Good morning and good afternoon, fellow shareholders, ladies and gentlemen. Welcome to the 2021 annual general meeting of Altium Limited. My name is Sam Weiss, and for those of you whom I have not met, I am the Chairman of the company. I should like to advise you that today's meeting is being recorded by video, and the video will be available soon on our website. That's in case you want to watch this twice. I'm very pleased to advise that all of my fellow directors on the board of Altium are able to join us today, along with a number of our key executives. From Menlo Park in California in the United States of America, we're joined by Lynn Mickleburgh, who is a Non-Executive Director and the Chair of our Human Resources Committee, as well as being a member of our Audit Committee. From Melbourne in Victoria, Australia, we're joined by Raelene Murphy, a Non-Executive Director, Chair of our Audit Committee, and a member of our Human Resources Committee. In San Diego, California, we're joined by Aram Mirkazemi, our Chief Executive Officer and an executive director of the company. Accompanying Aram are Sergiy Kostynsky, our President and an executive director, Kim Besharati, who is our Chief of Staff, Leigh Gawne, who is our recently promoted Chief Technology Officer, David Read, our Chief Operating Officer, and Ted Pawela, who is our Chief Ecosystem Officer. In Frisco, Texas, we are joined by Henry Potts, our Chief Sales Officer, and Michelle Velarde, our financial controller. Here in our Sydney office, I'm joined by Alison Raffan, our company secretary, and Susan Stack, the executive office manager. I'm also very fortunate to be joined in person by, on my right, Natasha Davidson, who is the group general counsel and company secretary. On my left, Louise King, who is the audit partner for PricewaterhouseCoopers. Just, slightly out of camera range is Jacob Fraidl, who is the senior manager for PricewaterhouseCoopers. On the line by an audio connection are David Friedlander, who was recently promoted to become the chairman of King & Wood Mallesons, who has been our attorney for two decades, and Will Heath, who is a partner at Mallesons in Melbourne, and they are on the line by video. Representatives from Computershare, Kathryn Gionis and Peter Renda, our returning officer, who will both monitor today's online proceedings and ensure that there is accuracy both in the meeting attendance and in our voting records. Finally, this video is being managed by Lumi. Michael Griswold is the Manager for Lumi, and the webcaster for today's broadcast is Stephen Swansboro. I'd like to extend a very warm welcome to all of our guests, to the Altium executives and employees from around the world who are joining us today. Please fasten your seatbelts and get ready for quite a ride today because we have three presentations. I'm going to do the work about the year that was concluded in June, and then we have some really powerful statements about Altium and where we're going from our executives in La Jolla. However, before we get to the good parts, I do want to make it clear how today's meeting will operate because we want to have full and frank engagement with all of the shareholders. To be able to do that, we need to master text messaging and asking questions through a computer or audio questions. The meeting is being held online on the Lumi platform. This allows shareholders, proxies, and guests to attend the meeting virtually. All of you are able to watch a live webcast of the meeting, and shareholders and proxy holders have the additional ability to ask questions and to submit votes. Online attendees can submit questions at any time, and I know that a number of you have already started to do that. To ask a question, select the messaging tab at the top of the Lumi platform, and at the top of that tab, there is a section to type a question. Once you have finished typing, please press the arrow symbol to send the question to us, where it will show up on a screen in front of me. Please note that while you can submit questions at any time, we will not address them until the relevant time in the meeting, which is after the four presentations. Please also note that your questions may be moderated, or if we receive multiple questions on a single topic, we'll amalgamate them. For those shareholders who wish to ask a question in person, an audio question facility is available during the meeting. To use this service, please pause the broadcast on the Lumi platform and click on the link Asking Audio Questions. A new page will open where you will be prompted to enter your name and the topic of your question before you are connected. You can listen to the meeting on this page while waiting to ask your question. If you have any issues using the system, please return to the Lumi platform. Please note that if you do ask a question, your microphone will remain on both for your question and for the answer, so that you have an opportunity to have a follow-on for clarification or perhaps a second question. Pre-submitted questions will be answered at the same time. However, if we run out of time and we don't get to answer all of the questions, we shall answer them immediately by either email or posting responses on our website. However, I, based on past experience, expect that we'll be able to deal with all questions today. Voting will be conducted by a poll on all items of business. In order to provide everyone with enough time to vote, I declare voting open for all resolutions. If you're eligible to vote today, a polling icon will appear on your screen. This looks like a bar chart. If you select this icon, it will bring up the meeting resolutions and present you with your voting options. To cast your vote, simply select one of the options. There is no need to hit Submit or Enter as the vote will be automatically recorded. You have the ability to change your vote at any time until the voting is declared closed at the end of the meeting. There will be a two-minute warning before we close the voting. We'll now move to the official business of the meeting. There were no apologies received today. The company secretaries have advised me that a quorum of members is present, and I call the meeting to order. Proxy votes have been received, validated, and processed by our share registry, Computershare. The notice of meeting was announced to the Australian Securities Exchange on 15 October 2021 and sent to all members either by post or email. A copy of it is also available through the Lumi portal by clicking on the document icon. We will take the notice convening this meeting as read. I have reviewed the minutes from the 2020 annual general meeting for which the results were released to the ASX and will sign them as a true record following this meeting today. A copy of the minutes is available by clicking on the document icon. Shareholders may also request a copy of the minutes by contacting our company secretaries at investor.relations@altium.com. I'll now make some comments about the financial year that ended in June 2021. I will be followed immediately afterwards by Aram Mirkazemi, our CEO, Sergiy Kostynsky, our President, and Leigh Gawne, our Chief Technology Officer. After their presentations, we will conduct the formal business of the meeting, and there will be time for questions on any subjects from anyone who has one. This is the point where I pause briefly for a refreshing glass of water. It really is a great pleasure to be with all of you today, albeit virtually, for the 2021 Altium AGM. We're going to review the results of the 2021 financial year. We will share details about our progress since then, and we'll talk about the future and our plans to dominate and to transform the global electronics industry. Before doing so, however, I should like to take a few minutes to reflect on our unique vision and the journey behind our outstanding track record of value creation. Altium is a rare company in that it cannot be readily associated either with a single country or nationality. For example, while Google, Facebook, and Amazon are ubiquitous organizations that operate in markets around the world, they are distinctly American in nature. Unilever is also a global organization, but its Anglo-Dutch roots are very, very strong. Altium, on the other hand, sells to or operates in virtually every country in the world. We were founded here in Australia. We are listed here in Australia, and our shareholders are primarily Australian. Our board, while it has four Australian citizens on it, comprises five very different individuals from five different countries around the world, and I am the only one who was born in the United States. Our executive team comes from similarly diverse backgrounds. It would be very hard to argue that Altium is an Australian company by the nature of its workforce or where it operates. Nor could one say it is an American one, despite the United States being our headquarters, the location of most of our senior executives, and our largest market. As I see it, Altium is a genuinely global corporation. The expansiveness of our business also extends to our strategic vision. We began nearly 40 years ago as a small player in Hobart, in a relatively small part of the software engineering world, electronic design automation or EDA, and specifically in printed circuit board design software. Today, we are the largest provider in that space amongst the four other remaining competitors. From that foundation, we have set our sights very much higher. Our intention is to create the industry platform on which all software engineering disciplines will be able to collaborate to design and build electronics for manufactured products. In time, our platform, Altium 365, will allow not only our electronic engineers but mechanical, electrical, simulation, manufacturing, and PLM engineers who are using the software from industry giants such as Dassault Systèmes, Siemens, PTC, Ansys, and Autodesk, as well as sourcing and procurement specialists to review, work together, and build the electronics that today are at the heart of virtually all manufactured products. This opens up a market that is vastly bigger than our traditional market for printed circuit board design tools. Our ambition through Altium 365 is to transform the very nature of manufacturing electronics. To do so, we need to transform Altium itself. We see this in much the same way that we saw in 2012 when we dramatically shifted the focus of our company to concentrate exclusively on printed circuit board design software, and we jettisoned a number of activities that cost time and attention so that we could deliver value to our customers and to our shareholders. At that point, we expanded our management team with the addition of industry experts such as Henry Potts and Ted Pawela, who are with us today, and we transformed our board of directors. Over the next year and few years, we intend to bring similar changes to the company. We have appointed the global search firm Egon Zehnder to assist with the program of board renewal and expansion. Our plan is to increase the size of our board to seven members to ensure that we have a majority of members who are independent, and to add members primarily in the United States who have the industry experience and expertise to assist us to build Altium 365 to the point where it can change how electronics products are designed and manufactured. We expect this program of board renewal to take place over the course of the next year. Turning to financial 2021, it was indeed a year like no other for Altium. At the absolute height of the global pandemic, we made a number of significant changes to our business model and organization to support this next phase of our journey to market dominance and industry transformation. These changes included a hard pivot to the cloud, the widespread introduction of term-based licenses, an expanded leadership team, and the separation of our sales function into high volume on the one hand and high value on the other. As many of you know, we were also at the forefront of acquisition interest from a global software engineering player, and we were ourselves a bidder in a large M&A transaction. Notwithstanding all of this activity, we returned to double-digit growth in the H2 of the financial year with a 16% increase in revenue. Other highlights included strong growth in our annual recurring revenue of 29%. Recurring revenue of 65%, which was up from 59% in the prior year, with very strong growth in term-based licenses, which is a very positive sign for future recurring revenue. Very strong adoption of our cloud platform, Altium 365. We reported in August that we had 12,800 active monthly users and over 6,000 active monthly accounts. We had record growth in our Octopart unit of 42% to $27 million for the full year. Our China business grew by 47% for a very strong H2, which enabled our China team to deliver full-year double-digit growth. We increased our subscriber base by 7% to over 54,000. Our cash balance doubled to $191 million, both through improved operating cash flow as well as the sale of our TASKING business. We declared a partially franked 15% of it dividend of AUD 0.21 in Australian dollars for a full year dividend of Australian AUD 0.40, which was up 3% on the prior year. All of us are very happy to report to you that we have greatly improved our ESG reporting, and we have established targets beginning in this financial year. The rapid adoption of Altium 365 continued apace. It delivers benefits to both our company and to our customers on two fronts. Firstly, Altium 365 enhances the value of our subscriptions for our customers, and in that delivers SaaS-like subscription benefits to the company, which reduce churn and enhance our push for dominance. Secondly, the rapid adoption of Altium 365 has caught the attention of our industry, and it is attracting strategic partners that will help us accelerate our transformative vision to digitally connect electronic design to the broader engineering ecosystem. During financial year 2021, we made a strategic investment in MacroFab, which was $3 million, and this has enabled us to secure the supply side of our new business, Altimade. MacroFab has access. This access, as you can well imagine, is digital access to 75 factories in the United States for printed circuit board manufacturing and will, on the other side, be digitally connected to Altium 365 as part of our design to manufacturing strategy. It's no surprise that Altium commands industry-leading multiples and strategic interests. We sit at the heart of the digital engineering ecosystem as the increasingly dominant provider of electronic design tools. Altium Designer is the most widespread professional PCB design tool used by more than 100,000 engineers around the world. Altium 365 is the world's first digital platform for the design and realization of electronics hardware. Today, there are 17,300 active users, up from the 12,000 I just mentioned, which we reported in August, and more than 7,300 active accounts, also up from the 6,000 that we reported in August. 15% of our seats are now on cloud subscriptions, and 40% of them are in transition. 13% of our customers have moved to the cloud, and 34% of them are in transition. For fiscal year 2022, we have signaled to the market that we have returned to winning. We have committed to achieve 16%-20% growth in revenue for a full year forecast or guidance of $209 million-217 million, with an underlying EBITDA margin between 34%-36%. Our two engines of growth, CAD software and the cloud platform, power this performance. These two engines have begun to build considerable momentum in our core business, and we expect to drive organic growth through the following areas. Strong Altium 365 adoption will improve our subscription renewal rate. The rollout of our digital sales platform will take our transactional sales capabilities into global markets. The scaling up of our high-end enterprise sales team through strategic partnerships will expand our market within the PCB area and drive or increase revenue even further. The expansion of the Octopart addressable market with the addition of eCAD and PLM APIs from Nexar is already generating significant revenue growth. Our license compliance activities will continue to increase in China, and in time, we expect to receive recurring revenue through Altium 365 China. Demand for smart manufacturing, in our opinion, will, in time, scale in revenue with a very high gross profit margin. For our users, the adoption of our cloud platform and ecosystem is designed to be frictionless. We don't require them to change their existing software licensing model. They need only have a valid software maintenance subscription license to access the Altium 365 cloud platform in order to be able to collaborate. This has increased our subscription renewal rates and in time, will reduce churn, and it will have a very strong positive impact on our revenue growth and our pathway to 100,000 subscribers to achieve market dominance. Altium 365 is designed to be a platform for users well beyond the design community to include professionals from manufacturing and supply chain to compliance and third-party service providers. Standard membership is free. This will drive the network effect and make the platform attractive for collaboration across all segments of the industry. Our end-to-end market dominance and our flight path to $500 million of revenue includes the establishment of a significant presence in the high end of the enterprise printed circuit board design market. Our strategic partnerships with key industry players, combined with the Altium 365 cloud platform and its open digital ecosystem, will enable us to remove the last stronghold of our competitors in the high end of the market. We are developing digital bridges from Altium 365 to adjacent engineering domains such as mechanical CAD, MCAD, product lifecycle management, PLM, and computer-aided simulation, CAE. This will allow us to forge new partnerships with industry leaders such as PTC, Ansys, and many others. We have expanded the reach of our transactional sales model with our digital sales platform and online digital stores. We no longer lead with promotional discounts or Black Friday sales events in June and December. During financial year 2021, our realized sales price increased by close to 30%. While unit volumes were somewhat affected by the impact of Coronavirus in financial year 2021, those higher realized prices enabled us to achieve double-digit sales increases in the H2 of the year. This year, we have commenced building digital hubs to serve customers in specific countries or in small groups of countries that are closely related by either of language or geography. For instance, the Benelux markets or the Nordic markets. These digital hubs will use the power of a digital sales platform to create a standalone operating unit for key countries, which is a very clear shift from our current regional approach for all of Europe or the whole of the Asia Pacific region. Digital hubs and digital stores will be led by a country manager with a vertical stack comprised of a new logo or digital acquisition sales team, customer account, self-management, digital marketing capability with localized talent, technical support and customer service, billing and payment, and local cloud infrastructure with local development and operations. The first digital hub will be in the United States with localized marketing and promotional materials and a unique user experience for the mainstream engineering market for our design tools. Earlier this year, we undertook a pilot of Altium 365 China with a large local Chinese manufacturing and supply chain partner. The pilot generated very strong interest and sign up to the platform, and provided us with clear insights into why and how users adopt the cloud in China. For many users, supply chain intelligence was the main attraction of the platform, as well as the ability to directly link design to manufacturing of PCBs. Altimade, which runs on Altium 365, is a first-of-its-kind manufacturing service that helps companies who create electronics products to accelerate the manufacturing process for them. Altium customers can use Altimade and get an instant quote and place an order digitally to produce their printed circuit boards in any quantity. Once they've placed the order, detailed status updates ensure that users always know the precise what and when of the board's progress through the manufacturing system to delivery. Altimade creates, maintains, and displays a complete and continuous digital data trail that represents a true golden record for every step in the design, procurement, and manufacturing process for a printed circuit board. Any changes to the original bill of materials or design details is automatically updates the golden record, ensuring that reorders are exactly what was received as an approved prototype, no matter how many changes have been made. This aspect of Altimade is unique to the industry, and it differentiates us from other cloud-based manufacturing service providers. Enhanced by our investment in MacroFab, we plan to launch Altimade in the Q3 of fiscal 2022. Altium has been at the center of significant M&A interest because of our unique position within the digital engineering ecosystem. As we pursue our vision to transform the electronics industry, we will establish partnerships with large players within the engineering industry to leverage the power of our Altium 365 platform and the digital bridges that we are building to the adjacent engineering worlds of MCAD, PLM, and computer-aided engineering. At the same time, we are well positioned to make acquisitions that will accelerate our own growth of the Altium 365 platform with capabilities in the area of supply chain intelligence and cloud software as a service offerings. As a company, we have a deeply ingrained belief system that the innovative solutions that we provide to engineers around the world should be accompanied by superior financial discipline and a steady rate of increase in returns for our shareholders. Doing both of those things at the same time has been hard-won at Altium, and we have no intention to deviate from either deliverable. However, we also recognize that to build great software and to build a great platform requires investment. In our business, investment is almost always in people rather than capital infrastructure. Over the past six years, we have neither increased directors' fees nor increased our fee pool. However, as I've mentioned earlier, over the next year or two, we intend to increase the size of the board to at least seven, and for most of that increase to come in the United States. We intend to set our sights high for our next generation of directors and to add those whom we believe have the experience and capability to assist us to realize our ambition to create the global platform for electronics manufacturing. What we don't intend to do is to squander shareholder funds on a board that doesn't add value to the company. It's difficult to predict what the cost of employing directors that we seek to hire will be. As in the case with our executives, it is likely that it will be benchmarked against U.S. standards rather than Australian ones by those whom we want to attract. It's always difficult for a board to determine just the right amount to ask our shareholders to agree on for the company's fee pool. This time, we decided to err on the side of caution to cover our plans, just as we did 6 years ago in 2015, so that we are prepared for some time into the future. The outlook for fiscal 2022 is positive. We're committed to achieving our revenue target of 16%-20% growth or AUD 209 million-AUD 217 million to deliver underlying EBITDA of 34%-36%. An annual recurring revenue growth of 23%-27%. I'm really pleased to be able to report that we've had a very strong first four- months of the fiscal year across the entire group. Term-based licenses, subscription revenue, renewal rates, they're all growing very well from our core PCB business. Octopart is outperforming with favorable industry tailwinds behind it. China and Nexar are performing well with the impact of coronavirus behind us, and the adoption of Altium 365 is accelerating. We are spinning up four strategic flywheels that will power this company to 2025 and beyond for dominance and transformation that is based on design tools adoption, design platform adoption, cloud adoption, and ecosystem adoption. In February, we'll review our market guidance, and based on the current momentum, we are confident that it is not likely to be at the low end of our guided range. To conclude, I'd like to make a few remarks about today's format. I think that Altium, more than most companies, understands the power and the value of face-to-face meetings. We have not had a board meeting, except by Zoom, since February of last year. I have not been in the same room with our CEO since then. This year, we booked a very large room in the Sydney CBD to hold our AGM. Of course, those plans were dashed by the coronavirus. I can assure you that next year we plan to return to a large meeting room in the CBD of Sydney to hold our AGM. We are also realists, and we're pragmatic, and the circumstances of the past two years have led us to believe that we should be prepared for any contingency. While we have no plans in the future to conduct virtual meetings, we believe that it is good policy to amend our constitution to allow us to do so should the need arise. Our proposed changes are consistent with legislation that is currently in the federal parliament in Australia. However, virtual annual general meetings are not a replacement for in-person ones, but they can be useful and practical when circumstances such as those we have faced in the past two years demand them. Over the course of the debate over the last few months about virtual annual general meetings, we have come to realize that this is not an Altium matter, and nor is it really a matter for shareholders in isolation. They are part of a much broader societal movement to a digital world. For our part, we shall endeavor to make the digital or virtual experience as compelling as the real one. Thank you very much for your time and your attention today and particularly for your support of this great company. It's now my very real pleasure to introduce our Chief Executive Officer and my colleague on the board, Aram Mirkazemi, who is in San Diego, California, and is joined by our President, Sergiy Kostynsky, and our Chief Technology Officer, Leigh Gawne. Thank you, Sam. Good morning and good afternoon, everyone. The purpose of this management presentation is to convey our confidence that we are well and truly back and in winning form. We are set to achieve our fiscal 2022 guidance of 16%-20% revenue growth, and we are powering our growth engines of CAD, cloud, and Digital Bridges to not only dominate but to transform the electronics industry. You may be asking where our confidence is coming from, and why is it that Altium is able to deliver close to 20% growth against some challenging conditions and what may appear to be growing competitive forces. Today, our President, Sergiy Kostynsky, CTO Leigh Gawne, and I will demonstrate what is driving Altium's growth, how Altium consistently outperforms its competitors, and why customers choose Altium. At the highest level, the mega-trend that is driving our growth is the Internet of Things, which has given rise to the explosion of intelligent products and the proliferation of electronics. While this trend has been growing over the last 10 years, it is now moving to a whole new level. This is largely driven by 5G and edge computing and the mass adoption of intelligent products. This unprecedented and growing demand for electronics, combined with the supply chain disruption caused by the global pandemic, have resulted in a global electronic parts shortage. These forces are creating favorable conditions for Altium's pursuit of dominance and industry transformation. Specifically, our Octopart electronic parts search business and our cloud platform, Altium 365, are the main beneficiaries of these strong industry tailwinds, which in turn positively impact our electronic design software business. Octopart grew by a record 42% in fiscal 2021 and has continued its strong growth in the first four months of this fiscal year. The adoption of Altium 365 has exceeded expectations and now has over 17,300 active users, up from 12,800 in August, and over 7,300 active accounts, up from 6,000 as reported in August. Altium has now 15% of its total seats on cloud subscription, and a further 40% are in transition to move to the cloud. This translates to 13% of accounts having moved to the cloud, with further 34% of accounts in transition. Demand for our PCB design software has also returned and is growing. All of this means that our confidence in our H1 and our full-year performance is very high. I expect these growth trends to continue well beyond fiscal 2022, and indeed continue for the rest of this decade. Our pivot to the cloud and our organizational changes, which I refer to as our Netflix changes, have put us in a strong position to capitalize on these favorable conditions and growth opportunities. Having pivoted to the cloud, separated our sales into high volume and high value, and implemented enterprise-wide strategic and execution planning, we are well and truly spinning up our new flywheels for driving our business. These flywheels include design tools adoption, design platform adoption, cloud adoption, and ecosystem adoption. It may have been surprising to some that we pivoted to the cloud and undertook our Netflix business model changes during the heart of the pandemic. While other companies waited out COVID, we were determined to use the opportunity to make bold changes that would set ourselves up for the next leg of our journey. These bold approaches allowed us to further widen the gap with our competition, as our cloud platform is now well and truly commanding the attention of the industry. Seeing the success of Altium 365 and being caught on the back foot, our competitors have rushed to make announcements about their own cloud services. I predict that we have at least a two-three-year head start and possibly more over our competitors. We are already onto the next phase and deep into building digital bridges to adjacent engineering ecosystems, which is critical for creating the network effect that will ultimately result in a winner-takes-all outcome. Altium has an outstanding record of value creation. I'm proud to say that delivering value for our shareholders has been a hallmark of Altium. This has been achieved through extremely focused execution that has allowed us to deliver an industry-leading performance with eight consecutive years of double-digit revenue growth and expanding margin. Over the years, some of you have wondered, "What is it about Altium that can deliver an industry-leading performance, pay dividends year after year, be on the path to both dominate and to transform an industry, all while expanding our profit margin?" This is the secret source of Altium, and I would like to have our key exponent of it, being our President, Sergiy Kostynsky, share further color with you. Over the last decade, Sergiy, as Altium's CTO, has transformed our product and engineering organization and has taken Altium PCB design software from a middle-ranking position to become world-class. Sergiy and our engineering team have gone even further and have built a cloud platform from the ground up, which has already become a first-class asset of Altium alongside Altium Designer and Octopart. During the year, as part of our Netflix organizational changes, Sergiy was appointed as president in charge of bringing about the same transformation to our digital go-to-market as he has done with engineering. I have every confidence that he will deliver his magic in this new domain. I believe Sergiy's unique style and brilliance underpins Altium's extraordinary operating leverage. I feel it's important that our shareholders appreciate the unique way that Altium operates. A lot of that has to do with Sergiy, and I will now ask Sergiy to explain a little more in this regard. Thanks, Aram, and hello, everyone. I think there are a few key ingredients that make our execution stand out from the field. The thing that many notice about Altium is we are not afraid to take on big challenges and the sheer speed with which we adapt and move forward. We innovate and disrupt aggressively, yet at the same time, Altium continues to deliver a solid financial performance more typical of a blue-chip company. I believe that the explanation of this seeming paradox largely lies in the way we execute. When faced with yet another ambitious goal, we apply a few techniques. We focus on hard parts first. A lot of things need to happen to achieve something significant. Some of it requires a lot of work, and some of it requires dealing with problems that are ill-defined. Everyone likes the feeling of making progress, so people often tend to focus on those parts they know how to complete, which all goes well until they hit the wall at the end. This is how many projects end up being 90% finished, only to be completely discarded. Contrast that to the way we do things. We focus on the critical aspects early and make sure we deal with potential impasses first. Once we're confident in the path ahead, we go full speed. With Altium 365, we had to solve many complex technical challenges. Yet the one that was the hardest was not technical in nature. There are many good practices how to make cloud solutions perform well, how to make them scalable and reliable, and many would focus on those. While these are, of course, required for any modern cloud solutions, it is rare that this would ultimately be the cause of failure. Making the product attractive, however, is a different story. There is no recipe that one could follow, especially when you're breaking new ground the way that we are doing. We focus on that problem first before anything else. Our early success with Altium 365 has been built on its attractiveness for customers and partners, in turn, drawing the attention from the broader industry. This established a flywheel effect, allowing us to benefit from major investment in this area. At the time of release, we had no more than 30 people working Altium 365, whereas there are around 150 now, and the number is growing fast. We have also scaled our infrastructure quite a bit since then. We break through, then we scale, and then continuously raise the bar. Another example of this approach is how we have gone after bringing the enterprise sales capability to Altium. We have focused on getting the recipe right, and now that we can see it working, we're going to invest and benefit from increasing scale in the area. The other trait we have is that we do not suffer from what Jim Collins, the author of the well-known book, Good to Great, called the tyranny of the or. We often are faced with seemingly incompatible requirements, where one could be tempted to choose one over the other. We delay such choices, and quite often, we find a way to get both. When we started our climb to improve our product capabilities back in 2013, one of the key decisions that was made was to establish a regular cadence of Altium Designer releases. This has worked remarkably well and set the rhythm for the whole organization. At the same time, we needed to do a major overhaul of Altium Designer. Porting it to 64-bit was a massive engineering challenge, and on top of that, we took the opportunity to redesign many key areas of the software, such as the UI and interactive routing. This not only allowed us to close certain gaps with competitors, it made most competition look dated and established Altium Designer as the leader that is now being copied by others. Now, conventional wisdom would dictate that one should either do regular releases or go after major overhaul. We managed to find a way to do both at the same time. Not only that, we have pretty much the same people work on both projects. What makes this possible is the way the strategy and execution connect at Altium. We never lose sight of our ultimate goals, so the destination never changes. The best way to get there, however, may change over time. Circumstances change both internally and externally, so reviewing and adjusting the approach allows us to maximize the effectiveness and efficiency of our execution. This requires an ability to make a lot of smaller decisions, and I believe that our management has certain strengths at this. Moreover, our culture encourages those who can find a better way to accomplish something. Our leadership is serious about staying true to our strategy, but is very open to any improvements in how it gets done. On top of that, we usually go after execution strategies that generate value every step of the way. A massive change spanning multiple years then may turn into a sequence of improvements where it doesn't need to get worse before it gets better. This allows us to go after long-term goals without sacrificing short-term performance. Right now, we're looking to bring our go-to market to the next level required to support our $500 million revenue objective. Conventional approach would be to go for a deep dive for a few years to produce the next generation, meanwhile neglecting the development of the current one. Once again, we do not want to choose, and really, we cannot afford to choose. We have to keep improving incrementally to meet our FY 2022 and 2023 objectives, and we know we cannot delay the heavy infrastructure work required to support our long-term business objectives. The key to having our cake and eating it too, in this case, is to plan our long-term change in such a way that it can also support our short-term objectives. This effort is already underway, and I'm excited about how it's shaping up. One other aspect of Altium execution that is key is our ability to grow and change without putting on unnecessary weight. We have certain operational fluidity that allows for key resources to be deployed where and when it matters. We're quick on our feet, moving fast into new areas. It was less than a year ago that the idea of Nexar came up. In a very short- time, Ted Pawela and Leigh have gone from concept to having a new business unit that is now going from strength to strength. In a similar way, all key people behind the Altium 365 launch were brought from various existing teams, despite cloud being a new thing for Altium. Once we got traction, we brought in a lot of new resources. This ability to be nimble with exploration is invaluable for a company such as Altium that wants to bring together a startup-like pursuit of a blue sky vision and the consistent return of a well-established business. The way we execute is perhaps a little unconventional. It does tend to attract certain people who thrive in an environment where one is given freedom and responsibility for achieving extremely ambitious goals. That experience may be stressful at the time, but is incredibly rewarding and fulfilling. As time goes on, the stronger the culture of high performance and winning takes hold. There is something magical about the team that we've built at Altium, and I believe this is exactly the kind of team it takes to transform the industry. Thank you. Thank you, Sergiy. Another thing that is different about Altium is the passion and the support of its user community for its products. This has been unique in our industry and the hallmark of the Altium brand. With our goal of dominance and transformation, we are taking this position to the next level. As Altium becomes synonymous with electronic hardware design, very much like Adobe in creative design, Google in search, Facebook in social networking, and for those who still remember Xerox in photocopying. I'm going to ask Leigh Gawne, our new CTO and someone who has championed our move to the cloud, to explain how we are going to get there and why customers choose Altium over our competitors. Thank you, Aram, and hello, everyone. For over 35 years, Altium supported the PCB design space in a way that no other company has, with an unwavering commitment to enabling an industry from startups giving birth to the next big thing, through to large organizations that underpin vast swathes of the world economy. It is the size and diversity of a growing customer base and the enduring partnerships that have been forged over decades that are propelling us to become the de facto standard for electronics design. What is it about what we do and what we offer that makes this possible? What is it that differentiates us from the competition? What attracts new customers to Altium? Well, customers come to us because we do PCB and nothing else. Day in, day out, it is an all-consuming affair for us. For our competition, it's secondary. They simply don't have the same level of focus and passion to create value either for them or for their customers, which makes them reactive and unprepared for the future. We're building the best products and services in the world, and perhaps more importantly, customers understand that making an investment into Altium products and services is an investment into their own future. They understand that by making a conscious business decision to be part of the future of electronics design, they aren't gonna be left with an outdated, isolated tool set from the competition. It is clear that today only Altium can confidently offer them a long-term solution in PCB design. Competitors offer what is known in the industry as walled gardens, as their software was developed during a time in the past when customers preferred to have all of their tools provided by the same vendor. In the age of IoT and cloud, not only is this no longer a viable business model, but customers want the best-in-breed for each class of tool. Connecting best-of-breed tools seamlessly through the cloud is now possible, and as more tools go onto the cloud, customers reject the old bundling practices. The seamless interoperability among vendors is one of the core value propositions, and one they don't have to pay for. In today's world, designers want the best contemporary PCB software, not one that comes bundled for free with a chip design or other unrelated engineering tool. Altium software stands on its own. It is not carried by anything else. In my opinion, this has been the single most powerful advantage for Altium over its competitors. User experience is a fundamental principle in the way that we build things and is a core ingredient that sees us deliver products and services that come together and work and act as one. Independent of features and functions, we're able to create capabilities and user experiences that transcend boundaries and realize a platform that has openness and extensibility at its core. Altium software has always been open and accessible to other engineering tools. Unlike our competitors, our file formats have long been accessible to third parties without any barrier or attempt to lock the customer in. As new capabilities are added to the platform and existing capabilities are advanced, each builds on the other, and this results in a type of leverage that's extremely powerful and difficult to compete with. As an example, Altium 365's browser-based visual compare tools connects into project history, design releases, and our manufacturer portal, where we are then able to leverage them across multiple use cases, supporting a variety of user personas. CAD is extremely visual, and being able to interact, inspect, and collaborate on a design on any device from virtually anywhere in the world is fundamental to supporting the customer needs of today. Other cloud platforms lack this CAD intelligence and are often limited to being data-centric and domain-agnostic, working with files and with limited, if any, web visualization capabilities. Altium 365 excels at this in a way that no other cloud platform competes with today. The CAD capabilities that we support in the browser, from cross-probing and inspection to graphical comparison and historical timelines, from conceptual commenting and markup to design release and lifecycle control, it's by far the richest, most capable platform and is in a class of its own in the domain of electronics. With tens of thousands of users already working with Altium authoring tools like Altium Designer, Altium 365 feels like a natural extension as it's woven into the design system itself, creating the lowest possible barrier to entry with a low to no learning curve for newcomers. The continuous digital fabric that is Altium 365 permeates throughout our authoring tools, creating a combination of design authoring and collaboration that's simply unrivaled by any competitor today, delivering virtually instant boosts to a customer's productivity. Our expectations for Altium 365 have been exceeded. What has happened is beyond what we initially thought would be possible, but this only serves to make us raise the bar on those expectations and accelerate the execution of our strategy for industry transformation. Through Nexar, we are constructing digital bridges into the rest of the software engineering ecosystem, the digital fabric that extends digital continuity right out into the adjacent domains from mechanical design, supply chain, manufacturing, simulation, PLM, and others. Altium 365 and Nexar work together with the objective of Nexar is to drive ecosystem adoption of Altium 365. In order to do this, Nexar has been constructed specifically to support ecosystem partners, both those with whom we already have strong ties and business relationships to other strategic allies far and wide. For our competitors that are accustomed to walled gardens, it might prove to be an insurmountable challenge, as cloud requires a level of openness and trust that's unfamiliar to them. This will essentially render their offerings uncompetitive on the cloud. Our customer base is not only growing in terms of its size, but perhaps what is even more exciting is that for the first time in our history, we are diversifying the personas, the industry professionals that we're actually able to serve. They're not just applicable to the hardware design or PCB layout engineer. We have something to offer the embedded software engineer who's doing bootstrapping of the hardware. We are supporting the procurement professional who needs BOM access and supply chain insights. We support the project manager who's responsible for ensuring that things get done on time and on budget. We support the manufacturer who now knows what the electronic assembly should look like before it gets the first article inspection. We support the customer who wants to feel confident that their supplier is going to deliver. With collaboration at the center, the accelerating user growth, combined with this broader collection of stakeholders who we're now able to serve and who are starting to come to the platform, are preconditions for the network effect to start to come into force. 35% user growth in the last three months alone demonstrates that it is becoming the platform of choice for new and existing customers alike. With businesses like Tesla disrupting their respective markets as the new era of IoT and connected systems dawns, our platform is perfectly positioned to support the needs of these companies and many others like them. As the gravity of Altium 365 grows, it makes it increasingly difficult for competitors to respond. As well as forging and strengthening business relationships, Nexar extends the Altium 365 platform with the Nexar API. A unified model-based API that unites the domains of design, manufacturing, and supply chain, the likes of which is totally unique in the industry today. This opens up an almost limitless number of opportunities when it comes to enabling partners and third parties to digitally connect into Altium 365 and deliver their value propositions directly to users and customers. The more partners integrate with Nexar, the stronger the value proposition for Altium 365. The more companies and people that adopt Altium 365, the more of a pull this creates towards Nexar for those partners to integrate, resulting in a positive feedback loop and self-sustaining chain reaction. Nexar brings together Octopart along with other key strategic acquisitions that Altium has made over the last five years. It is building on the solid foundations that have been forged in the supply and manufacturing domains. Our relationships with semiconductor manufacturers and distributors go from strength to strength as our enduring partnerships continue to flourish. The business unit has seen strong revenue growth, up over 40% quarter-over-quarter, with diversification and expansion in a range of areas. The Nexar API was launched earlier this year and unifies our API technologies across the board, enabling us to serve the industry with an offering that's unrivaled by competitors. In the last twelve months, there were 600 million API calls made. For this calendar year period, API call growth is up 121%, with the H1 of FY 2022 versus FY 2021 up 168%. The Q1 of FY 2022 saw API revenue growth up 71% from the same period a year ago. Combined, Altium 365 and Nexar will deliver fundamental change to the way that people collaborate and do business together. Creating value in such a way that Altium 365 will not only support the practice of engineering, but it will be a platform for the business of engineering too. Altimade, which will be launched in the Q1 of 2022 calendar, is built on top of Altium 365 and Nexar and incorporates the delivery of a design to realization experience that has never been seen before in electronics. Not only will it revolutionize the experience of going from design to manufacture, but the approach will enable fundamental changes to the existing ways of doing business that will deliver levels of efficiency, speed, and productivity never seen before. It will usher in a new era of cloud-enabled electronics hardware manufacturing, laying the foundation for fundamental changes to the business of manufacturing that will see costs and risks reduced. The journey has begun, and we are building on the success of the past to deliver change for the future that will see the electronics industry reborn to serve the future of the world in a more effective, harmonious, and a less wasteful way. Our team has the heart, the mind, the vision, and the capability to lead the way into turning this into a reality. Our customers see this in us. They see that Altium is different, and that in the end, we are fighting every day to build a future that enables them to be more successful. They see that we are investing in such a way that is a direct investment into their future success. Our customers back us, and in the end, that's the reason why we will be successful in achieving our mission. We will win together. Thank you. Thank you, Leigh. I would like now to provide an update on our organizational transformation since Nexar a year ago, and what is in store next for us to underpin our journey. Perhaps the most impactful part of our organizational transformation since October last year has been the introduction of enterprise-wide planning that encompasses all of our activities related to achieving our vision of industry transformation. Under this new planning and execution model, we introduced 10 strategic campaigns that are responsible for spinning up the four flywheels that I mentioned earlier. The Office of CEO was formed under the leadership of Kim Besharati, Chief of Staff, to bring this next-level capability to Altium. I could not be more pleased with the outcome. All of these campaigns are now in play with many formal programs that are building momentum in our business. I would like to speak about two campaigns specifically. These relate to bringing digital transformation to our business systems, and the second, the transition of Altium from being a software to a cloud-first company. With cloud and the significance of data, Altium is investing in building the infrastructure that is required to create value for stakeholders. This requires a deep connection between Altium's business systems and with Altium 365 and Nexar ecosystem. The design and architecture of this undertaking is being overseen by Henry Potts, who has been at the heart of systematization of our transactional sales and associated business processes. Richard Leon, Altium's ex-CFO, has also returned to Altium in the role of SVP Corporate Development, and will be combining forces with Henry to build the next-generation capabilities to support expansion and future M&A. The outcome of this campaign will bring digital transformation to our broader business systems that will allow Altium to more efficiently monetize the value that is created through a digital platform. The second campaign is at the heart of our Netflix organizational changes, where Altium is focused on becoming a cloud-first company to set up its next cycle of growth. Having pivoted to the cloud and separated our sales channel into digital and enterprise, we are about to embark on bringing in the next-level capabilities to enhance our senior management. In addition to board renewal, we are also conducting an executive search in the U.S. for a CFO with significant high-tech experience in the digital economy. Martin Ive will act as a caretaker CFO until such time that we make this appointment. Martin's contribution over the last 12 months since the start of the fiscal year has allowed us to successfully go through this transition, and in my language, is equivalent to a night watchman in Test cricket, who has kept us in the game, and we are now an hour into the first session of the next day and looking to pile up runs. Martin will continue to serve this company and make valuable contributions. I would like to close on the same note that I began, and that is to say with confidence that Altium is well and truly back and in winning form. We are set to achieve our fiscal 2022 guidance of 16%-20% revenue growth, and we are powering our growth engines of CAD, cloud, and digital bridges to not only dominate but to transform the electronics industry. Thank you. I'll now pass back to Sam in Sydney. Thank you, Aram. For all of the shareholders on the this morning and this afternoon's call, I'm sure you will agree with me just how rewarding it is to have such a capable leadership team at Altium in whom we can entrust the future of this business. I mentioned earlier that I haven't been in the same room with the La Jolla team in almost two- years, but I can also report that we're having our first face-to-face board meeting the week of the 29th of November, and I just can't tell you how excited we all are about that. We're now going to move to the general business of today's meeting. There are seven items of business to be put to the meeting. All seven items will be presented now, and the proxy results will be displayed before we open the floor to questions. We'll go through all items first, then get to the questions. The first item is to present the financial report, the director's report, and the auditor's report for the financial year ending 30 June 2021. Please send any questions that you have about these reports, and I can tell you that the questions are coming in fast and furious. We're very pleased about that. All items today will be voted on by a poll. I'd like to remind you that if you haven't voted already, please click on the polling icon and vote on each individual item. Once the voting has closed, Computershare will confirm and collate the votes with the meeting results, which will be released to the ASX later today. Item two is the remuneration report to receive and consider for the financial year ending 30 June 2021. The remuneration report, of course, forms part of the director's report. Voting on the remuneration report is advisory only and does not bind the directors nor the company. Now, I think you can see the proxy votes there. For a man who needs no introduction, I'll talk about him a bit later. Mr. Stephen Mayne has kindly pointed out that it would be useful to know not only what the results of the vote are, but who voted in favor and who voted against. Stephen, I'm not sure whether you're watching now or not, but I can report that for this item, the 73 million votes in favor were cast by 404 shareholders. Seven million against were cast by 133 shareholders, and the open and usable votes which I have were cast by 184 shareholders, and 46 shareholders chose to abstain. Eight of us were excluded from voting on this, and that was out of a total of 775 votes. This resolution is subject to a voting exclusion of the KMPs and their closely related parties. As Chair, I am able to vote undirected proxies. As we specified in the notice of meeting, we intend to vote these undirected proxies in favor of the item. We're now going to move to two items concerning the election of directors, and as the first item relates to my own re-election, Raelene Murphy, Chair of the Audit and Risk Committee, will conduct the resolution. Thank you, Sam. Item three is to consider and if thought fit, pass the following resolution as an ordinary resolution. Samuel Weiss, a director retiring from office in accordance with articles 7.2 to 7.4 of the constitution of the company, is re-elected as a director of the company. The proxy results are as follows, presented on the screen. The board and the company have benefited significantly from Sam's experience and expertise as an independent ASX-listed chairman. The board sees his leadership as vital to the continued focus on the importance of strong, transparent governance to support Altium's journey to market dominance, and unanimously recommends that shareholders vote in favor of Sam's re-election. I will now invite Sam to say a few words in respect of his candidacy. I was thinking about this election today and my tenure over some time as a director of company. I thought back to the moment when Corin Farry asked me to meet the two founders of Altium, Mr. Nick Martin and Mr. David Warren in Sydney, and just how fortuitous a moment that was. We were also joined by Keyvan Loubardiat at the time. They were looking for a non-executive director who had global experience in business as well as experience in technology. I didn't realize just how much impact that introduction would have on either me or the company. Since then, Altium has become the central focus of my professional life. I have learned much here and from the people and the industry in which Altium competes. I believe that I have contributed as much to Altium and its people in equal measure as I have learned. I also believe that I have much more to learn and much more to contribute. The thing that I would like shareholders to think about, and why I believe that I should continue as the chairman of this company, is the absolute passion and commitment that I have to making this. And I was going to say this little Australian company, and we're only little when we look at ourselves compared to Dassault or Siemens or Autodesk. We're no longer a little company. That passion and commitment to making Altium successful at the same level as those large global competitors and on the same terms, that is the passion and the commitment that I bring to Altium. Thank you very much. Back to you, Raelene. Thank you, Sam, and thank you for those passionate words. Personally, thank you for your great contribution to this great company. I'll now hand the chair back to Sam to conduct the rest of this evening. Thank you very much, Raelene. The next item is the re-election of Sergiy Kostynsky. If thought fit to pass an ordinary resolution that Sergiy Kostynsky, a director retiring from office in accordance with Article 7.2 to 7.4 of the Constitution, be re-elected as a director of the company. You can see the proxy results, and I will also share with you for both Sergiy and me, slightly different numbers. 522 shareholders voted for my re-election, 517 for Sergiy. 34 against my re-election. 37 against Sergiy's. 184 proxies were given to me for my re-election, and 185 for Sergiy's re-election. 35 abstentions in my case and 36 in Sergiy's case. Sergiy has, you know... Well, I'll just say that Aram Mirkazemi, our Chief Executive, was a really great CTO. It didn't take us long after he became the Chief Executive and Sergiy became the CTO to appreciate that even greatness can be exceeded. The benefits to the company that Sergiy has brought over the last few years as the CTO have really been extraordinary and remarkable. As Aram mentioned, a little while ago, we're now benefiting from that same skill in building a team of people who happen to be engineers, to building a team of people who happen to be working at Altium. It's his industry experience, his technical experience, his technology experience that brings really, an essential ingredient to our board to enable us to look at issues as a whole. The board is unanimous in its recommendation that shareholders vote in favor of Item four. I have twisted Sergiy's arm a little bit because he doesn't like to talk about himself, but he's going to say a few words now. Over to you, Sergiy. Thanks, Sam. I guess you know I happen to also be kind of have a significant number of shares of Altium. For me, same as for you, Sam, it's pretty much like it's been in the center of my life a long- time now. But even before that, I spent even longer time being in software industry. I believe I can contribute by being on the board in a way that it's really some understanding and some feeling for how software companies generate value. I think that that's kinda something I could bring. I think that is something that Altium could benefit from quite a bit in the next phase of our journey. Thanks. Thank you very much, Sergiy. I should mention, Sergiy, that the guy sitting next to you is now going to take our engineering team to an even higher level. We were really absolutely thrilled to have you as our CTO, following on from Sergiy and Aram. We have three special resolutions today. The first is the renewal of our proportional takeover provision. If shareholders consider, and if they think fit to pass the following resolution as a special resolution, that articles 3.17 to 3.18 inclusive in the Constitution, which require prior shareholder approval for a proportional takeover of the company, be readopted for a further period of three years from today in accordance with Section 648G of the Corporations Act. The results are in front of you. We had 471 shareholders voting in favor, 49 against, 187 have given me their proxies, and 68 have abstained. Item 6 is the increase in the fee pool for non-executive directors of the company and for shareholders to consider, and if they think fit to pass the following resolution as an ordinary resolution for the purposes of Listing Rule 10.17, Article 7.11 of the Constitution and all other purposes. The total aggregate amount of directors' fees payable to all of Altium's non-executive directors is increased by AUD 750,000 per annum from the existing AUD 1.5 million pool, which you approved six years ago. There is a voting exclusion applied to this resolution for the directors. 271 shareholders voted in favor, 246 against, 182 have given me their proxies, and 71 have abstained, and five of us were excluded. The last resolution is an amendment to the Constitution for shareholders to consider, and if thought fit, to pass a special resolution that in accordance with Section 136(2) of the Corporations Act, the amendments to the company constitution, as explained or described in the explanatory notes, be approved with effect from today. I note that a copy of the proposed amended constitution is available on the meeting portal under Documents and can also be found on the Altium website. Our company secretaries would be very pleased to provide a hard copy should you wish one. This is quite a topical amendment. I've already shared my views about the inevitability of the virtual world in which we live. I can share with you that 418 shareholders voted in favor, 81 against, 182 have given me their proxies, and 94 have abstained. We now get to the shareholder participation part of the meeting. We had just a few questions before we started at 9:30 A.M., but they have been coming in, as I said earlier, fast and furious. If you haven't already sent a question in, please do so now, and you can either send that through by text, or you can use your microphone and speak to us if you click the link Asking Audio Questions. If you do that, a new page will open where you can enter your name, the topic of your question, and then you will be connected or your microphone will be connected, but you'll be able to continue listening to the broadcast or the webcast while you wait your turn to ask a question. I'm going to do these as efficiently as possible. We are going to have some of the questions answered by different people around the world. Please bear with us as we transition from one physical place to the next. The first question from Jane Hogben was whether we have a dividend reinvestment plan. This is something that the board has discussed over a number of years. At this point, we have chosen not to put one in place, but, you know, we never say never forever. It's something that receives active consideration. Rex and Deborah Maury have asked us a number of questions. The first is when will you have a rights issue? Well, capital management, as I tried to articulate, earlier this morning or afternoon, is an absolute passion for this company, and we take very seriously our obligation to be prudent financial custodians of your investment in Altium. We think about that and talk about that, and it is, in fact, on the agenda for that board meeting coming up in two weeks. Our cash balance is twice what it was a year ago. You know, we might like to have it a little bit higher. We actively consider whether we should have a rights issue, but there are no plans at the moment. Then the Maurys also asked about the DRP, which we have asked or discussed just now. Their third question was when will higher dividends get paid? Well, I think all shareholders would probably you know share that same view. As I reflected on how to answer this over the last few days, I asked Company Secretary to prepare a chart for me, which I have in front of me. The dividends that Altium has paid to shareholders in Australian dollars have increased from AUD 0.16 in 2015, which itself was up from 0 for the decade, well most of the decade from 2000 to 2010. You know, we got up to AUD 0.16 in 2015. This year, or the last year we were at AUD 0.40. We're very careful in declaring dividends to ensure that we're not, you know, that we're keeping some powder dry, which is one of Aram's favorite expressions. We don't want our dividends to exceed our earnings. You know, we're at AUD 0.40. I see no reason for you to think that they won't continue to improve as the company's fortunes improve. Now, our friends at the Australian Shareholders' Association sent in a couple of questions, and the first is about the board. I really am very grateful to the Australian Shareholders' Association because for many years, we've had a very productive dialogue with a number of different, I think they call them, moderators who handle Altium. Patricia Beale is new this year. They're very good at making sure that we're focused on the right things. Her first question is about the progress we've made in securing additional directors for the board, and I think that I've answered that in my speech. Just to reaffirm that we intend to expand the board to at least seven with most of the balance of the board being in the United States. The second question from the ASA was, "Will such directors be chosen with consideration of the needs for succession planning as well as for their skills, commitment, and knowledge for the evolving needs of such a fast-growing company?" That's actually the answer as well as the question, because as much as I am passionate and committed to Altium, everyone has a use-by date, and mine is closer than most. We are definitely putting the question to anyone that we consider to join this board as to whether they would be prepared at the right time to take on the chairmanship. Now, Alan, if you could scroll down just a bit. Thank you. Have there been any significant risks identified since the end of the financial year-end? You know, the short answer to that is no, that there are no additional risks. Over the course of the past year, David Read has really done a remarkable job with the guidance and encouragement of Raelene Murphy as chair of the audit committee and in the last couple of months, the assistance of Natasha Davidson and our general counsel to elevate our management of risk to a much higher level. David's just going to say a few words more generally about risk at Altium. Over to you, David. Thank you, Sam. I would like to say for the benefit of ASA that at Altium, we manage and monitor risks through an enterprise risk management framework, and we have an internal audit and risk committee to take care of those. There hasn't been a significant change in risk since the end-of-year report. With regards to the kinda hot topic of cybersecurity risks, since the pivot to cloud, we've moved that as one of our sort of first-class priorities at Altium, and we've made significant improvements to risk management in that area. Thank you. David, thank you very much. There was a final question from the ASA about whether there would be an update to guidance, and they said, you know, that question doesn't need to be asked if you provided it, which I believe that we have. Now, I'm really disappointed now that the borders between Victoria and New South Wales have opened, that we didn't extend an invitation to Stephen Mayne to show up to our little room here in Chatswood, because Stephen Mayne has been prolific this morning in putting through a wide range of questions for the company which, you know, demonstrate what I've always said about you, Stephen Mayne. That because I trying to think of when we met, but it was about 15 years ago at Breville. You can assess things with an absolute laser-like focus. We genuinely appreciate your questions. The first are about our proxy advisors and whether they have recommended voting against any of today's resolutions, and if so, which advisors cover us, and has there been a material proxy protest vote against any of today's resolutions, and will we disclose the votes? We've already disclosed the votes on each of the resolutions. If you heard in terms of number of shareholders, the percentage was quite high. We do get covered by the five proxy advisors that Steven mentioned, the Australian Council of Superannuation Investors, the Australian Shareholders' Association, Ownership Matters, CGI Glass Lewis, and ISS. We have very productive, positive relationships with each one of those companies. Lynn Mickleburgh and Natasha Davidson and I try to meet face to face, conditions permitting. This year, all meetings were conducted by Zoom. The proxy advisors were generally supportive. One of them, whom I won't name, will only share their report with us in exchange for a considerable amount of money, which we don't think is a good use of your funds. I'm only specifically aware of the four that we have copies of. One of them recommended against Sergiy's election because the view was that it would send a message to the board to increase the size to ensure that we have appropriate balance of independent and non-independent directors. Steven, that message has been heard loud and clear. Of the four that we received, they all voted against or recommended a vote against the virtual meeting. I've described why I think that this is a bit of a finger in the dike exercise. The fifth one said to us that that wasn't their policy, but we haven't seen their report. Natasha, were there any other no's off the top of my head? The net remuneration fee pool. Uh. It was a no from one of the proxy advisors. One proxy advisor suggested that the directors, or that the fee pool was large enough, as it is. That was where proxy advisors stand. Now the next one, this is one I've been thinking about quite deeply for the last couple of weeks, after we sent in a notice to the ASX. I hadn't, and you can accuse me of being somewhat slack, but I wasn't aware of just how much our JobKeeper subsidy was from the federal government of Australia. It was AUD 617,000, which was claimed over two financial years. Stephen Mayne has asked whether we will return that money to the Commonwealth of Australia as a number of other Australian companies have done. I exchanged text messages with our chief executive, just a few minutes ago, and this is certainly something that the board will consider. Steven has another question today. This is getting into the depths of technology. He would like me to undertake to make an archived copy of the webcast as well as a full transcript of proceedings available on the company's website. He refers me to esteemed Former Treasurer of the Commonwealth of Australia, Peter Costello, who has had the benefit of Hansard in the parliament and therefore has put Nine Network online. Well, as I mentioned at the outset, we are recording today's session. That will be up on our website. However, the company secretaries have informed me that we have not provided for a transcript of the session, and we will have a look at that. Now, I see that Aram has stood up. Aram, did you have something you wanted to comment on, or were you going to comment on the JobKeeper? Yes, please. No, Sam. I was just standing here in case there is a need or a question to be answered, but I didn't have any specific comment at this point. Okay. Thank you. Now, the next question is one of the difficulties or shortfalls of virtual meetings because this comes from the Lloyd Family Self-Managed Superannuation Fund, and I owe a genuine apology to this gentleman because he asked me this question a year ago, and I failed to get him an appropriate answer. I've asked Henry Potts in Texas to be prepared to answer it. We'll hear from Henry in a moment. The question is that three years ago, we told you that we were not performing as well in the telecommunications market as we would like to, and Henry will remind me, but I've forgotten which of our major competitors, either Cadence or Mentor, really dominate that industry. The Lloyd family, you know, have reminded me that in the AGMs after 2018, we haven't mentioned whether our telecommunications product has been improved or not. We also have, according to the Lloyd family, estimated the electronics industry that we're targeting as being $3 trillion. That was in our fiscal 2020 investor presentation. Are we able to advise on what percent of that $3 trillion is in the telecom industry? Do we have a specific product for the telecom market? Have we either continued to develop, ceased to develop, or postponed development of a telecom product? Have we seen any improvement in share of the telecom market? Perhaps we'll, Michael, go first to Henry in Dallas, and then we'll go back to La Jolla if either Sergiy or Lee want to add any comments to what Henry has to say about the Altium and the telecommunications market. Over to you, Henry. Thank you, Sam. I'll be glad to to answer this question or talk to it. The biggest competitor of ours in this space is Mentor, now Siemens. The market itself, I mean, the design community that addresses the needs of this market, have three basic challenges. One challenge is the boards are very complex. That means then that by and large, a significant portion of those boards are analyzed and then they're routed in a in a very comprehensive way, sometimes with automation, sometimes with just pure horsepower. In general, it's a technical challenge. The second issue is that this analysis that's done, the simulation analysis, is typically done with teams that use a variety of tools. Over time, Mentor/Siemens and Cadence both have accumulated, you know, these tools that do this analysis. The third thing is that they are very rigorously process-oriented in the development. That means then that whether it's tied to the supply chain or tied to PLM, et cetera, there is a lot of formality around that's done. Now, these three individual areas are being addressed by Altium in different ways. I'll speak briefly to that. In the technology area, in terms of complexity, we have had an ongoing program to enhance our routing capability over the last, you know, four-plus years, and have been systematically rolling out capabilities in this routing space that are beginning to close the gap at the very high end for these boards. That is continuing as a roadmap. It has, you know, we've done releases, we'll continue to do releases that will make our differentiation at the technology level from a routing perspective to disappear and for us to actually have advantages. Because we are coming at this market from a kind of a different perspective, the routing capabilities that we're adding are not based upon, you know, 10 years of doing it one way. We've been able to look at what are the best methods, and the routing enhancements we've done are significantly, in a number of ways, better than our competitors. Second thing is that the analysis in general, the analysis that is done by Mentor/Siemens or Cadence are done with their own tools. The customers typically are faced with an integrated platform, but that's not always the best scenario. In fact, with the introduction of Nexar with 365 and the ability to collaborate with the leaders in the area, like Ansys and others, then we're able to bring those tools to bear. The customer can select the best-in-class tool, integrate it via the platform, and then be able to use that. We're beginning to see customers, you know, verify that approach by using Nexar/365 as a platform for this kind of deep collaboration, which is essential for these kinds of complexities. The third thing that we've done is with NEXUS at the platform level, again, in terms of collaboration and in terms of process, we're beginning to see customers adopt NEXUS in the telecom area for designing these boards. I think that we don't have a product per se that we would call the networking kind of platform, but it is a combination of these three distinctly different but related activities that have led us to the point where we're beginning to displace Mentor in these telecom customers, and it will take a while. I have to just say briefly that, you know, I did it when I was at Mentor, and it took several years to displace Cadence, and I think it will take several years for us to do it 'cause of the complexity of the ecosystem that the larger telecom customers have in place. We systematically have to go in and replace those. Thank you. Aram? Thank you, Henry. Aram, do you or Sergiy or Lee wanna add to that? I think I just would like to say a couple of words in addition to Henry's comprehensive treatment to that subject. The point that was made with regard to the support for telecommunication companies in hardware that are involved with those areas. There was a connection made between that and the I think $2 trillion market size. For that $2 trillion, is there any connection between the specific technology and our ability to address that market? I just wanna address the point of how our strategy works in respect to going after that large market size. We refer to it as transformation through dominance. Which means that we've gotta achieve dominance. We've gotta dominate PCB market in order to be able to get alignment from the significant players in the industry to get behind our transformative agenda. In that context, supporting the high-end companies, and quite a number of them are in telecommunication, is important for our end-to-end dominance. As Henry described all the aspects that we have been working on, and we now got ourselves to a position that we are competitive in that space, we'll continue to work on these and related areas so that we can have a significant footprint in that high-end end of the PCB design market. In that way, it's related, but not directly. Thank you very much, Aram. The next question is from our good friend, Ray Tollefson, who is both a long-term shareholder and a member of TeamInvest. Wendy Stops and I met the TeamInvest group three years ago. One of the TeamInvest members asked us whether we were considering changing our listing location from Australia to the United States. At the time, we answered that we would struggle for recognition against much larger technology companies. Since then, we've grown but do we still intend to remain here in Australia for the long- term? I've learned the hard way to never say never, but we enjoy remarkable support from the Australian shareholding community and from the financial community more broadly. We have absolutely no intention to change our listing from the ASX to either of the Nasdaq or the New York Stock Exchange. While we have grown in size, and we're very appreciative of the support that we've had, and very much appreciate becoming a member of the ASX 100, regret to tell you that if we were listed in the United States, we would go right to the micro-cap category. You know, that doesn't really bother us. What we feel is more important is that we have tremendous support here. Our company comes from Australia, and we genuinely believe that it is important to be able to offer Australian investors the opportunity to be part of the global technology community. There aren't enough companies listed here that give Australian shareholders that option. We remain deeply committed to our Australian investor base. Now, the next question is a return to Stephen Mayne, and he has a topical question, and has reminded us that The Australian Financial Review reported last week to its readers that the largest auditor in Australia, PricewaterhouseCoopers, have, according to the AFR, used dozens of unqualified workers on lower salaries with less training and resources than their main office counterpart to complete audit work for large listed clients from an office without a sign outside of it in Western Sydney. Would PWC comment on, first of all, whether this is true, and secondly, whether any of the Altium audit was conducted from this particular office? I'm going to ask Louise King, who is here with us in Chatswood today, to respond to this. Steven has also asked Raelene Murphy, in her capacity as the chair of our audit committee, to respond. We'll hear first from Louise in Sydney, and then we will switch to Raelene in Melbourne. Louise, and yes, we can see you on the camera. Over to you. Thank you, Sam, and good morning, everyone. Thank you, Stephen, for the question. As might have been reported, we established our shared services center in Parramatta roughly in approximately 2018 with 12 staff, which has grown to 40 since then. In April this year, our leadership team became aware of some issues with that shared service center and that it wasn't delivering the career experience that we were envisaging for that center. As such, we conducted a thorough investigation and found several areas of improvement, specifically around people experience but not linked to audit quality. As a result of the review, we undertook several actions in May and June in 2021 that included such actions such as clearer pathway for potential careers, that didn't necessarily exist for traditional shared service models. Relocating the team members from that office to the Parramatta office in One Parramatta Square. Starting salaries were now equivalent to trainees and graduates, and providing chartered accounting support for those who wanted to obtain that qualification. A better and inclusive communication style to make sure that team felt more part of the PwC assurance team. For context, that team roughly represents about 2% of our total audit staff and team. That's fairly consistent with the team that supported me and the broader team on the Altium audit. The team out of the shared service center completes mostly administrative and coordination tasks that are relevant to the audit. Specifically, that work is reviewed by at least two levels within our audit team and to support them. None of it relates to any audit judgments or and that team are absolutely qualified for the work that they've been asked to complete. Thank you, Louise. Michael, we're now gonna switch to Melbourne for the chairman of our audit committee, Raelene Murphy, to comment from the company. Thanks, Sam, and thanks, Stephen. As you know, a big responsibility for the Audit and Risk Committee is to oversee quality of the audit more generally. The briefings that I've had in respect to this issue are consistent with Louise's statements, and importantly, that in our assessment of the audit, that team had no impact on matters of judgment or and contributed less than 1% in respect of administrative and other tasks. We feel confident there was no impact on quality. We're comfortable with the progress that PwC are making in respect of the remediation of the issues as a trading partner, I guess, for Altium. our main responsibility is the quality of the audit for Altium, which we have put significant focus on. Thanks for the question. Thank you, Raelene and Louise and also Stephen, who I think this will be his final question, which is about my re-election. He starts the question off with a congratulations to the company on its terrific performance. Then he wants to know whether I intend to serve a full three-year term or whether this will be his last opportunity to vote for me. Well, I certainly hope that's not the case, Stephen. In terms of succession planning, do you believe that the next chair is currently on the board, and why don't we have a deputy chair to indicate likely succession planning? Well, not sure we wanna signal everything that we're going to do in the future. In a direct answer to that question, I expect to serve this term to its completion, number one. Number two, as I mentioned during my comments in the chairman's address, we are planning to expand the size of the board, and one of the questions for potential directors is whether they would be willing to consider the chairmanship at the appropriate time in the future. Now, whether as we get closer to my departure, we should appoint a deputy chairman or not is, you know, something that the board will debate and consider at that point. Now the last question is quite technical, so I'm going to read this carefully. This is go back to the Lloyd Family. In the current remuneration report, STI, and I think this is specifically related to the KMPs, but it said that the question says that in fiscal 2021, STI was abandoned in favor of LTI, of which one-third is based on revenue. 75% of this LTI component was subject to vesting on the achievement of entry level revenue of AUD 190 million, which was a AUD 2 million increase on the prior year's revenue of AUD 189 million or approximately 1%. 100% of the LTI was scheduled to vest on the achievement of the target revenue of AUD 196 million, which was a AUD 7 million increase on the prior year or approximately 4%. Could the remuneration committee please explain how these low revenue growth targets encourage performance to meet Altium's long-term growth objectives? Lynn Mickleburgh in Menlo Park is going to address this question. Michael, if you could please switch to Lynn. Thank you, Sam, and thank you, Lloyd family. You've got some great math skills there. I'll try to walk you through what happened here. I believe that Altium has a history of setting aggressive hurdles for LTI. You're right that in FY 2020 we had a hurdle of AUD 200 million that was not achieved. For FY 2021, we paid out LTI at 43%. We had a revenue hurdle range of AUD 190 million-AUD 196 million, which is one of three metrics. Let me explain. Firstly, the LTI vesting hurdle for the FY 2020 tranche was based solely on revenue, and this is due to Altium's long-stated goal of AUD 200 million and achieving that by 2020. It had been an integral part of our journey for the prior three years and was a key metric. However, that $200 million goal was set before COVID-19 pandemic, and it did not anticipate the global economic slowdown. As a result, the target was not achieved. In 2021, we had three performance metrics: revenue, EBITDA, and number of subscribers, which aligned to our long-term externally stated objectives of $500 million and 100,000 subscribers. For revenue, the targets were set with reference to the group's financial plan, which considered the impact of the pandemic as well as the group's strategic pivot, which, you know, included transitioning customers from purchasing perpetual licenses to term licenses. Now, this is important. Although this pricing model is positive, very positive for Altium's future recurring revenue, it does have a short-term negative impact on performance. It did in FY 2021, especially in the U.S. and EMEA, where the move to term-based licenses has been most prevalent. In addition, TASKING was sold in 2021, which reduced our revenue by approximately $10 million. I hope that answers your question. Lynn, thank you very much. Certainly for the Lloyd Family, if you have more questions, I'm very happy to speak to you either on the telephone or by email. Don't hesitate to send them in. Now I'm really very pleased that our next question comes from the founder of Team Invest, Howard Coleman. Coleman, very nice to have you on the call. Howard, and you very graciously have congratulated the company on both its direction and success. Like a very good investor that you are, you get right to the heart of the matter, which is what is it that either of the board or the management team is the single biggest risk that the board and management worry about. I'll share with you what I think about, and then I'll ask Aram to share what he and the senior leadership team think about. You know, for me, there are really two things that you know I think about and worry about. I won't say that they keep me up at night, but they're sort of in the background of how we or how I approach the leadership of the board of the company. They're about people on the one hand and strategy on the other. For people, having succession planning is very much of an art form. To use a proverbial expression, if Aram got hit by a bus, what would we do about that? For me, the focus to be in a position to be comfortable that we have an answer to that risk is to encourage our leadership team to improve how it operates, to add fresh blood and talent, so that we have the strongest group of executives working cohesively together under the leadership of Aram and Sergiy, so that if one person has to step aside, we're able to replace that individual. That's the first thing that I worry about. The second is that a number of people like to point out to me we have an ambitious, if not audacious strategy in regard to transforming the electronics industry. Nowhere is it written that we're going to be successful at that. I believe that it is almost certain that the electronics industry will be transformed because the way the printed circuit boards are made today is not all that different from how they were made, you know, 50 years ago. I believe that there will be a transformation, but it's not preordained that we will be the beneficiaries of that. We're certainly going to work as hard as we can to be successful. That's the second sort of big-ticket thing that I worry about. We'll cross over the Pacific to La Jolla in California. Aram, what keeps you up at night? Thank you, Howard, for this question. This is something along the line of how we're going to take advantage of our current situation. For me, the biggest risk is that after all this hard work, we got ourselves in a great position, and we've got to be able to take advantage of that. At the heart of this is about attracting, retaining, and rewarding people, which we have done in the past. If you look at our situation now, we're kind of going from Premier League to Champions League. It's a level above. In order to achieve what our Chairman, Sam, is very fond of, which is transformation of this industry and is a passion that we all share, we need to attract champions. We need to attract people who are not just simply really skilled with great experience and everything else. We need to access the next level talent. To me, that requires the support of shareholders. The shareholders got to get behind our remuneration philosophy. We have talked about that. We have talked about the way that we differentiate ourselves from our competitors, the way that we reward our employees, and it'd be great if we see a strong support by our shareholders in that direction. That would mitigate the risk. We have an Australian base, but play in American league. In America, to attract champions, you got to have that strength of being able to really reward them. I believe that's what it takes for us to go to the next level. Thank you, Aram. Sergiy or Leigh, any comments? Not from me. Okay. We have a final question from the Lloyd family about web-based AGMs and that they've been an excellent solution during the coronavirus. Can we confirm that in a post-COVID world, we will return to face-to-face meetings or even better, hybrid meetings? I can certainly assure you that we will return to a face-to-face meeting format. We will record that meeting and make the recording available on our website. Of course, the copies of all of the presentations will be available on the website. Whether we try to also go to a simultaneous broadcast of that meeting or not is something that personally makes me a little nervous because I, you know, I find it difficult enough to manage a room if, you know, we've got 150 people in it, or even more challenging dealing with the television camera that's three meters away from me. To have to do both of those things at the same time, as Lyndon Baines Johnson once said very unkindly about Gerald Ford, a future President of the United States, that he couldn't walk down the street and chew gum at the same time. I'm not sure that I could lead a live annual general meeting and a broadcast one at the same time. However, for the Lloyd family, we will certainly consider that as part of our deliberations over the next few months in the planning of the 2022 AGM. At a minimum, it will be live and in person. The moderator has said that there are no other questions, either by text or audio, and really grateful for the shareholders who took advantage of this ability to ask us questions on the day, which sort of confirms, you know, my view that it is possible to provide the same benefits of a face-to-face meeting through a virtual format. We're gonna start the two-minute clock now, and you have two- minutes to finalize any voting, and then the polls will be closed, and Computershare will collate and tabulate all of the ballots. Now putting on virtual meetings probably even harder than face-to-face meetings. Today's session would not have been possible without an extraordinary amount of work from a number of people around the world or at least in our case, in Australia and the United States. I'd like to thank specifically from the Altium team Alison Raffan, who is seated just outside this room with a big set of headphones on, monitoring every bit of what we're doing. Kim Besharati, who is seated in La Jolla with Aram and Lee and Sergiy. Susan Stack, who is also outside of this room monitoring our performance. My good friend Mario Juarez, who is one of the tech leaders in our La Jolla office who has made the broadcast from there as seamless as it has been. I can't thank the team at Lumi enough. They have been very patient with us. They have guided us through two rehearsals and then today's webcast. Michael Griswold and Stephen Swansboro, thank you for everything you've done and for a really seamless transition to multiple locations. Here in Chatswood, we're very lucky to have the technical support from a local company called Stannfield IT. In the office today, we have Alan Wong, who has been managing proceedings from inside the boardroom, and Sepehr Daraj, who is outside the boardroom. I guess, from a personal perspective, most importantly, you know, we've had a tough two years of a disembodied life, and those of us, well, really in all locations, whether it was in San Francisco for Lynn, in San Diego for Sergiy and Aram, you know, Melbourne for Raelene, or here in Sydney for me. You know, we've been in and out of lockdown, and we have dealt with each other through some difficult times with an uncommon amount of grace, and I am deeply indebted to my four colleagues on the board for the amount of devotion that they have given to the company over the last year and a half. I'm also enormously grateful to all of the Altium team all over the world who have worked through difficult circumstances. As we start to come back to the offices, I plan to go to at least two offices whilst I'm in the U.S., and I'm really looking forward to having that privilege. Lastly, everything that we do is both for and because of our shareholders, and we are deeply indebted to you for the confidence that you entrust to us for the management of your company. We would be very pleased to have any questions or comments on today's proceedings, which you can send in through the investor.relations@altium.com link on our website, or you can contact us in a number of different ways. I personally would be very grateful to respond directly, as I said, by telephone or email to any questions or comments. I'm not sure, Natasha, has anyone been time-keeping formal track of the two-minute warning or can we close the voting? Yes. Okay. I now declare the voting closed, and the results of today's meeting will be released to the ASX later today and probably a little while after that, the video broadcast. This concludes the business of the meeting. I'm very grateful to you for attending, and we look forward to seeing you in person, next year. I now declare the meeting closed.