All right. Looks like that is about it. We will get moving. Good morning, everyone, and thanks for joining us. FY 2026 at Asset Vision was a pretty significant year, but it already feels like a long time ago. FY 2027 is well underway. The pipeline continues to grow, and we are seeing opportunities across our four verticals. We are about to add some great new people to our team as we scale. Today, we will take you through our FY 2026 results, but we also want to spend some time showing what Asset Vision has become and where we are heading next. I am joined by Damian Smith, our Co-Founder and Co-CEO. Welcome, Damian. And Vesna Jelesic, our CFO. Welcome, Ves. Thanks. Gareth Thomas, our Head of Brand and Marketing, will also join us, and he will manage our active Q&A today. At any time, click the Q&A at the top of the screen and enter your question into the window on the right-hand side. At the end of the presentation, we will answer as many as time allows. Let us get into the highlights. FY 2026 was the year Asset Vision really moved into the scale-up stage. We have got a great product that meets the needs of our customers across a wide variety of asset verticals, and FY 2026 showed that we could deliver. There are four numbers we are really proud of. The first is ARR growth. We increased that by 46% this year, taking it to AUD 6.45 million, creating a great start moving into FY 2027. Importantly, that growth came from a healthy mix of new customers, expansion within existing customers, and growth across multiple verticals. It was not dependent on one large contract or any one part of the market. The second number we are really proud of is our net revenue retention. I know for a number of people that follow us, we reported 99% at half year, and that has grown to 110% now. That really came from the expansion across all of our existing customer base, and renegotiation of long-term contracts. The third one is cash. We grow, but it is not at any cost. We are still making sure that we are keeping our SaaS metrics strong. You can see our Rule of 40 sits at 55, and that has allowed us, on top of our revenue growth, to continue to put money in the bank. We ended the year at AUD 2.35 million in the bank, and we have already grown that to AUD 3.5 million as of yesterday. A really, really good result. From a customer concentration point of view, the board has always been very focused on making sure one customer is not too much of our entire business, and we have done a really good job this year of spreading that risk across new customers, and that has moved from 50% down to 35%. I think in the next 12-18 months, we will see that number move into the teens, which really de-risks Asset Vision from a customer point of view. Every reporting period, I get asked about pipeline. We are going to start reporting it every period now. Our pipeline currently sits at AUD 8 million. That is the total of all deals in our pipeline. AUD 4 million of those are qualified. When we say qualified, we talk about BANT. So our customer has budget, we're talking to the person who has authority to buy, there's a clear need for our product, and there's a timeline around the opportunity that's very, very clear. That's not a static number. This presentation was put together late yesterday. There's already been more deals moved into qualified as of this morning, so it's pretty much a dynamic number. But in summary, a great year, and we've got a really good foundation moving into FY 2027. Let's talk a little bit more in detail about the numbers. Ves, I might hand over to you. Yeah, no problem. Thanks, Lucas. As Lucas has mentioned, FY 2026 was a strong year of recurring revenue growth. But just as importantly, we strengthened the financial foundations and the delivery capability needed to support that growth. As you've seen, we finished the year with annual recurring revenue of AUD 6.45 million, which was a significant step up from where we started the year. But the real story is the quality of that growth. So we're building a larger recurring revenue base, which gives us greater visibility and predictability while creating a stronger foundation for future growth to compound. So we're not simply growing revenue, we're building a more valuable and scalable revenue base. At the same time, we made a deliberate decision to invest ahead of that growth. So you'll see our cost base has increased year on year, and that's deliberate. We've chosen to invest ahead of the revenue curve rather than wait for that growth to arrive and to play catch up. So that investment has actually gone into our delivery capability, our technology, our operating platform, and importantly, our people, which includes recognizing stronger performance through STI and expanding the LTI participation across the team. So our objective is simple. It's to make sure we have the capacity and the capability to support the scale of the business that we're building. And I think this is really important, where the EBITDA result comes in, actually. So we haven't maximized short-term EBITDA at the expense of this growth. We've deliberately invested in the capability required to support the next phase of that recurring revenue growth. And despite that investment, we're pleased to say that EBITDA has remained broadly stable at around AUD 660,000. So that's actually a really good outcome. We've grown the business significantly. We've invested in the infrastructure and capability around it, and we've still maintained a broadly stable operating result. You can also see that discipline in our operating metrics down the side with licensing gross margin remaining or staying at 73%. So for us, these numbers just aren't things we watch from one year to the next. They're things that we're actively managing as we build the capacity of the business. And as we scale, we want to maintain the economics of the model. We're continuing to invest in the areas that create growth. And then there's the balance sheet. As Lucas mentioned, and as you can see, we finished the year with AUD 2.35 million in cash. So we're entering FY 2027 with much more financial capacity, as well as that larger recurring revenue base. So for me, the way I'd characterize FY 2026 is pretty simple. We grew, we invested, and we actually maintained discipline. We now have a larger ARR revenue, well, ARR base. We have greater delivery capability, a stronger operating platform, and a healthy balance sheet. The real significance of FY 2026 is that we've built the capacity to support the growth that we've already delivered, and we're now in a stronger position to scale that recurring revenue base further. Really, put simply, we grew, we invested, we didn't sacrifice discipline, we have financial capacity, and now we're better positioned to scale from here. Thanks, Ves. No worries. We might move to the next slide. Thanks, Gareth. Our vision and mission, these are two really important statements. I'll talk to the vision and Damian can talk to the mission. You can see on the left-hand side, we do have global aspirations, but that doesn't mean we're going to rush offshore and start selling software straight away. Right now, just for context, what a global leader means for us is that when a large Australian government asset owner or their maintainers go to market for a solution, we are considered in the same way that they consider the large global leaders like SAP, IBM, ServiceNow or Hexagon. That's where we see being a global leader right now. It's being compared to the global leaders when we're competing in Australia. Damian, do you want to touch on mission? Yeah, thanks. Thanks, Lucas. Good morning, and welcome to everyone who has tuned in. Our mission is, as it says, to make asset management easy and more collaborative by building a platform teams love to use every day. That is the mission. It has been the mission since the company was founded. We build software that has a purpose. It solves genuine problems which people will actually want to come and use. Our customers will pay us money to use it. They will rely on it. They will depend on it every day because it makes their life easier. This does not just create a great product and customers for life, but it helps provide great reference sites for us, case studies, testimonials, and this in turn attracts new clients. We have customers that advocate for us during reference checks and in tender assessments. They want to tell their peers about how successful they have been working with Asset Vision. It is a really important mission from many angles, and we will continue to carry it out. Great. Thanks, Damian. We will move to the next slide on our verticals. During FY 2026, we reorganized the business around four key verticals. Our core verticals, which are Transport and Civic & Community, where we have a great customer base already. Then we have added some emerging markets, which is the Utilities vertical and the Social Infrastructure vertical. When thinking about Social Infrastructure, think about public housing, schools, hospitals. They are the kinds of organizations that sit within that vertical. This structure has given us much clearer accountability for both growth and delivery, with strong leaders now driving each vertical. Ritchie Taylor has joined us as Head of Transport, bringing significant industry experience from Downer, where he was involved in delivering some of Australia's largest road maintenance contracts. James Esson has taken on the role of Head of Civic & Community. James has been pivotal to our recent growth and is already building on that momentum in FY 2027. James brings experience running assets at the City of Gold Coast, but also has a background of working with one of our major competitors. Chris Wignall, who has played a major role in growing our business as Head of Sales, has moved into the role of Head of Emerging Markets, and Chris is focused on scaling our Utilities and Social Infrastructure verticals, where we see significant long-term potential. Transport and Civic & Community remain our strongest and most established markets, and both continued to grow strongly in FY 2026. In Transport, we added the Tasmanian state road authority and Marine and Safety Tasmania, and we also continued expanding across major transport contractors, recently implementing Asset Vision across three Victorian road maintenance contracts. In Civic & Community, we added 10 councils across four states, giving us a strong and increasingly valuable base of reference customers. Utilities and Social Infrastructure are newer verticals for us, but we are already seeing genuine traction. Westernport Water is an important Utilities win and a reference site, while Homes New South Wales gives us a significant presence in Social Infrastructure. Just last Friday, we also signed a Tasmanian education provider, with Asset Vision being rolled out to 38 schools across Tasmania. The strength of this model is that the same core platform supports all four verticals. What changes is the industry expertise, the use cases and how we take the product to market. That gives the benefit of real market focus without the cost and complexity of maintaining four separate products. Let us talk about our customers in a little bit more detail. Our customers are predominantly state and local government asset owners and the organizations responsible for maintaining those assets. Enterprise Asset Management systems are operationally critical and become the customer's system of record for its assets. Once Asset Vision is embedded in its day-to-day operations, those relationships tend to be long and very stable. Down the right-hand side, we talk about why we win, and it is a pretty simple statement, but our customers love us. As Damian mentioned, they regularly provide references and support us through competitive tender processes. Without strong customer references, you simply do not win major government contracts, and we have done that really well. I think a recent tender we went for, we had eight customer references, and I would like to find probably a number of competitors that we have finding eight referenceable customers. So we are really proud of that. Look, there is a number of reasons why we win. The platform is easy to use, it is fast to deploy and cost effective to deploy. But I think one of the big things about today is we are Australian based, we understand our customers, and Damian and his team are improving the product on a weekly basis, not a yearly basis as some of the competitors that we compete against. Damian, I might throw to you to talk about the product in a little bit more detail. Yeah, sure thing. Next slide, please. Okay. Asset Vision, it is an EAM or Enterprise Asset Management system for everyone that does not know. We have clients in essential infrastructure. So, these are clients that are owners or maintainers of roads, bridges, footpaths, buildings, parks, ports, water utilities now, airports. When you own assets of that scale, you will need something like an EAM to track, inspect, and manage these assets over their life cycle. You will also generally outsource or award maintenance contracts to service providers to help you look after those assets. So, that is a real big differentiator for us. That is one way our platform goes further than most traditional EAMs, is that we actually connect the asset owners, service providers, subcontractors, all together on the one platform as a single source of truth. Traditionally, they all use their own systems, and really it's a struggle to share data. The vast majority of our users are out in the field using our app, which has been built from the ground up to be easy to use and reliable so that they can just focus on the job at hand rather than the technology. We're really focused on connecting all teams to the platform. As AV's been around for a while now, it is quite mature. It's got broad functionality to support our target verticals, like Lucas was saying. Our clients use it to collect a lot of asset and operational data. We're sort of seeing ourselves move into a phase of really starting to empower our clients to turn that data into actionable insights, and I'll talk a little bit about that in a minute. Next slide, please. AutoPilot, yes, we are an EAM. However, we've got a strong history in helping transport clients. That means we developed innovative solutions beyond a typical EAM along the way. AutoPilot, the way it works is, road inspectors are out there driving a road network, and we get them to mount their iPhone on the dash. There's no additional special camera set up or anything. It's just using a standard smartphone. It captures the photos of the road network as they're driving. It tracks their inspections and makes sure that they're driving the extents that they need to drive. Then they can play that back in the office, and we also use AI across these images to identify potential defects. There's a lot going on there, but first and foremost, it is the safest method of performing a road inspection. We've got clients using AutoPilot in nearly every state now in Australia. More recently, we were invited by NTRO and Main Roads WA to participate in a trial across metro and regional W.A. Lucas volunteered to hit the road and got to spend a lot of time with the people on the ground in W.A., which we think was invaluable. I also joined him for the last leg, and it was great to get out there. Just before the W.A. trial, we actually finished off our new ride quality feature, which you can see pictured on the screen here. This uses the accelerometer of the phone that's already there to capture movement, and then we sort of present it back to the user to review, as you can see here. It sort of shows the bumps and the smoothness of the road, and that was great to get out there and field test it on some of those unsealed roads in the region in W.A. Grab that next slide, thanks. We've been looking into this capability for some time. AI platforms have quickly become a really important part of our professional and personal lives. It's quite easy to pick up a ChatGPT or a Claude or a Copilot and ask it questions and get those answers. Given that AV's a wealth of data and it just is a great platform at capturing data. And while we do have our dashboards and our predefined reports and all of our reporting warehouse options for clients to build their own reports, there really is no faster way to get answers than simply asking something like a ChatGPT a question and getting an answer a couple of seconds later. So, I think we've all experienced the joy of asking those questions and getting some heavy lifting done. So it was a no-brainer to connect AV to these platforms, which we're now connected in their marketplaces. So that is ChatGPT, Claude AI, and Microsoft 365 Copilot. So we've got it out with customers now who are just loving it. They're integrating it into their daily practices, and they're finding they're being much more productive. They can focus on more important tasks. Yeah, look, we're really excited to see where this goes. We've already got big plans for what's around the corner. In general, I think it's no secret these AI platforms are really just going to change the way that we all interact with our software systems going forward and yeah, AV's ready for it. Thanks, Lucas. Beautiful. Thanks, Damian. This is a really important slide for us. Our people are a big part of our organization. We've had three years where we've had 100% staff retention, and we're really proud of that, and it becomes a real differentiator. Our people, as much of our platform are the difference, and the longer they stay with us, the more experience they bring, and their interaction with our customers becomes so much stronger. We've put some solid STI and LTI incentives in place, and really aligning our team to long-term shareholder value. Over the next eight weeks, we'll add more members to the team across account management and delivery capability. So we'll continue to scale our team so we can ensure that we keep this momentum going. Our values are along the bottom. We've got them up on the wall in the office. They're not just there because we need values, but we actually think they really show how we interact with our customers, we interact with each other, and they're a really important piece of fabric of Asset Vision as a whole. So yes, we've had a great year. We're building a great team that's getting bigger, and I think everyone's really excited about the coming year and years. Next slide, please, Gareth. Look, I suppose I'll just sum up our strategy, and it's pretty simple. I think our immediate strategy is just to keep doing what's working, but at greater scale. So our focus is organic growth. It's about winning more customers. It's about expanding within existing accounts, but continuing to invest in the product and AI innovation that delivers real value. We'll prioritize market share and revenue growth, but we'll remain disciplined, and we'll make sure that we have strong SaaS fundamentals and, most importantly, positive cash generation going forward. The second horizon we've kicked off already. We're already moving into Utilities and Social Infrastructure, and moving into new geographies. Over the next three months, we will start to have people on the ground in W.A. We'll start to service more and more of the western side of Australia, which we're starting to see some really good momentum. We've actually got some work going on at the moment looking at international, with our strongest capability, which is our transport capability. We're not rushing into it. We're going to go through an exercise to make sure that we think about it in the smartest way and not just try and grow for the sake of growing internationally. That work's up and running. Acquisitions. Look, they're not front of mind at the moment, but like any acquisition, if the right business came along, we would look and assess that business. But it would be, I suppose, assessed against some key criteria that we have, and what we had, and we had those criteria in the half year results. Next slide, Gareth. Why Asset Vision? I won't read through every bullet point here, but the message is simple. We've got a proven platform with really good customer reference sites, and those customers are becoming our best salespeople. You look in local government, it's a real contagion effect. You probably see the customer map before. There's probably eight councils that are all using Asset Vision within 300 km of each other, and we're going to try and replicate that across other states. We're building a really, really strong team with great industry experience, and we're really proud of that. It's a large and growing market. Infrastructure's everywhere, not only in Australia. It's the one thing that just keeps getting invested in, and we're right in the middle of it, which is pretty exciting. I'll go to the bottom right-hand corner. There's a lot of talk about AI out in the market, and there's a lot of roadmap stuff. We've got AI in our customers' hands. They're paying for it today. 4% of our revenue now comes from artificial intelligence, which is pretty exciting. We started early. Damian and his team, their productivity is going through the roof through the use of AI in the development practices. It's a really great time for the platform and accelerated development as well. Yeah, thanks for joining us today. I can see there's one question over in the Q&A. The Q&A is now open for posts if anyone wants to post any questions. But apart from that, thanks for your time today. Claude, I think we had a question from you. I'll just allow your mic. You're good to go, Claude. There we go. Hi, thanks for taking my questions and thanks for the presentation. I have a few, but just stop me. If someone else wants to put in a question, I am happy to let them go. Sure. The first thing I wanted to ask about was, okay, just an easy one to start with. You guys talk about how Damian mentioned, for example, how customers want to tell their peers about the success with Asset Vision. I am really interested in understanding the role that word of mouth is having. You alluded to it multiple times. What is the role word of mouth is having in you having unlocked this organic growth? To that end, just in order to dig in more, could you please share your perception of how Asset Vision products are perceived by the market, both existing customers and potential customers? I specifically am interested in both one strength in terms of how you are perceived, but also one weakness, if you would be able to share that. Yeah, sure. I might take that for a start. Thanks, Claude. Yeah, word of mouth is playing a really big part, not only in our organic growth, but it is also allowing us to get to tenders before they come to market because there is a couple of big tenders going around Australia at the moment, and because the word of mouth is out there at the moment, we are being able to play a part in those tenders before they come to market. So we can actually influence tenders, which is really, really important for us. It is really strong in local government. Local government like to learn from each other. So we are seeing some really good, I suppose, collaboration between our existing clients and potential clients. So that contagion collaboration in that market in particular is really important. Yeah. Right. A strength and weakness? Yeah. Look, a strength is our platform meets the needs of every user in one of our customers. Whether you are an asset planner, whether you are an engineer, whether you are managing capital works, whether you are managing maintenance teams, whether you are an asset accountant, Asset Vision now has all the functionality that you need to do your job in a very, very simple way. In a simple way, that means we can configure the platform the way our customers want to work, not the way the system stipulates you need to work. Our customers are really enjoying that. What is a weakness to our platform at the moment? I do not perceive any weaknesses. Damian, you might want to chip in. Yeah. What are your thoughts on a weakness? Yeah, I was thinking about that. It is one of those hard things, but I think that the strength that you just mentioned, that the platform is so configurable, we go in with a client, and they tell us all their challenges, and we configure it to suit how they want to work. Sometimes we are our own worst enemy in that way. We can take on too much. We can allow, I suppose, a client to put everything into Asset Vision, and it is because they can. So it is not a product weakness, it is probably just more of something that we need to watch a little bit more closely in how we implement, I think. But yeah, I am trying to think of another type of weakness. No, that is a really useful answer, which leads into another thing I am curious about, which is, please talk to me about implementation times, and because this can be an incredible area of focus, right? This is one of the ways that you could differentiate yourself. But also, basically, my question is, are implementation times getting shorter? Is that something you are thinking about or targeting? Can you talk me through how you are thinking about that, Damian? Because you are only a few years into getting this sort of fast growth. That is a big switch in implementation yet. W orkload, I guess. Yeah. Local government's a really good example because they're all quite similar. Yes, they have their nuances, and they all do things slightly differently, but at the end of the day, they're managing council-owned assets, so they've got a certain amount of asset classes and whatnot. We are learning from each implementation that we do to have a better blueprint, I suppose, to take our clients through when we onboard them. I suppose that whole mission that I was talking about before, which is kind of infused into our DNA about let's help our clients as much as possible, that can get out of control if you don't focus, just because the platform can do so much. Yeah, we're trying to, I suppose. Onboard them in, I guess, waves, I suppose. So they can get up and running as soon as possible, and then come back and add another asset class and get that up and running. So we unlock a shorter implementation time, and they just get up and running quicker, and then we can focus on what worked with that and what would you like to improve. It's sort of iterative. I don't know if that answers your question fully. Yeah, that does answer it. The way it works would be you'd get them on the first thing that perhaps is the greatest need. They'd start paying for that, the cash starts flowing for that, and then you're looking at trying to increase them from there, which is showing up this year in the net r etention rate being 110% or whatever it was. Yeah. That's correct, yeah. There's a really good example at the moment in W.A., Claude, where there's a council customer. They started off with a basic Asset Vision subscription, with a minimum amount of users. They are now really exploiting the platform. They've gone all the way. They're actually using it outside of asset management now. So, an example is health inspections of restaurants and things like that. They love using Asset Vision's mobile capability and form building, that they've taken it into whole new use cases that we didn't even know about. And the great thing about customers and word of mouth and collaboration is that council will now talk to the next council and that's how we're growing. Okay. I need to zoom in on that point. From an expansion point of view. Thank you. I need to zoom in on that point, though. How do I put this? In terms of those customers, where they're finding new use cases, how do you charge them? Are you capturing upside for that? Is it usage-based or something like that? Yeah, it is. Yeah. It's user charging. Revenue will automatically go up just as they find more uses. You don't have to do anything, renegotiate anything or anything like that. Yeah, that's correct. Great. Look, obviously in terms of this organic growth story, it's music to my ears what I'm hearing. However, an academic point, and I appreciate and I'm not criticizing at all the taking the opportunity to reinvest to cause this growth. It's great. It's not a criticism of that at all, but I'm also mindful that consistently achieving a track record of a statutory profit over a few years massively broadens the appeal of Asset Vision shares to investors, just because there's so much capital that is essentially, for example, looking for profitable companies. The difference between making a loss of AUD 100,000 or AUD 300,000 for three years or four years, and the difference between making a small profit, it can be significant from the share price. Now, that doesn't matter if you don't need to raise capital, but I'd just love to know how you're thinking about that tension between trying to move that statutory profit forward, but at the same time, just reinvesting in the opportunity you have at the moment. Yeah, it's a great question, and it is tension, and we talk about it at board all the time. I know Damian and Ves are smiling. It's that question is what creates value for Asset Vision? Is it growing our market share and stopping big global players coming into Australia? Is that what makes Asset Vision valuable, or is it becoming a profitable software company? There's arguments for both, Claude. There's no doubt that we are poking the bear, let's call it, out there. There's some big players that just can't crack into the Australian market now, because Asset Vision is standing in their way. So that's. Okay. Well, that leads me to part of this tension, right? One of the downsides of not growing your profit might be that even though you don't need capital to grow and you're growing and everything's going really well, your share price is quite low. Then, one of those big guys comes in, they make a takeover offer for 50% above. This has happened so many times to me, okay? Then what you have the thing that is rare as hen's teeth are honest quality. Obviously, I've only been watching you for a couple of years, but you very rarely come across strong organic growth. Word of mouth is the cheapest customer acquisition you can get on planet Earth, and honest competent management is also very rare. You can have a great business; if they don't want to share it with shareholders, well, you're going to lose in the end. If you find this rare thing, what you really want to do is have it compound for 10 years, not make a quick profit after two years. So the risk is if you don't go to profit, then the share price stays quite low. And one of these big guys that want to get in on Australia, they just take over. And yeah, I'm sure you guys will do well out of it and no one will complain or hate you, but you might miss out on the thing that is truly amazing. Yeah. No, look, we hear you loud and clear. And I think to give you confidence that we're focusing on profit, up until this point, our STIs have been based around annual recurring revenue. This year, in FY 2027, we are having a profit element to our STIs. So that's really going to be changing the focus of Asset Vision, and really getting us moving towards profitability. Cool. Also, I just wanted to let you guys know, for me, the actual text chat box on Teams was turned off. I couldn't put it on. And also, I've got a couple of messages, other people might be in the same position. Yeah, in case there are other questions, I don't know if you can check that or whatever. Yeah, no, there's a couple coming through now. It looks like we turned that on halfway through. Yeah. Cool. Yeah, so people might have to rejoin if it didn't work for them. Okay, cool. All right. The other thing I wanted to say is I love that you said 4% of your revenue comes from artificial intelligence. It is so rare to see a company that actually says, "This is how much revenue we made out of that." Just a quick question on that. I absolutely love it, but the quick question on that is that profitable revenue or is that just kind of like reselling and then you have to put all the money out into whatever you have to pay them? No, that's profitable. So that's coming from AutoPilot. Okay With our maintainers and state government customers. Cool. Thanks, Claude. Oh, great. There's a few other questions I might just. Yeah, go to other people. Potentially answer. Thank you for answering my questions. I hogged a lot of time there. Thanks a lot. Bye. Beautiful. Thanks, Claude. We have got a question from Richard. Thanks, Richard. The question is, what are the threats that are coming from AI? We have got, what is our AI strategy? I think we are seeing AI as a complement to Asset Vision at the moment. I think from our platform's point of view, we are the system of record for our customers and their asset and maintenance data. So we are seeing a really good opportunity in working with AI at the moment. So that is where Damian and the team have put together the connectors for ChatGPT, et cetera. Because as you know, AI is only as good as the data in our customers' environments. So that has been really our focus is to connect to our platform, understand where the data is not perfect, help our customers improve their data so they can get the most efficiency out of AI. Damian, you may want to talk to how AI is being used to accelerate product development. Yeah, sure. Yes, we have a small but steady dev team here. We, instead of adding additional people and headcount to that dev team, we've been able to use AI to give us that boost in productivity. It's been incredible. We've slowly integrated AI dev practices into the team throughout the course of this year, and it's really accelerating our plans of where we want to get to. Yeah, it's been really good. We're not planning on reducing headcounts or anything like that in our dev team because of AI. Another question from Richard was, could AI be used by competitors to accelerate their products, perhaps informed by the features of Asset Vision? I think the short answer is yes, absolutely. I think competitors could do it. Startups could do it. I think the thing we have at the moment is that moat, which we talked about. We have highly referenceable customers in our verticals, which is making it very hard for new players to get into those customer sets. The last question was, could organizations like. I can probably answer that. Yeah, go for the last one. Yeah. Yeah. Just the last question about Google, how they already capture Street View images. They are not regularly driving around capturing those images. I guess, yes, they could do sort of AI insights through Gemini or something like that if they had access to regular images. Our clients are driving roads daily, and so we have just got much more data than Google, who will maybe be a couple of years or more before they drive down our council roads. So it is quite different. Beautiful. Sean has got a question around typical council tendering processes. Are councils required to have open tenders for your contracts, and what is the typical contract length? Short answer is yes, every council has to go to market with an open tender. It is very rare. Sometimes there will be a selective tender where we will get invited to that tender process. Generally, there is also always a process that we have to go through, and that process could take three to six months from that tender coming out to us starting on the ground. The typical contract length, our last four contracts have been generally three years initial contract with 2+ 2 extensions. That is the general contract profile. IT. Yeah, great question. Look, in Transport with state government, we have now got four state governments using Asset Vision, so New South Wales, Victoria, South Australia and Tasmania. We were up in Queensland last week at the TMR conference. We are actively talking with Western Australia. So four out of six of the big state governments in the transport space. We are very early on in local government. I think there are 500-odd councils across Australia. We are at 20. So the sums on that. We have got a big opportunity in the council space moving forward. Wonderful. That looks like that is all of the questions for today. If there are any other questions, always feel free to reach out to us at Asset Vision. Just give us a call. We will always take a call. So yeah, don't hold back. Thank you, Vesna. Thanks, Damian. Thanks, Gareth, in the background for today. We look forward to updating you as soon as we have some news. Have a great day. Thanks all. Thanks everyone.