Thank you for standing by, and welcome to the Bravura Solutions Limited Fiscal Year 2022 Financial Results. All participants are in listen-only mode. There will be a presentation followed by a question-and-answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Libby Roy, CEO and Managing Director. Please go ahead. Thank you. Welcome, everybody, and thank you for taking the time to join us today to discuss Bravura Solutions FY 2022 results. I am delighted to be with you today in my new role as CEO of Bravura, having started a week ago after finishing up as Managing Director Business at Optus. I have been on the board of Bravura for the last two years, and based on the current state and future opportunities for Bravura, I am excited about stepping into the CEO role. Bravura is well placed to serve the wealth management industry globally with technology solutions that leverage cloud, AI, and machine learning to deliver to our customers cost effectively in an increasingly competitive industry with a high level of regulation. If you can go to the next slide, Brent, please. Today, I will cover off some key highlights and some top-level results, and then hand to Brent, who will take over and deep dive into the results and answer any detailed questions you have on the numbers. I will then share my initial thoughts on the priorities for Bravura going forward. Over the next three months, I will be conducting a strategy review with the executives and board and will provide an update at the AGM and half year results. If we can go to the next slide. I'd like to take a moment to focus on the highlights for these results. EBITDA and NPAT have delivered within guidance at AUD 45.3 million and AUD 25.7 million, respectively. Pleasingly, you can see a return to revenue growth of 10% over the last year to deliver AUD 266.7 million. I'd also like to share a couple of highlights in terms of strategy execution over the past year. In FY 2022, we delivered our first transition of our Sonata Alta implementation with Aware, and we've had strong feedback from the customer on the resulting productivity improvements. We also increased our penetration of microservices into both EMEA and Australia markets. We continue to make progress on our cloud transition across multiple products in the portfolio. As you will see, we also have a strong balance sheet and operating cash flow that is driven by high quality earnings that are both visible and recurring. We continue to make progress on our ESG initiative. Over the course of the year, we've implemented a global D&I leadership team. We've increased our female leaders from 28%- 31%, and we have acquired our ISO 14001 certificate in environmental management systems. Brent will now take you through some of the details in the results. Thank you, Brent. Thanks, Libby. It's fantastic to have you on board as the new CEO of Bravura. From a revenue perspective, the business delivered 10% revenue growth to AUD 266.7 million. Pleasingly, our recurring and attached recurrent revenue of 81% of the total group revenue, with contracted recurring revenue up 8%. EBITDA reduced 8% to AUD 45.3 million, with a group EBITDA margin of 17%. NPAT reduced 20% to AUD 25.7 million. Our EPS came in at AUD 0.121 per share, with a final dividend declared of AUD 0.032 per share. That resulted in a full year dividend of AUD 0.069 per share. In FY 2022, total revenue increased 10%, as previously stated, driven by wealth management, which was up AUD 9.4 million, and funds administration of AUD 14.2 million. The wealth management segment's EBITDA reduced year-on-year due to global wage costs driven by localized resource shortages, the global resource mix between high and low cost countries, and our overall staff attrition that was in line with the market at just over 20%. We also invested in key delivery and technical resources to deploy a major contract and generate long-term annuities revenue stream. Funds administration, pleasingly, EBITDA grew 27% driven by the renewal of a major contract for a further seven years. Our corporate costs increased 6% driven by an increase in travel post the opening of international borders and various licensing costs. Depreciation and amortization increased AUD 1.3 million compared to previous periods, arising from the amortization of intangibles from recent acquisitions. As previously stated, our EBITDA came in at AUD 45.3 million or a margin of 17%. EPS was AUD 0.121, with a second half dividend declared of AUD 0.032 per share. As you're aware, we've been targeting increase in recurring revenue across the business. The improved revenue result was achieved through an 8% increase of the contracted recurring revenue, highlighting the value of long-term client contracts. Project fees increased 32%, reflecting the continued progression of major works throughout the year. This will result in long-term annuities revenue stream for the business. Long-term revenue growth will allow the business to focus on an improved operating leverage as we continue to experience a challenging labor market and higher costs. The EBITDA result was driven by continued wage pressure, driven by resource shortages in the global mix, staff attrition, and delivery resources we've invested in across APAC and EMEA. Bravura continues to build highly visible revenue stream across our products and our portfolio. We break our revenue into four key components for the market. Recurring revenue comprises revenue that is contracted for the contract term, plus project work post-implementation. The majority of revenue has contract terms between seven and 13 years. Contracted recurring revenue comprises revenues contracted for the contract term and typically includes maintenance, managed services, hosting, cloud, and software as a service. Attached recurring revenue comprises system upgrades, enhancements, and in-production professional services from ongoing client demand. These are attached services as part of the contract with our customers. Project fees comprise professional services from initial implementation and development requirements. License fees are earned on a one-off basis inside contracts with customers. Contracted recurring revenue was up 8% in FY 2022 compared to the prior period, highlighting the value of long-term contracts. Our attached recurring revenue declined 1% compared to prior period, with work being delayed and reprioritized by clients, predominantly in the U.K. Despite this decrease, attached recurring revenue still accounted for 20% of the total revenue base, highlighting the strong relationship we continue to hold with clients. Project fees are really a proxy for future contract revenue, which is positive for the business. Non-recurring revenue increased by 36%, driven by project fees resulting from new client wins and licenses on key renewals. From a research and development perspective, the group invested AUD 53.9 million, of which 41% was capitalized or AUD 21.2 million. Bravura's current R&D program is focused on outcome-based services, predominantly for the development of microservices, Sonata Alta, Dashboards Connect in the U.K., Australian Wrap functionality, cloud, and the extension of our digital advice capability. The R&D program strengthens Bravura's product functionality relative to competitors together with competitive position. The trend you see in capitalized R&D spend from second half FY 2022 will continue into FY 2023. Bravura continues to have a strong balance sheet, even with the macro-level challenges experienced in FY 2022. While cash flow of AUD 48.7 million is lower than last year, we are still in a robust financial position, and we have headroom to invest in further R&D, as well as organic and inorganic growth opportunities. You will see a very strong cash flow conversion in the second half of FY 2022. Operating cash flow, excluding taxes paid, was AUD 47.2 million, reflecting an operating cash flow to EBITDA conversion of 104%, which is consistent with our long-term trend. Our cash flow statement reflects a strong operating cash flow and quality of earnings with a large proportion of recurring revenue. Overall, our financials are demonstrating strong revenue growth, a focus on cost management in a challenged environment, and a return of value to shareholders by the continued payment of dividends. I'd now like to pass back to Olivier Coulon to take us through our strategy moving forward and outlook for the business. Thanks, Brent. Before I speak to our plans on the strategy review, I want to emphasize the strengths and assets that Bravura has today that will help inform and provide the foundation for the future strategy. Bravura has a strong suite of products that cover the breadth of the vast wealth value chain, from funds administration through platforms and distribution. Bravura has a global footprint with significant opportunity for expansion, both within its existing customers as well as new markets and geographies. As Brent has already spoken to, Bravura's revenue growth is underpinned by long-term contracts with high levels of visible recurring revenue. I think it's important to point out that historically, a significant proportion of Bravura's R&D has been achieved in concert with its clients. Underpinning all of this is our talent. We have strong software development, engineering, and maintenance capabilities that are able to work globally to deliver in partnership to our clients. Can you go to the next slide, Brent? I think it's important to detail out just how strong Bravura's footprint is, both across the wealth industry value chain as well as globally from a client base perspective. Across the product suite, along the wealth industry value chain, we've always had great strength in the funds administration and transfer agency business through our Rufus, GTA, and GFAS products. You saw that in the numbers that Brent took you through. This is an area of the business that I will be devoting effort to in looking at how we can further leverage. Sonata is our flagship product in the platform space. With Alta, that we've been investing in in the last couple of years, we are expanding this to deliver business processes as a service. We have also extended our product suite across distribution and customer engagement with our acquisitions of Delta, FinoComp, and Midwinter. I think it's important to point out that in the markets that Bravura is focused on, the industry is more similar than different, which enables us to leverage our investment globally, and we will be exploring greater geographic expansion of our existing products in the next phase of the strategy. From a global customer base, the list of customers that you see on this slide is not exhaustive, but designed to give you a feel for the strength of our existing customer base in our major markets. Our long-term contracts with these global financial institutions is what underpins our circa 80% highly visible recurring and recurrent revenue. We know that there are opportunities to partner more deeply with these existing customers, both across the value chain as well as geographically. If we can go to the next slide, please, Brent. In summary, as you can see from the results that Brent took you through, Bravura has delivered a solid result in a difficult environment. In addition, Bravura has an incredibly strong set of assets and capabilities from which to take the business forward. As I said at the beginning of this presentation, I am excited about the opportunity for future growth of Bravura. Having just got my feet under the desk as CEO, I want to share with you my plans to refine the strategic focus for Bravura over the next three months, and it's laid out here on the slide. The number one priority is to increase our partnership with our existing customer base, which presents significant opportunity, both cross-sell and increased penetration, locally and internationally. Our second priority is to identify opportunities that have significant scale against customer needs. The key customer needs across our client base are to drive cost reduction and achieve regulatory compliance. Technology is a core enabler here, and we have the solutions to meet these needs. To achieve this, we will be doing a deep dive on all in-flight initiatives to determine the right sequence to deliver on the highest value opportunities. The third area of strategic focus is accelerating our existing cloud implementation work across major products in the portfolio, which is already underway. As you saw in the results earlier, the difficult operating environment of the last two years has impacted our cost base. I will be taking a close look at the cost base as part of the strategy review process to ensure it is closely aligned to the targeted areas for growth. I'm very confident this can be achieved. Alta, which is our BPaaS offering that we have been investing in over the last two years, has been built in a standardized way that is applicable globally. In reviewing our R&D spend, we will be optimizing and future-proofing our architecture across the suite of products. Of course, we will also continue to take our ESG responsibilities seriously, particularly in the areas of inclusion, carbon reduction, and ISO accreditation. If we go to the last slide on outlook. In terms of outlook, we are confident in the quality of our global pipeline, particularly in Australia, where consolidation in the wealth industry is driving large-scale opportunities. The recovery in EMEA has been more subdued. However, we have a strong register of existing global customers that we continue to serve and expand. While we expect the labor markets to remain difficult to manage in the near term, we do expect that will ease over the next 12 months. The trend in capitalized R&D spend that you saw from the first to the second half in FY 2022 will continue into FY 2023. Despite these macro headwinds, I am confident that with the existing assets and capabilities of Bravura, we have a strong future. I trust this gives you a good understanding of our focus going forward alongside the results that we presented today. We will update you further on the market outlook on completion of the strategy process at the AGM, and I will now open the floor to questions. Thank you. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you are on a speaker phone, please pick up your handset before you ask your question. Our first question comes from Bob Chen with JPMorgan. Please go ahead. Morning, guys. Just a few questions from me. Just in terms of the commentary around the high-quality pipeline, are you able to give any color on the mix of that pipeline, whether that's Australian or U.K. opportunities between the wealth management business? Are they sort of larger implementations you're looking at, or is it microservices that you've been talking about recently? Thanks, Bob. So I think I've already given some color on that pipeline in the outlook slide, where I've indicated that it is particularly strong in Australia, that is driven by the consolidation in the wealth industry. That is where our BPaaS offering of Sonata Alta is particularly relevant at this point in time in the industry life cycle. As I said, also in the outlook, EMEA is more subdued in terms of large-scale opportunities, but we have great strength from a global financial institution perspective, and we see significant opportunities to expand in that customer base. Great. Thanks for that. Just the comments around the labor markets being challenging. I saw that the license revenues have sort of picked up over FY 2022, but then the margins are still down quite a bit. Can you give some guidance or maybe quantify, like what's the wage pressure that you're seeing across the business? Maybe I'll just start that, Bob, and then hand to Brent for more detail. As you will see, you know, in our cost base, 80% of our costs is labor across, you know, five different countries globally. There's definitely been wage pressure across multiple markets. You know, that is a significant contributor to what we're dealing with at the moment. We will be, you know, putting in place a number of creative solutions to look at our global labor mix going forward to address that, as well as, you know, looking at our hiring practices and other things. Maybe I'll let Brent answer in more detail. No, I think that we're not immune to the attrition that's taking place in the local market. The demand for key technical resources, which comprise, you know, 80%-85% of our resource base. And as Libby said, globally, there's continued resource pressure in certain markets, which means we're needing to hire roles to fulfill customer requirements and obligations. We'll need to look, Bob, at that reshaping as we go forward as an organization. Okay, great. I mean in terms of that sort of margin then, is that sort of, can I sort of assume that sort of going forward, just given that the pressure is still there? I think what we stated is that it's a challenging market and may well be for the next 6-12 months. Through the strategic process, we will respond with a plan to review our cost base and manage that moving forward to allow us to drive operational leverage across the existing customers. I think, Bob, what I would say there is multiple levers that we can leverage to improve margin. Cost is just one of those levers. You know, I spoke specifically to the fact that we'll be looking at scale opportunities against customer needs, and that is another way that we can address the margin challenge. I also spoke to the fact that we would be reviewing our R&D and future-proofing our architecture. Again, improving the scale and the standardization of our development is another lever to address the margin challenge. I think there's many levers at our disposal that we will be looking into over the next three months. Great. Thanks for that. Just a final one for me. In terms of that capitalized R&D spend, I remember, you know, you guys have been on that sort of journey with moving towards more microservices. Like, can you give an update on, you know, is that now complete and you're sort of spending on other different types of projects now, going forward? If you look at our capitalized R&D spend from FY 2022, it's actually spread across our investment in Sonata Alta, which is our business process as a service offering, also moving to the cloud as well as microservices. Microservices is only one element. I think I can't give you any more detail at this point, Bob, because we will be doing a complete review of in-flight initiatives to determine sort of ongoing prioritization. I would stress that, you know, that capitalized R&D investment is actually across many more things than just microservices, which is really just componentizing and enabling us to work with our customers to sell in smaller components rather than large scale enterprise software. That certainly is a strategy that will continue. Great. Thanks for that. The next question is from Matt Johnson with Jarden. Please go ahead. Good morning, Libby. Good morning, Brent. Hope you're well. Can you hear me okay? We can Okay. Maybe just first one for me, just thinking about the second half, EBITDA, is that a good base for us to think about annualizing into FY 2023? I think it's a reflection more so of the challenging market we're operating within. You know, as Libby rightly said, there's a number of levers for us to look at margin improvement right across the business. You know, potentially as a baseline, but you know, and we need to look at driving that operating leverage going forward. You know, at this point in time, you know, would be probably an appropriate baseline. Okay. Thanks, Brent. Then maybe just in terms of, I guess, the labor, with the cost base on the labor side, can you talk to, I guess, utilization? I understand it's probably difficult just given the geographic diversification, but are there areas where you can look to optimize, i.e. are the costs too high in certain geographies given the demand profile? I think that is exactly one of the levers that we will be looking at. When I spoke to our sort of global mix across markets, I think one of the strengths of Bravura is our ability to operate globally and leverage resources from around the world irrespective of where the client is. I think that's a strength that we have. I think what we have to do is optimize the location and the cost base of our resources as we go forward. Does that give you some clarity? Yeah, no, that's helpful. Brent, just in terms of the currency, was currency a headwind in the second half, repatriating the pound back to Aussie dollars? It has been, at the moment, the pound has weakened over, more so July. You know, given we're in multiple jurisdictions, currency always, you know, varies in that respect, but I wouldn't say it was a huge mover in terms of the final impact result, no. Okay. Thanks. Just on the comment around capitalization, the trend in second half, can I just clarify, is that the trend to step down half on half or is AUD 9.9 million? That. the trend you're talking about. It's a step down trend that will focus our investment on the three areas that Libby mentioned and also what comes out of the strategic review, and we'll bring more color to light at the AGM. Okay. I'll try and squeeze one more in. Just around Australia. Obviously you did talk to, I guess, the consolidation story in Australia, especially around industry super funds or super funds. The Mercer & BT Super, does that create, you know, without winning a new Sonata Alta contract, is that a revenue driver into 2023, 2024? Yeah. There's workloads there that would potentially come across onto Sonata, but, you know, nothing's a given. But yes, it does create, given Mercer's a current customer, an opportunity for us moving forward to manage those members on a Sonata platform. Okay. Thanks. I'll leave it there. The next question is from Chris Gawler with Goldman Sachs. Please go ahead. Hi, Libby. Hi, Brent. Can you hear me okay? Yep. We can. Excellent. Maybe firstly just on EMEA, I mean, you've called out that as being, you know, relatively soft versus Australia. I mean, what are you hearing from your customers over there? You know, has that been improving or deteriorating the last few months? Just interested in a bit more color on EMEA, please. I think it's not something that I could quantify as something that's happened in the last few months. I think what we've seen in the EMEA market is increasing sort of vertical integration in that market and a lot of you know private equity investment in that market. That's been happening you know the last 24 months. That's not new. As a result of that, what we're seeing is a lack of interest in large scale enterprise technology implementations. Again, that's a trend that's been there 18 months, 24 months. That's why we will be focusing working with our existing customers where we have relationships, where we understand deeply their needs, and there are significant expansion opportunities to leverage from where we already are. I don't think anything has changed significantly in the last few months, if that helps. Yeah, that helps. It sounds like it's more market dynamics rather than, you know, geopolitical, you know, inflation concerns in Europe. Is that a fair comment? I think that's a fair comment. Yeah. Great. Just looking on slide 8, between your different revenue sources, I just noticed that in the second half versus the first half, contracted recurring revenue actually declined. Just interested to sort of understand what drove that. Is that FX? Was there a churn event? Something else? Yeah, it definitely wasn't FX. There was one customer that moved platform. As you'll see historically, we've seen and focused on driving contract recurring revenue growth. You know, we're not immune to a churn event, and that's driven that. You know, going forward, we expect to continue to build that contracted revenue to drive an annuity-style revenue stream across the contract term of 7-13 years and, you know, allow us to build operational leverage on a number of fronts within the organization. What I would draw your attention to is the project revenue, which is really, as Brent highlighted earlier, indicative of working with new customers. You know, we will aim for very high retention of our customers, and that's usually the way 'cause very long-term contracts. As Brent says, we're not immune to an attrition event. What you should take comfort from is that increase in the project revenue, which is new customer. Yeah, that makes sense. Maybe just lastly on that, are you able to give us a sense for, you know, what part of the business that that customer was in and sort of who you might have lost that contract to? I can answer the first question, but not the second one. It was within EMEA, but I can't give you the second answer at this point in time, Chris, but I can try and explore that, but definitely it was from EMEA. Great. Thanks, Brent. Thanks, Libby. That's all for me. Thank you. The next question is from Ross Barrows with Wilsons Advisory. Please go ahead. Thank you. Morning, Libby. Morning, Brent. I might just do a quick follow-up on that second half observation that was just made with respect to the contracted recurring revenue. Can you tell us, you know, what part of the half that actually occurred? In other words, is there a full half impact in that number, or is it towards the end and that departure still needs to annualize in a little bit? No, it's a full half recognition, Ross. Okay. Maybe, Libby, just a question for you, just regarding the strategy review. Can you talk about that a little bit more? I mean, there's some good detail on the slide, so thanks for that. Maybe some other color just around whether it's purely an internal review or whether you'll engage external consultants and I guess if any of those costs would be, you know, above the line or below the line. Thank you. You know, one of the really good things about having been on the board for the last two years is I can definitely hit the ground running. I think we've got detailed plans for the strategy review, as I've outlined. I have already engaged some assistance, but it is not high cost assistance. It's very specialized, you know, independent consulting assistance that is not going to add any significant cost, which I think is what you're asking in your question. Yes, you know, it's we are getting some external help, but it's minimal in the scheme of things. Okay. That's great. Thank you. The next question is from Brendan Carrigg with Macquarie. Please go ahead. Good morning, Libby and Brent. Just two follow-up questions from me. Just the first on the revenue composition, just specifically on the license fees. The last couple of periods, with the messaging has been that the licensee revenue would start to decline as a percentage of total revenue, but it's actually been trending higher. What should we be thinking about from a composition standpoint going forward, given that the pipeline you're talking to does sound like it could be a bit more at the larger end in Australian super admin? Is the expectation maybe that licensees will potentially remain elevated in the near term? No, I think that the second half was a reflection of activity across the existing customer base on returns and re-signs where license was a component. You know, given the accounting standards and the residual nature of licenses, I think that you'll see a normalization back to prior periods. I wouldn't say it'll run at that level, and it's from the second half into FY 2023 and beyond, given the nature of the pipeline we have. It was a very strong second half, which you know, a reflection of all of those activities across the existing customer base. You know, we've got enterprise and blue chip customers that are looking to stay on the platform or the platforms that they're on. A return to sort of more of a mid-single-digit half trend. Yes. Is probably a more reasonable expectation? Yeah, I believe so. Yes. Okay. Just my other question. Libby, you mentioned vertical integration and private equity investment in the EMEA space. Can you just elaborate a little bit and maybe if there's any specific commentary that you can give to your clients and Nucleus being the obvious example where that was a client of yours that was exposed to that kind of a trend. Brendan, I'm not exactly sure what the question is. You know, I think. Well, is there any update, I guess, in terms of Nucleus? I know that the risk is obviously that when that contract expires in the near term, that that could be a potential churn event. I'm just wondering if there's any update that you can provide in terms of how that relationship has developed over the last couple of years or at least progressed over the last couple of years since the private equity owner took over at GenTech. Yeah. You already see in our numbers some of the impact from that change. You know, that is having a reasonably significant impact in terms of why our contracted recurring revenue has reduced between half one and half two for FY 2022. We're still working very closely with Nucleus though as well and they would credit significantly, you know, the cloud implementation as something that has greatly improved their performance and our partnership. It's still a strong relationship. We've already taken some of the impact into our numbers in FY 2022. Okay. That's helpful. That was all for me. Thank you. Once again. Pardon me. Once again, if you have a question, please press star one and wait for your name to be announced. Our next question is from Olivier Coulon with E&P Financial Group. Please go ahead. Hi, guys. Thanks for taking my questions. Just on cloud progress, you know, you haven't made much kind of mention of kind of where customers are at in the transition to that. I suppose, is there any updated view on, you know, the near and kind of medium and longer term economics of that for the business? You know, our cloud transition is a very important part of our strategy going forward. It's not just about sort of, you know, replatforming from on-prem to cloud. It is also about standardizing our offering across multiple customers, and that delivers to them cost reduction. It also, you know, in terms of, you know, future revenue, it actually is a positive from a Bravura perspective and gives us the opportunity for greater scalability. You know, where we're at the moment in terms of transitioning to cloud, we're in the sort of implementation. In terms of the long-term strategy, what that delivers to us is future scalability, improved value proposition to our customers and from, you know, both a cost perspective, but also in terms of security and availability. Strategically very important, and we're making good progress. We've actually made progress across all elements of the value chain. It's sort of we've been making progress from a multi-product perspective, not just in one area at the moment. Olivier, the revenue opportunity comes from Bravura taking on the operational ownership of running those platforms on behalf of the customer. If we're managing the workloads, you know, any increases required in terms of the environment upgrades, maintenance, then the customer doesn't have to have those operational headcounts. They can reduce that cost base from their organization. They can focus on their core capabilities. We essentially run the environment. That creates an incremental revenue opportunity. It's not a replatforming cost from data center to cloud. It's transformation for the customer, but also a revenue opportunity for Bravura to manage that moving forward. Yeah, I suppose, you know, at the moment it's probably a cost, right? In the sense that it would be taking up some of your capitalized R&D development spend and potentially some of your OpEx spend. I imagine that it probably hasn't had too much of a positive impact on your EBITDA yet. Is there a view as to when it might start to be a, you know, kind of favorable impetus to the results? Yeah, you're right. You have to build capability to deliver reference architecture for customers to feel confident to move their critical workload, their system of records, across onto a public cloud. We're in that phase. It's a minor part of the R&D, but I think you'll see the revenue stream expand over the next couple of years. I think there's a two to three year window by which customers will move across from their current on-prem or data center positions into the public cloud as they gain confidence about the you know the infosec capabilities of cloud. I think it's the next two to three years where the revenue opportunity exists for us as an organization. You clarified that there was no revenue in that second half from that customer that churned. Did that occur partway through the first half, and therefore there was an element of that that was already indicative in that first half number? Right at the end, Olivia. Okay. All right. Right at the end of the first half. Just on the license fees, you know, as noted, it was a pretty strong trend. You're saying that it was predominantly or almost all existing clients. You know, the view on new client license fees that are likely to land in FY 2023 if you execute on your pipeline. I can't really quantify something at this stage. As we said previously, you know, that achievement in the second half is quite significant based on the activity within the existing customer base. There's a varied number of opportunities within the Australian pipeline. I think as we come back in November at the AGM, we can provide some more clarity around that, Olivier. You know, we should normalize back as we discussed previously. Just on the strategy review, is there a date that that's expected to kind of come back? I suppose the two-part question on that is, have you already, prior to Libby stepping into the role, been undertaking kind of cost optimization, since kind of taking over the reins from Martin in February? I think I'd just sort of reinforce that, you know, three months is what I've said from a strategic process review, and that we will come back with further detail at the AGM. Yeah. Okay. The next question is from Matt Johnson with Jarden. Please go ahead. Oh, hi, Libby. Hi, Brent. Just to follow up, just on pricing. Obviously, we talk a lot about costs. Can you maybe give us some insight or share anything around what you might be doing around the pricing of contracts, new and existing, given the current wage pressure? I think from an existing contract perspective, we do have CPI increases inbuilt within those contracts that we can pass on based on the cost pressure we're seeing. I think we spoke at the first half around the fact that there's a lag effect to that. There's an annualized CPI increase or there's discussions that take place. You can reset your rate card with customers based on the professional services work that we're doing. From a price point perspective, I think in the big Sonata Alta space, you know, the billing mechanism's moving from the historical pricing methodology to more of a per member fee, which is all-encompassing. It's managing that component. We're not moving to a pure as a service model, but we're reviewing the existing customer base in terms of where we can pass on costs as most organizations are doing, as you'll see in the current climate, and then looking at our pricing model moving forward, and I'm sure this will form part of our strategic review across the next three months that we'll come back in November. Just, I mean, in some of the RFPs or tenders you've been in, can you notice that pricing is going up across the board from the industry perspective? Really tricky to answer that question, Matt, given, you know, the complexity typically of the contracts that we're dealing with and the differences by customer. I, you know, it's hard to speak to a trend there. Okay. I might try and ask another question around new clients. If the work, you know, if the tendering RFP process is really, really competitive, would you walk away from a deal if it wasn't gonna work out for a unit economics perspective for Bravura? I think it's a good line of questioning, and it comes back to it's another lever that we have to apply as we look to improve our operating leverage. Yes, absolutely, there are walk away points. Okay. Thanks for the clarity, Libby. There are no further questions at this time. I'll now hand the call back over to Ms. Roy for closing remarks. Thank you. Thank you everybody that has joined us on the webcast and the call today, and thank you for your questions. Appreciate you taking the time. Thank you very much. This does conclude the conference call for today. Thank you for participating. You may now disconnect.