Morning to those of you joining from Australasia, and good afternoon and evening to those of you in North America. Welcome to the Mach7 results presentation for the first half of fiscal 2023. My name is Rebecca Thompson, and I look after Mach7's investor relations. Today, Mach7 CEO, Mike Lampron, will give an overview of the first half results highlights, after which he'll be joined by CFO Dyan O'Herne for Q&A. With regards to the Q&A, if any attendees have a question, please submit it via the Q&A text box at the bottom of your screen. Alternatively, you can email me your question on rebecca.thompson@mach7t.com. I'll now hand over to Mike for the first half update. Thank you, Rebecca, and thank you everyone for joining today's call. We'll do a brief business overview for those of you who are new to the business. Then we'll jump right into the first half-year results. Mach7 is a what we consider ourselves to be an enterprise imaging software company. Really, essentially what that means and what differentiates Mach7 is that our software will consolidate images from across an enterprise throughout the healthcare ologies, store that data, organize that data. Then we have the ability to display that patient data across the enterprise. Key things for Mach7 are interoperability, connecting systems, essentially EMRs to imaging solutions. Our product suite either works with existing technology, such as an existing PAC solution, or it can replace technology like an existing departmental PAC solution or an image exchange solution, or existing archive solutions. Our product solution really breaks down to three major components. The heart of our solution is the Vendor-Neutral Archive. That's really where the enterprise data management is done. We collect that patient data and the image capture data, we index it, we manage it, we store it, we distribute it, and we allow that information to be usefully served back out to clinicians once we've stored that data. The second component of our solution is our enterprise diagnostic viewing. Essentially this is our eUnity zero-footprint viewer, and this allows our clients the opportunity to view any of the data that's either stored within our VNA, within a third-party VNA, within another PACS solution or any other solution that the customer may have that they'd like to integrate a Universal Viewer with to give all of the clinicians outside of radiology the opportunity to see imaging. Typically, that's done through the integration of our Universal Viewer with an electronic medical record like an Epic solution. They integrate our solution into that, so that when the physician is looking at the patient's medical record, there'll be an opportunity for them to notice that they have images, click on that button, then that will automatically launch the eUnity viewer, and the clinicians can view those images. Although it seems like something that should be really common, it's really not. Departmental radiology PACS solutions were meant with radiologists in mind, not meant with clinicians outside of radiology in mind. This really gives a new feature set to clinicians outside of radiology. It's also clearly used for radiology as well. The highlight really is the ability to use it in a zero-footprint integrated fashion for the remainder of the clinicians outside of radiology. The third component we have is what we call departmental workflow applications, really this is specialized workflow that is developed. It's very personal to the department and personal to the institution of what it is they want to achieve, whether it's creating appropriate workflow for point-of-care ultrasound, where you can create chargeable entries and image data to make it a chargeable event. It could be routing to advanced visualization platforms. It could be lifecycle management for an IT organization. There's a number of tools that are built in that can be used across an enterprise. There's a number of customizations that can be done with our adapter technology that really allows for custom workflow, whether that's, you know, data manipulation or the curation of data, depending on the needs of the hospital, those things can all be used for machine learning, for AI, for operational analytics or for clinical tools. That's sort of the third part of our solution. As we look at sort of the third party evaluations of our software, we turn towards KLAS as an organization that's sort of the consumer reports for healthcare IT. This year, for the second year in a row, our Universal Viewer placed second overall. We did hold the number one spot for most of the calendar year, but unfortunately in that last month, we had another vendor that came in and took that number one slot. We are once again at the very moment, currently ranked number one in live data in KLAS, but that changes constantly. Just an indicator that we continue to make progress. I think, you know, one of the things that we got out of KLAS this year for the Universal Viewer segment, was 96% of the respondents, said that they would buy our software again, which kind of points to the stickiness and the reliability of our software. One great data point on that Universal Viewer segment. On the VNA segment, we placed number five overall and compares to number four last year, we slipped by a rank and actually we're making progress on that now. We're still very proud of these results where we're competing with much longer, much more established vendors, who have been in the market for a much longer period of time than we have. Some of the things that we had to make improvement on on the VNA side was availability of new feature functionality. We did just release our Version 12 software, which was a long time coming. That was not rolled out in time for customers to really be able to make a comment in the KLAS ranking. We do expect that as people roll on to Version 12, they see the new feature functionality that we're offering, that will help to drive our scores up for KLAS. You know, you see a comment that we put down here just around the configurability. We do really believe that one of the true differentiators of our VNA versus other competitors is that we have a clinically focused VNA, which means we're not just a bit bucket, we're not just a device that's used for the management and archiving capabilities of data, but it truly has clinical value. It truly has the ability to do tag morphing and to manipulate the data and get that data back out to these clinicians in a meaningful way where it can help them clinically. A bit different than some of our competitors who really use the VNA as nothing more than a long-term storage device. Our market segment, some of you will recognize this chart to the right in regards to the total addressable market. What again is a differentiator for us is the type of customers that we have. We have many examples of IDNs, Sentara, Advocate Aurora, Trinity, Adventist are examples of IDNs that we work with. We also have examples of more government facilities such as the Hospital Authority of Hong Kong. We have reasonable and community hospitals, which are these smaller hospitals, smaller beds, smaller volume, but have the need to share images and use the sort of the advances we've made in having remote radiologists present and available to help them read their studies. Academic institutions, imaging centers, we really sort of run the gamut from the breadth of types of customers that we have, which really open us up to a broader spectrum of the total addressable market than some of our competitors. Now, we may not have, you know, deep tentacles into some of these, but we certainly have tentacles into some of them, and it's growing every year in different ways. I would say that our partnerships continue to grow this year. Our IDNs continue to grow this year. Our imaging centers and outpatient clinics, what we consider to be the ambulatory space, is continuing to grow. We certainly are continuing to stay broad and continuing to have ways that we can address the TAM. This page just goes on to just describe some of our partners. We do have a growing and I think pretty broad spectrum of partners that we work with in a lot of different ways, whether it's Nuvodia, which is a new partner who is reselling the full breadth of our product, the VNA and the viewer to create a PACS solution for their customers. Esaote is a cardiology solution out of Italy that continues to resell the eUnity product. ompany in the U.S., a cloud-based RIS company, who again continues to resell the PACS product from Mach7. LucidHealth has got an incredible worklist orchestration tool that they put out into the market. Bialogics is an analytics company that we work with. You really can tell the spectrum of different types of partners that we have. We do have a dedicated channel partner this past year that we brought on. And we expect this to continue to grow, both the number of partners that we have on board, but also in contribution to revenue and sales orders as that starts to grow. We'll jump right into the first half year results. Once again, for the first half of the year, we've had a record sales order growth of AUD 25.8 million, growing around 17% over the prior corresponding period. We've had record revenue of AUD 16.4 million. Now that's also seen good growth on the prior corresponding period. We'll go into a little bit more depth of what that revenue number is, it's lower than the AUD 18.1 million that we previously disclosed after we for our Q2. There was a discrepancy in the financing component that we need to include in how we recognize that software revenue. I'll go into a bunch of detail on that here in a minute to just describe that to everybody. Our contracted annual recurring revenue, our CAR number, is growing at a great rate of 19%, almost 20% there. Our ARR also continues to run at 16.4%. We had some new contract wins that I highlighted earlier. Nuvodia and Akumin are great examples of access to that outpatient market. Many of you would have seen the Akumin contract. They own a number of imaging centers. They own a number of mobile devices. That mobile market and that imaging center market, that's the ambulatory market. Nuvodia also plays into the outpatient market, that ambulatory market. They also have small community-based hospitals and some larger hospitals that they work with as well. They offer more of a managed service. Again, it's offering more breadth with the Mach7 solution by offering that managed service that Mach7 traditionally organically doesn't offer standalone. Our EBITDA is continuing to grow at AUD 3.4 million, and our net operating cash flow this year so far is a little low, but we're expecting that to come back in the second half of the year as we discussed in January for a positive operating cash flow on the year. We continue to have a strong financial position of AUD 20.6 million cash and no debt. We talked a little bit about sales orders. AUD 25.8 in total contract value. That is the software license, the professional services, and support maintenance costs over the period of the contract. Typically, again, our contracts are five -year contracts. Good growth over last year, at the same period of AUD 22.1 million. For us, you know, I've said many times, sales orders are really the best way to judge progress from our business. There's a lot of different revenue recognition rules and timing that makes revenue lumpy for us. You always know if we continue to grow our sales orders, the revenue is going to continue to come in, and that means the cash is going to continue to come in. Really at the stage that we're at, sales orders continues to be a great metric to measure whether our products are resonating in the marketplace, whether the customers are happy, and whether we're making progress towards our goals. Our ARR is also continuing to grow. Now, if you'll remember, we've, you know, we discussed over the course of the next four years or so, we're looking for our ARR to cover our operating expenses. Every half year, every year that we make progress on our ARR, every time we bring in more CAR, we know we're gonna recognize it at ARR eventually. That all helps us get further to our goal of covering our OpEx. Some other great things that are happening on the sales front is just some brand recognition. Whenever we sign another big customer, it's very, very helpful for us to have more and more users using our software. The network effect is a very, very real thing in our business. We continue to improve and increase our work with the consulting network. As we have good results with KLAS, that's always very helpful too in getting us at least in the door from an RFP from a tender process perspective. This year for sales, we're on track to exceed our FY 2023 sales order target, which was $36 million. More news to come on that, but looking very, very strong this year and looking to have a great overall year for sales orders. These charts to the right give you a good idea. You see the inset chart giving you an idea of how that is breaking down, that sales order is breaking down, and where the capital software is coming in on that as well. Some other highlights just to give you some more context. New customers for us and at the beginning of this fiscal, we discussed how in FY 2023, much of our revenue was going to be coming from new customers. That does remain the case at the moment. Sales orders for new customers around AUD 21.6 million, representing three new logos, which are Akumin, Nuvodia, and St. Paul's, which is a sister hospital of St. Teresa's in Hong Kong. New customers, you know, create the platform for our future sales order growth. You can tell with the expansion and add-ons how that has helped our numbers over the years. We continue to have good add-on orders. We continue to have good renewals. Our existing customers continue to expand the use of our software, whether it's through additional licensing or whether it's through new product licensing. Our partnerships are growing as well. You'll see to the right, the bottom right specifically, we added a new element here to help everyone understand from a renewal profile, and years out how it looks. You can see for FY 2024 is a great example, where we stand with renewals next year. That number is reflective of both subscription and capital license renewals. That doesn't mean that it's necessarily $11 million and net new revenue. Some of that is subscription revenue, so, and much of it is new revenue. It gives you an idea of what that renewal profile looks year-over-year. Some years are slower than others, and those numbers are subject to change as we bring in different term contracts. We might bring in a three-year contract or a five-year contract. In some cases, it could be a two-year contract, or like in the case of Akumin, a 10-year contract. Contract length continues to vary, but you can generally count on a five -year contract with the occasional three-year contract. We highlighted three new logos that we're adding to our customer base. St. Paul's is a private hospital in Hong Kong, again, sister hospital to St. Teresa's. We're really looking forward to working with these guys. This has been on our pipeline ever since we signed St. Teresa for... It's been in the pipeline for a couple of years now. Nuvodia. Again, one of the most exciting things about the Nuvodia partnership is that they're able to bring a managed service to the offering for our clients. We have some customers who want a managed service, meaning they wanna be able to buy hardware and software from someone and have that hardware managed. Mach7 is a software-only solution. We don't manage hardware. Through this partnership, it does allow us to continue to play into that market who does require the managed services. We're very excited about Nuvodia and very excited about what they can do for us. Akumin, of course, was a very large contract that we signed in December. Again, ambulatory related, with many outpatient studies being performed versus inpatient hospital studies. The Akumin contract we've talked about extensively, and we're very much looking forward to rolling out our solution across their entire enterprise. From a revenue perspective, we'll talk a little bit about this AUD 16.4 million. Now we had indicated earlier in January AUD 18.1 for our revenue. When we looked through the Akumin contract with our auditors and we looked at the way we recognized revenue, we recognized revenue for a capital agreement. We recognized the value of that software upfront upon delivery for a capital license. That's what we expected to do for Akumin, the same way we do for every other contract we've ever signed. With the Akumin contract, because of the length of the term, a 10-year term, and because of the length of payment milestones, this particular contract, we applied an accounting treatment that implicitly applied a percentage, an interest rate, and that calculated out to be about $1.7 million. The total contract value for this contract remains the same. The total amount of revenue that we will recognize because of this contract will remain the same. The difference is that this $1.7 million that we'll now consider a financing component will be recognized over the course of the contract, not upfront from a software revenue perspective. The amount that we recognize from a software perspective goes down by $1.7, but the overall revenue over the length of the contract remains the same. It's just a matter of timing for that $1.7 million and a little bit of a different accounting treatment than what we've done in the past. Something that we've not come across before. This is our first 10-year agreement, we've had to make some adjustments for this truly kind of one-off contract. On the CARR front, again, good growth on the $20 million. You see in the chart on the right, the gap between ARR and CARR, which is, once we reach First Productive Use, that's when we can begin to recognize support and maintenance, as an example. It's also when we can begin to recognize subscription fees. That First Productive Use is a very important component of that revenue recognition between ARR and CARR. The comment here, we're still covering around 65% of our operating expenses by ARR, and we're targeting to have that OpEx covered 100% within four years, as I mentioned earlier. Similar to what we expected as we go into this year, we are seeing sort of a 60/40 subscription capital deal split, and expect that to stay the same for some time now. When you look at our overall EBITDA and operating cash flow, you know, I think that, you know, we're on target this year. As we close out the first half of the year, we continue to feel really good about where we're going to land for the full fiscal year. We're looking good on revenue. You'll see a slight dip there in distributor fees. As we've explained in the past, these distributor fees are associated to fees that we need to pay when we sell the eUnity software, and it's to a third party. As those eUnity software sales numbers go up, those fees go up. It's really just a factor of that. Our OpEx is slightly higher than first half year of FY 2022. Don't expect the OpEx to stay the same in the second half of the year. Just taking 13 and doubling it to 26 is gonna be high. You know, don't expect the OpEx to be that high. There's more expenses for the business in the first half of the year than there is in the second half of the year. The biggest kind of, I'll say, expense that's varying is T&E for us. We have, you know, traveled quite a bit in the first half of the year. We have more of our trade shows in the first half of the year. We have more of our team meetings in the first half of the year, those sorts of meetings slow down in the second half of the year. Just by and large, you know, travel has become more expensive and, you know, 2022, 2023 travel expenses remain pretty high. From a cash perspective, we're still sitting at AUD 20.6, and fully intending to be cash flow positive by the end of the fiscal year, as we have indicated. Just to remind everyone that no capitalization of R&D, and the amortization relates only to acquisition costs. As we start to think about the outlook for the rest of the fiscal year and some sort of notes for everyone to think about, we have found that more and more healthcare organizations are starting to look at these enterprise solutions and replacing their traditional single departmental PACS solutions for more of a best-of-breed enterprise solution. We feel that we're at the top of that market. We think that our products are have been made from the ground up for that market. We do not have a traditional radiology PACS solution that we're trying to repurpose for the enterprise, but we have a solution from a back-end and a front-end perspective that was made for this. We think that that's the direction the industry's going, and we think that our products are well-positioned for the future as we start to think about how important that interoperability is and how important it is to have modularity within your product and how important it is to have zero-footprint and easy integration. We also see a growing tendency, not just us, but the industry, to take advantage of remote reading services. This comes in a couple of different ways. It's teleradiology in the sense of, you have teleradiology groups that are contracting with hospitals to do remote reading. You also have physicians who work for a hospital who want to be able to do their work remotely. It's not even necessarily an outsource, it's more of people working outside of the four walls of the hospital. Both of those situations have grown over the last couple of years. Having the flexibility within your software to allow for that kind of workflow is becoming increasingly more important to organizations. Again, it just, it's a custom-built workflow for the solutions that we offer. We really see the industry growing in a way that complements the software that we've built over the years. Our brand awareness continues to grow. Every time we bring in a new logo is another opportunity for our brand to grow. Every time we're successful with a client, it's another opportunity for these end users to get familiar with our name, get familiar with our logo, and get familiar with the products that we offer. Peoples talk, and it's a small business, it's a small industry in the way that imaging is very well-networked. The more we grow with our customers, the more success we have, the better our brand awareness grows, and the more opportunity we have to get in the door and participate in tenders and participate with in sales offerings. As we start to talk about sales opportunities, you know, our pipeline continues to be replenished. Even though we've had some great sales orders over the last couple of years, that pipeline continues to replenish. We're on track to achieve our FY 2023 targets of at least AUD 36 million in sales orders, 20% revenue growth, and again, cash flow positive again. I think with that, Rebecca, I'll turn it back over to you, and I could take some Q&A. Thanks, Mike. We've got about four questions online and one via email. I might start with the emailed question, which comes from Josh Cooper of Shaw and Partners. Do your typical five-year contracts skirt around the need for a financing component, and is it over a certain duration that triggers this treatment? Yeah. Just so we don't create any more confusion around the accounting treatment of Akumin versus our traditional contracts, again, our traditional contracts are five-year terms. When we have a capital agreement, we recognize the revenue of the software component upfront upon delivery. What made Akumin unique is the length of the agreement, but also the type of payment milestones that we had, which were more time-based rather than performance-based. As an example, in a traditional contract where we'll have a component paid up front upon contract signature, a component upon software installation, component upon First Productive Use, et cetera, those milestones are designed to be completed within the first year really of the deployment beginning. In which case, there are no issues here with what we consider to be non-current versus current assets. This accounting treatment doesn't come into play. If I had a five -year contract and I extended the payments for software over the course of those five years, then that would be a different case, these accounting treatments would apply to something like that. It's on a case-by-case basis, on a contract-by-contract basis. Akumin was a one-off for us with some unusual payment terms, with an unusual length, and it's not a standard contract for us, and it's not something I would expect to see again. Thanks, Mike. The first question online is from Peter Cooper. Mike, you recently went to the Middle East for a trade conference. What are the opportunities in the Middle East, and will Mach7 go direct to market or go through a partnership channel? How big is that Middle East market? Great, great question. I'm really excited about the Middle East right now. We did have a very exciting time at the Arab Health Conference. The team, the APAC team that managed that conference for us did a fabulous job in setting up meetings with partners and potential clients, prospects. It does really seem like there is a lot of open market throughout the Middle East. Nowhere in particular, but Saudi, UAE, Oman, Qatar, Kuwait. Throughout the Middle East, there's a lot of opportunity that's starting to pop up. I think we're really well-positioned for it. We typically will go through partners for much of those areas. You know, we've got a significant presence in Qatar already, and we have partnerships in Qatar who have managed those arrangements for us in the past. We have new partnerships evolving in the UAE that will assist us with the UAE and Saudi areas. It'll generally be through partners, but we have our own team on the ground there too, and our own team that's managing it alongside of those partners. It's not just, it's not a typical partnership where the partners are just off and running. We're managing it, but we're working with a partner who's got more local resources than we do and local connections to sort of work in conjunction with us. From a total addressable market, it's difficult for me to say exactly what the TAM is for the Middle East, but what I can say is that the market has shifted there. Now they're getting excited to start to do countrywide deployments, nationwide deployments. They're thinking about ways to ensure that they stay on, you know, the upper echelons of technology to make sure that they stay on top of their healthcare offerings. Thanks, Mike. The next question, there's actually a couple of investors that have asked a similar question which relates to customer churn. That's Stella Wang and Michael Murray. Stella asks, "With the large renewal year coming in FY 2024, could you please remind us the customer retention track record, including capital sales? Yeah. Look, we've got a really good record, and I'm crossing my fingers. Right now we have less than a 2% churn rate with our renewals. Very high renewal rate and very high sticky rate with our existing customers. Just to clarify, Michael Murray was asking is that by revenue, the 2%? I believe it is. Yes, it is. Yeah. Yes, it is. Okay. Next question comes from Scott Power, analyst from Morgans. "Hi, Mike. Have you been able to put through price rises across your product portfolio, particularly for eUnity? Yeah. Listen, we really have... That's an ever-evolving, pricing is ever-evolving every year. Certainly the, since we acquired the company, a couple of years ago, 2.5 years ago, we have implemented pricing changes over the course of the last a couple of years years and continue to do so today. We did just change our pricing once again in January, increasing it a little bit more. We'll continue to do that until we feel that we're at, you know, a competitive market. We think right now that, you know, over time, we'll still be able to increase the price of that product. We've increased the price quite a bit over the last couple of years to get us to a market standard that is becoming of a product that is ranked number one, number two, you know, in class rankings. It's an interesting leading product, and it should be priced accordingly. Okay. Thank you. Another question from Scott Power. In terms of sales and marketing staff, are you looking to add more people to handle the growing pipeline? Yeah, good question. You know, we get this a lot. You know, our sales and marketing team, you know, they're not knocking on doors. They're taking opportunities as they come in, whether it's through the tender process, whether it's through their own network. I don't feel like our existing team is overwhelmed to the point where we need to add more headcount to manage the opportunities that we have. Trust me when I say that if I think by adding a headcount, it means I'm gonna be able to increase our sales order number, I will absolutely do it. It's just that it's not necessarily a one-to-one relationship between sales orders and headcount for the sales organization in our business. Okay. Another question from Stella Wang. Regarding OpEx, how much was the RSNA conference related travel and marketing expenses that is not expected in H2? It's significant, I'll say that. I would say that RSNA from a travel perspective, probably represents of our overall travel budget. It's probably singularly around 10% to 15% of our overall travel just for that one conference. There's a lot of other marketing costs, of course, that are in there with RSNA, making it the most expensive event of the year for us. We have other events that happen the first half of the year as well, where we have sales kickoff meetings. We have our services organization that gets together to kick off the year. The same with support. We've had new engineering leadership coming in, so we've had engineering meetings, team meetings. We've had a lot of team meetings over the first half of the year. Those will wane out over the second half of the year, and we'll see a smaller T&E spend in the second half of the year. We'll also see a much smaller spend in the second half of the year towards marketing. Again, most of those costs are front-loaded in the first half of the year. Okay. Thanks, Mike. There was a second part to this question, but I think you may have answered it there, but you may wanna add to it. Apart from the higher-than-expected traveling expenses due to inflation, where did you invest more than you expected to in the first half? Yeah. You know, 75% of our costs continue to be people and people continue to be expensive. You know, that's really where the costs get increased. You know, it's not just adding headcount. Sometimes it's replacing headcount. The other thing is, especially in the U.S., is that the healthcare benefits that the company needs to cover are pretty extraordinary. They can increase 15% to 20% on any given year, and there's nothing we can do to really control that cost. It's a cost we just have to absorb. Our overall people expenses have gone up, and that's really the biggest addition that we have on any given year, is just the costs of our people. T&E happens to be one of those things I talk about because it's a cost we can control, at least to some extent, we can control. The people costs, we can control a little bit, but at the end of the day, you know, we need to be fair and reasonable with our people and that's what we aim to do. Now I've got a couple of questions left here. They both relate to the sales pipeline. Another one's just come in. Carlos Gil and Iain Wilkie from Morgans have asked similar questions here. Iain Wilkie says the 60/40 split between recurring and capital, certainly trending towards recurring lately, can you give us some color on your pipeline and what the skew is that you're seeing across it? Yeah, it continues to be a very similar percentage, as I was mentioning in the slides. You know, I think that we'll continue to see sort of that 60/40 split subscription. You know, much of it depends on the type of tenders we get in. If we get in, you know, one or two new big tenders that we happen to win, you know, they could both be capital, which will skew that number. One could be subscription, in which case, you know, I think that we'd be pretty dead on. There's still some wiggle room there. I think that we generally see within the pipeline mimicking what we've brought in for orders and continuing on that 60/40 split. Okay. Carlos asked something a bit broader. Could you provide some insight into the sales pipeline for the second half of this financial year and for financial year 2024? Look, we expect to have a strong Q3. We expect that we'll have a slightly slower Q4 than we do a Q3. We expect to see some really good orders coming in this quarter. I think you'll see a strong front end of the second half of the year and then sort of a little slower back end to the second half of the year. The pipeline remains really strong, growing every week. Sales orders and the sales team are very bullish on their full fiscal year. Thank you. Had another question come in. When is the first tranche of cash for Akumin expected to be received? Would you like to take that or Diane? Look, it'll be this quarter. The first tranche will be this quarter. Okay. A final question from Iain Wilkie from Morgans. Since KLAS ranking was published, are you seeing more inbounds? Maybe hard to tell shortly after RSNA- Well- keen to hear your views on the impact of inbounds from the KLAS scores. Yeah, look, I think that we had an increase in inbounds last year after the KLAS rankings, when for the first time the Universal Viewer was ranked number two. The VNA was ranked high as well. I think that really started an increase in inbound for us. I think this year's KLAS ranking really just holds steady what we were already seeing, right? Because it was already getting us in the door of deals that we weren't seeing previously. I think this just is a continuation of the progress that we made last year. I wouldn't say that I expect KLAS to really increase our new offers even further than last year, but I would say that it's going to continue to see a good addition, just like we did last year. Okay. One final question has just come in. It comes from Ilan Grapel. Actually, two questions from Ilan Grapel have just come in. Are you agnostic to subscription or capital deals? We are. Yeah. Look, I've said this before, I think this is an important part of our business model here. We find that some of our clients really want to buy a capital license for their own business reasons, for their own business model, and we wanna support that. We find that some really wanna go down an operating model, and that's what they can afford, and that's what they wanna do for other reasons, and we really wanna support that. In the same way that our software solves different business problems for our customers, we want our business to have the flexibility of being able to solve business problems, financial problems for our customers. We'll remain flexible there and offer both models, and I think that's very important for us. Okay. The final question from Ilan Grapel is: With such a low churn of 2% of capital sales, in the long term, can this be seen as recurring? Yeah. Great question. We think of it like that all the time. If you think of these five -year capital deals, it's recurring. It's just that they recur every five years instead of every year. Yeah, I absolutely, for those of you that are out there modeling, I think that you can really start to think of that in that same way. I mean, I think that's, you know, very much how we look at it. Okay. Now a final question has just come in from one of our attendees, and it could be for you or for Dyan O'Herne. When ProMedicus had annual revenue of AUD seventeen and a half million, EBIT margins were around 30%. Mach7 now has annual revenue approximately double that, but has negative EBIT margins and growing more slowly. Why is Mach7 so much less profitable? Well, I can't really compare ourselves to ProMedicus at a point in time. I don't know, I don't know what their business profile looked like. I don't know how many people they had. I don't know where their business was at. I can't compare ourselves to them. What I can say is that there's two different business models there and two different markets and most likely two different periods of time. I don't know if that was, you know, three years ago or seven years ago for ProMedicus. I can say that for us, you know, look, we want to continue to increase our margin. Our highest expense is our people. We are at a stage where we want to continue to support our people. We grow incrementally, with no large influx of expenses. We've largely stabilized from our OpEx perspective. You know, what we need to see now to continue to see better margin is we need to continue to see more revenue coming in and more sales orders coming in and maintaining the OpEx that we have today. Okay. Thank you. Then one final question has come through. Keep on saying this, sorry, I'm extending the time period here. Do capital deals also have a recurring maintenance component? They do. Yeah, every one of our capital deals has a support and maintenance component. Support and maintenance consists of essentially 20% of the software fees every year over the course of the 5 years or over the course of the term of the agreement. That support and maintenance is paid upfront, and then it's recognized throughout the term. The 12-month term, the annual term. Okay. All right. Well, look, that looks to be the end of the questions. look, thank you, Mike. I'll hand it back to you to close. Yeah. Thank you. Thanks to everyone for attending today. I appreciate it. If you have further questions, please feel free to reach out to Rebecca or myself. We'd be happy to answer any questions that remained. Just like to thank you once again for your attendance. Everyone, have a great day.