Right, video will only come through Matt's laptop, yeah, probably good to switch. Can you see all the tabs at the top of the page or no?

There is a waiting room as well, I just get the mic muted if you guys want. Can you see all the tabs at the top of my page or no?

I'm not sharing my screen yet, are you? I'll check yet.

I'll just switch this around. It's this laptop.

Recording in progress. See ya.

The slides were really slowly coming in on my laptop. Let me double-check to see if the slides are going slow, it's just [unclear].

Yeah. Share.

Is that conference? That's right.

Share. If anyone can try to troubleshoot, can you get everything to show?

Is this showing up now, Liam? Yeah.

We can see it on our end. Cool.

I can see the tabs up top. You can see the tabs?

I'll just swap it then. That's okay.

Thanks, Liam. There's no waiting room, we can just start at the time.

We're totally at the end. [laughter] We're not presented at all.

Don't think anyone asks us something. [laughter] Try to hide somewhere.

Better not be asked. Okay.

I agree. We haven't had a presentation or session so [unclear].

We just sat up, turned the mic here for last questions, didn't direct to them, but somebody does, but I'm yet to have a question directed to me. Too fast.

Nice one. That's because you're doing so well.

You are Tuesday. You'll be all right.

You might get a question. You actually get a question.

Not us. 20 numbers, did you go over them all?

All of them. He gets it.

He's positive. It's fair.

Java, I guess if everyone else feels good. [laughter] That's fine.

Happens. You got a fact on Freemart.

I'm just intrigued. Yeah.

That's fine. My numbers don't get audited.

We roll up into the accounts. They just have percentages.

They ain't got the actual numbers, so. Yeah.

That makes it easier. Sound loud and clear?

Sound check? All good.

We will start on the dot, Liam. I think I'll wear it.

Stay unmuted here. You see Andrew's still on or not?

Oh yeah, I see. Good Andrew.

He said he's doing it from home. Should be fun.

You're hiding in? You can unmute it there.

It's on mute, it's fine. Can you hear me?

Yep. Cool.

Great. You're good to go?

I'm ready. 15.

Other than on the call, tell you. These ones instantly jumped.

Gary, I'm good to go now. He doesn't hear you.

It's dark. Dark call, dark.

Who's whispering the words? Can we please get going?

You are good to start whenever. Thank you.

Hello, and welcome to the Freelancer Limited first quarter of 2026 business update. My name is Matt Barrie, and I'm Chief Executive.

Here with me today, I have Neil Katz, the Chief Financial Officer; Andrew Bateman, the Vice President of Product; Tony Anne, the Director of Operations; and Mazen Halabi, Director of Loadshift. As always, you may direct questions to either myself or any of the management team in the Q&A.

Moving on to the first quarter business update. Group gross marketplace volume was up 14% to $253.3 million in the first quarter.

Freelancer was down 14.8% to $28.4 million. Escrow was $224.9 million, up 18.9%.

Group revenue was down at 9.4% versus the first quarter. Freelancer was $8.7 million, down 19%.

Escrow was $3.5 million, up 18.9%. Operating profit, excluding FX translation, which reflects the operating of the business, is was break-even for the quarter, slightly positive.

Escrow achieved and quite a healthy all-time record operating profit before FX. About 10% to 11% was drag on on the business due to the Australian dollar versus the US dollar hitting a three-year high on very, very, very quick move, if you look through that lens.

Operating cash flow was neutral versus last year. Cash flow itself was -$1.7 million, but there are a number of one-offs in there, including the second-last payment for a buyback of 10% of Loadshift.

We have one payment remaining in the next quarter and that's it, which takes our stake to I think 73.4%. We had a couple of one-offs related to the closure of our Buenos Aires office and moving to our new moving to our new premises here in Manila, including deposits, fit-out, and so forth.

I'm here at the moment with Tony and Maz in that new premises. The unaudited net profit before tax was positive for the quarter.

The cash was $20.8 million at the end, again noting that we had a buyback of of Loadshift shares and a number of one-offs and so forth. The Australian dollar's appreciation to a three-year high against the US dollar of 10.7% created a material translation headwind for the company's predominantly USD-denominated revenue.

Underlying cash flow is expected to improve in coming quarters, benefiting from the non-recurrence of one-off items related to the Buenos Aires office closure and the Manila lease transition, alongside recent cost initiatives. We're working hard in the group to build the Amazon for services.

We connect over 90 million registered users across the globe with a seamless ecosystem of labor, payments, and freight solutions to the throughout the core business. Freelancer is the largest cloud workforce in the world and the most liquid.

Escrow is the world's leading online escrow company, which facilitates and secures large-value payments and the only multi-jurisdictional online escrow company that's licensed in in many jurisdictions and outside of real estate. Loadshift, Australia's largest heavy haulage freight marketplace, and these services meet the everyday needs of human civilization broadly worldwide.

On Freelancer, the first quarter was a challenging quarter for us. The segment, ex Loadshift, delivered a modest operating profit for the quarter on a reported basis, supported by favorable FX translation and underlying results reflecting revenue pressure partly offset by continuing cost discipline and operating to the business.

The platform added 1.3 million new users, 150,000 new projects in the quarter. Several quality indicators improved meaningfully: the average project size grew 20.4% to $414 US.

Bids per project grew grew 4.1% to 51, if you post a project, you get 51 people bidding on it. The contest entries grew 72.4% to quite an incredible 862 entries per contest, which is quite an incredible experience if if you if you try contests.

That drove the average project size up at the time. Now, in terms of our paid acquisition channels, they grew 5.5% of PCP, which is cash coming from new customers in the first 28 days.

Return on investment remained stable in that channel in a slightly increased competitive landscape, demonstrating the underlying demand intent remains strong. I threw a graph in here this time around the award rates and the milestone rates over time, and you can see that they've been lifting over the year as we continue to roll out product product improvements and all the things we talked about in previous quarter quarterly updates.

However, we had three particular factors weighing on performance, and particularly the first factor was was was result for, I think over 70% of of the issue. That is, we dramatically lifted the security of the platform in the fourth quarter of last year.

We basically enhanced bot prevention controls and expanded the rollout of two-factor authentication. That's materially reduced fraudulent account activity from shops that abstract and strengthen platform integrity, but introduced additional login friction that's weighing on activity for returning users, most notably long-tenured cohorts with legacy account configurations.

We believe that this has been the biggest drag in the core marketplace this quarter, and it also affected us in the fourth quarter of last year. We've been iterating on these controls rapidly.

We're quite on top of them, I think, and refining the authentication experience, but security involves a tradeoff with usability, and you can see here with a graph in here this success rate of two-factor authentication from users returning with the same browser cookie, so that excludes bad actors, for example. You can see there that when we did roll that out, that there there has been an impact in the success rate of users kind of returning to the site.

It does have a little bit of a cumulative effect as well. You can see that we've iterated that we have managed to get the accounts with larger tenures coming back onto the site.

We've iterated with various whitelisting and device tokens and other forms of convenience, etc., but you can see that there has been a dip in in successes of the successful logins from from accounts. Now, we believe this accounts for about 75% of the of of the issue.

We can talk about it later if if there are questions in the Q&A. We also had a little bit of a challenging time with the organic search.

It has been a little bit of a headwind since late 2025. Substantially all site traffic now is being migrated to a content delivery network caching infrastructure because our site gets crawled quite dramatically, particularly from AI training scraping agents.

There's a benchmark known as SWE-bench, which these AI agents are all trying to get their software to outperform in doing work, etc., and the scraping has has over particularly over the last year or so caused some issues. We have done some enhancements to how we deliver, updated all the out logged-out pages, and we have pushed into into Fastly and so forth for various caching layers, and we believe we're pretty much out of the woods with that now, and quite substantially.

As part of this remediation, rate limiting was applied to Google crawler traffic, which inadvertently affected legitimate indexation. Basically, we were 429ing Google because they were crawling too quickly, and they used the same crawler for their AI scraping as they do for their search, which contributed to a decline in indexed pages and overall organic referral traffic.

There is essentially some impact as well from from AI-generated search summaries. Now, we do have an exceptionally strong domain footprint.

Our domain rating is 86, supported by 67 million backlinks and 37,000 referring domains, we're in the top 0.1 0.01% globally domains, and we have been working on technical fixes and delivered incremental recovery, but not back to kind of where we were the previous year. Consistent with our previous slow strategy to reduce reliance on organic search and really focus on, AI search and and so on, we're responding with three workstreams: first, to improve the technical crawlability and indexation, schema markup, and site architecture, including remediation of low-value, auto-generated URLs; a content program targeting high-intent skill and project categories to capture surplus commercial search demand; and investment in answer engine optimization, generative engine optimization to service us in the LLM discovery platforms such as ChatGPT, Claude, etc.

We are starting to get traffic from from those sites as they grow into alternative traditional search. There was a there was a a minor transient impact from Recruiter.

We we moved the Recruiter team, which is which is a somewhat global team, but the headquarters primarily for that from Buenos Aires to Manila during the period. The team has successfully lifted the award rates on the projects that they manage, and in fact, they're doing very, very well on that.

What they have done as part of that is they've had a temporary reduction in the in the complimentary upgrade to Recruiter that gets applied based on various project parameters, and we've seen that the free volume, which which has a little bit of a minority GMB impact here, but we're pretty confident we'll gain that back in the second quarter as we build the team out. Additionally, to accelerate execution against these priorities and the broader product roadmap, we've appointed Andrew Bateman to lead product for the group late in the quarter, and he brings significant experience leading product organizations who drive enterprise platform innovation across the marketplace.

Primarily, it's not the best quarter. We do we are on top of what we think the primary issue is, overwhelmingly majority of the issue is.

We are iterating on it, as you can see in this graph. There's been improvements, etc., and we will continue to work on that moving forward, but we're fully engaged on the issue.

Product: Product investment in first quarter was directed at areas most likely to drive recoveries in volume returns, particularly improving how clients and freelancers find each other, communicate, and transact. A major focus of the quarter was improving the quality of the bidding experience.

This is the long a long-term feedback we have about the site is: well, we have lots of users, in fact, the biggest cloud workforce in the world, but it can be sometimes be confusing. Sometimes the users are using AI to generate their bids, etc., and it can be hard to get the signal from the noise.

What we have done is implemented a new bid ranking algorithm delivering a lift in overall award rate and accept rate, I believe it's about 6%, and especially strong results for new clients. This is a pillar of a broad initiative to leverage LLM search capabilities and annotations, etc., across the marketplaces.

It's an example here where now we what we will do is go through all the the past activity, and particularly paid reviews is a very strong signal, and we'll surface work that's relevant to your job, and we'll annotate that experience. It's actually quite phenomenal.

I encourage everyone else who uses the site to give it a go now, and I think you'll I think you'll note that it is a big uplift, and we've got a number of enhancements coming through in the next quarter. We also implemented policy changes to limit the bidding pool.

I think one comment we've had back previously as well is: while we have 50 people bidding on your on your on your site on on a project on average, but I don't really want 50. I'll be happy if I got, 25 that were great.

What we did was we put in some barriers for poor-quality or low-skilled bidders to appear on the bid list. It had no negative impact, and in fact, lifted the award rate overall.

Again, back to that first graph that I showed up here, figure two, you can see that the award rates and the milestone rates have been lifting over the last period, and particularly this year, they've lifted lifted quite well. Those initiatives are actually delivering for us, and we get the traffic lifted at the front end, and back we should be in very, very, very good place.

Additionally, we continue to expand with our AI capabilities. We have a full LLM-powered whiteboard called Prototyper.

You can actually write full software there as if as if you were just writing on a whiteboard. We had a bit of a competition internally in the last couple of weeks.

Someone built Minecraft on a whiteboard, and you can hit a button to make it real and end up with a fully playable game just by writing on the whiteboard. That's great, and that actually won an HXE award for Innovation in Artificial Intelligence.

Something also just launched is Freelancer Manufacturing, anything that you design on Freelancer, you can now hook up with one of our team who will organize manufacturing for it to connect you with various manufacturers, get you quotes, get you samples, and also head into full ongoing manufacturing with an exciting new product that's being launched by Escrow. Automation of support functions is actually going to accelerate in the second quarter.

We're pretty excited here with the initiatives that we that we have. We've already got an agentic framework on on the platform that's doing support operations and sales.

That platform now will be extended in the next quarter to tier one support, which is the first line of general support for users, and we believe over 50% of engagements will be handled by tier one. Now, the AI will escalate it to tier two human support, etc., if the problem is complex or needs to, but we're pretty excited about that, and it's allowing our staff here in the Manila operation to be elevated into a strategy and operations team to do a number of other initiatives, which I'll talk about later.

Furthermore, we had a pretty phenomenal breakthrough this quarter with an in-house autonomous coding agent called Diffy. This is an autonomous you think it's an autonomous junior software engineer.

It's now capable of processing increasingly complex tasks one-shot, things like small UI changes, bug fixes, creation of landing pages, etc. It's pretty pretty phenomenal.

This will allow us to increase our throughput significantly, allows to burn down our backlog of tickets of of low-value tickets quite significantly, focus our engineering on the high-value delivery, be able to deal with customer feedback or customer issues very, very quickly in terms of little UI issues or or so forth, and it really should allow us to increase the velocity by which we can improve quality on the platform primarily, because we have a big backlog of of little issues to to improve all the time, and that's always very hard to get on the OKRs for engineering team. They want to work on the the big, shiny new thing.

That, combined with quite a a robust and extensive quality program Andrew Bateman's already put in place that we're rolling out progressively through the teams. The remainder of 2026 will continue to see continued product focus on improving and streamlining the core experience of the marketplace.

We've got we'll have a pretty special contest experience this quarter that will be delivered that I'm I think will be pretty keen to show you in the next update, which I believe will be better than AI in terms of getting various various contest deliverables to you. I think you'll be pretty excited at seeing what we're doing there.

We have new product leadership in place, and we'll be directing efforts towards high-value revenue opportunities. We continue to rank number one in the world as the most trusted platform for work with 4.4 Excellent on Trustpilot, 4.7 on Sitejabber, that's from a total of about 40,000 reviews between the two of them.

Our enterprise division delivered good commercial momentum in the first quarter as well, doing client wins and signed engagements and extending client base across AI data services, field operations, and managed workforce solutions. We're also progressed high-value opportunities with marquee accounts across digital platforms, customer experience, AI data services, contracts, and pilots at various various stages.

For a global big tech provider, you'll see that where if you go into our social media or you log in to the site, we've commenced sourcing for over a million images globally using our workforce, going out and taking photographs for training for the visual system for one of the larger AIs. We're doing we're doing recruiting at scale for that right now, and you'll see a bunch of stuff on our socials.

For an AI data training data specialist, we're executing multiple AI data collection projects spanning healthcare conversational AI, utterance projects, and computer vision across 60 countries. For an emerging AI data provider, we're executing a speech data collection project, prompting sound across additional data modalities.

For a European-headquartered telecommunications provider, we're onboarding at the moment with project commencing shortly. In addition, in the media division, we have the strongest pipeline to date.

We've got two field services engagements for payment systems, building field sales teams at scale, multiple AI data service engagements in advanced commercial discussions with several large-cap enterprise accounts. Near-term priorities are converting the digital payments pilots, there's two now, progressing six AI data service opportunities in signed contracts, and scaling delivery volumes across active engagements.

The Freelancer moonshot innovation program, which delivers scientific and technological breakthroughs for Fortune 500 equivalent organizations, we've now commercialized that and we launched to corporate clients. We had a landmark moment in the first quarter where NASA's Artemis II crewed lunar mission flew with the fifth astronaut, which was Ryze, which we sourced, which is a zero-gravity indicator, which we sourced for them through a global contest across 50 countries.

It was designed by The purpose of this is to teach kids about space. It was designed by an eight-year-old in the city of Mountain View, and Ryze carried a microSD card with the names of every child who registered during humanity's first crewed mission to the Moon in over 50 years as the fifth crew member.

That got a lot of coverage for us, as it as would, great hit for the freelancers who found NASA. The program also continued to expand its footprint across high-impact missions.

We worked with the United Nations Development Programme to crowdsource tools for the affordable detection of underwater explosives. It's a global humanitarian challenge looking to clear out mines, which would be quite useful at the moment out in the Strait of Hormuz.

We also had our first commercial partner launch a physics-based AI modeling challenge to model the distribution of particles from explosions, including asteroid could be asteroid impact, structural collapses, volcanic activity, etc., and also the National Institutes of Health, we continued with a major engagement around genome editing and health research data sharing. Trishurak, the Director of Innovation, was also invited to present on Open Innovation by the UK Space Agency and the United Nations Development Programme.

Quite a vibrant sort of work. Again, if anyone works for a Fortune 500 equivalent organization, give us your hardest scientific and technological breakthrough, we will solve it for you, and if we don't, you don't pay for the prize, it's quite a compelling offering.

In FY '26, a key focus for Freelancer will be to obviously get on top of, the transient issues we're we're dealing with right now, which we talked about at the beginning, enhance marketplace engagement, continue improvements in user experience and matching capabilities to attract, activate, retain high-quality freelancers and clients, and let me tell you, in the next quarter, it's going to be pretty amazing products, right? Desktop and mobile, it's going to be projects, contests are going to be very, very, very sleek, and and I think we will we will have a very, very exciting sort of platform to show you with all the work we're doing.

We're also going to accelerate AI-driven innovation, expand the integration of advanced AI solutions across products and services, enabling efficiency, automation, and new opportunities for product growth; expand potential service offerings; broaden and streamline our payment methods and financial structure, improving transaction feeds, security, as well as scalability; and drive operational excellence to try and achieve at least $500k per month operating profit consistently on an ongoing basis. Now, on to Escrow.

Escrow had a pretty decent quarter. Its gross payment volume was $238.4 million, up 18.9%, driven by strong year-on-year growth in general merchandise, domain name, and also IPv IPv4 blocks.

The revenue for the quarter of $3.5 million, up 18.9%. Escrow enters its sixth year of profitability, and the first quarter represented our second-highest revenue quarter since inception, and we hit a milestone of surpassing $8 billion cumulative in transactions secured.

I can say as of today, on a rolling three-month basis, second quarter looks like it'll be better than the first quarter. Escrow's committed to bringing digitalization and scalability to processes originally designed around manual human-led workflows, building on the strong foundation financial foundation of business decisions to make meaningful investments to drive service delivery and scalability through the remainder of 2026.

You can see here there's a 20 26-year history of the business, and it's you can see there's there's a there's a strong trend line there, and as mentioned, it was a good quarter for us, and it will be a better quarter, I think, at this point looks like it in the second quarter. I think we'll have a great year.

As part of our product innovation efforts and digitalization and scalability efforts, we continue to strengthen our payments infrastructure for meaningful gains in acceleration of payment processing and real-time payments support. In the second quarter, we're launching separate bank account numbers for inbound payments, just like Wise, you get automatic matching based on that, separate separate account ledgers for separate users.

We'll have real-time payments support so you can so there's RTGS, which is a real-time payment system in the US for instant crediting, etc. We'll have flexible payments flexible transaction structures so you'll be able to set up transactions that may have milestone payments, balloon structures, what have you.

It'd be quite complicated in terms of what you what you can do. It's going to be a pretty phenomenal platform as well as a UI overhaul.

During the first quarter, we completed several new integrations with e-commerce partners and achieved execution of our go-to-market strategies, flowing partners through the second successful technical implementations to drive sustainable adoption across user base these user bases. Our outbound activity continues to build a pipeline of net new e-commerce merchant partnerships.

In fact, both our high-value account management account-managed pipeline, and Tony manages that here in front of me, is the best we've ever had, but in in addition, our sales pipeline is also the best we've ever had in terms of merchant platforms. Execution is very, very well and cohesive in the team as a whole.

To support this expansion, the merchant acquisition team is being scaled with a dedicated go-to-marketing team responsible for pipeline development and merchant activation and post-activation to drive sustained transaction volume from partner network. We're trying to do what Afterpay did, which is there's two parts of Afterpay: they have an aggressive sales team going out to merchants and platforms, and then there was an activation team that once once they came in, you had developer support, marketing support, and so forth, and that's what we're building now, that second piece.

In terms of new verticals, we continue to deepen our position in high-value B2B transaction categories during the quarter, with meaningful progress across across global trade, secondary electronics, IPv4. In global trade, we've got quite a number of things happening.

We've expanded our platform to support complex cross-border transactions. We have an exciting I can mention it because it's it's it's it's somewhere out there now, a digital letter of credit product to supplant and replace traditional letters of credit, which are clunky, bank-driven instruments which have a 60% to 70% rejection rate when they try to get settled.

We have a digital offering that we've launched, and we already have our first big partner with a live transaction signed on that, which is a substantial transaction, I will note. Substantial.

Offering faster and more accessible alternative to traditional trade finance instruments. A newly signed partnership with a global shipping and logistics company will deploy this capability across a series of international trade deals.

In B2B electronics, the vertical continues to mature. We signed new partnerships with TradeLoop, BrokerBin, Broker Forum, all recording live transactions on platform during the quarter, most notably BrokerBin, which is the world's largest B2B electronics trading platform that does about $100 million a month of volume, has finalized technical integration with Escrow, with a joint announcement for early release to market.

Stage two of the launch is scheduled for BrokerBin's annual member meeting in Croatia. It's happening as we speak, and we are there at that at that event, where Escrow will be introduced as a partner solution to BrokerBin's network of 10,000 member companies, positioning Escrow to capture a significant share of the secondary electronics transaction volume globally.

We are in Croatia today with BrokerBin working through at that event. We've had a good period with IPv4, and we've done blocks in the past up to $50 million US in size.

We've had a pretty decent period for IPv4. We entered a partnership with a leading APAC brokerage, bringing seven-figure deal flows to the platform.

Relationship this partnership also deepened further to establishing Escrow as a trusted payment partner for IPv address trading. We also had quite a number of precedents.

We announced the the master of the Demanys Award, a prestigious award that's recognized as the industry award, which ranks the top brokers across the entire space. This year's winner was Andrew Miller from Hilco.

We've had a long and and quite fruitful relationship with Andrew. He is now the number one domain broker in the world, breaking a seven-year streak for the previous titleholder.

He also came public with a few large transactions just recently, for example, the sale of club.com for $10 million that went through us, and several others on our platform with Andrew Miller there. We also continue to engage with the media and key go-to-market initiatives while tracking industry trends through our proprietary domain investing index.

In that index, the .ai domains are starting to take off, reaching a new quarterly high of $10.3 million in total transaction volume through Escrow in in the fourth quarter of 2025. The emerging niche represents an area of strength and meaningful growth opportunity for Escrow in the broader industry.

In addition to domains, we're also going to publish imminently an IP address index, so that's going out as we speak. The index is being written, and we're just doing some video collateral to go with that.

That's about to go out the door. We also attended a number of major industry conferences, ICA, NANOG, etc., really the the center of of these industries, because we're where the transactions get done.

We had a decent quarter for domain name volume, up 19.6% year-on-year. Valuations continue to rise.

There's always things marquee valuations in space recently. These domains have sold for tens of millions of dollars, as they're the commercial property of the internet.

Beyond, we aim to deliver new avenues of value to the domain space to expanded offerings and streamline service delivery with tools and customized features around that. In terms of the customer experience for Escrow, we implemented enhancements to automate back-end payments, customer success workflows.

Tony's got the team running 24/7 now, which is fantastic. It's one of the reasons why he's here working with the teams.

He's also working night shift. Continuing the front-end migrations to Freelancer technology stack will go live in the second quarter, which allows us to get all the benefits of chat and a modern web front-end and AI agents and all the other things we've got, which are great, as well as the mobility of the engineering between the teams, as well as Diffy, our autonomous software engineer which I talked about before, which is absolutely phenomenal in terms of what we can do without in bypassing engineering with having the QA teams directly run autonomous engineering.

Heading into 2026, the operations team is building enhanced internal systems and external transaction support channels based upon proven VIP client practice to benefit all users. Payment processing, taking deep look at new banking partners to improve automation, simplify funds transfer, and new compliance initiatives to leverage our unique licensing advantages across 55 jurisdictions to simplify the experience for end users and partners.

Turning on to Loadshift. Loadshift is Australia's largest heavy haulage freight marketplace, we're building a single digital platform that connects freight owners directly with a nationwide network of verified carriers.

Maz in the room with me is the guy that runs that. If you want to ask him any questions about it.

The platform enables users to secure the right capacity at competitive rates for everything from palletized goods to oversized industrial equipment. Eliminating broker margins and legacy inefficiencies, the platform provides end-to-end visibility with real-time tracking, integrated communications, and seamless transaction management, cutting costs and boosting reliability for shippers, while giving carriers a steady flow of quality loads, higher asset utilization, and faster payments on rural, metropolitan, regional, and remote routes.

We started Q1 strongly with Loadshift, with March delivering the second-highest revenue month on record. It was just short of an all-time high by how much?

$700. $700,

we aim to hit record highs in the rest of the quarters this year. The quarter finished well ahead on a year-on-year revenue and GMV, both for the year-on-year to by modest improvements.

For the first quarter, revenue was up 6.8%, GMV 5.7, March up 11.3. I believe that would accelerate over the course of this year.

We'll talk about in a second why. The platform continues to show to demonstrate operational improvements: job postings increasing in the quarter, up 18.3%; award rate softened slightly as fuel price fluctuations drove quoting levels higher, resulting in increased job repostings, the award rate was 26.8%; total jobs up 9.6%; loaded loads are up 11.6%.

Loadshift enjoyed its most successful quarter for earned media exposure. We're pretty much, if you're in Australia, pretty much in the news every second day or so.

We've become the authority, I think, on this national crisis in fuel, and we've even had a hit in the BBC worldwide on it. We've had more than 35 articles across major domestic and international outlets, most of which were unique, journalist-driven coverage rather than press release pickups.

As Australian diesel prices steepened, it's closed the Strait of Hormuz, newsrooms including Daily Mail, Sky News, ABC, The Australian, 9News, The West Australian, 2GB, BBC, and others turned to Loadshift for on-the-ground insights and the impact on freight operators. We we also had press in the US, UK, China, and New Zealand.

Major Australian and international newsrooms now turn to Loadshift as an authority on freight and logistics and what's happening on the ground, and that's going to continue. In fact, we're about to launch a national hotline imminently to support that.

We continue to invest in platform capabilities for the first quarter, delivering enhancements to improve marketplace efficiency and transaction completion rates. In-app calling adoption continued to build, with March recording the highest monthly usage since the feature launched, up 40% month-on-month.

Usability improvements delivered, including, mini call windows and so forth, the back of the camera now works. Development's now underway extending it beyond the app and bridging into the public telephone network, which is a critical step towards keeping all negotiation and booking on Loadshift, and that should be ready by end of quarter, second quarter.

A new quote-on-behalf capability was launched, allowing our ops team to create and post loads on behalf of shippers. If someone rings on the phone and not signed up, we can get loads out there quickly, and that's why we led to an acceleration in loads getting out.

It's designed to convert inbound inquiries, etc., whether it's via social, operations, whatever. Adoption's been encouraging, and we're getting a whole lot of loads already.

We also have a AI-powered call options, which is doing pretty well. Our non-mining saw rate with new clients, about 60% now, up from 46% last year.

Really looking ahead, our product and commercial roadmap focuses on three key areas: Carrier onboarding phase one, aiming at streamlining signup experience for carriers, we should have a big explosion in carriers getting on the platform. We've also got a a very value-enhancing new feature to help carriers find loads, which is about to be launched in combination with the national hotline.

We also have PSTN calling, which I just talked about, which should really let us get that award rate right up from where it is. That's a very, very big lever, and this is the really the last piece to be able to get that lever pulled.

On the enterprise side, it's pretty exciting what we're doing with Loadshift. We have quite a number of very large enterprise engagements now.

We've got a major equipment hire and storage provider, where we're putting a curated, approved carrier network together for them to move things between their depots, heavy haulage. We're about to go ahead of a trial starting in in one of the states, and then hopefully, we'll be able to roll it out nationwide.

That's a very, very big customer. Then there are a number of other around auctions.

There's another there's another equipment hire and also mining, I'm pretty excited about that. I think Loadshift is in a in a great place, and I think it's going to have a pretty marquee year for us.

Group reported broadly break-even operating cash flow for the quarter, compared to strong operating cash flows in the prior corresponding period. Receipts were lower year-on-year, reflecting a softer quarter for the core Freelancer marketplace, partially offset by quite strong performance from Escrow.

Escrow had a record operating profitability before FX, as I mentioned before, in a very, very, very strong position there. Operating cash flow was also impacted by absence of favorable working capital movements experienced in prior corresponding period, including a reduction in user balances during the quarter.

Cash and cash equivalents decreased over the quarter, reflecting break-even operating cash flows, ongoing lease-related outflows, such as the shutdown of the Manila office, the make-good, deposits, and fit-out of the new offices here in Manila; the third of four installments, which was $0.4 million paid in the quarter, the acquisition of another 10% of Loadshift. We have one final payment left in the next quarter, and that's done, and that takes the stake up to 73.4% of that business, which is I think great, because I think Loadshift is going to be quite a an incredible business in terms of its growth this year, and in terms of its value to the group, and in terms of where it's going to go.

We've got some things we've been working on for a very long time that are now basically coming live: full app mobile experience, bridging to the phone network, GPS tracking, the ability to to know and graph where the trucks are, etc., rolling out AI agents, automation, and a number of things to help with logistics. That business is really going to start to shine.

The great thing about Loadshift is it just completely leveraged off the Freelancer stack, so it's a very lean and mean machine, and Maz is a very lean and mean machine as well, I will say, and so the there is quite extreme operating leverage, I think, in this business that's going to kick in soon. As I mentioned before, the cash outflows, quite a number of things that are non-recurring were related to the office moves, fit-outs, and and one final payment left for for Loadshift.

The group remains focused on improving operating cash flow, maintaining disciplined cost management, I think we have a good track record of doing that. Cash flow expected to benefit from these non-recurrence of these one-off items and recent cost initiatives.

As of 31st of March, we held $20.8 million in cash and cash equivalents and remain debt-free, which, yeah, 8% decrease across the period, which as I mentioned, is a number of one-offs in there. In terms of group management, two things here: we have appointed Mr.

Dylan Carter as the Chief Financial Officer. He starts on the 18th of May notionally, but he's been meeting with us every couple of days, and he's coming to the office, and this, that, and the other all through his through his break from his previous employer.

He's very engaged. I think he's he's going to be a phenomenal asset to the company.

Mr. Carter succeeds Mr.

Neil Katz, who will step down after more than 16 years of very distinguished service and remain with the company through to August 2026 to ensure an orderly transition. Mr.

Carter brings over a decade of experience across ASX-listed digital payments fintech businesses, most recently as the head of commercial analysis at Tyro Payments, effectively, it was a 2IC to the CFO, where he played a key role in the company's IPO and subsequent capital markets activities over his six-year tenure. His earlier career spans structured finance at Pepper Money, mergers and acquisitions at in junior and mid-market, and treasury at Gateway Bank.

He holds a Bachelor of Economics from the University of New South Wales, a member of the GAICD, and I think he brings quite a deal of technical sophistication into the role, as well as very, very relevant experience being effectively 2IC at Tyro CFO. The Freelancer Product Group, Andrew Bateman, who's on the call, you may direct questions to him as well, has been appointed to lead the Freelancer Product Group, succeeding Adam Burns.

Mr. Bateman brings significant experience leading product organizations who lead the next phase of platform innovation across the marketplace, with immediate focus on accelerating execution of product roadmap and high-revenue opportunities.

Mr. Burns moves to the role of Chief Scientist, leading the group's data science and analytics efforts.

Tony Anne, who's here with me today, has been promoted to Director of Operations at Escrow, leading the senior leadership of account management, support, and payments functions. Promotion recognizes Mr.

Anne's contribution to Escrow.com's operational performance and sports division's continued investment in scalability, product, and service delivery. Tony is a hustler.

He interfaces with all our clients. He is rapidly organizing the teams to be coherent, cohesive, reduce internal friction, automate, and so on.

Very, very pleased to see him in that role. That concludes the overview for the group.

If I can broadly characterize it at a super-high level: Escrow doing extremely well, and flying, and spinning out cash as it's sixth year of doing so. I think it's really going to accelerate this year.

As I said before, the second quarter looks like it'll be better than the first quarter already. I can see that very clearly in the numbers on a rolling three-month basis.

We've got some transactions we've put through obviously since the first quarter, the course of that. We've also got a with our digital letter of credit offering that we've launched, we've got our first customer.

We've got a I won't mention a number, but it's a very chunky first customer, and it's the first customer of the customer. It's a partnership with DocShipper, which is a global import-export platform.

We're going to announce that in a bigger way coming forward, but it was for the import and export of ongoing monthly containers of of of certain food food products, and it's an ongoing annual contract, and it's it's of substantial size. I think the partnership with DocShipper will prove to be quite fruitful, as well the partnerships with BrokerBin and and all the other high-volume global sourcing marketplaces in combination with our digital letter of credit product, and then in time, hopefully with our Freelancer Manufacturing offering as well.

There's there's a number of verticals they're building out. There's a marketplace launching on regulatory credits.

I don't know if there's any others, you don't mention, Tony, on the tell you how that is. It's quite quite a number: agriculture, machinery, etc., and so on.

That's in a I think in a very, very good place. I think we'll have a pretty standout year for that business.

Loadshift, I think, will also be a standout year. We're we're, close to an all-time high in the first quarter.

I think it's only going to continue this year. The key features we've been, trying to get out the door are now coming to fruition: a an integrated audio/video calling experience, because obviously, on Loadshift, people are driving in a truck, it's unlike Freelancer, where you're more of a technical chat.

That will be live, that's that's hooked into our full agentic system, it's hooked into our transcription systems, our anti-fraud systems, GPS tracking fully live, a bunch of enhanced product offerings and features to help drivers find loads. Along with that, some pretty amazing, and I think, what looks to be very promising in the from enterprise integrations.

Then if I talk about Freelancer, it was a challenging quarter. We we know what the issues are.

It's primarily the friction with deploying enhanced security. We we we did that because we noticed, we've got obviously 80-something million people on the site, and we do have a every range of actor you can imagine interacting on Freelancer, very, very well-known and well-trafficked business.

We and we we just needed to crack down on the bad actors on the site and enhance security. Obviously, that comes with a trade-off in terms of friction, and we have been, as you can see, iterating on reducing that friction as fast as we can, but we have taken a bit of a hit on that.

The underlying product experience, you can see here in this graph, has been improving. Particularly this year, there's been big improvements in the underlying award rate, the underlying milestone rates.

It's just front-of-funnel work, and there was as I mentioned before, the fourth quarter, there's still a very strong pipeline of enhancements in the in the funnel, particularly out of funnel, they've been trying to get out the door that have just been delayed through some AB test issues, etc., and combination with this. We've got new product leadership that's going to jump on and and and and really already has bull by the horns and and so forth.

We have to work through that, and once we do that and we get and we get the third leg firing as well, this this group will be in a pretty amazing place. That's it for the update.

I will now open it up for Q&A. Liam, if you could If you have any directed questions again to myself or anyone on the management team.

You have Neil Katz, Chief Financial Officer; you have Andrew Bateman, the VP of Product, on the call; you have Mazen Halabi, who runs Loadshift; and Tony Anne from from from Escrow. Liam, are you going to put questions in the chat?

Yeah. There's obviously a lot of noise out there in the market from the larger foundational AI companies that AI is going to take everyone's job, and we're all going to be unemployed, and we'll be on universal basic income.

They have to pitch the world because when you're raising money at a trillion-dollar pre-money valuation, you need to have a big plan that will match that to show that you're going to generate a return on those funds raised. They've generally trended into, "Well, we're going to take certain categories of work, and all the world's graphic design, or legal work, or accounting is all going to be done by AI, and everyone's going to be out of a job, and the government's going to put everyone on Centrelink, and you'll get the universal basic income, and that's the future of the world."

That's complete hogwash. Now, if you want to know my in-depth, I've got a multi-part series podcast that I've done with MacroVoices, and I've also written a series of essays, which I'm happy to share with Dean, on this.

The argument around AI is completely mispresented by the foundational companies. It is a tremendous resource.

It's great for personalization, it's great for funnel optimization. I talked about Diffy, our autonomous software engineer, which can get basic tickets out the door, etc.

AI is a productivity tool, right? It's a productivity tool, it's a power tool, right?

You need to be skilled in the art of the industry to really get the best out of these tools. Diffy, our autonomous engineer, needs an engineer driving it.

In fact, what we've seen through our adoption of AI coding tools within the company is that the engineers that are using AI coding tools the most are our top engineers. The top engineers are the ones that are using the most, they're getting the most day out of it, and then you get a bit of a bell curve out of the rest.

My mom cannot go to Claude and build an app and get that app in the App Store. That is impossible at this point in time, right?

It's a skills boost across the whole stack, right? If you're an average copywriter, you can now be a great copywriter, etc., and so forth.

Where the dislocation will occur thanks to AI will be in companies where you've got people doing the same role in workflows where those workflows get automated. It might be someone at a bank, and their job is to process paperwork and do certain things, and you can automate that workflow, and then yes, you will have some dislocation.

It's in the areas like call centers where you've got 10,000 people on the phone. Maybe in the future, you won't have 10,000, you might have a few hundred.

I know with the rollout of AI in my support organization, which run 24x7 by 365, it's actually just created more work rather than removed work. AI is now in the live chat, it does tier one support, but it frees up the support staff to be the managers of the AI.

There's a lot of work in QAing the conversation to get them authentic, in coming up with new roles. For example, we've got roles like a Freelancer induction specialist where, "Hello, Muhammad.

You come from Pakistan, I see you're a web developer. I've looked at your profile, there's a few spelling mistakes in it.

I've noticed that you say you've got Flutter experience, I don't see that in your portfolio, maybe you should upload something. By the way, join me in a walkthrough of the site," right?

That role would never be economically viable to deploy with a human ever, with 25,000 signups a day, but you can now do that with AI. What it's doing is it's elevating people.

Now, the elevation of skills, as I said before, it's going to be the more skilled in the art you are, the more your elevation is, right? If you're a highly skilled designer, you can get really good things out of the design tools, right?

If you're a pretty basic designer, and you just punch in, "Get me an image for put in a brochure," the effect you get is what you've had over the last few years where when Midjourney came out, every company around the world updated all their imagery to use Midjourney-style images. Then six months later, everyone looks back and go, "Oh, that all looks like iStock photo or Getty Images," right?

Because everyone has the same styling. It's the same thing that happened with core tools.

There's only a couple of styles that really that a basic designer can kind of really get out of the system that easily. If you're highly skilled in design, you can get great, great outcomes.

I see it really the teams that have maybe 1,000 people might get reduced to 100. The teams that have got, if you've got lawyers, junior lawyers drafting in a law firm and you've got 40 people in that junior legal team, maybe in the future you might have 13, right?

The teams that have got highly parallelized people doing their workflows, etc., the teams will be reduced. If you've got one graphic designer in your company, you're not going to go and fire that graphic designer and go and replace them with someone else.

The ultimate combination is humans with AI, skilled professionals with AI. We have the biggest marketplace of skilled professionals.

Those skills have now been dramatically lifted. All our users use AI, right?

Pretty much. They're all Copilot-powered, they're all Codex-powered, they're all Midjourney-powered, etc., and so forth.

Also we're seeing a quite a number of rise in new AI jobs, 5% of GMV at the moment. I think we published a quarter on that, and it remains at that level.

New categories of work are being enabled thanks to AI, including fixing up little software. All the people that sit there and try and vibe code something in the weekend, and they realize how hard it is to actually turn that into a real app and get it into the App Store, they go to the freelancers to go fix it up, and do some press on that as well.

Look, I think AI is clearly transformational. I see it as I've said before, it's a productivity tool.

It's not a human replacer, it opens up new work for humans. There is an infinite amount of work in the world.

There's always things you can get people to do, right? All technology in the past has pretty much created jobs rather than taken jobs on a net basis.

Yes, there's been dislocation. I'm 52 years old.

When I joined the workforce, it was kind of on the cusp of coming to work and there was no computer on your desk, and then you came to work and there was a computer on your desk. I couldn't imagine coming to work today with no computer, no internet, no mobile phone, right?

How would we do it over the telephones? Run a business like this, right?

Yes, there's a massive productivity speed up, and it speed up in ways you couldn't even imagine a priori. Yes, some jobs did change.

The secretary in the typing pools went away, and then they became executive assistants or what have you. There's always more work.

What we've discovered is the productivity gains from this AI are such that it does create a lot of exceptions, it does create a lot of work for humans. Then the other thing is that there's a fundamental issue with the AI as well in the pricing model.

Now, I've talked about this in my latest podcast, an essay called "Pay to Pray", which is a lot of these tools will launch with freemium models or flat-rate models. You can go use Claude for free, you get a basic amount of token allocation, then you pay $20 a month to get a bit more, you pay $200 a month and you get kind of access to get more tokens.

It capped spending at $20, capped spending at $200. It turns out nobody in the AI space is making any money at all, other than Nvidia and TSMC.

Nvidia makes $160 billion a year of revenue, $100 billion of that is EBITDA, and TSMC being the foundry, again makes good numbers. None of these AI companies are making any money, and the reason why is inference is not profitable.

That's why when you use Claude or you use ChatGPT and you're a power user, instead of saying, "Put your credit card in and top your account up," in the past, they've been saying, "Sorry, time out for 7 hours or 5 hours," or what have you, and you're in the naughty corner. If there really was a profitable model behind inference, they'd just say, "Stick your credit card in and top it up."

Ultimately, and then you've got some issues in terms of data center capacity, and the roll out, the energy prices rising, etc., and so on. What I believe is particularly the software development packages where the massive token burning's happening, they're going to have to move to a pay-per-token model.

What that means is, as software developers use the tokens to import code, they're going to have to pay for the tokens as they go. The problem is that the nature of these AIs is that they hallucinate, right, the LLMs, and so in a way, it's turning software development into a little bit of a slot machine.

You just put in a query, you pull the handle, maybe the AI will one-shot it and figure it out. For very, very simple things, maybe it can.

Or if it's something more complex, maybe it will come along, and there's a lot of social media cases where people have said it's catastrophically deleted the code base, right? That's just the nature of the hallucination of the nature of the underlying technology, how it works.

Now, sure, over time, they are reducing with smart engineering the error rates at which these hallucinations, forth, occur. The complexity of things that people are trying to do with it is also increasing.

While the coin flip to get an error may be getting a lower and lower probability of the error, you're doing a lot more coin flips to go. Basically, where I'm getting with all this is, it's getting to a point now where they're going to have to pass through the cost of the inference.

The inference is actually quite expensive, not everyone's going to be able to afford that inference, and with a software developer using AI tooling just by yourself vibe coding, you're really pulling the handle of a slot machine going like, "Hit me. Hit me.

Hit me. Do I get my app?

Do I get my app?" Sometimes it can go in circles, and this, that, and the other.

I think everyone has had that experience where you're trying to get something out of it, and occasionally, it will go in circles, and you get kind of frustrated, you kind of give up. You compare that to the experience going to a freelancer, you pay a fixed price, and the other thing is when humans get things wrong, let's say you use a freelancer and he hasn't quite got it, they tend to hill-climb out of the problem quite well.

A human will ask their friends, ask other skilled professionals, get help, go read stuff, learn stuff, read the manuals, and they'll kind of hill-climb their way out of a problem, and AI tends to go in circles, and circles, and circles, and circles, right? There are some fundamental issues with AI, there's obviously a lot of hype around it.

Our freelancers are powered by AI. It's the best of both: you've got a skilled professional with the power tool.

AI is like a power tool, it's like a chainsaw. In the hands of a skilled professional, a chainsaw can do amazing things; in the hands of a novice like my mom, God knows what we'll end up with, right?

The answer is if you look at technology, cameras didn't put painters out of work. Sure, the market for portrait painting probably declined quite significantly from the 1800s, but the global market for artists who express themselves and generate income has exploded exponentially in terms of the ability for creative outcomes to earn money.

I don't think it's going to be the Dario view of, "AI stole my job, and everyone's going to be out of work, and we're all going to be on Centrelink." I think that's ludicrous.

I think the nature of work will change, we'll be highly productive. I think there'll be an explosion of entrepreneurship.

I think the ability to start a company is going to get easier and easier. We've got something we're launching next quarter around that: you can launch a company on our site pretty simply.

Some jobs will change. As always, the people who embrace technology, and have initiative, and get themselves skilled in the art of communicating with the AI in the industry they're trying to get work done, you've got to be a skilled software engineer to use Diffy, our internal autonomous coding engine.

My mom couldn't do it, etc., and so on. I think we are in a phenomenal place in that the skills on our marketplace are lifted, we're getting the benefit of all the AI.

A lot of people are coming to us now for AI jobs, there's AI training work we're doing, AI data collection work we're doing, etc., and so on. I think, yeah, I don't think everyone's going to be unemployed.

To this date, I don't know of anyone who's a graphic designer who's been told, "Sorry, you're fired. Midjourney's taking over."

Yes, there's been layoffs in companies for various reasons. I think the layoffs in tech companies has mainly been around being able to afford the AI coding tools as the pricing keeps going up, and so they cut a lot of the low-performing engineers in order to pay for their software development.

I think that's primarily what's going on, or they've gone to the SaaS dramatically. You will see dislocation in customer support, where you've got people doing effectively workflows highly parallelized and lots of people doing the same thing.

That also frees people up to creative work. Thanks for your question.

It was a great question. Liam, give me another question, I know Ray had a few while I was there.

Stablecoins, for those who don't know, it's a crypto coin that's pegged to the US dollar 1 for 1, it's a cryptographic digital currency. We have had zero demand from any of our freelancers to be paid in stablecoins.

Not a single freelancer has reached out saying, "Can you pay me in stablecoins?" None.

We have seen some demand on Escrow to take stablecoin payments. We explicitly reject that.

We don't accept crypto for a few reasons. One is there's no licensing in the United States in money transmission or in crypto escrow around crypto whatsoever.

There is a fundamental problem with AML, anti-money laundering, with crypto, in that when you go create a bank account, you typically go to the bank and present your ID, and they identify you. Then your bank account is linked to your identity because the bank has seen you, and verified you, and opened up the bank account, right?

Then, of course, you do KYC and things like that. With crypto, the wallet creation is decentralized.

I just go to my app, and I'll create a wallet, and I open up multiple wallets, and shut money around, etc., and so forth. It does present challenges with AML.

Also, it attracts hackers and this, that, and the other as well. There's a lot of hot money sloshing around.

The toll that's being paid to the Iranians going through the gates, the Straits of Hormuz, that $2 per barrel tariff is being paid with crypto, etc. I used to be a professor of cryptography for 14 years.

I started the program at University of Sydney, and I know this backwards. I taught it.

There's, again, a lot of hype in that space. It was very, very big in 2021, etc.

A lot of that money, I have a firm belief, is hot money. It's money that's bypassing proper OFAC screening, politically exposed persons checks, sanctions checks, etc.

It's very risky to take that money on, either to receive it and also to send it out. We do not accept it at all in any of our platforms.

In fact, we've enhanced security measures around things like crypto projects on Freelancer. You've got to be a verified freelancer that's actually gone through an extensive video interview process before you can work on a crypto project.

Despite my background in crypto, I'm very negative on the actual cryptocurrency that's out there. Now, look, things may change.

I know David Sacks, who's the crypto czar for Trump, etc. They are changing regulation with the banks to allow custody of crypto in the US.

In the future, should the legislation change, we could potentially look at that. There's pretty catastrophic things that happen with crypto, in that people have a browser extension loaded, and all of a sudden, the crypto wallet's drained, and you see these hacks where hundreds of millions of dollars just disappear overnight, there's no way to get it back again, right?

Because outside the banking system, right? We've explicitly stayed away from it.

When ai.com sold for $70 million US, we did quote on that. I think that actually came to be first for that particular transaction.

Where it was slightly smaller valuation, I did quote on it. The seller ultimately did want to receive cryptocurrency for that, and that's why we didn't touch it.

That's why it went through to the founder of Crypto.com who bought it. Ironically, we sold him Crypto.com, the domain name, and we sold a few other big, high-value things to sell as well.

We have turned down transactions because of crypto, but there's just a lot of risks around the space. Should it become more regulated and more of an accepted thing with the banks that actually adopt it a little bit more widely, we might consider it in the future, but at this point, we have no plans to do it.

In fact, we have enhanced security around crypto activity in terms of crypto projects on Freelancers. The answer's no.

I don't see it as a threat at all. I think the governments around the world are not going to lose control of the money supply, and I think in the future, there may very well be digital currencies everywhere around the world that governments issue, which would not be crypto, it will be digital more than crypto.

We would potentially support that, or almost likely support that. These semi-regulated grays of crypto sort of projects run by unknown Satoshis and so forth, we don't support.

Next question.

Yes. We aim to launch in Canada first, and we have a partner we're in discussions with around that.

That's probably all I can say at this point, and that's progressed quite well.

Needs to go up quite significantly. Obviously, there's been a meltdown across the software space, price is down 75%, etc.

The share price is ridiculous at this point in time. I've been buying, I will continue to buy.

My job is to get it up. I've got to get the Freelancer numbers working at the same time.

The Escrow team's doing well, Loadshift team's doing well, but I personally think it's a gift at these prices. I'm buying.

Anyway, yeah, I'm pretty amazed to see what the market cap is right now.

I'll wait a little bit longer, sometimes people take a little bit of time to ask a question. As always, you may direct questions either here now, or if you want to do it in a more private forum, you can reach out at [email protected] and that will reach the team, and we'll arrange a one-on-one with you.

Always happy to speak to any shareholder, no matter how big or how small. Any other questions from anyone?

A few more seconds to leave it open. Thank you everyone for attending the first quarter of 2026 financial results, and I look forward to speaking to you in the next quarter.

Thank you.