Good morning, and thank you for joining the Bigtincan Holdings FY twenty-four Results Investor Briefing. My name is Jane Morgan, and today I am joined by Bigtincan's management team, including CEO and co-founder, David Keane, and Global Head of Finance, Cyril Desouza, who'll be providing a webinar overview of today's results. To ask a question throughout today's presentation, please use the Q&A function, which can be found at the bottom of your screen. David, I'll pass on to you. Thank you so much, Jane, and yes, welcome all to our Bigtincan Holdings FY twenty-four results call. My name is David Keane, the CEO and co-founder of Bigtincan. Now, for the call today, we'll be using the FY twenty-four full year results presentation that was uploaded to the ASX this morning, and is also available on our website at investor.bigtincan.com, and a recording of this event will be made available on the ASX and on our investor website after the conclusion of the events. Before we begin reviewing the presentation for today, I thought I might provide some remarks about our progress during the year. FY 2024 has been a transformative year for Bigtincan, where the business adjusted to focus on solidifying Bigtincan as a leader in sales enablement globally, with strong underlying financial results and unit economics, together with building a team that is set up to power the business into the future. In terms of financial performance, that focus on unit economics resulted in Bigtincan delivering a record EBITDA of over AUD 11 million. That's up from negative AUD 5 million in FY 2023. On revenue of AUD AUD 117 million, with an adjusted cost base that allows us to continue maintaining our market leadership with targeted product development and go-to-market initiatives, while growing EBITDA and our free cash flow position into FY 2025. This substantial improvement from the previous year reflects the company's focus on core customers and expansion through our existing product range and our new Geni AI offerings. That focus on the cost base has delivered significant strides in enhancing our operational efficiency, delivering free cash flow of AUD 5.4 million in second half FY 2024, and overall operating cash flow positive results of over AUD 6 million for full year FY 2024. From a market point of view, Bigtincan has made significant strides in product development, particularly with the launch of Genie AI, a large language model-based technology that integrates seamlessly into our existing intelligent enablement platform. This innovation offers advanced features such as AI-driven role play, enhanced coaching feedback, content generation, and more. Now, these capabilities have had and are having positive impacts on our customers, and we'll talk more about that today. In the year, that focus on Genie AI was supported by an AUD 20.5 million capital raising that enables Bigtincan to maintain our leadership in these key product areas that are key to winning deals, winning new deals and enhancing and growing existing customer revenue, whilst improving our retention. Now, additionally, our collaboration with Microsoft on the Works with Copilot program has introduced AI-powered collaboration features into the Bigtincan platform, and we also delivered an industry first this year with our support for Apple's Vision Pro, making Bigtincan the first and only sales enablement vendor to have a native spatial computing offering. Now, as spatial computing grows, this work will put Bigtincan in a unique position to take advantage of that market trend. Now, these developments position Bigtincan as a leader in AI-powered sales enablement, and we believe pave the way for sustained financial performance and market growth in future years. Now, this achievement is a testament to the work and dedication of our team, as well as our strategic initiatives aimed at optimizing the business model, and I really do want to use this opportunity to thank the entire team at Bigtincan. It's our people that make the difference. You guys rock. Thank you all again. However, we're not without challenges. You know, the competitive landscape continues to evolve, and we must remain vigilant and adaptable to maintain our market leadership position. I can tell you the entire team is committed to addressing these challenges head-on, leveraging our strengths and investing in areas that will drive growth. Looking to FY twenty-five, we are focused on building upon the solid foundations we've established this year. Our priorities include further expanding our Genie AI capabilities, enhancing customer retention, and pursuing strategic partnerships that align with our long-term vision, and we think these things together are delivering an outlook for FY twenty-five of increased EBITDA, improved free cash flow position, ongoing market leadership in sales enablement AI-based approaches, and a return to ARR growth for Bigtincan, delivered to what we see as a growing sales enablement market. Lastly, I'd like to express my gratitude to all our shareholders for your support and confidence in Bigtincan in a challenging year. We remain committed to delivering sustainable growth and value for all. Okay, let's dive into the presentation. I do want to start with slide two, just briefly about our vision. Look, as I said in my remarks, our journey this year has been marked by adaptability and making sure that our business is adapting to focus on providing that sustainable value. But one thing that's not changed is our focus on creating long-term value for our customers by building the buying experience of the future for them. Now, we believe that the investments we'll talk about today in the platform to support this are an important and integral part of what we see as the big digital transformation that's going to occur in the coming years and will position Bigtincan well for that sustainable growth. Let's look at slide three, and I think here, just to talk about Bigtincan's achievements. You know, Bigtincan continues to lead in the sales enablement space with over two thousand customer deployments globally in a large market with a total addressable market size exceeding AUD 10 billion. You know, we see the company well-placed to continue to be a global leader. In FY twenty-four, we strengthened our position as a trusted partner for our enterprise customers who are looking to optimize their sales strategies, and we see the investments we made this year as building on that foundation to deliver additional value ongoing into the future. From a financial point of view, as I mentioned in my remarks, we achieved an EBITDA of more than AUD 11 million and adjusted EBITDA of more than AUD 16 million. You know, these numbers are materially improved from previous years. While revenue was slightly down on our original projection, coming in at 117 million, where Bigtincan was impacted by some customer contractions, particularly in the first half of FY 2024, delays in some end-of-period services contracts, and as we note in our 4E, the European EMEA revenue declining by 38% from FY 2023 down to AUD 8.9 million from AUD 14.7 million. This was partially offset by expansion in the Australia region, with growth of 35%, growing from AUD 5.7 million to AUD 7.7 million, and the impacts of the Modus transaction. Overall, our FY 2024 year was about building value around a stronger customer base, which we feel was achieved. And with the gross margin stable at 88%, this shows that the work the team is doing to maintain operational efficiency and value creation was there. Now, again, these results are a testament to the focus on the core customers and that cost management initiative we spoke about before. In terms of cash, operating cash flow positive and free cash flow positive in the second half, driven by that disciplined approach to expense management and a focus on those high-value enterprise customers. You know, this cash flow improvement provides the company with the flexibility to invest in the right growth opportunities, which we think will deliver returns to shareholders in the future. And again, overall, we see that it's clear that the shift towards more personalized and data-driven sales processes are ideal for our platform to meet those demands by providing our customers with the tools they need to succeed in a competitive environment. You know, I mentioned our partnerships with Microsoft and Apple, adding to that and enhancing our capabilities and expanding our reach into new markets. So if you look ahead, we're confident that the company has the right structure to capitalize on these trends and continue to deliver the solutions that drive our business. Let's jump over to slide five and talk a bit about what is happening out there. And it would be no surprise to those on the call that according to Forrester Research, 75% of the workforce will be digital natives by 2025, just next year. Now, with 70%-90% of the buyer journey completed before engaging a vendor, this is a significant change, and the traditional way of selling will just not survive that change. Bigtincan solutions are designed to meet these needs with personalized and mobile-friendly tools that help businesses adapt to this world, and with today's buyers being more informed and empowered than ever before, they expect seamless experiences across all these touchpoints. To address these expectations, we are clear the market needs a new generation of tools that enable sellers to provide relevant information and insights at every stage of the buying process. Just on slide six, I just wanted to share with everybody from a Bigtincan point of view, why we're confident the work we're doing will deliver success into the future. You know, we know that organizations that have been held back by legacy technology deployments that have just not delivered on their promise, has meant that they have been stuck in a situation where those outdated systems are resulting in forced sale processes, weak personalization, and just a tool overload problem that is impacting people. So to overcome those challenges, it's really crucial to apply technology that meets buyers where they are now and anticipates where they'll be in the future. And this involves creating the seamless, in-context experiences that we see facilitating the bi-directional, the direct communication between buyers and sellers that will make the difference in the future. And you'll see that in today's products that we talk about. Okay, let's go to the next slide and talk a bit about slide eight. Thank you. Let's start with that one. Now, we've had this term before. We call it our State of the Union. I think it gives a bit of a chance to talk a bit about where Bigtincan is today and the opportunities for the future. As I spoke about, we launched Genie AI this year, which is our suite of AI-driven tools that enhance our existing offerings. Genie AI leverages machine learning algorithms to provide that hyper-personalized capability to provide recommendations and insights to our customers, and that helps them to optimize their sales processes. Genie AI products include features like intelligent role play, voice analytics, content creation, and a whole lot more, and you'll hear more about that in today's presentation, and at the same time, the strategic focus I spoke about on EBITDA and free cash flow has been instrumental in reshaping Bigtincan into a sustainable market leader. By streamlining the operations and prioritizing the high-value initiatives, we've improved our financial health significantly this year. Thirdly, the sales enablement sector remains a vital area for our enterprise clients, and we have capitalized on this by deepening our partnership with our industry players. I spoke about some of those before. You know, those strategic partnerships really help us to make sure that we can deliver support, and that is impactful across the world. You know, our regional growth has been one of the strategies that's helped Bigtincan. Talked about some challenges in the European market this year, which I'm sure to focus on this call, are not surprising, but our core US base remains strong. That core base of customers that we see using Bigtincan technology to create a difference in how they work. Of course, that focus on that foundation has really given us the opportunity, we believe, to continue to build this company into a successful global leader in sales enablement. Let's go to slide nine. I do want to talk a bit about some of the corporate progress this year. As I noted earlier, we raised AUD 20.5 million to support growth initiatives with a particular focus on advancing Genie AI technologies. Yet this capital is pivotal in driving innovation and expanding the ability for the team to be able to deliver on AI capabilities across our product lines. We've also strengthened our leadership across the company by adding software industry expertise to our board with the appointment of Tim Ebbeck. Tim's extensive experience in the technology sector brings valuable insights that will guide our strategic direction and enhance our governance. At the same time, our executive leadership team has been adjusted, with new members joining the ELT. You know, these changes are designed to align our leadership structure with our strategic goals, and it really ensures that we have the right expertise to drive the business forward. You know, we think that enables Bigtincan to continue to be recognized as a global leader in our sales enablement space. Now, very hard to read the slide there, it's a bit small, but what you will note is that in twenty twenty-four, Bigtincan again is recognized as the global leader in this industry market. So as we move forward, these corporate actions are fundamental to enable us to capitalize on new opportunities and again reinforce that market leadership. So I want to again thank you for your support as we've made those changes. If we go to slide 10, talked a lot about technology. I won't talk too much more here about Genie AI, except to say that we're already seeing Genie AI have an impact in our business. We'll talk later on about some of the real-world practical approaches our customers are taking with Genie and some of the numbers that indicate that that is having an impact on the overall business. We also developed our sophisticated voice analytics technology this period, which came from the original acquisition of VoiceVibes, that is designed to enable Bigtincan to inform, predict, and recommend actions based on both the content and the delivery of speech. Now, this unique proprietary technology to Bigtincan enables us to provide insights into communications patterns, which enables more effective customer interactions. I mentioned role play before. We definitely see that intelligent role play solutions offer new growth opportunities for Bigtincan to areas that we were not competing in this time last year, and this enables our users to practice and refine their sales techniques with simulations that are mapped against established processes, and lastly, we are leading and continuing to lead in the development of extended reality, virtual reality, and augmented reality techniques that create immersive experiences for our customers. These technologies are set to change how humans engage their clients in the future, providing new ways of interacting, and as I spoke about before, we shipped Bigtincan's native application for Apple's Vision Pro this year, making us the first sales enablement vendor with a native app, and we think that is presenting opportunities for growth as that sector moves in the future. Let's move to Slide 11, talk a bit about some customer progress. So, how do we adjust our business in FY 2024 to set the stage for the future? I think the focus on transformation of the business to sustainable EBITDA and free cash flow, and recognizing the challenges in some of Bigtincan's verticals in first half FY 2024, we've continued to focus on core customers and use cases in our ideal customer profile. While that resulted in our ARR reducing in the year from AUD 130 million at June 2023 to AUD 116 million this year, we're confident that this has delivered improved quality customer base to Bigtincan. Now, one of the ways we've done that is focusing on customer retention in the core customers. Yes, while again, we experienced significant downsell in the first half of FY 2024, the company had a major turnaround in second half, with retention rates of 87% for the full year, excluding those one-off downsell events. Now, that improvement in second half was also evident in the new and expand numbers, where new and expand grew 7% half over half. While we did have that decline in EMEA offsetting that, we did mention before we had some good wins here in Australia and as well, supported by the benefits of the Modus transaction. One more stat for you, though, which I think is important, of course, is that we are not just seeing customers continue to take advantage of Bigtincan technology. They are now engaging in longer term contracts. Our average customer contract length, based on our ARR, is now 20 months. That's an increase in contract length from sixteen months last year. What we're seeing is customers are voting with their wallets to get longer term contracts and to commit longer term to the Bigtincan platform. Let's go to slide 12, talk briefly about the team. Look, as I said, the team is the backbone of this company, and I'm really proud to highlight the progress Bigtincan has made in building and empowering our team in twenty twenty-four. In twenty twenty-four, we have focused absolutely on how do we build the best team we can in a dynamic environment, where the company has definitely adopted approaches to gain efficiency, and that has been disruptive to our team for sure. But by focusing on that team dynamics, ensuring we have the right mix of skills and expertise to drive the initiatives we have in play, this means we're better prepared than ever before to be able to execute on that into the future. You know, the foundation we've built amongst our people is really the most important thing we can do to add value for this company. And we're committed to provide the comprehensive benefits that support well-being and professional growth of all our employees. We're working to provide competitive compensation packages and opportunities for development, whilst we ensure that our team members are motivated and equipped to excel in their roles. So no doubt, for a global company, this is challenging, but we continue to commit to encourage our employees to take initiative, to lead projects, to contribute their unique perspectives. That's the way we can be successful here at Bigtincan. We know that that feeling of empowerment fosters a culture of innovation and accountability, which will drive value for shareholders and the whole business. Lastly, we remain convinced that both remote and distributed teams is a core tenet of our business, and it gives us an advantage over our competitors in both talent acquisition and retention, and cost base. On slide 13, though, let's talk a bit about the AI technologies Bigtincan has worked on in FY 2024. You know, we see these impacts of our technologies and the overall migration to generative AI, changing the way humans work and connect is something that is becoming more real every day. But as we say, these innovations start many years in the past, and for those who've been following Bigtincan, you'll know we've been talking about this being a direction for our market for the last five years, and the work that Bigtincan has done over those five years, I believe, gives us the opportunity to build the success of Genie AI into the future. And on slide thirteen, I really am thrilled to talk about the whole showcase we have at Bigtincan, the whole technology suite we have here at Bigtincan. You know, Genie AI is a brand name for a suite of the AI-driven solutions that we've designed to revolutionize the way we approach sales enablement and customer enablement.... Genie AI is designed to harness the power of our-- It's okay, Viv. Yeah, it's fine. Genie AI is designed to harness the power of our generative AI technology to deliver the kind of personalized, context-aware solutions that enhance productivity and streamline the workflow. You can see here on this slide, Genie AI is made up of five core product offerings: Search AI, Genie Assistant, Authoring AI, Coaching AI, and Role Play AI. Each of those products is designed to be leading in its space of the sales enablement market, and each of them are being brought to our customers to add value across our core technology platform. With features like, you know, realistic AI-generated speech for narrated slides and auto captioning, features like automatic content creation, content sharing, the VoiceVibes-based voice analytics technology that's proprietary to Bigtincan, and the ability to conduct role plays in real time, are things that makes Bigtincan's Genie AI technology really unique. Now, we've created a one-minute video for all of you to watch post this event, and there's a link to the YouTube video there, and post this event, we would welcome you to go and watch the video to get you to have a bit of a look at what Bigtincan is doing with Genie AI. And if you go to the next slide. Thanks, Viv. Well, we've also created a website, which is genieai.bigtincan.com/ai, and that website provides investors with additional details on where Bigtincan is building its platform. But one thing I do want to call out on this particular slide is, if you just go back one, is the importance of what we're calling secure GLP. You know, AI technology without governance is not useful to enterprise customers. You can see that at the bottom of this slide, we have based all of our Genie AI technologies around our secure GLP approach to provide governance, security, and compliance to customers who are looking to deploy AI-based technologies. This is a unique differentiator for Bigtincan that we see scaling into the future. Importantly, on the next slide, I do want to talk about some of the impacts in this very financial year. Since the complete platform was available to our teams in around February this year, we have successfully closed 39 deals, contributing to direct AI ARR of AUD 1.5 million. This, I think, shows the ability to leverage AI technologies to drive revenue and enhance our market position. Now, this is included in the AUD 1.8 million in AI expansion ARR, and the total contract value impacts of AUD 5.6 million, again, since the beginning of this complete platform offering earlier this year. Now this success is helpful in securing renewals and additional upsell to existing customers, as well as winning new logos. Now, in doing this, we've seen an average upsell ARR of 28%, with a penetration rate of just 2.7%. So we are just starting to see the impact of Genie AI on our results. Let me give you some real-world examples of this. One of our customers, UnitedHealthcare, is using Genie AI technology to reduce their content creation costs by 30%, reducing their reliance on external content creation and translation services. Another customer of ours, Qualcomm, is using Authoring AI to reduce ramp-up times of their sales reps and improve rep competencies, resulting in potential revenue impacts in excess of AUD 5 million from their initial deployment. So overall, while it's still very early days, these results demonstrate the tangible impacts of our AI-driven strategies and the commitment that we have to deliver these products to provide exceptional value to our customers and stakeholders. Now, on slide 19, just want to talk briefly about the program in terms of the capital raising we conducted earlier at the end of FY 2024. So thanks to shareholder support, we successfully raised AUD 20.5 million in equity to be strategically invested in growth initiatives, including advancing our core AI technologies. Now, these investments are crucial for extending our AI capabilities across multiple hubs and developing the models that leverage our customer-approved data. Now, as part of this, AUD 4 million is planned to be deployed to extend Genie AI technology into Bigtincan's infrastructure globally, powered by Secure GLP, we spoke about before. This ensures we can scale AI developments to meet the growing demand across the USA, EMEA, and Australia. We've committed AUD 3 million in FY 2025 to enhance our sales and marketing capabilities, focusing on promoting Genie AI technologies, primarily in the USA. Now, this investment aims to accelerate growth by creating a robust pipeline for new opportunities and expanding our existing customer base. You know, these strategic investments are designed to allow Bigtincan to build on our market leadership and extend our AI offerings, while fitting into Bigtincan's commitments for its improved metrics in FY twenty-five and beyond. I'd now like to hand you over to Cyril Desouza to take you through the financial highlights for FY twenty-four. Cyril, over to you. Thank you, David, and good morning, evening to everyone on this call. So looking at the financial summary, basically, as David alluded to, in the pro forma revenue was slightly below forecast in terms of the related churn that happened in the first half of FY 2024. As the business focused more on the core customer group, and looked at customers that were more profitable over a sustainable period, that resulted in the slight reduction of 5% to AUD 117.1 million. Now, expenses for the period, which we'll touch later in this presentation, reduced by approximately twenty-eight million, 20%, and that was mainly within the operating expenses line, and that's contributed to an EBITDA position of AUD 11.3 million. That led to an EBITDA margin of revenue of 10%. I think another key, key takeaway here is the cash perspective, and it's important. The business returned to operating cash flow, generating AUD 6.2 million for the year. Moving on to slide 21. As you can see, the business has transitioned to improved profitability as a significant progress of EBITDA achieved in FY 2024 of AUD 11.9 million, from a negative AUD 4.9 million, being a AUD 16.2 million dollar turnaround. Most of the EBITDA was generated in the second half, as the business maintained an 88% gross margin and the full flow of the cost reductions that we implemented in the first half transitioned into the second half from January through till June 2024. This resulted in the EBITDA margin of revenue of 16% for the second half, and we can see that run rate of mid-teens EBITDA margin being our focus going forward. Moving on to slide 22. As depicted with the sustainable cost-based adjustments, the business was able to reduce operating expenses, you can see on the bottom right, of AUD 10 million, half on half. Most of these cost reductions obviously related to headcount reductions, and there was 30% that was made over the twelve-month period. This resulted in prior year improvements, compared to prior year, of sales and marketing reducing by 26%, product development reducing by 14%, which includes engineering, and G&A reducing by 15%. As at the end of FY 2024, Bigtincan, with a headcount of approximately 290, is well resourced to build the business as it progresses into FY 2025. Just a note, and you'll notice this as well in the appendix, in slide 29. The operating expenses in this slide include amortization, depreciation, and share-based payments. A note is amortization and depreciation accounted for AUD 19.1 million, and this is due to historic acquisitions that have been made in the past, and it's the unwinding of the software and customer list from that acquisition. Moving now to slide 23. As you can see here, the business was impacted in the first half from customer contraction, which impacted the cash receipts that led to a slightly higher burn, you can see in the, at the end of the first half. However, moving to the second half, the business focused on an organization structure to improve the renewals in Q3 and Q4 of FY 2024. That improved the billings and the collections, and from a cost perspective, as I mentioned before, the full run rate of the cost came through, and the business also reduced capitalized development costs. These actions were the main drivers that drove the AUD 5.4 million free cash flow that you can see there in the middle bottom column, in the second half. Before I hand back to David and moving on to slide 24, just a quick summary in terms of the cash position. So as you can see, the business generated a turnaround of nearly AUD 18 million in the twelve months of operating cash flow, from negative AUD 11.7 million in FY 2023 to AUD 6.2 million in FY 2024. The business continued to invest in capitalized development costs, and we see these as long-term projects that are essential and will generate future economic benefits for the business, and that also reduced by 22% from the prior year. It accounts for approximately 35% of our total engineering product and office of design employees that we have at Bigtincan. Lastly, to end the year, the business had AUD 31.3 million in terms of cash. This includes the institutional raise of net AUD 9.5 million, and we also received the retail entitlement of AUD 10.5 million post 30 June. I'd like you to also refer to the appendix in terms of the details that we've put for the balance sheet, cash flow, and income statements. Thanks for listening, and we'll hand back to David. Thanks. Thanks, Cyril. Let's talk a bit about the future. So I think, you know, clearly, as we think about the future, where are the initiatives that Bigtincan sees opportunities to grow into? One of the areas that we continue to see as important in our business is the ongoing diversification into verticals. Now, that together with the impacts of generative AI, presents significant growth opportunities in certain verticals. Now, this focus on verticals enables us to strengthen our competitive edge, but also opens up new revenue streams. You know, we see opportunities in verticals adjusting as the market adjusts. The Bigtincan's diversified vertical model enables us to take advantage of that and position the company for growth into the future. Now, our commitments to use the fully funded investments in market development is a testament to the confidence we have in these opportunities. We're strategically allocating resources to expand and seize new opportunities and build our pipeline in Bigtincan's ideal customer profile. You know, we see a growth of 25% from June 2024 in this pipeline, underscoring our ability to capture market share and drive sustainable growth into the business. Also, our focus on products and customers in our ICP is central to our strategy. We aim to build a strong core that not only meets but exceeds customer expectations. Now, on slide 27, let's talk a bit about why we believe building the strong foundation in FY 2024 was important to produce results into our FY 2025 year. So we continue to be committed to sustaining the trajectory that was established in FY 2024, enhancing our market position through strategic initiatives and investments you heard about today, but also making sure that we maintain our clear focus on financial metrics. Our outlook for cash is to see an improving free cash flow position for full year FY 2025, and again, that reflects the work done in FY 2024, but the ongoing discipline and focus on operational efficiency. While doing that, we see EBITDA for FY 2025 improving to AUD 14 million or more. You know, that's a 20% plus growth target over FY 2024, and that's really all about that sustained commitment to driving increased profitability while investing in the key areas that support the long-term growth of the company. And lastly, we see our ARR to grow in FY 2025 with the impacts of Genie AI and the whole focus of the team on ensuring that our customers are gaining the most value possible from the Bigtincan platform. Okay, as per last year, we'll provide further outlook and guidance at our upcoming FY 2025 AGM. All right. Thank you all. And just in closing, I do want to just say, I want to express my gratitude to all of you for the support and belief in Bigtincan's vision through what's been a challenging FY 2024 period. As we move forward, our view as a company is to put those challenges behind us and focus on the value this company and these products create for our customers and all stakeholders. Okay, we're going to do some Q&A, so I'm just going to answer those. Let's go and have a look. All right. I think there's a question here about what went wrong and what's going right. I think the company had a challenging FY twenty-four, where we had some destabilization, you know. You will have read filings from the company and seen we had some challenges there. But I think what the company did right in the last year was we focused on our core customer base. We know exactly where customers obtain value from Bigtincan, and we proved that in the numbers you saw today. We also built a sustainable cost base that can be grown from. I think that was an achievement that is worth noting. Lastly, I think while it did that, it also was able to do the innovation to create the future of our market by building the products and technologies that we're being recognized for today. There's a question about the deals that are closing. I mean, look, I think particularly with Genie AI, I think that's an incredibly interesting question, and it's we're looking forward to being able to update the market more at our AGM. You know, certainly, we're seeing already this quarter as well, ongoing growth in those deals with customers continuing to buy. So I think, you know, the increased investment in Genie AI is factored into the models here. There's no additional investment. It's factored into the models you heard about today, and I think that pre-planning has enabled Bigtincan to have confidence that we've got the investments, we've factored them into the plans for FY twenty-five, and ready to execute on that. There's a question about, pro forma cash. I might ask Cyril to have a look at that one, if you can see that, Cyril? Yeah. Yes, so the question is the level of capitalization into FY 2025, because FY 2024 was AUD 13 million. So basically, if you look at FY 2024, in the first half, we spent approximately AUD 7 million in capitalization, and in the second half, AUD 5 million capitalization. So this was basically driven by the headcount reductions that we did have. But going forward, some of these projects are essential for the business going forward. So we will obviously manage that as we go, but we're not expecting to have a material increase in the level at which we finished FY 2024 for. In fact, I would add to that, that given the fact that the you know, if you think about it from a run rate point of view, so the numbers we showed you today, the 22% reduction in capitalized software dev, development, that's for the full year. The run rate is less than that. And so I think that's an important part of when you're modeling out the business to think about it there. Yeah, okay. There's a question about downsell. Yeah, we definitely had downsell, particularly in the tech market. First half FY 2024, we saw some tech customers, particularly. It wasn't just tech, but certainly tech was the predominant challenge we faced, where organizations were focused on cost management, as was Bigtincan, and that caused them to reduce spend in many areas, including in sales enabling technology. We remain confident that the value add we have from the Bigtincan platform and some of these new technologies presents unique opportunities to get those folks back to growing again with us, so we're really focused on that. I think there's real opportunities there to get them back and buying again. There's a question about... Yeah, we had a whole bunch of NBIOs that came in that were, you know, non-binding in nature, and the company never got to a point whereby we talked about this at our AGM, where we were at that position. I would suggest that the company is always open to best interest of all shareholders, and if people are out there looking to talk to Bigtincan, you know, that's always the case. But I would suggest that, you know, as was confirmed at the AGM, we didn't receive any binding offers, and if they come around, we'd absolutely bring them to shareholders. I would believe, as long as they're in the interest of all shareholders and priced appropriately. Did the company acquire LiveTiles? No, we did not talk to LiveTiles. What's your FY 2025 revenue? So FY 2025 revenue, we'll talk about that as we did last year at the AGM. We'll provide more detailed guidance, including revenue. We feel very confident, though, in today's outlook, which is the improved free cash flow position. We gave some specific numbers on EBITDA, minimum 20% improvement, and the growth of ARR. And we feel at this stage, those are, those are things, those are outlooks that we feel very confident to bring to the market, and we'll adjust them and adapt them at the AGM. There's a question here about is there a case for listing in the U.S., given that over 80% of your customers is your customer base? I mean, there's always a question of comparative multiples. At the moment, I think the company's focus, and certainly the focus in FY twenty-four, was transitioning the business to this, you know, sustainable EBITDA positive model and these improvements in our free cash flow position. I think that was the big focus of the company. Do that while building a quality customer base, a quality core customer base that we can grow from, and making sure that we've got the right team and structures in place to take advantage of what is going to be a growth market. I will also mention, though, to folks, that, of course, there's a lot of talk about U.S. tech growing, U.S. markets adjusting to a lower inflation profile, the U.S. election providing some upside and incentives for growth for companies, and we're looking forward to see the impact of that on Bigtincan. You know, certainly historically, we know that when there's growth in the overall market, sales enablement is an even more attractive tool. So there are opportunities there that may occur with that. In terms of, you know, listing in the U.S., we've had our hands full focused on transitioning the business at the moment, and we'll look at all the best ways to add value for shareholders, of course, into the future. Are prospects so strong you can't afford to engage? Well, I think, I mean, there have been questions more about NBIOs. One more time for everyone on here, the company has not received a confirmed bid for the business, and, you know, that's the best I can share with you. And of course, any confirmed bid that comes in would absolutely be evaluated. And the company did appoint Morgan Stanley to work with folks, and, you know, at the moment, that process has ended, so we can focus on the actual business, but, you know, anything could happen. Okay, why are we needing equity? Well, I think first of all, clearly, there's no need for the company to raise equity. I think the important thing is making sure the company has the flexibility to be able to continue to make sure that it can invest in both its new technologies, like Genie AI. I spoke today about some of the Genie AI infrastructure investments we wanna make, and make sure that we've got the right level of cash balance to, you know, have the company well-placed to continue to grow and, you know, take care of its business going forward. So I think the company is now well-funded, has the right level of cash balance, and I think that's something we should be able to, you know, continue to see improvements. As we mentioned, we definitely see improvements in the free cash flow position in FY twenty-five over FY twenty-four. But again, we'll know a lot more in when we come to the market in at our AGM. Okay, thank you all for the questions. I really appreciate that. Looking forward to seeing you and at the AGM, and having you learn more about Bigtincan. Lastly, again, please visit bigtincan.com/ai to get a bit of a view of what Bigtincan's been building, and looking forward to bringing that to more customers in the next year. Thank you all. Wonderful and thank you all for joining the Bigtincan Holdings FY twenty-four results webinar. A copy of today's recording will be available online, and if we've missed any of your questions, please feel free to reach out via the contact details on the bottom of our ASX releases. But thanks again for your time. Record-