debit rails." What they didn't know is that Wade and I had already been thinking about that. Wade and I, we're always thinking about stuff, right? What we did in parallel, as we started working on Tap2Local, we built out Jack Henry Rapid Transfers. What is Jack Henry Rapid Transfers? It's pretty simple. This is just a quick demo. If you have two debit cards in your wallet, you can move money from one to the other. That's how it works, okay? Every big bank has this feature. FinTech has this feature. This is just the example of it working on our platform, okay? I want you to remember this because this was a foundational build for us. We just didn't tell anybody what we were doing. This gets to one of our announcements that's coming. Wade and I always wanted to do what you smart people in the room would figure out what's coming next. What comes after this, right? What do you want to do once you have this? Anyway, we'll talk about that later. Fun fact, what we realized as we built this out with Visa and Mastercard as our partners, Moov as our enabling partner on the merchant acquiring side, is that not a single community financial institution in the U.S. has this feature. Super weird, right? Big banks do, FinTechs do. Our customers are super excited. Then we hit Tap2Local, okay? This is our brand for Tap2Local, but remember, this is delivered through the financial institution's brand inside the bank. You're going to get a full demo here in a second. We saw a gap in the market on the phone inside the mobile banking or online banking experience that nobody had done. Nobody had done what we proposed to you all two years ago to do. Also, there was a gap where some people had done iPhone stuff, but they hadn't done Android. How many Android users in the room? We can't leave Android users behind. I know. I know that. By the way, Wade and I have always been iPhone, Android, iPhone, Android. I don't know what that says about our personalities, but you can decide. This is me bragging on everybody, okay? Fun fact, we didn't tell you this, but Wade and I had been in a lot of rooms, talking to a lot of people, and everyone, I mean everyone, told us that this would take two years. Wade and I were like, "No, we can do it. We can do it." What takes years? 28 + certifications on four card networks and Google and Apple. By the way, you have to nail those certifications on all the card networks to get Apple to even consider or Google to even consider. This is a massive build. Also, fun fact we learned along the way, Wade. Nobody had done this in the United States. You might say, "Well, this technology exists in the United States," you would name me the brand. Yes, they had grandfathered in from other countries where they certified in other places. Make sense? Nobody had done it here. We had huge walls to get through. I want to give a big shout-out to Mastercard and Visa, American Express, and Discover. All those teams are awesome. Massive shout-out to the Moov team. I've never seen such amazing work on their side. Then huge shout-out to the Jack Henry team. This was all hands on deck. We're basically working as one team with card brands, and we nailed 28 certifications in seven months. I might be a little too braggadocious about that, but we did it. In the meantime, we built all these features and shipped them. These are all the features. I think we talked a lot about what we were going to do last time we saw you because we had open banking. We could do some cool stuff with QuickBooks so we get automatic flow of data into QuickBooks, et cetera. All these features were enabled on day one, but the initial payment experience was very minimal. Very minimal. We knew that, and we knew we had a lot to run down. Here's a timeline. You can see I'm a fan of timelines. Moov partnership gets signed in September 2024. We announced it here at Investor Day. Like I said, me and Greg and Wade went to work. Got the Visa Mastercard deal done. By the way, that is specifically between us and Visa Mastercard. Then the build began in earnest from January. January 2025 to August is when we landed all the certifications and the build was done. Not only did we land the certifications, the initial build was done. Oh, by the way, we filed a couple of patents, maybe one or two patents along the way. If you want to talk about that today, you can ask me in private after this presentation. Then we hit Connect, and last year at Connect in San Diego, I live demoed from an actual bank, live in production, Tap2Local working from the stage. People think I was courageous to do such a thing, but it's the same place they hold Comic-Con. All that Wi-Fi works great there. I wasn't scared. I'd done it before. Anyway, live demo presentation, San Diego with live customers. The other thing I wanted to make sure we explain is from here, we had to do a wave rollout in Banno. By waves, we had to start with, say, 10 customers, expand to another wave of 80, and then 100, et cetera. We actually did 10 waves of rollout. It's not like you can just turn this on and push it all the way through to our customers. We did this in waves. We also wanted to make sure we did our best to communicate to customers what we were doing, et cetera. So between October 2025 and May 2026, we finished the rollout. Literally, we just finished this rollout in May. Since May, we've shipped a bunch of features. Just since May, AI-powered product catalog, shopping cart, customer file, invoicing. Payouts actually land this month, so I went ahead and put it on the screen. Then we just finished remote deposit capture for small business. Now in Tap2Local, you can accept card. You can send an invoice. Then you can also accept checks. This is a huge deal for folks that come to your house, service businesses and service industries. Just a couple of things about payouts. This is the payout feature. Basically, super simply, this is businesses can send payouts to vendors or contractors without collecting their payments information. This is basically the same functionality as Jack Henry Rapid Transfers, but for business. Make sense? But remember what I said about we're building a platform here. Our treasury customers want this feature. This will be native in Tap2Local. Businesses love this feature. But that entire spectrum of businesses will actually use this. On the Tap2Local side, we built out product catalog. We have an AI-assisted image generation. A lot of our businesses don't have the time to go get photography done and all that kind of stuff. We'll give you a quick demo of that. Then invoicing. Invoicing is a huge building block for us because I'll give you a bit of a forward-looking look at what we're doing on the product side. It's really important to build this small business flywheel that we get to access to capital. Access to capital gets the deposit flywheel going, and invoicing is going to be a big part of that. You're smart, so you can figure some of that out. Do you guys want to see a demo? By the way, this is for real. This isn't no joke. This is my account, so we'll kill that. This is my account at IncredibleBank. I have a business. I just want to call something out here. Everything you see here is. I'm wondering about the Internet and just like this, wouldn't you believe it, just my luck. There we go. Now we're cooking. A couple of things I want to just start with. First of all, if you're running a business in today's world and you have Square or some other merchant client provider, you do not have this experience because here's my operating account at the bank. When I take payments, the payments are actually going to come into the Moov system, and this is my merchant account at Moov. Look, I took a payment earlier today. That's pending. That $39.79 is going to come into my operating account. But I can see that right inside my app. This is incredible. This has never been done. That's my merchant account, and this is Tap2Local. We're going to give you a quick tour of this. I am just going to get out of here quick. First of all, the merchant experience, I can go accept a payment. I can do a really fast payment. If I just want to take 12 bucks from Greg Adelson, which I'd love to do, by the way, I can just do that. Then I can take his card right here. Super quick. This is our quick action. But we have invoicing. I had sent an invoice to Greg earlier. I don't know why he hasn't paid it. He owes me 30 bucks. Then we have payment links. A fun thing we've discovered about payment links, is that you have a bunch of solar companies on this thing now. Average transaction size, like $17,000 for payment links. Super cool. Service businesses, et cetera. That's payment links. Then we've got our product catalog. I'm going to build a new product for you really quickly here in a second. Then we have a customer file, which my only customer right now is Greg. It's ironic because Greg doesn't drink coffee and I'm selling coffee. I should be selling dot-coms, is what I should be doing. Or bourbon. Should be selling bourbon, is what I should be doing. Okay. So I'm just going to show you some fun features, in our product catalog. We're going to add one. Notice we don't have a breve latte. How many of you like breve lattes? Come on. Half and half? Cream? I like my breve lattes with cream. Okay. Breve latte. It's a good way to get fat. All right. Okay, breve latte. We'll just say this is a 12 ounce. All right? And this is our Hey, I can choose from a library, I can browse files, all that stuff. But we've got nice little AI feature in here. We're going to just generate the image because I don't have time for this. If Greg's a customer of mine at the coffee cart at the farmer's market, I just can quickly generate the thing I need to get for him, all right? Then I'm done. Oh, I need to give it a price. So it's going to cost Greg $3.95. All right, we'll just do $3.95. We'll hit Done. Create that product. Now we've added to our product catalog. So now what I can do, and I just need to grab my card because we're going to do this live. Like I said, this is for real. We're going to actually take a real payment. So I'm going to accept the payment, and I'm going to just do Americano, breve latte, cortado, and maybe some coffee beans. All right? And this is our shopping cart. If I want to add some more coffee beans, I can do that. And that gets us to $39.79. All right? And now this is our checkout. This is the experience that Wade and I were driving to. We don't think this experience really kind of exists anywhere, like QR code. Okay? Get paid with tap to pay, so card present. Card not present, payment link or QR code. Then I can send an invoice as well. Okay? This is where the magic of invoicing comes in and this beautiful slide-up checkout experience. Okay, but we're going to just do a tap to pay. Whoops. All right. We're going to do tap. Oh. Come on. We know. I've only done this 30,000 x. I think it just wants to mess with me. Okay. Tap to pay. We just accepted a payment live. I can email a receipt, and we're done and out of here. So obviously, we have the ability to manage disputes. We talked about that. Actually, nobody's kind of built that, but it's kind of a boring part. We have built-in dispute management, et cetera. So now, what's next? I think that's at least part of the reason why you guys are here. And this is going to get pretty exciting. The thing I want to tell you about the two announcements we have is that these ideas were originally in the pitch deck that Mimi and Wade had crafted to pitch Greg when we first pitched it to him. We had contemplated this quite early on, but as with anything, you have to really build and scaffold this up. We have some things on the platform that weren't quite ready yet. We had a few other things we needed to do. We needed Greg's help on a number of things. Greg is a big fan of crawl, learn, walk. Execute, execute. What we're going to announce today, and this will be a full rollout in Connect. I want to just say a couple things about both of these things. These are built. They're effectively dev-complete. We don't have demos for you because we want to save the demos for Connect. I'll be back to my usual business of doing live demos on stage, at our 50th anniversary. This next thing might seem a little boring to you, but it is a really big deal, and that is expense management. We're bringing expense management and virtual card issuance into the platform. Now, question. Quiz time. Is this a Tap2Local feature, a Banno Business feature, or a treasury feature? Yeah, that's right. Cool, right? I think if you're smart and you're in this space, which I think all of you are, you know about FinTech competition, i.e., Ramp, et cetera. This is effectively allowing our customers to go build and deliver a Ramp-style competitor for expense management. Out of the box, you'll get instant virtual cards, granular spend controls, MCC restrictions, time of day limits, single use if you want them. Back to us running a business. We got five people that need to do purchases for us or they're on the road or whatnot. We can actually give them granular spend controls. It's really an amazing thing. In addition, automated receipt capture, super cool technology, some AI enablement there, vendor card payments. Reloadable cards specifically locked to a vendor. In my case, say I've got somebody who works for me that orders coffee beans. We can just lock that in to that particular vendor or provider. And then real-time visibility and ERP integration. Again, all of these things will run across our entire business platform, and then this is kind of what it looks like in the app. Super cool. Employees request a card, track and manage the spend, and then they can capture their receipts. Beautiful system. Again, we're pretty close to dev complete, and then we'll be demonstrating this and showing this at Jack Henry Connect. Super cool. Again, we serve the whole business spectrum. I just put this in here as a reminder, just in case I forgot. We have one more thing. This is actually a long time dream. Right, Wade? Long time. I think back when we were initially building stuff in Iowa, I remember us being super bummed when Cash App hit because we wanted to build something like this. There was a dream to always do this. Actually, back in that picture of us drinking a little too much tequila and talking about these ideas, we pondered this. We were trying to figure this out. Before I go into this, I really want to give Wade a ton of credit, because this is, I do not know, two years of work on your part, an insane amount of meetings coast to coast to coast to coast. It is difficult to give you the detail here, but for time constraints, there was a window in the market that was going to enable somebody to go do this again. It has been done before, but there was a window in the market, and then there are always these market windows, and then there are these technology windows. That is one of the ways I like to think as an entrepreneur. You have these technology windows that happen, and then you have these market windows, and when those intersect, you get unique opportunities, and usually entrepreneurs just close those these days. They just get closed, really quickly. Shout out to Wade and the Moov team for getting us there. By the way, this technology is complete and ready to go and ready to embed. I am sure you guys can figure out what we are doing. We are excited to share with you today peer-to-peer money movement. This is a new kind of network. This is peer-to-peer payments built for fraud prevention first, powered by Moov and our amazing partners at Mastercard and Visa in partnership with Jack Henry. I am just going to give you a quick tour of this, to help you understand. How many of you have said to somebody, "Do you have Venmo or Cash App?" How many of you said that? Or do you have Zelle? How many of you said that? There is no in-network and out-of-network. Is that a in-network or out-of-network question? Yes. This system is, "Do you have a debit card, Andrew? Oh, you do. Cool. Well, this will work." Turns out 90% of U.S. consumers have debit cards. Again, I cannot give Visa and Mastercard a big enough shout-out here, and I cannot give Moov a big enough shout-out for doing this, but this is a pretty big effort and lift. Native support for senders and recipients with multiple financial relationships. This is referencing the technological window, universal support for passkeys and other kinds of fraud prevention that just was not available when those network-oriented apps were built before, like Venmo, Cash App, and Zelle, as an example. There is going to be 1 million questions about security. I am not here to talk about security, but we have an amazing security-first story. Actually, I think this will end up being a much more secure network than any network that has been built. I am just going to walk you through the experience so you can see this. Just remember, this is going to be embedded in Banno, and there is another really cool thing here. Remember how we work at Jack Henry. So the Jack Henry partnership side is we are going to be embedding this for our Banno customers and making it available for other customers not on Banno, right? But what the financial institution will be able to do is brand this to their brand so they get the brand equity for the peer-to-peer money movement. Make sense? Much like Tap2Local can be branded to their brand, much like Banno can be branded to their brand. Again, we want to give brand leverage to the financial institution brand. Okay? Of course, it will be powered by Moov like we have in a lot of our screens. But this is basically the UX. Okay? This is how it would work inside Banno. This is a sender experience. If I need to send you money, Andrew, I can just say, "Hey," you would have to be in my contacts, of course, and I can just find you in my contacts and send this to you. All right? You are going to get an SMS message. All right? Now, there are some things we are doing here. I do not have time to talk about it, but you can actually do this over secure SMS, and we are working hard on that with some partners. So again, there is a whole verify loop that we have here, but again, Andrew, you are going to get a quick message up on your screen. Okay? Arlene sent you $40 for lunch. All right, and then this is the flow you are going to go through, and then you are literally going to be able to. If you want, you can use Apple Pay on your phone. Right? Then you can just transfer the money using the debit card rails. Pretty simple, huh? Pretty cool. Lots of cool stuff to talk about. We will explain a lot more at Connect, as we roll this out. But it is going to be, I think, a pretty magical new network. Enrolled once, paid anywhere. Again, powered by Visa and Mastercard, and our amazing partners with Moov. What is next? Initial launch at Connect. All right? So we will be talking about this. Working hard with our card partners on cross-border payments, so we have non-stablecoin options here. Then, coming soon after that, because that is a retail experience that you just saw, kind of like Jack Henry Rapid Transfers. So Jack Henry Rapid Transfers was the foundation for peer-to-peer. Hopefully, you all put that together. All right? Much like Jack Henry Rapid Transfers, we are going to have a business version of this coming sometime in 2027. That is my time. Just as a quick wrap-up, platform companies win in the AI era. I think everyone agrees on this. We are AI ready influence. We offer out-of-the-box integration to our customers. That is the heavy lift. That is the most expensive lift. We are shipping faster, I think, than anybody in the industry. We have best-in-class business platform on its way, and we are blockchain ready. Thank you so much. Appreciate it Mimi Is next up. Am I supposed to? Yeah. Are you supposed to lower the table? Yes, we do. Yeah. Hi, guys. I will get this down for you. We are not exactly the same height. Tell me when. We're good. Okay. Thank you, sir. Of course. More gadgets. Welcome everyone. Thank you for joining. I was told if I hit the green button. Thank you. While it is hard to follow Greg, Keith, and Ben, I do get the last word today. For finance, that means telling you how it all adds up. What does this mean? What I wanted to do is something a little different. Rather than kind of build anticipation, I want to start with the conclusion. Because transparency is one of our four key tenets that we talked about earlier. That should apply as much to how I present to what we are going to disclose. Here it is. Jack Henry's growth rate is going up measurably, and the reason is we can name it, and we are going to talk about it here in this session. Everything I show you from here on is that case for that sentence, validating why we are going to grow, why we are going to grow more in the near- term, and why we feel confident about it. As always, we do not put numbers in front of you that we do not intend to stand behind. That is not the Jack Henry Way. We are going to go through the full case of that compounding growth, both top line and bottom line. Before I jump into the details, I have a special shout-out. Renee, our incredible. Thank you for walking back in. Perfect timing, Renee. Our incredible CAO, my partner in running the finance organization, and my right hand for the last four years, is celebrating her 30th anniversary at Jack Henry today. I want to give Renee a special shout-out. She is definitely upping our average above 10. I am bringing it down, but we balance a bit. Let us jump into it. Four pillars. The first and the last are kind of why you can trust the numbers. The middle two are why the numbers are going up. Sustainable, predictable, high reoccurring top-line revenue, that is the kind of floor of the engine. The next part of the story, that is the part of the story you know well. That is the part of the story we have been delivering year in, year out, and you have seen us deliver on that repeatedly. You layer on the revenue multipliers. We are talking about the contracted, booked, already in the bank sales that our amazing sales team has already delivered the last couple of years. The trifecta wins, the new cores, the larger institutional cores. That means more clients worth more. You layer on top the emerging revenue catalysts. You heard a lot of those today. The public-private cloud monetization, Banno expansion, small business, AI, a lot of the things that Ben and Keith talked about for the last several hours. That is where all of that kind of conversation of all those demos you just saw kind of layers on top. As we move beyond revenue, we talk about the free cash flow conversion, that is funding reinvestment, M&A opportunities, shareholder returns, all off a very clean balance sheet. You have a predictable base, strengthening growth, strong cash flow, a clean balance sheet, and that is what will convert top-line growth into double-digit EPS outcomes. Let us dive in. Before I can ask you to believe a forecast, let's talk about what we delivered, and today we're going to kind of walk back and forth between time. We're stepping back. We're going to show what we did in 2026. We're going to go all the way out to 2029, kind of a little bit of bouncing in between. 2026 was a remarkable year. We had non-GAAP revenue of $2.5 billion, up 7.3%, inside the long-term model, not a one-off, and we'll show that multi-year trend in a moment. We had non-GAAP operating margin up 92 basis points. As Greg mentioned, that's the third consecutive year of above 60 basis points of margin expansion. That's not just a cost cycle. That's operating leverage compounded. That delivers GAAP EPS up over 11.9%. Revenue growth plus margin expansion converting to double-digit earnings growth. We talked about return on invested capital of over 23%, earning well above the cost of capital every day on every dollar we deploy. Over $539 million of free cash flow. That's over 100% of free cash flow conversion excluding asset sales. We did over $448 million of share repurchases. That reduced shares outstanding over 4%. $179 million in dividends, the 22nd consecutive calendar year of increases. All while spending over $358 million in R&D for the future. We funded that high almost 14% of revenue R&D commitment and still returned over $600 million. That's not a trade-off we had to make. That's what this model does. Let's talk through a little bit and touch upon the revenue architecture framework. Why it leads to top-line predictability. We have core, a $750 million a year business, up 7%, roughly 30% of revenue of the company, supported by over 1,600 core processing clients. I like to think of core as the anchor capability. It's predictable, but it attaches a lot of ancillary growth around it. We have payments. Over $917 million in revenue, approximately 37% of the company, the largest segment, slightly above the other two. I think about that as the volume engine of our business, accelerating as card and payment adoption rates rise. We have complementary. $740 million of revenue, up 7.7% growth, and the fastest-growing of the three segments with product diversity, digital growth that's fueling, plus the new product innovation. The last that we don't talk about as often, but it's still important as one of our segments, is corporate and other. That's kind of the mix of hardware or Connect conference, other revenue. Those three of the major segments are roughly equal engines in size. You don't have a single dependency of one that's dragging or compensating for the others. You're talking about three equal engines, each growing mid to high single digits, leveraging the incredible same sales distribution pipeline and long-tenured client relationships. When we talk about the wins and what the wins mean. 58 wins. We talked about FY 2016, a record year. With that, we talk about the 58 wins is the fuel, right? That 14 institutions above $1 billion in size. We're not just holding share, we're taking share. We're taking it upmarket. Greg talked a lot about the trifecta wins at 59%, up 39% from prior year. When a client takes core payment and complementary together, that relationship is deeper, sticky, materially more valuable from a revenue perspective. We can say that depending on the size of the institution and their profile, each one of those could be equal in size from a revenue perspective. The impact of those trifectas can be material in terms of the revenue and the importance of that client to Jack Henry. Then we had approximately 40 complementary and payment products that attach to each one of those new 58 core wins. That is a revenue multiplier in one statistic, which is why we talk a lot, and we typically lead our calls in talking about those new core footprints. We are really specific with the numbers. Not everyone in the industry talks about numbers specifically, but we are really specific about that because of that engine, the multi-year impact that those core wins have. Okay? Then we layer on top the new and emerging products. Some of those we talked about today, like small business, Defender, the platform, and AI. They are early, but the direction of travel is clear, and we showed you earlier today, and you will see demos upstairs during the cocktail hour on more of that. The wins signed today, the wins signed over the past several years are going to be recognized over the next several years. The average contract length is still about six years. With that meeting with the high reoccurring revenue nature of our relationships, that 99% client retention, that win bringing in additional products and lasting multiple years. That is the visibility behind the numbers I am about to give you, and it gives us the confidence for those projections. Okay. Let us talk about FY 2027. We talked about this at the year-end earnings call, so hopefully this is not new to everyone, but I just want to refresh it because this is the stage of a launching point as we go beyond this next year. But FY 2027, the guidance, non-GAAP revenue is 6.3%-7.3%. Again, another operating margin expansion year. I like to think about the 20 to 40 as the floor with aspirations higher, and we have delivered on that. Free cash flow conversion in the 80%-100% range. Now on GAAP EPS, you will notice that it is roughly about 5%, but as a reminder, the initial guide for deconversion revenue is $23 million. Starting kind of that low creates a bit of that gap on the EPS as a drag. We will see how M&A happens this year. It is very episodic. We always talk about the low visibility that we have into M&A and that it is outside of control. But that EPS is not a signal about the health of the underlying operating businesses. We are guiding to what we feel confident we can deliver. That has been the pattern, and it remains true today. Okay. Now let us go beyond. We do not guide beyond the current operating year, and I am not changing that today. But we are doing something different, which is FY 2028 and 2029 and sharing our outlook, the trajectory our models produces. I want to be direct about what is changing and how we are talking about it. For years, we have said in any given year, Jack Henry should produce revenue in the 7%-8% range. That was a statement generally about a range we operate in. What you see here is different. This is a trajectory. This is more specific, 6.3%-7.3% in 2027, roughly 6.7%-7.7% in 2028, and 7%-8% in FY 2029. Again, as I said at the start, growth rates that step up, not fade. We are saying that because of the drivers that are identifiable and early in motion. The sales contracts that are already in the locker, the products that are in the hands of customers, the adoption trends that we have already started to see occurring. It was 36 years of operations to reach $1 billion. Eleven more to hit our second billion in 2023. On this outlook, we are likely on a trajectory for hitting our third billion dollars in revenue in about six years. We are compounding faster as we get larger. Many overlook, and it is nice and easy to say in round numbers, like, why not seven or eight? For every 1%, you are talking about roughly $23 million of incremental revenue, and that is on top of the 7%-8% we are already talking about. That is finding big new businesses every year to generate that, and we feel confident in our ability to do that. Again, we are compounding faster as we get larger. To be clear, FY 2028 and 2029 are an outlook. They are not guidance. We will guide each year as we have come to it, but we are not going to put in a slide to you today that we do not believe in. We believe in this trajectory. Let us talk a little bit about catalysts. Everything you have heard today shows up in one of two places on this page, either more clients or more revenue per client. We have incorporated what we know today, but there is further potential from the new categories and the new account adoption trends that we are starting to see. Some of these represent early-stage stablecoins, faster payment use cases, AI-driven solutions. Some of these are a little bit further down the road, and we will see as we get into them. Many of these represent an upside to the forecast that already stands on its own. We feel really good about that model. We feel really good about growing at a higher rate, and we feel very positive about the additional incremental catalysts that are not embedded in those numbers. Okay? We did not want to get too far down the road in a market that is dynamically changing, where account holder behaviors are changing every day. What we see through the things that we have built, through the things Ben has talked about, the things that Keith has talked about, is that we have the capabilities to seize upon those. Until we get a little further down the road and know how the adoption is, some of these may be outside of those near-term windows in terms of meaningful contributions, but they are all upside. Let us switch gears just a bit and move beyond revenue to the high-quality balance sheet and what it supports. Again, reminding you, minimal debt, a billion-dollar untapped revolver. We have no refinancing laws. The Fed moved 25 basis points while we were all sitting here today, kind of as expected. We have no interest rate exposure to higher rates. We have no refinancing risk, no covenant implications, no highly leveraged situation that some of our peers have. That affords us a great freedom. We have free cash flow of 80%-100% conversion off a highly predictable reoccurring revenue and compounding margin. That clean balance sheet means we can act, seize attractive value-generating opportunities as they appear, rather than to wait and ask whether we can afford to do so. As a CFO, I feel like that puts me in a very lucky position. Let's talk about capital allocation. Glad to have tax law clarity now behind us. We are turning back to attractive free cash flow percentages. With tax law clarity, a healthy business performance, in FY 2026, we were able to return back sizable share repurchases and retired over 4% of shares. Absent M&A over this time horizon between 2026 and FY 2029, we have the potential to reduce shareholder count outstanding over 11%. That is a meaningful number. If we think about accelerants to EPS, if we think about even the cost of the dividend and the redeployment of capital by having less shares outstanding. In FY 2026, we also raised the authorization by 1 million shares, giving us the capacity to be opportunistic. We talk about 22 years of consecutive annual dividend increases and a commitment to the continuation of modest increases. You have mid to high single-digit revenue growth, expanding margins, a shrinking shareholder count, and that is how a 7%-8% top line becomes an EPS double-digit return to shareholders. Okay. Let's recap a little bit, and because I have talked fast, we are going to have more time for Q&A. Get the questions ready. We are prepared. In closing, think about Jack Henry as sustainable top line. You have revenue multipliers, emerging catalysts, strong free cash flow with a disciplined capital approach. Everything we have shown you, it sits within one of those four pillars. Again, sustainable top line, revenue multipliers, emerging catalysts, strong free cash flow. Okay? We told you the line we are driving. We are committed to maintaining that and delivering on it, because Jack Henry is a high-quality compounder with upside from here. With that, I am going to turn it back over to Greg. Thank you, Mimi. Anyway, thank you all. We will take some questions. We do have plenty of time. Is that recap slide on there? One back. The recap slide. One back. I hit it. Yep. Oh, there it is. Okay, good. Just shows you a quick recap of what we covered today on each of the speakers. I will not spend a lot of time going through here, but there was an earnest effort to show you all, not only from a standpoint of level of differentiation from the five key differentiators to what we were doing in AI. I think there is a strong belief in the industry that Jack Henry was not doing as much as we are, and we wanted to make sure you had a chance to see that in action. The other component was around the work that has been compiled over the last two years that Ben showed you. A significant amount of work and effort, some of it in partnership with Moov, most of it in partnership with our teams here. The things that we are doing are working because of the stuff and the foundation we built, not only from the Jack and Jerry days, but what we have done with One Jack Henry, what we have done with the four tenets, what we have done with The Jack Henry Way. The things that allow us to work together as a team allows us to work much more quickly. Again, that is another level of differentiation for us in the space today. The other part is the financials. We can spend some time talking about that and where we are. Again, we are and have been for 50 years a pretty, well, 40 years of being publicly traded, a pretty conservative-based company. As Mimi articulated several times, we put out what we think we can hit. We do not know what 2029 looks like other than what we see in today in our models. Again, the growth and the opportunity for us to continue to take advantage of some of the things that Ben showed you today and some of the things that Keith showed you, still pretty early. A lot of those things are very lightly baked into the growth models for what we saw today. I just want to make sure we reiterate that. What you saw today is what we have been executing on. The number of core wins, the number of products that we are driving, the opportunity with trifectas and things along that line. I will stop there, let you all ask any questions, and then we will have some fun. Real quick, we are going to have a couple of microphones coming around, and if you would say your name and firm name for the transcript, please. You have the microphone? Okay. Go ahead and start with James. Afternoon, James Faucette at Morgan Stanley. Thanks so much for all the work that has gone into this. It has been really helpful. I want to talk about or ask about the expected acceleration in growth. Can you just help us parse which of the three core or the largest segments, if you are expecting those to sustain kind of similar growth rates, or if you expect one to grow faster than the other. I know that, as part of that, if we go back to the last Analyst Day, Greg, you talked quite a bit at that point about potential for benefit from moving to public cloud, and that does not seem to be part of the equation today. Am I reading that accurately? If we do see some public cloud starts to come in, can that be an incremental driver? Thanks. Why don't you take the first part Sure and then I will take the second part. Sure. While we didn't talk about individual segments today, I think it's pretty clear that all three are expected to grow. You have all the momentum from the core wins that should have the core segment continuing to grow quite strongly. Also from you mentioned public cloud, but I'll say from a private cloud perspective too, we think there's a potential in this tightened kind of frontier model universe to see a faster uptake in the shift from on-premise to private cloud. We're at 79% today. That's been growing at a very steady clip the last several years. There's a potential that you could see over the next couple of years an acceleration of that. Within each segment, I think you're going to expect to see growth across all of them, but premature to talk about individual segments. The other part of the question, I think there's two components. I'll take on the private cloud first. Part of what we think is going to be an acceleration is frontier models and the concern of operating in on-prem with our institutions, especially those of any of the sizes that we typically represent. A concern of how they're going to be able to handle the speed of vulnerability management and things along that line. We're already getting some larger institutions that have said, "Hey, we're going to stay on-prem forever," now having conversations with us. I think that's part of the acceleration. As I mentioned, last year, we did 36 in-to-outs. Again, I'm not going to forecast what we think the number is going to be, but almost half of those were larger institutions, and I think that'll continue. What was absolutely embedded into the entire presentation of Ben was public cloud. Every module that gets consumed, as that module is consumed, those modules are built in the public cloud. As we're releasing a new wires platform, that's all public cloud API first, as we're releasing general ledger. If you're talking about going full core into the public cloud, yeah, that's still some time before we think folks are going to fully adopt that. What we believe is that as they start to incrementally adopt each of the components, then ultimately, as they've adopted enough of those components, they're now in the public cloud. We actually have opportunities with some larger institutions. Some of the larger institutions, in fact, one that we just met with last week, their CEO said to us, "No way I am doing a core change. I am interested in doing incremental change." That creates opportunities for us to do that. I think it's embedded, and one of the things that we do is that it's not a one for one. Let's just use the wires platform as an example. We had talked about the lift between going from on-prem to private cloud being roughly 2x, right? We've been talking about that as far as 2x the revenue. We said to go from private cloud to public cloud would be roughly a 20% lift. We're seeing that because each of the components that we build actually has a lift in revenue as we roll that out. If the domestic wires platform that was running on the core was running at X, when we sell them the opportunity to go to the public cloud, we are seeing roughly about a 20% lift in revenue from that standpoint. That is the summary on that. Hey, guys. David Koning at Baird. My question, Tap2Local, super interesting. Where does that fall, I guess, in the revenue statement, like which segment? What are the unit economics like? Are you paid per FI, spread on volume? Maybe relative size you expect the next few years. It is a good question. A couple components there. One, from a cost standpoint, it is a rev share. We do a rev share with Moov, based on transaction volumes. Unlike typical card issuing on the merchant side, you are getting, for us, we do not make anything on the interchange, related to our card issuing business. Our banks and credit unions make that. In this particular business, we get part of that spread. Larger transactions, larger opportunities. That is why I think Ben referenced one that did a $17,000 transaction. We would like to see a lot more of those. There are opportunities on the rev spread. We also do some type of rev share with our institutions as well. There is an opportunity for them to pick up non-interest fee income on that component. All of that revenue will fall in and is falling in the payment segment. That will continue to be a part of that. Even though it is sold through the digital platform, it is actually the payments are where we are counting it into the payment segment. From a modeling standpoint, I will tell you that we have continued to be fairly conservative in that. I think we have publicly said that we believe if this takes off the way we believe it will, it will be the second-largest business in our payments segment behind our card business, and we still believe that. Candidly, we just need to see some more proof points on that. Some of the things that Ben and Wade have built over the last three months, as they showed from May to now, we believe, and we are starting to see it with the number of merchants that are coming on, the number of transactions. I have actually tasked these guys to give us 10x-20x the number of transactions that we saw last year. That is part of the mantra. So anything you want to add to that? No. That is all right. Oh. Yeah, go ahead. Hey, good afternoon. Madison Suhr from Raymond James. Thanks for all the color. Hey, Mimi, you made a comment around the 20- 40 basis points of margin tends to be more the floor. You have done 60 basis points plus over the last few years. I know you are not necessarily guiding FY 2028 or 2029, but as we think about revenue accelerating, would you expect the year-over-year margin improvement in the business to also accelerate? Also, how critical is driving trifecta wins to improving the overall margin structure of the business? Yeah. We are going to start conservative and aim to beat. I believe that that is the floor that the engine produces, but we certainly aim for more. We are compensated more. We believe that it can drive more, and we believe that the trends in the business from a mix, from a public cloud usage, there is a lot of trends that support margin expansion inherently in the model. In the short- term, we have talked about there are some headwinds to that. We are investing quite heavily to move to the public cloud. We are getting out of the data center ownership business. There are some cost associated with that. There are some cost associated with protecting ourselves against frontier models in the very short- term. Listen, it is early to say in the year. We are only a couple of months in, but we are feeling great about the way it continues. But it does not take heroics for this business to produce margin. Andrew Schmidt, KeyBanc Capital Markets. Thanks so much for the presentation today. Really good content. If I could ask two questions, one organizational and one FY 2029 outlook. First, organizationally, as we move towards this sort of monetization paradigm, are there larger things that need to change culturally or organizationally as we think about moving faster, dev process, things like that? The second question, I think it is helpful to unpack sort of 2028 and 2029. I understand that 7%-8% sustainable, and then it sounds like there is some optionality from the revenue multipliers and merchant catalysts that are not baked in. Then on the flip side, obviously, there are things like equipment sales, payments volumes, that some assumptions you have to make there. So maybe just what is included versus what is not. Just more clarity in terms of optionality on the longer-term outlook. Sure. Why don't you take that one first? Yeah. So why don't we take that one first. We're building in what we know today. We're building in the pipeline we know of sales that are coming online based on installation slots. We're basing it on the trends of product adoption that we've already started to see. We're basing it on expectations of certain acceleration of known products in the marketplace today. That being said, there are some that are more volatile than others, like hardware. We always talk about, particularly on the in-house customers that are buying IBM hardware. Sometimes that varies based on the cycle of releases from IBM. So that can have a little volatility. We're not expecting huge numbers that are different from historical patterns. But in any one year, that can be a headwind or a tailwind. We are not expecting a huge acceleration to the question we just answered from James. We're not expecting an outsized acceleration of on-premise to private cloud. That could be upside. We're not expecting radical change in the volume of faster payments. It's growing at roughly 50% today. It's been a great growth engine, but on small dollars. So we're expecting modest uptake. But to some of these things, if stablecoin or faster payments really starts to accelerate or S&B is faster than we think it will be, those are all upsides to the model today. Before I answer the organizational question, let me just add onto that. I think there's a couple other components which are important. Back to my original statement. We have been, for 40 years, a very conservative company in our approach. So I would argue to say that there's more outside the model than there is inside the model, because it's what we know. And so there's a lot of ifs, ands, and opportunities in there. The reality is, if we told you that we are going to be at 8.5% or 9%, you'd remember that, right? You'd come back. So we don't know exactly where some of these things, but we're at the precipice of that happening. As Ben alluded to, a lot of this stuff that we have been building all under the watermark, I think, is what you used as the term. You're never done done, but you're mostly done with building that out, building a foundation. I talked about in my presentation about the foundation of this company being built way back 50 years ago. Well, that's what Ben was doing. He's building the foundation so we can build on top of it and build faster. So as those products are coming to life, what we don't know is how fast are they going to come to life? And so that's the key. So we are very bullish on where we're going. But we're also trying to be very reasonable in our approach, knowing you all don't forget. So that's kind of that component. The next piece is the organizational question. You are 100% right. Workforce management, the changing and dynamic of the type of people we hire. As resignations and retirements have happened, we've looked at different types of people that we brought into the organization. Fortunately, people like Keith and Ben, a lot of people want to come work with them. We get a lot of folks that want to come work. We've also, as you know, kept a remote environment, which allows us to be very flexible and get some of the best of the best. The skill sets of the people that we need are definitely changing. In fact, not to put her on the spot, but we just hired a new Chief People Officer, and she's in the room too today, and she starts here in a couple of weeks. The reality is, that was something we talked to her about during the interview process, is that we need to make sure that from a skilling up and all that we're covering the people that we need. Honestly, we've had that conversation with our team, that if you are not going through the process of skilling yourself up to the things that we need to be for the future, then you probably won't have a home. We've been very direct with our team like we are in everything, and that's part of the conversation. If I could merge those two points together, too, because there's a point of we're building the velocity of development. We're building the velocity of deployment. We're building the velocity of scaling and supporting within our organizations using AI, et cetera. Part of this is the capacity of digestion from customers, right? You can get newer, better things in hand, but how do we help them be ready? How do we help them in a faster patching world? It's both internal to our organization, but also helping externally as well. Let's hit this side of the room. Hi. Bill Carcache with Piper Sandler. Thank you for all the details. Sure. Given that your core client base operates in such a highly regulated environment, it seems like all of the things that you ran through today are deepening your competitive advantage and perhaps making it more difficult for competitors to be able to enter some of these different categories of investments where you are deploying time and your expertise. Maybe could you talk about in this environment of elevated fears of displacement risk, how do you feel from a competitive perspective? There were some comments about competition dispersed throughout the presentation, but if you could just perhaps share some of your thinking around the competitive environment and your positioning broadly. Yeah. Thank you for the question. I think there is a couple of components. Again, we are not up here calling all of our competitors our viable competitors for a variety of different reasons and have been for many years. What we have tried to do over the last several years is to highly focus on the level of prioritization that would allow our customers, being community and regional banks in the U.S., to win. Some of them have been distracted with other things through the years. Whether that be merchant acquiring businesses or whether that be wealth management businesses, whatever it is. But this is all we do. We have been exclusively focused, so we have doubled down on that through the innovation. What we are trying to point out now is that as we have continued to invest 14%-15% back into our infrastructure and products and things along that line, we have continued to build more and more of a gap between the product sets that were available through our competitors versus what is available through us today. Which has allowed us to have 58 new core wins. Again, not throwing shade, but you do not hear those two talk about the number of wins that they have each year. That is a huge component of why we think, again, from the number of bigger institutions we are talking to the opportunity to work with FinTechs with our Victor Technologies acquisition and things along that line. So we are continuing to build moats and opportunities. Now, do those things last forever? Probably not. We are continuing to make sure that we double down and stay ahead of the game and not lose sight of what is important. But that is really what the essence is. We gave you a lot of examples, whether that be culturally, servicely, innovation-wise, and really it is about execution. The things that we were able to show you in two years that we have done, again, you will be hard-pressed to find any of that from any of our competition. Hey, guys. It's Darrin Peller from Wolfe Research. Thanks for doing this. Can you just start off, just two quick questions. One is more on the regulatory environment, and one is going to be more on the contribution to growth. If you could just touch on the recent joint statement on the community banks engagement with core service providers that came out, I think it was Friday from the OCC, FDIC, and Fed. Just how do you see that potentially impacting the industry and particularly you guys versus others, whether it's liability or contract structures? Then just my follow-up, I'll ask them both now, is really just when we think about the contribution to revenue from these exciting new areas, what inning are you now in terms of where any of the payments initiatives are? Are they half a percent of revenue in 2027 yet? They were just being built. AI, when is that going to contribute to revenue? Just curious a little bit more in terms of finite timelines. Yeah. Do you want to hit the first part? I can do both. You can start on the other one. I will hit the regulatory one. Yeah. Very early innings. Even on things like Financial Crimes Defender that we have been out in the marketplace selling, if you think about that new and emerging category, you are talking low single digits, very low single digits as a percentage of total revenue. Some of those are growing at 50% plus kind of growth rate. What we expect is over this time horizon, that to grow meaningfully in terms of the contribution of these new categories. That is what I was saying earlier about where we are in some of these new initiatives. It is so early that we understand what the opportunities are, and we have built the models for what we believe, but it is still so early to understand how successful. Financial Crimes has been out there longer. We know we had 187 deals last year. We understand that there is opportunity there. There is a replacement of an existing product that we have, Yellowhammer. There are all those things that happened, but everything else that you typically saw was really brand new. Again, back to the conservative nature of the model itself. From a regulatory standpoint, I will just give you a tagline that actually the American Bankers Association came out with themselves. Not all core providers are the same. We are not. The way we operate is not the same as some of what our competitors and how they operate. One of the big challenges is around not having coterminous terms on products, which we do. Some of our competitors do not. There is a lot of challenges with that. From a standpoint of being united as an industry, we are. There is a coalition that has been created where all of the, especially the FIs and some of the others and us are all working together in Washington, D.C. We actually just hired somebody to be a focal point for us in that same endeavor. The reality is, and we have been able to show this in some of the meetings, some of the challenges that are being explained are not things that we do or practices that we have. Just to be really honest, we are not as concerned. Dominick Gabriele from Loop Capital. Great presentation today, and thanks for the questions. You talked a lot about AI and embedding AI into your products, and in particular, building safe spaces, basically, and fraud prevention related to AI innovation by internal employees, external employees. I am just curious, are the banks and credit unions really relying on you first as a first partner as the fraud prevention for their AI tools that they are using? I was just really surprised to see how embedded all this is in your product. If you could talk about how you stay ahead of the curve in fraud prevention effectively from AI models that you and your partners are using. Sure. Ben, do you want to take the first part of that, and I will take the second part? Yeah. Check. You are on. Yeah. So yeah, I think we had a mission to embed AI five years ago, and we have just been delivering on that. It was in my presentation, but I skipped through it. We actually filed patents on our ability to do intercept on the platform, so we can intercept and hold transactions. There is a lot we are doing on the fraud front, both at the platform level, so below the Y line, as well as with Defender. I did not touch on this, but we are launching a whole new fraud product in Banno called Intercept. It is world-class. It is best in class for fraud. All of that is going to help us on the fraud front. Switching gears to frontier model, because I think you are blending that question, right? I assume you are blending that question. My team is running the Glasswing project. We have full access to Mythos. We have had it since June 1st. So we have a front-row seat to how these things work. We built a large-scale defense harness for our customers and our code base. Greg was hinting at it, but just to put a fine green point on it, we have pushed automated PRs out to every team in the company. So we are in full rollout of automation of AI defense. What Greg is also saying is that we think customers are going to want that from us as well, and we are ready to provide that as that comes to fruition. The other thing I wanted to mention too, the last thing is Keith talked about what we might do with private models. It is really important that we run private models because private models could end up being large security concerns, right? I do not think that is any secret. That's a public industry thing. We think we can actually help our customers defend. He didn't mention that directly. Yes, we have a strategy for this. It's all-encompassing. You got to remember, not everybody buys Banno. Not everybody buys Defender. We think everyone ends up on platform. That's why there's a real investment in some fraud tooling in platform. Yeah, that's a good answer. The only thing I'll add to it is that because a lot of our community institutions just don't have the wherewithal, the team, the expertise, they're reliant on a vendor or a set of vendors. Again, back to regulatory questions, a lot of the regulators are really pushing to get back to best of suite type of mindsets. We're getting an opportunity where back to them wanting to have one single vendor for all of these initiatives. They're coming to us to say, "Hey, what can you do?" That's where a lot of this consulting, we've already picked up several engagements just since July, since we launched this, where folks are wanting us to come in and help them build governance. They haven't even done governance yet. Components are kind of helping them build it out throughout the company. What we're seeing is all the things that Ben said from an interest level, but then they're saying, "Hey, as my core provider, are you going to be able to provide all of this, or do I have to go somewhere else?" We're saying, we can do all this for you. Hey, guys. Jason Kupferberg from Wells Fargo. I wanted to hit on two things. The first is on the trifecta win mix, obviously stepped up nicely this past year. How are you thinking about that over the next couple of years? How much headroom do you see there? Secondly, I wanted to ask about the card business. Where are we in terms of trying to make some inroads on the credit side? You're super well-known, obviously, in debit. Would love to get an update on the credit side. I can start if you want to add anything. A couple of things there. One, for this particular year, and since my head of sales is in the room, his head will perk up. We did 59%. We are targeting between 60% and 65% this year as the number. Reality is sometimes, especially as you go up market, some of them, especially as we pull them off of some of our competitors, the timing of getting the core and the digital at the same time do not always happen. The good news is that even if on opportunities that we have been able to pick off the core but not get the digital at the same time, we still have an opportunity to go back in there and create that. And honestly, we are starting to see that with a few from a couple of years ago, where now their contracts are coming up and we have an opportunity. They may not truly be a trifecta the day that we sold the deal, but they are creating opportunities. That will continue. Part of it is what we have been describing, the various things that we built on the business application in Banno, the things that we are doing with Tap2Local and a whole bunch of other things. The second part was card business itself. Yeah. The card business on the commercial card. One of the things that we are working on with Ben and actually even a little bit with Wade as well, is to significantly improve the commercial card applications that we have in the card business. It was lacking from a standpoint of truly as you went up market to larger institutions. We have made a lot of headway. Some of the things that we are going to announce at Jack Henry Connect are those components. As a proof point, we actually doubled the number of credit deals we did last year as compared to the two years prior to that combined. It is a significant number of wins on the credit side. Some of it are the things that we have already built. Some of it is what they see coming at the time they go live with their core conversion. Anything on that? No. It's good. Hey, Brett Huff from Stephens. First, thanks for the time again, and thanks for the look under the hood on the AI stuff, Keith and Ben. That was super helpful to us, or at least to me. Two questions. One is, we continue to hear a bunch about SMB. That opportunity is kind of the Holy Grail. It's always been a tweener. It's always been hard. So give us some background on how we came to that position, because if there's a lot of dollars that are flowing to it, clearly you all think it's a big opportunity. So just give us the thoughts behind it. Number two, using that as an example, given that you are the most open platform and you play nice with so many other folks, how do you choose or how do you think about playing nice in that ecosystem when you are choosing things like SMB, right? You are building a lot of SMB stuff that may compete with others. Where's the next bet we are going to place at that level, or how do we think about it? Thanks. Yeah, there's a couple of interesting points in there. I think, one, just so you know, the bulk of the technology build was on Wade. From a cost standpoint. So really, this was not a significant lift from a cost standpoint for us as we were building out a lot of the functionality because of what Ben had already built on the platform and through Banno. So there was already a nice leverage there that we are able to use. The same thing with the P2P solution. But I will tell you that we've had a lot of conversations about the timing of when we would release the companion app to our quasi, our co-op position. So whether that be the Q2s, Alkami, others of the world. We have had conversations with them at the executive levels. Part of it is that we needed to get enough belief in the runway that we had, make sure, as the old adage that we really only have one chance to make a good first impression, and we wanted to make sure everything was done that we needed on our side. In light of the P2P solution and other things, we will be releasing, probably in 2027, more of an opportunity for them to. It will increase our TAM because we will get a piece of all those transactions. That will create an opportunity for them to have some of the same solution sets. There are various feature gaps that we have or feature improvements that we would have that maybe would not be as prevalent on their particular piece. Do you want to describe any kind of that component, Brett? Yeah. One of the things that will always be the case because we run our full stack ourselves and we make our own decisions, these products and features will always be best on Jack Henry's full stack. We have patents for some of that stuff and all that. We will do our best to make sure this works really well, though, on other core systems and other digital platforms. I think it is good to mention, too, that we have already done all that work. We have done fit and finish for all those platforms. We are actually ready. As soon as Greg gives us the green light, we can go to market that way. The companion app is complete. You can actually go to market. Everything you saw there, when it slides up, that is just the companion app working inside Banno. We will have a direct go-to-market for this. It is ready to go. The tech is fit and finish already. We fit and finish for the other competitive platforms because they have SDKs. Because of just investments we have made, for example, I think that we offer the best open banking platform available today. Because of that, we can do some things other platforms cannot. No shade to competitors or anything like that. These are just advantages you get when they are on our platform. I think that is going to continue because we are making these strategic investments, so it will be better on Jack Henry, which should then have more folks coming our way for the trifecta and those kind of things. I think- Go ahead. No, go ahead. I was just going to say to the beginning part of your question around strategy and find Erica later, because she not only helps with our strategy but managed a lot of those FinTech relationships. A lot of it starts with, again, how do we help our banks and credit unions win? What are either pockets of deposits that they are not serving today? What are capabilities if we think about how do they attract the next generation of deposit accounts, Gen Z? How do they help with elder banking? How do they help with the underserved of small business? It starts there, and then it is layering on top. Where do we have capability? How do we leverage the platform? How do we leverage our payments capabilities to serve? It is a buy-build partner discussion of how do we do that to help our banks and credit unions at the end of the day. Great. Oops. One last thing, Brett. Part of our conversations and negotiations with Visa and Mastercard that Ben talked about was the understanding that we would release this to a larger TAM because that was part of the equation. Because we can only live on X number of Banno clients, right? That was always going to be part of it, but the reality was the product needed to be where the product needed to be, and we are there now. So between that and what you saw with the new launch of P2P, that being as part of an embedded solution set creates the opportunity. Kartik. Thanks. You have been patient with me. No worries. I think you talked about embedding AI into a lot of products. I am wondering, at this point, are you getting any revenue lift, or is this more of a product you have to provide just so you can stay competitive? Just the second part of that, there has been a lot of talk about investing in AI. So in FY 2026, are you still in investment mode? Or FY 2027, I apologize. Are you still in investment mode, or are you getting a return on that investment? If not, when does that happen? Do you want me to take this or you go? You go. Go ahead. Well, I would say it is still early days. To Keith's point, a lot of this is we are six months into it, right? Part of that is we are going to monetize components separately, where there is value and demand. Other parts, it is around the stickiness, the repetitiveness, price retention. So there are different ways to make sure that there is an ROI. Part of it is around parity of what we expect from a marketplace of where functionality will be and where other competitors are. So it will be a blend of all from a business model perspective. To part of the other question around investment, we are very mindful of the ROI. We are very mindful of how we are spending. We are mindful of what can get out of control, token spend, and cloud cost. So we are managing that very tightly, centrally. But it is also around how do we accelerate adoption. I see us going to continue to be on the AI journey for some time from a development perspective. Of the 22 products that have AI already built into it, some of them you saw on the platform, some of you saw in examples that Keith showed. In all of those cases, each one of those are additive to an existing product set, except the components. As I mentioned earlier in your public cloud question, a 20% lift in the opportunity as we take them off of domestic wires and move them to the new Jack Henry platform wires, there's a lift in revenue. Part of that lift is embedded by having the AI capabilities in there. You wouldn't be able to aggregate that out from a standpoint of how much of that is AI built versus how much of it is the lift and being in the public cloud. All of it is about selling more and more of the widgets, and that's part of the driver there. Now, some of the other ones that we're working on will have a level of differentiation. As Mimi said, some of them could be completely separate products that are 100% AI built and were just sold as a widget, an AI widget, and those would have their own price point. Some of those are continuing to be built out. Go ahead. Even what we're doing at the fabric level would be another component. Yeah. One great example is exception on our processing. Our customers can just buy exception on our processing from us without that AI assistant that you saw. If they really like the AI assistant, they can buy that too as an add-on. I think that'll just be a model throughout a lot of our products and a lot of platform, as we decision that out. AI fabric is a product. It's super early days. We have a lot of demand for this, like Keith said. There's a ton of demand. I think a lot of our customers will end up utilizing it, and this is a phenomenal product I think we'll do really well with. I think if you want reference points for stuff like this, other companies, we can talk about that offline. But this will be a super big opportunity for us when we talk about fabric. That will be a product unto its own. So there's a lot of dimensionality to this. No, and that's exactly where it is. So there's going to be some various components. One thing I'll say that I know there's a level of anticipation and frustration of where is all this extra revenue? Again, as we said, and I started this whole Q&A out, everything has been built. It's all very new. The key is that we have built it. We're not talking about it. A part of it is going out and now actually getting our head of sales and other people to go sell it. But the reality is a lot of people are still talking and even showing PowerPoints. We're not doing that anymore, right? We're showing real-life stuff that we have built, and now it's time to go sell it. But all of that became a culmination over the last couple of years of really hard work. Tim. All right. Thank you. Tim Chiodo at UBS. A lot of the stuff that Ben and Wade went through was pretty cohesive with the expense management, the acceptance, the invoices. That's a lot of flows going in and out of small businesses. I think what investors are going to want to do is think about how much business spend your customers, and I get it goes beyond your customers today. How much is being touched so that we can start to think about a penetration of that, and then we can make our own assumption on a take rate of that. So if you could help us with any anchor numbers that you might have used when you were sizing this internally, at least give us a head start. I think that would be well appreciated. I think, Ben, if you can Ben mentioned some of the competitors that are playing in the space that we now have capabilities, and compelling offerings. I think for now, that's the way I would think of some of the TAM is like, what are some of those marketplaces where people are making big dollars today? Yeah, I think if you want a reference point, and over time, like Mimi and Greg are saying, we can provide more insight to that. But I think two things that are really important. We've not made some of this public, but we have a full count of all the businesses that are on our cores. Number. You would love to know that number, wouldn't you? Yeah. Sorry. I'm not going to give you that number, but it's a big number. Okay, that is all the businesses that are on our core systems. Then we have a number of all the businesses that we bank with Banno Business and all the companies on our treasury platforms. That is really this TAM. Then you think about their spend and the money flows. You are spot on. So those flows then, how much can we effectively be in those flows? Back to Mimi's point about Ramp and Mercury, I think their valuations and revenue run rates are fairly public. It is pretty big. This market is very big, and it is also very early days. Part of what we are doing, I think you can see and probably put this together when Greg is talking about commercial card, et cetera, we have a big plan here. This is a big opportunity for us. When he says this could be second to our card business, he is not kidding. It is that big. We kind of understand what we are looking at, and we are going and tackling it via just the kind of TAM markers that I described. Just a caveat for just half a touch of the enthusiasm here. If Ben is grass, run us over. To Greg's point, this is not slideware. This is in the hands of customers today, but this is early days of adoption. This is early days of contribution. If we are in the time horizon we are showing here, it is upside and we do not know how that adoption could just have rocket fuel on it. Today, that is not in these numbers. Right? Yeah. Right? Until you have product in market, we see what the pace of adoption will be. We are super excited about it, but for the horizon we are talking about today, it is great for fueling how do you think the next five years are going to look and what could the upside be. As we talk about these numbers today, that is not inclusive because again, crawl, walk, run, we need to get out in the hands. We built it. So we are beyond crawl, but now we need to walk and run and have customers start using it, see adoption, see transit transactions to validate it before we put it in the hands of you all. Okay? The other component is that I think everybody knows that you have to really assist financial institutions a lot of times on how to sell and some of the components, especially a lot of the smaller ones. That is where Visa and Mastercard have come along with us and been part of the equation, is they are helping us with the marketing aspects of this. As Ramp and Mercury and Square and you name them, have taken those opportunities away from our financial institutions and we are bringing them back into the financial institution, we have to re-educate them on how to make sure that this is successful within. That does take a little bit of time. The good news is, over the last six months, we have been doing that, and we are starting to see a lift from that work. A lot of the things we are doing is trying to automate as much as we can to create a lot less friction. Now it is moving to the point between Wade's team and Ben's team to make that happen. I anticipate to see over the coming months, much more action and opportunities which will allow us to answer some of those questions a lot more factually than what our hypothesis is. Chris, I think you are next. Great. Thanks for all the time. Cristopher Kennedy from William Blair. Is there a way to think about how the move upmarket is impacting the numbers that we see today? Are we at that inflection point where whether it is the Jack Henry Platform or the treasury will drive things upmarket? Well, yes, I think a lot of what you have seen in the models is built off of that success we have had from the core business and the trifecta wins and things that we already know that are coming over the next several years, right? Everything everybody in this room knows, but every core deal we win has an average of 12- 24 months before it goes live. Most of that is tied to contract terms. Based on what we have sold, the 45 institutions that have been multi-billion over the last three years, they start to hit. Our head of banking is in the room, and our head of credit union is in the room. They both know exactly how many slots are already filled for this year and probably the next 18 months. They know as we sell an institution what month they are going to go live. I know when Foresight is going to go live. I know when a lot of these other things are going to happen. That helps us build out the model from that standpoint. To continue to go upmarket, you do need the right product set. Treasury is and has been a big driver for us to go upmarket. I will be honest with you, the real ability for us to go upmarket, so you get to the $20 billion and $30 billion and others, is the platform and the platform component because of the pace of innovation, because of the incremental approach to where they can take on without making a wholesale core change. Again, the amazing part is nobody wants to make a core change, but we sold 58 of them last year, right? That is the part that I am talking about is we are doing that on top of the fact, and all of these people are doing full core changes. They are not just doing incremental. They may adopt a platform component or two, but they are doing a full core change. As we start to talk to these larger institutions, which we are, we were with a $50 billion institution last week. We are talking to a $26 billion one on Thursday. Those are the conversations we are having from a standpoint that we would not have had before without this technology. Hello, this is Michael Allen from Barclays. Thanks for hosting the session today. I just wanted to ask on what is embedded in the revenue outlook for FY 2028 and FY 2029 on the level of account growth across the core customer base. How material that assumption is to the higher versus lower ends of the outlook ranges, given a large portion of your revenue is priced on a per account basis, and a major theme of the bank director survey published today was the increasing competition that your customers are seeing from FinTech firms and digital banks. Yeah. I won't go over the numbers explicitly embedded within 2028 and 2029, but I will say that the numbers we've seen in 2026, and the numbers that are based in 2027, don't need a lot of account growth. Because what's been happening over the last couple of years after the flood of excess capital after COVID, you saw a lot of account growth at credit unions during that time, and then the pull back to more normalization levels, especially as you've seen less lending in auto, et cetera. So credit unions have already been at very modest account growth levels. Banking has come down over the last couple of years as well. So we think we're already at pretty low account growth levels organically, so we don't need an exuberance from either a macro event or organic growth or lending environment to support the numbers in the model. The only thing I'll add to that, though, is that each of these products that I just described are about trying to bring account holders back to the institution. So everything we're doing in SMB, everything we're doing in treasury, everything that we're doing in all these components are about bringing customers back that have been lost. Or again, to compete with the Chimes of the world and others where we're spending a lot of time with our customers on Gen Z and making sure they understand how to attack the Gen Z market. A lot of the things that we're building will allow them to compete and go after the folks that are going to a Chime at the Gen Z level because that's the cool thing or the digital approach. We can now provide those same solution sets. Thanks. Just as a quick follow-up, given the comments today on the incremental cyber risk for on-prem customers on vulnerability management, how quickly do they patch vulnerabilities on average relative to private cloud customers? Is it in days or weeks? Do you see migration to outsource infrastructure as necessary over time for on-prem customers to remain secure? Yeah. That's kind of what we talked about earlier. We do believe there's going to be an uptick in the amount of interest in in-house customers or on-prem customers coming to our outsourced models because of the reasons you just said. Now, I don't know how long it takes them to do vulnerability management. But again, we've gotten to the point now where we're doing it within 10 minutes. I don't think they're going to be able to do that. So there's a component to that that's extremely important. We also have talked about, which we didn't talk about earlier today, we believe because of that phenomenon, that products in our Gladiator suite of services are going to have much more interest because they're all based on cyber and security types of products. That will create, we believe, maybe some tailwind for those particular products this year as well based on that same- Yeah. I would say it is a blend of defense and offense because it is not only how fast can they patch, but the velocity. Because if you are on on-premise and you are getting an annual release cycle today, you are not going to be able to keep up with the pace of innovation that Banno, for example, does weeks, like tens of releases a week and a month. So that pace of innovation, if you are still on-premise, you need to get to a cloud environment where you are just doing straight-through innovation deployment. So that is another reason why we think you are going to start to see the shift because the gap of technological debt will be even wider. Thank you. The microphone. I do not see any more questions. Any other hands? We are all going to go upstairs as well. I know some of you may have to go, but if you can make it, we will be upstairs. We will be doing some demos on a lot of the things you saw, but in a lot more detail with the folks that own the products. For those of you that cannot make it up there, thank you for taking the time. Again, we are very pleased to have the largest crowd that we have ever had. Hopefully, it was worth your time. We are very bullish on where we are going. Again, hopefully, you got a chance to see some of that today as well. Thank you for your time and for being here. Thank you all.