George Kopsiaftis: 26 May. My name is George Kopsiaftis, and I will be your moderator today. With us, we have Chief Executive Officer, Martin Filz, and Chief Financial Officer, Melinda Sheppard. Good morning to you both.
Martin Filz: Morning, George.
Melinda Sheppard: Good morning, George.
George Kopsiaftis: Okay. The format for today is for Martin and Melinda to spend around 30 minutes discussing the results. This will be followed by a question and answer session. If you would like to ask a question, please click on the Q&A tab in the ribbon below and type your question into the box. This briefing will be recorded and will be available on Pureprofile's website. With that, I would like to hand it over to Martin and Mel to get us started.
Martin Filz: Brilliant. Thank you very much, George, and thank you very much for everybody who has joined this morning to run through our Q1 investor presentation. The first slide, I will actually hand over to Mel.
Melinda Sheppard: Thank you very much, Martin, and good morning, everyone. As you can see on this slide, we have made an incredibly strong start to FY27, delivering another consecutive quarter of record revenue and record EBITDA. Revenue was AUD 18.3 million, which was up 14% compared to the same quarter last year, and it was 19% growth in constant currency. EBITDA increased 27%, up to AUD 2.4 million. That difference in growth rates is an important feature of the result and something that we are really proud of. I will come back to the increased operating leverage that we have, in the financial section. Really pleasingly, our ANZ business had an incredibly strong quarter with growth up 21% to AUD 9.6 million, and that was across a really broad base of clients.
Melinda Sheppard: The rest of the world's revenue increased 7% to AUD 8.7 million, with growth of 16% in constant currency. The foreign currency exchange masks some of the underlying rest of the world performance. Our platform revenue more than doubled to AUD 8.8 million for the quarter, and it now represents 48% of the group revenue, which is really an amazing milestone for us. Also very excitedly, we have now hit another client milestone working with 1,035 clients globally, which we are really proud of. Our rolling 12 months annuity revenue reached AUD 16.9 million compared with AUD 16.7 million at June. That is now representing about a quarter of the group revenue on a rolling 12-month period and provides a good ongoing revenue base for us.
Melinda Sheppard: And finally, as we announced a little while ago, we extended our AUD 2.5 million CBA facility to November 2029 on improved terms, which we are really pleased with as well considering the current environment at the moment. That is it for me. I will go through some of these financial results in more detail after I hand back to Martin.
Martin Filz: Brilliant. Thank you very much, Mel. For those of you who do not know just what we do at a glance, we connect real people with businesses answering their crucial questions. The circular one here is businesses come to us, and now as Mel said, we have gone over the thousand client line across the world, which is great news. Brands, businesses, governments come to us with questions that they want to ask about their industry, their business, their consumers or competitive consumers. We then engage with our audience. That could be through surveys, could be just with data that we gather on people. Through that, gather the answers, gather the information, and then deliver that back in a various format.
Martin Filz: That might be through SaaS front-end products, it might be through direct computer API access, or now we have started to develop something called MCP access, which means directly through the LLM. If you use Claude or OpenAI or Perplexity, you actually very soon will be able to access Pureprofile data directly through those platforms. That goes back to the brands, governments, et cetera, and answers those questions. It is a very simple process that we run, but it is all underpinned with real people. How do people work with Pureprofile? As I said, we have clients. They either come to us through our Datarubico tools, so that is the self-service tool, and they might come to us through managed service.
Martin Filz: We have over 150 people sitting in India and the Philippines where somebody comes with perhaps a survey or a request, and we do some manual work for that, or it is direct with computers or very soon directly through the LLMs. Clients now have a myriad of ways that they can access the Pureprofile data, and that is also enabling us to scale and to add clients. Global footprint today. Over the period we delivered insights in over 111 countries through our audiences around the world. We physically now have 14 locations globally. So we have developed and established a true global distribution network now. As Mel talked about, 1,035 clients, so really excited to tip over that thousand line. We have 271 staff globally, and that, if you remember, we talked about that in our Q4 update.
Martin Filz: That was even though we added CRNRSTONE, I think it is 15 or so people, we were able to do a restructure in the business with AI efficiencies. That number has come down not only relatively, but actually in real terms as well as we have become more efficient and you have seen that followed through with the EBITDA margin expansion. AUD 18.3 million of revenue. That is on a direct level rather than on a constant currency level, so very excited about that. Another record quarter for Pureprofile as we have seen really in every quarter for the last six years and a quarter now. Platform revenue. That growth of platform revenue, EBITDA margin expansion, and also scale. We can work with more clients in more markets now. Really excited to see that tip over to 40% of our revenue.
Martin Filz: Then annuity revenue so that we can start to or are able to predict where Pureprofile is at nearly AUD 17 million. People who have followed us for over six years now will be very familiar with this slide as with all of the slides, and it is really great to see this evolve as it has been. I am now going to hand back to Mel, who is going to go through the finances in some detail.
Melinda Sheppard: Wonderful. Thanks, Martin. Just a reminder, everyone, that all the numbers in the release today are preliminary and unaudited, and EBITDA and EBITDA margin exclude significant items, which include share-based payments. I think the headline from this slide is that our EBITDA grew faster than revenue, which is something that we are really proud of. We have been working really hard to get operating leverage in our business models. Against revenue growth of 14%, EBITDA increased 27%, and really importantly, our EBITDA margin improved by 1 percentage point to 13%. What is really great about these results is that our overall operating expenses only grew 10% during the quarter. Importantly, our employee expenses only increased 5%.
Melinda Sheppard: If you have been following us for the last seven years, you will know that our employee expenses for a good period of those seven years was growing in line with the revenue growth. This is really where you are starting to see that operating leverage in our model as we see a lot more of our revenue going through our platform, meaning that it is a lot more automated and we do not require the same level of resources to actually grow the revenue to the same extent that we might have previously. We did have a small FX loss of AUD 79K, which is a little bit lower than what you have seen in other prior periods.
Melinda Sheppard: Looking at the regions, as I said at the very start, ANZ grew 21%, which has been the strongest quarterly growth that we have had for, I am going to say, a very long time in that business. The CAGR over the last six years has been 17%. You can see it is an outlier of a quarter, which is fantastic. 5% of that growth is related to the acquisition we did at the very end of FY26, the CRNRSTONE business, which is now being rebranded to Pureprofile Qual. That accounted for about 5% of that revenue growth. When we delve down into the detail of why that region has grown so strongly, we can see that our volume of projects has increased. Importantly, the higher average revenue per project has grown substantially as well. We have seen growth from a broad client base.
Melinda Sheppard: It is not just the top clients growing. We have had a lot of new clients come on board. We are seeing more complex projects and work come to Pureprofile because the quality of what we do is really high. We are seeing an increased share of wallet across the portfolio, which is really fantastic. When we look at the rest of the world, the growth pattern is slightly different. The pace of project growth has moderated somewhat during this quarter. Average project revenue was pretty much the same as what it had been in prior years. Typically, our rest-of-the-world clients do multi-country studies, so they are quite more complex research anyway, which is what we are starting to see a little bit more of in Australia. The reported revenue increased 7% with constant currency growth of 16%.
Melinda Sheppard: The currency movements brought the rest-of-the-world revenue down by about AUD 700,000 in the quarter, and that is principally because that business bills a lot of revenue in US dollars and pounds. If we go on to the next slide. Please, Mark. This slide puts the quarter into context of our longer-term growth. On the left, you can obviously see this beautiful progression from AUD 5.4 million revenue in FY21 right up to AUD 18.3 million this year. That represents compound annual growth of approximately 22% over six years. It has been sitting more at the 20% in prior years. You can really see the growth is really starting to come up a little bit.
Melinda Sheppard: The chart on the right, which most of you would be pretty familiar with, shows how the geographic mix has shifted over that period, where rest-of-the-world revenue accounted for about 30% back in 2021, and it is compared to 48% now. If we looked at this in constant currency, the rest of the world would have slightly higher growth. That has obviously moderated the split a little bit over the quarter. I think we are going to see that this mix will shift around a little bit depending on FX rates. I mean, we have not seen the level of volatility in FX rates, certainly, in prior years as we have seen over the last 12 months. I suppose the broader trend that we are saying here is that we have built a much larger rest-of-the-world business, alongside continuing to grow our ANZ business.
Melinda Sheppard: This gives us a really good broad revenue base and a stronger presence in the markets where we are focused on growing market share, being the UK and the US. A key part of our strategy is really to start investing more in the US now, to bolster that rest-of-the-world revenue growth even further. Just go on to the next slide. These trend charts are very familiar, with what you will see every quarter and all the reporting periods. I am not going to go into too much detail other than, as I said, ANZ revenue itself has had 17% constant growth over the last six years. Rest of the world has been 32%. Platform revenue is up 83% CAGR for the last six years, and EBITDA is up 20%. You can see that we are starting to see that bigger jump in the EBITDA growth.
Melinda Sheppard: We have been growing that bottom line consistently, and now you are starting to see that operating leverage. That is fantastic. Just want to go on to the next slide. As we do around this time of year, every year, we publish our financial guidance for the year. At the start of the financial year in or around September, October, we put out the guidance. Then what we will do is we will come back to you each quarter, depending on how the business is going, and either tighten that range and provide an update as we will each quarter as we move along. We are putting financial guidance out of AUD 72 to AUD 75 million now on the AUD 65 million we did in FY26. This represents about 11% to 15% growth. We did in FY26, we did 14% growth during that year.
Melinda Sheppard: Then the EBITDA margin range is 11% to 12%, and we did 10% growth in the prior year. The key focus to allow us to continue to hit those numbers is we are obviously going to continue growing outside of Australia. Obviously, we are having a very strong run in ANZ, and we are expecting that to continue. But we are really heavily focused on shifting more into the US business. In our last update, Martin and I talked about how we have a new startup, our first boots on the ground in the US that joined in June. She has had a very strong first quarter, and we will be looking to building out that team further this financial year. We are going to continue to focus on our margin expansion and growing our revenue faster than our underlying cost base.
Melinda Sheppard: That is really important to us and continuing to use AI and automation to increase productivity across the board. The final thing is just, obviously, it is an interesting climate that we are in at the moment. There is a lot of shifting economies at the moment and interesting macroeconomic conditions. This is what we believe today, obviously. We are assuming that our trajectory stays on track from where it is. But overall, we have had a really strong start to the financial year with the record revenue and EBITDA and the growth that you have seen across, particularly the ANZ business and a lot of our revenue coming via the platform. Our focus now is really to carry on that progress through the year and continue to improve margins. I will hand back to Martin so he can talk through the corporate growth strategy.
Martin Filz: Thank you very much, Mel. Again, we kept it really simple. This is the same strategy that we had 6 years ago, and it works for us, which is number 1, be a global business. We have gone from 5 countries to now 14 countries around the world, a true 24/7 operations team. As I said, offshore and onshore combination of both. That is really important to us. As Mel alluded to then, it gives us different levers and the UK and the US where we have really, really low market share by investing in those markets, which are much bigger than the Australian market, gives us the opportunity to counter any economic headwinds that might be around the world. Actually, I was in the UK 2 weeks ago, and I was in the US last week.
Martin Filz: Actually for our industries, it is very positive in both markets. It is important that now we are able to leverage our global presence. Technology and AI, we added AI about 2 years ago into this slide. Technology, as Mel pointed out, we really did not have any platform revenue 6 years ago, and today we have over 40% platform revenue. It gives us high margins. It gives us the ability to scale quickly and options for clients to work with Pureprofile. It gives us the ability to launch more products into the marketplace. Then finally, focus absolutely on being a data and insights company. Certainly, data is absolutely so important in this AI world today because AI is empty without having data. So we are in the right place at the right time. Our moat, it is really important to understand what the moat is for Pureprofile.
Martin Filz: The first and most powerful moat for Pureprofile is we have built up and we have audiences around the world, 20 million-plus panel members in over 42 countries today. We collect that data with consent and with transparency, and we are experts in managing audiences, building audiences, and maintaining audiences. That is so important because, again, it is having that data and being a data company is what is key in our industry today. Yes, technology is important, but again, with AI, you can do a lot of vibe coding quite quickly. But where we look at technology is how we are delivering our insights. So that is over 48% now of, as we said, of our total revenue from platform solutions. It is a level and it is a base to grow from, and clearly important and moat to Pureprofile. Global coverage, said over 111 countries we delivered insights from, and we scaled.
Martin Filz: Improving around feasibility, utilization, cost efficiency across business. We are a 22-year-old business. We are not a startup, but we are growing at a startup level. Then the other part of the moat is having a trusted relationship with clients, and that is over 1,035 clients, 94% revenue from repeat clients. We are in the top 50 quality data suppliers around the world. That was an industry survey that was done by a company called Verosol. So we have a really strong moat in the company to allow us to kick on in this AI world that we live in today. Why do we bang on so much about the US? Because it is a global opportunity.
Martin Filz: The US, in our AUD 153 billion market, the US is 54% of the industry, and it is about 40 times larger than the Australian market, and the UK is 11 times larger than the Australian market, sitting within 24% of Europe. In Australia, we are number one against all these global players, and that is where we are winning our market share from. We do a better job. That is the bottom line. Higher quality audiences, higher quality data, better delivery and better relationships with clients, and consistency. Consistency of growth and consistency of people and talent across the organization is why we are winning hand over fist against the competitors. When we look at AI, we have a number of internal solutions that gives us efficiency, means we do not have to add people at the level that we are growing revenue.
Martin Filz: We have some client-facing solutions, enables us to have scale. Then we have some new clients in the AI space, and again, allows us to have scale and growth in clients. Our growth journey 2021 to 2024 was about restructuring the business, both externally from a financial standpoint and internally from a people standpoint. 2025 to 2027 was about rolling out better systems, better back office, better tools for clients, better tools that we could use. So we fully re-engineered our whole core technology, and you started to see that efficiency, that EBITDA margin growth come through, whilst we always grew at the top line. In that whole period and looking forward, we have never done a raise within the growth. The growth has all been within cash, and we made two acquisitions within that period as well.
Martin Filz: i-Link Australia and Panel Company, and then CRNRSTONE, our first foray into qual business, and we will see that roll out globally now. 2028 to 2030, as we look forward, some real focus now on growing that US business through organic growth and then acquisitions out of cash of the business, deepening our client relationships. You are seeing that growth because that is not just more clients, but that is also share of wallet within existing clients. Scale that platform and reoccurring revenue through our automated solutions gives us that bottom line growth. Increase our proprietary panels, audiences, human data around the world. It gives us, again, an absolute, as we talked about, moat and strength with clients, and also it increases our margins. We look to roll out that qual capability, qualitative capability globally. So we have had CRNRSTONE now for 6 months.
Martin Filz: Restructured CRNRSTONE, fully integrated, rebranded to Pureprofile Qual, and we are now at the stage where we can start thinking about that rolling out globally. Higher margins continue through AI, through automation, through working with clients in a more efficient way. At the top end of the guidance, that 20% EBITDA margin expansion against a 15% revenue growth. So you can see that expansion coming through. Then establish us as a data source of training for the AI engines and models. Really excited, sorry, about the next couple of years. For 2027 and beyond, revenue growth will come from that UK and US market share. We did not hire as many people as we normally would hire at the end of Q4 last year. That and now we are looking to build out boots on the ground in the US.
Martin Filz: Christine, with our first time, I will talk about that, having more people in the US, general manager physically in the US as well, and then look at a small acquisition and scale new products and that global reach as we see that and start to leverage that global reach. Margin expansion come through revenue faster than centralized costs. I think it is in this, and I am starting to talk about it here, but last Q1 and last half, we were very excited that our salary line increased less than our revenue line. I think it was somewhere around 10% to 11% versus 14% growth. This quarter, our salary line actually increased 5% versus that top line 14% growth. So that is absolutely part of our DNA and filtering through in the business now.
Martin Filz: We have got better purchasing power within partners, buying third-party data when we need to, and then utilizing technology processes, et cetera, to increase margins. Shareholder value, again, we have talked about that before. We are starting to pay tax now, so that possibly puts us in a position at the end of this financial year to start thinking about fully franked dividends, which we were not able to before. It is earnings accretive acquisition, so out of cash. We are paying down the debt each quarter as well. We continue to maintain that disciplined capital allocation. We have always grown through our own disciplined investment as a business rather than going out to raise and dilute everybody. In summary, 14% growth, fantastic.
Martin Filz: Currency killing us in Australia at the moment, the strength of the Australian dollar, so 19% in constant currency, very happy with the growth in Q1, which actually is a continuation of Q4, where we saw the ANZ business being really strong and the growth coming from both regions. That has continued into Q1. 27% margin expansion for EBITDA performance. Sorry, 27 cent dollar improvement, so outpacing revenue growth. Again, saw that in Q4, saw that in the full year last year, and we are leveraging that now, and we are seeing operating leverage. The size of the business, AUD 65.5, and then we are heading towards the AUD 72 to 75 million year next year. We have not increased any core costs, so seeing operating leverage as well as efficiencies coming from AI as well as scale from our platform businesses. 13% EBITDA margin, highest EBITDA margin we have had as a business.
Martin Filz: Very excited about that. 1,035 clients, so that is up from 997 at the full year. So that is great to add 38 new clients in the year. Again, small share of wallet when they start. We will see that come through and increase. Given guidance, so AUD 72 to 75, and 11% to 12% EBITDA margin and look to update that as we move through the quarters. Our priority, absolute priority, boots on the ground in the US and a small strategic acquisition. So that is our Q1 and a little forward look of where we are heading. With that, I will hand back to George.
George Kopsiaftis: Right. Thank you, Martin. Thank you, Mel. Quite a few questions here, so let's get started. First question, platform-based revenues continue to grow at a fast rate, but why has gross margin been flat or slightly softened in the past few years? I thought platform-based revenue is typically higher gross margin.
Melinda Sheppard: I am happy to answer that.
Martin Filz: Yeah.
Melinda Sheppard: Yep. It is a very good question. The shift for a lot of revenue going through the automated platforms really helps us at the EBITDA margin line, and that is what you have been seeing in the last, I would say, six to nine months, where you are seeing our margin increase and the fact that our growth in employee expenses has completely moderated from being in line with the revenue growth down to, for example, 5% for this quarter. It means that we do not need human beings to do a lot of the buying and selling, I would say, with the platform. That is where we see the improvement. It does not necessarily save any money at the gross margin line.
Martin Filz: Just to add to that, Mel, the cost line, people are accessing answers to their questions through our data. We have got the same cost, so we are paying incentives or a reward to people for sharing their information, whether that information is being shared through a managed service or through platform. As Mel said, we need no people or less people to deliver through platform, within Pureprofile. It is EBITDA margin.
Melinda Sheppard: I mean, I know some companies will put employee expenses related directly to revenue generation in their cost of goods sold, impacting their gross margin. Pureprofile doesn't do that, as you would see from our income statement when we put out in a reporting period. All our employee expenses sit as an operating expense and are not captured in cost of goods sold.
George Kopsiaftis: All right, great. Thank you.
Melinda Sheppard: Yeah.
George Kopsiaftis: Next question. How many AI LLM company tenders have you bid? How many converted and what revenue? Is it recurring or one-off training data? What does panelist consent allow you to sell?
Martin Filz: Great questions. Panelist consent's fully covered to be able to, whether it's behavioral data that they've downloaded a small app and we're looking at what websites people have been to or their financial credit card, bank account expenditure, or whether it's answering questions through surveys or however they do that. It's fully consented GDPR compliant, privacy compliant software. So fully covered from a human standpoint. They know what data that we're sharing, and they know it's anonymized. Second question. It's typically today as one-off projects and not as reoccurring projects. They're looking to discover something, which could be translations of something or reading scripts or taking photographs or carrying out tasks as a one-off process. At the moment, it's all through intermediaries, so it's not direct. We haven't directly worked with any LLMs so far, but it's all through intermediaries.
Martin Filz: I think actually we just released a case study of some work we did with OpenAI in the last quarter. There is a brand everybody knows quite well, and actually that was some direct work, so I stand corrected on what I just said. The majority is through intermediaries, and we have done some direct work.
George Kopsiaftis: All right, great. Thank you. Next question: can you give a split between the US and the EU growth in Q1?
Melinda Sheppard: Yeah. If we look at the rest of the world revenue of AUD 8.7 million, the US accounts for under half of that revenue and over 40%. We will start calling out the US separately at a point in time, particularly as we start to get further expansion. So we will report on ANZ, US, and rest of the world. Yeah. So I am comfortable saying it is just over 40% of that rest of the world revenue. So it is quite substantial, and that really shows, to be honest, the opportunity that we have by investing further in the US and particularly having boots on the ground. That is why we really feel that is the right strategy for the business.
Martin Filz: It is our second-biggest market, and the real importance, again, just to reiterate, number one, low market share. We have zero market share in the US, and that is a great lever to be able to pull for us as a business if there are economic headwinds around the world that we seem to believe there are. So that is a great lever. The second thing is that when there are economic headwinds, we are not reliant on marketing and ad spend and ad revenue. Actually, if there are economic headwinds, then an insurance company wants to understand about its own audiences or its competitive audiences. At that moment, can it convince people to come across them? Can it increase their spend? Automotive, am I looking to change my car? Am I going to electric, et cetera?
Martin Filz: What we see, and we have always seen this during our 22 years and the 6 years that we have been doing this together, Mel and I, we have had COVID and obviously, now we have had a bit of economic headwind around the world. What increases the need for businesses to ask and have questions answered. We see this all as a great opportunity. AI, fantastic. Winning, as we said, through intermediaries work. More work being needed, more questions being asked, and levers that we can pull by having low market share. That has been the story of us for the last 6 years, and we carry on doing that.
George Kopsiaftis: All right. Great. Thank you. While we are on rest of the world, next question says, "Good to hear Martin observe positive momentum lately in the UK. Do you see rest of the world work volume resume growth in December quarter at all?
Martin Filz: Yes, is the answer to that question. Absolutely. We still got the constant currency issue, but we will report both whilst the Australian dollar remains strong. But yeah, the boots on the ground that we have got in the US have really brought in some great numbers in Q1. Also, some new large clients that we were not working with before, and those are computer to computer, so actually API connectivity. Then when we talk about this MCP connections through the major LLMs, the majority of that work, again, comes from rest of the world, the bigger markets, and especially the US. Tech developments, the boots on the ground in the US, shows that we expect that to tick up again, even if it is only on a constant currency.
George Kopsiaftis: All right. Great. Thank you. Next question. Reference is made in today's update to ongoing pursuit of acquisitions, acknowledging the strategic objectives of the growing global revenues, and given the healthy condition of the balance sheet, does the board and management see any merit in buying back some of the company's own stock, which, based on today's updated guidance, implies the stock is trading at an EV to EBITDA multiple of approximately 4 times?
Martin Filz: Yeah. Oh, sorry, Mel.
Melinda Sheppard: You can answer.
Martin Filz: No, go on, Mel. You go.
Melinda Sheppard: I was going to say. So absolutely, board and management. This is something that we are spending a lot of time talking about together. Obviously, we have had a lot of feedback from shareholders, so this is not something that is new coming back from our shareholders. Is that something the board is thinking about? Look, the board and management's priority really is to build shareholder value. So that is something we are obviously heavily focused on through sustainable earnings and disciplined investment. Continuing to grow organically and looking at targeted earnings accretive acquisitions, primarily in the US at this point in time. If we were to start paying franked dividends or looking at share buybacks, that really just needs to be assessed against any opportunities that we have in front of us around, and also, obviously, looking at our own financial position and requirements.
Melinda Sheppard: Whilst we have a very strong quarter, as Martin said through his presentation as well, we actually are in a tax-paying position. We will be paying a reasonable amount of tax this year. That is going to obviously provide franking credits coming into the new financial year. That is something that we will be considering and the board will consider at that point in time whether that is relevant or not. We really do need to think about these capital allocation requests reflecting long-term interests of shareholders as well.
Martin Filz: Just to add to that, we have modeled it. We have actually modeled share buybacks as a point, and making a US acquisition within certain multiples of EBITDA is more accretive than us doing share buybacks. To Mel's point, it is a better use of capital if we can find the right acquisition at the right EBITDA multiple. We have modeled it all out, and it is something, as Mel said, we talk about at the board level and the board talks.
George Kopsiaftis: All right, great. Thank you. Next question. Platform now represents half of revenue, up from a quarter a year ago. How much of this reflects previous managed research moving to automated delivery?
Martin Filz: That is a very good question. The majority is still coming from managed services, which are moving to automation versus new clients that are coming in using the new tools. That is increasing, but most of it, again, is from the managed service, which straight away adds, as we talked about earlier, the EBITDA margin expansion. For me, I do not mind either way why platform is increasing as long as it does keep increasing, because that is our EBITDA margin expansion. Again, as we see our MCP rollout with LLMs, you are going to see platform kick on. It has kicked on, but it continues to expand as clients directly access Pureprofile through whatever platform they are using.
George Kopsiaftis: Okay, great. Thank you. Next question. Most of the R&D seemed to be customer-facing. What are the latest initiatives in expanding audience and data source, for example, through partners such as theAsianparent or technology?
Martin Filz: Yeah. That is good. Some are through some partnerships. We have got a couple that we are more developing and working through at the moment, building the tech out for them. One happens to be in New Zealand. Client-wise, we have got two new clients, large US clients, that we are doing technology build-outs for directly accessing our data, which we are excited about. I have mentioned a few times about the MCP, so you can access Pureprofile directly from Claude, Perplexity, OpenAI, et cetera, whatever you are using. So excited about that. And a couple of new products that I cannot mention the name of, or what they do, but I am hoping that in Q3, maybe at the beginning of Q4, we will have another show and tell of our technology as we did a year ago. So it is all front-end client-facing now versus so much back-end.
George Kopsiaftis: Okay, great. Thank you. Next question. Do you think you are taking market share from competitors in a data analytics space? It says, or are marketing to data analytics?
Martin Filz: The majority is from market share. So that is an easy answer. We know that is the case. As I said earlier, we just do it a hell of a lot better than our competitors do, and clients are like water. They find the least route of resistance and want to work with people that have high quality and the best people as well, and they can rely on the answers to make business decisions. It is so important in our space, that the decision might be a multimillion-dollar decision that somebody is making based on the answers to the questions that they have asked. They have got to go to a trusted source for that, and that is where Pureprofile is establishing itself.
George Kopsiaftis: Great. Thanks, Martin. Next question. Is 1,000 customers a tipping point for Pureprofile? Does it change how existing and potential customers view the company?
Martin Filz: We only talk to that number with investors, actually. It is not said to with clients. I mean, internally, it is great and it gives confidence. One of the things that it really means, and 6 years ago, we had about 500 clients. What it means is that we have now got expertise amongst all verticals. So a client that maybe we have not worked with before, they might be a consulting agency. We are working with consulting agency. It might be a supermarket chain or a fast-moving consumer business or a telco or a bank in a country. Now, as we have been able to for a while, we really can say, "Oh, yeah, we work with these 6 banks around the world. We work with these insurance companies. We work with these retail chains, supermarkets, beauty therapists, governments, political parties," whatever else it may be.
Martin Filz: That is the importance of having 1,035 clients. Again, people come to you because they can trust you and say, "Hey, if XYZ is using Pureprofile, then that is safe. We can as well.
George Kopsiaftis: All right, great. Look, I am aware it is after quarter past, and it was meant to end at quarter past 11:00. There are a few questions left, but we will endeavor to get back to you individually. I will just ask one more question. Back to the US. What is the composition of the US revenue in terms of sector or industry?
Martin Filz: Globally, we are at about 60% research agencies and about 40% direct to brand. The US is not quite at that level. It is most probably at about 75% research agencies, about 25% direct to brand. That is roughly the split, if that helps. Then brands that split within telcos and financial services, et cetera.
George Kopsiaftis: All right, great. Again, apologies, but we are running over time, so we will end it there. There are a few questions left, and we will endeavor to answer them offline. Martin, I might just hand it back to you for any closing remarks you would like to make.
Martin Filz: Just thank you to the investors who continually work with Pureprofile and obviously the clients, et cetera. It has been another fantastic quarter along with every other for the last six years. I think we really have hit a tipping point, and I know a lot of investors on the roadshows last quarter started to talk about that, and they are now seeing that operating leverage come through into Pureprofile. It is just in a wonderful position to have cash in the bank and to be able to see that margin expansion that we have got and to be able to kick on with acquisitions out of cash as we have done those two in the last two years. So really, really pleased with how we are sitting as Pureprofile. Thank you, everybody.
George Kopsiaftis: All right. Well, great. Thank you for that. For Martin and Mel, for your insights today, and to everyone for attending. Actually, just as a reminder, Pureprofile does have its AGM on Wednesday, so anyone interested can attend that. But with that, I would like to now thank everyone again and invite you all to now disconnect. Thank you.
Melinda Sheppard: Thank you.
Martin Filz: Thanks.
