Welcome everyone to the LiveTiles Quarter Two Results call. We hope you all had a relaxing break, and we're excited about the new year to come. With me, I have Karl Redenbach, Founder and CEO, and Jarrod Magee, CFO of LiveTiles. They'll provide a summary of the results and then we'll open up for Q&A. We've moved to the Zoom platform, so Q&A will be via the Q&A function in Zoom on the bottom toolbar. Over to you, Karl. Right. Thanks, Maureen, and good morning, everybody. Look, I'm very pleased to announce and excited to talk about our results today for many reasons. Firstly, is our 32% increase of operating revenues for the first half of last year. Which we think is a great result for many reasons. One, a 32% increase is a significant increase. That's the first thing. The second point is there's no doubt it has been very trying conditions over the last six months. For those in Sydney and Melbourne, obviously, if you go back to July through to December, it was a very disrupted period. And we certainly saw some disruptions at the end of last year, both in the U.S. and Europe as well, obviously with COVID and the pandemic still ensuing. The first thing I would say is that we're very pleased with that 32% increase of our first half results of 2021. The next sort of key highlight that we have is an increase of 15% of our contracted license base to 2.7 million users as of 31 December 2021. That is a significant increase for the quarter. We're very pleased with that result, given the trying circumstances and with our 32% revenue growth, we think that is some key highlights. Our record cash receipts of 15- This meeting is being recorded. That is also a fantastic result to look at. Last but not least, I suppose just as a key highlight is our total cash facility after approval by the AGM last- This meeting is being recorded. Just to talk briefly about the operations of the business and why our team is excited. You know, we obviously had some huge wins. If we go back and look at calendar year 2021, where we had the likes of UnitedHealth Group and Nestlé and those very big wins, which were the largest sort of wins of their type in the world, in our space, in this employee experience space. Really our key strategic goal over the next two years is to be recognized as the number one leader in EX and drive customer and user growth. That's, you know, why we're very pleased with that increase of 15% on the quarter of those contracted license bases. In essence, you know, we are really focused on this sort of five key pillars of EX. And for those that are new to LiveTiles, you know, we have very quickly become a leader in our space. We have, you know, well over 1,000 customers. In fact, we grew our customer count this quarter, which is fantastic. Most importantly, we are recognized by not just companies, but organizations like Microsoft and other large research firms as one of the leaders, if not the leader in our space. Really the key thing we're trying to do is how do we connect people? How do we encourage engagement for employees and companies? We're looking at things like well-being, performance, and trying to inspire employees to do their best work. That's I think now reflective of what we're doing with our customer count and the feedback we're getting from the market. We're also, you know, making a series of tactical investments. Last quarter you may have seen we had Simon Sinek present at one of our sessions on our EX Academy, which is trying to get organizations' leaderships to understand how important engaging with employees, particularly with a lot of work from home. We think it's probably harder than ever to get employees engaged culturally with companies. That's simply because people are not in the office and, you know, even now, and if you look in Melbourne or Sydney, you'll probably find a lot of people still working from home a lot of the time. That's really one of the things we're trying to facilitate. You know, the likes of the Foot Locker's and Nestlé's, you know, UHG's, these really big organizations, you know, we're proving it day after day that this is a key element that is gonna be really important to companies. We're gonna continue to invest and accelerate our growth. As I said, the revenue growth for the quarter or for the half, we think was a great result. You know, part of what we're gonna be doing as well is looking at some of these investments and looking at third-party products in geo-locations and importantly customer bases that we can continue to accelerate our growth. You'll notice a couple of investments which I'll talk to now. Some of them are what we call staged and early stage, and we'll be continuing to differentiate our product. One of the things about being a tech company, we want to continue to drive innovation and make sure that we're always in front. That's why a lot of organizations are coming to LiveTiles so that they can get our help to take their company and their employees to the next level. If I look at BindTuning, and we announced that last year, late last year, an organization based out of Portugal. It's a two-year investment acquisition, where there's over 200 customers, 360,000 users, and the likes of McDonald's, Tyson Foods, BAE Systems, over AUD 1.4 million in revenues. You know, when you've got organizations as large as McDonald's, we think there's a huge opportunity to cross-sell, upsell, and importantly, look at how do we take these customers to the next level. This fits perfectly within our strategic goals. You know, one of our strategic goals is to look at getting quite a decent percentage of the Fortune 300 companies. I think the good news is that certainly with this acquisition, it helps us get there faster and really does solidify our place as the global leader in EX. If we look importantly why that is the case with BindTuning, they have some incredible technologies. For those that haven't seen, I encourage you to go and look at their website. It's going to allow us to create for the very first time this marketplace. You know, we've seen some great uptake of our LiveTiles Reach product, which is an employee app. It's like a sort of traditional desktop app. Then we have this mobile app which any employee, particularly frontline workers, the likes of Nestlé or can use, so you don't have to be at a desktop computer. What we're gonna be allowing companies to do is buy very custom bespoke solutions through this marketplace. As an example, BindTuning have about 80-odd, predefined solutions, everything from birthday calendars to policies and procedures to expense overviews, accounting functions. There's a bunch of different templated divisional use cases that they have. We think that's a great opportunity. Plus, we also have a raft of new technology partners that wanna partner with us to be able to offer both their product and our product through our solution marketplace. Watch this space. We think this is gonna be a very fully scalable hub that is gonna allow employees or departments as well to be able to take products as they need. This is also underpinned by one of the BindTuning products called Automate 365, which is a key platform, and that really allows organizations to deploy very fast this sort of technology when and how they need to do it. That's a really key investment for us. We think that's going to take off. This also gives us another footprint in Europe and as well as a lot of those organizations that are U.S.-based. If we look at My Net Zero, which is a key investment for the quarter, this is a new company, but it was launched actually with the federal minister, Tim Wilson, who's the Assistant Minister for Industry, Energy and Emissions Reduction. This is really trying to change what climate action and particularly carbon offsets means for organizations and employees. For those, I know there's been a lot in the media around the pandemic, et cetera, but if we go back to sort of October, November period, there was a lot of media around COP26 and importantly, what countries like the U.K., the U.S., and importantly here, Australia were doing as far as emissions reductions and particularly companies. One of the things that we're very excited about My Net Zero, it's the only company we're aware of its kind that actually really focuses on how do we get employees and companies to help engage with climate action and be able to take full advantage of a network. We've got some, you know, 2.7 million users. That's a lot of employees that are using our tech every day. If we can help those organizations and employees, we think that one, it's great for the organizations to not just help the environment but get engagement from their employees. 'Cause I think employees are asking for it. We've certainly got a federal election coming up where this will be a key topic in the election, in Australia here, and it's certainly a key topic, I think, in a lot of jurisdictions at the moment. This really focuses on how we get employees to be able to either create plans or importantly, you know, look at buying offsets. One of the early organizations that My Net Zero is working with is Iberdrola, which has 34,000 employees. In fact, they spoke at the launch event, and they talked about how they had their own organization, their own employee's uptake these carbon offsets. They've done an incredible job. About 80%, I believe, or close to it were taking that on, and they saw that as a way to engage with their employees. We wanna take that tech and that concept to a much broader audience. We look at the organizations like the London Stock Exchange. It is mandatory next year. We think the timing of this solution and bringing it into market is going to allow us to go into customers that we wouldn't have got otherwise. Importantly, our existing customers give them an offer that allows that employee engagement. We're really excited about it. We've also done a very small investment, but into a key stake in the company Hide and Seek in Canberra. We believe that there is a huge opportunity, particularly in government, and coming out of the pandemic, to support organizations like the Australian Defence Department, ACMA, a bunch of organizations that Hide and Seek are working with as federal government organizations, and that Canberra is sort of a bit of an untapped opportunity for us. We believe that investing in a business that has key sales and people on the ground there is gonna be a key item for us going forward. As sort of a quick summary, you know, we're really happy with the growth 32% for the on revenues for the first half. We see that we're well set up now for calendar year 2022. I know we've said over the last, I think, eight quarters, we're hoping to get out of the pandemic. We had hoped to be out faster than what we have. You know, the results now are showing that we're able to continue to grow those revenues, which we're, you know, excited about in what are still probably difficult conditions, given it's hard to go and see customers, et cetera, in these sorts of relationship styles. All that. Having said all that, I'm now gonna throw it over to Jarrod Magee, CFO, for a quick finance update. Thanks, Karl. I'll now recap the key financial highlights for the quarter ending 31 December 2021. As mentioned at the start of the call, our H1 operating revenues of AUD 26.7 million, which is still subject to final audit, grew 32%, a great result, over the prior corresponding period when compared to 31 December 2020. We see this as a fantastic result that is underpinned by a return to strong growth coming from our software and some support subscription revenue streams. We look forward to sharing more details of the H1 results later in February. As one of our new key business metrics, it's pleasing to report that our contracted licenses grew by over 400,000, an increase over the past six months, up to a total of 2.7 million. With continued strong growth still coming from our successful LiveTiles CultureEdge product. Also pleasing to report this quarter is seeing our customer base grow by 29 to 1,055. In terms of our reported ARR for the period, we saw a 12% growth compared to 31 December 2020, up to AUD 65.2 million. On a constant currency basis, our ARR was AUD 64.3 million. With this result impacted by the AUD currency movement against our key international markets in the euro and US dollar currencies. At, 31 December, we had a trailing twelve months ARR net dollar retention of 86%, which was slightly down from 92% at 30 June. As disclosed in our commentary, this result was impacted by the business having to churn some of the partner and customers that were afforded the COVID relief during the prior fiscal year, as Karl touched on the challenges in that period, and as we disclosed at 30 June as well. I guess with these customers and partners that went through the COVID challenge now adjusted for, we do certainly look forward to being able to focus on growing our existing core business now going forward into 2022. Pleasingly, we had an average ARR per customer at AUD 61,800, which also grew 21% through the quarter when compared to prior corresponding period. Which was, you know, really well underpinned through our customer ARR growth in the quarter as we continue on that journey towards shifting towards the large hidden market enterprise segments. In regards to our cash flow updates for the December quarter, as Carl touched on the start of the call, it's great that we're able to report another record cash receipts quarter of AUD 15.3 million. This is the first time we've achieved over AUD 15 million in a single quarter. This takes our trailing twelve months cash receipts up to AUD 56.7 million and delivers a 20% growth over the last twelve months. In relation to our cash flows as disclosed in Appendix 4C, our net cash outflows for the quarter was $1.36 million, which was a 90% improvement to the same prior corresponding period of last year. When excluding a $1.38 million US tax payment required for prior years, the underlying net operating outflow position returned a breakeven quarter, which is a fantastic result with what the management team have been focused on over the last 12 months. On a trading 12-month basis, our underlying net operating cash outflows were $3.3 million, which is a $7.6 million or 70% improvement to the prior corresponding period of last year. In terms of the breakdown of the cash outflows during the quarter related to our business operations, we saw staff costs of AUD 3.5 million, R&D spend of AUD 5 million, product and operating costs of AUD 4.2 million, advertising marketing at AUD 1.1, and our admin and corporate costs of AUD 1.2. I'd like to point out that for this quarter, and for going forward as well, the salary costs associated with the professional service delivery team has been reclassed from Appendix 4C item 1.2A, staff costs, and reclassed into 1.2B, product manufacturing operating costs. This has also been reflected in our year-to-date amounts within the Appendix 4C table. For those that are interested, the approximate value of this change is approximately AUD 1.9 million per quarter in the reclass. This change for FY 2022 brings our 4C classification and reporting certainly in line with our accounting classifications when disclosing in financial statements. There was also, as Karl touched on at the start of the call, AUD 1.7 million in cash outflows for investing activities in the quarter, and these were in relation to the three strategic investments that Karl spoke to earlier. Our cash outflows for finance activities included AUD 112,000 in associated one-off advisor fees that were tied back to the debt facility transaction that we secured in the September quarter. With the combination of the above cash performance and movements, the closing cash on hand at 31 December was AUD 17.6 million, with an additional AUD 4 million to still draw down on from the OneVentures facility, bringing our total cash available to AUD 21.6 million and putting the business in a very strong financial cash position for 2022 and the year ahead of us. That covers the key financials for the December quarter. Any further details can be found in our ASX announcement released today on the platform. We also look forward to sharing with you on February 24 next month further details around our FY 2022 first half performance as well as our Appendix 4D. Thank you. All right. Now we'll open up to Q&A. There's two functions. There's the Q&A, sort of like a chat, and there's the raise hand. There's quite a lot of questions here, so we might take on the calls live and raise hands. I can see there's quite a few questions here. Suraj, can we take a question from you? What is it? Can you hear me okay? Go ahead, Suraj. Yeah. Morning, Karl. And Jarrod as well. A few questions. Just first thing on the incremental AR added in December quarter. Looks like it's slowed a bit compared to the first quarter, right? Which might be related to that Jarrod spoke about. Can you just expand on that, if you could? Yeah. Hi, Suraj. Thanks for your question. Good to hear from you. That's correct in terms of how you sort of thought it through. There was obviously, as we disclosed, you know, a lower retention rate at 31 December and that's driven a lot by the churning of the customers that we disclosed at 30 June that, you know, did not renew once the COVID relief period was provided for them. As a result, that's happened over the last six months since 30 June. You can appreciate that some of that's fallen this quarter as well. That's sort of created a bit of a drag on the ARR growth result. While the AUD 700,000 growth still, as a net value, there is some, I guess, some underlying churn there that's happened as a result of those COVID reliefs not being renewed. Jarrod, the way to think about that then is, it seems like Reach is growing to the lower ARR sort of product. Is that raising the churn? Is that fair? We haven't given the disclosures of the individual product contributions to that trend. You know, it's something we can look into disclosing within our 31 December results for the half. Got it. Last one. Just in terms of what you're seeing for this, because of the Omicron stuff, especially in Europe, any outcomes you can provide on that, in that front? Yeah. We've still been able to manage to grow strong pipeline even though, you know, again, particularly in Europe is locked down right now. There's still, you know, teams in Denmark and Switzerland and Ireland are still facing those lockdowns. But despite that, you know, we've been happy with the growth of the pipeline and importantly, a number of RFPs which we won last quarter and some more coming out and hopefully be getting decisions made this quarter. The positive news is that we still see the growth there and, notwithstanding that, yeah, obviously as we hopefully get out of this pandemic and we actually start seeing customers, we'll see a further uptick in growth as we go along. Great. Thanks. Thanks, Karl. Thanks, Jarrod. Great. Thanks, Suraj. Next one I've got is Johnny from Evans & Partners. Go ahead, Johnny. I think you're on mute. Hi, can you guys hear me? Yes. We can hear you, yeah. Oh, cool. Thanks. I just wanted to ask about the UnitedHealthcare contracts and whether it's at full run rate right now and also when it went live. Yeah. Hi, Johnny. Nice to hear from you. We've successfully launched the program. In fact, it was the largest, like, program undertaken by LiveTiles in its history in terms of customer deployments, and that was finally launched back in November. As a result of that, we've been able to take a full revenue run rate as of November. Look, just a quick add on that. I mean, we've also received feedback over the last six weeks that a lot of really positive feedback from both, not just the project team. It was a significant project team, many, you know, tens of thousands, hundreds of thousands of users. But more importantly, the actual field that are using the product and getting some great reviews and some really positive results which is fantastic. The good news is it's only been a short amount of time since November but yeah, it's been very positive so far which is great. Okay, great. Thanks. That's good to hear. I also wanted to ask about the R&D strategy. It looks like you guys have added a number of products to your platform over the last couple of months. I just wanted to check where you guys feel like you're with that. Look, obviously we're a fast-growing tech company and have been over the last, you know, we're only six years young, right? Unfortunately, two of those years, nearly 30% of our lifetime has been in COVID where we haven't been able to see as many customers as we'd like. Having said all that, we are fast growing. We wanna continue our innovation and our growth. To do that, we have to look at new tech, particularly when we think we've done a great job of reducing our cash burn significantly. So much so, you know, we're net operating cash positive once we take our one-offs for the quarter. You know, on that basis we're trying to reduce our cash burn run rate. You know, we need to look at innovation particularly products, you know, that already exist out there or say for example in BindTuning's instance. You know, they've got customers like McDonald's and these big names, over 200 customers that allow us to cross-sell and resell. We've got to continue to look at this innovation. We're gonna continue that over the next 12 months as well. Okay, great. Thanks. The last one from me was I just wanted to ask about churn and what your expectations are for that going forward and whether a lot of those, you know, smaller customers, have finished churning off or? Yeah. Johnny, look, I think fortunately we've seen a slowdown in our churn in the last sort of 1-2 quarters. You know, I think whilst we've disclosed, we've seen customer churn falling through our last 2-3 quarters, but certainly in our lower contract value customers. Having, you know, less impact on a dollar value perspective to us. Unfortunately, this quarter you've seen we've sort of been able to turn our customer numbers around, which is to sort of buck that trend. We've also seen as a result the overall dollar value of churn is decreasing in the last couple of quarters relative to where we were sitting one-two years ago. When you strip out that the churn we just discussed earlier around the COVID relief, we certainly see we're in a better position now for 2022 in terms of our going forward Okay, great. Thanks. That's all for me. Okay. The next person we have on the line is Andrew Gracey with a couple of questions. Hi, Karl. Can you hear me? Yeah, I can hear you there. How are you? We can see the churn was elevated in the quarter. Have we churned off all these kinds of non-payers from June, or is there more to come there? Short answer is yes. Yeah. I mean, I would call it a COVID hangover that we've had to face. Yeah, the good news is the underlying growth that we had even over the last two quarters was good. You know, when COVID started back in sort of March 2020, which feels like a long time ago now, nearly two years ago, you know, we had a lot of customers either put things on pause or some of our partners that were struggling that we gave some relief to. We've obviously now decided to make the call on those. Probably importantly, you know, we've still managed to grow our pipeline. We still had a good underlying ARR result, which is good. Yeah, we're feeling very positive about the next 12 months. Okay. How should we think about churn? Because this was a kind of step up in churn, you know, for LiveTiles. What should we think about churn going forward? Do we expect it to go back to previous rates? Hi, Andrew. Look, I think in regards to that question, it probably is a similar answer to what we just gave Johnny before, where we did have some, you know, some clean- up of churn regarding to the COVID release that we gave to our partners and customers at 30 June, and that has hit in this last six months and particularly this quarter. But with that now out of the way, you know, we should see it sort of normalize in terms of the business. We've certainly targeted ourselves to be pushing, you know, closer to 100% in terms of net dollar retention. And that's the focus of the business, is to be focused on the core existing business and growing that. With the dramas of the COVID release behind us, we can certainly focus now on the underlying existing business. Okay. No, that's just a question in terms of what should we think about free cash flow generation. Because as you kind of make a point saying, if you back out one-offs, we got close in terms of the last quarter. Can we expect as investors, you know, if you continue to grow the top line, that we will be generating a little bit of free cash flow in 2022? Yeah, look, the objective, I suppose, of every SaaS company, and remember we're sort of six years old, and we have been growing very fast from zero ARR six years ago to where we are today, 65. You know, our objective is to do what pretty much every other SaaS company's is to continue investing into the growth, not just of product teams, but also marketing and sales. You know, our general view on it is to keep cash neutral, which we've managed to do this quarter if we take our one-offs out. You know, our objective is not to try to, I suppose, print cash per se. Notwithstanding that, you know, we're in a fortunate position where we have a very strong product set. You know, we've got a very strong customer base, over 1,000 customers, which we grew this quarter, which is great to see. Most importantly, we feel that, yeah, we're well set up to follow the trend, hopefully of like the other very successful SaaS companies that we try to model ourselves off, particularly ones that we're in the same quadrant of, and they include, you know, we're in the same quadrant, Gartner quadrant as Atlassian, out of one of 12 companies, right? We'd like to sort of try to follow in their footsteps and a lot of the other Salesforce and others that have continued to invest. If we look at sort of benchmarking ourselves against others, you know, we wanna follow those trends. Obviously, in a perfect world, we'd have a much higher valuation than what we have today, and we'd be able to continue investing like every other SaaS company has managed to do. Because of our valuation, we've been very conservative with how we're spending and making sure that we don't have to do another capital raise, etc. Yeah, 'cause I think your sales multiple is obviously a little bit less than Atlassian. Does that modify the way you think about investment? Look, it does. Sure. I mean, I think if we were on a fair valuation, we'd be investing heavier like every other SaaS company. I mean, you know, we're only, as I said, only six years old. Our growth rates have been very fast over the last six years. You know, we're obviously aiming to be, I would say, fiscally responsible with how we're spending, which I think we've done a great job of doing. Over the last two years, we've been reining in significantly our cash burn, and we continue to improve that. It's really trying to balance those two things and making sure that we continue to deliver growth. That's a constant challenge that we have. Yeah, that's a big focus over the next 12 months. Okay. Thank you. Great. Thank you. We also had a question; some typed in questions here. One's to do with the pipeline and size of clients in that pipeline. What is the shape and type in the pipeline and general operating conditions about whether returning to pre-COVID budgeting and buying environment? Is it still a lot of interest in Reach? How are we feeling leading into the second half from the seasonal selling perspective? Yeah, great. Just as a general overview, there's no doubt we are not out of the COVID yet. We'd love to think we were, but you know, it is still very challenging. The number one reason why it's challenging, a lot of our larger customers, when you are selling an annualized recurring revenue deal, say above AUD 100,000, you know, and you are a new company, we're only six years old, so we're not an Adobe or you know, a Workday or an Oracle where your names are well-known. Typically, the customer wants to meet you. Now we've been doing that for the last two years all online, and that's been great. There's no doubt for us when we're able to see a customer, not only are we more likely to win the deal but close the deal faster. You know, our pipeline is not closed as fast as we would like. Having said that, we still had some great growth over the last 12 months or so. As a general principle, we think that as we get out of COVID, we feel that that will be a strength for us. As a general point, one of our biggest challenges has been, through COVID, a lot of the tech teams that we've had to deal with. When we do a lot of these big deployments like UnitedHealth Group, you know, we're usually involving, for example, there's about 236 people in the deployment of that product. We usually have to involve many departments. One of the biggest departments we have to involve is actually IT. For the last two years, IT has been sort of just battling through things like security, trying to get their users to be able to access their ERP systems or finance or accounting systems remotely. That's been a huge challenge. Notwithstanding that our product is really important to drive cultural behavior, to drive corporate communications, to drive things like policies and procedures digitally as a digital workplace and employee experience platform, it's been very challenging dealing with those tech teams. I think one of the things you know, we saw, and we've seen it in patches because we've sort of come out of COVID periods and then gone back into it. You know, we've seen teams mobilize pretty quickly and then wanna ramp up. There's no doubt these sorts of little speed bumps slow things down. Having said all that, you know, our pipeline continues to grow. You know, we're feeling very confident about where we're heading in the future. We see that our strategy, and that is, you know, if we look at last quarter, we still grow our customer base. We still grow our license, contract license users pretty significantly for the quarter. We're feeling like all of those things are going in the right direction. If we continue those trends as we pop out of COVID, we think that will hopefully exponentially grow because we've got more, basically more, face-to-face time with customers. We've hardly seen a customer in the last two years, really. There's been a handful of customers that we've seen. Hopefully that'll improve. I think there's been a few questions that have come through on the Q&A platform regarding the BindTuning transaction and how that's rolled into the overall results this quarter. I just wanted to help maybe provide a general statement that with the way the BindTuning transaction has been structured, it is a minority stake at this stage that will eventually turn to a 100% acquisition subject to performance over the next two years. Within that transaction, we also structured up you know the joint partnership arrangement with the BindTuning team to help them cross-sell or resell into the market, both from a LiveTiles and BindTuning products perspective, having a joint go-to-market approach. In terms of the impact on the ARR and the customer numbers, these won't be included until such time that one of those cross-sells or resell deals are signed. At that point, we would have new ARR or new customers to count in the results. At this stage, we're only in the early stages of the partnership. As you can appreciate, I think only signed in early mid-December. As such, we're still building out that partnership and the sales motion with them as we speak. Okay, great. We've got Stuart Turner on the line. Go ahead. Please go ahead. Thanks, Maureen. Hi, Jarrod. Hi, Karl. Yes. Yeah. My question was sort of along the lines of what you were just talking about then, but perhaps just one step back. When you know, obviously it's a buyer's market at the moment, looking at your own share price, what are the criteria that you employ when you survey these strategic landscapes? Yeah. Look, the first and number one priority is obviously the tech itself and looking at how synergistic that is to what we're trying to do in the employee experience space. For example, when we look at BindTuning, you know, it has a number of solutions that we just haven't developed and would cost us many millions of dollars, maybe and depending on how you adjust it, likely AUD 5 million-AUD 10 million in development. We don't have the money or the time to do that. The next level below that is actually looking at their own customer base. 200 customers mentioned, you know, McDonald's, Tyson Foods, FedEx, these are huge companies. We see as part of our strategic growth goal to grow our license numbers and grow our customer base, speaking to the enterprise play, and we wanna own that, and we wanna keep delivering innovation into it, then that's the key thing. Last but not least is obviously the people and the geographic location. The team in Portugal gives us another, you know, R&D arm. They're extremely well qualified and skilled. They are very operationally efficient, meaning that it's quite a low cost jurisdiction. Some of the developers, I think, are on EUR 19,000, for example, a year. So that's an extremely cost-efficient way of working. With all of those sort of things in mind, you know, we're continually looking at what can we do to differentiate ourselves in the market. You know, we have to be able to be smart. You know, we'd love to think that we could double down on our investments and continue to do what most other SaaS companies have done at our age and have grown less, grown far less slower than us. Even if you look at a lot of the private companies have very big valuations, that have been around for 10 or 15 years. You know, we're only 6 years old and have grown very fast. I think, you know, I don't think we're very fairly traded at the moment. Unfortunately, on the, as you say, very good value on the, on the ASX. Yeah, ultimately, that sort of provides a bit of a hamstring. Having said all of that, you know, this is where we're being creative and making sure that we continue to look at these new innovative products that we're adding into our product suite and also gaining that engineering talent, I think is the key thing. Thank you. Thanks, Stuart. Next on the line, we've got Peter Seward. Go ahead, Peter. Hi, can you hear me? Yes, we can hear you. Very quickly, just to clarify what was said about BindTuning. How many clients from the acquisitions, BindTuning or any other acquisitions, are included in the client count of 1,055? Okay. Yes. Just to reiterate that the way the arrangement will work is that we will have a joint partnership with BindTuning sales team to go to market. Any customers that we are able to cross-sell or resell their products or our products through their customer base. Sorry. Any customers that have LiveTiles products sold to them through the BindTuning arrangement. BindTuning customers will be counted as customers going forward. At this stage, that's not in the numbers. Okay. You're not counting any of their existing clients? That won't occur yet. In either client count or ARR? That won't occur. It has not occurred yet. Okay. Help me understand something, 'cause I'm kinda confused with that answer. You've added 29 clients in this quarter from last quarter. Okay. You've had a couple of million bucks in churn based on the percentage you've quoted, assuming that it's a percentage of ARR. You know, your average small client is about AUD 25K, you had said previously on the previous call. Roughly speaking, it sounds like you've lost 100 clients. You've only mentioned you've added 8 of large ones, but presumably you've added some more. How does that rationalize? How can you increase clients by 29 and lose about 100 and not count any of these other acquisition clients? It doesn't make sense. Yeah. I'm not quite sure where you're trialing the hundred. I'm happy to take the call with you offline around it. We certainly have had smaller customers sign through the quarter. I mean, we haven't gone through the effort of listing out every single one in the announcement. We've run some POCs with customers as well through that period as well. You know, lower cost trials through the period as well for these customers. I'm just guesstimating the hundred based on what you've said in the past. Have you lost large clients? I guess that's what I'm really getting at. We haven't lost large clients other than the three quarters of COVID impacted partners and customers that we had to churn. Let's just close it at a- Yeah. That's kind of what I mean. Of that couple of million bucks, what proportion is large clients and what is small? Well, regularly, in the last couple of quarters, our large proportion of customers of, you know, plus 25, plus 50,000 average ARR has been sort of 15%-20% of the customer churn numbers. Okay. Just relatively small relative to the overall number of customers leaving. All right. Thank you. One other question just on headcount. About a quarter ago, when you put out your new plan, you know, you said you let some people go, and you said you're gonna recruit some different types of positions, employee experience, et cetera. On your website, you advertise many, many more positions that you said you're hiring for. It seemed like you were doing a bit of a clean out. Can you just talk a little bit about staff retention and what happened there? I mean, obviously, from a general perspective, we're looking at how do we become more efficient, both in not just sales and marketing, but also product and including operations behind the scenes. We've had to make some pretty tough calls over the last two years, which thankfully we've got through a lot of that to get ourselves into a very strong position where we have an incredible engineering team that is spread out across the globe. We've got obviously a good sales and marketing team, which continues to deliver, which is great. Yeah, we obviously have, as I'm sure a lot of companies have, is, you know, continue looking at recruiting as well as looking at how do we make that recruiting more efficient, from a cost-based perspective. We'll continue to do that over the next, you know, 12 months or so to look at just becoming more operationally efficient. You know, we're, as I mentioned, we're only six years old, so we're a very new company. You know, six years ago, we had zero employees, and now we've got more. Our view will be how do we continue to make sure that we're evolving the team. You know, we have had, which we've mentioned in July of last year. You know, we've had some acquisitions in the past. If we go back two years ago, we acquired CYCL AG, and we also acquired Wizdom about three years ago. Because of that, we've had to do some consolidation of the teams. Again, we're doing that on an operational efficiency basis to make sure that we can deliver the best we can with the teams that we have as efficiently as possible. That's sort of been the key driver over the last you know 12 months and importantly going forward in the future as well. Great. Okay, guys. Look, we've been inundated with questions here. I'll come back and make sure we circle back to everybody. We try to get through the written, the audio questions first. We've got a whole lot of written typed in Q&A. We'll get back to everybody on those. We've just been inundated with those. There are over 30 questions remaining. We'll just end the call now and follow up. Just wanting to do a brief conclusion with Karl now. Great. Well, firstly, yeah, again, thank you everyone for joining the call. We're happy to answer those questions offline. There's quite a few of them, so we'll make sure we get back to you. Thanks for attending the call. Just to recap for those that may have joined late, you know, we've had a 32% increase in our operating revenues for the first half, which we're very happy with. You know, we've grown our contracted license base. More importantly, I think we're well set up for a very good start of calendar year 2022. We'll get through. I think we've got through the worst of COVID, we believe. We're well set up to take advantage of not just being the number one leader in employee experience, but helping companies connect and engage in this new world that we're entering into, post-pandemic. Thanks, everyone. Have a great morning or evening, wherever you are. I appreciate everyone's time today. Thank you. Goodbye.