Hello, everyone, and thank you for joining the Megaport Limited 2022 half- year results release and investor briefing. We will begin with the presentation by the Megaport management team, followed by a Q&A session. During the Q&A, please click the Raise Hand button to be placed in the virtual queue. This feature can be found at the bottom of the Zoom interface. If you prefer to submit a question via text, select the Q&A button to submit your typed questions. Now over to the Megaport team. Thank you. Thank you very much. Good morning, good evening to the Megaport first half- year results for 2022 financial year FY 2022 today on the ninth of February. I'd like to take you through a set of slides in our presentation. I'm joined on this call by my colleague, Sean Cassidy, our Chief Financial Officer, who will be sharing the presentation with me today. Starting with the company highlights for the first half of the year 2022. A lot of these results have already been reported in the quarterly, but I think it's important that we go through them in terms of where our business is at. Our monthly recurring revenue grew by 23% in the six months between the end of June from AUD 7.5 million to AUD 9.2 million, up by 23% in the period. That's a significant number, even though some of our underlying services haven't grown at the same rate, but it talks to and it speaks to a lot of the revenue that our customers are spending and the stickiness of our customers that we have in our base. Annualized, multiplying that by 12, that's AUD 110.4 million, up from just under AUD 90 million, again, same percentage, 23%. Our customers have jumped up to just slightly under 2,500 customers, up 7% for the period in the six months. More importantly, which contributes to the revenue, our total number of services are just short of 25,000, up 12% in the six months, as is the number of ports that our customers have acquired at just over 8,500, up 11%. I think one of the most significant components, while still yet to come to full fruition in part of our product portfolio, the total number of MCRs in our business has grown to 603, up 20% in the six months. This is really related to more and more businesses moving away from not just a single cloud provider, but a multi-cloud or a hybrid cloud solution. As you would have known from my conversations at the full- year and in between, that the margins on some of our MCR and our MVE products are a lot higher because of the significance of the complexity that we're removing from the solution to help customers consume services. This is contributing a lot towards our higher monthly recurring revenue and higher margins as we've gone through the last six months in the business. Other highlights. We again continue to focus on cloud on-ramps. We are still the largest global company today with over 240 cloud on-ramps connected to our network across all of the large cloud providers. Notwithstanding that, in the last 6 months, 7 months, if you take from the end of May until the end of December, we've added the top five SD-WAN providers onto our network and integrated them in, which accounts for over 70% of the total SD-WAN market across the 24 countries that we operate in. Again, Megaport is continuing to invest, strategically invest in the cloud on-ramps and the partners that we have, as well as the ecosystem and value-added distributors in our network so that we can increase our addressable market with our customers to get them the greatest reach. Typically, as we have done in every first half- year for the last 3 years, we moderately increase our installed data centers. We've added 6 new ones to a total of 411. We typically do most of our investments in our data centers in the second half of the year, as we've done for the last two years. Again, we would, as we've said with cloud on-ramps, we've continued to increase the cloud regions up to 124. Again, the largest provider that has the most cloud regions globally today. Total number of enabled data centers, 768, up an increase of 7. Again, in line with the installed data centers as we continue to focus on the second half of the year for building our network. More about the first half of the year is about making sure we monetize, embed our partners, and make sure that we're helping customers to get on board during the first half of the year. In terms of our revenue performance for the first half of 2022, total revenue was AUD 51.2 million, an increase of 42% or AUD 15.2 million for the six months. Nearly, just over half of that, or AUD 26.6 million of that, has come from our largest market now, which is North America, which is an increase of AUD 9.4 million or 55%, which now accounts for 52% of our total revenue in the business and continues to increase. Asia Pac was up 28% at AUD 15.8, or an increase of AUD 3.5 million in the six months. What we're really happy with, I suppose most of all, is even though Europe, our European business has grown 35%, up AUD 8.8 million, for the first six months. Really encouraging signs about where that's going for us in terms of our business over the next 12 months. I'm gonna hand you over to Sean now who's gonna take you through the first half- year results financially. Thanks, Vinny. Good morning, everyone. Revenue for the six months ended 31 December 2021 is AUD 51.2 million, an increase of AUD 15.2 million or 42% over the same period previous year. Profit after direct costs of AUD 30.9 million increased 69% over the comparable period as our operating leverage continues to come through. Profit after direct cost margin at 60% is nine percentage points up on the same period previous year. Average direct network cost per data center have reduced year- on- year. There was 7% increase in the number of industry-installed data centers has meant that the direct network costs have increased 5% from 1H 2021. Partner commissions have increased in line or slightly ahead of revenue as we continue to grow the proportion of our business that comes through the indirect sales channel. With our investment in scale up, scale out, operating costs have increased AUD 11.3 million to AUD 38.2 million. This has been kept in line with top- line growth. EBITDA losses of AUD 7.3 million are 16% lower than prior year, and the EBITDA loss margin is showing an improvement of 10 percentage points. Depreciation and amortization have increased AUD 2.7 million to AUD 13.6 million, primarily because of the investment in our network and IP over the last year, notably with bringing the MVE platform to market. Non-operating items and tax are net positive, with unrealized FX gains in the period compared with losses in the comparable six months. This has contributed to net losses being trimmed by 47%. Net losses for the period, 20.2 million in the period. Revenue, as mentioned, revenue for the period is AUD 51.2 million. It's up 43%. Our monthly recurring revenue or MRR for December is 46% up compared to December 2020. This indicates an acceleration at the end of the period, and it's brought about by a combination of increasing customer numbers and growth in the average number of services per customer. All regions showed strong growth in revenue over the comparable period last year. APAC growing 28%, EMEA growing 35%, and NAM performing excellently, growing 55% to AUD 26.6 million. As Vinnie mentioned, NAM accounts now for more than 50% of our business. Our annualized revenues, based on the December MRR now exceed AUD 110 million. As we previously announced, we have invested in scaling our business, and this is manifest in the increase in our operating costs, notably in employee costs. Operating costs increased to AUD 11.3 million or 42% in line with our revenue, with employee costs accounting for AUD 8.1 million of this increase. We have built out the indirect sales channel team, and we've hired additional support staff as our scale increases. Employee costs as a percentage of revenue, however, continue to fall despite the increase in headcount to 300, a number that includes the staff acquired in the InnovoEdge acquisition. Our professional fees have just increased in line with business, and marketing and travel combined at AUD 1.6 million are normalizing now after being much reduced throughout financial year 2021. IT costs have increased from AUD 0.8 million to AUD 1.6 million, largely because of a change in the accounting rules surrounding software as a service arrangements. That's putting a little bit of EBITDA pressure on the business that didn't exist last year. General and administrative costs, which include office rentals, insurances, and other sundry items, have increased generally in line with business. Non-operating items have moved from a cost of AUD 18.8 million in 1H 2021 to income of AUD 0.7 million in the current period, principally because of unrealized foreign exchange or foreign currency losses from the strengthening of the Australian dollar last year, becoming unrealized foreign exchange gains this year as the US dollar recovers. Interest and other finance costs are imputed charges on our 0% vendor finance arrangements and the finance cost elements of operating leases which we've capitalized under AASB 16. Other operating expenses include one-off professional fees relating to the acquisition of InnovoEdge, deferred tax charges. Tax charges arise in the recognition of some deferred tax liabilities on that acquisition, plus some employee share expense. This slide shows revenue and operating margins for the December month, historically. Notwithstanding the additional investment in the P&L as noted earlier, as part of the scale up, scale out, our EBITDA loss margins in December 2021 continue to narrow. This is the operating leverage coming through with increasingly strong profit after direct cost margin, effectively our gross margin, which is up 7 percentage points year-on-year. Current assets have decreased as cash reserves have reduced. Net cash burn in the period of AUD 31.7 million includes AUD 10 million for the InnovoEdge acquisition. Our trade debtors have increased about AUD 1.7 million, largely in line with revenue, though our days sales outstanding has been reduced further by a day to 23. Non-current assets have increased following the acquisition and the preliminary valuation of InnovoEdge, AUD 21 billion. CapEx of AUD 15 million and additional IP of AUD 6 million account for the balance net of the depreciation and amortization charges. Total liabilities have increased in line with our business growth, with the increase in non-current liabilities largely due to increased utilization of our zero percent vendor finance facility. Cash balances of AUD 104.6 million mean the group is in a very strong financial position at the end of the period. With that, I'll hand it back to VInny for the business update. Thanks, Sean. The chart on your left, which again we've reported quarterly, the dark blue line shows or indicates the number of ports that we've added onto the network, which is still a key leading indicator for our business. What's more significant, and which is what's driven the 23% growth in our monthly recurring revenue, is nearly a tripling effect from the 8,500 ports to nearly over 24,000 services that we have on our network. Which is continuing to drive the monthly recurring revenue, which is what you see the very mirroring effect of that on the chart on your right-hand side, which shows the growth from AUD 7.5 million at the end of June to the AUD 9.2 million monthly recurring revenue at the end of December. We don't expect this to continue. In terms of the first half- year growth, like what I said in terms of the ports up 11% and total services up 12%. If you look at on your right-hand side, the monthly recurring revenue, as I said, has increased by AUD 1.7 million or up 23% to AUD 9.2 million in the six-month period. Not only has the monthly recurring revenue come from new customers, also existing customer spends continue to increase. Where the average revenue per port has gone from 974 up to 1,074, up AUD 100 in the comparable six-month period. In terms of Megaport Cloud Router, I think the next couple of slides are significant in terms of where we're going with the company and what we're trying to do, and this is more of a strategic nature. On the left-hand side, if you look at the average number of services per customer who's not using an MCR, which is 9.2 versus a customer who is using an MCR, which is at 14.4. If you look at the comparable average revenue per customer, it's nearly double at 6.2 versus 3.3. This is significant because as we talk about a rollout of our new products and overlaying them across our network, we get to abstract more complexity away from a customer solution, so that it's easier for them to use these multi-cloud and hybrid cloud solutions. We get to charge or actually their customers have to actually pay a much higher- premium for this highly valuable service. The number of services that we increase, and you can see from the chart in front of you, up from 543 to 603 in the six-month period, which represents a 20% growth rate, is effectively the future product set of where we're going with this in terms of the next two to three years. It's important from the point of view of not only what are we looking at, what's the customer doing? not just what the customer is doing, but how do we help them solve that problem and solution. At the same time, we get to effectively have a higher- premium product that's being used or utilized on our network. Yeah. Approximately 13% of our customer base have at least one MCR. This is up 0.5 percentage points from a year ago, notwithstanding our customer base has grown 20% in that time. With 36% of our customer base and increasing using more than one cloud provider, there's still additional scope to extend this further throughout the customer base. We see MCR as a very sticky product. Customers who use an MCR are putting more traffic across our network, and we know from experience that this means that they are less likely to churn. With an uptick in monthly spend and a lower likelihood to churn, the customer's lifetime value greatly increases when they take on an MCR. I know it's still early days for MVE and numbers are still yet small. We are confident that this behavior that's observed with MCR will also be seen with MVE. The customer numbers are only more so. We're already seeing average monthly spend for an MVE customer greatly outstripping the traditional SD-WAN only customer and even that of an MCR customer. The number of services increased significantly, too. I don't know if Benny wants to talk more about that. I just draw your attention again to the average service per customer where for a non-MVE customer is 9.2. As Sean said, it's early days yet as we're bringing on more and more of these customers. As Rodney and his colleagues are rolling out a channel program and an ability to where we can sell to most of these customers, which are in more of an indirect fashion, it's gone from 9.2 up to 15.7. Again, I would draw your attention to the average monthly revenue per customer who's not using an MVE at AUD 3,300. It's jumped. It's nearly quadrupled, up to nearly AUD 11,100 in terms of the revenue per customer and the stickiness of that. Again, it's a little bit of a longer sales cycle, but it's one of those things that you're actually building logistically a solution for a longevity solution for a customer in terms of how they're going to manage their business going forward from a connectivity point of view. Also want to point out that we've seen the first sales come through from our Cisco Global Price List in the early part of January. So we're really encouraged by that. Again, a lot of the customers that we have, even though we've only sold 40 at the end of December, the key thing is that's what we've sold and built. We have a lot of other customers that are in proof of concept and working through that solution about what they need and how they're going to build out their capability. In other news, we announced early in or during January that with a partnership with KIO Networks, the expansion into Mexico, which we will launch in March 2022. We're going with four data centers in Mexico City and Querétaro. The partnership with ourselves and Kio has been driven by relationships with Microsoft and Google in terms of as they've expanded into Latin America. It's an important market strategically. Mexico accounts for 33% of all the overall cloud spend in Latin America. It is one of the largest markets in South America. Again, along with our strategic relationships with our cloud partners, we've collaborated with Kio to make sure that we're able to bring customers the services and the network services that we have, and a full suite of our products in day one in March 2022. In terms of a channel update, again, you would have heard me talk and Rodney talk about this quite extensively back in August when we released our full-year results. We've successfully managed to do something that most companies cannot do or not do in a short period of time. We launched this back in early June 2021, and we've now completed a full world-class channel program for Megaport to help our indirect partners. Most companies and most businesses take 18-20 months to complete that. We've done 6-7 months. Why do we do it? It's about the ease of doing business. It's about enabling 4-5 thousand lease sellers to sell our products, and drive customer success. It's most importantly, it's about building a foundation, about growing our revenue. These are the key foundation points as to why we pivoted from a direct selling model to an indirect selling model. It doesn't mean we're gonna stop doing the direct selling model. It just means that we're actually enabling our business to grow faster and quicker through a different avenue. In terms of the channel segmentation, we were very focused before on providers and our marketplace, which is with our cloud providers. Now, we've managed to enable three additional channels effectively to help us to grow our business with agents and through our indirect channel. Through alliances with our not just our SD-WAN providers, but also other managed service providers. Through our distributors, which is a completely new avenue for our business, which allows us to help us to sell solutions to more and more customers through the top two tier value-added distributors in Arrow and TD SYNNEX, which we announced one in December and the other in January. The why is because this gives us a target addressable market that's much wider than what we have been in before. We're bedding in not just the investment in the people and the channel and how we're going to enable these markets, which is what we've done in the first half this year, so that in the next 12-18 months, that we're able to benefit from this going forward. In terms of key partner wins, again, I would reiterate the point that we've done some things here that are so fast and, compared to what other businesses do. We've had a lot of key logos in a lot of key markets and in regions which we've enabled as part of the channel strategy to help us to sell, to set us up for calendar year 2022. These are the partners who are now selling Megaport as Network as a Service, which they've never had as a product before, to help them to gain. Not only for them to gain more revenue and their customers to get more business, but also to enable Megaport to do the same. In terms of Megaport One, which we again announced in January. Megaport One effectively is the full integration of InnovoEdge, which we've again achieved. We announced the acquisition back in August 2021. And in all my 25 years working in business, it's one of the most successful acquisitions that I've ever been part of, not just in terms of the people involved, the smart and the software developers, but the speed of execution of what we've done. It's going to enable Megaport to be. It's taken us to the next level over 2022 and beyond. It's about connecting anything and controlling everything to one single pane of glass. It's about making sure that the customer, wherever they log on and how they manage their services, they're going to use Megaport One as a single platform to allow them to do that. Orchestrating all of their future capabilities. It's a network underlying. Again, another product that overlays across a Network as a Service, which we've built over the last five years and we've invested in. It enables people to future transform their IT capability using one platform, which is Megaport One. The key features of this, which we talked about when we announced the acquisition, was about the discovery of where to find the cloud. Where's the edge? Where are GPUs and the resources? Where are the clouds? It's about provisioning services, one click, seamless provisioning, and the deployment of that, all of those virtual functions. It also has the ability, as I said before, the artificial intelligence planning. What's the future predictability of how my services are operating, my capacity, and what do I need to build so I can manage and drive my business? It allows the customer not only to consume public cloud structure, whether it's inside in a data center or it's off premises. I think this is, you know, it's a really key feature for us in terms of what we see and where that's going between 2022 and beyond. Who benefits from Megaport One? Well, there's data center operators. It's quite, again, it's a white label capability allows features to their customer. It's managed service providers who have lots of small clients that they need to be able to manage and things, and they can actually use these services. It's also for network service providers, which effectively are aligned to our virtual network so that they can deliver these services as well. In terms of, there's probably a couple of things on this slide. Megaport is the edge. We have virtualized the edge, and we will continue to do so over the course of the next couple of years, whether it's through 5G, security as a service, our expansion into SD-WAN, and as I mentioned, with Megaport One, we're enabling the capability of our platform so that we are the future and we are the glue that brings connectivity together. That's important, both from a product capability point of view, our network growth in terms of making sure that we've got not just more countries, but we've got the scale and the backbone and the smarts behind our systems and our capacity so that we can support customers. We're gonna continue to invest in growth, but most important and also in our channel and our partnerships. I think the most key piece to take away from this is that we've been very clear about our plan. We've been very straightforward about what we wanted to do, not just in our first half of the year, and I think we've demonstrated that we've gone above and beyond in what our capability is to deliver in the first half of this year. We are very focused on delivering our financial results for the second half of the year. That's what we've said, and that's what we're planning to do. I think as you will see, there's some other slides that are in the appendix, which you can read at your leisure. It talks to the regional focus that we have and the gross margin or the profit after direct network cost plus the EBITDA margin in each of our markets. I would call out this one particular case, which is in our APAC business, which is running at a 74% gross margin and now a 52% EBITDA margin. We know that this business has got scale. We understand the model that we're working to. We're just focused on the execution part right now, and that's happened from here on in for the second half of the year. I think that's the last slide of the presentation, so I'll hand it back to the moderator for Q&A. Thank you. As a reminder to ask a verbal question, please select the Raise Hand button. If you prefer a typed question, please submit via the Q&A feature. Both of these options can be found at the bottom of the Zoom interface. We have limited question time, so please keep the questions to the point. We have the first question from Jonathan Atkin at RBC. Thanks very much. I was interested in just any incremental color that may not have been in the presentation or the release around kind of the financial outlook around revenues, EBITDA, any kind of qualitative color that you could kind of point out as we sort of update our models. The second question was around the MVE pipeline, and you quantified it at, I think, 202 MVEs. What can you share around the prospects for growing that pipeline further? Is it gonna be a similar rate of growth or what sort of momentum are you expecting from that? Then the conversion of the existing pipeline, any kind of puts and takes to think about, if these opportunities don't convert, you know, what would be some of the factors behind that and what's the kind of the early read there? Thanks. Thanks, Jonathan. I'll probably answer the latter part to those questions on MVE, and then I'll let Sean kind of jump in on the financials. We have 2-3 times more MVE opportunities than what we're seeing as a conversion rate in the actual sales early. That's a lot of it's got to do with proof of concepts. It's also we're just embedding in with our indirect channel, but also with we've announced a lot of those SD-WAN partnerships literally in the last 2 months of the quarter, right? We're really just embedding them in. Again, that's something where we've hired people to be in, like someone's working with each one of those partners, and in terms of how we build it out. A lot of customers right now are thinking about their SD-WAN solution, and they're buying their SD-WAN services and their licenses. We're in the beginning of the conversation with them. What we've done now is we've focused with our SD-WAN partners, and particularly with MVE, on the customers that they've already bought the services and how do we help them expand their network. It's about accelerating that. I think that's where we're focused on for the next six months. As well as some, there's a longer sales cycle with some of the brand new customers who are rolling this out. I think that's probably where we're at, where we know that it's a little bit of a longer sales cycle. It's a more complex solution, but it's also a more sticky solution. It's also a more valuable solution. And I think that's where we've been focused. In terms of the financials. Sean, did you want to take that part of it, please? Absolutely. Hi, Jonathan. We grew our revenue 42% in the first six months of the year, and as indicated, there seems to be a little bit of an acceleration towards the end of that period, particularly as the indirect sales channel starts to have effect. You know, you can extrapolate it from there, but we don't normally give specific guidance. I will say that while we have been running quite fast to sign up partners in the indirect sales program, and quite a few logos were presented on the slide earlier, you know, there is still a little bit of a lead time associated with them in terms of onboarding them and training them about our products and how to sell our products and getting activation going. It is... That's building momentum. It's not immediate, but it will be there in the second half of the year. In terms of EBITDA, we did highlight that we would be investing in the PNL, and most of that investment will be done in the first half of the year. That is done. We have scaled up our business. We don't expect to be incurring that. That expenditure is done now. We won't be increasing that, except perhaps supporting the indirect sales channel growth with a few marketing dollars. We have kind of guided that we expect to be breakeven in EBITDA for the year, as a whole. While there are a few EBITDA pressures coming on that we didn't expect or we didn't initially plan on following the acquisition of InnovoEdge and changing the accounting rules around SaaS arrangements. Now we're still guiding we'll get very close to that figure, which would be a significant improvement over FY 2021. Thank you. Thank you. We have the next question from Siraj Ahmed at Citi. Thanks. I'll just ask three questions. The first thing we need, just on the pipeline number, can I just clarify the 202 that you mentioned? What's the mix between direct and indirect for the partners in there? And on that, just confirming that given the first half the conversion rates were slow, you're saying this is 202 for the second half, so you're assuming a decent conversion rate from this? Yeah, to the latter part of the question, yes, because there is a longer lead time. Having these conversations now and having proof of concepts in place now means that you get a higher conversion rate over a bit. Like we've been only at this for three or four months, right, in bringing on all these providers. You know, the second half of the year is where we always said this is where this was going to be an important factor for us. A lot of these companies are not small. They're large multinational global companies, right? The solutions that we're putting together with them are not simple, right? They have to work through the logistics of putting that together, and we're helping them with that. Hence the proof of concept model of how we seed MVEs out there is really important. I think that's what we're seeing. Now, I will say this. Of the 200 and odd MVE instances that we have, the majority of those up to this point in time have come from Megaport, right? Megaport customers or Megaport-led sales initiatives. The partners that we have, that's where we're expecting, and that's where we're onboarding with them through the PartnerVantage program, plus those resellers. Most of those SD-WAN providers, 80% or 90% of their business is done indirectly. We're using the same partners that they're using. We're having those conversations on our pipelines with them, which are going to contribute significantly to 2022 and beyond. The initial bulk of the customers that we've got have been initiated more from our direct side and our Megaport side of the business. Got it. Thanks, Vinnie. One more for you, Vinnie, and then one for Sean. Excluding MVE, just keen to get some color on how the Q3 is tracking, Vinnie. The first half was a bit up and down. How are you looking in terms of ports and things like that? Yeah, we're going really well. Okay, so where are we at? We're at the eighth of February, whatever. Within one month and one week of this quarter, we're already over 50% of what we did in Q2, right? You know, typically our Q3 and Q4 have been quite strong in terms of businesses picking up and coming into the new financial year. As I kind of outlined on numerous occasions, new businesses, new plans, new budgets, people are coming into it, trying to get these projects up and running. I think that's what we're seeing right now. We're just over 50% in one week and one month of what we were in Q2. I think we're in good shape. Got it. Is that MRR or ports, Vincent English? Just clarifying. When you say more than 50%. Total services MRR. Yeah. Got it. Awesome. Just one last one for Sean. Sean, can you just clarify your comment on full- year EBITDA breakeven? I mean, your OpEx was around AUD 38 million in the first half. If you annualize that's AUD 76 million, just struggling to see how you get to EBITDA breakeven. Was there some one-offs in that first half OpEx? There were some one-offs in the first half OpEx when I mentioned the OpEx associated with kind of setting up some of the indirect sales channel. There were a few other things. As the AUD 38 million is close to our run rate. You know, I expect, you know, some uptick in sales momentum as you see our p rofit after direct costs is improving all the time as well. The contribution from our revenue it should start to cover the OpEx costs. Right. Thank you. I'll jump back into the queue. Thank you. We have the next question from Tim Plumbe at UBS. Tim, please feel free to go ahead and unmute yourself. Sorry, guys. Apologies. Can you hear me? Yeah. Can hear you, Tim. How are you? Good. Sorry about that. A couple of my questions have been asked. I'll just keep it to one or two. Vinny, you mentioned the pipeline of port opportunities. Can you talk at all or give a little bit more color in terms of the initial signs that you're seeing through that indirect sales channel? Obviously, early days in terms of the new platform that's being implemented. You know, how do we think about that gaining traction? And are we seeing any benefits of that in this quarter, or is it kind of too early to say that? Tim, it's starting, right? It's like everything else. You know, when a global provider and there are two or three top global providers that we've brought on, there's a certain amount of onboarding needs to be done, education around how to sell what Megaport does as part of the solution, et cetera. We've been focused on that quite a lot in the last month or two. I think we'll see early traction on that in this Q3, but it's definitely gonna be towards Q4 and the rest of 2022, where we really see this thing kick off. In terms of the indirect selling motion and enabling those partners, a lot of this has been about education, making sure that they understand what they're selling. We know what we sell 'cause we've been doing it for five or six years, right? It's making sure that other partners of ours understand the value proposition, the solution, and the key dynamics around what they're selling. That's part of the Vantage program and the tools that we set up as part of that, which is around the education, the pricing, the solution selling. What's the customer use case that we're pitching to? Making sure we had all of that lined up. I think we've got that there. It's just a scaling matter right now where we're just trying to make sure that, you know, our two or three people that are working with some of these partners are having to deal with 3,000 and 4,000 resellers. Right? That's the scale of what we're talking about. It's got to be done in a very efficient manner. You know, one of the things I didn't mention on the call, which I'll say now is that post earnings at the end of February, we're going to do a product and innovation roadmap for the next two to three years. Certainly starting out about where we believe and where things should be about the edge in our products and where we're stepping our foot forward, but also a lot of demonstrations, not just from our cloud providers, but some of our SD-WAN providers and about how our solution works and what is the solution that we're selling for. We'll be announcing something about that in due course over the next week or two with post earnings, probably somewhere around early to mid-March. We will do that and take everybody across it. I think that will give everybody an understanding or a better appreciation of where this is going and how big this is. Got it. Then just the second question around the MVE. Obviously still early days, and learning that business model, et cetera. When you look at the sales cycle as it stands today, and obviously that varies depending on how complex the customer is, how do you think about the time between those initial discussions to proof of concept to actually doing the hard sale? That same question could be asked about ports and VXCs, right? I used to always say it's kind of like a 90-day sales cycle, you know, depending on people. I think that got kind of blown out of the water a bit because we've had big customers just come in and just turn up services with very little touch or very little involvement. Then we've also had some reasonably medium-sized or smaller customers, and they've taken 120 days or more to get across. Right? It's a mixed bag, depending on what they're trying to do or what they're trying to solve for. I think what's accelerated a lot of this has been, I'm not gonna say it's COVID, but I'm gonna say I think a lot of things have. With IT transformation, a lot of things have accelerated the board and business owners' view about their IT transformation and the need to speed that process up so that no one gets caught with a business disruption. I think that's what we've seen, and that's what we're hearing from our customers. I think there is an inherent acceleration. I'm not really sure, Tim, if I can say it's 90 days or 120 days or whatever the number is. I do notice there is an acceleration and anticipation to try and provide solutions that wasn't there before and trying to do it as quickly and as efficiently as possible. I would say it's outside of a normal port and VXC sale, I'd say it's definitely a quarter out, right? That's what you're looking at, right? You know, you're dealing with that 90-120 days. The first thing you have to do is buy hardware. The second thing you have to do is to buy licenses. And then the third thing you need to do is get an MVE. So if you haven't got the license and the hardware, you know, it doesn't happen. Customers who've already got license and hardware are easier targets to address initially, which is what we're doing. But as you're looking at customers who are in the middle of a decision process about building their own SD-WAN network, they have to buy the equipment, and they have to buy the software, and then they have to get the MVE, right? That's a little bit of a longer slog than, say, someone who's already got that in place, and they want to expand their network because they've already got the licenses and they've already got the hardware, if that makes sense. Got it. Thanks, guys. Thank you. We have the next question from Nick Harris at Morgans. Hi, everyone. Thanks for your time and the questions. I guess, like everyone here, I'm just keen to understand a little bit more about growth in the channel partners. Obviously you achieved a huge amount in the last six months and seriously impressive partners there. I think you mentioned Cisco selling, but I think that you said somewhere 22 partners. I was just keen to get a feel for, question one, how many of those partners are actually selling something now? Question two was just around Megaport One. That looks like a really smart way to simplify what is a complex solution. Did you sort of design that? Were you sort of pulled into that design by the distributors or value-added resellers because it would make their life easier and therefore should it be a reasonably short sales cycle, or is that a medium-term product that you talk about in your, you know, your roadmap in a couple of months? Just the last one was with the channel. Can you just remind us what your definition of success would be if we look forward sort of six months or and medium-term? Thank you. Thanks, Nick. Lots of hard questions there. Okay. The middle one, right? I'll start with the one in the middle, which is about the InnovoEdge and the proposition there, right? Again, that's very targeted towards either network service providers, maybe some high-end enterprise customers, definitely data center operators and managed service providers, right? That's where the target audiences for that to make that happen. When we were in discussions with the guys and we decided to buy the business, we were looking for them to help us to accelerate or enable some of our white labeling capability because we were trying to grow so much. It became very apparent when we were both talking to each other that there was a high synergy between our two businesses, and hence we just jumped on it and we invested in InnovoEdge. I right now, they've already part of the earn-out clauses and everything that we've agreed as part of the contract. They're already 4-6 months ahead of themselves, right? That's how fast they're operating. What that does for us is that Megaport One, that acceleration and rebranding of that has helped us to have some serious conversations with some key customers about how we can enable them to sell more and be more productive. I think that's something I probably would have thought was a year down the road, but it's actually been 6 or 7 months, right? That's how fast it's happened. We're incredibly excited about with the capability of where that's going and what it can do for us with the team. If you recall from the full-year results, I said they were a wicked smart bunch of people, and I'm not mistaken by that. It's been proven out from what we're doing and where we're seeing with that. I think this is a real case when you add 2 and 2, and you get 16 in terms of our software development and our network capability and our functionality and what we can offer to customers as part of a product offering. That's what it means to us. Now, where is it? It's just starting, right? I mean, these guys, like I said, they're four or five months ahead of themselves. They're working very closely with everybody in the company, and we're all in fully integrated. It's gonna take just a little bit more before we see the revenue. We were at the Pacific Telecommunications Conference in PTC in Hawaii in January, which is the single biggest conference in our circle, and we haven't been there for two years. It was hugely very. Everybody was very receptive and went, "I need to see more about Megaport One." Went, "How do I get this and what it can do for me?" I think we're just starting out, Nick, on that one. I can't give you a prediction right now. I think we're starting out, and that we're in the middle of a lot of conversations with some key people about what it can do for them and how we can enable them to sell more and do more. Probably more of a question for end of our financial year in August. What was the other part? Sean, did you want to jump in? I don't know if there I can. Yeah. The next one was just the 22 partners. Are a big chunk selling or a small chunk? Oh, yeah. Yeah. Look, I mean, again, same thing, right? I'm not trying to dodge anything here. I'm just being very clear with everybody. Rodney and the team and everybody here has done a tremendous job to try and get us what we've done in six or seven months has been phenomenal, right? 22 partners in that same period and a channel program and a channel team and the capability of how we can support them to do that has been done in six months, right? I think we've always said this, that 2022 was always about, okay, let's get it all done before Christmas, so that we've got the capability to go and sell this into 2022, right? I haven't changed my view on that. I haven't changed my commentary on it. It's been fairly clear. I think this is something that it's gonna kick off in 2022. We had to put all the fundamentals and the building blocks in place during the second half of 2021, so that it will put us in a position so that we can move forward. That's what we've done. Yeah. Just to say, we all are seeing a lot of these resellers starting to uptake. We've seen a faster uptake in Europe than we have elsewhere. We always said that Europe is a natural home for this type of selling, where customers will go to kind of managed service providers for their solutions. That certainly has been the case for early adoption. You have seen in the Q2 results, Nick, where we kind of split out our MRR between direct and indirect. For the Q1 in year four, looking back, you've started seeing that uptick a little bit. For me, that's an indication the snowball just starting to roll down the side of the mountain and now we will see. I did say there is a little bit of a lead time to educate these guys to sell our products. You know, we're taking on a lot in one go, and there's a bit of effort to start all these flights running. You know, we will start to see that momentum build for the Q3. Thanks, Sean and Vinny. That's great. Thank you. We have the next question from Kane Hannan at Goldman Sachs. Hey, guys. Just a couple from me as well, please. Firstly, just switch to Edge, that $11,000 per customer you were talking to. I think that's doubled on the $5,000 you reported in August. Now I know it's obviously a small sample, but I was just keen to understand what's driven that growth, whether that's mix, you know, incremental services from existing customers. I suppose where you see that settling over time as you get more and more people onto the Edge product. Look, I'll let Sean jump in here, but at the end of the last time we did the full- year results and we talked about that doubling impact, we'd only just been selling that product for a month, right? We didn't have a full period of time where you saw that revenue. I think you're looking at the number now, but not just with the number of customers that we have in MVE. And I think we've also got a lot of proof of concepts which we don't charge for. They're all in the mix. We don't count them in the numbers for what we're doing, and that's our future pipeline to grow this. I think the previous period and the number we talked about going from five point... Was it 7 or 8, up to 11.4, the different periods, that was like 1.5 months selling in a quarter versus or a period versus what we're looking at in 6 months. I think you're starting to normalize or see what the true numbers come through in this half year. Notwithstanding that, we haven't added enough customers in yet, so you haven't really seen the true impact of that. I think this is in its infancy, to be honest. Maybe Sean, did you want to add a bit? Yeah, I completely agree. When we showed the slide at the full- year, like Vinny says, it's only been operating for less than a full- quarter. There were discounts given, proof of concept, reduced pricings that were happening there. Plus, you know, many companies didn't have time to turn up all the services that they were ever going to turn up on their MVEs. A lot of those proof of concepts have now turned them into commercial relationships. They're becoming, you know, a much more viable proposition for us. When we showed the slide, it was only intended to kind of help people get their head around how we're going to be highlighting this so it help people with modeling and see how the product fits in with the portfolio. We always expect that number to go up. Whether it stays at around 11,000 at the minute, we have a lot of our customers are existing SE1 customers who are motivated purchasers that are very large companies as well. As this becomes a little bit more ubiquitous and smaller enterprises start to take on, you might see a little bit of a dilution in that number going forward. We certainly expect it to be much closer to the 11,000 than 5,000 we presented in August. More volume. A lot more volume. Yeah. Just a couple I suppose on the geo revenue trends. You obviously have some pretty healthy APAC numbers in the half. You know, was there much of a step up from Japan in there, or I suppose what drove that improving trend? Europe, you know, you continue to be pretty positive on the opportunity over there. Those growth rates are bouncing around quite a bit quarter-over-quarter. I'm just interested in what's driving volatility. Is that just the scale of the revenue number over there that, you know, means that incremental contracts, you know, have a much bigger impact? Look, Japan is improving, right? There are probably three markets that are kind of key to us, the old saying that rising tide lifts all boats, Japan, Canada and France, which we went into. France and Canada are extremely close. They weren't across the line fully. We deployed in December, but they are in January. Japan is a little bit to go. We've got another month or two. It's in complete lockdown since, as everybody knows. That market is something that both Sean and I and Rodney have been, you know, really focused on trying to get there and visit them. It's a relationship type business, particularly around the channel, and we want to involve around that. The market is kind of locked down, so it is a little bit behind where we want, but it's not driving the overall APAC number. Everybody is contributing. The Australian business, New Zealand business, Singapore and Hong Kong business have been thriving. And what it does is it proves out, we haven't added that many sites in those markets or added that much extra investment into those markets outside of Japan, in the last short while. Now all of a sudden we're seeing that they're now at 51% EBIT or 52%, whatever the number is, right? When Japan does turn profitable over the course of the next six months, which it will, then that number is going to increase because it's dragging it back now a little bit just because of the investment and the time and the effort to go there. As revenue increases, it'll rectify itself. In terms of Europe, like I said, with some of the key markets there, one of the things that we identified, and rightly or wrongly with our models where we were trying to focus on being a direct data center operator, kind of focused solution selling, the channel works, right? Rodney's hired some really key people in both Germany and France and the U.K. and in Scandinavia to help us grow our business. We're already seeing the fruits of that. I'm really excited about the European business. It needed a refresh. It needed something different. In the indirect model and the channel model, that's where most of the business is done in Europe. We just rightly or wrongly, we've maybe can't do it a bit later than we should have, but we've gone to it now and we're starting to see those things come through in fruition. I think that's where you're seeing the growth in Europe, and I think that's gonna continue, notwithstanding any FX translation on revenue and on the business. You know, when you think about the map and you think about North America and the geographic kinds of North America, and it's massive. I mean, if you look at Europe as a whole, it's the same footprint, right? It's a question of, but it's very much different countries and it's very different relationships and very different ways of doing business. We've had to break it down a lot more to get to that point where we're able to figure it out. I think I truly believe we're kind of on the right track in terms of making that happen. I'm not sure if that fully answered your question, Kane Hannan, but. One more thing, Ken, as well. I think of all our regions, Europe was probably most impacted by COVID than any others where our sales teams couldn't cross international borders. For in addition to that, as we're coming out and our guys are able to start traveling again. In addition to the well, we know this market is right for the indirect sales channel. We've done a lot of work in localizing our marketing materials and localizing our portals and stuff to help sell into the individual markets. It's not like the United States where everything can just be done in English. So that's also helped with the sales momentum within Europe as well. Perfect. Thanks, guys. guys. Thank you. We have the next question from Bob Chen at JP Morgan. Hey, guys. Just a few quick ones for me. You know, obviously, a lot of investment getting this partner channel online. Can you talk a little bit about, yeah, how much visibility you have into about sort of pipeline that comes through that indirect sales channel? A little bit. Bob, the key question here is that the 22 partners that we brought on as part of the channel program are the ones who are going to enable us and help us to sell the fastest and the quickest as opposed to going direct to a Microsoft or a Google or Cisco or a VMware, right? Because they've got lots of partners. We've been focused on working on the downstream side of things where they sell the most so that we can be the most active about how we sell that. Rodney's been very smart about that, and he's been very articulate about how we do that. I think that's important. It's like, how do we help them to sell more and as opposed to what the pipeline looks directly from the big guys, right? That can be very sensitive, right? Because you know, they've got lots of partners, lots of different people they work with, and they will share certain things over time. Right now, you know, this is. It's been. That's why we went towards the channel program. That's why we went with the partners. That's why we integrated with all that so that we could make it easier for them to sell. That's where the conversation is. Basically, leads are being handed off to partners who are, we are working with those partners to help to deliver that lead. Yes, we do have it downstream, but not upstream. There's a big difference. That's, you know, it's competitive in nature, and it's also very sensitive, right? I think everybody would appreciate what I'm trying to get to. Okay. Perfect. Then just in terms of the sort of rollout of the Megaport network, you sort of alluded to a bigger ramp up in that sort of second half. I mean, what can we sort of expect in that second half? I see that I think we're gonna again, Sean can correct here, but you know, we're aiming for what we planned to, which is about 40 additional sites, 42 maybe kind of additional sites over the fiscal year. I know we've only done, like a handful in the first half, which we typically do. There's a bit of a strong pipeline for the second half of the year in terms of what we need to do there. You also have to remember, we rolled out in the Partner Vantage program, hired up a whole bunch of indirect people in channel, right? There's only so many things you can do really well. You can't just keep throwing more sites on top of it and then not be able to sell into the sites 'cause that would be. Well, it wouldn't be a good investment opportunity in terms of time, money and effort, right? That's why we've always focused on anything new we were doing, we were doing it quick and fast in the first half of our financial year. Traditionally, everything else that we did do, we would focus on in the second half- year. But I like, I think, Sean, it's about that 40-odd number, for- 42 includes Mexico, yeah. About 35 or so, excluding Mexico. Yes, you're right. There are other things going on. We're increasing capacity. We're increasing our MVE capacity. We're building a 400G backbone as well. It's not just about extending our reach. I believe we're already at scale. What we're doing on the DC network now is kind of influencing some of the European markets. We're kind of granularizing the edge of our network in America, which will kind of help MVE sales to people who have shorter hops across public internet. But, you know, we're well beyond. Because we have reached scale now, we're well beyond the stage where new DCs are leading indicators for revenue growth. You know, SD-WAN takes us outside the DC. Thank you. We have the next question from Lucy Huang at Bank of America. Hey, thanks, Vinnie and Sean, for taking questions. I just had two quick ones as well. Just something to get some color on the first Cisco MVE sale through the Global Price List. Maybe you can give us some color around the size of the deal. You know, is the end customer an existing Megaport customer, and how long it took Cisco to land that sale? And then secondly, just interested, I know it's still early days for MVE customers, but with the ones that are currently being built, are we seeing any cross-sell or upsell capability into the rest of the Megaport business through those customers? Thanks. Thanks, Lucy. I'll probably start with the second half of that question. I think I touched on this earlier on. Most of the MVE opportunities at this point in time have come through Megaport sales-led initiatives, either through existing customers or conversations we have had with customers about MVE and the capability of SD-WAN through one of our partners, SD-WAN partners. That's probably been the lion's share of what we've seen so far, right? We've been focused on now how do we enable those other partners in our channel program to sell more about those new customers, right? For the want of a better word. The customer that we've seen come through Cisco has been a joint lead customer. It's been a Cisco customer for a long time. It's a Fortune 500 company. The proof of concept was very successful. Basically what's happened is that they've now expanded out that proof of concept, and it's only starting out as part of that proof of concept in a certain area, and it will continue to grow and expand over time. It wasn't an existing customer. It was someone that was in our opportunity or our funnel or our pipeline. Then they were also a customer, already an existing customer of Cisco. That was a real question of 2 and 2 equals 4 or 5 or 6, whatever number you wanna pick. That's how that all came out, and where we did. It was a very successful proof of concept, and we're building it out. It is on the higher- end, in case anybody asks me. It is on the higher- end of the 15, 16, 17 thousand MRR, not 11, right? It's a large company, and as they continue to grow their footprint, and expand, which is all built on the success of the product and what it can do and how it can do it, that will continue to grow over time. Thank you. Thank you. We have the next question from Hui Sim at Macquarie. Hi, Vinny. Hi, Sean. Thanks for taking my question. Just a couple. The first one is just in regards to the cash flow for payments for PP&E. It kind of doubled versus last year. Just wondering what drove this and any guidance for CapEx going forward. The other question is just in regards to Megaport One, if you could just give us a bit more color on perhaps our aspirations behind this. You know, where do we see the revenue contribution coming through versus our base product, you know, maybe over the medium term? Also just to better understand the, you know, how we think about the sales motion for this product. Is this something which is more ancillary to our existing products, or we're looking at really selling it as a separate product? Thanks. Yeah. Sean, do you wanna take the first part and then- There was a little bit of acceleration in the first half of PP&E purchases as we're getting ahead of kind of supply chain issues and the silicon stuff and we've been buying boxes and then I've been stocking up to some extent as part of the expansion number. We make sure we have inventory available to build capacity and continue to build capacity in our network. So yes, it might look accelerated first half versus second half. The full- year will be higher than last year, but only marginally so. We've been guiding, I think we were guiding AUD 30-AUD 35 is gonna be the higher- end of that, plus the acquisition on top of that. Yeah. In terms of the other part of your question, with MVE. Look, it's one of the things that we've been very focused on is just making sure that we get everything in place and get everything right so that we can look at 2022 and move forward with a pace and an acceleration. I think that's kind of where we've been very much focused in the first half of this year about how we're setting ourselves up, getting the right people in place, the right processes, the right capabilities so that we can scale this business properly. Sorry, Vinny. I was actually asking in regards to Megaport One and Nova Edge, not MVE. Right. Yeah, sorry. Oh, yeah. Sorry. I was just leading into that, right? That these are all connected. That's why I'm trying to lead into it, right? Megaport One is, you know, when you think about what we've done with MCRs, now we've gone with MVE, and as we're building over our core products which is our platform, our Network as a Service, which is all the 24 countries, the 240 cloud on-ramps. Now we're connecting more buildings and more locations with branches through SD-WAN. Now all of a sudden we're adding a future capability, which is a platform that will fit across everything, that will allow your IT specialists in your business to manage all of these assets and all this infrastructure in a seamless way, right? Provision services and actually plan and program things as they want. All we've been doing when we started out with this business is layering it. Now, who we pitching this product at? It's in the slide deck. Yes, there's some data center operators who may want a white labeled product. There's some network service providers. It could be fiber service providers, or it could be whatever. They're looking to actually add cloud capability, have a single platform, white label that, and add it to something that they want to use. It's also for managed service providers that actually want to be able to sell it downstream to their customers, and it looks and feels like it's their product, but in underlying it's Megaport. We've kind of two things that we've done with our strategy is we've moved outwards geographically in terms of our footprint, in terms of countries and data centers. We've actually outwardly even moved further by adding SD-WAN capability. Our geographic footprint has gone along. MCR and we started out with ports and VXCs. We moved up with MCR's Layer 2, and now we've added on the MVE capability. We're moving, we're removing more complexity as you go along. Now we're putting a platform on top of it all that allows customers to orchestrate everything, right? That's where the smarts are. This is where the capability is in the company. It's not. It's about the software and our network combined that allows us to drive that. They're not going to be as many enterprise customers driving Megaport One, but there will be large multinational either network service providers or data center operators who will be using it. They will then be contacting or connecting to enterprise customers. I hope that answers your question. Yes, that's very helpful. Thank you. We have the next question from Roger Samuel at Jefferies. Oh. Yeah, but, yeah. Can you hear me? Yeah. Roger, can you hear me? Good. Thanks. I've got two questions. First one, just with indirect sales channel, it looks like it's taking quite a long time to ramp up. I'm just wondering if you can share with us any pushback or hurdle from the channel partners. The second question that I've got is just on MVE and SD-WAN. You know, most of the telcos that we look at are starting to offer SD-WAN services in partnership with your SD-WAN partners as well. I'm just wondering if that trend is positive or negative for your company. Well, okay. The first part of that question, Roger, is. It's like I said to you, there is a little slightly different sales cycle for this one than our typical products, right? Because you have to buy hardware and you have to buy the software and then you buy the MVE, right? To roll out your global solution, right? So, there is a little bit more to that. I think also with the channel partners that we have, we've had to make sure that we've educated them rightly. Like you've got to sell smart and sell efficiently. Making sure that we're giving them the right toolkit. We're building out the PartnerVantage program. We're making sure that we enable them to be successful selling. That's what we've focused on. The first half of this year was getting that done, and making sure that that was something that we could succeed on in 2022 and beyond, right? Probably has been a little bit, maybe a little bit slower than you thought. I mean, you know, if I was to hire 4,000 people tomorrow morning, it would take me the same amount of time to educate them about selling our product as it would be to hire and educate the channel to sell. To get 4,000 people to sell our product, which they have to go through the same process. I think that's where we've been focused on making sure we get it right first time with our sales toolkit, our education, our training, and putting our partnerships together so that they're successful selling. That's what we've been focused on. In terms of MVE, you know, that's been the issue. There hasn't been really an issue around MVE. It's just been more around how do you enable customers to sell, or sorry, partners to sell to customers? Again, same thing. I think that's been the core part of what we've been trying to focus on and get right. We get that right at the beginning and it helps itself go forward. What was the first part? Sorry, the first part of your question. Oh, no. Just regarding the telcos, deciding to sell- Yeah. -services as well. I'm just wondering what the impact on Megaport- None. Yep. No. No. Right. Let me just set this straight for everybody. Everybody is a partner of AWS, Microsoft, Google, and the cloud guys. Everybody's a partner, Cisco, VMware and all the rest of it. The only difference that we've done is we've actually integrated with them. Everybody else is just a partner. That means you have to go through a paper exercise. You've got to go through a manual exercise. You still have to write orders, and you have to go through all that stuff. We're a software and a network company. We integrate with people. We don't just do manual. So that's the difference, right? We've made this easier. We're making it seamless, and we're making it easier for the customer to actually consume the services and helping the SD-WAN providers faster and quicker to make more sales. That's all they're interested in. That's what we've done. That's why we're a preferred partner. That's the difference. Here, the next question comes from Paul Mason at Evans and Partners. Hey, guys. I'll have to put my hand up earlier in the call in the future. Hey, Paul. Just a couple from me. The first one, just a clarifying question. In terms of the 202 opportunities, is that the number of customers or is that the number of MVE devices that are in your pipeline? No, no, that's customers. Great. Market. Yeah. Thank you. The second one's sort of a longer- term question maybe for Sean, maybe for thinking about cost planning and investment planning 'cause you guys have been pretty clear on planning to have an EBITDA break even point. In terms of once you hit these sort of milestones like EBITDA break even or a cash flow break even after that, like are you planning to like use those as points where your margins just keep growing or are you gonna sort of think about after getting to that point where you're not as reliant on capital markets or something like that you'll go hard on reinvestment instead of letting the margin run? What's the sort of the general vision of how that plays out? I'll let Sean jump in in a minute. Right now, Paul, we're just focused on our objectives to prove out the model, make the margins, get the revenue, prove out the EBITDA, and then, you know, that's kinda like next year's question, to be honest. That's where I'm looking at. Do I look down three or four years? I think everybody's looking at us to try and make sure that we get them the outcome and prove out the model that we've done. I think that's been the focus. There's no reason why this thing would slow down or go any other way except to continue. The question is we're a technology company. We have to keep reinvesting in the business. When you're profitable and you're breakeven and your cash flow is sustainable, then you can do that faster and quicker, right? It's just about what you want to do. I think, you know, we kind of set ourselves a 2- or 3-year program, and we're coming into the back end of that cycle right now where we wanna make sure that we actually turn out FY 2022 and calendar 2022 where we're cash flow positive and EBITDA, and we're turning out the revenues and we spun out the new products and that's where we keep reinvesting it. It's probably a bit early. Like there's AUD 104 million in the bank. Apart from CapEx, so pretty much net cash flow breakeven, give or take AUD 1 million or so. It's not. We're not far off this. I think the question is, you know, it really depends how fast and quicker we wanna grow and invest in the business, without having to go back into the red. Maybe, Sean, you wanna take that point? Yeah. I mean, I just completely concur. Every time we have invested in ourselves, we've delivered, and we're doing it again. We saw an opportunity with accelerating the top-line growth through the indirect sales channel, and that's why we have invested in ourselves this time. We are very focused on bringing that to fruition and reproving the operating model again and getting back to that EBITDA positive and cash flow positive results. We've certainly no intention of milking the margins and going out to pasture. Yeah, when we see another opportunity, we will reinvest in growth. Whether that is kind of expansion or technological innovation, we will definitely be doing something. Okay, great. Just the last one quickly from me is just around your direct sales team. So one of the things that sort of occurred to me 'cause the last quarter there was it looked like a lot more of the incremental MRR came from channel. And there's obviously lots of different timing things, and you're a high growth company, so there can be just a lot of noise. But in terms of how you're incentivizing the sales team on MVE, which has probably a more complex sales cycle versus the historical products, like is there any difference in how they're incentivized to sell, you know, that would be steering them to like focus a lot more on MVE in the short- term or anything like that? No, not really. Right? It's mainly focused on monthly recurring revenue. Now obviously that will shift very quickly as we bring more and more partners on, and it's less reliant on, say, the Megaport sales machine for delivering indirect sales, right? It's going to be about those partners bringing those sales, which are effectively commission-based sales, right? Or, you know, sales-led incentives. Whereas, you know, or your own direct sales team or our direct sales team is gonna be very much focused on the customers that we have, plus growing their own customer base through a direct selling method, which they will continue. It's just in this initial phase, we've managed to get sales coming through from customers' inbound inquiries about MVE and about how we're selling and what we're doing. We spent a lot of time making sure there was no cost that we could incur. There was no conflict between the direct and the indirect channels about where the revenue is coming from. You know, we spent a lot of time talking about that because that's usually where things go wrong. I think as we pivot more towards our partners selling more and more on the indirect and through the channel, there's a clear path for how that works. There's no conflict between that and the pricing that we do versus what we may incur as a customer through Megaport. Yeah. Great. Thank you. Everyone, there are no more questions currently in the queue. Okay. Well, you know, look, sorry, everybody. I'm in Ireland, it's 2:00 A.M. If there's no other questions, we will leave it at that. Obviously, we've quite a lot of meetings set up over the next 2 to 3 days. Both Sean and I are available to take questions and go through more detail over the coming days. Thank you very much for everybody joining the call and for your questions and feedback. Thank you. Thank you. Goodbye.