Good morning, and thank you for joining the Bigtincan Holdings FY 2022 Results Investor Briefing. My name is Jane Morgan, and today I'm joined by Bigtincan's management team, including CEO and Co-Founder, David Keane, our Chief Product Officer, Stefan Teulon, our VP of Marketing Communications, Pam Didner, and Global Financial Controller, Cyril D'Souza, who'll be providing you with an overview of today's results release. To ask questions throughout today's presentation, please use the Q&A function at the bottom of your screen. David, I'll pass on to you. Thank you so much, Jane, and welcome all to Bigtincan Holdings FY 2022 results call. My name is David Keane, the CEO and Co-Founder of Bigtincan. Now, today I'm delighted to be joined by Stefan Teulon, Pam Didner, and Cyril D'Souza as key members of our team here to present and discuss with you the FY 2022 results. As Jane said, for today's call, we'll be using the FY 2022 full year results presentation that was uploaded to the ASX this morning. It is also available at our website, excuse me, at investor.bigtincan.com. A recording of this event will be made available on ASX and on our investor website after the conclusion of the event. Before we begin reviewing the presentation in detail, I thought I might provide some remarks about our progress in this year. FY 2022 was a transformational period as Bigtincan grew to achieve several key financial milestones. We passed $120 million in annualized recurring revenue, or ARR, an important achievement for a SaaS company. We announced Bigtincan's first positive adjusted EBITDA year of $4.1 million. Now, that's an improvement of $10.2 million in adjusted EBITDA over this last year. We reduced our net cash outflows by $9.8 million, with three consecutive operating cash positive quarters. A key operational milestone was the significant acquisition of Brainshark earlier in the year, itself an industry-recognized leader in sales, coaching, learning, and readiness, and the massive effort undertaken this year by our team to integrate and build upon this technology, all now within the Bigtincan platform, contributing to our growth in sales of multiple hubs to the same customer. That's what we call multi-hub wins. During the year, we expanded the business with important new logo wins together with key renewals and significant expansions, contributing to a strong net retention ratio of 180%, showing that customers continue to love the Bigtincan product family. We saw that growth delivered efficiently with operating metrics improving. With sales and marketing and product and development together made up 82% of that ARR in June. Now, that's an improvement of 12% over the previous year. What that means is that each additional dollar of revenue is costing less to build, win, and service compared to the previous year, all adding to this year's adjusted EBITDA positive result. We also won technology awards. We released a record number of features and enhancements to our platform, as you'll hear more about today, and had a new patent granted. All this was achieved through a very challenging period for growth-oriented companies and their markets globally. I'm incredibly proud of the team at Bigtincan who have adapted to that, allowing us to focus on both delivering for our customers with product innovation and delivering for our shareholders with the strong financial results that we're showing today and the sustainable platform for growth for years ahead. One award that I personally feel is insightful is where Bigtincan was named a clear leader in the 2022 Sales Enablement Data Quadrant report by SoftwareReviews. Bigtincan scored 8.9 out of 10 in satisfaction based on real end user reviews. For today, the takeaway is while we do see uncertainties in the economy, enterprise organizations are focusing on productivity for their sales teams more than ever, and that could create opportunities for the future. As we head into FY 23, Bigtincan is in the best position ever to be able to deliver for our customers, our shareholders, and our global team as we create the buying experience of the future in this fast-growing market effectively and efficiently with the benefits of the uptick listed scale you'll hear about today. Okay, let's jump in. We're gonna share some slides and just go through them for you. Let's go to slide two, which is our agenda. Our agenda for today starts with a high-level overview of performance in FY 22. We'll then review the company's strategic technology developments in the year. A section on the impact we have with customers. We'll look at the financial results in detail and of course, finish with the outlook for FY 23 and any questions. Let's start with the results dashboard, which is on slide 3. Yes, FY 2022 was a transformative year, with the company growing considerably. Together with that growth, investors will see maturity in the business and how we are able to communicate that progress. Today, we are providing more details on areas like ARR than ever before. While we do remind investors that Bigtincan is the first sales enablement company to be publicly listed, we do expect that to change in future periods, so that detail will help all to compare and contrast. Now, with the growth you see here on this slide, we'll talk about the adjusted EBITDA, that result there, and it set a benchmark, we believe, where Bigtincan can grow in FY 2023. As I mentioned before on cash, that significant change in the operating cash outflow was important in showing the company is able to use its scale to help improve the business fundamentals. Let's go to slide 4, which is gonna jump us into some progress on the company, and we'll go right to slide 5. Bigtincan continues to have a major impact in the enterprise customer environment. You're looking at the Fortune Global 500, Bigtincan has continued to grow our coverage of world-leading brands in key verticals. In FY 2022, Bigtincan had over 100 of the Fortune Global 500 as measured by Capital IQ's company screen, and added new logos here, both through that Brainshark acquisition and of course, organic new logo business, including financial services organizations like Citibank and Fidelity through Brainshark, and household names like McLaren, Bacardi, and Clorox, all new to Bigtincan in this period. I think if we jump to slide 6, this is a well-liked slide that we've used now for the last couple of periods, and I think it's going to be interesting to talk about today. The key takeaways here on this, we kind of call it the four donut slide, if you like. Key takeaways are on the left-hand side donut. Look, continued diversification in revenue from our target verticals. You know, obviously, with that ongoing focus in recurring revenue products and services, that continue to be strong for us. In that third donut, the U.S. domestic market does continue to be a foundation for BTH to grow from globally. I will again remind investors that we have, you know, now users in more than 60 countries around the world. Our technology is localized in more than 40 languages. What you often see is the revenue attribution to some of those large global deals coming from U.S. domestic. Of course, those deployments are going across those more than 60 countries. In terms of the revenue per hub, this is that far-right donut when you look at this page. You'll hear more about today about the hubs, and I think you can see there in that donut that, due to the Brainshark acquisition, of course, learning jumped significantly in this period to end 2022 at over 50%. Certainly, that's helpful for us as we think about the ability for our customers to use Bigtincan to gain productivity for their teams. Let's talk a bit about that multi-module section there. If you were with us in FY 2021, you'll actually know that the percentage is declined over FY 2021 in this chart. However, I wanted to give you the numbers behind that, given the significant growth Bigtincan has had in this year. In FY 2022, multi-hub was approximately AUD 14 million ARR. It's now more than AUD 13 million. That's a doubling in a single year, with Brainshark only being with us for 9 months or so. We do see ongoing growth opportunities for revenue across hubs, as well as customers that will buy multiple hubs, when they start working with us. As well as opportunities for add-on features like augmented reality and virtual reality and conversational intelligence. These are interesting technologies that we'll talk more about today and ongoing in FY 2023. If we look at slide seven in this deck, I think this is the market opportunity. I think it's worth spending a bit of time talking to investors about where we see the progression of the company and also the market. This data here is a combination of Bigtincan's internal analysis as well as some U.S. government statistics and Bigtincan's engagement with our customers and market analysts. I will again note this is focused on U.S. domestic market. What does this tell us? Well, look, for investors that have followed Bigtincan's progression since our IPO in 2017, you'll remember the discussion about sales content management. You'll have heard that phrase used. We saw that as a cornerstone of building the growth strategy, and that's that white box top left. Since then, Bigtincan's strategy has been to add to that core with technology development and acquisitions to add capabilities in sales, training, coaching, and learning and sales engagement. Today, we see that creating a pretty complete offering for our customers. With that again, shown in that first column. For the future, we do see opportunity for Bigtincan to continue to add value with offerings in frontline enablement and frontline, training and coaching. We've always said this can extend not just to internal users within our customers, but to their external channels and maybe even their customers. One example from FY 2022 is Madison Square Garden in New York City. That's part of the MSG Sports and Entertainment Group. They're using our tools to train staff that handle events. When people come into their events at Madison Square Garden using our platform. What we saw in FY 2022 was the emergence of the ability for Bigtincan to differentiate itself through these add-on modules that are in that purple bar at the bottom of this chart. That includes conversational intelligence, augmented and virtual reality, and other offerings that we see building that stack, if you like, of services. Based on that progress, we see that program continuing in FY 2023 and beyond. If we jump to slide 8, this talks a bit about, you know, what does that mean for us in FY 2022. The way we see it is that FY 2022, we've seen the market recognize more so than ever that the benefit of that growing breadth of coverage is helping to address the needs of digitization and remote work. Today, those buyer-seller interactions that have been created from that change in the economy are faster and more complex than ever before. Both buyers and sellers need a new way of interacting. That mega trend, if you like, has been the driving force behind the vision here at Bigtincan of creating the platform we just talked about, and we'll talk more about today, and the intelligent enablement layer that connects those hubs together into a system that can impact how we believe millions of people will interact with each other in the new economy. On slide nine, I think this is something that I think is also worth talking about here, which is. Look, people often ask about the market research, and I thought it might help investors to get a view into the most recent market research by Gartner, the international technology research firm. I mentioned that before. They had just this month published their report on the market in which Bigtincan operates. It's called the Gartner Market Guide Report. For investors, we have made a free copy of that research available on our website at bigtincan.com. This year, I'm pleased to confirm not only that your company has been recognized for the seventh consecutive year, but this year, we ticked again every box for the features and capabilities that Gartner recommends are important for a sales enablement system. That level of recognition is simply adding validation that the technology that Bigtincan is creating is ready to lead the market and grow into the future. I do want to read you one quote from that guide. Again, the guide's available to you, but I think just gives you a bit of a view of the medium to long-term opportunities for Bigtincan. Gartner say by 2026, 65% of B2B, business to business sales organizations will transform from intuition-based to data-driven decision making using technology that unites workflow, data, and analytics. Gartner continues to see double-digit revenue growth for the sales enablement market. At Bigtincan, we are setting ourselves a goal of taking a significant share of that market. On slide 10. Thank you. Some points here about where Bigtincan is as we progress through FY 2023. I'll come back and talk a bit more about this, but this is all some data in terms of giving, you know, you a bit of a view of where we see Bigtincan today. Before I hand over to Stefan Teulon, our Chief Product Officer, to talk you through the technology developments this year, people often ask me about the impacts that the Bigtincan technology has on our customers. I wanted to read you a quote from one of our customers today. This is Steve Atchison. He's the Director of Sales and Marketing at The Westin New Orleans. If you've been to New Orleans, this is a major convention-oriented hotel. You know, what Steve tells us is that Bigtincan has aided in the acquisition of over AUD 50 million in meeting and convention revenue since we began using the platform. I wanna share that results like this are the reason that Bigtincan was created in the first place. We're just so happy that the solution's working for Steve and his team. I'm now gonna hand over to Stefan Teulon. Thank you for the technology section of today's event. Stef. Thanks, David. Slide 11, please. Hi, everyone. I appreciate the opportunity to provide a brief look back at how Bigtincan's technology advancements have supported our business performance in FY 2022. Onto slide 12. The Bigtincan solution is comprised, as David mentioned, of our three key hubs: learning, content, and engagement, all integrated into our unified intelligent enablement platform. The product strategy for FY 2022 was centered on supporting three objectives: multi-hub customer deployments, improving net retention, and reducing the cost to serve our customers. Throughout the year, our roadmap was calibrated to ensure that these objectives were always in focus, and we can see the results with the continued strength in the multi-hub component in the ARR by offering at 25.3%. Next slide, please. On the platform development front, impressively, last year saw 260+ features and enhancements shipped across all hubs and the core platform. A few key highlights to share include AI coaching and Brainshark content creation brought to Learning Hub, enhancements in AR and VR content experiences, and our next gen salesforce.com app for Content Hub, conversational intelligence features, VoiceBot technology, and enhanced buyer engagement features in Engagement Hub. Across the platform, every hub saw a modernized new UI rollout and universal SSO and analytics as part of our integration services. FY 2023 is already shaping up to be quite an exciting one for Bigtincan's technology program. Thanks again. Now over to Pam. Thank you, Stefan. Hi, everyone. I'm happy to join you today to share some customer results highlights and talk a bit about our growth opportunity. Next slide. This topic is very close to me because before I joined Bigtincan, I was a Bigtincan customer and enjoyed similar benefits to the ones you see here and more. These are a few highlights from DG International, State Street, and Uber Eats. As noted by Linda of State Street, many of our customers find that the deployment of Bigtincan essentially pays for itself with cost savings that come from the elimination of unused content and the increase in revenue when the right content is in the hands of customer-facing teams right when they need it. I particularly enjoy the quote from Angela Apple at Uber Eats that, "It used to be faster to order a burrito than to find the right content." With Bigtincan Content Hub, the productivity increase is remarkable. Next slide. I'd like to share a short customer success story from Daniel Sutton, Enablement Consultant at Seek, so you can hear directly from him about their results in his own words. Let's play the video now. The biggest benefit of working with Bigtincan is their investment in helping us get the platform right. They've given us access to their great customer success managers that are always on hand to help us deliver what we need. My name is Daniel Sutton. I'm an Enablement Consultant at Seek for the sales and service teams. Our products and services are rapidly evolving all of the time, so having a learning management system or enablement platform like Bigtincan has really enabled us to make sure we keep everybody up to date, and we can also track who might need a follow-up for their product knowledge. When we were evaluating our partners and we were talking to Bigtincan, they really took the time to understand what our needs were and help us deliver a solution that would fit those needs. Plus, the Bigtincan tool is really user-friendly, so we didn't have to spend a lot of time training our frontline teams on how to use yet another tool. From a results point of view with the Bigtincan platform, we've just seen our first month where we've had 10,000 interactions for a month, and that's across around 200 people in our sales and service team. It's really ensured that all of those people have access to the right information at the right time, and we're seeing that usage grow month-on-month. I think it was absolutely the right decision for Seek Sales and Service to partner with Bigtincan. They've always been on hand to help, talk to our various stakeholders, and work with my colleagues to deliver the right solutions for the frontline teams. The biggest benefit of working with Bigtincan. Finally, if we look across our existing enterprise customer deployments, we see a meaningful growth opportunity. Using a company selected set of 10 enterprise customers, a representative sample to give you a sense of our licenses as compared to the total opportunity, the average penetration is 26%. This helps to show that Bigtincan is well set up for the future. Even with economic uncertainty, Bigtincan is positioned so that even if our customers face market challenges due to the economic conditions and are faced with the need to adjust resourcing, the opportunity for expansion of licenses remains strong. We are well-positioned to help our customers do more with less. With additional licenses, they can amplify the results they are seeing and further increase productivity and revenue impact. We're helping our customers understand the power of this expansion strategy, especially where workforces are contracting. Some of the same benefits about our solution that enabled us to grow through the pandemic will also serve our customers, and us as a result, through economic challenges. It's all about making the humans our customers have retained more successful through the use of Bigtincan enablement solutions. Now I'd like to hand it over to Cyril to talk about the detailed financial results. Thank you, Pam. Good morning, afternoon, and evening to everyone on this call. Let's start with slide 19. Bigtincan in FY 2022 continues its consistent trend in hitting key metrics. Let's go through those now. ARR was up 126% to AUD 120.1 million, representing a compound annual growth rate of 67% over the last five years. Revenue was up 146% to AUD 108 million. LTV or lifetime value was up 107% to AUD 812 million. Gross margin was at 88%. The company generated its maiden positive adjusted EBITDA of AUD 4.1 million as a result of the growth achieved in FY 2022, as well as the transformative acquisition of Brainshark during the year. Moving on to slide 20. Overall revenue grew to AUD 108 million, with organic at AUD 57.4 million and acquired at AUD 50.6 million. That's a revenue organic growth rate of 31%. We'll talk more about Brainshark revenue shortly to provide a little bit more insight in terms of the status of that deal. Moving on to slide 21. LTV is a good measure for investors as it demonstrates the long-term value of our customers, as well as the value of our existing customer base. As we've communicated to investors before, we calculate LTV as a multiple of the recurring revenue base, multiplied by the gross margin and divided by the inverse of the retention rate. We see this as a conservative but appropriate way to calculate LTV. At the end of June, LTV more than doubled to end at AUD 812 million. Another metric we use is the LTV to CAC ratio. CAC here is the cost to acquire a customer. We calculate as the cost of 60% of direct sales and marketing costs as well as acquisition costs to acquire customers. At June 2022, with Brainshark included, our LTV to CAC ratio was 4.0 and represents an improvement of 13% over the last year. Next slide. Let's talk about subscription revenue now. Subscription grew 140% to AUD 102 million, which is 94% of our total operating revenue. The strength in our recurring revenue engine demonstrates stability as we build our long-term relationships with our customers, as highlighted in the previous slide. Helpful this year was the broadening of our offering, with the different hubs helping stickiness of our customer base. To service our subscription and support arrangement, our direct cost margin improved by 3% to a gross margin of 88%. In FY 2021, Bigtincan made significant investments into building infrastructure in the USA, EMEA, and the Asia Pacific. These forward investments were instrumental in achieving the growth in gross margin this year. This demonstrates to investors the product capacity of the business over time, as well as the cash generation potential as we maintain these margins and reach maturity. Moving on to slide 23. The operating leverage of the business improved while still growing effectively as we're managing our operating costs. In FY 2022, operating leverage was 82%, an improvement as a percentage of revenue from 94% in FY 2021. We are pleased with the results given the increased scale of the Bigtincan operations. Like we do with infrastructure, we also make investments in creating technology that will come to the market in future years. We capitalize a portion of these investments to represent the value of these future economic benefits. When adding back capitalization of AUD 16.6 million in FY 2022, this results in a 10% operating leverage improvement from FY 2021. You can see here the impact of the investments when added back to the overall results. In summary, management is always reviewing these investments to deliver efficient and effective results across product and engineering, as well as our go-to-market model. Moving on to slide 24. Our ARR waterfall demonstrates the progression of Bigtincan and the impact of the Brainshark acquisition in many ways. Gross new and expand was up 23% on the prior year to AUD 18.6 million from AUD 15.1 million in the prior year. Expansion was particularly strong, increasing 41% as those multi-hub deals came through during the year. I'll note here for investors that these numbers exclude new logo and expanded deals that happened during FY 2022, where customers purchased the Learning Hub based on the Brainshark technology or migrated to Bigtincan infrastructure but purchased it through the Brainshark entity. Adding that split to new and expand would have grown those numbers. Again, excluding the Brainshark to Learning Hub transition, Bigtincan net retention rate was 108. With these trends, we expect as Brainshark transitions into Bigtincan to have a positive impact on our net retention ratio going forward. Moving on to slide 25. This year, we thought we'd provide investors with additional insight into contract size and term. The first chart is a split of ARR by customer contract size at 30 June 2022. You can see here 78% of ARR was in contracts with ARR in excess of $100,000. The second chart talks to the contract terms, and as you can see, around a third of our customers have a contract term of in excess of 1 year, which gives us additional certainty in the future of recurring revenue, and that's also supported by a deferred income balance at June 2022 of $50.6 million. On slide 26, as David Keane said earlier, we're striving to provide a little bit more detail to investors. This chart on this page helps us do that. What you'll note here is roughly a third of the new and expansion ARR dollars that were added in FY 2022 were generated through multi-hub product sales. Also interesting here is the Learning Hub, showing a small percentage indicates a growth vector for FY 2023. Now, moving on to F slide 23, I wanna go into detail in terms of the Brainshark acquisition. As mentioned before, Brainshark revenue contributed $50 million for FY 2022, and that's in the Appendix 4E that we released as well, which is slightly down from our projection of $52 million, and that was partly due to a one-week delay in closing. Brainshark is now part of the Bigtincan Learning Hub, so you'll see this come up in the Learning Hub section in the next results announcement. Another note that I pointed out in Appendix 4C in the last presentation is of the AUD 5 million integration budget, we've incurred approximately AUD 1.8 million of that to date in FY 2022. As outlined in the capital raising deck on the twenty-third of August 2021, the synergies milestone of AUD 3.9 million was achieved during FY 2022. Now, moving on to slide 28. The cash position within Bigtincan is trending in line with company forecasts. During the period, the company improved its operating cash position by AUD 9.2 million from the prior year. This is supported by three consecutive positive operating quarters, and the company is well positioned to execute on its plans with cash of AUD 38.9 million at year-end. That's all for me. Thank you, and back to David. Thank you, Cyril and team. Okay, let's talk about the FY 2023 outlook. Let's jump on to the next slide. Thank you. Talk about what we've called the State of the Union for FY 2023. While our market continued to adapt and change, I thought we would start with State of the Union for BTH that helps to ground our FY 2023 outlook. Firstly, our market continues to mature and grow. The Gartner report gives a view there. I remind investors it's available on our website. Secondly, we are seeing these new products and multi-module sales grow as a percentage of new revenue, and that was demonstrated by some of the materials shown today. Bigtincan continues to build out the global team. I thought the video from SEEK was a great showcase of how we're seeing customers in areas like Asia-Pacific, and we're seeing similar things in Europe, join the Bigtincan family. Welcome, and thank you so much for helping with that video team at SEEK. Of course, we're closely monitoring the economy. Whilst we do see some risks from inflation and talk of recession, I wanna point out there are also potential opportunities from those changes, and we may see those later in FY 2023. Our customers are talking more about productivity gains, and that could be an increasingly important growth factor, where these customers see our technology as a way to help their teams do more with less. Now given all this, we're taking a well-managed approach to how we grow in the future. Bigtincan is a growth company. It's a growth company with strong underlying unit economics and financials that will deliver long-term value for shareholders, customers, and the global team. Lastly, whilst we are still not yet at that 12-month point from the closure of the Brainshark deal, we do see ongoing migration of Brainshark solutions to Bigtincan offerings happening in FY 2023. Let's jump into the next slide and have a look at that outlook. As we look to FY 2023, Bigtincan starts with a bunch of strategies that we're implementing to deliver for shareholders in the market. A note here again, helping our customers to address that productivity gap for their teams could be insightful. Given the progress we have reviewed today, we see an outlook for Bigtincan to achieve annualized recurring revenue in the range of AUD 137 million-AUD 143 million, revenue in the range of AUD 123 million-AUD 128 million. I also wanted to note here for investors that while we're still measuring the impact of this larger Bigtincan, again, we're not quite yet at that 12 months of the Brainshark acquisition timing. But the impact of that bigger Bigtincan, if you like, and its benefits, we see the BTH company in a position to materially grow adjusted EBITDA in FY 2023, plus reiterating our cash flow breakeven target to be achieved in year. That's it for the formal portion of today's presentation, although we do have one last thing to show you on the next slide, which I think is, if you're interested. If you're out there with a phone, we thought we'd give you a bit of a Bigtincan trophy for attending this event that showcases the work we're doing for our customers. If you wanna get your phone out and scan that QR code, you will actually receive a Bigtincan digital trophy for attending our FY 22 results. Okay, I think we can leave that up for a minute. What I'm gonna do is jump into some Q&A. There's a question here about recession in the U.S. is inevitable. What's the likely impact to ARR for Bigtincan in FY 23? Look, I think that's an interesting point. It's the U.S. economy is going through a whole lot of changes. There's also some signs though that the economy has moved towards a focus on this productivity angle that we spoke about before, and I think Pam talked really well about how our customers see that. In fact, they see it as one of the tools that could actually help them to do more with less. Pam, do you have any comment on that for us? Yes. Thank you, David. It's such an opportunity because as the pressure is to invest less in additional humans, additional resources, it's such a great opportunity to make the ones that you have onboarded smoothly, everboarding, and then productive by giving them exactly what they need along their buyer journey when they need it. Well said, Pam. We've given a, I think, a guidance. One thing I'll remind investors of is Bigtincan has always met or exceeded our guidance. Our job is with those circumstances you just mentioned, Jay, you know, to be appropriate in terms of our judgment of where we see the results coming out. Of course, if that continues to be a growth vector, as Pam just talked about, we'll come back and update investors later in this financial year. There's a question here about can you speak to the uptick in GM gross margin? Is that sustainable? Do you see further upside? I'll answer first, then I'll have Cyril give you more detail. Look, I think for me, as an enterprise SaaS company, there are periods when we have to make investments. FY 2021 was a pretty significant year. We made a whole bunch of investments in building infrastructure behind Bigtincan. We expanded the work that we do in that infrastructure system, not just in the U.S. We actually expanded in FY 2021 ahead of the revenue, if you like, for Europe and Asia-Pacific. I think that's been really helpful and it's actually shown this year why we needed to make those investments to help with gross margin. Cyril, we haven't given a forecast for gross margin for 2023, but do you wanna give any comments there? I mean, I totally agree with what David just said. I mean, we all obviously review our infrastructure spend, our AWS spend. As you can see on slide 20, gross margin in FY 2018 was 83%, in FY 2021 it was 85%, and this year was 88%. We are always assessing the spend in line with top line growth as well. What we do, we're always looking at a stable, sustainable rate. That's the key. Thank you, Cyril. There's a question here about discussing the increase in services revenue in second half FY 2023 and how sustainable that is. Look, that's a very insightful question. Yeah, look, you know, as we've always told investors, sometimes we need to provide services as part of getting customers started. It helps them to then use the product more in later periods. But it certainly is not the core behind how we use our technology. Look, I think that, you know, I'd just really like to talk about the subscription revenue growth. Will we get the same services level in FY 2023? Well, given the Brainshark thing is not even 12 months over, and a bunch of that, to answer your question, a bunch of those services came from Brainshark. Yeah, I think it doesn't have that much impact on the overall value of Bigtincan. Do we get the same level? It's hard to be sure. That's why we've come with a revenue guidance that gives us real confidence of the ability to meet or exceed the revenue guides, just because there is a little bit of uncertainty on some of those services revenues. There's a cross rate question about what USD, AUD cross rate we're using. I'll have Cyril answer, but I want to remind investors here, there are pluses and minuses to being an enterprise company. Of course, when we sign customers up on a deal, let's say someone signs up on a two-year deal, you know, in almost all circumstances, we will book that at the time that deal was booked. While the current USD, AUD exchange rate is favorable to USD, we have a bunch of our biggest customers signed up at rates that are not favorable. Look, I think, I mean, Cyril, how can you give some view there? Because there is that timing question. Yeah. I mean, we're always conservative in terms of FX. Like in other words, although it's 0.68 or 0.69 at the moment, we always apply an average. In terms of our numbers and our projections, we always look at the full 12 months average rate, and we apply that across all our deals. Yep. Thank you, Cyril. There's a question here about dividends. Look, I don't think that's in the company's best interest right now. I think that, of course, that's an option. Just to share with everybody on this call, the board could certainly decide to make this a dividend play with the scale it's getting to. I still feel that it's an enterprise company. I made that clear in my remarks. I think that is the opportunity for the company. Of course, unusual times, and we need to be cautious, but I don't think that's in the current, certainly not in the guidance. I don't think that's a short-term strategy that would make sense for the company. There's a question here about acquisition strategy. Look, I think that the way we've thought about acquisitions was described well on that market development slide in today's deck. We really wanted to fill out that column with capabilities. I feel the Gartner report, if you go get a copy of it, will give you a bit of a view into that. You know, we really see Bigtincan pretty much having a complete built-out platform. I don't see gaps. It's not like, "Oh, gee, we're missing that gap over there on the left, and we have to fill it right now because we're losing deals." Don't see it that way. However, look, we're always looking at build versus buy decision for small tech-focused things where it's immaterial or we can accelerate the roadmap or reduce risk of execution, but certainly no, you know, no material M&A on the plan now. Another question here about declining net retention. Yeah, look, let's go through that. Because part of the issue here with this metric is the way we've calculated it. Two things happened in the year. One is, and this is also natural, so we've done a bunch of these small acquisitions ourselves over the last few years. At the end of the day, with some of the tail of those revenues, we do actually end of life those products. That does happen. When you're smaller, you'll get an impact from the end of life of those products. We don't wanna keep those products around. We wanna migrate customers to go forward Bigtincan solution. Secondly, we did not include something that I think was the right thing for Bigtincan to do. We had great support from investors with the Brainshark acquisition. I think what investors were looking for the company to do is to be really transparent about what happened with that acquisition. You know, what was the impact of it? We took the new and expansion that had anything to do with Brainshark. Even if it was a new logo coming into Bigtincan and buying like a learning hub offering, but it had some connection to Brainshark. We put that in a different column in our ARR waterfall chart. I think that's the best answer I can give you. Cyril, do you want to add any comment on that? No, no. I mean, I totally agree with what you just said, Dave. Yeah. No further comment. Okay, there's a question here about changes in demand by outlook or by vertical. I might get Stefan to comment a bit on what he sees in terms of verticals for the product side. Again, my introductory comment and reply, my initial reply is, it does change from period to period verticals. It does. It's one of the reasons that we like to have multiple verticals, because you will have situations where we saw life sciences post-pandemic grow like mad. I mean, all over the world. Probably for us as a human species, that's great news. That's great news for us as humans. Yeah, I think that is where it is. Stef, do you have any comment about verticals? only seen continued strength in the verticals that we've historically done well at. Technology, life sciences, financials, which are the ones. I haven't got the question here. Yes, those are the called out. I guess the message is they continue to be strong. We shared on slide six, I believe, that breakdown. I think previously it's been very reflective of the similar sort of similar segments. Yeah. Thank you. Great. Okay, there's a question here which is, I'll read it for you. With the BTH stock price off 50% over the last 12 months on the back of rising interest rates and the devaluation of public sector companies, has the company had any third-party approaches, particularly from private equity? I think we all saw in the financial review this morning something about an Aussie tech company being approached by private equity. It's happened a bit. Look, I think that, I mean, it's a public market, people can do whatever they want. There's nothing we're announcing here about approaches from private equity. But look, I think it's all about what is the value that we can create for shareholders in the company. That's what it is. This is about value creation for folks. Yes, that question is right. You know, it's difficult to tell investors that have loyally supported the company that the share price is not performing the way people felt it would. It's difficult to have that conversation, but we have to have it. The best thing that management can do is adjust and adapt to new conditions, and we're doing that a couple of ways. One is you've seen today a focus on communicating the ability to not just achieve adjusted EBITDA positive results, but to forecast that we can materially improve them. I think that's one of the first things we can do. We can adjust to that reality. The second thing we can do is just keep building the best technology that helps our customers create the buying experience of the future for their teams. The rest just kind of takes care of itself a little bit. There's a question here about on slide 24. Maybe this one's Cyril, actually. On slide 24, the percentage of revenue and product development fell. Revenue for product development fell from 41% to 29%, while sales and marketing remained flat. Okay, so I'll give you the high level on that. I think that sales and marketing, because of the Brainshark transition, there was a significant extra weight of people that came in as we now have a bigger base to take care of. That's why in this period that happened. So you can see over 120% growth. It's a pretty significant change. On the product and development side, I think what you're starting to see, we're not giving a forecast for 2023 on this, but what you're starting to see is. It happens naturally, it happens to everybody. If you go back and pull Salesforce.com's initial S-1, you'll see it happen to them. Over time, you do get improvements in economies of scale and development. It's just what happens. Cyril, do you wanna give a comment on that? I was just gonna say, I mean, part of the variance is due to capitalization. If you back that out, I mean, the numbers will start to normalize. I mean, there's still a 10% improvement from 12% overall. The key takeaway there is, as David said, with all the acquisitions that have come on board and the integrations that we've done, there is economies of scale across all our engineering office of design and product groups. That's what we're noticing, and that's what's gonna happen in FY 2023. Now in terms of the next question, I'll probably answer that one. Thank you. From James Bale. In terms of the AUD 1.8, yeah, that's pretty much gonna be the figure that we've basically accrued at the end of June. Going forward, I don't expect that to increase. For other folks, that was a question about the AUD 1.8 million integration costs from the Brainshark acquisition. I think that's interesting too, because I wanna thank the whole Bigtincan team all around the world. You guys are amazing. What you did in this year is, to quote the people from Boston, off the charts, because you did an amazing job to do something that, you know, and to deliver these results in a way that I think is, has added value for shareholders in our company and given us a platform for the future. Look, I think that's it. That's all the questions. That's our 45 minutes. Thank you all for attending. I'm looking forward to seeing you again at the AGM, I hope. Thank you so much. Thanks everybody for joining the Bigtincan Holdings FY 2022 Results Investor Briefing. A copy of today's recording will be available on Bigtincan website in the coming days. Should we have missed any questions, please feel free to reach out via the contact details on the bottom of our ASX releases. Thank you all again.