The FY24 Q3 sales update. My name is Jeremy Gaedtke. I'm the Director of Marketing and Communications at Envirosuite, and I'll be moderating the session today. I'm joined here by our CEO, Jason Cooper, and CFO, Justin Owen. We're very pleased to present our Q3 sales update to you today. Before we get started, a quick bit of housekeeping around the Q&A in particular. So, there's two ways that you can ask questions. We will have time for questions at the end of today's session. The first way to submit a question is to use the Q&A function in Zoom and submit your question in writing, and we'll move through those at the right time. Alternatively, you can raise your hand and, at the right time, I'll take you off mute, and you can pose your question on the call. With that, Jason, I'll hand over to you to please begin today's session. Thanks, Jeremy, and welcome everyone to our FY 2024 Q3 sales update. As always, we have a fair bit in our update, so we want to step you through some of the key highlights, starting with the key highlights. Certainly another consistent quarter that we've had into FY 2024. New sales of AUD 2.9 million, which included new ARR of AUD 1.8 million, and then project sales of AUD 1.1 million. Our cumulative ARR now is at AUD 62.6 million, which is a good result for the business. Key call out there is the new ARR of AUD 1.4 million in EVS Industrial. As you would've seen a few weeks back, we made the market announcement of moving water into the industrial portfolio, and it was a strategic decision that we took. Certainly, with the capability now of the water products at a somewhat mature point, we felt that we would be able to scale both water and industrial more efficiently by that way, and, you know, again, cross-sell opportunities within that customer segment. So now you'll see the water included into all the industrial numbers. We did have a win on water as well, which was good, a little bit more of that one later on. But it's good to still see that the momentum is coming through in water. Part of that restructure, though, did have the net effect of a cost reduction of AUD 2.5 million on an annualized basis. And so that is, you know, largely through organizational structural change and the headcount reduction into that water division. EVS achieved a growth of AUD 0.4 million, which is a good result, and again, consistent. Churn over the last 12 months has remained somewhat consistent with 3.7%, and it continues to be a key focus for the business, and it's really around the customer engagement and customer success. Last point I'll close out there on the key highlights is around our outlook. You would have read in our outlook statement, for the first time, we've given a bit of guidance onto where we see the rest of the year for ARR and for NRR from a sales perspective. As a result of that, you know, we're happy to confirm our position around adjusted EBITDA, less capitalized on a run-rate basis, in the end of FY 2024. So good, good result. I want to talk to industrial now, and this will include the water update. So on, just on the chart there that you see, we've got one asterisk on the top one, which includes the water sales, and then two asterisks, which also includes the AUD 1.8 million of EVS Water ARR rolled up. Let's first of all talk about our strategy, though, for industrial. As you know, we have a land, expand, and scale strategy, which is focused on securing customers and working with them to first of all deliver the first part of value, but then to expand our capability onto that particular site. And that's through broadening the environmental parameters we might be monitoring as well as broadening the software capability in the platform and delivering value for our customers. Scale is where we're adding new sites. We're going to talk to how we've executed on that strategy and what that's meant for not just the quarter, but for the year, and also, more importantly, how this quarter plays out to have a significant play into FY 25. We're also segment focused, so we've, you know, we've, we've reaffirmed this many, many times. In industrial, we're focused on mining, on waste, on wastewater, and the industrial segment. With that focus, over the last 12-18 months, we've started to build a brand recognition in those, in those segments. We're certainly attracting Tier One customers to our platform, and we're getting good engagement with, with our customers in that part. Last part is geo, the geo focus, geographical focus. So Americas has been consistent in, in providing the strongest growth of our three regions. We don't see that diminishing. Certainly, the demand from our customers in that is certainly strong, continues to be strong. There's some legislation that drives that, but there's also just the customer presence and the value proposition resonates quite strongly in that part. You know, we've said multiple times that greenhouse gas emissions is the third largest man-made contributor in the US and comes from waste, and so that's a particular focus for us. But we are starting to see as well, growth now into EMEA, coming through in good demand. And we've been able to identify that, position well, and then build out a strong growth story. So now if we switch from strategy to execution, how does that line up? You know, we did focus on the geographic position of the Nordics and Scandinavia. This was, you know, 12 months ago, where we secured Boliden as our first mine in that particular region. Now, on the back of being successful in Boliden, we've been able to go and talk to other mining companies in the same region. They've spoken to Boliden, strong customer advocacy in place, and now that's opening up new areas. So you would've seen LKAB as a new customer. Interestingly enough, it actually is an underground mine, but there's, on top of mine impact around, the community and, and the engagement there. So new type of mine that we've actually been successful in, but goes to show that with the focus around the geographic location, we're able to execute. Now, the good thing for us is that there are multiple mines up in the Nordics, and we are talking with that team. Second part there, circling strategy and execution, is around Capstone Copper, Teck Resources, and also Glencore. And all three have different types of examples, but Capstone Copper is a geographic location with multiple mines. It's also a customer that has got multiple sites. So by being successful with Capstone, we've now been able to expand into 3, and now the future is how do we scale into the other sites? We also, as you're aware, we have got strengths in Canada, in the US, and in South America, and we're able to leverage those case studies and overlap that. Teck Resources continues to be a standout customer for us, and we're certainly supportive of them moving forward. [Foreign Language] Mine in Colombia has been another success story, and this is one which, you know, hats off to the customer there, are being very proactive in what they're wanting to do from an environmental statement. But also Glencore now is opening up avenues for growth for us around the world. So we'll continue to support on Glencore's mission. We know that the platform resonates quite strongly, and the expansion opportunity is becoming quite significant within the Glencore opportunity. Moving to waste, we did sign our fourth landfill site with our partner, Byers Scientific, and so that shows that this, the partnership opportunities, and particularly in waste, with having that value proposition, is strongly resonating in the Americas. Another key win there is Atlantic County Utilities Authority, and again, showing that waste in the USA has been a focus. We have put somebody onto that from sales. We've got our marketing machine working, and now we're scaling that through. Churn remained steady at around that 7.7% on the one. Aviation, total size of AUD 1 million, including 0.4 million in new ARR. Good jump on the graph on the bottom right, around aviation to AUD 7.4 million in that place. So that's good. Now, where does that come from? Again, come back to our strategy. We focus on our core markets. We're focused on customers. We have 190 airports globally, and it's our priority, number one, to support those customers all around the world. We do know that noise in the community remains top of the list of problem statements for those airports to solve, as well as the emerging need to tackle net zero within the broader aviation sector. We're well positioned to point to that. We also know within the aviation part, with a low churn of around 1%, that the renewals is a key focus for us. But also, we have got multiple software packages to be able to support our aviation customers. So what we've seen now with, you know, in-cycle carbon emissions, is it is the right product at the right time. So we were successful in the long-term renewal with Dublin Airport for a further five years. You probably would have remembered from some of our previous releases around the role that EVS had within Dublin, supporting them on their journey, and they are starting to take on more and more of our software packages. And certainly, their capability and usage of that is quite profound. So now we have got in-cycle and ANOMS Noise Quota Management module included, as well as them broadening out the number of users which are actually using the platform. So it's good to see Dublin expanding that out. Also there, we had additional noise monitoring terminals. So these are our high-end NMTs, which generates non-recurring revenue, with a good win there with Korea Aerospace Research Institute in South Korea. Again, core customers going through, you know, regular updates, and expansion. So Innsbruck, Linz, and Hong Kong CAD have all upgraded, you know, portions of their instrumentation in their field. And they've continued to do that, which certainly shows confidence in us and in the solution and the problem statement they're wanting to tackle. We do know that from air quality perspectives, that there is strong demand. We've spoken about the noise forums that we did hold in this FY 2024, and certainly from that perspective, the outlook for air quality is strong, as well as carbon emissions. And we have been successful in getting carbon emissions, certainly in Europe, and our customers are wanting these products, right products, right time. So certainly excited to see how the future quarters roll out. As always, within the aviation industry, you know, new airports will be coming onto the market in the coming half, you know, particularly into FY 2025. We're certainly excited by what that opportunity presents for us. Moving into our FY, I wanted to go to our 2024 outlook through the rest of 2024 into FY 2025. Certainly, the consistency is core for us. We wanna make sure that we continue to focus on the execution of our strategy. We have got good engagement across the board, both in industrial and in aviation, and so we know that the demand is there. By demonstrating our wins in industrial in Q3, what we are saying here is there's no doubt our Land, Expand, Scale strategy is right, and that is also connected then with our product strategy to support the scale portion of that. Our sales team, you know, is focused on increasing the velocity through there. We look at the pipeline now, looks quite a bit, and certainly the pipeline of where it is today, looking at 12 months ahead, or rolling 12 months, is certainly larger than where it was last year. We do have a very high hit rate on our opportunities as we come through. The opportunity now is to focus on that. We have continued to invest into training and onboarding for our sales team. Case studies going out and leveraging out what we have done within the aviation industry on the back of carbon emissions. We also continuing to invest into tools and processes to refine that. Building on customer advocacy is central to our theme. We know that a customer who is a strong advocate for us will continue to use the product many years into the future to derive value. They also will then talk openly about how our solutions are supporting them on their journey, and so that's a key part. We do wanna focus on the customer-oriented expansion opportunities and certainly the account structures, as we've mentioned, you know, from Dublin or Glencore or Teck. You know, you can see that those opportunities are quite profound, and so we want to have the right structure and engagement around there. Moving to growth in 2024, remainder of 2024 and 2025. Aviation, you know, continues to be our strongest contributor to ARR and recurring revenue and will drive our non-recurring revenue. There are quite a few significant projects that we do have in the pipeline, which we're working to close through. And the positive part is that's with existing customers that we've got. So we are working with them to define that. Some of those projects unfortunately have moved from the second half of 2024, probably now into the first half of 2025. But certainly, the projects are moving forward and gives us good confidence of where our non-recurring revenue will be in the future years. We do see that noise and community engagement continues to be a thematic, and what we're seeing is airports who have not had noise as a problem, starting to consider how they will solve that. And as being the market leaders, globally on this, we're certainly well positioned to capture the market share there. And as we've previously touched on around our ANSP, you know, we do know that we have got some significant, opportunity in that as we start to mature out the product and the value that that creates for that customer segment. In industrial, we will be focused heavily on our enterprise engagement, and that is again, in mining, in waste, and in the industrial around our enterprise engagement. So that's something that we want to be building out. We know that we're having the right discussions with the right customers onto that one. It's our opportunity now to close those out and to accelerate into FY 25. And certainly from a fiscal management perspective, you know, we have been managing our business quite tightly through this. We've made proactive decisions around the structure and the organization. But as we now transition into profitability, it certainly gives us greater confidence to be able to execute into our sales and marketing investment strategy to drive additional growth. And understanding that the industrial part, which will have the biggest growth in the coming years, is also one of the largest gross margin contributors to our business and will be key to us moving into 60% gross margin as a business, you know, and increasing that in the coming years. It remains a key focus for us. We have made decisions this year around some of the contracts that we've touched on in previous quarterly updates to remove the low margin contracts and to focus in certainly on some high quality contracts, high quality customers, and certainly ones that we can expand and scale. So we certainly see that critical mass starting to come in with the logos and the customer base that we have got there. So certainly closing now out onto that outlook statement, we do have a strong ARR closeout for the year. We gave a range of 2-2.5 and an NRR of 1.8-2.3. That's certainly from the sales part. So we have line of sight of those opportunities, and we're certainly focused. We remain well funded, to execute and invest for growth, and that's an important one. We do want to invest for growth into FY 2025. ... So we have managed very tightly through FY 2024, and now is the part as we transition profitability to invest for growth. And certainly, there is continuing macro drivers around the market operations that we stay in, where we see a strong, compelling outcome. So with that, we'll hand over to Q&A. If there are any questions. Fantastic. Thanks, Jason. So just reminding everyone again, to ask a question, please feel free to use the Q&A function and type in your question. Alternatively, you can raise your hand, and I can take you off mute, and you can pose your question on the call. We did have a few questions around our growth strategy and sales and marketing strategy submitted ahead of time for this webinar from Gordon Campbell. And, I'll probably sort of bundle these questions together into one, because they are interlinked. You did touch on in each of those updates, Jason, the strategy around industrial and for aviation as well. Can you give a little bit more color around our strategy for expansion and accelerating our growth? Yep. And in particular, where are we seeing the greatest opportunities, new business clients or cross-selling within that strategy? Okay. Yeah, good question. So look, you know, as we touched on, we've got a focus here on land, expand, scale. We know that we have a platform that can scale significantly with customers. I wanna sort of touch for a moment on our own platforms that build out two platforms in aviation and industrial that are market leaders. And so we know that we've got strong competitive advantage in that space. And what we have done is, we're focused on markets where we have a significant impact, so mining, industrial waste, and wastewater. In particular, what we're seeing through FY 2024 is that mining and waste has got a particularly strong value proposition right now. So as it has limited resources, to apply to sales and marketing through 2024, we have made bets on mining and waste, and those bets have paid off, which is good. Where we see that moving forward is to continue to invest. So the product, from a product maturity perspective, will continue to support mining and waste. We're also more solution-orientated in packaging this up now to customers, and so putting a bit of a wrapper around that so that they can get on board easier. We are focused on turning revenue on as quickly as we can, in that part. And obviously, the quicker that we can turn that on, then there's revenue recognition as well within our business. Our core focus, get the logos that we want in mining and in waste, make sure that we have the ability to expand on per site basis, and really importantly, make sure that we can scale these customers to multiple sites. Very good. Thank you. We have Paul Bridgford has raised his hand. Paul, I've taken you off mute. Please go ahead and pose your question. We can't hear your question coming through, Paul. You will need to take yourself off mute manually as well. Okay. Is that better? That's great. Thank you. Fantastic. Thank you. Just by, in terms of context, I bought Envirosuite shares in 2018 at AUD 0.075. They now languish at AUD 0.052. Basically, the market's saying that they need to see some profitability from the company. Now, I read your thing about positive adjusted EBITDA, less capitalized development on a run rate basis. What does that mean, and how does that translate into profit? Paul, thanks. Thanks for your question. I'll take that one. What we talked about when EBITDA and adjusted EBITDA, sorry. EBITDA is a measure of cash because it takes out depreciation. What we then bring in is the capitalized development costs that we don't run through the P&L, but we take to the balance sheet. So we use that as our internal measure, if you like, as our proxy for cash. So as we transition from 2023 to the end of 2024, we will be seeing that measure or that, the combination of those two, capitalized balance sheet plus P&L, resulting in a positive number transitioning through to the end of FY 2024. The reason we use those measures, they're reasonably common in the market as measures, so proxies for cash. We've made one further adjustment to that, Paul, which we look at it from a run rate perspective. We mentioned in our last update, in the full year, where we spoke to results, where we are focused on EBITDA as a measure, not adjusted EBITDA. So as we conclude FY 2024, we will be running with the adjusted EBITDA, which takes into account normalized adjustments. But going into 2025, it'll be a pure EBITDA, less capitalized development costs as our measure. It's on that basis, going into 2025, that we, we see that we will be profitable and cash flow accretive for that year. That's a net profit going into 2025? Well, net profit is defined as under EBITDA, so it's more of a cash measure there, Paul. I understand that. I mean, I'm talking about actually getting a profit out of the company, because in the end, that's why you need a company, is to make a profit. ... Yep, yep, 100%. And that's- When do you think we'll have an actual profit? The profit will be impacted by two other components, being depreciation, but that's why we bring in the capitalized component part, because depreciation is in profit, but it's not cash. So we take out depreciation and put in what we spend on development or capitalized development costs. So if you like, we're probably taking a worse position in the measure that we're assessing ourselves on, as opposed to pure profit. And the other component that will sit in there is interest underlying our debt, and that's the figure that we continue to monitor, and where we can reduce on a go-forward basis as we transition to profitability. Yeah. Obviously, the share price at AUD 0.052 is unacceptable. What do you think the company needs to do to turn that around? Yeah, so I would agree with your sentiment that the sooner that we get through to profitability, that share price will start to go north. That's something that we have done for on a sustainable basis, understanding that we are trying to grow in all quarters, and so certainly the top line growth has to be underpinned by a sustainable business model, which we have done. We are bringing new products to market to support growth and make sure that we certainly retain our customers. So I think the two key drivers there is the top line growth and that transition in profitability, which we've been clear on, you know, this year is a transition year, and FY 25 will certainly be the part where you start to see that as a tangible outcome. Okay. Thank you. Thank you, Paul. We'll move on to another person who's raised their hand, Fred Himstedt. Fred, I have given you the ability to take yourself off mute. Please go ahead and take yourself off mute, and pose your question. Thank you. Sorry about that. So I do have a different question, but I just want to ask a follow-up question to that. I've just pulled up the last half yearly results. So in terms of development, the capitalized development costs, that's at the moment, they're about the same as the depreciation. So I think you've left us, left me with the impression, with what you said before, that the company was in a break-even position after taking off, after adding back depreciation. But really, the cash flow for the last half year shows cash out, net cash outflow of about AUD 4 million. So I think that previous fellow's question was really coming to net profit, also. A true cash flow break even, which the company is some ways away from, from... I'm interested to know what revenue run rate you need to be hitting to get to that true cash flow break even. But my question was really: can you, in this last quarter, can you talk to the recurring revenue rather than the annual recurring revenue? Because again, on the last half yearly, there was the recurring revenue was about half of what the annual recurring revenue number is. So Fred, it's Justin. I might just jump in there on the first question, which is our cash and how we measure and what are the impacts to it. Clearly, there's the operating component, which we talked to cash, which is the combination of, you know, revenues which we're generating and payments to our employees and suppliers. Sitting under that is our investing activities, and we've spoken in prior updates regarding where the money is being spent on investing activities, and there's a couple of components there. One is obviously our capitalized development costs, hence our focus on that one. The other is in our PP&E, or monitors and sensors that we have out of customers at any point in time. In our forecasting, we allow around about AUD 150,000 a month, where we see that those monitors are being bundled up with revenue opportunities to our customers that are recorded under recurring revenue. So we have an element of capitalized instrumentation sitting on the balance sheet. So that will continue to be an impact on cash, and that is one of the reasons why we went through with our debt facility to fund that. And so that is a difference, if you like, in terms of our measure of cash flow and our measure of profitability. We expect those capitalized instrumentation values to retain at that level or potentially grow as more of our customer base and new customer base transition through to a bundled service of both the platform and instrumentation into our monthly costs. So it's, you know, to get to that combined cash flow accretion from operating and investing activities, will take some time, but we still—sorry, will be longer than from pure operating activities, plus the capitalized development costs, so hence our funding to support that. In terms of your next question on revenue at the half year, can you repeat that one, please? Yes, just the recurring revenue versus annual recurring. You have a certain definition of it. I look at the last half yearly results, and I think last half year results, recurring revenue is around AUD 26 million, and the annual recurring is around AUD 58 million. Can you just tell us what that is for the recurring revenue for this last quarter? Sure. So when we look at our numbers at the half year, we provided a bridge from our recurring revenue to our ARR for the half year. And essentially, what we look at there is what the excess run rate is for the month of December, multiply that by 12 to get what we term our ARR. And then we add on two other components, which is those contracts which are in our renewal process. We're not recognizing revenue on them, but we expect to be generating revenue from them once the renewal process is completed. And the final part there, Fred, is the pending revenue of those projects that are in the implementation phase, where we're not recognizing revenue on those. They're the elements that go to reconciling recurring revenue to our ARR. Yeah, but can you just tell me what the recurring revenue is for the last quarter? Because I guess from what you're saying, I expect it to somewhat be on the run rate of what you exited the last quarter. For the first of these updates, we don't provide historical or P&L numbers at these updates. This is a sales update. We provide the guidance in terms of what our expectation is on sales for the next quarter. And we also provide our expectation around the forecast on our transitioning to profitability through the measure of adjusted EBITDA plus capitalized development costs. Oh, it's a first. Okay. Not prepared to say what the revenue is, but you're prepared to say what you're gonna do next month. Never heard of that before, but okay, I'll leave it at that. Thank you. Thank you, Fred. We will move on to a couple of questions on the debt piece. So we've got one here around the improved terms of the debt facility that we announced yesterday. So can you give a little bit more color to around that discussion with the facility and the upsized debt facility? Are these improved terms on the back of increased confidence in our outlook around profitability? Great. Thanks. Thanks, Jeremy. So the position on the debt facility, there were two key components on the more favorable positioning. The first one came down to the underlying borrowing capacity that we had within the facility. Under the original terms, we had an ability to take 2.5 times the average last 3 months' recurring revenue. So if we took an example of an average being AUD 4.5 million, and we had it at 2.5 times, that would give us a capacity of AUD 11 million. We had the deal structured at AUD 7.5 million, knowing that we had the ability to leverage that number up. In our discussions with Partners for Growth, we discussed two components. That was one, in terms of our the multiple, and the other came down to the amount of cash that we were required to hold on balance sheet at a point at throughout the facility. At that time, the amount that we had to hold was half the facility, so AUD 3.7 million. We have now had that reduced to AUD 1.5 million. I've said in... So that's a certainly a favorable position for us. As we continue to manage our cash and cash requirements globally, as an entity and as a company, there are times where we do need to ensure that we have cash balances around AUD 4 million-AUD 4.5 million, and there are other times when we can manage to balances that are less than AUD 3 million. It comes around in relation to our expectation around major cash outflows, for example, paying off multiples, for example. So, very good outcome. More importantly, with this update, the addition was done on a pro rata basis in terms of existing fees, and the term has not changed. We are still on a three-year term with no amortization. So that's again a positive outcome for us. Very good. Thank you, Justin. Question around operating expenses. So we have spoken about, you know, managing our expenses very, very carefully in FY 2024. Can you provide any color on expenses in 2024 versus 2023? And have those expenses grown or reduced? Look, I think in terms of looking at it from 2024 to 2023, one of the things that we are acutely aware of is how, as we grow, we efficiently provide capability and support for our new customers coming on board. That was one of the reasons that led us to opening up our Philippine Center of Excellence around 18 months ago. So that is now sitting with. We have a seat capacity there of 25, but we've bypassed that and adopted the hybrid working arrangement within the Philippines. So that has been a way that we have funded our growth. Second to that is we are also looking at other locations, and what we talk about in that regard, in locations of labor, and there's various areas around South America. Chile is one, or Santiago, where we have an existing office, where we're investigating potential to put another center of excellence there, where we have access to quality candidates and a quality workforce, and how that may assist funding our growth going forward. As Jason mentioned, we continue to monitor our costs quite closely, and where we can move to a more efficient operating model. Fantastic. One question that has come through, around the EVS water consolidation into industrial, following that release a few weeks ago. So what does that move mean, in terms of water growth and company focus on water going forward? Yeah, so certainly for the short term, the focus is going to be around recognizing revenue and working with our customers to get up, get going, use the product. As you would've seen in the half yearly report, there is a big delta to the ARR to revenue in water. So our focus in the short term is to maximize that path and work with our existing customers. The longer term growth with water will certainly be to secure opportunities where there's a cross-sell opportunity within the industrial sector. As you said, we're focused on wastewater. In that wastewater, we have seen almost always, you know, where we sell SeweX, we are selling Omnis, so we will continue to see that opportunities are already presenting themselves to continue that path. In this quarter, we did sign a Middle East opportunity around desalination, and so we'll continue to sign selective opportunities there. But we are focused very heavily on maximizing the revenue portion of water, certainly in the short term. Very good. Another question that has come through is around the... Around dividends, actually. So keeping in-- bearing in mind the outlook, anticipated expansion over the output period, when within, question is: When within our five-year plan will we be able to return a dividend to shareholders? Look, that's something I don't want to respond to today, but we can certainly take that up with the board and come back on. But, you know, our key focus is, and I do want to stress this, so that to everyone on the call, we want to get to a sustainable profitability position, where we know that we can continue to invest into the company for growth and seize the market opportunity. You know, if you look at our headcount, we have been incredibly flat over the last four years, yet we've grown significantly, and there's greater complexity around what we're doing around the world. So we have been able to grow while controlling costs, which I think is a testament to every single Envirosuiter who contributes to the core results of the business. Another question around the debt piece. So can the company afford to pay the AUD 7.5 million, AUD 12.5 million extended facility back in, in the three years? And, and what does this mean in terms of our profitability targets as well? So in terms of the ability to repay at the end of three years, there will be... We won't be in a position to have that amount fully paid out in three years. What we have got is an ongoing and enduring relationship with, for starters, Partners for Growth, but we also have ongoing relationships with our existing bankers, who is, for those on the call, is HSBC. And when we first investigated our debt facility, we were looking, we did have a discussion with HSBC, and as we transition to profitability, they may become a potential source of debt for us into the future. In terms of debt and debt facility, there will be, and as we transition to profitability, we will continue to use debt as a source of funding, as it supports us in terms of our instrumentation that's out at customers, and provides us a funding facility for the inventory that we hold on our balance sheet. So there is the expectation that debt will continue to be a component of our structure going forward, albeit within a managed position, supporting the growth potential for the company. On profitability, again, I answered that question earlier, around our expectation of transitioning to profitability, as we exit FY 2024, and then when we get into FY 2025. Thanks, Justin. A question probably not dissimilar to what you answered before, maybe a little bit more color on this one, Jason. So new ARR for each quarter this year has been twice. Does this mean the effectiveness of the go-to-market and sales team is an issue? Yeah, I don't think it's an issue. I certainly think we're being focused on with, you know, tight fiscal management through the year, is putting our efforts where we know that we're going to get a mixture of both short-term results and building out to a long-term scale. So what we saw with Cerrejón, as an example, in this quarter, right, is a significant expansion, and it's based on the product doing what they need it to do, and then being able to leverage, you know, the way that the product is sold in the software capability and the modules.... So for us, we really are focused on sales efficiency, sales effectiveness coming through, and deploying people into the segments that we know we can build long-term efficiency and scale. So I think it is more about consistency with core. We wanted low risk in this year as we transition through, and we wanted to be able to execute, and that's where we are focused on. But I think FY25 certainly would be an accelerator based on the new logos and new sites that we have won. So you'll see that efficiency and effectiveness increase over the coming years. Thank you. Question come through from Rob Bruce. A follow-up question on the water piece. So Robert, would've, would've thought that the benefit of merging water with industrial would've been around maximizing cost savings, improving cash flow, as opposed to maximizing sales. So what were the cost savings and the reduction in headcount that we achieved from, from merging the two? Yeah. So as we released to the market, you know, we put out AUD 2.5 million. And to answer Rob's question, absolutely, it is around, you know, the cost base and really focused onto that part. It will certainly limit the growth. And as we said, we want to be focusing in on turning revenue on to come through. So the cost savings is AUD 2.5 million, which we announced to the market. Annual, annualized, 2.5. On an annualized basis. Very good. There are a handful of questions that we're not going to have the time to answer. We are now out of time. So for those people who have submitted these questions, some of them have been submitted anonymously. I'd encourage you to please, if you could, email us those questions to investors@envirosuite.com, we're then going to be able to respond to you directly with those questions as well. But Jason, that concludes our Q&A. I want to pass to you for final comments. Thanks. Look, coming back to some of the questions that were raised, you know, we want to make this clear, we are focused on transitioning the company to profitability on a sustainable basis, and it's really important. Of course, you can go on cut to get to an artificial point, but then you're going to be left with significant problems downstream. So we want to support our customers. We want to be minimizing the churn. We want to be focusing on, you know, where we do get to with a multi-year view, not just a one-quarter result. So the key part here is we've got a strategy in place. We've spoken openly around Land, Expand, Scale. We're seeing the dividends of that. I think as we transition next year into FY 2025, you know, it will be coming to that profitable basis, and that's a significant milestone. I can tell you that all of management, all of staff, are focused on achieving that result, and ensuring our customers, you know, will continue to trust us and put their important assets and operations in our hands. We have lots of exciting opportunities in the pipeline, for the balance of 2024 and into 2025, which I think when they come off, will be certainly transformational for us. And so we're certainly focused on putting our effort in behind those. So thank you for joining in. Really good discussions. I think we're all aligned on what the focus needs to be. Execution is certainly critical, so thank you for that, and certainly supports what we're doing at our management and our board level. Thank you everyone, and good morning.