Thank you. Good morning, everyone.

Appreciate you joining ReadyTech's FY26 results call. I'm Marc Washbourne, Co-Founder and CEO of ReadyTech, and I'm joined today by our CFO, Bryce Thompson.

I refer today to our results presentation, which is now available on the ASX. The headline today is that FY26 was a year of mixed financial performance, but one where we strengthened the foundations for growth, aggressively pursued AI transformation, and took decisive action on cost and capital allocation.

On slide two, there are four things I'd like investors to take away today from the call. First, FY26 finished within revised guidance, with cash margin reaching what we believe is a low point.

Second, evidence supporting our enterprise strategy strengthened materially. The Victorian TAFE common platform win validates several years of investment in Ready Student, while our enterprise pipeline continued to grow.

Third, AI is becoming increasingly tangible. We are creating new customer value through products such as Orchestrator, while seeing significant improvements in engineering and operational productivity.

Fourth, our major investment cycle has peaked. We've taken meaningful action on costs, R&D investment is moderating, and we expect material margin improvement through FY27.

When we put this together, we have high conviction in our strategy. Moving on to slide five, FY26 revenue was $125 million, up 2.6% and within revised guidance.

Subscription revenue was $103.8 million, with recurring revenue representing 83% of the total. Underlying EBITDA was $35 million, representing a margin of 28.1%, and underlying cash EBITDA was $15.8 million, representing a margin of 12.6%, at the lower end of our guidance of low- to mid-teens.

There are two different dynamics beneath the group result. Our flagship products continue to compound, and that was offset by elevated churn in parts of the mature portfolio, and with enterprise customers where contracts are signed but subscription revenue is yet to commence as implementations progress.

Importantly, the investment base and capital allocation approach are now evolving, and Bryce will cover more of that in detail shortly. Slide six shows the actions that we have taken.

On financial performance, we finished FY26 within revised guidance, and strengthened the quality of the balance sheet through tighter working capital and cash discipline. The focus in FY27 is on greater reliability and predictability of performance.

On costs, as I said, we've enacted a cost management program, and we have delivered approximately $6.5 million of annualized savings since January, with a further $3.3 million of annualized savings expected to be realized through FY27. We've also become significantly more disciplined around capital allocation.

Our portfolio is increasingly assessed through a Rule of 40 and return on investment lens. Our best-performing products will continue to attract capital.

Where returns are weaker, we will right-size investment, and in some cases, we may exit products. This is about creating a clearer, faster, and stronger ReadyTech, with fewer competing priorities, and capital concentrated where we have the strongest right to win.

Turning to AI, on slide seven, we believe ReadyTech is structurally well-positioned for an AI world. Our software operates in regulated markets with deep domain complexity.

We own core systems of record, and the workflows around them, and thousands of industry-specific rules and edge cases. This makes us well-placed to become a trusted partner as our customers adopt AI.

Increasingly, with AI, what matters is evidence of payback, and we are seeing that in a tangible way at ReadyTech. On new AI product Orchestrator, we have a founding partner program, and that is accelerating.

Our AI-enabled engineering super squads are generating approximately 3 to 4 times the development velocity in areas where they have been deployed. Our AI operations team is applying AI across customer experience and delivery.

The opportunity for us is on both sides of the equation: new value and new revenue for customers, and at a lower cost to develop and deliver our software. Slide eight brings the year together.

The Victorian TAFE common platform contract win was a major milestone. We launched our AI intelligence platform, Orchestrator.

We've demonstrated material AI-driven engineering productivity, and in local government, we have begun getting legacy customers all the way through onto Ready Community. There were also a number of areas requiring action.

Churn remained elevated across mature products, particularly in managed payroll and in SME education. The VETtrak cyber incident required significant focus.

Customer restoration and remediation are complete, with enhanced controls embedded across the group. Local government implementation velocity took longer to improve than planned.

These areas are well understood, and we have clear management responses underway. On to slide nine, turning to Education and Work Pathways, the headline, of course, is the Victorian TAFE common platform win.

The agreement covers 11 Victorian TAFE institutes, with another four dual-sector providers able to procure ReadyTech's software. This is strategically significant.

Over several years, we have invested to make Ready Student a genuinely enterprise-grade, cloud-native platform capable of serving complex tertiary institutions. Within the Victorian process, following a competitive tender, this strongly validates that investment and provides an important reference for the broader TAFE and higher education market.

Our first university implementation with Avondale is also progressing. Within Work Pathways, enterprise pipeline converted strongly in the second half, with Wise and the Salvation Army contributing $1.9 million of new sales in ACV.

Without major enterprise implementations coming online in the year, segment revenue was broadly flat at $43.1 million, with EBITDA of $19 million. While FY26 financial performance was relatively stable, the strategic position of this segment has strengthened materially.

Moving on to slide 10, our Workforce segment revenue grew 10.4% from $34.5 million to $38.1 million. Margin was softer as a result of H1 investments in go-to-market.

Ready Workforce continues to demonstrate what we want our flagship strategy to deliver. Ready Workforce subscription revenue grew 25.4% in FY26, and that was driven by new logos, deeper vertical penetration, and customer and module expansion.

We added 46 new customers during the year, including enterprise wins in our priority sectors. Our AI screening assistant is now live with around 80% of customers and is reducing time to placement by more than 20%, creating measurable value and supporting pricing uplift.

The offset remains elevated mature churn, particularly in managed payroll services, which continue to weigh on the segment. The trajectory of Ready Workforce remains strong, and we expect it to represent an increasing share of segment revenue over time.

On to slide 11, turning to Government and Justice, in local government, the opportunity remains significant. The challenge has been converting that opportunity into implementations fast enough.

We are pleased to report that we now have five customers successfully migrated in Q4 from legacy software onto Ready Community. That establishes the upgrade pathway and allows us to systematically work through the backlog.

In Justice, implementation of the Workplace Injury Commission in Victoria contract is progressing well. Segment revenue was broadly stable at $43.8 million, with lower margins reflecting investment in leadership and some ageing debt write-offs.

The priority now is converting stronger product capability, leadership, and pipeline into improved financial performance. On to slide 13, this describes our next phase: clearer, faster, stronger.

Clearer means greater portfolio focus. We'll go harder where we have a genuine right to win and narrow our investments where we do not.

Faster means embedding AI throughout engineering, product, and delivery, while launching AI-native products capable of generating new revenue. Stronger means disciplined capital allocation, deeper customer relationships to improve retention and expansion, and building an AI-native workforce.

The objective is straightforward: sustainable enterprise growth and operating leverage. Our enterprise opportunity is increasingly visible on slide 14.

High conviction gross pipeline increased from $35.3 million at the half to $39.8 million at the year end. That comprises $16 million of first-year subscription opportunity and $23.8 million of services.

Education is particularly strong, with the Victorian TAFE win adding pipeline directly and materially adding to our credibility. Local government momentum is shifting as early customers establish the pathway to cloud migration.

Workforce continues to see stronger enterprise opportunities across its priority verticals. The services weighting reflects the implementation effort required for enterprise customers, an area where we expect AI to improve speed and economics over time.

I'll now hand over to our CFO, Bryce Thompson, to share some financial context around the strategy.

Thank you, Marc. Good morning, everyone.

Really appreciate you joining the call. During FY26, we signed $18 million of new enterprise contracts and major upgrades, which is a healthy step up on our FY25 performance.

That number comprises $8.7 million of first-year subscription revenue and $9.3 million of services. Now many of these implementations are already underway, and typical timeframes for our implementations vary by segment and also by contract type, from 90 days to 18 months or more for our most complex implementations.

This is evidence that we are winning enterprise customers. The opportunity for ReadyTech is to become faster and more predictable at converting these wins into recurring revenue, and we believe AI will help with that over the coming years.

If we move to slide 16, our R&D investment cycle has peaked, and it will moderate into FY27. Over several years, ReadyTech deliberately invested behind Ready Student, Ready Workforce, and Ready Community to build enterprise-grade platforms.

That capability is increasingly being validated through our contract wins. During FY26, we also undertook a major project to consolidate 11 outsourced engineering providers into a single offshore center of excellence, which will convey some productivity and cost benefits to the group.

R&D investment will moderate in FY27 and beyond through product maturity, lower headcount, and greater engineering productivity. This will create an important source of operating leverage for the business.

Now slide 17 is a slide that we used at the first half, and it illustrates an important dynamic for ReadyTech. Our flagship products are performing well.

They have delivered a 10.6% total revenue CAGR and a 13.2% subscription revenue CAGR, led by Ready Workforce at 25.4% and Ready Student at 21.8%. At the same time, our mature products accounted for 67% of our FY26 dollar churn.

Our approach to these groups is increasingly differentiated. In flagship products, we will invest judiciously for growth through new customers, migrations, expansion, and also AI.

In our mature products, we will focus on retention and pricing, we will focus on migration and disciplined harvesting of our products and our customer base. That distinction increasingly governs how we will allocate our people and our capital across these products.

I'll now hand back to Marc to round out the strategy update.

Thanks, Bryce. Slide 18 highlights Ready Student and the progress of our enterprise education strategy.

Ready Student is now a cloud-native, enterprise-grade student management platform for tertiary education, and it has been co-designed with the early Victorian TAFE customers. The Victorian TAFE common platform win is an important validation of that investment, following an intense and competitive tender process.

FY27 is about working across Victorian TAFE on common platform planning, and progressively converting that contract win into implementations and recurring revenue across these opportunities, as well as expanding across the wider Australian TAFE and higher education market. On to slide 19, and turning to an exciting development, which is Orchestrator, this is our most significant AI product release to date.

Orchestrator connects AI, organizational knowledge, and customer data, while keeping the customer's trusted system of record at the center. We now support 33 live integrations with Orchestrator, and more than 5,000 tasks have been executed.

Our founding partner program is helping refine use cases and the commercial model, which we currently expect to be largely consumption-based. It is still early, but we increasingly see Orchestrator becoming an important additional layer of value across our customer install base.

On to slide 20, and the other side of AI is productivity. Within education engineering, AI-enabled super squads have increased measured development velocity by approximately 3 to 4 times in the areas where that model can be deployed.

Within customer support, AI is drafting more than 85% of customer responses, and we're beginning to apply similar frameworks to customer onboarding and implementations. These gains should compound over time, increasing output, improving customer outcomes, and strengthening the economics of the overall ReadyTech business.

I'll now hand back again to Bryce to step through more of the results.

Thank you, Marc. In this next section, I'll focus on the financial result, also the cost actions that we have taken during the year, and how we are thinking about capital allocation and operating leverage for the business going forward.

If I can ask people to move to slide 22, total revenue increased 2.6% to $125 million in FY26. Subscription revenue was $103.8 million, with an additional $21.2 million of services revenue.

As Marc has already covered, our subscription revenue profile reflects two main factors. Firstly, we did see elevated churn in parts of our mature portfolio.

ReadyTech internally has set up strategies to help us identify early and control elements of that churn moving into FY27. Secondly, a number of our signed enterprise customers remain in implementation, and they are not yet reflected in our subscription revenue base.

The signed enterprise base and strengthening pipeline support confidence in future subscription revenue growth. Our focus is on improving the speed and predictability with which contracts convert into recurring revenue.

Slide 23 outlines our underlying cash EBITDA bridge. Underlying cash EBITDA was $15.8 million in FY26, representing a margin of 12.6%, compared with 16% in FY25.

The margin reflects a period where strategic investment and cost inflation ran ahead of revenue growth. Importantly, that investment cycle has peaked, and the cost base has now been reset.

In 2026, we have removed 62 roles from our business, and to date, we have delivered $6.5 million of annualized savings, with a further $3.3 million expected through FY27. The majority of these actions have therefore already been undertaken as at today.

Our focus is on now capturing the operating leverage within our business. On slide 24, Marc's already given a detailed overview of the segment financials.

Education and Work Pathways revenue was broadly flat at $43.1 million, with an EBITDA contribution of $19 million. Workforce revenue increased 10.4% to $38.1 million, driven primarily by the success of Ready Workforce.

That segment contributed EBITDA of $12 million. Government and Justice revenue was again broadly stable at $43.8 million, with an EBITDA contribution of $10 million.

The financial priority for FY27 is converting the investments we have already made into improved growth. Moving on to slide 25, our balance sheet remains strong.

A highlight of FY26 was our focused debtor management and collections, which drove 108% cash conversion in the year, compared with 85% in FY25. Adjusted net debt reduced to $32.5 million, with $27.5 million of cash on the balance sheet, also reflecting the strength of our Q4 billing cycle.

Net debt to EBITDA remains approximately 1x, with interest cover of 8.8x. This leaves us with significant financial flexibility.

On slide 26, we cover what you will hear from us as an increasing theme for ReadyTech around capital allocation. Marc has already mentioned how we have strengthened our approach in this area.

Rule of 40 performance, both current and expected, will increasingly govern our investment decisions. Products capable of generating strong, sustainable returns will continue to attract capital, whilst where returns are weaker, investment will be right-sized.

On the right-hand side of the slide, we cover some of the initiatives that we have already undertaken: reweighting our engineering effort; addressing our third-party software and contractor costs; we've reviewed hosting and our property lease expenditures; and most importantly, we have embedded AI more deeply across our engineering teams and our service delivery and support teams to help drive efficiencies. Our cost management actions have substantially already been taken, with the benefits progressively flowing through FY27.

I'll now hand it back to Marc to wrap up the presentation.

Thank you, Bryce. If you move to slide 28, and we'll move to the all-important outlook for FY27, where we are guiding to revenue of $128 million to $132 million, and an underlying cash EBITDA margin of 15% to 17%.

We also expect further margin improvement into FY28 as the benefits of our actions annualize. Several things underpin the outlook.

Firstly, our enterprise pipeline is stronger, with signed implementations progressing towards subscription revenue. Our flagship products continue to grow.

Victorian TAFE strengthens our confidence in Education, and local government upgrade momentum is improving. At the same time, changes to our cost and R&D base provide a stronger foundation for operating leverage.

Execution here remains critical, but we now have much greater clarity on where we invest and the outcomes that we need to deliver. On to slide 29, to wrap up, let me finish with why we remain confident in ReadyTech's long-term opportunity.

We operate in mission-critical software, in large, defensive markets where regulation, complexity, and trust create genuine barriers to entry. Our flagship investments are increasingly being validated through new customer wins, references, and a strengthening pipeline.

AI further strengthens that position, creating new customer value while improving our own productivity. We have also reset the cost base, sharpened portfolio decisions, and concentrated resources where we have the strongest right to win.

Our focus in FY27 is on conversion: converting enterprise wins into recurring revenue, converting AI into customer value, and converting productivity gains into stronger margins and ultimately shareholder returns. We have conviction in the strategy and a clear execution agenda.

Thank you. Bryce and I will now open the line for questions.

Hi, Marc. Hi, Bryce.

Can I just ask around the revenue guidance outlook? I suppose just reasons for the tepid kind of revenue growth rate you're expecting, relative to your history?

Is that churn cycling through a bit more? Is there, I suppose, a lack of implementation expected in the year ahead, or an equal mix?

Just some help there would be good. Thank you.

Thanks for the question, Cam, and appreciate that. We look at revenue for FY27 and I'm not surprised with your comments there.

It's not the revenue growth that we want to be seeing from the business and not what we expect to be seeing going forward. I think there is a couple of things going on.

Look, services, Cam, I would expect that to be broadly in line with what we've done in previous years, right? To deliver services, we need people.

At the moment, we're not adding people to those consulting and implementation teams, but we will broadly land in line with where we have been in the previous years. If I draw your attention to the new business wins in FY26, we added $8.7 million of subscription revenue.

As that doesn't all land in FY27, but we're obviously cycling the adds that we had in FY25 and FY24 where projects are coming online. You can think of that number as a proxy for where subscription revenue growth will go in FY27.

That will take us close to call it, almost $110 million of subs. I think what we are seeing, and this is what you picked up on, is the elevated churn and downgrade cycle is probably erasing some of the gains that we typically get from price and upsell.

Our strategy going forward is to get on top of those churns and downgrades, make sure we control them, and we believe that we have that well in hand now going forward. If you do the math on the bridge I just gave you, you'll land right in the middle of our guidance range.

Great. Thank you.

I suppose just around that, you've provided the pipeline as you usually do, and that number at least at a record. I guess just based off your comments and outlook, should people be thinking that conversion of that pipeline is probably a bit more second-half weighted as you see things at the moment?

Cam, I think, look, the first thing I'd say is the conversion of our pipeline is lumpy because the contracts are lumpy, right? If we look at the behaviour of conversion over the last few years, sometimes it's actually been equal-weighted first half, second half, sometimes it's been first-half weighted, and sometimes second-half weighted, right?

Literally that has been the behaviour over the last 3 years. I think the more complex thing for you as an analyst bridging revenue is not only is it when do we sign these contracts, but it's how long is the implementation timeframe for those contracts to come through.

If I look at the activity in FY27 and what we are expecting from this pipeline, I would say, yes, I think our second-half weighting will be greater in FY27. Again, I draw you back to the prior comment, trying to predict how that comes online and how that gets staggered based on typical implementation cycles and the broad range of implementation timeframes we've got across the business is obviously very complicated.

Yeah. Perhaps last one is just around, I suppose, the government segment, I suppose.

Either yourself or Marc, can you kind of summarize, I suppose, the year just gone, has there, I suppose, been just a lack of new deals, has your win rate declined, has churn been higher, has it been a mix of factors? That would be helpful, please.

A bit of a mix, Cam. I think the number one thing that we called out in the half and will continue to be a focus is the unblocking or unlocking the backlog that we have of upgrades.

The big breakthrough here is that we have five upgrades from the older technology, the legacy technology, to the Ready Community platform in Q4 and across into Q1 for FY27. That really now unlocks the opportunity to transform more.

We have another 12 to 13 implementations and upgrades that are signed. I think that's been part of it.

We've certainly seen a degree of churn in the government business as well as some of our customers have sought other cloud-based systems and run processes. However, I think now the evidence that we have an upgrade pathway, we have successful implementations, that we really start to get our arms around that, and I think we've seen more than green shoots in that government segment.

Okay. Thank you again.

Thanks, Cam. Thanks, Cam.

Good morning, Marc and Bryce. A few questions from me, please.

First one, just on the Victorian TAFE network contract win, are you able to share what kind of dollar revenue earnings contribution you're factoring in for FY27? From a ramp-up perspective, is it meant to be some sort of multi-year ramp-up beyond '27 in terms of how that phases through?

Absolutely. We expect this to be a multi-year rollout.

This is obviously a very significant set of TAFEs. We currently look after three TAFEs in Victoria.

There's eight all together. Though we can't disclose the commercial terms of the contract, I would say that we expect to see significant uplift in subscription revenue over the next few years across the TAFEs, as well as substantial services revenue.

We expect in FY27 to see most of the focus on a consultation phase with both the Victorian State Government Department, covering areas like what is the common instance of the system specifications, requirements, and so forth. Look, in our guidance, we have very little revenue for the Victorian TAFE rollout.

We're also in parallel, of course, engaging with those other TAFEs in Victoria. I think what we expect to see is an agreed path forward during FY27 and the transition sequencing to be clearer and clearer ability for us to understand the revenue profile in the coming years.

Okay. Then just on the cost-out, on slide 23, you sort of showed a bridge for FY26 EBITDA.

It sort of talks about the annualized cost-outs of $6.5 million since January. Are you able to share what the actual dollar cost-out achieved in FY26 was?

Obviously, it's not 6.5, it's a lot lower than that.

It's fairly lower than that, Apoorv. When we did the first half result, we spoke to cost-out initiatives.

Less than half of that cost-out was actually done in FY26. The vast majority of it is going to sort of annualize and accrue through FY27, and that's why we've put the comment that obviously that the benefits continue to accrue into FY28 as well.

Does that help?

Yeah. No, that is.

It's interesting. If you think about FY27, right?

So 26, let's just, for argument's sake, say, $3 million of the 6.5 was realized. Let's just assume that.

You have another 3 to $4 [million?] effectively coming in '27 just from that alone, and then you've talked about another $3 [million?]

or so incremental. If you think about the cash EBITDA guidance, then, you had $16 million, rounded, in FY26 of cash EBITDA.

The midpoint of your guidance is about 21, so that's $5 million bucks incremental. It seems like the EBITDA guidance growth of about $5 million bucks year-on-year, that's entirely cost-out driven?

Would that be fair? I think,

what would I say to that, Apoorv? I think your math is broadly correct, right?

We can all do the math of what the guidance implies in terms of the actual cash EBITDA in FY27.

Yeah.

There is a significant element of cost-out that we have taken, for sure. I think maybe one thing that you're missing is we are reinvesting as well, okay?

We're talking about cost-out, but we do not want to leave people with the impression that that is a net cost-out. This is a gross exercise.

Some of that investment needs to go back into areas like AI engineering, tokens, AI headcount, AI optimization headcount, and we have created some new roles internally for that. The other thing that we're investing in is actually cybersecurity, right?

If you look at CrowdStrike or other equivalent models, cybersecurity is becoming a really big conversation for the industry, and something that we are taking very seriously. That will give you some impression that some of the costs that is coming out is being reallocated elsewhere.

We do actually expect to get some operating leverage in FY27 as well, but you can see our revenue guidance, right? It's not like we're driving revenue really hard in FY27, and we expect those benefits will continue to accrue in FY28.

Wonderful. Thanks, guys.

Might jump back in the queue.

Thanks.

Cool. Thanks, guys.

Just thought I'd ask a few more given that we have a bit of time. Maybe just when we talk about the revenue guidance, call it 2 2% to 6% revenue growth in FY27, maybe just across the three segments, can you just talk about expectations between the three?

I'm presuming education maybe grows a bit faster than the other two segments, but just some color on the three different segments for going forward?

Yeah. I think, in terms of color, Apoorv, obviously we don't split out anything in the pack.

There's nothing in the deck that's going to give you this, we'll just give you some color. We believe that government will probably go a little bit faster in FY27 than it has historically, right?

A lot of the work over FY26 has actually been getting the right leadership team in place, getting the right strategy in place, and we think some of the benefits will start to accrue in the revenue line for government in FY27. Education is a complicated one because of the implementations that we are running through.

Apoorv, some of the major implementations that we are working on in education, and in fact, as you heard from Marc, the Victorian TAFE opportunity, they don't really hit us in FY27, right? I would steer you away from thinking that that benefit hits us majorly in FY27.

The other area I would call out is Workforce has clearly been a strength, and we don't expect that to moderate, right? Ready Workforce is growing really well.

There are no reasons to expect that that product slows down. Then the offsetting factor to all of that growth is obviously some of the churn that we've called out in mature products, right?

Some of that is coming out of VETtrak. Some of it is coming out of the Workforce segment, the managed services division.

There has been a little bit in government as well, it's relatively evenly spread between our segments.

Got it.

Is that helpful?

Yeah. No, that's definitely helpful.

You touched on an important point there about the mature product portfolio obviously having been a bit of a drag. If I go back to the first-half result, you kind of talked about trying to maybe migrate customers across from mature into flagship products.

I think today you said you'd maybe even consider cutting some of those mature products out where it feels right. Maybe just talk to some of the steps you're taking to try and address that mature product lack of growth or churn issue?

I think, look, Marc might want to add to this, Apoorv, but what I'll do is

See how you go. No, you go.

Okay. I'll go and Marc can add, Apoorv.

I think there's two or three things we're doing, right? Number one, a number of our mature products are actually set up to provide migrations through to our flagship products, right?

That exists across VETtrak onto Ready Student. It exists on HR3, which a number of the customers are ICP, or ideal customer profile, for Ready Workforce suite.

In fact, you can look at government the same way, where SynergySoft upgrades can occur and will be occurring onto Ready Community. The upgrade pathway is actually a well-established one that we've put a lot of effort into over recent years.

The second thing is controlling churn in mature, and this is strategies around some extra effort around the CSM side of things, making sure our customers feel good, extra effort in support, some extra dollars on UI and UX where it's appropriate to help give the product a fresher look and a feel, and actually satisfy people's needs for a more user-friendly interface on some of these pieces of software. The other strategy we've been engaging in is multi-year contracts, where people actually love the software, and obviously multi-year contracts are really helpful in terms of getting a churn profile under control.

Sorry. Yeah.

Please.

No, I was just going to say, net-net, it sounds like what you're saying is you've given guidance for '27, Victorian TAFE network is a big contract, but it's not really contributing in a major way. There's things being done to address some of the mature product issues.

When we think about '28, '29, it sounds like your ambition is for a better revenue growth going forward beyond FY27?

Absolutely. That's our ambition.

Yeah.

Yep. Maybe just one last question then from me, just in terms of Ready Community, I think I was reading five migrations made in FY26.

Just talk about how many more to go, what kind of contribution does migrating actually make to your revenue dollars in FY27?

This is a massive upgrade program. We have around 190 customers which are applicable for an upgrade, the majority of those were from the IT Vision business is highly concentrated across Western Australia and South Australia.

We've got five live. We have around 12, I think I said earlier, which are signed upgrades that are now implementing.

The pipeline continues to grow. The job from here is to be operating these upgrades at scale.

We've been working extremely hard on streamlining the implementation process and the upgrade process, that's areas like change management and data migration. There's certainly more to do there to get that as streamlined as possible.

The revenue uplift generally what we see is that the ACV of the customer at the point of upgrade grows from around 50% to 100%. That's the approximate uplift that we see in the ARR of those customers.

There is a lot of growth and value effectively trapped within that customer base that we're working very hard to unlock. Hope that answers the question.

Yep. Perfect.

Thank you, guys. Appreciate it.

Thanks.

Thanks, Apoorv. Thanks very much.