Good morning, and welcome to Catapult's investor conference call for our full year FY26 results. I have with me Bob Cruickshank, Catapult's Chief Financial Officer.

This morning, Bob and I will present our results, our strategy, and FY27 outlook, and then take questions from participants on the call. FY26 was a transformational year.

Catapult increased its ACV base by 28% while delivering a record 18% on management EBITDA. We executed three acquisitions, doubled the size of the company, launched a number of new products, while maintaining focus on our customers.

That combination of scale, discipline, and execution is what this business has been built on. FY26 was also a year when we significantly grew the number of teams on Catapult's platform.

We increased our total team count to over 5,500 teams globally. While our focus remained squarely on professional teams, which we'll touch on shortly, that represented an increase of approximately 1,000 teams year-over-year, exceeding 20%.

This reflects the global demand for Catapult's solutions and our ability to expand our footprint into more and more teams around the globe. It's clear more than ever that Catapult is categorically the global standard for performance technology, trusted by athletes, teams, and organizations across every level of sport.

There is no greater near-term example of that trust than the upcoming World Cup. More than half of the national teams competing in this year's tournament are customers of Catapult.

When it comes to the biggest tournament in global sport, we are there supporting the very best teams and athletes on the planet. Now, turning to our results, before I begin, I want to be clear that all figures I reference today are reported in US dollars unless otherwise indicated.

To provide a clearer picture of our underlying performance, year-over-year growth rates are presented in constant currency, removing the noise of foreign exchange and reflecting the true trajectory of our business. One of our most significant achievements of the year is our performance in the Rule of 40.

As demonstrated on slide 6, Rule of 40 is defined as the sum of annual ACV growth percentage on a constant currency basis and management EBITDA margin. In FY26, we hit a new record high of 36%, excluding acquired ACV, or 46%, inclusive of it.

This reflects a powerful combination of annualized contract value growth and a record 18% management EBITDA margin. That is the amount of operating profit we retain.

This breakthrough confirms that we are not just growing, but we're growing with a discipline and leverage characteristic of the world's best vertical SaaS businesses. The next slide breaks this down into more detail, and these numbers tell a story of disciplined, profitable growth.

Our ACV grew to $134 million. This was the key driver of our top-line growth, where we saw revenues reach $141 million, a growth of 19% year-over-year.

Translated into Australian dollars, we actually reached a new major milestone, A$200 million of revenue for the first time. Our management EBITDA, the key measure of our operating profit, grew by $10 million year-over-year to reach $25 million.

We continue to deliver top-line growth at the same time as we are dropping more operating profit to the bottom line, consistent with our strategy and the hallmark of a great scaling business. Slide 8 shows that Catapult delivered an ACV retention rate of 96.1%, an outstanding performance.

Catapult sits in illustrious company in delivering retention rates of this magnitude. It is yet another validation of the quality of our product and the integral role we play in accelerating the performance of the best athletes and teams on Earth.

ACV per pro team, our core ARPU metric, grew 10% year-over-year. As in prior periods, the primary driver of this increase is the continued expansion of customers adopting more than one solution.

Historically, this has been adding a video analysis or Apple vertical to our wearable solutions in performance and health vertical. However, as our product suite expanded to include Focus Live for game day and practice, Hub Pro, as well as the acquisitions of Perch and Impect, we are now successfully cross-selling within the verticals and improving our opportunities to expand ARPU.

Given the change in our ability to sell more solutions in and across verticals, we introduced a multi-solution metric to better reflect our efforts in cross-selling. On the right-hand side of the slide, you can see how we are expanding the number of pro teams with multiple solutions, which increased by 62% year-over-year.

Bob will cover more about this in a moment, but this reflects excellent cross-sell progress and the growing breadth and sophistication of our platform. Perch and Impect are early in their contribution to this metric, which gives us confidence in the runway ahead as we scale cross-selling in our sales organizations globally.

Turning to slide 9, you can see the depth of the operating leverage on our subscription business model and the strength of our unit economics. As many of our target is to keep at least 30% of every additional dollar of revenue we generate as profit.

I'm pleased to say that in FY26, we continued to benefit from the improvements and efficiencies across our cost base, and we exceeded this target with a 41% incremental profit margin. That is despite the addition of cost that we inherited from the acquisitions we made.

In fact, when you exclude the impact from the acquisitions, our incremental profit margin would have been 48%. Now, before I hand it over to Bob, let me also take you through some of the innovations we delivered for our customers this year on slide 10.

This year, we introduced Vector 8, the world's most powerful athlete monitoring system, faster, more accurate, and built to save coaches' time where it matters most. The product is out and in the hands of the best pro teams on Earth.

Even though we acquired Perch less than 12 months ago, we've also already delivered a brand-new camera system. The Perch P2 has a 37% wider field of view and a frame rate twice as fast than the original device.

Coaches today will get a richer and more complete data from every training session. Impect is now live on the Catapult platform.

As a reminder, Impect is an end-to-end intelligence platform covering player scouting, opponent analysis, and internal benchmarking, all built on data that Impect collects and owns. They are the leading innovator on soccer analytics, and their proprietary packing data gives teams a unique perspective on player performance.

With Impect now in our platform, rich match data and video analysis are now unified in a single workflow for the first time. On MatchTracker, we've gone further this year with a new automated aggregation service.

We are now prepackaging event data, positional data, and multi-angle view for every team in a league, hosted, synced, and ready to analyze at the end of matchday. We are also actively bringing AI to our product suite.

In January, we launched an AI-powered automatic shift detection in ice hockey. Our wearable devices now detect active player shifts based on movement patterns, giving coaches instant, automatic workload insights, no manual tagging required anymore.

This has materially extended our leadership in pro ice hockey, and it's opening doors with new customers. That same capability is expected to come to more sports this year.

Finally, Focus Live has moved beyond game day and is now live for practice. American football teams get the same real-time insights on the training field that they've always had on the sideline.

We now have teams across the SEC, other NCAA conferences, and the NFL using it, which further strengthens our position as the gold standard for video analysis across the pro American football market. FY26 is a year I am genuinely proud of, not just for the growth numbers, but for the discipline behind it.

We scaled, we acquired, and we expanded margins simultaneously. That's the compounding model we've been building towards, and with that, I'm going to hand it over to Bob to take you through with more details.

Thank you, Will, and good morning, afternoon, and evening to those of you joining today. I'm very pleased to present another excellent financial result from Catapult today.

I will begin with an overview of our key SaaS metrics before taking you through our financial performance in more detail, and then hand it back to Will to talk about our strategy and outlook. I would like to reiterate that unless I state otherwise, the numbers I'm about to talk to are actual reported numbers in US dollars and that our growth rates, which compare our performance year on year, are in constant currency, removing the impact of fluctuations in foreign exchange rates.

As always, I'll begin by focusing on our primary metric on slide 12, our annualized contract value, or ACV. In FY26, we delivered 28% constant currency growth, finishing the year at $133.8 million.

When normalizing for the acquired ACV from Perch and Impect, this represented 18% constant currency growth, another strong year. It's worth pausing for a moment to reflect on this achievement.

In a year where we executed several strategic acquisitions and kept organic sales and marketing headcount relatively stable, we still maintained an organic growth rate of 18% even on a larger base. This is an outstanding outcome that represents another year of delivery for our shareholders.

Breaking down our overall growth rate across our core verticals, we yet again saw a healthy balance of growth in both P&H and T&C. On P&H, which includes both our wearables and Perch gym solutions, we generated 23% ACV growth over the course of the financial year, and this vertical now exceeds $84 million.

A small amount, around $2.5 million, was acquired with Perch, you can see that this was overwhelmingly organic growth that delivered this outcome. We continued to experience success signing new teams in soccer across EMEA and Central America and growth across college sports within North America.

We actually added 460 new pro P&H customers in FY26, underscoring the significant greenfield growth opportunities remaining in this vertical. Our T&C vertical, which includes our video analysis solutions and now Impect scouting solutions, generated 40% ACV growth.

Adjusting for FX, at the time of completion, we added $8 million into our T&C vertical from Impect, and the remainder of our growth this year was driven organically. Strong demand from global soccer teams for Catapult's Pro Video Suite, as well as increased adoption of new solutions in American football, were the key sports and solutions driving this growth.

Our T&C vertical is now approaching $50 million in ACV, and that represents fantastic progress given T&C ACV was less than $28 million only two years ago. On the next slide, the first of these two charts will be familiar to you, our ACV per pro team.

In a reflection of our successful land-and-expand strategy, whereby we are growing our share of wallet after we have successfully landed with a new team, this has grown again in FY26, and at the end of the year, it exceeded $30,000 for the first time. Growth in this metric will be crucial as we work our way toward our mid- and long-term growth targets.

The chart on the right of this slide shows the multi-solution teams, a metric we introduced at our Analyst Day held in March and included in the presentation we uploaded onto the ASX. With the expansion of our platform in FY26 from the addition of Perch and Impect, we are now actively cross-selling different solutions to customers within the same vertical as well as cross-vertical.

As such, we believe this metric is a great indicator of our success. On this chart, you can see that we added 506 new multi-solution pro teams in FY26, a 62% increase year-over-year.

Importantly, over 80% of these new multi-solution teams were the result of a great cross-selling effort from our sales team, with only a small component coming via acquisition. One of the core pillars of our strategy is to target ACV retention rates greater than 95%.

Slide 15 demonstrates that we are successfully delivering on that target. In FY26, we delivered an ACV retention rate of 96.1%, the inverse of which being a churn rate of 3.9%.

This continues to be on par with the best retention rates seen among the world's most successful enterprise software companies. As we continue to add solutions to our product suite, this will provide for an environment whereby we can continue to deliver retention rates of this quality.

Let's now move on to our financial performance. Slide 16 details the composition of our revenue.

As this chart demonstrates, the growth in our SaaS revenue is overwhelmingly driving the growth in our overall revenue. SaaS revenue growth, which is derived from our ACV balance, grew by 21% year-over-year, and this drove overall revenue growth growth of 19% year-over-year.

Positively, our media business, which is licensed to sell American football college football video highlights, continues to benefit from the growing interest of global video streaming companies in producing pro sports content for their platforms, and that business continues to grow at a healthy rate. Moving now to our cost base, which we group into variable costs and fixed costs, let's start with the variable cost slide on on slide 17.

Variable costs, made up of COGS, delivery, and sales and marketing expenses, are now within 2 percentage points of our long-term target. These costs ended FY26 at 47% as a percentage of revenue, just shy of our 45% target.

This also means that our contribution margin has increased from 49% to 53%, which is a very strong performance and reflects a disciplined approach to how we manage our cost base. Variable costs are the cost of growth and we and will continue to grow in absolute dollar terms to support our revenue growth.

I think it's worth reminding everyone of the journey we've been on related to our variable cost base. In FY23, as we exited a period of investment subsequent to the acquisition of SBG, our variable costs were 66% of our revenues, which meant that our contribution margin was 34%.

It was at that time we set ourselves a target to get our variable costs down to 45% of revenue and a 55% contribution margin. Over the last three years, we've been disciplined and resolute in working towards this goal, and I'm pleased to see that we are now within touching distance of achieving our long-term targets.

Now, moving on to fixed costs on slide 18, which are our G&A and R&D costs, including both expensed and capitalized R&D costs. These are These costs declined as a percentage of revenue by 2 percentage points to 35% in FY26.

Absolute growth in fixed costs was primarily driven by the addition of acquired costs into the R&D and G&A functions from Impect and Perch. We continue to target a reduction in fixed costs as a percentage of revenue while rising modestly in absolute dollar terms.

Now, these concepts all come together on slide 19, which highlights how our operating leverage is accelerating the growth in our profit margin. You can see the gap that is now opening up between our revenue and our opex as a percentage of revenue and the impact that is having on our profit margin at the bottom of the chart.

Our operating profit margin has now expanded 4x in the past two years, a 13% a 13 percentage point improvement, demonstrating the operating leverage of our model at scale. We continue to make great progress towards our targeted 30% profit margin, delivering an 18% profit margin this financial year, and we feel very positive about this trend going forward.

On slide 20, you will see our free cash flow result. Free cash flow, excluding transaction costs, was $6.5 million, slightly less than the $8.6 million we reported in the prior year.

As we communicated in March, the year-over-year comparison reflects the timing of our second-half FY26 collections, which were impacted by the acquisitions, which placed temporary capacity pressure on our finance and collections functions. This deferred a portion of receivables into the first half of FY27, which is which is reflected in our increased trade balances balance of $20 million at March 31st, a $10 million increase from where it ended in FY25.

That is to say, this is a timing matter and there's no change to our underlying cash generation. As we announced this morning, since the end of FY26, we have collected the majority of this outstanding balance, with the remainder expected to be collected in the coming weeks.

Finally, as you can see on that slide, we ended FY26 with a cash balance of over $53 million on the balance sheet, and we have no outstanding debt, which is a great position to be in. Now, moving to slide 21, which is our operating profit and loss summary.

We've already touched on many of these numbers, I will only make a couple of observations on this slide. Our gross margin performance primarily reflects the growth in Catapult's media business, which I flagged earlier.

While our media business has a very high operating profit, its gross margin is lower than the rest of our business. In fact, if you remove the media business from our P&L, our gross margin would have been nearly 85%.

Then our management EBITDA increased by nearly $10 million year-over-year to $24.7 million. This was a 67% increase and resulted in a management EBITDA margin of 17.6%.

It's important to reiterate that we remove the payroll tax related to share-based payments from our management EBITDA, as this expense is unrelated to our operating profit, as we've previously mentioned. Finally, our operating profit as it translates to net profit on slide 22.

I'll make a number of points on this slide as we're presenting some new information here. Overall, I'm excited that our that our operations continue their strong performance as we just discussed.

We can also see that this that this is translating to strong EBITDA and net profit progress when excluding non-operating and/or non-recurring items, such as the accounting impacts of acquisition accounting. The increase in capitalized development primarily reflects the capitalized component of the addition of Impect's R&D team to Catapult, which we added in the last five months of the financial year.

The increase in SBP, or share-based payments for employee compensation and related taxes, reflects the impact on employee share-based compensation of the increase in the Catapult share price, as well as payroll taxes incurred related to that increase over the last several years. As a reminder, this does not reflect an increase in dilution from share-based payments, which has actually been trending down in the last two years.

You can see that EBITDA before any acquisition charges reached $25 million, improving by 33% year-over-year, another measure demonstrating the operating success we continue to achieve. Acquisition-related charges includes the non-operating effects from the acquisitions we completed this year.

Specifically, this includes the non-cash accounting impact from both acquisition contingent consideration and the adjustments to fair value of future consideration, and it also includes the fees paid to advisors related to the acquisitions. The increase in depreciation and amortization reflects increased subscription units, effectively as a result of our growth in the wearable business, and also amortization of our capitalized R&D.

Amortization of acquired intangibles ended FY26 at $7.4 million. This was lower than we had initially projected in March and reflects the outcome of that independent assessment that we referenced at our Analyst Day.

FX loss and other one-time adjustments consist of an FY26 non-operating FX loss from the valuation of certain assets from a weakened US dollar and an FY25 one-time deferred tax credit. Finally, interest and other primarily reflects the interest in our debt facility, which we subsequently paid down after the October 2025 capital raise.

I also want to make a point here that while we do have deferred tax losses on the balance sheet, we are not expecting to be able to utilize these in the short term, and therefore, they should not be modeled into our future P&L at this stage. You can find more detailed breakdowns and reconciliations of some of this information in our financial statements and our analyst pack, both of which are available on our investor website.

In closing, we finished FY26 in excellent shape. Our team has delivered another world-class performance, and our business continues to go from strength to strength.

Catapult has never been in better financial health as we create an even greater experience for our customers and drive our business forward as the platform for global pro sports teams. With that, I will hand it back to Will to discuss our strategy and outlook further.

Thank you, Bob. Now, let me remind everyone why we're here and the opportunity in front of us.

Our market is expected to exceed $72 billion by 2030, per slide 24, reflecting the enormous growth we're seeing across our industry. Live sport is drawing unprecedented levels of viewership, interest, and investment.

These three characteristics are underpinning ongoing tailwinds in sports technology. The next slide shows that our unified SaaS platform is designed to help teams make faster, smarter decisions.

Our solutions save time, add contextual insights, turning information into advantage, and advantage into a competitive edge. This platform is expanding, per slide 26.

The last two years have really seen an evolution of our company. Catapult is no longer a company that is predominantly selling wearable subscriptions.

Catapult is now a fully fledged platform. The platform includes video analysis tools, which are now reaching global scale, including MatchTracker, Focus, Hub, Hub Pro, and RaceWatch.

It also includes strength and conditioning monitoring with Perch, and now includes both tactical and scouting analysis with Impect. This growing portfolio of solutions is built for ACV expansion.

This platform is positioning us as an absolute indispensable partner to pro sports teams. Moving to slide 27, at Catapult, we are positioned to lead the AI revolution in sports technology.

No one else globally occupies the space we're in when it comes to the history, quality, and scale of proprietary pro sports athlete data. We are in an incredible position whereby AI needs this data for their models to function, and we own it.

It could only be collected with our hardware, which is also the best hardware in the industry. This is increasing our advantage even further.

Now, we've been using AI for many years as we've developed players and sport-specific algorithms related to workload. We've also used it with computer vision in our video analysis solutions.

More exciting is that now we can also create new agentic products on top of our tech stack to develop more solutions that help teams make better decisions, increasing our upsell opportunities. AI also expands our addressable market by removing the analyst capacity constraint, the limitation that prevents some teams without dedicated sports science resource from fully utilizing our platform.

AI unlocks deeper value for existing customers and also helps us increase a market beyond them. This further entrenches our global leader position.

Moving on to slide 28, you can see that our moat is wide, deep, and defensible, and it's only getting wider. Our one-stop platform, our flexible tech stack, our global scale, and our multi-sport solution are unmatched in this industry.

The combination of proprietary data, regulatory certifications, and a global customer base creates a compounding advantage that strengthens with every new team, every new season, and every new solution we add. Slide 29 is a reminder of our long-term strategy, which is to generate a billion dollars in ACV.

Our strategy has been to land with new teams, typically with new wearable customers in P&H, and then expand with that customer in T&C. Historically, we've upsold a wearable customer that had an average contract value of $20,000 on to one, two, or three modules in our video analysis suite, typically increasing the average contract to around $60,000.

Now, with an expanded platform that includes Perch and Impect, our profile to expand share of wallet is moving well north of that number. Today, we have the capability to expand the share of wallet between $100,000 and $150,000.

That combination against our track record of landing new teams means I see no reason that we can't get to our ambition of a billion dollars of ACV in due course. Moving to slide 30, our unit economics model is unchanged following the acquisitions of Perch and Impect.

The ability to drive our contribution margin through cross-sell and upsell from product innovation allows us to improve unit economics while leveraging a stable fixed cost base, allowing us to increase our profit margin. With a 53% contribution margin and an operating margin of 18% at the end of FY26, our unit economics already demonstrates the ability to deliver profitable growth at scale.

Slide 31 brings us back to where I started this morning, on the Rule of 40. The Rule of 40 is how we measure our success here at Catapult.

At the heart of this framework are five key drivers, each a critical linchpin powering our ACV growth and management EBITDA. The first is pro team count, which helps us measure our ability to expand.

With more than 4,100 pro teams today, we continue to add teams through greenfield opportunities across leagues, regions, and sports. ACV per pro team is the leading indicator in our ability to expand contract value.

We're increasing ARPU through upsell, cross-sell, pricing, and platform expansion, especially as we convert single-solution teams into multi-solution customers. This is where new solutions like Perch and Impect will play an increasingly more important role.

ACV retention is a key reflection of our platform's compounding value. We're maintaining retention above 95% by consistently delivering value, service, and innovation.

The more solutions we offer across our key workflows for sports teams, the deeper the role we play in helping teams make better decisions, strengthening the stickiness of our platform and the trust those teams place in us. Variable cost efficiency ensures that our costs to grow the business is well-managed and we're scaling smart, supporting growth while not losing sight of productivity.

Fixed cost discipline is what shows the ultimate leverage on the company. With a scaled foundation in place, we are positioned to grow without increasing fixed costs linearly with our top-line growth rate.

Now, turning to our outlook on slide 32. Our objective remains to deliver on our strategic priorities with a continued focus on generating profitable growth.

In FY27, we expect ACV growth to remain strong with low churn, continued improvement in cost margins towards our targets, and higher free cash flow, excluding transaction costs, as our business scales. In closing, FY26 was a transformational year and one that was fully consistent with our strategy of delivering strong and profitable growth.

We are only just beginning to realize the potential of our expanded platform, and I have great confidence in our ability to continue to drive this business forward and help improve the performance of the world's best athletes and teams on the planet. Thank you all for listening, and I will now turn back to the operator for questions.

Thank you. If you wish to ask a question, please press *1 on your telephone and wait for your name to be announced.

If you wish to cancel your request, please press *2. If you are using a speakerphone, please pick up the handset to ask your question.

G'day, team. Done.

Great set of numbers again. Top to bottom, beating our expectations.

Just a few quick questions if I may, and maybe it's just a simple maths question for myself. One, just on the ACV on page number 12.

So 108 $101 million last year in ACV. You said organic growth was 18%, gives you kind of a round number of $119 million.

Gives a residual around $14.8 million from Impect and Perch. Then on the call, you said Perch Impect added $8 million.

I'm just trying to understand the discrepancies in the numbers. Is that $133.8 million a constant currency number?

No, I'm sorry, Owen, this is Bob. The 133.8 is a kind of reported currency number

at

our FX rate at the end of March.

Perfect. You said Impect was about $8 million, wasn't it?

Correct.

Easy. On the teams number there, in the second half, you've added near 300 teams, strong growth there.

Just how much was Impect of that 300? I guess how much was organic, larger growth?

I would say the majority of that was organic, probably about 80%.

Wicked. Done.

On guidance, same statement as last year, strong growth with margin expansion. Just to kind of clarify, when you say strong growth, you're still targeting 18% to 22%?

We never really say a number on that. I think strong growth has been basically what we think historically we've done.

You can kind of look back at what we've done in the last three years and we've said we anticipate strong growth and something similar in that vein on it.

On page 12 there, you kind of talk about 23% CAGR. Is that 18%?

I'm just guessing 18% to 22% seems appropriate. Maybe on payroll tax, then, can you just maybe touch on what the payroll tax was for FY26?

Because PCP didn't have that unbranded.

I believe it's in the analyst pack when you get there, but the payroll tax ended up being $2.7 million.

Good one. Thank you.

Then last one is just understanding the margin drivers here. In your expectation, the variable margin's now gone from 50% to 53%.

Your long-term target is 55%. Is the expectation you hit that in FY27?

Then the second question here is given you have a pretty strict cost discipline here, is the expectation that fixed costs growth will grow organically about 5% in FY27?

I would say that from a variable cost, I think we've been trying to hit that 45%, we get 55% contribution margin. I don't know if we'll hit it next year.

I think we've definitely have moved faster than I think we have anticipated, but given the pace we're at, it wouldn't be surprising that if we did it next year. I think from a fixed cost perspective, we've always said it's somewhere between 5% and 7%.

I think you should anticipate something in that range as well.

Good one. Done, guys.

Great result.

Thank you.

Hi, guys. Congratulations on the result this morning.

Just a couple of questions from myself. Just compositionally in terms of the new teams that were added in the second half, can I just confirm, was that all on an individual basis or does it represent some league-wide contracts as well?

I guess looking forward to that same point, would you continue to see mainly new team growth delivered on a team-by-team basis, or do you expect, I guess, more of those league-wide deals? That'd be the first question.

The bulk of that is on a team-by-team basis. We don't do a ton of league-wide deals where we're capturing a ton of teams.

There were some in there on it, but I'd say the bulk of it is team by team. I think your expectation should be that we continue to work directly with teams more so than we work with leagues.

Great. Then just a second question, just back to the contribution margin or variable cost line.

Just given how close you are now to your target, just wondering if that still is the correct number that you're targeting. Is there any reason why that should move or that guidance should improve over time, or is that still the right number to think of?

We haven't hit it yet, right? I think it's a good number to kind of imagine at this stage.

I think as we get closer to it, and if we think there is a reason for us to maybe think that we could do better, we certainly will pursue it, right? I think the challenge for us is really going to become around the more solutions we add into our platform, we know we're going to have to add some level of experts, right, sort of software experts in to kind of be beside our sales people.

At this stage, it's hard to tell. I think we're actually being significantly more efficient than we anticipated.

If it continues, there's probably a good chance that maybe we could do better than 45% as a variable cost.

Great. Last one, if I can just squeeze one in, just maybe early feedback on Impect, particularly in European football.

Are you seeing any evidence of, I guess, improving conversations there with some of the customers in terms of winning market share, particularly European football?

I would say the feedback has been just overwhelmingly positive. I think significantly more positive than we anticipated even at this stage of where we are with the integration of what we're doing with them.

We've already been able to sign a couple of the major deals and I think some that we'll probably in due course talk about in a little bit more detail this year. We've been able to sign a pretty impressive league-wide deal in the Americas.

We've been able to sign a major federation in Europe. In both of those cases, they have been a complete turnaround or a complete flip to all of our products, meaning the customer is finding a real benefit of having our wearables, our Pro Video Suite, and now the scouting analysis product.

It's still early days, but I think we're very encouraged with what we've seen so far.

Thanks, guys. Congratulations again.

Thank you so much.

Hi, guys. Hope you can hear me.

Go ahead.

Good. Okay.

Maybe I'll just stick with Impect and Perch. There's a little bit of back-solving to be done, but it feels like the contribution from those two businesses is something like $11 million or so to the ACV, which is more or less where you acquired those two businesses, Impect doing $8-ish, Perch doing sort of $2.5.

Will, you've just called out a couple of major deals in Impect. It's obviously early, but it just didn't feel like there'd been a ton of growth in those two businesses post-acquisition.

Could you just comment on whether I've got the read on that correct? Maybe just over the next couple of years how we should be thinking about those two respective businesses?

I think a couple of points. I think one, yeah, from your math of about 10.5, I think that's correct.

There's nothing to it. I think the rest of the growth is now coming from a package design in terms of how we're going to market.

It's going to be hard for us to break that down individually on it. Give you an example, Perch actually is grown incredibly well.

I think we've sold probably a little bit more than we anticipated by the end of FY26. A lot of that came through bundling with our wearables product, right?

The fact that you could have an athlete monitoring system and a gym product at the same time is showing up. Impect is still early.

I think, like I said, we're incredibly impressed with the ability for us to do something. That product is primarily designed for European football and, I should say probably, global football.

That sales period really begins in the first half of FY27. There wasn't a huge movement in '26 after the acquisition, but we already signed major deals going into FY27.

Okay. No, that's brilliant.

Then maybe just the media business. I think the last time you hosted a call, you said we should expect a long-term run rate in that business to be something like $10 million to $12 million.

Looks like you've done $7, $7.5 in the second half. Just wondering if your expectations still media business goes back to that $10 million to $12 million run rate, or is that structurally improved over the last six months even since we last touched on it?

No, I think our guidance is still to kind of keep it in that range of 10 to 12. I think the reason we always say that is that the 10 to 12 are things that we know we could control.

Then we've done better over the past couple of years, but that's been primarily driven by the streamers essentially needing more content for shows they're creating related to sports. We can't sell that.

[laughs] We could definitely monetize it when we need to, but we can't go out and actually create more of a market. I think we're always a little bit conservative, I should say, on that number.

We'd love for it to continue down this path and it certainly is aligning with the demand of sports entertainment that we're seeing across the globe.

Okay. That makes sense.

Then maybe I'll have another shot at your guidance, which I think you've kept quite intentionally opaque. Given that we've got a range, whether or not it's 18% to 22% or not on revenue, and you've exited the year with an EBITDA margin of call it 18%, and you've mentioned 10 times through this pack that you've got a goal of getting to a Rule of 40 at some point in time.

Would it be fair to assume that FY27 is that point in time? It feels like I don't know, even the low end of that is 18% growth and 22% margin should be achievable this year.

Do you agree with that comment, or anything you'd like to say on it?

Look, I think we've always said strong growth, low churn, I think the anticipation that we continue to improve margins. I would say that our expectation internally here is that we want to get to that Rule of 40 as fast as possible.

If we deliver another year of results like this one, we definitely should be there.

Brilliant. All right, and then very last question.

I know I've asked too many. Just the AI-powered shift detection in ice hockey, you talked about that removing some manual tagging.

Was there any reason the AI-powered product was targeted at ice hockey? Is ice hockey specifically prolific in terms of the manual tagging and the efficiencies you can get, or just maybe help us understand why ice hockey and kind of where that sort of solution can be targeted in future, please?

Then I'll jump out. We started there primarily because it's incredibly difficult to do, right?

In ice hockey, if you can imagine, they are actually shifting the line a lot in a very small amount of time, where other sports, that's a fairly easier thing to do. We tend to actually start these things on the hard edge cases so that we could then bring it into the easier products.

I'm trying to think, I can't imagine right now a sport that has more shift detections, meaning that everybody moves from offense to defense as quickly as ice hockey does. That primarily was the reason for us starting there.

Great. Thank you, guys.

Thank you.

Thank you. Hey, Will.

Hey, Bob. Two questions, if I may.

There's one slide where you highlight some adjacent markets you're potentially looking at entering. Just wondering, with the efficiency of AI product development, are you looking at entering those markets sooner rather than later?

Nothing at this point I would say is highlighting that AI would make us move faster into those adjacencies. I think right now, our focus would probably be really bringing agentic products into our current pro sports market.

Okay. The second question, just on Impect, any guide on if and when you may turn on the video solution?

If so, are there any costs we should factor into our forecast for '27, particularly with regard to broadcast rights?

Yeah. I think our goal continues to be to deliver something on that as quickly as possible.

I would be disappointed if we didn't have our video scouting solution turned on before the end of FY27. Anticipate that these deals that we're signing, which I've brought up earlier, also anticipates us getting there fairly quickly.

I think we're feeling pretty confident that things are going to come through. From a cost perspective, yeah, we anticipate there's going to be some cost in COGS.

I think right now, that conversations have proved to be that those costs are going to be well in line in terms of maintaining our 80% gross margin. I wouldn't anticipate anything above that I should say that's going to change that 80% gross margin profile.

Okay. Thanks a lot.

Thank you.