Good morning, thank you for joining the Bigtincan Holdings first half FY 23 results investor briefing. My name is Jane Morgan, today I am joined by Bigtincan's CEO and Co-founder, David Keane; our Global Financial Controller, Cyril D'Souza; Denise Iverson, Head of Marketing Operations and Communications; and Chief Product Officer, Stefan Teulon, who'll be providing you with an overview of today's half-year results release. To ask a question 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, Jane. Yes, welcome all to Bigtincan Holdings' first half FY 23 results call. My name is David Keane, the CEO and co-founder of Bigtincan. As you heard from Jane, joining me here today is Bigtincan's Global Financial Controller, Cyril D'Souza, Denise Iverson, our Head of Marketing Operations and Communications, and Bigtincan's Chief Product Officer, Stefan Teulon. For the call today, we'll be using the first half FY 23 results deck that was uploaded to the ASX this morning and is also available on our investor website at investor.bigtincan.com. A recording of this event will be made available on the ASX and on our investor website after the conclusion of the event. Before we begin reviewing the presentation, I thought I might provide some remarks about our progress in this most recent half. First half FY23 was an important period for Bigtincan as the company grew to achieve a few key milestones. Firstly, passing that $130 million in annualized recurring revenue, showing that the Bigtincan business model is working well. Together with that growth, today we'll be announcing a material increase in Adjusted EBITDA for the first half. For the first time, a forecast for Adjusted EBITDA for the full year of in excess of $5 million. We're confirming that the company is on track for its cash flow breakeven target in Q4 this financial year. Before we go any further, let's talk a bit about the economy. Whilst the global economy has presented challenges in the first half of FY23, particularly impacting smaller companies who are looking to rapidly adjust their spend on a bunch of services, including SaaS offerings. That has impacted Bigtincan, as you can see from our reduced overall Net Retention Rate. Whilst we did make changes to the team to reduce our operating spend in the half, we continue to believe that sales enablement remains a strategic investment for larger companies. We're gonna share some cohort numbers today, particularly on that Net Retention Rate, that show where growth opportunities are strongest. One area of strength for us in this half was our multi-Hub business. Multi-Hub is customers who are buying at least 2 of our Content Learning and/or Engagement Hubs. Now, that multi-Hub space makes up 29% of total ARR at the end of December. That's an increase from 19% at the end of first half FY 2022. The multi-Hub ARR grew close to 100% in dollar terms year-over-year to $38 million, showing that multi-Hub is starting to gain some scale in itself. This was driven in part by multi-Hub customers spending more than single-Hub customers, as well as new customers choosing to buy multi-Hub. Now, Cyril will talk more about that and how this is benefiting Bigtincan's future. Today, with just 14% of our customers buying the multi-Hub solution, this presents an opportunity to take advantage of this by growing that penetration further, as well as winning more initial deals that buy multi-Hub. Now, behind all this is the technology we create. Today, Stefan will talk about technological progress in the half, and I hope you're as excited to see it as we are to share that progress. Today, the takeaway is that whilst we need to remain vigilant about a changing macroeconomic market, Bigtincan is well positioned to continue to grow and to build on our platform to create the buying experience of the future for our global customers. All right, let's jump in and take you through today's presentation. We're gonna bring up the slide deck and start on slide 2. Thank you. For investors new to the Bigtincan story, this slide is an introduction to our business and our market. If you like, it's a simple 1 picture of what we do and who we do it for. Bigtincan is a cloud-based software-as-a-service company that builds a platform to enable customer-facing workers to be more effective in today's more digital and remote economy. We help make virtual and in-person engagements more successful. The products we offer are our cloud-based hubs, our Learning Hub, our Content Hub, and our Engagement Hub. Our differentiators are all about intelligence and experience, including leadership in areas like artificial intelligence, conversational intelligence, and augmented and virtual reality. We integrate with strategic partner technologies from vendors like Salesforce, Apple, and Microsoft. Yes, whilst folks often talk about salespeople as being Bigtincan's users, we have seen that the multi-Hub strategy that we'll talk more about today is meaning we are seeing all frontline workers as potential users for Bigtincan's hubs. We deliver these solutions across vertical markets where we're seeing opportunities for differentiation, and we're touching stakeholders right across the business. If you look to slide 3, I certainly know that empowering sellers to help buyers who are becoming more informed and better prepared than ever before is what our customers are talking to us about all the time. When Bigtincan went public in 2017, this market was at its infancy. We look back at where Bigtincan is today, I just wanna firstly recognize the work the team has done to create some of these measures of success. With over 400 global experts in the team, Bigtincan leads the market because of this team and the skills they possess to take this progress to the next level. More than 2,000 customer deployments across 60 countries and 100 of the Fortune 500, Bigtincan has made significant progress since that IPO towards building a global leader in our space. For today, I thought I'd like to talk a bit about some of the awards we've received in first half FY 2023 that confirm that market position from an independent point of view. Yes, details of all these awards are available on bigtincan.com, but I thought I might just read them to you because I think they give you real insight into how we're being regarded. The 2022 SoftwareReviews, sales enablement, gold medalist and leader, important independent review site. The Silver Stevie Award for sales and customer service, as well as winning the Product of the Year SAMMY for sales and marketing technology. Importantly for me, one of the ones that I really treasure for us is the 2022 Aragon Research Innovation Award for Sales Enablement. That shows that not only are we building great technology, we're innovating in the market. These awards certainly should give investors some comfort that this company is gaining the recognition that it needs to help add value to our business over time. Let's jump to slide 4, though, and talk about what our focus is today. Today we're gonna review the company's highlights, and we'll go through both business and financial highlights. We'll review the company's strategic position in the market. We're gonna look at those financial results in more detail, and we'll spend some time talking about that technological progress I think you're gonna be really excited to see. We'll finish talking about an outlook for FY 23 and beyond. If we jump to slide 5, which is our highlights slide. Certainly, you know, the highlights in this half include that record ARR number, plus strengthening growth, gross margin, and LTV, as well as increasing our Adjusted EBITDA. As I mentioned before, for the first time, we're setting a target for full year FY 23, whilst confirming that cash flow breakeven to be achieved in Q4 FY 23. Again, Cyril will provide some more details on these numbers, but I think these give you a bit of a view of the progression in first half. As much as the numbers show us the progress, the activities behind that are what matters. If we look at slide 6, let's look at some of those key activities. Certainly, first half 2023 was a busy period for the team at Bigtincan. That growth we spoke about was supported by more than 50 new logo and more than 300 expansion deals. With new logos coming to Bigtincan, including companies like Pfizer, Align, Jabra, Equifax, and Assurant, all household name customers. An expansion with customers like Google, Cisco, Semrush, Fike, T-Mobile, and NeoGenomics, among more than 300 customers who expanded with the average expansion in excess of $30,000 of ARR in that. Later in the year, we announced and completed a $30 million capital raising and completed 1 deal, the acquisition of SalesDirector.ai to lead in AI-driven revenue intelligence for sales enablement, with integration underway now and other opportunities to complete that program on track. We released a bunch of technology, which Stefan will talk about today, which is what this company really excels at. Consistent with ASX Guidance Note 23, the company received ASX approval that future Appendix 4C quarterly report lodgments would no longer be required. Whilst 4C briefings will no longer happen, to be sure that we are communicating regularly with the market, the company started in January issuing a business update and will continue to inform the market of progress. Lastly, in the half, Bigtincan created an independent board committee that has engaged Morgan Stanley Australia as its financial advisor to assist Bigtincan with the management and evaluation of inbound inquiries and expressions of interest regarding potential control transactions. Just to confirm there for everybody, any such inquiries or discussions are preliminary and confidential in nature. I mean, certainly, there's no certainty that any transaction will eventuate. As you'll hear today, Bigtincan remains committed to executing on its strategic plan and maximizing shareholder value. Important to say, the Bigtincan board will only progress inquiries that are in the best interests of all shareholders. Okay, I'll just go to the next slide. I'd like to now ask Denise Iversen, our head of marketing, operations, and communications, to take us through Bigtincan's progression in the market that we operate in. Talk a bit about where some of the long-term trajectory is taking our space and our business. Denise, welcome and over to you. Thank you, David. Hi, everyone. I'm happy to join you today to provide an update on the state of our market and Bigtincan's ongoing leadership role in serving the expanding needs of our customers. The sales enablement platforms market continues to be one of the fastest-growing markets in enterprise software. Two pieces of data from this month provide some insight into the market. According to Gartner, sales enablement budgets will increase by 50% by 2027. According to Precision Reports, the sales enablement market will grow at a compound annual growth rate of 25% through 2028. Our customers tell us that sales enablement is the most critical function for navigating sales teams through the constant change that surrounds them, from economic headwinds to evolving seller roles. As a result, the solutions that Bigtincan provides to our customers are more important than ever, and expectations of measurable sales enablement results are equally high. It is important for chief sales officers to... This meeting is being recorded. By Channel Media and Market Research, a sample of more than 600 enterprise customers were asked how likely they are to recommend a company to a colleague or friend. With a range of +20 to -20, Bigtincan achieved a rating of +18, scoring well ahead of our competition. It's results like this that really make us feel confident about the future of our business. With that, David, I'll hand it back to you. Thank you so much, Denise. Really appreciate that. I think that data, yeah, really gives us a bit of a view of where we are moving. Okay, now I'd to ask Cyril D'Souza, our Global Financial Controller, to take us through the detailed financial results. Cyril, over to you. Thanks, David. Good morning to everyone. Let's start on slide 12. As David mentioned, Annualized Recurring Revenue grew to $130 million at the end of December, representing 16% period on period growth. Of the $10 million of net growth for the first half, this included $2.2 million of ARR from acquired products at the end of December 2022. Moving on to slide 13. This slide shows revenue and gross margin progression over a four-year period. Revenue in the first half grew 31%, reaching $60.2 million from $45.9 million in the prior corresponding quarter period. On a like-for-like basis, inclusive of Brainshark and other acquisitions, this growth was 15% for the period. Current deferred income increased 27% to $64 million, which gives the company confidence of future revenue generation. First half FY23 gross margin of 88% increased by 2%, driven by efficiency of direct costs and scale of operations. Our infrastructure costs, which are mainly hosting costs, have been controlled, resulting in stable gross margin as depicted by the line graph. Moving to slide 14. For people who have followed Bigtincan, we call this the four donut slide. This is probably one of the key slides in today's presentation. Let me talk you through each of these, starting with the donut on the left-hand side, ARR by vertical. This year, no significant areas of difference to point out, just to note that there remains a nice distribution of ARR per vertical. We'll talk more about verticals later in today's presentation. Let's look at revenue by geography. You can see that we continue to see consistent ARR in North America of 88% of revenue contribution and good contributions from EMEA and APAC. Just to note that whilst this is based on invoice location, in terms of deployments, the biggest growth was in Europe, approximately 33% year-on-year. That's going off a lower base, of course. The third donut is as usual, with high recurring revenue, a typical first half of Bigtincan. The last donut shows the progression in the multi-Hub business that is now at 29% of ARR. Multi-Hub is helpful as it leads to stronger retention, larger revenue by customer, and a reduced cost to acquire. Let's turn to slide 15 as we go into more detail. This slide shows why we're so excited about the progression of multi-Hub. In the first half, multi-Hub grew from 17% of ARR in the previous corresponding period to 29% at the end of the half. That's 100% growth in multi-Hub ARR period-over-period, now contributing $38 million from $19 million 12 months ago. Only 14% of our customers use multi-Hub, and that gives us the opportunity to extend that and penetrate into the large base of existing customers as well as new. Some other data here for your multi-Hub. multi-Hub customers' average spend was $226,000. That is 109% more than single hub customers, which is $108,000 on average. Overall, this is beneficial to Bigtincan as it leads to lower churn, which we'll report more in the full year, as well as the scale benefits for profitability per customer and access to new sectors of core sales. Let's turn to slide 16 and talk about some of the challenges we faced. In the first half, we continued to see uncertainty in the global economy impacting how companies think about the future. Bigtincan Net Retention Rate at the end of first half was 105%, down 2% basis points PCP, as we saw the impact of this, particularly across our smaller customers. However, when we look at the customers with a larger ARR, we see a different pattern. Customers with over $50,000 annual spend had 116% NRR, as David spoke about, multi customers had an NRR of 120%. Moving to the right in terms of vertical opportunities. In a spotty economy, we saw the strongest growth in verticals of life science, manufacturing, and retail. Overall, whilst it's important to recognize the impact of the economy, we're also seeing opportunities across our targeted verticals. Let's turn to slide 17 and talk about LTV. Lifetime value continued to grow to $878 million at December 2022 as it approaches $1 billion. This factors in a reduced LTV to CAC of 3.1 compared to PCP, reflecting variable economic conditions impacting new logo wins in the first half. In the first half, we made some cost adjustments as reflected by the severance costs and operating spend focused on marketing and employee costs that we believe will generate an improved LTV to CAC later this financial year. Moving to slide 18. These cost changes we made in the first half are reflected in our Adjusted EBITDA as seen on this slide. The company reported a positive Adjusted EBITDA of $2.1 million compared to $1.1 million 12 months ago. This is demonstrating operational efficiency, the synergies realized from the Brainshark acquisition, and the ability for the company to grow, but in a prudent manner. In addition to investors, we note that we had a small reduction in the first half net carrying value of capitalized development costs by just a few basis points. We expect that reduction to continue in 2023 and beyond. Before I hand back to David, it's worth quickly reviewing two of the highlights that David presented earlier. First, based on some of the operating cost adjustments and the top-line position, we are targeting Adjusted EBITDA of greater than $5 million for the full year of FY23, and we remain on track to achieve cash flow break-even within FY23. Based on seasonality of cash flows, we would expect that to be in Q4 of FY23. Thank you. That's all for me. Back to David. Thank you, Cyril. To understand where the technology that powers the business and all those results is going, Stefan Teulon is going to provide a technology update. Stefan, over to you. Thanks, David, and good morning, everyone. Strong technology progress in the half saw the release of key features and enhancements, including our next-gen analytic capability. Next slide, please. Thank you. Conversational intelligence released into our Engagement Hub. Our Mac app compatible with the latest M chip MacBook devices. Virtual Sales Rooms built using advancements in our AR and VR technology. Improved multi-Hub experience for customers who have deployed more than one hub. Zoom integration, salesforce.com mobile app capability and many, many more. Modernization updates across all hubs continue to roll out as we enhance and align the Brainshark and Engagement Hub user experiences with the Bigtincan design standard. Slide 21, please. The integration program for the small acquisition of SalesDirector.ai is in flight and moving well. We expect this to conclude during the second half. SalesDirector.ai represents a good example of how small acquisitions help us accelerate parts of our technology roadmap while bringing great people to Bigtincan at the same time. The SalesDirector technology adds comprehensive data ingest tools as well as AI-driven recommendations to our CRM add-in strategy. We plan to deliver additional value to our customers with new buyer relationship and sales process insights right in their Bigtincan CRM app next to our existing content and learning recommendations. Slide 22. As earlier highlighted, one of Bigtincan's core strengths is taking market-leading software via acquisition, modernizing and aligning it in a cohesive experience with our wider platform modules. A great example shown here is the project started in the first half to update the award-winning presentation creation module in Brainshark. We anticipate the next gen version to be released to our customers during this second half. Let's hear from a customer, Digi International, who leverages our learning solutions to enable their channel partners. One of the things that we really value is the capability to adapt, to improvise, to come up with creative solutions. That's really where I think Brainshark and Bigtincan stand out. My name is Cory Brenner. I'm the channel marketing manager at Digi International. Digi International is about connecting the world's machines. By connecting the machines to the Internet, our customers need a combination of reliability, scalability, security, and easy-to-manage solutions to solve critical IoT problems. What is critical to our success is that we sell a lot of our services through channel partners. Making sure not only our end users, but our channel partners are educated on the Digi offerings, have access to technical specifications, and we help them with demand generation. It comes back to just how do we uniformly and comprehensively deliver content and train our channel partners, our customers, and our own internal people in a way that scales. We wanted something that would really provide value to the channel and something that was a little more engaging, a little more interactive for everybody. Started using it internally as well as an onboarding tool for new employees and such too, to bring them up to speed on the offerings. In terms of the enrollment, we've seen adoption jump nearly 2,000% since inception. With quarter-over-quarter revenue growing 182% with our high-value partners. We've had really good success within our cellular product line, and we're looking to expand that more fully throughout the cellular solutions business unit, but then into other business units as well. We're looking forward to grow not only alongside our channel and partners, but definitely our friends and collaborators at Brainshark Bigtincan. Good stuff. Thank you. Back to David. Thank you. Thank you, Stefan. One of the things that we really value is the capability to adapt. All right. I think if we just push the right arrow, we might get through it. There we go. Beautiful. All right. Well, look, let's look a bit at the outlook. I think if we jump to the next slide. Thanks, Steve. Appreciate that. All right. Okay, post the first half FY23 results, Bigtincan's on track to achieve its guidance for FY23. That includes, you heard from Cyril, detail on the, as well as the ARR number of $137 million-$143 million of ARR and the revenue number of $123 million-$128 million. We've talked today about providing some more detail for investors in terms of the cash flow breakeven target and the materially Adjusted EBITDA target of $5 million, which again I think that is giving investors a bit of a view of the confidence of the company to be able to forward, predict results and to give more detail in terms of where the company is likely to end up. I think it's also worth saying that the M&A program as announced in December 2022 capital raising is on track. We've completed the SalesDirector.ai deal, as you heard about from Stefan, we continue to progress other opportunities. If and when those close, we'll impact the market, we'll advise the market on the impact on guidance at the time of any such closing. Overall, we believe the company has the toolsets and strategies to meet FY 23 guidance and set up the business for progression in later years. Talking about progression, one, you know, we've often been asked about that future progression and to try and give some more insight to investors about where management believes the right way to add value to, for shareholders is. I think this slide gives us some talking points there. First of all, on the left-hand side, you know, we saw today how our market continues to be a fast-growing market in enterprise software. The company continues to maintain its leadership position. We believe that will lead to ongoing organic new logo wins and expansion. That's, you know, adding to our repeatable growth model. We continue to see value-added offerings through organic R&Ds, assisted by the completion of that small scale M&A program to add more to our multi-Hub model. I think showing today the growth in multi-Hub is giving us some confidence in some certainty about how customers view the ability to aggregate their purchasing and get single solutions from vendors. As we see that multi-Hub revenue moving towards 50% of ARR, you heard today that it hit 29%. We're confident that can move towards 50% and beyond. That's gonna help us with retention, as Cyril talked about, as well as increased revenue per customer. Of course, we're doing that whilst maintaining a position whereby this company continues to add to its Adjusted EBITDA. You're seeing that in today's results as we grow those EBITDA margins and that positive cash flow. Well, look, that's it for the formal portion of our event today. We're gonna answer some questions that folks have asked. Okay, let me start with the first one. Okay, the question is, recently BTH indicated there was an interest in takeover at AUD 0.80, and what happened post all that? Look, I think the best way to answer that is that the company did establish an independent board committee, an IBC. That IBC has engaged Morgan Stanley Australia to provide them some advice and to review those discussions. You know, there's nothing we can update you on today. Obviously, those discussions are confidential and you know, there's no certainty they will lead to an outcome. Certainly, you know, we believe that the company continues to execute on each strategy, and the IBC will look at the interest of all shareholders in evaluating that situation. There's a question here about the expected seasonality on incremental ARR in second half versus first half. I'll let Cyril handle that one. Cyril, over to you. Yeah. In terms of seasonality, we closed $8 million in the second half of FY22, we've got a lot of confidence in terms of generating a similar result in this second half. In terms of seasonality, the strong quarters are usually at the end of the year, but also in the first quarter of this year, this calendar year. Yep. There's also a question about the SalesDirector.ai acquisition. Look, very much a technology acquisition, as Stefan was saying. Those deals give us access to new capabilities and particularly new people. I'd like investors to think about it this way, is that it's when you have access to amazing people who can really create the future of a company like Bigtincan, that can add real value and technology that we can roll right into our multi-Hub model. SalesDirector, certainly immaterial ARR addition and great technology and good people. There's a question about cash flow breakeven. I'll let Cyril take it. The question is, do you think cash flow breakeven will be sustainable going forward, at least on a yearly basis? Well, that's certainly the view we have, is this is not a, you know, we've had many periods that have been cash flow positive in this company. It's always about making sure we have the right mix between investments in the future and the ability to generate cash. I think the message for investors is we do see that that cash flow breakeven position leading to, you know, more, and that is on a repeatable basis. I mean, Cyril, do you wanna provide some data for folks, maybe even on first half FY23 and where we see it? I mean, we definitely see a sustainable cash flow from Q4 onwards if we take the option to do that into FY 2024. The business has pivoted itself, especially in the second half, to get to where it is. It's a transitionary year. You know, a lot of our staff, a lot of our costs are within the staff cost line, and some of the adjustments we made have given us that confidence. I just wanna point out as well, because I can see there's a few other questions related to cash flow, but at the end of December, we had an underlying free cash flow of just over AUD 4 million negative. We see with some of the staff adjustments that we've made, those savings will come into the second half. That will basically get us to the position of Q4 FY 2023, breakeven in that quarter. From that point onwards, we should be sustainable. Just wanna cover that off, David. Yeah. It's worth saying, Cyril, you can see from that number we're almost there. Okay. There is another question here about, give shareholders indication as to whether the inbound inquiries are from PE funds, financial institutions or from industry corporates or both. Unfortunately, we can't do that today. You know, certainly I can tell you that sales enablement, as you heard from Denise today, is a market that people are aware of. It's so interesting for me because I know many of you have been on the journey with Bigtincan. You remember how, you know, challenging it was to explain what sales enablement even was. I think we're seeing organizations believe that, you know, Bigtincan is undeniably a leader in that space and it's a good market. Sorry I can't give you any more detail there. There's a question here about the Rule of 40. I think one of the things we've spoken about a lot is where we see that longer-term view. For those who haven't heard that phrase, it talks about how you combine growth with, you know, profitability, and as close as you can get that magic number of 40 helps. We continue to see... this, you saw in this half, year-over-year growth, organic growth of 16%, mid-teens, if you like, growth. That's in a tough economy in a transitional year as Bigtincan has grown overall significantly over the last couple of years. We've achieved 16% organic growth, which I think was pretty pleasing given what happened out there. You know, as the market continues to mature and as our world continues to change, you know, we believe there are opportunities to be able to do even better than that just in terms of the growth. You've seen whilst, yes, we didn't yet hit that full profitability this half, there's no doubt we're on track to get there. You heard Cyril talk about the confidence with deferred income and deferred revenue of being able to say, "Hey, you know, we can hit that $5 million-plus number of Adjusted EBITDA for FY 2023 and go on." My view would be there's no reason to expect that this company wouldn't be able to deliver pretty strong bottom-line growth. You know, I would hope, you know, that mid-teens can be accelerated to a higher number. Yeah, we tracked that a lot. I think the company's in a good place to be able to move towards there. There's a question here about can you. Another back on the cash flow is, can you quantify the impact on future cost of the restructuring? You know, how do you see that impacting the $5 million of Adjusted EBITDA? Yeah. Yeah, that's from Gaston. Yeah. We would expect, Gaston, minimal impact in terms of the amount that goes into that AUD 5 million. This is just based on where we ended in December and some of the adjustments coming through in the OpEx line, which will reduce. Obviously the top line from a revenue perspective, we're confident that that will come through in line with guidance. To answer your question, minimal additional restructuring cost onto that severance line. There is a question here from Tom. It's such an insightful question. There's a question that says, how is morale in the business after the staff adjustments? There's nothing more important in this company than the people. Nothing more important. This is a company that's made up of some amazing people, you heard some of them present today, that are just absolute experts in their space. It's always difficult when you have to make adjustments in any company. I think it's all about being upfront with people and telling them, "Look, this is the way it is, and we have to be more efficient, and that's normal. It's just the way it is." I think if you bring people along that journey with you, Tom, that's the best way to do it. Look, we conduct regular check-ins with our teams to make sure that people feel confident they can ask questions. One of the great things about our company is that we're a public company. Our entire global team, hopefully you're watching this video, team, or you're reading our results, because you can get a view of how we're doing. I think that's It's a benefit compared to a lot of these tech private companies run by VCs, where they don't really know what's going on. Okay. All right. There's a whole bunch of other customers. In getting to 50%. In getting to 50% multi-Hub penetration, are the step-ups in the past too hard indicative of what can be achieved going forward? I think that is something that we are factoring and thinking a lot about. In fact, one of the things you could do is say, well, if the growth in multi-Hub continued at a similar pace, roughly 100% year-on-year growth, but there was no other growth in the business, you could see the overall company growth would be stronger, would be an increase over what we had in this last year. Look, we're looking at that very closely. We do believe we can get to 50% multi-Hub penetration from the 29 today. We think that's really achievable. We're not giving a date to achieve it by yet. Look, we think that's certainly achievable, and that would definitely assist the company. Okay. I think there's many more questions here, but let's see if we can get a few done before we have to end. Okay. Have you considered buybacks in the case the business is not able to find the right acquisition targets? $50 million cash. Look, I think it's a very interesting point as companies think about when you might do a buyback. I think that's something that we'd need to get into FY 2024 to think more about. Just being, you know, sensible and cautious on making sure we focus on the rest of FY 2023. You know, certainly as we continue to show the company's ongoing cash flow accreted, then there are a bunch of different options that can be done with that cash. I will share with you that there are plenty of targets if we decide to continue down the M&A program that, you know, plenty of targets, and you could argue that the price of those is getting more attractive over time. Okay. I think we'll do one more, and then we'll do our best to get back to folks as well. I think. Well, there's a question here that I think is also really insightful. Rory: How do you see the future with the potential recession in the US and the EU? This is, I think, again, the crux of this thing. Do you expect that to impact customer retention? You saw it impact a little bit in this half. It did. It did impact a little bit in this half. We had 16% organic growth. We'd like to have had a bit more. Part of that is because we did get a bit of impact. You saw our Net Retention Rate, you know, fall a bit. I think that, you know, over time, we're convinced that it's about the market. I mean, Denise, do you have any comment about the market? Again, I think you've had a really good view. Anything else to comment about in terms of where we see the market and maybe take away from the short-term view to that medium and longer-term view? Yeah. What I would say is, what I'm hearing consistently in the market is that, people are buying. Sales enablement is a strong market for all the reasons that we've sort of talked about as far as, looking to make, you know, teams and sales teams more efficient, more effective. Productivity is the name of the game when you're looking at economic headwinds like we are. In addition to that, you know. Oh, I lost my No, it's true. Yeah. The, you know, consolidation in the market, so the idea of, you know, the acquisition targets and things like that, we're hearing that a lot as well. These are the kinds of things that make us feel like, you know, the market is strong, it's growing, it's up many percentage points from just 2 years ago in terms of compound annual growth rate projections. I think that helps. Oh, great. ... there, David. Okay. There's one other question, Stefan, I think might be interesting for you to talk about. There's a question here from Adam. He just said to you if there are heavy customizations required in order to capture and then retain customers. You know, obviously it is an enterprise business, and we do have some services revenue, but as you've seen today, the vast majority, of course, revenue is subscription. Do you have any comment on how enterprise customers think about customizations? Yeah. Yeah. Great question. I think as David mentioned, it's part of the game with an enterprise that every customer requires some level of tailoring in order to have the solution meet their needs, whether that's specific integrations into systems that they have. There are some business processes and workflows that are unique to them. One of our strengths is the solutions that we have are built with that in mind, so they can be adjusted to meet specific customers' needs. From a roadmap perspective, we do have a bucket of projects that are specifically designed to target reducing cost to serve customers. whether that's productizing certain tailored solutions, building more self-service integration pipelines. We are very conscious about ensuring that where there are customizations needed, that we're doing that judiciously as possible in terms of time and cost. In terms of retainment, I won't comment on the financials. I'll ask Cyril to join me here. In terms of how it's helping stickiness and cut and usage, we find that where a customer spends time deploying an integrated solution, they're more likely to renew. Yeah. Well said. Well said. We'll take one last question because I have to. I will remind that many of the people on this call are financial investors, and thank you for your interest in our company. We also use these events as a bit of a recruitment exercise because we're looking for the very best people in the world to join Bigtincan. If you're out there watching this, please think about joining us. We wanna have a big impact. For us, we go above and beyond, and thank you team for the work to explain what this company's all about, and that's the goal of that is recruitment. I will mention, I won't call out the person's name, there is a question from someone on the line who is considering joining us and they've joined this call to evaluate whether they should join our company or not. Please join us. We're looking for the very best people in the world to help us to create an amazing future. On that note, I think we're done for this call. Thank you all so much. Looking forward to seeing you all on our next event. Yes, thank you all for joining the Bigtincan Holdings first half FY 23 results investor briefing. Should we have missed any of your questions, please feel free to reach out via the contact details on the bottom of our ASX releases. We look forward to hosting you again soon. Thank you.