Welcome to Catapult's first-ever Investor Day. This is Andrew Keys speaking, Catapult's Head of Investor Relations. In the spirit of reconciliation, Catapult acknowledges the traditional custodians of country throughout Australia and their connections to land, sea, and the community. We pay our respect to their elders past and present, and extend that respect to all Aboriginal and Torres Strait Islander peoples today. I'll now hand over to Catapult CEO, Will Lopes in Boston. Good morning, welcome to Catapult's first-ever Investor Day. Thank you, Andrew, for that introduction. We are very excited to have you all on board here, and to share really, I think the great Catapult story, about not only what we've been doing, but the growth potential that stands in front of us. We wish we were doing this in person, but hopefully, this virtual presentation will be as informative, and get you as excited as we are about the future of Catapult. With that, my legal team always asks that I share the following slide, so let's consider that shared. I'd like to make some introductions today of the speakers you will hear, on it. In Melbourne, we are joined by Hayden Stockdale, Catapult's CFO. With him is Andrew Keys, who is our investor relations leader, and also will be moderating our Q&A session later on. Here in Boston, I'm joined with Chris Cooper, Catapult's Chief Operating Officer. We have a pretty packed agenda for today. We're gonna talk about our industry and the sports technology market, how we've assessed that opportunity in terms of creating a TAM. We're gonna talk about why we're uniquely positioned in this industry. A little bit about our strategy and our business model, and then we'll end it with looking ahead and how we see Catapult becoming a different company in five years. We'll take a short break, and we'll do a Q&A session. Before we get started, I'd like to share a video with all of you. I think this video encapsulates the mission and vision of what we do here at Catapult and the impact that we're having in teams across the globe. With that, let's share that video. Let's press play. At Catapult, we believe in the transcending power of sport. Sport is about a promise, a promise that no matter your background, when the whistle blows, we all start on a level playing field. A promise that what truly defines us is hard work, grit, perseverance, and humility. On any pitch, field, court, or track, we see this promise on display and observe the most fundamental of human emotions. It is this promise that fuels our vision to unleash the potential of every athlete and team on Earth. At Catapult, we are a global team of sports scientists, engineers, and visionaries focused on building the next generation of sports technology. Through comprehensive data and scientific insights, we strive to give athletes and teams around the world a personalized performance blueprint. Honed through our work with over 3,200 teams across 150 leagues and federations and 40 different sports around the world, our technology is impacting the future of sports and athletic performance. Our mission is to build the most comprehensive view of sports performance to unleash the potential of every athlete and team on Earth. Catapult. Unleash potential. Now, as you can see from that video, we're a pretty passionate group of people here at Catapult, and we believe what we're doing each and every day matters. Our vision is to unleash the potential of every athlete and team on Earth. Now, if you're new to the Catapult story, we are the leading vertical SaaS solution for elite athletes globally. What we do is to create performance analytics as well as tactical analytics that are helping teams make better decisions in each day. What I mean by that is that our goal is to help teams, leagues, and athletes improve their decision-making capacity related to performance. When I say we're the leading SaaS solution, I'm not just making that up. Our numbers tell that story. We're a company of scale. We are now 5 times larger than our next competitor, and what you will hear today is that the TAM standing in front of us is over $40 billion. We're a company of high-quality revenue. The bulk of our revenue today is contracted in what we call our leading indicator, ACV, Annualized Contract Value. We have world-class churn standing at 4.1% today. More importantly, Catapult's a growth story. In the last 12 months, our ACV has grown 43% year-on-year, and a new number we're sharing today is that in the last half year, our subscription revenue has grown 29%, nearly catching up to that ACV growth that we're seeing. What truly brought me here to Catapult nearly 2 years ago was the fundamental of its business. We're a company that generates 74% gross margin, and when you remove the cost of sales and marketing, our contribution margin is at 45%, and our ability to improve and expand this margin is great. Now, there are three key takeaways you're gonna hear from us today during this presentation. The first is that we have a large addressable market. Standing in front of us is a professional TAM worthy of $2.6 billion, and a SAM worthy of $1.4 billion available without any major R&D. We also have a prosumer TAM worth $41 billion, and we're operating in a sports technology market that not only is vast, but growing. Two, that we're uniquely positioned to take advantage of it. We are leaders in performance technology, and we are deeply embedded with elite teams across the globe. We have a growing portfolio of high-value solutions that allows us to take advantage of this large addressable market. Three, we have a sophisticated execution strategy to do so. Our product strategy is strong. We have a go-to-market that allows us to have multiple growth levers, and not only do we have a deep strategic moat today, but our ability to expand it is really, really strong. Now, I know I'm excited to share all of this information with you, and I hope at the end of it you will be excited about our story as much as we are. With that, I'm gonna share the mic now with Chris Cooper, our Chief Operating Officer, who's gonna talk about our industry. Chris? Thanks, Will. It'd be good morning, good afternoon, or good evening to all of you, depending on where you might be in the world. I could probably steal a phrase from my Australian colleagues and just say good day and cover everybody. Look, I'm really excited to take you through our industry numbers. I'm gonna focus around three different areas. I'm gonna start out with what are the main components, what's really driving the industry, how large is the industry, how is it growing? What do we anticipate the growth to come to over the next five years? Obviously, how Catapult fits in with all this. Let me kick off with the components. If you look at the key landscape across the sports tech industry, it's really five key areas. Starts with talent identification. This could be anything from youth league development all the way up through professional scouting. From there, you move into preparation and performance. This incorporates both tactics and coaching, as well as performance and health. and this is really the most data intense area of the sports tech industry, and more importantly, the one where Catapult has its deepest roots and its strongest penetration. From there, you move into a team management. It's really broken down primarily into two areas. One is athlete management. This could go from as simple as onboarding of an athlete, ongoing communications, training schedules, things of that nature, but also starts to incorporate organizational strategy. Brings in the culture, brings in succession planning, a little bit longer term thought process with that. From there, you move into another very innovative area in terms of game day. You start to really see a lot in terms of live data, live video analytics that are coming into play. We've all seen the development and the advancement of officiating. Then finally, what's really interesting and innovative is development around venues and really the proliferation of smart stadiums all over the world. Finally, you get to commercialization. Obviously, this has to do with strong media engagement, both from a live perspective, but as well as secondary viewing. Equally important in growing is the betting community as well as fantasy sports. It's these five areas that really make up the overall landscape, start to drive the development and the growth of the industry overall. Let me jump in a little bit in terms of the size. The size and the makeup of the industry is really around two broad areas. Professional, which incorporates elite teams and athletes, and prosumer, which incorporates amateur, recreational athletes and teams. Those two areas together are anticipated to grow over the next five years to nearly $130 billion. What's actually really driving this, what's important, and this brings off of the previous five components I just walked you through, is really an enrichment of the fan engagement, but also team performance and team decision-making. What's most important, and actually what gets us excited here at Catapult as well, is data is at the core of all this. This is really why we're excited around the growth of this market, because data is driving the growth of the market. Dropping into the professional level just a bit. It's already a relatively sized, large size market at nearly $18 billion. It's anticipated to grow at roughly 17.5% over the next 5 years, ultimately reaching an area a little over $40 billion by 2026. Again, very strong, very solid growth from an overall perspective. However, what's exciting to us with Catapult is within the area, within this professional area, the sports analytics and the wearable segments are really among the most, aggressive growth areas. If you just go back 3 years, these two areas combined would be a little over somewhere between $2 billion and $2.5 billion. Today, they've already reached in excess of $8 billion, and over the next 5 years, we're looking at that doubling or more than doubling to just over $16.5 billion. Really strong growth in both of these areas. Dropping down just a bit more detail, if you look at the sports analytics component. Now, a couple of things to pull out of this. First of all, it's actually the strongest growth in terms of CAGR. Across all the areas within the sports tech industry at 26, almost 26.5%. Anticipated to reach a market size over the next 5 years of nearly $6.5 billion. Strong growth across the globe, with a little bit stronger growth happening out of APAC, but nonetheless, very strong numbers across all 4 key regions. However, what really gets us excited here at Catapult is the fact that our core competencies align very well with the major components of the sports analytics area. Whether it's from player and team analytics, data interpretation, health assessments, video analytics, all these pieces that are showing your strongest presence and strongest growth are actually right in the center of the wheelhouse for Catapult. We feel really strong. We've got a nice wind behind our sails, and we're gonna make a lot of great progress in these areas as we go forward. Something just to add a little bit more icing on the cake with that is the area or the sports that are growing the most aggressively within sports technology are areas in which we already have a strong presence or a growing presence. It could be anything from soccer, American football, rugby, ice hockey, and continuing stronger presence in the likes of baseball and basketball as well. Let me shift now to the consumer market. I'll start with consumer wearable, which I think most people know what that is. Overall, right now, it's about a $35 billion industry. It's anticipated to grow a little over 20% over the next 5 years, reaching a total of somewhere in the neighborhood of $88 billion by 2026. Again, very large already, but looking to grow even further. However, from Catapult's standpoint, what's actually more interesting to us is the consumer wearable market that's really focused on sports application. That's actually gonna outpace the normal wearables market, i.e., at 21.4%. Anticipated to reach over $45 billion in total market size, and again, well distributed across the globe in that regard. Finally, we did a little analysis from a bottoms-up standpoint here at Catapult, and right now, we estimate that there's probably somewhere south of about 100 million athletes that are tracking their fitness on a regular basis. However, we anticipate that number to more than double over the course of the next five years, exceeding 200 million. Again, just more juice and more ammunition in terms of where we think Catapult's really well-positioned 'cause it's within this area in which we can actually deliver from a prosumer standpoint. So with this, I'm gonna turn it back over to Will. He's gonna take you through our market assessment opportunity. Thank you very much. Thanks, Will. Thanks, Chris. As you heard from Chris, the market and the industry we operate is vast and growing. It really adds a lot of wind behind our sails. Now I'm gonna walk us through how I've looked and how we've looked internally of taking that market industry and really creating an addressable market that's focused around the products we have and the products that are in our roadmap. First, it's worth noting that in sport, there is a design that's very pyramid-driven. At the very top of that pyramid are professional teams and leagues. That makes up about 20,000 teams across the globe. There are competitive prosumer teams, and we believe, given our analysis, that there's about a little over 8.5 million of them across the globe as well. With a focus on team sports, we know there's about 652 million competitive prosumer athletes. Now, what we've done here at Catapult is taken this pyramid and broken them down into five distinct addressable groups. We typically look at team, sports, and individual athlete. Within the team sports, we believe all 20,000 professional teams are addressable by the solutions we have and the roadmap that we have built. Now, we've broken those down into three different levels that are typically driven based on the level of sophistication that they utilize in terms of their technology, the budget of the team, the size of staff, and some of the regions they play in. We also believe there's over 160,000 prosumer teams that are addressable by our existing solutions. These include high school, junior academies, as well as research institutions. Within the individual athlete market, we believe there's over 200 million athletes that are addressable by what we're doing here at Catapult. Now, I'm gonna talk a little bit about the team sports first, and then we'll talk about individual athletes. Now, if you've been following the Catapult story, you probably have seen this slide before. In team performance technology, there's really four verticals that are distinct and are connected to how teams think about their performance. Performance and health is how the teams think about their athletes and their athletes' wellbeing. Tactic and coaching is how they prepare for the game, self-scout and opponent scout. Then there's management, as Chris has shared, and a small sliver of the performance technology is also professional services, which is how people are utilizing consultative help to understand data and data insights. What we've done is looked at each of those five customer segments across these four distinct verticals. We've built a bottoms-up exercise that allows us to calculate the ACV potential by teams in each vertical across the specific segments, sports, and regions. To give two examples here of what we've done is we build these value pools around what we believe are end-to-end solutions that customers are looking for in order to solve a problem they have in terms of performance. For example, on-field monitoring is something that we do today with our wearables analysis. It allows teams to collect information about their athletes and understand how they manage that training load so they could get the best performance out of their players. Another example of a value pool is off-field planning, where I wanna customize and individualize how I train my athletes in the gym so that they're prepared either preseason or during season. A good example of that would be in soccer, I may wanna train my striker to have strong burst speed, but I wanna train my defenseman to have strong stamina. I wanna individualize those plans and make sure that I'm measuring and monitoring along the way. What we've done is looked at all the value pools across the three main important verticals, which is performance and health, tactics and coaching, and management. We've looked at those value pools across different sports, different regions, and different customer segments to essentially come up with what we believe is the ACV potential per team. In this example here, baseball in North America for level 2 customers represents an opportunity for us of about $27,000 per year, assuming we were supporting them across all value pools. Now to complete our TAM calculation, we did this for about 7,200 different value pool combinations. Again, across three verticals, 15 sports, four geographies, four segments, and 10 value pools in each of those verticals. What we found is that our TAM in professional sports is worth $2.6 billion. Our SAM, meaning what we can service and address right now, is $1.4 billion. Now, what gets me excited is that each of these verticals are exciting on its own. As you can see, performance and health and tactics and coaching are truly the areas we should stay focused here at Catapult. If you look at the right side of the slide, what you notice is that our penetration from a TAM perspective and a SAM perspective is still fairly nascent. At 2.3% and 4.2% respectively, it says that not only do we have a green field in front of us, but a very vast green field. Now, in addressing the prosumer individual athlete market, we did a similar bottoms-up exercise where we looked at the amount of athletes that are playing serious recreational team sports. There's about 652 million of them across the globe. Applying some filters in terms of technology and financial capabilities, we've brought that number down to about 205 million that we believe are addressable. Looking at what we support today in terms of technology, sports, and geography, that number drops to about 39 million that are serviceable right now. Now, part of what we've done is also assess what a customer is willing to pay for performance technology related to improving their team performance. What we've discovered over the past year is that the average individual athlete is willing to spend about $200 annually on this. Which means that we have an individual prosumer athlete TAM worthy of $41 billion and a SAM nearly close to $8 billion. Now, that means that our professional TAM and our prosumer TAM is very sizable. As Chris mentioned, at the core of the technology and what's happening in the sports tech world is data. What you'll hear a little bit later today is that a lot of the solutions we are building have great applicability across many sectors. Not only does Catapult have a sizable professional TAM, a sizable prosumer TAM, but we also have large adjacent markets that our data represents and is unique to. We already have fingers in a couple of these areas, such as media, where we have our licensing business in an area where it's worth $44.6 billion as a market today. Esports, where our video analysis package has applicability in what's happening in that world. That market alone is worth $1.7 billion and growing very rapidly. We know that what we build here for performance is applicable for non-sports related high-performance areas, such as the military, the police segment, as well as firefighters. Just to give a sense of numbers there, if you look across those three areas in the U.S. alone, there's over three million potential clients. Catapult is operating in a space where the market is vast. The areas of fastest growth in that market are areas that we are core to, and our TAM is significant and growing. Now I'm gonna talk a little bit about how we are uniquely positioned in this industry because it's driving our strategy and how we think about our product and our future here at Catapult. Now, before I do, I think it's important to understand that in this pyramid of sport, performance is at the core of the athlete's pathway. What I mean by that is that regardless of the level you are in the pyramid, player development is true to this ecosystem. Meaning regardless of where you are in the pyramid, your coaches and typically the athletes are worried about how to improve performance. The variation that occurs between these different layers is typically the level of sophistication and the data and the insights they're looking for. At the early days, it's really about physical capabilities, learning some tactics. As you get more sophisticated and maybe you jump into a professional level, it's really not only about tactics, but it's the technical capabilities, injury mitigation. When you're at the very top of that elite market, you're not only thinking about all the things I've mentioned, but you're also thinking about mental strength, focus, motivation. Why this is unique and important is that at the core of what we do here at Catapult is performance. That is the core value proposition that we offer. There is a standard five-point performance model that is used in sports around player performance, and Catapult has solutions deeply focused on three of them, and we have a roadmap to support the other two. Why this is important and what makes this unique is the fact that what we're building a solution becomes applicable across each level of that pyramid. Not only does it allows us to find new data insights that helps us show the benchmarking between and within levels, but it helps us learn how to improve performance along the way for all players. Now, when I say it's the core value proposition, it's also worth noting that we're leading the way. We are today five times larger than our next competitor in elite performance wearables, and we have over 3,250 teams globally. Another unique position about Catapult is that we work with the very best of teams and leagues across the world. We support 40 sports globally across 150 countries. As you can see from this chart, the logos that we work with represent the very best of American football, the very best of basketball, the very best of European soccer, leagues and confederations, as well as motorsports. To give you some highlights, we were excited to announce earlier this year that every NFL team is now a client of Catapult. Over three-quarters of the Premier League work with us, and the bulk majority of Formula One are using our solutions during race weekend. Now, we're not unique in this recently. No, we've had a long history of doing so. Starting with our first deal with the AFL in Australia to bring in Premier League teams, NCAA, NHL, confederations, we have established ourselves deeply in the world of elite sports. Now, what makes this unique is that it's built a level of validity within our market. As we go across and down this pyramid, we could always point to the fact that we know how to deal with sports at the very best level, and that gives us an advantage over the competition. Another point that makes Catapult unique here is that we have a growing portfolio for high-value solutions. As we talked about these verticals, what you realize is that not only do we have sophisticated performance analysis, sophisticated video analysis, but we have solutions across management, professional services, media, and across the different levels of the pyramid. Now, why this is unique is that typically, in this space of sports technology, most companies operate within a vertical, and most of the time, they're operating within a vertical, within a sport, in a single region. That means that our ability to bolt on a variety of new solutions gives us an advantage and a go-to-market strategy, which we'll talk about in a minute. Last but not least, one of the strategic uniqueness about Catapult is how deeply embedded we are in sports and in region. Our level of distribution is unlike any other company in the space. Not only do we have a global footprint across 40 sports, but we're working with the very best in terms of stakeholders within those teams. It gives us an advantage to bring things to market that other companies don't have. Two, as I mentioned, not only have we been working with the best of the very best, but the trust they have entrusted in us shows when you look at the lifetime duration of our customers that are greater than five years on average, and the historically world-class ACV churn that we have. Probably most importantly in this is how deeply we're embedded into their daily workflows. Our video analyses are generally used for over 10-12 hours during the season of a sport by a sport team, including all the head coaching staff. Our performance analyses not only are used by training and sports scientists, by every athlete that's on the team. Why we believe this is a strategic advantage and uniqueness is that they are getting used to Catapult solution each and every day, and we're building the next generation of buyers in sport. Let's talk a little bit about the strategy and how we look at utilizing this vast TAM in front of us, this market size that is growing, and our unique advantages to win and grow within this space. We remind again that our goal here at Catapult is to help team, leagues, and athletes improve decision-making capacity related to performance. Now, this goal informs how we look at our market strategy. We're gonna talk about strategically a couple of different things. First, our product strategy, then our go-to-market strategy, and then how we look at efficiencies and scale. Let's talk a little bit about product strategy. There are really three components that we think are important for us to be successful. The first is something I've been talking about here at Catapult from the day I joined, and that is that we needed to create, and we still need to evolve a unified and sophisticated sports platform. Now, what I mean by this is that all of those solutions that you saw that are high value to our customers, they need to make sure that they come together and that the data that you could discover in one is available and usable in another. That's creating data fluency. Why data fluency is important is that it allows us to create and find new insights about performance of athletes and teams, which in turn gives us the ability to contextualize that data across all the solutions that we have. It causes a flywheel effect. The more solutions we have, the greater amount of data we have access to, the more we're allowed to find insights that allows us to contextualize that data and in turn discover there are new solutions that really help our customers perform and do well. That is one of the things that is driving rather our product strategy here. The second element is that we wanna utilize our platform to drive new solutions, which means that it gives us the opportunity to expand our TAM. Now, we talked about how our TAM today in professional sports is about $2.6 billion. We know given our roadmap and the value pools that are still in front of us, that as we build a sophisticated platform and bolt on new solutions to it, we can see the ability to expand our TAM to three times that size. There are things in our product development roadmap today that we're very excited about. Things such as new tracking mechanics, refined analytics, things around contextualizing performance in a way that has never been done before that probably will revolutionize this industry. Things such as simplifying how you understand that analytics and how you understand performance overall that will also help those in the entry level of the pyramid to improve how they approach sports science. Things such as creating and supporting training setups at the beginning of the season, post-season reviews in areas where maybe the team doesn't have 20 sports scientists to do so. We see our platform not only as a place that builds a one-stop shop, finds new insights, but a place that will allow us to expand our TAM in a significant manner. Which gets me to my third point. From a product strategy perspective, what we are trying to build is performance blueprints for our customers. The fact that we will have a platform in an industry where we are the most comprehensive solution in terms of sports and volume will give us the capacity to build the most scientific-based analysis, not only because we have deep sports science expertise, but because that volume of data will allow us to do things with machine learning that no other company can. That allows us to personalize and customize that insight in a way that other companies will not be able to. Ultimately, it allows us to create impacts to our customer's performance in a way that's predictive and prescriptive. At the core of what we are trying to solve here are these performance blueprints, where anyone across that sports pyramid could really understand how their training mechanics, their tactical mechanics, could really lead to better ways of performing. By utilizing our platform, our ability to have access into new solutions, our volume of data and our across region expertise gives us the ability to do performance blueprint that's truly unique in this industry. Now let's talk a little bit about our go-to-market strategy. There are a number of things that are driving, I think, our look in terms of growth. At the core of what we do from a go-to-market is a focus of land and expand with professional sports. We know it's important for us to establish beachhead relationships primarily in the performance and health category and expand it into other verticals. Sometimes we start with video analysis and tactics and coaching, but primarily in performance and health. We know we have established leadership in this vertical. We know we have deep market trust, and we know we've been working with the very best. The ability for us to find new logos and work with new customers within this space and then bring and utilize our platform from an expansion perspective is really, really strong. Now let me show you why we believe this. This is a real example of an NCAA customer here in the U.S. Six years ago, they started with us with a performance analysis solution. Over the years, they added other solutions related to management, other solutions related to video analysis and tactics and coaching. What you could see is as we built trust and a relationship with that customer, they went from spending close to $25,000 annually at the start of the relationship to now nearly reaching $500,000 or half a million dollars annually by adding other solutions. As you can see, as we add new solutions within our platform, our ability to expand the value of what we bring to market to our customers will translate into long-term generating ACV for the company. Another important component in terms of go-to-market is our ability to aggressively penetrate the three customer segments we talked about. Here we're showing the team segments. Now I get asked this quite often since I've been here at Catapult: Have you fully penetrated the very top of the elite market, our level ones? What you can see is that the opportunity in front of us is still pretty vast. Our penetration in performance and health is under 25% of that level one team, and our tactics and coaching is still under 15%. When you look across the other levels, you'll also notice that our level of penetration is still nascent. Now we've created a granular plan to penetrate each level based on the region, the sport, and their budget, as well as tied to the roadmap of what we're building. We feel very passionate that our ability to aggressively penetrate each segment will come to fruition in our long-term strategy here at Catapult. Equally important for us is to pay attention to how we're doing across regions because it allows a level of scale and a level of expertise that other companies will not be able to have. As you can see, we do very well across the globe, but we still have significant opportunities in North America, EMEA, APAC, and LATAM. Whereas we scale within region, what creates an advantage for Catapult is the ability to deal not only with local currency, local language, but also having regional expertise of specific sports. We know specific sports are important. We not only operate across 40 sports, but we believe that our ability to create specific insights that are very customized to a sport will allow you to deeply penetrate all the different sports that are around the world. As you can see from this chart, the opportunity for us to expand in soccer, basketball, other sports such as American football and rugby, are still pretty vast. One of the things we've been very hard at work here is to ensure that our insights are tailor-made for them. The last couple of weeks, we were very excited to announce two very unique introductions in terms of analytics. Not only did we announce yesterday a new baseball analytics, but earlier last week, we also announced a hockey analytics around hockey goalies that truly is unique in the market. We believe as we continue to focus on sports and position-specific analytics, our ability to create something that is truly tailor-made for a sport will help us to aggressively penetrate each of these sports segments. The last component in terms of go-to-market is really talking about how we think of supporting stakeholders during their weekly workflow. Now, as an enterprise SaaS solution in sports, we know there are organizational influencers as well as organization consumers. We believe it's important for us not only to work with the influencers, whether that be a head coach, performance director, or a video coordinator, but also to ensure that our solutions are meaningful and customized to the organization customers, whether that be an assistant coach, strength and conditioning coach, a video assistant, a general manager, or the athletes themselves. Why we believe that's important is because, as I mentioned earlier, what we know is that during this weekly workflow, customers are spending multiple hours with our solutions, and we wanna ensure that their experience with what we do here at Catapult is always positive because we know that the assistant coach on that right side of the chart will likely be the next organizational influencer when they become the head coach. We know that the strength and conditioning coach will eventually become a performance director, and we want them to become familiar with Catapult solution and feel that we're supporting their needs even at the early stages. Now, why we believe this is important, I'm gonna share a video that I truly believe describes the impact that we as Catapult are providing to customers across different segments of the consumer. What you'll see is that not only the head coach, but the performance director, the trainers, all look at what we're doing as something unique and special. With that, let's press play. I think the one big piece of utilizing data like this is this technology isn't gonna give you answers. It's gonna give you questions to ask. That's the really fun part about it, is it's never gonna take away your job, but it'll enhance the way that you perform your job. I feel like I'm an organic coach where I need as much information as possible, and I wanna have that in front of me, and I also want to adapt to new things. I think it's to paint the full picture to sort of fill in the voids. What you have to find is what technologies work for your workflow. We're really looking for this to be a multifaceted approach. We're looking to evaluate our athletes, what are their capabilities, monitor their training loads to ensure that they're performing at an optimal level, and then develop our training plans to match the adaptive and physiologic capabilities of the athletes. We need to stay at the cutting edge in terms of innovation, and this system is one that's been a perfect fit for us. I think the MLS changes every year. That's the really fun part about being in a league that's sort of growing and becoming famous, is each year becomes a little bit different. There's new technologies, there's new players, and so Catapult's helped us sort of track those over the last five or six years, where now we can see where we were five years ago and also where we could be going in the future. As you can see, what we're doing there is truly remarkable in helping not only athletes but the entire staff within the team. Now not only do we wanna ensure that we have a good go-to-market strategy in terms of product and growth, but we also wanna ensure that in the next few years, we become more efficient and sophisticated about that growth. An important component of our strategy here at Catapult, which really translate in terms of our contribution margin, is that we're gonna become, and we're working very hard at becoming data-driven and sophisticated about qualifying our leads, that we're focused on developing a scalable model when it comes to selling and bringing customers in at a lower level of the pyramid, and that we're making cross-selling a core competency of the company. As our platform expands, we know that one of the most important things we need to do is to ensure that we could get customers across multiple solutions, and that core competency will allow us to become more efficient and cost-effective. Now, before I wrap up and pass on the mic to Hayden. I get asked quite often as well this market is pretty vast. Do you see an expansion of it inorganically? We feel pretty confident about where we stand with our existing R&D and our roadmap. Of course, we're gonna assess M&A opportunities along the way. Now, there are three lens that are important for us from an M&A perspective, which it's important that I share here today. The first is that we have a high discipline approach to M&A based on the Rule of 40. Many of you who understood the transaction we did with SBG would understand that our big focus in products that allows us to have long-term revenue, both in the top and the bottom line, are important. Our disciplined approach to M&A means that we understand a couple of things. First, we know that buying a solution typically is more expensive than building one, and that bringing cultures together within companies is also very difficult. We want to ensure that if we are doing a transaction, that we see a pathway that really allows to build in that Rule of 40. We see partnerships as a great way of testing that. Now, we also wanna make sure from a second lens that the product that a company from an opportunity perspective has is similar to what we have built here at Catapult in terms of its specific attributes. That it has the ability to expand regions, it has the ability to cross sports. That it's future-proofed. That it offers customer value and datasets in a way that allows us to build that platform and that flywheel. In many cases, it truly needs to accelerate our time to market. We look internally to ensure that any M&A opportunity for us is really taking advantage of Catapult's unique position today. Our global sales and support infrastructure could help scale. Our expertise across sports and within elite environment could really create something new, so that 1 + 1 equals three. Most importantly, how we approach M&A is with a focus that our number one priority is to deliver value to our shareholders and our customers. Now, before I end it, I think, I hope you understand that what ultimately from a strategic perspective we're trying to accomplish is that we wanna use our competitive advantages to deepen our strategic moats. On the left side, what you see is the competitive advantages that we have here at Catapult. A large base of customers in the elite sport world. A leadership and performance analysis that's unlike anything else. A unique ability to contextualize data around performance within video and video analysis that's truly new in this space. The ability to have a footprint that is global and growing. And a market trust and a support infrastructure that is unlike other business. If we combine these advantages with the strategy I just shared, we are true believers that the strategic moats that we have today, such as the ability to bolt on new solutions into our platform, will create new moats, such as being a multi-solution one-stop platform. It will give us the ability to create unique performance insights and algorithms at a level of scale across multi-sport that most importantly will create the following. That's actionable, predictive, and prescriptive insights that will give us the ability to build performance blueprints that will impact teams across that pyramid and the next generation of athletes. With that, I'm gonna hand it off now to Melbourne, where Hayden Stockdale, Catapult's Chief Financial Officer, is gonna walk us through some of the business model areas related to Catapult. Hayden, take it away. Excellent. Okay. Thank you, Will. Hello again, everyone as well. I'm very conscious of time, so I'm actually going to jump straight into it from here. Just to give a little bit of framework here too. On the following slides, there are really two things that I want to do. The first is, to really sort of show that we're focused on, the economics of what we do. Then the second thing I want to point out was, how can we be held accountable for, and how can we also measure the success of the strategy that Will just outlined? I'll click to the next slide. Now to this end, I think it's very important to actually remember that what we want to do is to provide an ongoing stream of value to our customers, and also to ensure that we're gonna be appropriately rewarded for that value. The first measure of success that really dovetails with this is to move to full subscription, okay? To drive all of our revenues towards subscription. Here you'll see we're not quite there yet, but we're making great progress, and we're also getting very close. This was a process that really started a few years ago in FY 2019, and that we really accelerated at the start of this calendar year when for all intents and purposes, we really discontinued all capital deals in our performance and health vertical. Now, this is gonna come at a significant short-term cost to us because subscription revenues only get recorded at about a third of the amount of capital revenues, while our cost structure actually remains the same. Which means for all of this year, all of next year, and also for part of the year thereafter, we're gonna record lower total revenues than we would otherwise. Now, this was a hard decision, but I actually also think it was very much the right decision because what it does is it actually gets our earnings, our earnings stream a lot closer to our value stream, and also a lot closer to the way that we think, which is all about recurring subscriptions. In FY 2021, you'll see here that we were at 79% of total revenues being subscriptions. In advance of our full set of H1 results, which we're going to publish next week, I'm actually really pleased today to announce that we've actually hit 86% on this metric. We've advanced another seven percentage points towards our goal of 95%, which only leaves nine percentage points to go to completely close this gap. I'm very hopeful that it won't take too long to deliver that. Now, as we move to full subscription revenue, it's also really important, I think, to take stock of what that means for our economic model and the metrics that we'll be able to produce. One of the key benefits of subscriptions is you really get to look into the future, certainly a lot more than you do for, say, capital revenue, which really becomes history as soon as you've won a deal. This predictability and this foresight into the future is really, really interesting, not only from sort of like an internal planning and agile decision-making sort of type perspective, but what it also means is I can tell you with a high degree of confidence a minimum to how we think we'll perform in the coming year or so. Let's just step through this. On the right-hand side of the slide here, we have three key leading indicators that gives everyone an idea of how well we're going to do into the future. The first is ACV, which is a leading indicator of revenue, and it tells us how revenue is likely to expand in the next twelve months. The second are variable costs, which is really the cost of delivering that revenue or that ACV. Now, this is really our cost of goods sold, our sales and marketing expenses, and the like. In the short term, we're actually investing more heavily in these, but over time, we'd expect these to be reducing as a percentage of ACV as we get more efficient as we scale. Obviously, as these do come down, then contribution margin goes up, and contribution margin is the key measure of our operating efficiency. It's also, really interestingly, a key long-term valuation metric for us as it captures the operating worth of the business in any terminal value calculation. As we strive to create value for you as shareholders, expect contribution margin growth to be a real key focus of us into that long term. Separate to these three subscription economic metrics, what you'll also achieve with growth is operating leverage with our G&A expenses. We'd expect these to come down as a percentage of ACV also as we scale. This just leaves us with the R&D investment, which is the cost of generating future ACV growth. I think what you should really note here is that both these G&A and R&D costs can be throttled up or throttled down depending on the growth outlook. In the event that we ever go ex-growth, we'd expect to be able to pull back heavily on those costs. Our EBIT margins rose and closed in significantly towards our contribution margin. Now, if we apply and expand on the subscription economics for Catapult today, you get these five SaaS metrics that we've been reporting on quite regularly for the last year or so. These measure our growth, as well as the quality and efficiency of that growth. The first is ACV, and we've spoken a little bit about ACV. In fact, a lot about ACV over the long period of time, so I'm not gonna add anything further here. The second is ACV churn. Now, ACV churn is a great measure of the stickiness, but also the embeddedness of our products and also how engaged our customers are. It gives us good confidence as well in investing in our sales yield into the future. Then there's lifetime duration, which is a similar measure of quality. Where we're actually adding ACV growth within the age profile of our customers. Are we adding it with new customers? Are we adding ACV really with our long-standing customers? Next is the number of multi-vertical customers that we have. Now, this is an absolutely key measure for us right now, given the emerging, but also the secular importance of cross-sell to our growth story. It's also a key measure of the embeddedness of customers, given that they'll have multi solutions and it's very difficult to extract yourself in those circumstances. It's also therefore a measure of the value of those customers to us too. Lastly on this slide, we have the all-important contribution margin, which above all else measures our SaaS efficiency. On the next slide, I really want to give you a flavor of where this can all lead us to in our stated ACV growth ambitions. As a starting point, we're currently sitting here between the AUD 50 million and AUD 100 million ACV mark in the table. The percentages shown there really reflect where we would be today on a normalized basis. Okay? On a non-COVID, non-skew for positive cash flow type basis. As you can see, we're aiming to really grow our gross margins over time towards 90%. As we do, to actually deliver efficiencies with our contribution margin heading north of 60%. We'd also expect our percentage of fixed G&A costs to lower as we scale to generate EBITDA margins well into the 30s. Long-term, this is actually really important for us, as you've heard Will speak about, as it underpins our all-important rule of 40 goals. Now, we'd also anticipate R&D to stay broadly sort of in the high teens as we continue to see attractive growth opportunities into the future. Although we're gonna remain very cautious and very measured in our approach to that. The net result of all this is gonna be very strong post-investment net margins north of 20%. Now, one thing to note here, and I really want to emphasize this again, is that from a defensive perspective, if growth were ever to dissipate or even slow for a period, or if tactically we just decided it was appropriate, then we can collapse any and all of those three expense lines the variable costs, the G&A, the R&D, and rely really heavily on the high gross margins to produce cash. In fact, to produce lots of cash at any point in time. Now, all of these percentages have been graphed on the following slide. What these show are some really interesting growth characteristics and inflection points. From a growth perspective, the unit economics and the operating leverage combine here to create this enormous margin expansion, as you can see, where our EBITDA, sorry, our EBIT margins, which are plotted here, rise towards our contribution margin, and our contribution margin rises towards our gross margin. Then there are the two marked inflection points, interestingly marked one and two. The first one of these comes as our contribution margin really outpaces our cost of running the business or our G&A expenses. Now, it's at this point that EBITDA turns positive and continues to grow quite strongly as ACV grows. The second inflection point comes when our contribution margin surpasses not only the cost of running the business, being G&A, but also our cost of growing the business, being R&D. Here, continued organic growth at that pace becomes self-funding and cash flow starts to really, really accelerate. Now, the final point I'd like to note here too is that prior to embarking on the accelerated growth, investment program that we announced recently, we had already passed that first inflection point, and we're very confident we'll do so again within the next couple of years. With that in mind, how are we going against these metrics? Well, let's have a look on this next slide. Here you'll see that we've grown almost 55% by adding AUD 21 million worth of ACV in the last two and a half years. For ACV churn, how's that gone? Well, as Will pointed out, we have absolutely smashed that metric to well better than world-class standards, and it's now sitting at just 4.1%. Our lifetime duration metric remains really solid at around 6 years and has only moderated slightly due to growth in our new customers. Our cross-sell is also, really importantly, absolutely smashing it. It's up 150% in 2.5 years, while our contribution margin has actually stayed comfortably here within our target range. Right? All up, I think we are very, very much on track to achieve our long-term goals, certainly with what we've done over the last couple of years. Now, speaking of long-term, on this last slide of mine, I really want to leave you with a flavor of how we expect to deliver on this business model that I've just outlined. Here you'll see the various margin components for the different elements of our business today, culminating in the current margin blend on the far left of that chart. Now importantly, the engine room and the focus areas of our growth strategy are really centered on the high gross margin verticals of performance and health and tactics and coaching, which you'll see in the middle left of that chart. Most importantly here is to understand that this is where we'll be incrementing our gross margins from. Okay? For instance, the SBG acquisition came with margins very similar to what you see here in the middle of that chart in tactics and coaching. It had gross margins north of 90%, and it had a contribution margin around 70%. Importantly, we can also incur at these types of margins organically too. Here I'll reference our cross-sell from performance and health into tactics and coaching, which mind you, is actually going really well right now. If you think about the land and expand strategy that Will expounded on, the variable cost of the expand bit is typically lower than the variable cost of the land bit. Okay? The CAC is lower. Expanding into high-margin video from still very high-margin wearables with the potentially lower variable costs associated with cross-sell is just the type of business that we want to pursue. The very fact also that we have a tactics and coaching business today, which has margins, as you see in this chart, should also give you a lot of confidence about our ability to generate those type of margins organically in that sphere today. It doesn't take even close to 10x growth at those tactics and coaching type gross margins in order to reach our overall targets from the previous pages. What does that mean? That means that from where we currently stand, we are very well-positioned to deliver on these targets into the future. We have a large and growing TAM. We have a leading market position. We have the leading technology, and we have the global sales force and infrastructure to execute. I think that's a great segue to hand back to Will to talk about looking ahead. Over to you, Will. Thanks, Hayden for that. I think as you heard today, our story here at Catapult is pretty unique. We do have and are operating in a vast market with a TAM opportunity in front of us that looks incredible. With a business model fundamental, as you heard from Hayden now, that has the ability to expand its margins in a way that is really special. More importantly is that we're building solutions for teams that are sticky and growing. We think of ourselves as a place that's just getting started because we know that companies that build the best of breed in vertical software, particularly in industries that create this level of stickiness with a SaaS model that Catapult is representative of, creates great value and change for the industry, customers, and ultimately shareholders. Now, in order to accomplish what you heard here today, we have assembled a great world-class team. Catapult, when I joined, had fantastic leaders already that understood the business of sport with a long focus on how to win in this industry. Joining them, I knew that I needed to complement this great team with some new faces. What we have here today is a team that has the level of skill, passion, and common vision to really scale Catapult to the next level. I hope you also understood that Catapult not only is operating in a fantastic market space, but our ability to grow has multiple levers, cross vertical, down the pyramid, new products, ability to actually enter adjacent markets, and in many ways, truly accelerate our data insights and analytics in ways that hasn't been done yet. I'm gonna remind you how I started this presentation. There were three key takeaways I wanted all of you to have. The first, we have a large addressable market. Represented by a $2.6 billion professional TAM, a $41 billion prosumer TAM, operating in an industry that is growing to a $128 billion, and growing quickly. Two, we are uniquely positioned to take advantage of it. We are leaders in performance technology. We have earned the trust of our customers, and we are deeply embedded with them across the globe. Not only do we support multiple sports, 44 exactly, but we have a growing portfolio of high-value solutions that allows us to expand with our teams in unique ways. Again, we have a sophisticated execution strategy to get there. We strongly believe in our product strategy. We believe it's not only helping as we see the results of bolting on something like SBG into our system, but also our ability to grow into market with the growth levers I just talked about. Importantly, from this investor day, is that we have wonderful strategic moats today, and our ability to deepen them are even greater. When I look at Catapult in the next five years, I see a Catapult that's truly different and bold. One that will actually be operating with over 5,000 professional teams at the top of the pyramid, offering the best-in-class sports data platform that is there to offer. We see a world where in the prosumer market, we will have over 500,000 athletes operating and working with our solutions. A best-in-class training and education platform for the amateur athletes, unlike anything else out there. Now, when I came to Catapult, I knew that the ingredients were here to build something that was truly spectacular. I knew that the outcome of that was gonna be growing our ACV to levels that were truly dramatically different than where we were right now. We set this high growth ambition at the end of FY 2020 to 10x our ACV. Now, the pandemic maybe slowed us down a little bit in FY 2021, but even so, we were able to significantly grow our ACV during that period. I'm really excited when we announced our SaaS metrics a few weeks ago, that at the end of our H1 of FY 2022, our ACV was already at 58.8. My confidence in our ability to hit our ambition continues to grow while I'm here at Catapult. I know my team's ambition and confidence also continues to grow, and I hope what you heard here today gets you as excited as it's gotten us. I wanna thank all of you for taking the time to join us today. I wanna thank all of you for hanging in there and listening to this presentation. We're gonna take a short break, and we'll be back in five minutes to do some Q&A. Thank you. All right. Welcome back. I needed to do a little H2O break, but we're back and I think feeling pretty relaxed. I appreciate you know, I think the number of questions that have come in. I'm gonna hand it off now to Andrew down in Melbourne, who I believe is moderating and looking at the questions coming in. You know, we'll kick it off and hopefully have a good time. Andrew. Thanks, Will. Okay, let's get into it. For participants, please, feel free to put your questions into the Q&A function, and we'll take it from there. Our first question is from Raymond Jiang, and I'll direct this at Hayden. In terms of the data, on the number of wearables competitors, have we based that purely on numbers from their websites? Well, the answer there is yes, in some cases, I should say, very much from directly publicly available information such as websites. Look, we've also triangulated that with a lot of internal data that we have. You know, we know, for instance, exactly who certain customers use if they're not using us from previous sales experiences. There is a little bit of internal intel that goes into that too. Okay. Another question from Raymond. Can you please provide more details regarding the COGS relating to the unit economics of the video hardware segment? For example, the hardware freight, data center royalties, et cetera. Look, on an individual deal that it can change it might be a laptop or a server or something like that, and then we will load up our software on it, and we'll provide that to a customer. You know, we make a small margin on that hardware component. It's nothing significant. You'll see sort of an indication of that, I think, on slide 60 or 61, whatever the number was, the final slide of my deck. There's nothing really to add beyond that. Look, it's a very, very small part of the business. You'll see it doesn't really skew down our overall margins. More importantly, as we grow- It's going to become less and less a percent of our business as well. Okay. Thanks. A question which I'll throw to Boris for the answer. This is from Stefan Stevanovic. "In order to grow the prosumer business, you need a strong consumer brand. Have you considered leveraging your relationships with elite teams to promote and raise Catapult's brand awareness? Yeah, it's a great question. You know, I think part of what hopefully we passed on here today was that I think the first and most important thing is to utilize our solutions to make sure that it's applicable across the different layers of the pyramid in sports, and ensure that those solutions are becoming easier and more digestible for particularly the prosumer athlete on that front. The second, I don't know if our focus of ours is to utilize our existing elite clients to drive awareness, but it's certainly to utilize, I think, the validity that I think we get by having so many elite clients on it. I think the combination of what we do for elite plus the value of the software plus the value of the data, you know. How do you compare to a pro athlete? How do you benchmark against a top Division I athlete in an NCAA school? We believe those are really powerful messages that will allow us to drive growth on the prosumer side. Okay, thanks, Will. Next question is from Roger Walling at ICE Investors: "What is the key to scalable growth for teams with a modest budget, and how do we adapt products for teams with limited human resource? Yeah, I'll take that as well. I think that's. You know, the reality is that we're doing that already. All right? You know, what you saw, hopefully, across the presentation is that our ability to penetrate different layers of that pyramid, different segments in terms of sport, really shows the adaptability of our software in terms of very sophisticated clients to, you know. I don't wanna say less sophisticated, but perhaps as, I think as you put it clients that don't have the level of staff, I think, to kind of really manage the data insights from a sophistication perspective. I think we're doing and adjusting in terms of relations to budget, technology, that are really supportive to our customers across those different layers. I think a core part of the strategy for us, particularly from the product perspective, is when we get to I think the third point I made around performance blueprints. You know, we know that as we become more deeply embedded into areas where the level of staffing and budget sort of lowers, we wanna make sure that we're providing a solution that's a bit more predictive and prescriptive in terms of how to use what we're building here at Catapult. that in terms of growing into that market, we're also doing so efficiently. You know, the reality is that Catapult's been built, in many ways, as an enterprise sales organization. You know, we have a very high rate of BDMs to teams. As we start to move down that pyramid with more prescriptive solutions, we also need to ensure that our go-to-market within it is more scalable and efficient, which is a big part of what we're focused on right now. Okay. Thanks, Will. Next question is from Troy Cairns at Quest Asset Partners, and he's provided some context as well. The TAM and SAM numbers that we've calculated are enormous versus our current market positions. Given that Catapult's the leader in the space, it begs the question, where are all these dollars currently spent? Then maybe to use an example, if you take the current SAM of $1.4 billion, where is that spent now? Yeah, it's a good question from Troy there. You know, the reality is that it's spent in a variety of types of non-dedicated sports solutions, right? When you think of it, for example, let's take video analysis as one. You know, video analysis is one of the areas that almost every sport, regardless of where you are in the pyramid, will tend to pay or do or spend some dollars on trying to solve. Now, if you're at the very sophisticated top of that, elite market you're utilizing things like what we have here from Thunder in American football and sbg from a recent transaction, European soccer. But you may be using other solutions in that market. You know, one of the competitors we have in the video analysis market, for example, is Hudl, and we know they participate in that area. But as you get below that level, the reality is that there are video analysis solutions that are just not sport specific, that also get utilized there, right? So you may be using as simple as iMovie on a Mac. Or you may be utilizing cameras that perhaps are not capturing certain data points, as it relates to sport. So we know the value in these areas exists. We know they're spending it. Sometimes they're spending it across different areas that are outside of sports technology. You know, when you think of performance technology, also what we find is that depending on the segment. You know, if you're at the very top of that elite pyramid, what we realize is most people will have a solution or working on getting a solution. Typically it's us, and we're leading by far, I think, in that area. As you come down in the pyramid from a performance technology, what you start to find is that actually there's not a lot of people yet using a solution or they're using very simplified solutions like a an Apple Watch or a Fitbit on it. what part of what we calculated in the SAM is to look at, for example, if we took a You know, let's take a Division II or Division III league where we've been able to actually bring a customer in, fit their team out with performance analysis solutions and video analysis solutions. We get a sense of what that team is spending in an ACV perspective. We looked at what they're spending across other areas. You know, as we've brought in other teams within that segment, what we made the assumption of this bottoms-up exercise is that the budget is there. sometimes the unawareness is not quite there on it. Hayden, I don't know if you wanna add anything to what I just shared, but I think hopefully that covers it. No, I think you hit it all there. Will, I have nothing to add on that. Great. All right. Thanks. I've got two questions from Chris Savage at Bell Potter. I'm gonna direct the first one to Hayden and the second one back to you, Will, in Boston. The first one, your ACV analysis suggests cash flow break even. Is it around AUD 100 million, which looks like a couple of years away? Do you have sufficient cash at hand to get to break even? The second question, Will, is how much of your 10x growth in ACV comes from acquisitions? Great. Okay, with respect to the first question, the very short answer is yes. Organically, the capital raising that we did recently will get us back to the point where we are cash flow positive on our current plan. As I pointed out in the conversation that is dependent on what we do with R&D. If we accelerate or continue to accelerate that beyond two years, that may change. Certainly our plans right now, absolutely. Yep. Thank you. Plenty of cash. Plenty of cash. Will, 10x ACV growth and how much of that comes from acquisitions? Yeah. You know, I think that's always a very difficult question to answer, right? I think when we look at the market I think as Chris presented, it's quite vast and it's growing very rapidly. I think what we prioritize is obviously speed and value to shareholders and value to customers. now I think when we look at our R&D and our roadmap, I think we feel very confident that we have the capacity, the intellect, the know-how to actually 10X our ACV without acquisitions. The real question is: Are there opportunities out there that represent a time to market, a business model fundamental, or maybe a customer value that is truly unique and could help us accelerate that process? You know, I think part of what we do is you know, extensively assess the market, extensively assess the opportunities so that as we're looking at our R&D roadmap, we're trying to balance time to market investment in terms of what we wanna do internally and opportunities that are external. I would say this: I think to 10X the ACV from where we are, it will probably be a mix of organic and R&D. Sorry, organic and inorganic. It's hard to kind of get a gauge of how much from one versus the other because when you put those three lenses from an M&A perspective, what you also start to find is that there aren't a lot of companies that have the ability to cross sports and regions that have the ability to create the customer value that I think we believe we're creating organically as well. It'll probably be a mix of both. It's hard to tell. Yeah, I'd just say, look, if we see value for our customers and our shareholders, and we have the capacity to capture that value, then we certainly want to do so. Okay. Yeah. Great. Next question is from Boris Rodondi, who works for an investment institution in Europe. He's doing the late hours today. Will, do you need another acquisition to really penetrate the video market in Europe? We don't feel so. I think we feel pretty confident with what the ingredients that I think SBG as a team had built. Quite honestly, I think what we're seeing just a few months in, is that the level of enthusiasm of the combination of what they have with what we have here is really creating something truly unique. You know, maybe, Chris, you could say a few words about sort of the SBG integration and how it's going. You know, we don't see a need from a video analysis perspective from an acquisition. I think what they've built is. We're actually really excited about it. You wanna like maybe say a few words on how well SBG is going? Yeah. Actually, the integration's going really well. I think one of the most important components, and Will alluded to this, was the cultural component. Culturally, it's been a terrific fit. It's been great engagement from literally day one. There's also been recognition of value from both sides. A lot of what SBG had done in the case of motorsports had been translated into soccer per se, and rugby specifically. People here that have a real deep expertise in American football are starting to see how that can apply as well and start to build solutions for the future building off of that. Again, it's going terrific from our standpoint. Okay, thanks. Sorry, before Andrew, I just wanna say thank you, Boris, for staying as late as you have. Yes. That's impressive. He's moved into the morning now. I think he deserves that. Thank you. Related to the, I guess, the video conversation, Julian, okay, from Evans & Partners has said how's the addition of SBG helped our ability to cross-sell? Can you provide some specific examples? Yeah. I mean, to be very honest, I think we've been just surprised at how well and how fast the integration is going. I think from a cross-selling perspective, we've seen some very positive response very early on with basketball clients, that, you know. We knew through the SBG transaction their software had really been honed around European soccer. Not European soccer. You know, they were doing very well with European soccer teams. Our ability to bring it and have conversations here with the MLS customers, NCAA customers in particular, I think have been very excited. To give you an example very quickly, we've been able to deploy their solution into the University of Kentucky, which is one of the largest programs from a sports in general, but specifically in basketball. We've had some great conversations and not yet to be announced agreement with a couple of NBA teams that I think we're feeling pretty good about. On the other side, there's also been conversations around American football and rugby that have gone very, very positive. We've started at sort of this early stage before the solution has actually been customized for American football specifically to make some presentations of how we could see the integration of performance data and the video analysis tool that SBG had created. I think you know, it's been overwhelming positive response across it. We're feeling from a cross-sell perspective, very good. Obviously, I think you know, the combination of ensuring their technology is customized for each of these sports that it's working very well with you know, the performance data that we have here from wearables analysis. It's going tremendously well, and I think the reaction's been very positive. Thank you. All right, one more on video, and then we'll change tack. This is from Raymond Jiang: Is the plan for the SBG Hub to act as the central platform to store and distribute client data, documents, analysis, et cetera, like a CRM system would? No. I think what Hub does, in many ways, that's truly unique and I think very positive, is that it allows for modifications in terms of video tactics, video playlists that need to be reviewed by different parts of the staffing, the coaching staff as well as the athletes, to review it, basically outside of the console, right? And allow for that flow of information to exist also outside of the console. So the console, which has been very positively received, on it. You know, we think from a sort of like a if we think about a CRM perspective, I think the reality is that we have a lot of ingredients here at Catapult that have been very console software design driven that sits at either in a laptop or some form of PC inside the facility. A lot of what we're doing is pulling and extracting a lot of the value that we've built here from software perspective and bringing it to the cloud in many ways, which I think will allow us to actually iterate and build new aspects such as CRM components at a very different and faster manner than what we have today. I think ingredients all this is to say, Raymond, is that bringing in somebody like Param, our new CTO, what was very unique about his experience was that he actually had done exactly this, where he had taken a set of software that wasn't designed to communicate across each other, taken components of each of those softwares and turned them into very well-designed cloud components that then allowed you know, the existing software that's there to speak to each other, but also the ability to build new solutions such as a CRM, as you put it. That's exactly what he's working on and why we were so excited to announce him joining the company. Thanks, Will. Two questions from Michael Aspinall at Jefferies, and we'll deal with the first one. Can you talk to the progress so far for the roadmap for creating data fluency across the organization? Yeah. I mean, it's going, I think, exceptionally well in the sense that we feel. I think the last time we did a market update, which I guess would've been the full year results, in post-June. You know, I think we said our target was to ensure that at least the performance and video analytics and data front were starting to talk to each other before the end of the year or probably close to the Q1 of the following calendar year. And we're feeling pretty confident that actually we're gonna hit that target, and we're gonna actually see some really interesting stuff bring some really interesting stuff to the market. You know, I think the component of data fluency given, hopefully, what you saw or the multiple solutions that we have it's really something that I think we're gonna be working on here for probably the next two to three years. I think that's data fluency is one of those things that good SaaS solutions work on for a long time, particularly as you add new bolt-on solutions or you create new values for your customer. I think where we stand today around a data infrastructure that's truly robust and cloud-based, the ability to at least start to connect the two major data points which are performance and video, we're feeling very confident on where we are today. Okay. Michael Aspinall's second question may be for Will and Hayden. The accelerated investment program, what will that deliver, and when will it deliver? Yeah. Lots of ACV very soon. No, no. You know, I think there were you know when we talked about the accelerated program, I think there were a couple of areas that were really important to us. I'll let maybe Hayden touch upon them from a financial perspective. It was one, to ensure that the infrastructure to scale the organization was there, right? That we had the right tools to measure you know and drive the company internally in a different way. You know, ensuring that our efficiencies of go-to-market our ability for support, our ability to truly scale this organization from you know where we stand today at AUD 58 million to you know 10 times that, I think it required some modifications. Two was really the ability to invest in R&D, in a way that allowed not only the cloud infrastructure that we just I just kinda talked about, but truly the ability to bring this platform, to life in a way that it could bolt on solutions, in a new, unique way. We're feeling very good about it. As I mentioned I think we actually, in some ways, we're ahead of plan, in that area than I think we anticipated. Then the last one was to ensure that we were capturing the growth potential in front of us both on sort of the sales and marketing end, on it. I think the growth take away the SBG acquisition on a pro forma basis, we grew ACV by 30% in the H1. You know, you add that in, and it's it's a little over 43%. I feel like in those three areas of focus, we're actually already starting to see some results on it, even in early days. Hayden, do you wanna add anything from a finance or other perspective to it? Yeah, certainly. I'll add a little bit of color there. The money that we raised roughly, call it sort of AUD 25 million that we had sort of allocated to the accelerated growth program roughly split sort of 70/30. 70% really focused on things like product and technology, R&D type investments, and then the balance eight million dollars on things such as sales infrastructure and the like. As it relates to the AUD 8 million, the sales infrastructure, you are best probably to think of that as a one-time lift over a couple of years in some additional meat and firepower into the infrastructure of the organization. You know, things around revenue operations and the like that Will touched on during the presentation. Really the cost of that will show through in a mixture of the variable cost line as well as the G&A expenses. It will impact and lower our contribution margin as well as our EBITDA margin over the coming couple of years. We very much believe that as we scale, that we're going to get a very good return on that. You know, similar to a lot of the other decisions that Will and the exec and the board have been making recently, we are very much making these investments for that longer term, okay? They can be some hard decisions with a short-term cost, but very, very much creating shareholder and customer value. As it relates to the investment in the product and R&D, you're probably best to think of this in two ways. Certainly from a return perspective, think about the Rule of 40, okay? A mixture of growth and margins coming out of that. We would certainly expect it to be more heavily weighted towards growth in the short term, but very much the ability to generate some very attractive think of sort of 90%-ish type growth margins going forward. In terms of a timeframe, around when we'd expect to see that sort of hitting our P&L or hitting our financials the return on an investment, if you think about the process of R&D and product development and the like, it's sort of typically up to about two years. Now, I'm not saying that we'll invest all the AUD 17 million today and get a return on all of that in two years' time. This is an investment that will come over two years and then yield returns sort of beyond that. It's also, I think also really important to note that we have a very big product and R&D program underway already. Historically, we haven't starved it of funds, but it was under-invested in a certain way. We're really looking to accelerate that investment, put the foot down to the floor on some of those products that we've already got in the pipeline. I think we'd actually expect to get some return on that even within a shorter timeframe than two years. I think that's some color there for you. Thank you. Thanks, Hayden. Thanks, Will. Next question is from Owen Humphries at Canaccord Genuity, and it relates to the goal or target of 5,000 professional teams into the future being customers. Some context, please. Does this relate to higher market penetration? Is that where it comes from? Or is it a mixture of that and broader industry awareness? Or is it new products? Yeah, I mean, I think when we look at that vision, it's really about penetrating the market faster and deeper than where we are. You know, what we see in terms of what we're building, particularly around the video analytics tool and combination of that performance data it gives us the ability to contextualize something that I think it's gonna be difficult for others to copy. As we're been building, in particular, these unique insights that are very sports specific, like what we just announced with baseball and what we just announced with hockey, bringing that into video, I think gives us an advantage, in terms of sort of penetrating that market that I think others will not have. now the way we look at that is I don't think it's an awareness problem, right? We're. You know, from particularly when you take that level one environment, and maybe that level two environment, the world knows who Catapult is. Like it's not. I don't think that's typically the issue that delays us penetrating the market. It's typically there are either there's a solution there that we're trying to remove out and I think on the video world, that's more the case than not. On the performance world, it's really around educating how do I actually get the value out of this? Because they understand what it is. They understand how others are working. Sorry, they understand that others are working with it, but they haven't quite fully committed, so how do I pull that value out? I think to us, it's about simplifying and making it more predictive and more prescriptive. When I think of that 5,000 teams, it's really about penetrating the market just with what we have and maybe a combination of what we have that's really creating new solutions. I don't believe that it requires deep awareness building to get to 5,000, nor does it require significant new solutions to get to that number. Thanks, Will. Another question from Troy Cairns at Quest Asset Partners around pricing. How do you think about the price lever and its connection to growth? Is it more likely to be a driver in the medium term or is it something that you may benefit from in the shorter term? It's interesting. You know, we've taken a tack here at Catapult from very early days that we believe that our product should stand on its own, and the quality of the product is really what we bank on, particularly from a pricing element and pricing lever. That doesn't mean that we don't believe there's price elasticity both ways, right? I think that the reality is that we've been optimizing around the product itself, and I think what customers have been kind of willing to pay. Now, I think for us, where price levers play in that I think becomes I think it's more of a medium term to long term perspective when you look at that, I think. I can't remember the name, the slide number, but we did one of the slides that you could see the different values of the the different ACV values within value pools. You know, as we're starting to enter new value pools or new solutions, it gives us the advantage to not always charge for all of them and create combinations of things where someone may see more value in one value pool versus another. The ability to create these packages that are subscription-based that maybe will allow us to be smarter about how do we deal with competitive pressures around pricing, I think to us is actually a true advantage, right? I think that in the medium to long term gives us a completely different perspective on pricing. Now I'll say the last thing also that I believe is more of a medium to long-term view as well. You know, and I think Chris kind of alluded to this particularly on how the sports tech market is changing. You know, it's an industry that when you look at it today is still I think about $40 billion and growing very rapidly to about $120 billion plus. What I think that will do is that it will put an emphasis on the output of what that technology is driving and actually create some price elasticity in a positive way for Catapult. For example, the more the technology that we have becomes sophisticated, and it becomes widely used for injury prevention, as an example, I think will change the perception that if I'm spending $10 million on a top athlete, and that $10 million athlete last year was sitting on the bench for 20% of the season, the value that I place on technology in helping me make sure that that athlete is at peak performance every major game may change because I'm gonna be more comfortable with technology. I'm gonna be comfortable with its output of technology. For us, I think there's sort of a price lever perspective. There is the combination of multiple solutions that allows us to create packaging that's quite unique. I think ensuring that the perception of the output of the insight really starts to reflect the performance of the team on the field. I think the more we could bring those two things together, I think the more elasticity in terms of pricing and levers that we will have. Okay. Thanks, Will. Next question is from Stefan Stevanovic, and it relates to are there any impediments, main impediments to achieving and quickly capitalizing on the growth opportunity at Catapult? He's provided some prompts. Is it the sales force impediment? Is it a regional market impediment? Or is it to do with product development, new releases? Yeah, it's a great question. I think I don't know if there's one monolithic impediment that I could point to. I think what I would say is that we've been hard at work here at Catapult to ensure that the solutions we have really start to operate together in a single platform. I think that in many ways historically was an impediment because I think they were not taking advantage of the position that each of these solutions had within the market, right. For example our leadership and performance analysis was not helping drive our video analysis and vice versa. I think a lot of the work that we've been trying to accomplish in the last 12 months with some of these accelerated investment is really around solving the ability for one solution to drive the value of another. I think that's one. I feel really good about where we are there. We've been working really hard, but I feel really good about it. I think two you get scaling teenage years in companies because what you tend to do is as the company's growing pretty rapidly, and Catapult was going through that, the process, the design to support it over time just wasn't thought through on sort of the on day one, right? It shouldn't be actually. It would be a you know a waste of time and finance. You know, as you can imagine, the sales process, the sort of operation process here was designed with you know a set of teams in mind and a set of scale. I think as we started to you know accelerate that, we needed to ensure that the infrastructure was there to support it. You know, the way that impacts typical you know parts of the business from a growth perspective is that you wanna you know you don't wanna accelerate regional penetration too fast because you don't have, for example the training set up. You don't have the infrastructure from support of logistics as a good example. How do you get hardware and software and train customer service customer success people on market? I think some of that has held the opportunities for us to accelerate some growth. I feel like the job that Chris Cooper in particular has been doing around reviewing those processes and ensuring that we're now thinking of scale has been very positive. We're feeling pretty really confident there. I would say the third. I think I don't know if it's an impediment. I think the third bump on the road for at least for me in my two years here was that I saw the first two issues pretty clearly. I knew what we needed to do. I knew we needed to bring a new set of team and a new set of executives to help on that front. I knew we were gonna be in a journey in terms of technology and infrastructure. I was very excited by it because those are things I know I could solve. You know, the bump in the road was the pandemic that I think occurred and caused a bit of delay. I feel at this point for the most part, that impact is starting to fall behind us I think across the board. You know, I think what we were able to accomplish in the H1 of this fiscal year is very, very positive. I think as those first two ingredients start to come together, I think then it's really ability of executing. You know, I think execution sometimes is. It's never it's never simple and a clear straight line. You know, I've taken companies before from this level of revenue to the billions. You know, I think the executive team that's here have all had that experience. I don't think any of that scares or concerns us. I think it's about fixing these first two ingredients and then getting the pandemic behind us. Maybe I'll just add to that. Just on that last point, I don't think it not only doesn't it scare us, I actually think it really excites us. But just to answer sort of the impediment, or put a maybe a different sort of lens on that. If you're asking the impediment question or from the perspective of, say, a bottleneck and the lead time to actually de-bottleneck something, then the lead time to de-bottleneck the R&D and the tech and everything takes a lot longer than the lead time to de-bottleneck sales issues and things like that. The very fact that we do have already a global sales force. I mean, we have people on the ground in, I think it's 26 countries today around the world. You know, these are weird and wonderful countries that from Australia don't actually often think about. these countries like Paraguay and Colombia. You know, for our ability to scale that up, we can do that really, really well. For a smaller company, like that's a real impediment for them. Like, for us, that's not an impediment. I worry a lot more about the R&D and the tech pipeline. That's very, very much where the focus is, 'cause that's the thing that's gonna unlock the value in that long term and also potentially the short term. Okay. Thank you. Anthony Porto from Morgans has asked what is the propensity for customers that we've identified that would fit into level two and level three of the tranches of the pro market? And also, can we share some detail around our potential or existing lower touch points from a sales approach into those markets? Sorry, what's the propensity for them to become customers? Is that- propensity for customers or potential customers in level two and level three, as we've identified it, of the pro market. Yeah ... for them to pay for Catapult technology. Yeah, it's. I think I'll go back and point out I think it's very high because it's happening, right? It's not we don't look at level one, two, and three as areas where like it's an untouched territory and we're like walking in and exploring for the first time. We know those markets actually very well. So for example, when you take a level two in that pyramid we're talking about NCAA, typically division two customers, which we have hundreds of customers there today. You know, spending across solutions that I think are sophisticated and high ACV. The propensity for those customers to use what we have and to spend money on it is there. I think the you know, maybe this goes back to a little bit of the previous question, like what's the hurdle for maybe expanding that a little bit faster? As you get further down that pyramid, it's really around staffing. I don't have enough people on my staff that could utilize all the the solutions that I think Catapult brings to market. I wanna make sure that when I am paying for something, I'm getting the most value out of it. The way we look at that is how do we simplify, not only sort of things around UX and data that's important, but also how do we make it so that it's predictive and prescriptive, on it. You know, I think from a level one to level two, the propensity is very high. I think when you get to level three, then the question becomes can you simplify the software so that I could deal with the lack of a staff? The budget exists, I think is sort of the point. I'm sorry, I can't remember the second part of the question was, can you tell us about the lower level- The sales approach, like, is there Ah Can we share any detail? Is there a softer, lower touch sales approach? Yeah. I think Like- You know. Yeah, it's a good question. The way we look at it if you actually look at that pyramid, and just kinda think about professionals, you know. Or maybe let's do this. I think if you look at it like level ones and level two, three, four, and then five are sort of like three distinct buckets. I think the best way to think about it is we approach it in ways that I think most enterprise SaaS business approaches. At the very top level, what you wanna have is a very high touch one to very few, BDM sales relationship. Because those are very high ACV generating customers. They're complex, they're sophisticated. Their level of what they wanna get accomplished out of your tools tends to really be at a different rate. We're very good at doing that today. I think that's really one of the level of expertise that we have across the globe, is that enterprise high touch at the very elite level, I think is really unique and a differentiator here in Catapult. When you look at that middle tier, really I think our approach is no different than how you would approach sort of a mid-size company in an enterprise level, where you want a mixture of touch, but really it's a much medium design. You typically accomplish that with a combination of inside sales mainly, with maybe a handful of field reps that could help welcome somebody on board. You're really focused on how do you do it from a centralized operation rather than having salespeople across the globe doing it. We're deep into building a good inside sales function. As a matter of fact, we've had a good inside sales function, and so the penetration that I think you see in that level three teams is mainly been driven by a very medium to low touch marketing design. When you get to the bottom of the pyramid, really it's about a very almost no touch design. You really want a self-service mechanism that allows people to have the ability to buy, learn, install, and get going on their own. I think that's an area that historically has not been a focus of Catapult, and it is an area that we're focused on now: How do we improve the ability not only for individual athletes, but maybe those entry-level teams, whether it be a high school or a youth academy, to be self-service, right? How do they find and understand what the product is? Then also from a marketing perspective, how do we target those people and get them to learn what we have here, and what we're doing for elite teams at a very cost-effective rate? You know, we've built a great new marketing team here at Catapult since I've arrived, and a big part of that is really around driving efficiencies across those three buckets. You know, the high touch enterprise level, medium touch inside sales, and then really the self-service, low touch area. Thanks, Will. Question from Chris Savage at Bell Potter. Hayden, I'll throw this one to you. When do you see Catapult meeting the Rule of 40 and having both ACV growth and EBITDA margins added together exceeding the 40%? Excellent. Okay. Look, one thing I'm very averse to doing is giving any guidance for the future. I don't really wanna put a timeframe around what our growth is gonna be and what our margins are gonna be going forward. I do want to leave everyone with a very strong impression that we are very, very guided by that Rule of 40. We see it's critical that we add growth in the shorter term because if you do it the other way around, you end up with really high margins, but really high margins off basically something that's very small, which doesn't get interesting. We want to establish that growth. We know that growth is there. We're chasing that. We're only chasing it if we know that the very high margins are there, and I spoke a lot about that, about pursuing gross margins circa 90% and incrementing in that business. We've already done that organically. We've done it with the acquisition of SBG. Our ability to generate growth is very much there. We think we have the ability to generate ACV growth north of 30% and to sustain that into the long term. That really is underpinning what Will has spoken a lot about, which is the 10X growth aspirations. We think that will come obviously with the high associated margins. I'm not gonna sort of get into the finer elements of timing of some of that. All right. Noted. Thank you. Next question is from Anand Vasagiri, who I think is on the West Coast of the United States, so good afternoon to you, Anand. Regarding the achievement of the ACV growth, is there any consideration or need to reorganize parts of the sales force? If so, how might you do that? Yeah. I think I don't know if there's a need to reorganize. I think there's there will be a need to augment I think the sales team the way we have designed. I think it'll go back again to from a growth perspective, is really around designing efficiencies around sort of what's enterprise level acquisitions, what's sort of that mid-size insight sales acquisition in terms of growth, and then again, in that self-service component. You know, typically what you wanna do in sort of this type of design is that you wanna create a level of branding and awareness that I think is supporting all three of those components. You wanna ensure that your design in terms of the marketing and growth operations, typically particularly around revenue ops, is also underpinning all three of these design. That I think is a little bit of a change for us here at Catapult, which is already well on their way and almost complete. I think we modified our marketing team about a year and a half ago. We brought in a fantastic revenue ops leader in Courtney, who's really been tremendous in terms of helping underpin sort of these three levels. So the I think the next stage is really ensuring that then the focus of your sort of, sales rep that are at the enterprise level, for example, are really focused on the right TAM, right? That you're building an inside sales organization that is focused within their TAM, right? You know, you have a sort of a performance marketing organization that's focused sort of at that lower level self service TAM. That's different, and that's a change that actually we've kicked off most recently here at Catapult. We feel pretty good about where we stand. It's not something I think we haven't done as an executive team before. That's probably the area that I think we need to augment is to ensure that the areas of focus around the right tam continues to be managed and that you're using then the right metrics that are basically underpinned by the sort of the performance component, the branding and awareness component, as well as the revenue ops component, across those three different layers. Thank you, Will. Next question is from Julian Mulcahy at Evans & Partners and seeking some position on how the trial of the new consumer offering, Catapult One, has performed and in the, I guess, the execution of Catapult One, what key lessons from the previous prosumer offering did you take on board? I think so for us what we're trying to do with Catapult One is we're still in sort of learning mode, right? I think one of the things that we have communicated to the investor community, including probably many of you sitting here watching, is that we will come back and do essentially a consumer prosumer review, I think more deeply than I think we did today. Particularly as you saw the potential there from a TAM perspective is truly significant. I think we wanna make sure that we're focused on what we're driving there. I think from a Catapult One, which for those of you who don't know, is sort of what we rebranded and kind of relaunched at the late, really early fall here in the northern hemisphere, around it. There are a couple of things that I think we were trying to modify and get some lessons from. where one, we wanted to understand the propensity to have customers jump into subscription and what what were the hurdles around that. Once we got past those hurdles, how were they reacting to the product? You know, the retention rate around it. I think that's been one of the focus areas of learning. The other aspect is also how well can we approach this sort of self-service marketing design, not just for individuals, which we knew we had some history here from sort of the earlier days around the consumer offering, but also, and probably more importantly, how did that impact the team sales on it? so a good example, we knew that we were having individual athletes come in who wanted to get performance around their soccer performance in a high school, right? But then a week later, we would get a call from the coach, or the coach would reach out to our sort of elite side of the house and say, "I have a kid who's using this technology. I'd like to actually utilize this technology for the entire team. How do I combine the two?" Right? I think that was another component that I think we really needed to understand and learn from because I think it was a problem with the old design on it. I think it's understanding the subscription market, understanding the dynamic of individual to team within the prosumer market. Then I think the last bit that I think we've been really focused on learning is our ability to drive awareness and traffic at either a scale and low cost manner, and really understanding the dynamics of that as it relates to regions and sports on it. 'Cause if you could fix those three ingredients, we know then we'll build a very strong subscription-based business as we have in the elite sports. We believe the product roadmap, for example, allows us to really take what we're building for elite and have great applicability down. If you get that right, eventually you have the other way around as well. You know, this is all to say, Julian, and I think it was Julian that asked the question. I apologize if I was wrong. Okay, it was. Okay. This is all to say that I think when we come back and have a bit more in-depth, I think those are three areas that I think we're looking forward to sharing. What I will say from an overall perspective is that so far there's been some great positive things we've learned. There's been some surprises, not overly negative, that just things that I think we're trying to still, test into. Nothing we've done in terms of going from a one-time payment to a subscription has had a significant impact, I think in terms of the potential of revenue that I think we were driving before. Which is very positive, for us, 'cause it means that this transition is going fairly smooth while we're trying to learn and not having a real deep impact on both the bottom line or the top line. Thanks, Will, for all that detail. Question for you, Hayden, from Stefan. How do you think about capital management going forward? Given the subscription model provides you with more visibility on forward revenues, would you look to seek debt funding? Yeah, absolutely. Look, we have a small debt facility today. We actually utilized that briefly during the COVID pandemic when we were concerned that you know a health issue would turn into a liquidity issue and a credit issue in the markets, having lived through the GFC and all that type of thing. We still maintain that. It's not an active part by any means of our capital structure. Look, you're absolutely right. At the right point in time your debt becomes more interesting as part of our capital structure. You know that right point in time really does require the consistency of cash generation to be there in order to service that debt. Yes, at that point absolutely it's very much on the cards. You know, we know that doing so would be advantageous to shareholders. Yes, very, very much in the forefront of mind, but not something that's really gonna be that germane in the short term. Yeah. Okay. Thank you. Well, I think we'll take a couple more questions, which will enable us to finish up around the half hour. Back on the core business or the pro business, which region do you see delivering strong growth over the next couple of years, and why so? Will? Yeah, look, I think our primary growth areas continue to be North America and EMEA. You know, I think mainly because I think the level of you know obviously budget and I think our focus around soccer. Sorry, I gotta stop saying that. Around soccer and particularly I think the larger sports like American football, baseball and basketball, and its concentration of value here in the U.S. Those are really I think core growth areas, and I think they will continue to be our most important areas for the next couple of years. Thank you. Last question from Michael Woolhouse: You refer to the commercialization of betting and fantasy sports. Can you unpack this opportunity a little, given the large evolving sports betting market in the U.S.? You wanna talk a little bit about sort of just that area? Then I could talk about sort of our strategy on it, but you wanna Yeah. I think within the betting and fantasy sports area, obviously that's a large growth area. You're starting to see a lot of funding coming into that, and you're seeing those companies starting to probably broaden out a bit and bring in some ancillary businesses that they think can add value. It all comes back to providing data, but in this sense, data for the bettor or for the customer in order for them to obviously try to win more. From our standpoint we do obviously see it as a growth market. You know, fantasy sports I think is actually more interesting from our perspective, 'cause I... Again, if we are able to get data at the right level, and it can be anonymized and perhaps shared in some capacity, there could be some interesting value there. Again, more from the fantasy sports standpoint. Yeah. I would say it's that if you look at commercialization of data, I think as Chris mentioned, there's been quite a bit that's, I think, come in and sort of impacted that industry. Quite honestly, I think the way we look at it is there there are sort of two masters in the world of sports, right? There is the fan base that is driving, I think, media, is driving betting, is driving engagement in many ways. You either are building a technology that is serving that, or the second master, right? Which is the teams trying to win and perform at the end of the day. Our primary focus is on this one. You know, we have not and we don't spend a lot of time looking at sort of the media, and betting, particularly betting I think I would say, and fan engagement area. I think there are some very interesting stuff that I think we could do with media, particularly if it makes sense for the teams that we're working on or the leagues that we're working on. It's not an area that I think we stay focused. It's actually. It, it'll be very interesting to see what occurs from a sports technology industry overall, in the sense that what you are starting to see, right? I think that was, to me, the most exciting component around the report around the industry, is that the growth now is no longer really coming just from the media side, which tends to lead technology. The growth is actually starting to come from the analysis side, right? Sort of the performance component, which I think puts us in a great driving seat. That I think the point is, hey, you take the commercialization, quite exciting. It's probably the largest part of the sports tech industry today. But now all of a sudden you look at what used to be under $2 billion of wearables and sports analytics is now projected to be over $16 billion in a very short amount of time. I think really starts to change the dynamic of that conversation. All right. Thank you to all the participants for sending in questions. We covered a huge amount of ground there. Thank you, Hayden, and thank you, Chris and Will in Boston, and I'll hand back to you, Will. Yeah, no, I appreciate it, and thank you, Andrew, for facilitating and making sure that we got this going. look I'll keep it short. I think we spent quite a bit of time telling the Catapult story. We're very excited about what we have in front of us. You know, I think I've been just honored by the level of enthusiasm that I think I've seen from my team. But I've seen from the organization overall in terms of what we're really trying to do, and I think the mission we're in terms of really empowering athletes and sort of unleashing their potential here in a way that I think is truly unique. I appreciate all of you for dialing in, and I just wanna thank everybody who's behind the scenes helping actually send this out. I know we weren't able to do this in person, but I think overall, we were able to complete this without a hitch. I just wanna thank everyone who's working across on this Investor Day presentation. With that, I bid everybody a big thank you, and I wish you all well, and looking forward to talking to many of you in person in the coming weeks.