Ann: FY21 Interim Results Investor Presentation, page-42

I had a read through the presentation at lunch today. Some encouraging GPR and G&I (Incentive sub-vertical) growth figures. Looks like the gaming vertical is finally starting to come good too which is great.

A couple of shorter-term things to be wary of is:
- the reduced breakage $$'s that'll be collected by EML in HY22 (compared to HY21). The increase in HY21 breakage was temporary only and helped to mask the poor performance of malls due to shutdowns,
- Salary Packaging conversions currently at 286k people (out of a maximum of 300k), and,
- The old PFS owners (the Moran's) have 8.2% share in the company, which will come out of escrow in April 2021. Hopefully they don't do a sell-down after this time to fund other things (like the growth of their business eComm Merchant Solutions).

I'd really like to see the Salary-As-A-Service vertical sign some new contracts, perhaps outside of Australia, otherwise growth in this sub-vertical will slow considerably in coming years.

It'll also be good to see more deals being made with BNPL companies. Looks like we signed a new deal with Payright, but it'd be material for EML if they signed any deals with medium to large BNPL players, due to the huge amounts of payment volumes that get sent through those platforms.

Also, now that EML revenue is approaching $200m/yr, you probably won't see many price sensitive announcements in future (>5% total revenue/yr or $10m/yr), unless the deal is with a very large company.