report presentation. My name is Jeremy Gaske. I'm the Director of Marketing and Communications at Envirosuite, and I will be your moderator today. I'm joined by Jason Cooper, our CEO, and Justin Owen, our CFO. We're very pleased to present our annual report for FY twenty-four. Before we get into the presentation, a little bit of housekeeping around Q&A. We will be having time for Q&A at the end of our session today. However, we are going to run it a little bit differently. We are expecting and looking forward to a lot of Q&A in today's session, and to make sure that everyone gets the opportunity to ask questions, we will only be taking questions in written form via the Q&A function in Zoom today. That's going to allow us to make sure that we get to as many questions as possible. What we'd also ask as part of that then, is that everyone includes their first and last name when they submit a question. If we do run out of time in the Q&A part of today's session, we will respond to those outstanding questions via email afterwards, but we will need your first and last name to be able to identify your question and get back to you directly. With that, I'd like to hand over to Jason to kick off today's session. Thanks, Jeremy. Thank you very much, and we're certainly excited to be sharing the results here for FY 2024. Let's get into the detail here. The structure for today is, we will come back over and certainly introduce Envirosuite and give a bit of context to the strategy that we have got in place and how we're tracking to that. We'll get into the FY 2024 highlights, a bit of an update on the product suite, as we normally do. Justin will cover through the key financials. I'll do a bit of a close, and then we'll move into Q&A, as Jeremy has said. So a lot to get through. I hope you've had time to download the documents on there. We will be referencing page numbers to help you through there, and we'll also be continuing to share the screen. Envirosuite is an environmental technology company at our absolute roots. On the left there, we have our emissions and environmental parameters that we are monitoring. We put that into a cloud-based platform, do our analytics. This is backed by science. We now have hundreds and hundreds of sites around the world that are using our technology, so strong validation in there. Then we're driving performance improvements and operational optimization for our customers. It's an important one just to spell out at the start, but we are an environmental technology company, and we believe we're really well positioned for future growth, and we're gonna talk through some of the success that we've had in FY 2024. It's a bold statement, but it's one that we actually hear back from our customers and from analysts around the world. Envirosuite is the world's most advanced environmental intelligence technology provider. We've used an image here on the right to highlight some of the variables that we are tracking in a mine site. And you can see in here, we've called out a noise alert, a dust alert, emission alert, and a vibration alert. That capability is quite significant to have within our software platform, and our customers are continuing to use this to drive real-time decision-making, but really importantly, predictive decision-making. And what we're seeing is that intersection between understanding the impacts of the environment, understanding the impact of operational performance and people, and we're really proud of what we do and what we've done for our customers around the world. One thing that we really want to stress on, certainly on this call, is the underlying importance of our technology for governments and industries all around the world. We don't want to say we're completely recession-proof, but certainly, this is something that we need to have to continue to support our customers for compliance and regulatory requirements. I want to start with some of the key metrics and then give context to why those metrics are an important part of the Envirosuite journey, and which provides underlying momentum to be carried into 2025 and to 2026. Our annual recurring revenue is now at AUD 61.1 million, which represents a 2.8% year-on-year growth. Our customer size is now 435, and we've slightly gone backwards, but I want to talk about the why in why we've gone backwards, because it's an important part, which moves to our next graph on the right, which is gross profit. When we came into the company, the gross profit was around 30%. We've now got that to 52.5%, and we will continue to improve that. The decisions that we've made in FY24 proactively have led to the underlying 52.5%, but also the trajectory into FY25 and beyond, to make sure that we're reaching 60% and above in the midterm. Our statutory revenue of 59.4%, AUD 59.4 million, sorry, is another positive momentum that we're seeing in there. Closing off, and this will be the last time that we use this statistic in a financial report, is our Adjusted EBITDA, which is a positive AUD 1.1 million, representing 123% growth year on year. We're quite pleased with the results that we have got in here, but let's get a little bit further into the detail. Our business model is really focused about driving high value and long-term customers in our core growth markets, and that heading is put in place to really highlight this. We want to have customers that are here for a long period of time. Back in 2019, 2020, and even early 2021, there was a different focus in the company, which was focused on shorter-term contracts. What we have seen in FY24 is those fixed-term contracts come to an end of life, and you can understand as well, where the company was in 2019 and 2020, is taking any kind of revenue, because you're in that startup mode. We're now well beyond the startup mode, and what we want to be focusing in on is the solid underpinnings here. And so that is all about increasing the gross margin in the business, which will then drive to a positive EBITDA moving forward. And sometimes you've got to go backwards before you can go forwards. On the left, you can see a graph here, which is a really important journey that we've gone through. Back in June 2020, the industrial platform, the average revenue per site was AUD 61,000. We now have got that up to AUD 99,000 per site as an average. Those are the bold decisions that we've taken in FY 2024. It would have been easier to keep those contracts on, that were low margin, that were non-core, from a simple revenue protection, but it would not have helped our gross margin and our long-term EBITDA. So I stand behind the decision that we made, dating back to twenty twenty-one, where we're gonna focus on our core growth markets, and we will consistently apply those, that lens. Importantly, we've highlighted on the right here, the scalable and flexible environmental intelligence technology. Our ecosystem is what's important in here. What we're seeing is customers come in through using our land expand and scale model, and they're actually coming in at a certain point, and they are able to grow within the platform. Now, on that first slide that we had the environmental parameters and then the mining site image, you can see that you may start off with air quality and then move into vibration or into noise. We are empowering our customers to take actionable insights, and the more that our customers use that, they're actually driving their own operational efficiency. And so what we're seeing is customers come back to us and saying: How else can we use this technology? Which is great. We have a global footprint, which enables addition of new sites without any significant increase in our operating expense. And Justin will talk through the way that we've managed that through the year. But not only does that help us in this year, but in 2025, 2026, and 2027, we do not see any significant cost increase in our operating model. And so this is now all about adding ARR at the top, because this will drop very quickly into an EBITDA. We have created a brand, and I think you'll be consistent with this. So we've consistently stepping above in how we communicate to our customers and how we communicate in the market, and so our brand is growing. Our core strength continues to be product innovation, backed by science and also customer needs, and you'll see in our strategic pillars why that's so important. The last point there I want to focus on is driving growth in areas where we can turn revenue on fast. So reflecting back on FY24 new sales, we've had another consistent year, resulting in AUD 7.9 million of new ARR. And if you look through Q1, Q2, Q3, and Q4, it's all around the 2 million. What's actually important in those numbers is in each quarter there, we added around 1.4 million in industrial ARR. What we've focused heavily on in FY24 is greater predictability in the sales pipeline and in the business. So if you look at the underlying growth in industrial, the top line growth, we grew 24.8%. Now, I think everyone will say that's a fantastic growth trajectory. Aviation had a slightly lower growth this year than what we did previously, and we'll talk through some of the wins in aviation later on, but that's going to be largely driven by the number of airports that do come into a market in a twelve-month cycle. Mining and waste has certainly helped us grow strongly within the industrial sector, and so you can see on the first graph there, we're up to AUD 24.5 million, which is representing a 6.7% growth year on year. Aviation, you would argue, is actually flat. However, let's cast our mind back to the churn event that we had at the end of Q3. What we've demonstrated here in aviation is that within a 12-month cycle, we've been able to absorb the loss of a key customer, and we've been able to add new customers in, and they are customers in our focus core market, commercial aviation. Where we know these customers will come in, and they will continue to grow with us, and it's a need that they have in place. Our retention in aviation is around 98.5%, and so we can see these customers with us for many, many years to come. Americas is a fantastic growth story. When I first joined the company, it was around AUD 15 million of ARR. We're now up to AUD 25.7 million. Now, we have controlled costs through the last two years, as asked by our major shareholders. And we have applied our investment cycle into key areas. The planet is a big planet, but we have really focused on getting traction in the Americas. This is both North America and South America. This has resulted in continued momentum coming through. Once again, Americas shone, producing more than half the growth in our ARR number. APAC has been impacted by the Department of Defence contract, but you'll start to see an uptick there, where we are going to be choosing selective countries to grow into in APAC. And EMEA is in a good position now to start to grow. But let's not forget that EMEA has had the impact of a sustained war and political unrest in certain parts of the Middle East and North Africa. We have had a little bit of uncertainty into EMEA, but we feel that that is starting to steady out. Strong fiscal management. This year, we have been faced with one deviation to the plan that we did not really consider, and we have communicated this in the quarterly updates through the year, and that is around the non-recurring revenue. Our focus in this is to focus on customers and contracts that has a strong recurring revenue base. But in FY 2024, what we saw is a deferral of some significant projects that we had been working with customers. Now, this isn't just economic, this isn't just political, this is big planning. Now, I'm not gonna call out the customer names, but these are very well-known names that we've been working with. And we are confident that in FY 2025, that they will come through. What we want to do today, though, is disconnect the non-recurring revenue as a leading indicator to ARR, because the two are not connected. What we're seeing, certainly in the second half of 2023 and through 2024, is more and more customers wanting to move to a recurring revenue model. Not all, but some. And in that, what you're seeing now is actually a higher recurring revenue base. Now, where this is very good for us is that this will actually start to have higher gross margin and contribution margin from years three, four, five, and on. And so this is central to our strategy. We've optimized our inventory for that, and we've optimized our financial structure to support that as well. So you'll see the non-recurring revenue is AUD 1.8 million lower than last year. The other part to call out on this page is the point seven there under operating expenses. As we've commented on previously, there was some media speculation around our company to our shareholders, and we have come back to state that there has been a level of activity through the year, and I can confirm that that activity has been going on through FY24. However, this positions us well. There is a lot of companies around the world that are now recognizing the importance of ESG, of environmental intelligence, and the emerging opportunity coming through from greenhouse gas and sustainability, and so we are a focus today, and we will continue to be a focus. And so those one-off costs that are in there, Justin will talk to, has had an impact on our EBITDA. But what we have done, and both David in his letter and in my letter, we have actually navigated this in the interest of our shareholders, and we'll continue to do that. The one thing I want everyone to hear today is that when something becomes announceable, we certainly will be giving that information and following the right course of action. The other part I'd like to call out on here is that there is a slight increase in our sales and marketing spend, and that has come through from what we call Forum 23, which was the aviation forums, one in Europe, one in the US. This was well attended by customers and has generated strong demand for our customers and our products, which has actually led to some strong renewals in the pipeline. FY24, while maybe not the strong growth engine in aviation that we wanted, certainly reflected strong renewals with our core customers around the world. The other part is, when we started to see that water wasn't turning on from a revenue perspective and that there was a deviation in the non-recurring, we, as management and the board, took a proactive position to remove AUD 2.5 billion of costs from the business. We have moved the water in under the industrial portfolio, and we'll continue to support turning revenue on in the water sector. Our growth strategy. Sorry, our company strategy is pretty clear. We have a vision: a world where people, planet, and industry can prosper in partnership, and that's the important part. That is our North Star. We want to revolutionize sustainable industry growth through environmental intelligence technology. It's not just having a small deal, but we want to revolutionize. Now, with over 400 customers globally, we know that we're in a really good position to accelerate this through. So our five pillars are growth, customer, product, scalability, and people-focused, and this has been consistent. I won't go through each line here. I'll give you the opportunity to come through, but what we have done is given an update on our strategic goals, and you can see there where we're on target and what's in progress. Our strategy is to leverage and accelerate awareness of environmental intelligence to build a platform for growth. What we have seen through 2023 and 2024 is we've been in very much a cost-controlled environment. We've had to use our money selectively and very, very important to make sure that we get a return for our customers and long-term shareholders. We have invested in the growth in the Americas, leveraging that legislation. We have accelerated EVS Industrial growth and time to value. As government and industry customers require environmental management solutions to operate their critical facilities, this is an important one I really want to harp onto. You can't just turn this off on one year because you don't have a budget cycle. Our scalable business model is a key component of our competitive advantage, and this will transition us to profitability. Our operating costs will remain largely flat. We're very controlled. We support customers in over forty countries around the world. And the investment from our core sectors into environmental optimization of operations, net zero, and greenhouse gas reduction will continue to expand in the midterm. I have just done a trip into Europe and North America, where we're meeting with certain customers. This represents one of the most significant trends in our society, and almost every country, company I know is wanting to start to accelerate this investment. Our industrial portfolio is strong. AUD 80.2 million in recurring revenue, up 10.9%. We added 40 new sites. As we've mentioned before, 99,000 average revenue per site, which is a 10% jump. However, our total sites went backwards. Now, this was through the controlled part with fixed-term, low margin, non-core, and non-instrumentation supported customers. Yes, there was some churn in there, but it's not because they're going to a competitor. Importantly, where we had lost customers in a previous cycle, we won them back in the same 12-month period. There's an important stat there that we want to start reporting on, which is average sites per customer of one point two, which shows that we have got from land, expand, scale significant expansion and scale capability. We have got proven product offerings, demonstrated market traction, particularly in mining and waste. Newmont is a company that many of us here in Australia will know. Cadia Valley Operations up near Orange, New South Wales. We recently had the team in our office in Brisbane having a working session. But this is a company that recognizes the need to have a community engagement. They've been incredibly proactive on actually reporting how their mine site is impacting the site and the community around it. They recently expanded on their capabilities, so they now have dust, noise, and odor permissions, as well as water management. If you actually Google onto Newmont Cadia Valley live air quality monitoring, you will actually start to see how they are actually reporting that, and that is our underlying data, that they're being proactive in supporting the community. Moving into aviation, we're a global market leader. We are incredibly well positioned to pursue emerging opportunities. AUD 34.6 million in recurring revenue. A strong business, and this is one that is absolute household name within the aviation sector. Airports around the world will knock on our doors to come and talk to us. Our 194,000 has remained consistent over the last three to four years, and that is something that we pride ourselves in. It is a high average revenue per site. We did win 10 new sites, and you'll see that that's a bit of a drop. There is always going to be some volatility in the number of new sites that you win in aviation. We have 35% market share of all commercial aviation. Our next nearest competitor is a one quarter the size of us. And so we are a strong player in this market segment, and we will continue to operate. The second dot point I'd like to call out there is a recurring revenue, 4.6% growth. However, it's 11.7% when excluding the abnormal churn back in with DoD. So that represents that the underlying business is really growing, and to absorb that and to get that trajectory moving forward positions as well. There are also some other parts that are starting to come through, and so we have worked with NAV Canada on our, the ANSP there. And this is incredibly interesting technology. We certainly are now considered, certainly in NAV Canada's eyes, the world leader in this space. Now, this is the first ANSP that we've done. We're certainly glad to say that we've had incredibly positive feedback from our customer, and we're certainly well positioned to support NAV Canada for many more years. They are using our technology on a daily basis to make informed decisions. It's really exciting to see. Certainly here, we saw this with the Forum 2023. Net zero and the focus on the reduction of greenhouse gas emissions for aviation is certainly going to be a strong theme for the next twenty years in aviation. But there's a short-term opportunity here that we do need to capture. Dublin Airport is a great example, where we've worked with them over the period of time. This is an airport that's going through an expansion opportunity. They've got to deal with the community. And so they've worked with us and our EVS team and our product team to work through what is the right way to do change management in the community and to leverage our technology. Another great example of a long-term customer. Now, they have re-signed with us, and they've grown in their portfolio. I'll finish off here on our product innovations. It's an important one to call through. What you'll see here on the left is the sectors that we operate in, and the recent innovation that we have brought to market. Why is this important? Each bucket here represents new technology that we've brought to market, which is driving revenue enhancement. If you go back to our first slide with the graph on the average revenue per site, this is underpinning that. We want to continue to see that ARPS improve over the years. We are leveraging AI and machine learning in areas where it makes sense. Moving to the emerging opportunities, Net Zero and GHG can be applied across all of the sectors we focus on. Noise and vibration, methane, and sustainable airspace, as well as an AI-driven operational decision support. And so these are areas that will drive additional revenue into our existing market sectors. Justin, I'll pass to you. Thank you, Jason, and good morning, everyone. Now, turning to page 20 on financial performance. As Jason mentioned earlier, FY 2024 has seen a strong 25.5% increase or improvement to EBITDA over 2023. While we have seen an increase in recurring revenue, as Jason mentioned, non-recurring has dropped compared to last year, and while there are a number of ongoing projects that we are expecting to be picking up in early FY 2025, we continue to drive our gross margin improvement. We remain very much focused on cost management and being prudent in our spending. What is clear through the improvement in gross margin over recent years is where we've seen scale providing benefit in our cost of sales. People cost within cost of sales represents around 60%, and with the improved tooling and processes that we're putting in place, will enable us to retain our headcount at that level and not increase as revenue opportunities come in. Effectively, we'll be retaining our headcount while growing revenue, which will be a key driver in our gross margin improvement. With regards to our revenue split, we are aiming for long-term recurring revenue to represent in the range of 87%-90% of total revenue. While in the short term, as we transition to profitability, we're seeing that the non-recurring revenue being around that 85%-87%. That's our thinking in terms of of ongoing or short-term opportunities in the next twelve months, and then as we transition to a more sustained recurring revenue base that Jason spoke to earlier. Cost management remains an ongoing focus. Our increase in sales and marketing result is. So sales and marketing is a result of the aviation spend, and Jason mentioned our Forum twenty-three event. In relation to our industrial area, segment, we have continued to expand our customer service managers and support, which support our expand and scale strategy. G&A has been impacted by both restructure costs that we've spoken about earlier and the costs that we've taken out of the business, along with costs associated with the corporate activity that has been undertaken throughout FY 2024. The full impact of the restructure of our costs will be rolled out or be impacted through FY 2025, where we'll get to see the full result of the AUD 2.5 million dollar savings. As mentioned, our Adjusted EBITDA measure has increased significantly over last year, and what we're demonstrating in our Adjusted EBITDA is the removal of these corporate activity costs and restructure costs. So again, providing an underlying position of where the company has progressed or how the company has progressed over FY 2024. We will be shifting our focus to EBITDA going forward, but we will still provide the analysis around underlying performance as defined by Adjusted EBITDA. Moving to slide or page 21, where we talk key metric by products. As mentioned earlier, we continue to improve our revenue per site within industrial, reflecting again that expand scale initiatives that we've undertaken. We also note that in within the industrial sector, our mining sites on average tend to be significantly higher than this particular rate, reflecting the size and scale of those types of projects, and of course, as we mentioned, the aviation revenue per site has remained stable over the period. We continue to focus on revenue growth, on recurring revenue growth, and we note that our customers continue to request or some customers ask us within the industrial segment to bundle their instrumentation requirements for their sites in with their platform access. So again, we maintain a fully costed measure on ensuring that the funding that we provide against that instrumentation is appropriately captured in our contracted revenue rates. Moving to our annual recurring revenue. Reminding our investors and those listening today, we record our annual recurring revenue as a combination of both monthly recurring revenue, annualized. Revenue that we have awaiting renewal. We don't recognize projects that are awaiting renewal until we have the signed renewal in place, along with sites that we've sold that remain pending, pending commencement. We see ourselves as having a very strong opportunity and pipeline of implementation over FY into FY 25, and we continue to improve our implementation tooling and processes, both regionally and centrally, to ensure efficiency in getting this revenue turned on, in a timely and effective manner. Moving to page 23, where we talk about operating leverage. Operating leverage we define as the percentage of our cost when compared to the revenue for the group. As we can see, there has been a slight uptick in our sales and marketing costs, again, reflecting the impact of initiatives that we've undertaken, including our Forum 23 event and our customer success and sales enablement activity. Again, setting ourselves up for pipeline build and growth into FY 25. On G&A, we've seen a slight reduction there in our G&A costs. And again, there is an impact on those actual costs, where we've incurred restructure costs in FY 2024, along with the corporate activity costs that we've incurred. So again, representing very strong cost management within our underlying G&A cost base. Within product development, we've seen a slight reduction to total. If we were to think about a longer term percentage of where our total product development being expensed and capitalized, we would expect that to be over the next short term, to be around 20%, but reducing from there. But we have got an aim of around 20% in the short term, but longer term, around that 15%-20%. But again, the product development initiatives are all about driving the product initiatives that are outlined in the roadmap and that Jason went through earlier. Moving to our cash flow and where we're seeing our trends and performance. Certainly at the operating activity or the operating cash flow, we continue to see the positive trend working across our working capital requirement, our working capital activity. So thinking about our receivables collection and receivables management. We continue to improve and, or not improve, but maintain the improvements we've adopted in prior years in terms of aging of receivables and in terms of managing collection. So, very much aligned and strong management across that, both through our central activities in the Philippines, where we have our center of excellence, along with the input that we have from our in-region finance team. So very strong receivables management there. Moving to what we're calling our underlying operating cash flow. As outlined earlier, we have had a number of cash impacts reflected in our restructuring costs, and also our core productivity costs. In relation to our restructure costs, we had a number of high expense, sorry, cash items, where we had payouts in relation to some of our employee entitlements. So otherwise, adversely impacting cash flow, while not having the same impact through PNL. As we see there, our underlying improvement in operating cash flow can be demonstrated and represents the opportunity for us into FY25. Within our operating cash flow and development cost slide, the last one there on the right, what we're seeing there is the investment that we continue to make in our product development, reflecting the initiatives that we have been through or that Jason went through previously, but really being driven through the customer requirements and the customer-led innovation that we're putting in place to ensure that our product remains leading edge. Turning to our balance sheet for FY24, starting at our cash and debt levels. We continue to actively manage our cash balance. I've mentioned in previous sessions on cash and cash management, that as a whole, Envirosuite would typically require cash and cash balance of around AUD 5 million to operate, given our global footprint and operations by country. The flexibility provided through our debt facility has enabled us to reduce that balance, and where we can rely on the repayment and drawdown facilities within our borrowing facility. Within the facility, we mentioned during the year that we increased that facility from AUD 7.5 million to AUD 12.5 million, and the borrowing covenant that we have on that one is a measure against our recurring revenue, monthly recurring revenue, where the limit is set at 3.5 times. So while we have a limit of AUD 12.5 million, we have the option to extend that in discussions or requesting the extension of that with our provider, based on that 3.5 revenue multiple. In simple terms, that would give us the potential to request an additional facility up to. Sorry, a total facility of up to around AUD 15.5 million. So that represents an opportunity for additional funding, however, we already have locked in our 12.5 mil. As mentioned in our facility, we also got improved terms on the facility in terms of cash management and cash flow within regions, again, allowing us to manage our cash balances within the cohort of the business. Moving to receivables and working capital, we continue to monitor that very closely. We're maintaining very strong aging and very strong collection in that regard, and are not experiencing or have not experienced any significant deterioration in our receivables balance. Inventory continues to remain a focus of the company and of our procurement and sales team. As I've mentioned at the half year, we see our inventory balances being optimal at around AUD 3.5 million-AUD 3.8 million. So there represents opportunity for cash to be unlocked in our inventory balance. On our monitors and sensors, we've mentioned monitors and sensors being the instrumentation that we bundle up. This is only for our industrial customers, but where some of our industrial company customers are looking to bundle up instrumentation into a one contracted amount of recurring revenue over the life of their contract. We continue to see that increase over the period, and our expectation is around the AUD 120,000-AUD 150,000 a month of inventory being applied to those opportunities. During the year, or not during the year, at 30 June, in line with our accounting standards and the requirements there, we undertook a review of our intangible assets, notably the goodwill that we hold on our balance sheet. Following the requirements, as outlined in the standard, we undertook the impairment test, applying very conservative growth rates that are reflective of historical rates, again, as required in the standard, and ended up adopting an impairment of our goodwill of AUD 18.3 million across two of our three cash-generating units, being the Americas and APAC. Our approach to the impairment was very much based on historical growth rates that the company has experienced, and in no way, unfortunately, as required by the standard, allows us to take in the strategy that we've put in place, where we've invested in growth and growth opportunities within sales, sales enablement, and more importantly, around the regional growth in the Americas. So we're confident that we've taken a very conservative approach to our impairment of our intangible asset for the year. Noting, of course, impairment being a non-cash charge. I think it's fair to say that in summary, FY 2024 we've finished the year off in FY 2024 with a rebalance of our cost base. Where we have seen a reduction in revenue, particularly through the non-recurring, along with the restructure that we undertook within EVS Water, we did make a conscious effort to reduce our cost base. We have, and continue to, monitor the costs as we go forward to ensure that our cost and cost base is effective and maintainable through the growth in FY 2024, twenty-five, sorry. I'd now like to hand back to Jason. Thanks, Justin. Thanks for walking through those numbers. Fair bit of information there to unlock. Look, I'll finish off in the last two minutes here, just talking through the outlook. As I said before, we're supporting customers in over forty countries. We have a land expansion scale. If Glencore, BHP, Teck, Newmont want us to go in a particular area, we're clearly going to support those customers. We've built out a deployment model where we do not have to have people on the ground. You'll see there on the bottom of Africa, we've got South Africa, which is grayed out.... We're using partners on the ground to help us both with the go-to-market channel and deployment. So let's focus on those three areas. The Americas is mining, waste, wastewater, industrial, and aviation. In South America, we're purely focused there on the mining and industrial sector. North America, U.S. and Canada, represents a really strong market opportunity for us, where we now have got a known brand in place, a strong value proposition. EMEA is focused on Scandinavia, U.K., and mainland Europe, but we can also support the Middle East through there, and we have got emerging opportunities, quite significant opportunities, which we are focused on into that part, and as I said, down in South Africa, our support structure. Again, in EMEA, mining, wastewater, industrial, and aviation. In APAC, Australia and New Zealand clearly is a primary focus for us. While we do have a footprint through different countries in the rest of Asia Pacific, our focus here really is Australia and New Zealand. But we have highlighted India as a part where we know that there is a significant growing opportunity. There's 1.2 billion people, and there's an economy there that is gonna continue to grow in investment into infrastructure. We already have airports in India, and we will continue to support, and legislation certainly is gonna support rapid growth into the Indian market. I'm gonna close off on this slide, and then we'll go to Q&A. But look, we're really well positioned heading into FY 2025. You know, we have all of the right parts here: market leader, delivering environmental intelligence and ESG solutions. We're significantly having an impact into this part. We're helping tier one customers and governments around the world. This is not just an Australian operation, this is truly a global operation. We have got continued investment in the Americas, but also we're gonna start to accelerate now in EMEA. We've used our very tight control on sales and marketing into support the Americas. We're now gonna transition and support the acceleration into EMEA, and as I said, into certain areas within APAC. We know industrial is a growth engine. We know net zero initiatives are gonna continue to drive market opportunities for us. We have got a scalable business model, and I think that's one thing that I've said, and Justin has, is backed up on the finance side. We've got an incredibly scalable business model. This is about adding recurring revenue, twenty-five, twenty-six and twenty-seven, improving the average revenue per site in there. We've got a clear product roadmap. We're not trying to do everything. We're very focused on where it's gonna drive meaningful revenue contribution to our customers and also support retention. Our company vision is absolutely aligned with our environmental intelligence play, but what we're starting to see now is a stronger play within sustainability, intensifying regulations, and also the ESG trends. We've heard it direct from our customers, we're being asked by this, so we're really well positioned to leverage that. And we are committed to delivering strong returns to our shareholders. Certainly, our share price does not reflect the valuation of the company. It's disheartening to see that, but what we have got is the absolute underpinnings here of an incredibly successful global company, which is already probably known as the world leader within ESG and environmental intelligence technology. So with that, Jeremy, I'll pass to you for Q&A. Thanks, Jason. Thanks, Justin. Just a reminder to everyone to please submit your questions using the Q&A function in Zoom, and we'll move through those over the next thirteen minutes or so. First question from Robert Rawson. Robert really loves our long-term outlook and our strategy and potential of the company. Biggest concern for Robert is around how we're going to fund that growth in terms of borrowing large amounts or going to capital markets. So can you give a little bit of commentary around how we're planning to fund that growth? Yep. So great question, and one obviously that that consumes us as well. Certainly, the debt facility we've got with Partners for Growth is flexible and is the right option here. You know, we did think about doing, you know, a capital raise many months ago, back into last year, and we felt the dilution was not right for, certainly for shareholders. So we've gone down that path. We see a clear runway through here. We have started to pick up in the growth rate and the MRR that we're recognizing, so that recurring revenue on a monthly basis will continue to grow through. Clearly, and I hope everyone hears this, clearly, the way forward is around growth. So if we can add recurring revenue in here, a huge portion of this will drop down into driving towards an impact result. So our focus for '25 is growing the industrial sector because we know that there's a clear addressable market, where we have got a strong competitive differentiation. Support our aviation. It's not gonna grow as quick, but it's an important part of the cash generation of the business, so it's around retention and growth in there. So we know that we have the right funding model in place, and we have the right debt facility with Partners for Growth. Anything you want to add? No. Look, Jason, nothing to add there. Again, it's reflecting the position that we've got on debt facility, but also the impact of the prudent cost management that we've undertaken- Yeah. During the year, we did make our reduction in costs in the back end of FY 2024, and the impact of that is now starting to be felt through our cost base moving into 2025. Follow-up question to that. Thank you, guys. A follow-up question to that one, from Mark Carroll from Wilsons, is just going back to the corporate activity, and the release on June thirteenth, around the media speculation we responded to. So my question here is, provide an update on, on June thirteen around hiring advisors to deal with the inbound corporate interest. Can we get an update on whether that route is still going? How many parties are we talking? Are they interested in all Envirosuite or partial? Can we get some clarity around? So a little bit of sensitive question, so I'm gonna be guided here certainly by, you know, our governance charter here. So we're not gonna comment on the number of people that are in there, but what we can say is that Envirosuite is an incredibly attractive company to a multitude of different players, whether that's private equity or strategic partners in place. We are one of the largest, if not largest, ESG platforms today, and what people can see is, you wanna follow where the market is going to go. They know that we have world-leading technology, and they've gone out and they've independently validated that. They know that there is a significant addressable market, whether it's TAM or SAM, and they know that we've got a strong team in place that's ready to execute. So what we will do is we'll continue to engage with these different parties in the view of maximizing shareholder value. We have an obligation to go and talk to these people and to run them to ground, to make sure that we are doing this on behalf of our shareholders, and that does cover whole of company and even part of company. And some parts of the company are more valuable to different, but some of the parts is incredibly valuable as well. So we won't comment on that, but we can have a discussion. Once we are in a position to disclose something, certainly then we will have and follow our governance and reporting obligations around that. Thank you. Somewhat of a connected question to that is around cash runway and cash balance, so I'll offer you first, Jason, any sort of commentary on what our cash runway is? Yeah, I mean, we do cash flow forecasting, obviously, like any business, right?, and it's really important to map that through, so we've set a budget which has got strong collaboration with our regional sales leads. We understand what our customers are spending through in a cycle. We understand when projects are gonna turn on to move that through, so we feel the cash position and our debt facility certainly supports that trajectory, so yeah, we're in a highly confident position today. Yep. No, agreed. And I think again, it's looking at our cash management, our working capital, how we treat opportunities that are existing within our inventory balance. As I mentioned earlier, we have an inventory levels that are higher than what I would call optimal, and that again represents an opportunity for us to unlock further cash to provide to the runway, along with the existing facility and potential for an increase. Excellent. One of the questions that was submitted ahead of time from Charlie Tull. Thank you, Charlie, for reaching out ahead of the session. Does the company have a plan to reach net profit after tax positive result, and will we be sharing that plan? Great question, so NPAT is an important part of the business, right, so we want to be getting to NPAT. Yep. And as soon as we have free cash flow coming in, it helps us in so many different ways. You can't cut your way to NPAT in our business, and so there'll be some people out there that believe we need to cut the business. That's not going to work through. We've done the cost optimization over the years since Justin and I have been here, you know, we have proactively made those decisions. Always hard decisions, 'cause it's affecting people, but we've made those decisions in the view of transforming the company to, you know, have the right gross margin moving forward, and certainly to be attractive then to, you know, to private equity and strategic investors at some point in the future. So the drive there is around supporting growth. We won't be publishing guidance, so for Charlie's question, we won't be publishing guidance, but what we do have is we have a multi-year strategy, which the board has signed off on, the management team has signed off on, which does have a clear line to NPAT, and so we're all focused about NPAT and producing that well into the future, well, not well into, in the short to midterm, in the company. Yeah. The piece that I'd add to that is, based on our track record of what we've achieved, where we have not seen the performance at the levels that we have wanted them, we have made conscious decisions around our cost base. Not ideal, but decisions nonetheless that we've had to take. We also continue to leverage our locations of labor, so we've spoken about our Philippines Center of Excellence, which continues to expand at the level of 25 and a 25 headcount, and what we can do with, you know, adding additional corporate activity and functionality within that group, as well as looking in other locations around South America, where we also have the opportunity for effective use of labor. Very good. Thank you. A question from Ross Barrett. With respect to industrial's average revenue per site increasing over the last few years, what can we expect in terms of increases around that average revenue per site for industrial into the future? Should we be expecting around that sort of AUD 8,000-AUD 10,000 per year? Yeah, good question, Ross. Absolutely. So certainly from a product strategy, if you look at this in here in the chosen sectors that we have got, that's a clear path. So Andrew, who runs our product, has got certain KPIs in place to drive that, and so we will be continuing to focus through around product innovation. One of the reasons we've chosen mining and waste as two key parts, is the ability to scale mining because of the huge operational improvement that we can have, and I want to emphasize the huge. You are coming in here to operate assets that are generating hundreds of millions of AUD, if not billions of AUD each year. We are helping those mine sites improve their productivity and performance. Now, I'm not going to go and give you a statistic, but the ROI on what we do is compelling. We had some significant wins in FY twenty-four, and, you know, we want to protect our customers from a confidentiality perspective. We are now generating incredibly significant revenue per site in mining. That is a key strategy. In waste, and I want to reemphasize this point, I've said it before, waste in the U.S. is the third largest contributor to man-made greenhouse gas output. That is something that, as a society, we have to tackle. And so we're really well positioned on that. It's an area that we have growth. You would've seen, you know, here from in Australia and also in the U.S., the market traction that we have. So Ross, to your point, we're focused on sectors that we know that we can have an operational improvement, where we're solving a meaningful problem, and the roadmap will support continued growth in that. I think the other piece to add on to that is we will see improved gross margin percentages as we scale from those sites. So moving it from the, you know, ninety, hundred and fifty, that's where we'll get the scale coming in and the gross margin improvement. Similarly, the product innovation that's being put through, again, utilizing existing instrumentation across the same footprint, will again improve gross margin. Good. Thank you. A question from Reece Van der meiden. Reese, I hope I pronounced your surname properly there. Are you expecting churn to decrease this year with fewer low-margin non-core contracts running off? Yeah. Yeah, good, good question, and there's two, two elements to that. Yes, the simple answer is a reduction, right? So if we- but it's a two-speed answer. Aviation, we have got 1.5% churn on the aggregate. Department of Defense, as we said originally, there was five sites. We churned those three back in FY 2023. You know, the other two sites will come off in the first half, right, into 2024. So that's... Sorry, yeah, FY 2025. And so, you know, you should certainly build that into it, but we've already built that into our model, so we knew that was happening. We have got good engagement. One of the things, and if you go back into our scorecard, last year in FY24, I pushed the agenda that we want to have strong technical customer success teams out in the regions, focused both on aviation and industrial. That's really been positively received by our customers, and both in upsell, you know, product adoption and usage, and even feedback into the roadmap, and so those are some of the levers that we're seeing. One of the parts that hopefully we can start to track soon is Net Revenue Retention. I think that Net Revenue Retention will be an important metric in our business, 'cause we're actually starting to understand our customers and the increase spend in that, and break that down by different segments. Very good. A couple of similar questions here. One again from Reese and also from Steve Nelson. I'll sort of ask both of them together here. So how much contracted ARR is not yet in the billing phase? And the connected question to that is, how much of the 61.1 million in ARR are we expecting to implement by the end of FY 2025? Sure. Okay, look, I'll take that one. In the finance slide, we included a. Just going back to the page. We included a. It's the AUD 6.6 million. Thanks, Jason. So we've got AUD 6.6 million that sits in our to-be-implemented bucket. As mentioned earlier, we've continue to increase or improve on our implementation tooling and our implementation processes. We have a dedicated global project manager who focuses on assisting regions in implementing either their aviation customers or their industrial customers, to get the most efficient time to, you know, time between contract signing to revenue recognition. So we anticipate a large majority of that AUD 6.6 million will be implemented. Of course, it's a rolling amount. Each time we go through a quarter, we win work, it comes in, and our operations teams, both domestically and regionally and centrally, assist in driving that number down. So I'll certainly be expecting that number to rotate through. However, as we grow, as sales increase, that number, too, may increase with time. Thanks, Justin. I'm conscious of the time. I'm going to make this the final question. As I mentioned, we will come back. Any questions that we haven't gotten to answering today, we will come back to you via email with a response. But the last question we'll make for today is around so if we believe the company's on the right trajectory, why isn't the board and management investing more of themselves into Envirosuite? Yeah, I mean, that's a tough question. There's certain parts of the year that we can buy, as you'd appreciate, but certainly with the level of activity the company's had, it certainly prevents us from doing something. So I'm sure, once we get through that and we're given sort of, you know, the green light to be able to do that, that's something that, you know... I certainly think it's incredibly undervalued, and can only see significant upside into the share price. So the first opportunity that I have, I certainly will be taking that. Very good. Jason, Justin, thank you very much. Jason, I might just pass back to you for some closing comments. Yeah, great one. So I might just sort of go to this slide because it's, I think it's an important one. We really, what we've solved, right, is not a problem in Australia, it's a global problem. I recently did a trip around the world into the U.S., into Canada, you know, into the U.K., Singapore, and home. Exhausting, but important to talk to customers, you know, strategic partners, and all that. What I hear, right, firsthand, is that what we do is incredibly unique in the world. What we do is also incredibly meaningful, and so we are driving a significant change. We will look back at this company in five or six years' time and say, "This is one of the most impressive technology companies that Australia has built to solve what is a significant global problem." GHG, sustainability, our environmental play is incredibly important to governments and businesses all around the world. We read an article this week around CBA making the announcement they're not going to fund, you know, dirty businesses that do not have a plan. What you're going to see around the world is people follow CBA's lead. So this is not something that's optional, this is not something that you wanna buy because it's in vogue. This is a core fundamental for people living on this planet. So I wanna thank, first of all, the staff in Envirosuite for what they've built and the vision that we have moving forward. I get out of bed every day exhausted, but I get out of bed so excited about what the future holds for us. So I think we're really well positioned. I wanna thank David as chair. David has been a stalwart of this company, and he has navigated incredibly tough situations. David has got a deep understanding of the business and the challenges that it has faced. So I wanna thank David for being certainly a support of the company. He's certainly given strong strategic direction to the company, but also to the other board members here. I've enjoyed working with him. A little bit tough at times, if I'm honest, but you know, it is also what you want in a chair. And look, as we transition to the new chair, I think it represents a great opportunity, and we are talking to, you know, people in that space. But, you know, the new chair, you wanna have someone there that believes in a vision of growth, that really understands what we're wanting to do, that can get in behind the trajectory that we're on, right? And this is about maximizing shareholder value, and this is about growing the company. So I'm really excited to what the next phase can have. And having someone in place that really does get technology play and can provide some strong acumen around how we can accelerate our growth, I think is gonna be really key to that part. And then lastly, you know, I wanna touch on to the shareholders. I apologize for where the share price is at. I don't think it's a result of us not working hard enough. I don't think it's a result of the wrong strategy. I certainly think microcaps have been hurt in the last eighteen months. What I would say is, and you, you can see it from what we've spoken through, the numbers support the trajectory that we're on. The validation from customers supports the trajectory that we're on. And so, yeah, FY 2025 is a positive year. The steps that we've made through the year in 2024, some of them were tough, but they were the right decisions to make, you know, and we will continue to make the right decisions for the company moving forward. But I wanna thank everybody. Obviously, this, there's a huge amount of effort through the year. It culminates in a one-hour presentation. And to everyone that's worked, again, in the Envirosuite team and for our customers. Shouldn't forget our customers. You know, our customers who have the trust in what we do. I think it's fabulous. So thank you very much. Thank you, everyone, and good morning.