Hello! Oh, does everyone want to make themselves comfortable wherever there's a book and a gift bag? Apart from for the home team, in which case you don't get any gifts. All right, good afternoon, everybody, and thank you for coming in person to Cannes Lions. We have a great turnout here today from the investor community, and we really appreciate the investment of all of your time in our company. For those of you who've been able to do it, either the Elon piece or the tour of the Palais, looking at three of our subscription products, we hope you found it really informative, and it gave you some great insight. If you did miss it, we can certainly catch you up later, and we've got loads more tours to do during the course of the day. We are shortly gonna be starting the public webcast. That will start at 1:30 P.M., and it will run for 2 hours without breaks until 3:30 P.M. A few housekeeping points: There are no fire alarms expected today. If the alarms go off, it is real, and follow the instructions of staff throughout the Palais, and there are fire exits through the balcony. I don't know where they actually go. I'm sure there are stairs after that. As we move through the afternoon, we'll bring those together with questions from the audience as well. So today, we're gonna be talking to you about organic growth. We'll be exploring Ascential's investment case, as well as our two divisions in depth. To give you a clear idea of how we are planning to grow organically as we move forward into a focused events-led business. As you can see from this slide, first of all, I'll be taking you through Ascential overall, and then we'll be hearing from our divisional leaders in turn, who are gonna share an in-depth presentation for you on each of our divisions, Money20/20 and Lions. Then Mandy, our CFO, will then go through the details of the financial modeling for you before we wrap up the day. We'll be running Q&A sessions after each divisional session, so please keep a note of your generalist Ascential questions, and we'll answer those at the end. Thank you very much. Finally, in introduction, I would like to draw your attention to this. Please read every word of it. It is an important disclaimer, and it's particularly important when it comes to any forward-looking statements that we make. So first of all, let's reflect just for a moment on our strategy and our vision. Our vision is very clear, and it's twofold. Firstly, we'll give our customers and our stakeholders opportunities to grow and succeed. We're in the business of growing our customers' business. That's what we do. And secondly, we are building the events business of the future. We build unique events that sit at the heart of the industries that they serve, and as we go through today, we'll explain what we mean about the events business of the future. We describe ourselves as events-led, because for those of you here in Cannes, I hope you'll be suitably wowed by the event that is at the heart of the experience of what we do. The serious point here is that our events are very much at the heart of what we do as a company, because they drive all our other revenue streams. So we've implemented a deliberate strategy to streamline our business and put our resources and our focus towards two divisions with market-leading global event platforms at the very center. We think this is a unique model, and we have a strong track record of growth. So the strategy is to use the power of our events to build the capabilities, relationships, and data that allows us to provide other products and services. We build ecosystems in which our customers do business, network, and learn. And there are three distinct elements to our business model that serve those customers in different ways. So let's look at that model. Firstly, our customers attend repeatedly our premium events, which sit at the heart of their industries and fuel the connections, the business, and the learning. These are tentpole events in their sectors, and we know this because of their scale, and the delegate ticket price, and the sponsorship average spend that reflects the value that we give our customers. Our events provide us with a healthy level of profitability and strong cash generation, but we're also able to leverage the relationships and insights our events offer us to deliver new products that offer valuable data, analytics, and insights. Importantly, being able to deliver insights in this way, through subscriptions, gives us the benefit of a year-round, consistent and predictable revenue stream. Then finally, from these insights, from that content and first-party data, we're able to deliver tailored, relevant advisory services to transform our customers' business, businesses, and focusing to date on creativity and the marketing effectiveness space. Advisory may be slightly lower margin than other revenue streams, but it is highly strategic, as Simon Cook will explain later, in terms of the relationships that it enables us to build to help us cross-sell new opportunities. Before we dive into our investment case, let me remind you of the shape of our business now that we've gone through our transformation. We've simplified it, the whole business model and the structure. We're an events-led business with two divisions, Lions and Money20/20, that serve two end markets, marketing and financial technology. Each division is at a different stage of its life stage in growth. Lions shows where the model can go to. Tentpole events at the core, digital products that surround that, and advisory products that surround that. Money20/20, on the other hand, is still very much an event-driven model, grown very strongly in recent years, and our intention is to replicate the Lions model through the diversity of revenue streams that we benefit from within Lions. Our recently launched digital product in the fintech space, TwentyFold, is an early-stage example of what we plan to do with Money20/20. So now, we've given you an overview of our business, so let's focus on the investment case and why we believe we are an attractive investment case. Firstly, our strengths. The markets in which we're positioned are large, and dynamic, and fast-growing, as you can tell from the energy here in Cannes. Next, each individual business are not only number one in their markets, but number one to a very, very high degree, not least because they are right at the heart of their industries. These factors create deep moats and high barriers to entry and success, while our diverse revenue streams provide many different paths for growth. This, combined with high levels of returning customers and high customer satisfaction, it produces an extremely attractive, competitive position and a financial profile that includes strong operating leverage. Together, we believe these strengths provide a compelling case for investment, and we're very pleased to have the opportunity to talk to you about that today. Let's look at each of these strengths that we've just mentioned one by one. As I'll explain in a moment, we've been streamlining our business, our events portfolio, for more than a decade, and now we are serving the markets we want to be serving, with Lions now generating over GBP 120 million of revenue and Money20/20 not far behind. These are really rare scaled events. When looking at our business, and this goes to our acquisition strategy, we're really clear on why we're in our markets and what we find attractive in a market. For an event to grow, as ours have over many, many years, to such a scale, it's got to serve an end market that is large, growing, fluid, and disrupted by technology. That disruption is really important, and it's our ability to adapt to the changes in our end markets that allows us to attract new entrants and broaden our customer base. It's when markets are disrupted that there's a really important role for events to play as people come together to make sense of the future of their industry and solve the challenges that they're facing. Looking at the marketing industry on the left-hand chart, this is from GroupM, and that shows global advertising spend forecast to grow at an average of 6% out to 2028. It's really important to note, actually, that we don't believe that the global advertising spend, as illustrated by, things like this, are really capturing our full market, the full Cannes Lions market. As we see later, there are lots of examples of audiences that are not included in this data that we serve. So, for instance, the creator economy is not in this data. So that increases our addressable market really significantly, and that's really what's allowed us to consistently outperform the market that we're looking at here. On the fintech side, here on the right, for this market, which is similarly disrupted and fragmented, there are two reference points that we use. First of all, the overall global payments market, which is clearly sizable, but it embraces both traditional banking and, of course, fintech. And that's forecast to grow at around 6%. And then, secondly, fintech itself, smaller, though still sizable market, and one where the medium-term forecast is for double-digit growth. This needs to be seen in the context of the market funding disruption that we've seen, particularly at the second half of last year, which would naturally perhaps temper any short-term outlook for this particular sector. So it's really clear that our addressable markets are sizable, and that there's really significant opportunities for growth. We're different from just about every other events business, and this is why. Firstly, in terms of our delegates, people pay to come to our events, several thousand EUR or USD, and that emphasizes the unique proposition that we offer and the value that our platforms provide to our customers. In contrast, you will know that the majority of trade shows or exhibitions, if they are able to charge for participation, which is rare, their ticket prices are in the hundreds, not the thousands. Secondly, the satisfaction rating, we use NPS as our KPI. Our customers like what we do. NPS measures between +40 and +50, whereas the average trade show does really well to get into double figures for their NPS. And thirdly, instead of just selling pure space like concrete, we sell marquee access to our customers' market through creatively designed activations that you can see in Cannes if you're here, and opportunities on our global premium platforms. But we're not just about participation at our events. As I said before, more than a third of our revenues, subscriptions, advisory, awards, benchmark, are not specifically tied to physical events of any kind, and that's a proposition we believe far outstrips any other events-led business. So we believe that our business is extraordinary. Firstly, our premium event brands set the global standard, and they're at the heart of what the industry wants. Our events and products define their category. They represent a hallmark of quality and clear points of reference for the industries we serve. And our unique benchmark data sets us apart from our competitors. Lions and WARC, particularly, are clear examples of, through benchmarking and ranking, marketing excellence and effectiveness globally, we can create new products. Secondly, our platforms are world-class and scalable. We're leaders in innovation and always developing new ways to differentiate ourselves from the competition. All of our brands, Lions, WARC, Money20/20, et cetera, were first movers in their space and are now delivering at scale. The market-leading NPS scores and high levels of returning customers are a common thread through our entire business, and our global, diverse customer base of more than 10,000 customers across 120 countries affords us stability and lots of opportunity for further penetration and cross-sell. We're also at the heart of the ecosystems we serve. Our brand history is unparalleled and reflects our standing in the industry and our ability to evolve and adapt to their changing needs. Cannes Lions is 71 years old this year. We've long talked to you about the network effect of being core in our business, and what we mean by that is, quite simply, the business gets stronger and better as more and more customers use our products and services, which in turn attracts new customers. Our brand's history, as I've just mentioned, gives us sizable advantage in this regard. As I've mentioned, one of the most important elements to understand about our investment case is the profile of diverse revenue streams, which is extremely uncommon, if not unique, in events businesses. As a result of our deliberate strategy of focusing on where we choose to play, we've been able to achieve a revenue mix that is far more balanced between events and non-event specific revenues, which is illustrated by this chart. The chart shows our revenues in 2023, of which 34% are not dependent on anyone getting on an airplane and flying anywhere to an event. If we compare that to 10 years ago, there was virtually no revenue in that category. And these revenues, just to remind you, come from subscription, digital subscription products, benchmark products, and advisory services. And then finally, sponsorship and delegates make up the remaining 66% of our revenue, which is classified as event-led revenue. We also benefit from high levels of recurring revenues. When we look at our 2022 customers, more than 80% by value returned in 2023, which is a powerful demonstration of the impact that our brands have across our entire customer base. So that's a little bit of how we got to where we are. Let's look at how the future's stacking up. Because of this diversity of our revenue streams, it means that we have a really wide selection of levers to grow. We can grow through reaching new customers and new segments within our market. We've gone and will continue to go deeper and deeper into our existing markets, and you'll, you'll hear some examples of that today. For those of you in the room, tomorrow, you'll go and see the activation that FIFA have brought to Cannes Lions. Brand-new customer, you would imagine, not necessarily within our ecosystem, but just one of many examples of how we go deeper into our markets. Secondly, we'll continue to expand into new geographies. And thirdly, we'll increase our yield and average order value through providing higher-value solutions that serve our customers best. And finally, on organic levers, our continued innovation to keep products relevant and maintain our market-leading position will allow us to grow. Let's have a look at. We'll look at these examples when you come to hear from our leaders of our divisions. So there's lots of opportunity for organic growth. It's something we've done for many, many years, and we will continue to deliver that. But of course, there are other opportunities around M&A. We'll continue to look at targeted M&A, both horizontal and vertical. Inorganic growth continues to be an important part of our overall growth strategy. So for horizontal growth, you might call it bolt-on acquisitions, we're looking at businesses, modest-scale businesses, that are really complementary to our existing offerings, bringing new capabilities into our core business, and those that have a really good track record of growth and return on investment. You can see examples on the right-hand side of where we've done this successfully already. WARC is a brilliant example of bolt-on acquisition. Allowed us to serve Lions customers in a different way.... As a result of the close collaboration and the advantages that common ownership has brought, WARC's been able to drive revenue and profits since we bought it. By 2023, it delivered an annual return on investment of 24% on the GBP 24 million that we paid for it back in 2018, having achieved 13% average compound annual growth in that period. Thank you, Paul Cox. Last year, we acquired creative insights firm Contagious, who serve a similar customer base to Lions and have digital subscriptions and advisory services. It's again, it's another company that we knew really, really well before we bought it, and it's a wonderful complement to our existing businesses. Again, Paul will talk to you about Contagious and how we integrate these businesses later on. In terms of growth, lastly, let's look forward, and although it's not essential for our growth strategy, we will continue to be alert to new opportunities to serve new industries and to potentially create a third pillar. We will maintain a highly disciplined approach to capital allocation and shareholder returns. Our acquisition targets, we're very clear on. They need to be global, growing, operating in highly disrupted markets, serving multiple customer groups. Of course, Money20/20, which we acquired 10 years ago, provides the perfect template of how we address and successfully enter into a new market and how we grow. In the 10 years since we acquired Money20/20, we've grown revenue tenfold at an average annual growth rate of 26% in that period. Thank you, Tracey Davies. We have a very strict M&A framework, and here's an overview of the robust approach we take when we consider M&A. Our end market criteria is really clear. We're on the lookout for global and growing businesses in disrupted markets. Our target-specific criteria also guide us when looking for new tentpole events in new verticals. We're looking for event brands that are market leaders, or they have the capacity to be market leaders, and events that sit at the heart of their business, driving customer growth, and have a high level of C-suite attendance. This ensures that we have access to senior decision-makers. And another criteria is a model that allows us to deliver the highest possible value for customers, enabling us to maximize value and ultimately yield. And we're looking for digital capabilities, high-value insights, analytics that we can productize and serve to customers. So you can see that our bar is very, very high for this kind of acquisition. And lastly, in terms of returns, we should say that we typically use a WACC rate of between 9% and 11%, and we're targeting an IRR in the mid-teens. So to summarize, our vision is simple. We want to give our customers and our stakeholders opportunities to grow and succeed, and we want to build the events-led company of the future. We're gonna deliver this vision through our model of distinctive, streamlined structure and clear focus on events that'll set us up for success. Our key strengths that I've described already show us why we believe we're such an attractive investment proposition, and our levers for growth, which are really clear, give us a clear path forward for growth, both on an inorganic and an organic basis. You'll hear more from our divisional leaders, specifically about where that organic growth is gonna come from. Crucially, we know that we need to grow sustainably. For us, what that means is ensuring that we're building an inclusive culture at Ascential that enables the best talent to thrive. This includes a continued focus on our diversity, equity, and inclusion strategy, and ensuring that we have the right representation at all levels in our business, and that we're promoting diversity, equity, and inclusion in the industries we serve, and we'll continue to broaden access to target minority groups, both here at Cannes Lions, but also at Money20/20. Of course, we have a clear focus on understanding and mitigating our environmental impact. Our commitment here is to minimize our carbon emissions and maximize the opportunities to raise awareness of the climate crisis with our people and with our customers through our events, digital, and advisory products. Making our events increasingly more sustainable is a really key focus for us. This year, we launched our sustainable event standard, a set of long-term ambitions with near-term metrics, which will significantly reduce the carbon emissions and waste at our events. I hope that offers you a clear picture of how we'll grow responsibly at Ascential. Now we're gonna look at the divisions in detail, and firstly, we have our Money20/20 division, and presenting today, our President and CEO of Money20/20, Tracey Davies and Chief Strategy and Growth Officer, Scarlett Sieber. I'll come back later to wrap on, but please join us on the stage. Thank you very much. Okay. Good afternoon, everyone. Welcome to the Money20/20 briefing as part of Capital Markets Day. As Phil just said, I'm Tracey Davies, I'm President of Money20/20, and I'm joined by Scarlett Sieber. Scarlett's our Chief Strategy and Growth Officer. Together, we're delighted today to present an in-depth overview of our brand, our customers, and the factors that have established us as the premier global fintech event brand, as well as our growth plan ahead. I've been the president of Money20/20 since 2016, joining internally from our retail division soon after the acquisition. For me, one of the things that differentiates Money20/20 is the incredible lineup of fintech experts we have in-house, led by Scarlett, who joined us in 2021. Now, Scarlett gives a unique perspective, as she's not only an industry expert, a published author on the topic, but also an experienced Money20/20 person because she came to the show as a delegate first, a sponsor, and then a speaker before joining as an employee. Now, today, our intention is to take you through a comprehensive journey showcasing the pillars that underpin our success. We're gonna begin by delving into our brand ethos and the unique value proposition that sets us apart. Hopefully, you're gonna gain insights into our diverse and loyal customer base, highlighting the relationships and trust we've cultivated over the years since our launch in 2012. Following this, we'll present a detailed overview of our financial performance, including key metrics and strategic initiatives that have fueled our growth. And we're gonna update you on exciting new product launches in 2024, that obviously are designed to meet the evolving needs of our customers and further expand our market footprint. And finally, I'm gonna share our forward growth strategy. Now, I'm gonna let Scarlett kick off on the opening section. Okay. Thank you, Tracey. Now, I'd like to talk to you a little bit more about our business, and we serve our customer through four key pillars, each designed to drive significant value and impact. Firstly, it's about accelerating deal flow. As Marc Pettican from Barclays said, this was at the Europe show just two weeks ago, "Money20/20 gives you the unique opportunity to connect with the companies and the people that you usually would not see all in one place." Companies who attend our shows to do business, these are three or four days. They are wall to wall with meetings, many of them set in advance, and the rhythm is all about connections and supercharging deal flow. Companies at our events talk about achieving three, six, even nine months worth of meetings in just three or four days. I get to see people at Money20/20 I can't normally get access to," we often hear. Access to do business is a key part of what our platform enables. The second thing is all around building partnerships. Financial services is built on partnerships, and like doing deals, many of those start, accelerate, or even conclude at Money20/20. As you can see in the quote here from Wendy Baker at Trulioo, "We've actually just moved forward with two partnerships with Mastercard." We hear this time and time again. The next two pillars are critical parts of the four that we have for our customers. The third is all about raising profile. Meeting and connections are critical, but Money20/20 is a much broader, comprehensive offer to our industry. Brands use our platform to tell their stories and make big announcements. Many of these get times to land at our show from our stages, knowing that the media and the larger industry is there to understand what is new. A good example of this work we have done with Mastercard. At Europe this year, just a few weeks ago, and then in Vegas in 2023, they announced high-profile new partnerships and new products. This is a critical part of our platform, as landing new products and initiatives is key to business development cycles for these companies, and we are the number one place in the industry where this happens. As you will see in a moment, the world's business and financial media gather for Money20/20, which both drives and feeds the platforms that we have. Last but not least is making breakthroughs. Making breakthroughs at Money20/20 is hugely attractive to brands. Individuals, regulators, banks, venture capitalists, startups, the whole ecosystem is there. Let's look at one high-profile example we have here. The CFPB, one of the key regulatory bodies in the U.S., used Money20/20 platform to announce their updated legislation on the ever-important 1033. Ten thirty-three is a very important new data about access to financial data for consumers. There is an enormous prestige attached to being invited on stage to speak at Money20/20. We have thousands and thousands of applications. A lot of companies hire PR experts and others just to submit those applications for our call for content. Our clients tell us that none of our competitors has the same level of prestige or quality in their content programs, and our team is filled with industry experts. As Tracey talked about, ex-operators, analysts, venture capitalists, journalists, and we continuously see an uplift on our NPS for content year on year. We bring the brightest minds and most influential leaders in fintech to come together to share cutting-edge ideas, insights, and innovations live from our stages. That direct access to industry heavyweights offers a unique opportunity to engage with thought leaders and the pioneers of the future, which our delegates who pay that premium ticket price really value enormously.... Through these four pillars, we are committed to empowering our customers, enabling them to achieve their goals, and drive the fintech industry forward. We thought it'd be useful to share a case study to show how our brands think about our platform and why. So if you are serious about doing business in the industry, we are the go-to platform. Thank you. So we're gonna look at a specific example of the power of Money20/20 platform here from Convera. Convera is the largest non-bank fintech in B2B payments globally. Some of you will know it was spun out from Western Union in 2022, who are also one of our customers. And Convera chose Money20/20 to launch their new brand. Now, with over 30,000 customers and a financial network spanning more than 200 countries and territories, Convera had scale, but needed brand recognition. Money20/20 provided Convera with unparalleled reach, enhanced brand awareness, and valuable opportunities to interact with media and industry executives. So as a result of that, Convera held 200 meetings, generated 1,000 new leads, and they're increasing their presence through us in 2024, with a new partner stage coming up at the U.S. show in October. The quote on the stage is from... on the slide is from Jennifer Parker, Chief Commercial Officer at Convera, who sums it up: "We chose Money20/20 to launch Convera's new brand proposition because of the power of the Money20/20 platform and the quality of the attendees. Our multi-channel approach to brand activation at Money20/20, via content, branded spaces, and media engagement, gives us unparalleled reach and awareness." So they had a need to build their awareness after the spin-out, and clearly to do business, and those sort of integrated needs are why Money20/20 has been, and will continue to be, the place that the industry comes to. Now I'm gonna switch tack to summarize our revenues by each of the events. So our largest event, and our first event, launched in 2012, is GBP 47 million. Then there's Europe with GBP 29 million, both 2023 revenues. And then Asia, which launched just this April, so that's the 2024 launch number at GBP 6 million. Now I think at this point I should explain in context why we have a regional approach versus a single global show that you see here this week with Lions. Money is, of course, global, but the structures, especially things like regulation, are local and regional. And therefore, whilst payments may be a topic at all three shows, the, the detail of this are incredibly different. So each show is focused on a region: USA focused on USA, and 80% of the attendance at USA are American, 20% rest of world, who travel in to do business. And the structure of the other shows is identical. Europe, 80% Europeans, et cetera. So, that gives you an overview, and now I'd like to look at Money20/20's performance across time since it launched, and critically, since its acquisition. As Phil touched on, we've grown Money20/20's revenue almost sixfold since its acquisition in 2014. The key drivers of this growth have obviously been the growth of the U.S. show, and the original show, and then in 2016, the launch of Europe and its strong growth hereafter. Additionally, in 2020, we saw an opportunity to really accelerate the product, and we invested in a total re-edit of the product that we deliver to our customers. As part of this, we brought in a whole new level of talent to come into the business to really power back from COVID. The results of this were a product that delivered increased NPS scores and an acceleration of our revenues. This work was known as Project Vision, which is marked on the slide. Now, let me address the revenue reduction in the USA in 2023 and Europe 2024, but noting that this chart only goes up to 2023. There have been headwinds in fintech funding, and we've seen which have seen a reduction in funding availability to some areas of fintech funding. The impact on our business was mainly seen in new business acquisition from the payments segment. This impact was felt more in delegate spend than in our sponsorship revenue lines. What I would highlight is that although we have continued to see good ongoing support in loyal retention, sorry. What I would highlight is, despite the impact to new business, we have continued to see good ongoing support from our loyal retention customers and enterprise customers, i.e., the leading players in banking, payments, and technology. Now, we are seeing levels of funding stabilizing, but we expect to see some ongoing impact in the area of new business throughout 2024. Typically, there is a lag before we will see market confidence manifest into delegate numbers at our events. We announced in our trading statement this week, we've seen a similar level of reduction at Money20/20 Europe 2024, following the 19% growth the event achieved in 2023. It is, however, worth stressing that notwithstanding these reductions, in the most recent editions, both USA 2023 and Europe 2024 are still significantly ahead of their pre-COVID levels. The USA by 51%, that's 29 versus 23, and Europe by over 42%, which is 29 to 24. If we just stop for a moment and look at that in pounds, in 2023, we had a business that's GBP 76 million, versus a business of only GBP 50 million in 2019. Now, as you'll see in a moment, we see solid long-term growth prospects in the industry. Payment projections of growth as Phil outlined at around 6%, and some of the other areas of fintech at higher growth rates. Now, finally, I would add that our strong performance in 2023 in retention and our large enterprise customers underlines the criticality of our platform, and later I'm going to outline further strategies to drive growth. I'm going to hand to Scarlett if you look at the ecosystem. So this slide is here. There's a lot of logos on there, but it's really to showcase the complexity of our ecosystem. The real importance here is to make sure that we talk about how and the role that banks and payment companies play, because they're really at the center of our ecosystem. This ecosystem is large, and it is growing, and new players continue to enter it. There is not a specific category for startups because startups actually can be applied to every sector within here. So let's look at some of our top customers. When we look specifically at our customer base, our reach is unparalleled. We work with all 20 of the top U.S. banks, every leading payment player, and the foremost technology brands. We see a lot of fast-growing unicorns like Adyen, Stripe, and Checkout. We also include industry giants like NVIDIA and AWS, both of whom have done extensive content partnerships with us. They utilize the Money20/20 platform to come talk about AI and financial services, and they continue to do it across our shows. Also data-centric companies like Databricks that are expanding into financial services. The sector continues to grow. We have worked with Microsoft on and off, and in 2023, we saw them come back, taking an even larger presence, again, focusing on AI. They had an AI lounge, and there is continued interest from them in working with us for this year. Our extensive network of top-tier clients underscores our position as a leader in the fintech ecosystem. Tracey, let's talk about the network effect. Thank you. Okay, so I'm going to examine the Money20/20 network effect that highlights the key elements that we deliver at our live events, and we're going to go sort of from one to five. Number one builds on the point that Scarlett was just talking about, about the entire ecosystem. We draw attendees and sponsors from across the fintech landscape, ensuring a comprehensive representation in one place. Now, this really is a key, unique selling point of Money20/20. The everyone in one place, efficient and highly valuable, and all there in the mindset to do business. The second part is the C-suite. Our events attract a high-profile audience of C-suite executives, about 35% at each show. This is key because that means deals really do get done with that level of seniority. If we move to three, since the beginning, we have supported always and brought together startups. Many of today's unicorns were at Money20/20 at their very beginning. Brands such as Marqeta, Airwallex, and Stripe, to name but a few. And we bring together startups from stealth to seed, into Series A, and beyond. For startups, obviously, one key driver will be finding and sourcing funding, but it's not only about funding. Selling their products and doing partnerships with banks and payment companies is an absolutely critical reason they attend. Startups themselves are also an incredibly desirable segment for investors, but also for banks and payment companies who are looking for partnerships and to understand opportunities and, of course, threats. And then as we move to the two final sections, four, our platform is a key place for announcing new products and strategic partnerships. Apple's facial recognition in the iPhone was announced at Money20/20. When Alipay debuted the first time outside of China, which was into Europe, it was on a stage at Money20/20. In the USA last year, Clear, the leading identity verification company that some of you will know for expediting lines at U.S. airports, made a major announcement that they were moving into financial services. This was an exclusive announcement via an on-stage interview with their co-founder and Scarlett. Now, these types of announcements attract and drive our media presence, and it's important for our brand and our growth, but it's especially important for our customers, who focus their activity towards these press moments, and they form a key part of the ROI that we deliver. We've continually grown our media attendance. Both Europe and USA now attract over 300 media at each show, and Asia, that only launched in April, had over 200 media in attendance. One of the key growth areas that we see is broadcast media for all three shows, including CNBC, who broadcast coast to coast from the USA last year. And of course, this effect carries on and strengthens. Now, to close this section, Scarlett, give an overview of key trends. I won't spend too much time here. We can speak about this afterwards if it makes sense. But I mentioned the CFPB leveraging our platform to announce new regulations. Because of the complexity of our industry and because there are such strict regulations in place, open banking, which allows for the sharing of financial data to benefit consumers, is an ongoing trend. We talked about payments being at our core. Let's remember that even Mr. Musk, that many of you just went and listened to, actually started in payments as the co-founder of PayPal. Outside of that, it would not be 2024 without us talking about AI, and of course, this is a big trend for financial services as well. But in particular, the focus has been around fraud prevention and KYC, better known as knowing your customer, identity verification. Just a few weeks ago in Amsterdam, the CTO of AI for ING, Marnix, elaborated on how the bank was already leveraging some of this technology in their call centers. We are seeing more and more companies enter financial services, like the companies I mentioned to you earlier, including Databricks, NVIDIA, and others. Our platform provides the opportunity for both financial service incumbents and new entrants to come together to do business. While the super app trend is mostly prevalent in Asia, we are seeing other brands, retailers, telecommunication companies, et cetera, they're all having a strong interest getting into our space. So let's move over to our financial performance. Thank you. So I'm gonna take you through the financial section. The key point I want to emphasize here is the breakdown of our income composition. We derive 47% of our income from sponsorship, highlighting the strong support and engagement we receive from our partners, and 40% of our income comes from delegates, showcasing significant interest and investment from attendees who directly participate in our events. Lastly, the remaining 13% of the revenue comes from delegate passes that are part of sponsorship contracts that we do with companies, and we now split this out so you can see that more clearly and see the full delegate composition. Now I'm going to analyze the sectors from which our income originates. Banking, payments, and technology constitute the primary drivers, as you saw in the customer slides that Scarlett highlighted, with additional support from various complementary segments. Our income distribution across these sectors is balanced, ensuring we're not overly reliant on a single segment for revenue generation. Now, on the right-hand side, you can see the geographic distribution of our income. This is an updated bar chart and includes the inaugural launch of Money20/20 in Asia, which as a region now contributes 9% of our total revenue. Notably, North America represents the largest share at 55%, with Europe at 16%, obviously reflecting the presence of our two shows. Income from the Middle East and South America regions is derived from sponsors and delegates in those regions, who support or purchase passes for our three shows. This diversified geographic revenue stream underscores our global reach. So I'm gonna delve deeper into the trajectory of our revenue growth, spanning from 2014 to 2023, with a keen focus on the various income streams that have contributed to our success. Firstly, let me explain why we're using two date ranges for the compound growth rates. 2016 to 2023 includes the launch of Europe. 2019 to 2023 captures pre-COVID to the period past COVID. Now, beginning with delegate revenue, indicated by the black bars, the analysis reveals a steady compound annual growth rate of 7% from 2016 to 2023, and 6%, 2019 to 2023. And if we look at the red bars denoting sponsorship growth, we see a growth rate of 19%, 2016 to 2023, and then 15% for the other date range. Now, I'd like to set out why sponsorship has grown in this way, and there really are four key reasons. We've seen high levels of customer demand due to the ongoing return on investment we deliver to those customers. But added to that, we have done a lot of work on inventory innovation, product innovation. We continually add and innovate new products, and I'm gonna showcase one or two of those later. We have continued, and we have a strong history of this at Ascential, to invest in our sales engine, certainly on Money20/20 since 2018 and 2019. We've overhauled how we sell with highly trained, focused teams dedicated to new business, retention, and enterprise customers, our largest customers, some of the logos you saw on the slide that Scarlett talked through. We focus most of our teams locally, so they have really clear focus. Now, back to enterprise. We launched an enterprise strategy in 2019, so this is really focused on our sort of top 20 global spenders. We launched an enterprise sales team, and we've seen really strong progress with this. And what that means is we really have deeper account management, high-level executive sponsorship from my leadership team and myself, and a team focused on creating bespoke solutions to really meet the complex needs of large companies in the top 20. To date, delegate growth has been driven by volume, with yield now an increasing focus moving forward. This includes initiatives such as the new Money20/20 Gold and Platinum passes. Clearly, a strategy our sister brand, Cannes Lions, has innovated with enormous success. Obviously, we have an in-house playbook to model from. At a combined revenue, we see compound annual growth rate of 12%, for 2016-2023, and then 11% for the other period. I'm gonna walk you through attendee growth. The U.S. show, in black, has a compound annual growth rate of 5%, and Europe at +13%. Now, for the U.S., which launched, remember, in 2012, attendee volumes have grown steadily across the past 10 years. But note the growth rate here is from the point of the Ascential acquisition in 2014, so it misses the whoosh of the first two years, which suppresses the compound growth rate a little. For Europe, it launched in 2016, so you'll see that volume growth has been higher. Moving forward, as I sort of touched on, there's gonna be greater focus on yield, as premium pass types, as I referenced, will be used as a growth driver alongside volume strategies, as volume growth will slow over time. It is worth noting that Asia is not included on this chart, and it has just launched in April 2024, and we expect to see strong volume growth here in the first 5-6 years. So now I'm gonna look at delegate average order value. So both the U.S. and the European events, delegate yield growth has been steady overall to date, U.S. at +3, Europe at +5. But to date, we've had one pass type in the main, our Standard Pass, with some lower price passes for startups and regulators. One point to note is that we've seen a strong uplift in demand from startups in Europe since 2019 to match the levels that historically we've always, always seen in the USA. As I've already highlighted, we see volume strategy continuing the increased focus on new, higher priced, value-delivering delegate products, like the new pass types we've launched this year. I'm gonna look at sponsor AOV, our average order value. The growth here has been robust, displaying a double-digit compound annual growth rate, 13% and 11%, 13% for USA and 11% for Europe. Now, a few moments ago, I laid out the transformation of our sales engine since 2018 and 2019, which has led to strong uplifts in our average order values. Underpinning this ultimately is the value we deliver for our customers globally, and the skill of our teams to work with these customers to optimize their presence. I'm gonna segue into strategy, and give you an overview of what we see the key levers for growth. I'll summarize them, then I'm gonna walk through them. So these are new customers, geographical expansion, yield and average order value growth, and product innovation. So we see lots of opportunity to drive new customer growth in many areas, but I'm gonna give you some specific examples as we go through. In Europe, we've been running a strong initiative focused on government pavilions. Government pavilions are initiatives by countries to demonstrate really their fintech strategy, showcase emerging businesses from that geography, and often to attract businesses into that geography. This is a revenue line that has doubled since 2022 and is now a, a seven-figure revenue business. And, you can see the middle pictures, the pictures on the, the left-hand side, are some examples from the Europe show two weeks ago. We saw presences this year from Bahrain EDB, and the German Ministry of Finance, joining long-standing ones like Business France, U.K. Government, and Lithuania, that you can see. And this is now a focus for our U.S. team, as interestingly, we have virtually no income in this area for the USA show. This is a whole new category of customers that we are unlocking. I should say, we also see strong opportunity, clearly, for Asia. Now, in terms of geographical expansion, Scarlett's gonna talk to the Asia, Money20/20 Asia launch next, which is clearly a whole new geography. But we also see lots of opportunities to drive geographical increases into our existing shows. So let's take LATAM into the USA show, which is a key area we're working on. We've always seen good attendance from LATAM, but now we've put in place a comprehensive five-year plan to drive significant growth. Critically, we believe we're under-penetrated versus the market size and the opportunity in that region. The fintech market in LATAM is predicted to grow at a compound rate of 26% between 2024 and 2029. Now, let me just be specific on this opportunity from LATAM. What we're talking about here is selling increased sponsorship to LATAM-based companies, attendees from that region buying delegate passes, and just as with the pavilion strategy I outlined, we're also working with government agencies and key associations across this region. Recently, we just signed two partnerships with more to come, one with the U.S. Embassy in Mexico and the U.S. Embassy in Brazil, to collaborate with them on country support for the USA show. So LATAM is an important example, but just one example. We have detailed country-by-country plans for each of our shows to optimize volume growth. Then in the area of yield and average order value, I've already highlighted new pass types that we've launched. We see this as an important long-term strategy globally, and are very encouraged by the progress we've seen in our launch year. We see continued opportunity to grow sponsorship, average order value through addition of ongoing new products. And then finally, in the section of product innovation, in 2024, we've launched a major new show, one that will drive strong growth in the coming years. And to keep driving growth, it's about launching new products. In the imagery on the right-hand side of the pictures are just an example of a new product we launched at the USA show in 2023. We effectively bought out a series of restaurants at the USA venue and effectively added that to the real estate of our show footprint, worked with key sponsors to turn them into meeting and entertaining spaces that allowed them to build high-profile branded spaces. These were customers like Visa, Stripe, Bank of America, and PwC. And we... I think I've lost sound. Oh, no, it's back. Further new products at USA 2024 and ongoing new products at all our shows. Phil mentioned we're at the very early stages with TwentyFold, our first digital product, demonstrating digital opportunity alongside physical. Now let's talk about the exciting launch in Asia. Scarlett? Thank you. So Tracey just shared a fair amount of numbers around the opportunities in fintech and LATAM. Let's move over to Asia. Asia is a top three fintech market globally and predicted to be the biggest market by 2030, according to BCG. So let me go ahead and play a video, please, to highlight this. But we need the sound, please. You can feel their energy, though, so it's okay. You're missing my welcome in Thai, which is, That was not wrong. A bad, not a bad thing, I'm thinking, but... Sawadee ka, Money20/20 Asia!... You can definitely see the energy here. You can see the number of participants who've come here as well. We collaborate with them, we partner with them, and they are our clients as well. Where else would you get this opportunity? It's been a great event. We have lots of partners. We have met lots of new connections. In fact, we closed a deal at 9:30 A.M. yesterday morning, right on the ground. I've been meeting with so many business partners. Imagine if I have to meet so many business partners in one day, I would have to be on different flights throughout different months. But with Money20/20 hosting such a big, connectivity event here, I can get all my new things done within just one day. I'm very proud, as a Thai citizen, that Money20/20 is choosing Thailand. I'm [Qi], currently holding the title of director at Uber. [Chutima Galyasiri]? from Mandici. I'm Sean Ringsted. I'm Chubb's Chief Digital Business Officer. When I first joined the Money20/20 event, there are so many new people, new faces, new ideas, new insights. This is something that what makes Money20/20 feel so different. I'm absolutely thrilled to see so many companies attending, top-notch companies, startups, scale-ups, and it is fantastic to be able to meet all of them under the same roof. We are very happy with the level of attendees, the number of companies, the meetings, and we are looking forward to seeing more editions of Money20/20 in Asia and also in other parts of the world. We very much look forward to this event. All the ecosystem is here globally in one place. All expectations met and even surpassed. Beyond my expectation. Thank you. Well, you see the stats there, and the video highlighted them as well. I think getting a deal done at 9:30 A.M. is a nice way to start. The retention ratio of 78%, unlike or similar to our other ones as well, and C-suite exceeding 35% is really crucial there. Overall, our view is this was a very strong launch upon which to build and strong growth for us in the coming five years and beyond. Very quickly, I want to walk through a few of our customers from Asia. The first is SHIELD. It's an Asian-headquartered customer, new to Money20/20, a brand-new customer. Five-star, which is our larger sponsorship with the launch, it had a very strong show. They also were a content partner of ours, by the way. They're in the identity space and want to now work with us globally based off of the success that they had with us in Asia. Moving over to Au10tix, they are another identity company. They are a global partner of ours and came to Asia and added Asia to their lineup of shows with us. We talk a lot about other industries coming into financial services. Chubb is a great example. It's actually a U.S.-based insurance company. The first time that they engaged with us was in Asia, in Bangkok, and they had a really great experience. You saw their chief digital business officer on the screen. They're now looking at sponsorship for us, with us at their other shows as well. Then Visa. You can't forget about Visa. Money20/20 Asia was a hotbed of activity, palpable energy, passion, enthusiasm. The event allowed for a higher level of senior engagement, deeper connections, and more impactful exchange of ideas. So lots of logos here. I think the really key piece to talk about is the importance of Asia and the focus on Asia. 78% in region, Commonwealth Bank, GCash, Nium, so many great logos on the far left, and that is something that we worked really hard on to make sure that we had it by Asia, for Asia. We also have a lot of companies headquartered outside of Asia, Stripe, JP Morgan, FIS, all having a really strong presence there. And then association and regulators, we did a lot of closed-door meetings where we brought, because of the complexity of our ecosystem, the different associations from countries all over the region together for closed-door conversations that we facilitated and led. And then with the regulators, we had a lot of closed-door regulator meetings where they were able to talk about policies among each other. But with that, I will let Tracey talk about our strengths. I know we are over time, so, I will... On the screen, but I think hopefully what we have demonstrated is global number one brand in the market. I think we've made the ecosystem point a few times about convening the whole ecosystem, the network effect with the four pillars of our brand proposition, of what we deliver for our customers, and that we have multiple levers in the period ahead to grow. But all of that is underpinned by the high levels of customer satisfaction and return on investment that we deliver to them continuously. Now, with that, I would like to move to questions. Thanks very much, Tracey. There is a slight change of plan because we are now running at least 10 minutes behind schedule. So what I'd like to ask everybody to do is store their questions up till the end of the presentation, and Phil and I will take them in the round right at the end of it, at the end of the session. So thank you very much. You're welcome. Thank you. Thank you. We're now going to ask Simon Cook and Paul Coxhill to join me on the stage to take us through the Lions division. Hello. Good to see you all. Welcome to the Lions Division segment of Capital Markets Day, and of course, welcome to Cannes Lions as well. Here in the Palais and across the city, many thousands of our customers are coming together to be inspired, to network, to learn, and to grow their businesses because of the wealth of opportunities that come from having the entire ecosystem represented in one location. And the wider marketing ecosystem is our end market, as the slide suggests. And at Lions, as the slide says, we believe in creative marketing that matters. In other words, we help marketers and CMOs in particular, and other agencies and suppliers, to connect what they do on a daily basis, marketing, with the boardroom growth agenda. And that's gonna be a big focus for us this week. Many of the content sessions and learning programs taking place this week are designed to provide our customers with the data, intelligence, and evidence that they need to take to their C-suite and their boards to secure future capital allocation for creative marketing that matters. In other words, creative marketing that drives tangible business results. So we're gonna start with our business, and its structure, and our proposition. So under the banner of Lions, we have four distinct product brands that serve different sections of the market. Together, they provide a highly complementary offering that helps us deliver on the mentioned mission. And here's just a flavor of all of the different product brands and how they come together. It's a video. So there we go. Lions is an events-led business with year-round customer engagement through our digital platforms and advisory services. As you can see, the Lions platform includes Cannes Lions, which is our flagship event. We're at it right now. But you can see that we're able to serve our customers and achieve impressive year-on-year growth through multiple layers. And you'll see in more detail later that more than half of our revenues come through non-event-led channels. Now, under Cannes Lions, we have our digital subscription product, The Work, and Lions Advisory, which is the advisory arm of our businesses. It's aimed towards CMOs to help them embed a culture of creativity that leads to business growth. Collectively, our brands, so Cannes Lions, and WARC, Contagious, and Acuity Pricing, represent a diversified product portfolio across market-leading events, intelligence, and advisory services. Together, under the banner of Lions, we offer the definitive platform for everyone in the business of creative marketing. We provide that through our events, our intelligence, our advisory services needed to drive growth through creative marketing. This slide shows how our four distinct brands offer a unique and varied points of entry for our expanding ecosystem and our customers. While many customers may buy all services from us, and some do, they can also buy a single service as well and come in at any stage of their creative marketing and effectiveness journey. Contagious, which you have at the top there, provides our customers with insight and the ability to forecast and identify the creative trends that may be coming down the tracks on the industry horizon, that will help our customers differentiate in the market, help them win, and also to produce world-class marketing, which can then be put through its paces as part of the benchmarking that we have in place. And that's, of course, the awards that sits at the heart of Cannes Lions. So the awards, which is 71 years old, enables brands and our customers to assess their excellence in marketing on an annual basis. And this is a highly unique revenue stream for us. As I said, 71 years, it's allowed our customers to benchmark their own performance, the performance of their competitors, and establish who to work with and why. And what's the value of creative marketing if it isn't effective? When we refer to effectiveness, of course, we are really talking about creative marketing delivering on a desired outcome. WARC is the leading authority in marketing effectiveness, and subsequently helps our customers measure, optimize, and build effectiveness strategies. And then Acuity Pricing helps recognize the importance of creative marketing and its contribution to brand. As we know, strong brands and businesses command higher price premiums. The brands offer unique entry points that cater to a wide breadth of our customers, and these customers will all be at different stages of their creative marketing effectiveness journey. We're gonna take a look now at the breadth of the ecosystem and the addressable market that we serve. Lions sits at the heart of the marketing industry, and at the intersection of brands, agencies, tech, media, and that's just to name a few. This slide really only scratches the surface, and it's important to note that the ecosystem that we have is broad, it's really complex, and ever-evolving, which provides Lions with much opportunity. Originally an agency-led festival, today, there are more brands and CMOs attending than ever before. We've actually just come from our annual global CMO Growth Council meeting, which happens here in Cannes. It's chaired by Marc Pritchard from Procter & Gamble, and it was launched in 2018. The CMO Growth Council, it features 50 leading influential CMOs that come together to set the agenda for the year for global marketing, and it represents $ trillions in global advertising spend. The CEOs and CMOs come to Cannes Lions and engage with our platform increasingly throughout the year because they recognize that world-class creative marketing can be used as a growth lever in the boardroom. And that, in turn, attracts the media and tech players who would like brands to increase their investment in the platforms that they provide. This was initially the traditional media platforms, but now that includes retail media powerhouses like Amazon, like Walmart, and social and online media platforms like TikTok, Meta, and Google, and then more recently, streaming platforms like Netflix and Apple. By staying close to our markets, we understand and we anticipate where the shifting market is moving, and we respond to that with an ever-evolving suite of products. The network effect that sits at the heart of the festival and exists throughout the year is especially powerful because of the increasingly broad customer base, the breadth of the ecosystem, and the opportunity created around the product suite that we're continually evolving. Let's take a look. As you can see here, our platform benefits from a network effect, and that drives year-round engagement and growth. We'll start with a highly unique awards benchmark at the top right of the slide. That's number one. The awards benchmark sets the global standard for creative marketing and reflects the expanding ecosystem as we anticipate and add new verticals. You'll be hearing more about a new vertical that we're introducing this year later on. We have a growing pool of delegates that attend Cannes Lions to better understand how to drive creative marketing excellence within their sector or their part of this ecosystem. And then this, in turn, attracts new partners who want to grow, but also wanna play a role in feeding into and enabling that ecosystem. At the festival and beyond, marketing excellence is achieved throughout the year through CMO engagement that we have, and the provision of our advisory services and transformation programs that enable that growth. And then, if you look at number five, this happens alongside the everyday use of digital platforms, our subscription businesses that support CMOs, their teams, and their partners to embed creative marketing best practice that propels their performance for the entire business. Okay, in this next section, we're gonna look at this network effect and how it's driving diverse revenue mixes across the Lions division. There are three distinctive points of diversification. First, we have revenue type, customer type, and geography. Now, 10 years ago, event revenues made up the vast majority of our overall business. Today, we have a very broad revenue base with a wide range of products. More than half, 54%, to be precise, of our revenues come through non-event driven revenues, and we've expanded our digital subscriptions and advisory services through innovation and, of course, acquisition, and we expect that percentage to continue to grow in future years. Non-event revenues now include the highly unique awards benchmark that I already mentioned, which we were able to run successfully during the pandemic and independently from the event itself by evolving the way that we delivered our processes and our judging. So you can also see that we now serve around 5,000 different customers from over 100 countries across the division, with a retention rate of over 90%. Moving on, as you can see here, our revenue streams are more balanced than ever before, and you can see here the stark contrast between 2014 and 2023. And it's important to note that the awards benchmark is not an area that will substantially grow over time, but it is a highly robust revenue stream, and it's obviously of great strategic importance because it sits at the very heart of the Lions network effect. As I mentioned previously, we know it can run completely independently from the event itself. So overall, we expect strong growth across the events-led revenue streams, with accelerated growth across our recurring revenue streams, like digital subscription. And finally, a look at customer diversification. One of the key strengths of Lions is that we are a truly global business with an increasingly broad set of customers. In 2014, creative agencies made up 75% of our entire customer base, and over time, we've reduced that to 51%. And of course, the overall mix will continue to evolve as we begin to attract new customer types and new verticals. We have customer representation from all key markets, and as you can see on the slide here, our plan to increase penetration in the U.S., which is one of our priority markets, is really paying off. Of course, for our end market, North America specifically represents a large proportion of global marketing spend and is currently under-penetrated. So we plan to take exactly the same approach with other priority markets in the future. So hopefully that should give you a good sense of our performance to date. But what about the strategy? What about the growth plans for the future? So as we look ahead, we plan to take a highly focused approach with three clear routes to growth. And the first one we describe is horizontal growth, in other words, expanding our addressable market. Over the years, we've made a very conscious shift from traditional creative to creative marketing, and you may have noticed that we have introduced new awards categories over the years that reflect this, such as business transformation, commerce, social, creative strategy. By continuing to make the shift, we automatically increase our total addressable market and expand the ecosystem of Lions. Later on, you're gonna hear about Lions Creators, a new stream geared towards the expanding creator economy and an increasingly important part of the emerging marketing mix. Now, vertical expansion, second column. We believe that we have permission to expand into new sub verticals and adjacent markets, and we've done this successfully in the past with health, entertainment, and gaming. You'll hear more about the new launch this year, which is the marketing sector for luxury. Then final column. Oh, back one. Final column, penetration. We know that we are especially under-penetrated with brands, and we have an opportunity there to go much deeper into our core. And you'll be hearing about our new e-learning revenue stream later on. And this, new revenue stream is a really good example of how we plan to address some of the current unmet needs from our core audience, so agencies and the brands. So we have three routes to growth here, and we plan to execute our strategy across these three focus areas. The first one is innovation. You know, one proven lever for growth is the introduction of new products and services that address unmet needs across an expanding addressable market. And we're gonna run through a few examples of that innovation, things that are already in play this year. We will continue to put a relentless focus on best practice and market-leading quality in order to maintain premium product value. For example, we're now applying our events best practice processes that we already have in place and applying them to the recently acquired Contagious business. Contagious, just for context, run an event series in global hubs like London and New York. In London this year, we'll be doubling the size of their flagship event while maintaining market-leading quality. And it's also worth noting that the Net Promoter Score for Cannes Lions, this event, consistently increases year-over-year, and that will remain a core KPI for us in the future, among others. And finally, integration and value creation. As part of this, we will continue to look at very focused bolt-on M&A. In other words, businesses that are highly complementary acquisitions that allow us to create new value through brand and product innovation. But this isn't just about M&A. It's about constantly refining our portfolio of products and services to better deliver for our customers. And later on, you're gonna hear from Lions' COO, Paul Coxhill, over here, who will talk about how we will achieve this specifically across subscription and our advisory services. So as you've just heard, innovation is a strong lever of growth for Lions and core to our organic growth strategy, so we're gonna take a look at why that works. So this slide depicts the innovation engine, if you like, that we leverage at Lions. We've seen time and time again that innovation delivers organic growth. Starting at the top right of this slide, by creating new business models and verticals, we increase market penetration and differentiation. The customer voice, of course, is very important. We do our research and take our time to produce category-defining products. And I'll give you a live example of that. This week at the festival, we have over 20 focus groups happening this week that will take place at Cannes with different customer sets and with our future growth very much in mind. So our proximity to our rapidly changing end market allows us to surface and identify future opportunities, which are in line or sometimes ahead of market conditions and industry shifts. Moving to the left of that wheel, you can see that we draw upon the different pools of expertise that we have across the Lions division in order to build better products, and this promotes integration and, of course, cross-collaboration as well. We do all of this innovation because we believe that it provides us with new entry into new verticals, new business models. But what does that look like in practice? Let's take a look now at some of the innovations already in play for 2024, some of which those of you who are here will experience at Cannes Lions this week. Many of the initiatives you're about to see were born out of focus groups, which actually took place at the festival this time last year. In 2024, we've innovated across our core revenue streams, as you can see here: partnerships, delegates, the awards benchmark, subscription, and advisory services, leading to organic growth initiatives that have driven significant incremental revenue growth in 2024. The full range of innovation-led and strategic initiatives promote our horizontal and our vertical growth and increase our penetration, and they're designed to accelerate that diversification strategy as well. You can see from the different facets of our business that we show on this slide, from partnerships to advisory, there's scope for growth across the entire division. All of these innovations are in production or they're already launched, and there are many more in ideation stage as well, and we look forward to sharing those with you next year. Today, we're gonna focus on a broad selection of initiatives that highlight our growth across the Lions platform, indicated here on the slide with the outline that is dotted, dotted line. Our first example, which was designed to expand our total addressable market as part of our horizontal growth plans, is coming up. This is introducing for the first time this year, Lions Creators, which benefits our partnerships and our delegate revenue streams here at the festival. You can see here an example of how some of the creators' promotion is actually landing in the market across our social channels. This is a three-day experience for new attendees with a focus on the creator economy, which, as you can see here, is currently worth $250 billion and is projected to grow to $480 billion by 2027. As part of our research, it was really interesting to discover that 92% of global brands have decided to increase marketing budgets, which are linked to the creator economy. There's a clear opportunity for us because Lions, to date, has only done business with 4 of the top 70 influencer marketing businesses to date, and that is clearly huge white space and opportunity for us to explore. So firstly, before we get into it, what do we actually mean when we say creator? This product is designed for social media content creators who use their platforms to share marketing messages with their audience, to engage them, and provide entertaining or informative content that is designed to grow their own brand and the brands they associate themselves with, often as part of a partnership. Lions Creators is a 3-day networking and content experience at the heart of Cannes Lions Week, designed to provide creators with a clear path to meet, to understand, and work with brands, platforms, and other relevant parts of the ecosystem. So why this? Why now? Why Cannes Lions? Well, despite being an increasingly significant part of the marketing mix, it's really clear that all parties involved feel misunderstood in some way. Lions, we believe, in our convening capacity, can play a key role in providing the platform and the global forum for those conversations that need to take place if everyone is gonna be able to grow effectively in this increasingly important space. And there are many different customer needs that can be addressed simultaneously here, so I'll try and break it down for you. The social media content creators, they wanna form and build and maintain brand partnerships. The brands would like to understand how to work with creators, so they can optimize their budgets and drive their own business growth. The platforms or media and tech would like to maintain and build relationships with creators and establish themselves as the preferred distribution channel. Creative agencies are keen to identify and establish their role within this ecosystem and become much more literate in this space. This year, the Lions three-day Creators Stream, we're calling it, within the festival, taking place right now, and you will see it later on on the sixth-floor terrace, provides a series of networking experiences, relevant content, and crucial conversations designed to enable growth for all of the parties involved. For those we already do business with in this space, we can see there's a tangible return. For example, the CEO of Influential, one of the world's largest influencer marketing companies, publicly reports that he sees a 20 times return on investment from their existing presence in Cannes Lions, which is significant. Then our three-day stream for creators is also very clearly differentiated from other creator-led events like VidCon, if you've heard of VidCon, which is an annual convention for influencers that takes place in California every year. The CEO of Influential summarized the distinction really, really clearly. He said, "Creators go to VidCon to see their fans. They come to Cannes Lions to meet the brands." And as you can see here, from the very recent coverage from Forbes, that message is building organically in the market. And as the title says, Brands Meet Creators: Cannes Lions Builds a Bridge to the Creator Economy. So you'll be meeting our headline partner, that's Viral Nation, the global first leader in social marketing, later today as part of a Q&A. Our next innovation helps us realize our vertical strategy as we address new sub verticals within the marketing ecosystem. Some of you may remember, think back to the last Capital Markets Day, when we said that we would move into the luxury sector in 2024. Pleased to say that we've delivered on those ambitions. One of the many reasons we decided to launch luxury comes back to our awards benchmark. The awards act as a barometer for the industry, and an increase in the number of entries from a particular sector across the awards that we have, is usually a good indicator that it requires its own spotlight. So the following video gives you an idea of how we launched the inaugural Luxury and Lifestyle Lions this year. This piece of film was edited using previous winners from across the existing Lions awards, where the brand was a luxury client. Let's take a look. Okay, so this is a new Lions launch in 2024, and as you can imagine, we're talking about big scale and colossal marketing budgets here in a highly, highly disrupted sector, where everyone is looking for a new North Star for luxury marketing. And it also happens to be one of the fastest growing sectors, where we estimate that luxury sector marketing revenues will reach approximately $36 billion in 2024. Now, a world-class, dedicated, and multidisciplinary jury has been appointed, in fact, they are judging right now, representing the breadth of this sector and the different players involved. And as you can imagine, having the right people in the room is absolutely key for this sector. Our confirmed jurors, as you can see, include world-renowned photographer, and director, and publisher, Rankin; the CEO of the British Fashion Council; luxury designers, like Ozwald Boateng; and the Chief Business Officer of Condé Nast. The Lions will also recognize creative work that should aim to set a new benchmark for the luxury sector, including the creative evolution of business models and broader transformation within this highly, highly disrupted sector. The Luxury Lions is very much a platform for growth for the future, and it's very encouraging to see that the relevant brands are already engaged and already entering the new Lions as we set this new benchmark for the future. Here's just a small selection of some of the luxury brands that have entered in launch year, and from a range of different sectors as well, including fashion, automotive, and hospitality, to name but a few. This is really a continuation of our ability to create new offerings that cater to the unmet needs of our customers in new verticals and new sectors, to establish those dedicated ecosystems we mentioned earlier. Our track record demonstrates that the Lions brand has the permission and the ability to extend when it needs to. Some of you may remember that over the last few years, we've created verticals in health, in tech, in entertainment, gaming, music, and more recently, B2B, and now luxury. These product tracks, after building critical mass, sometimes we decide to absorb them into the main event, and that's very much a customer-led decision, or they remain standalone, depending on the specific needs of the audience. Of course, if they fit our criteria, we will continue to explore new sectors and verticals in the future. Earlier, we talked about our approach to innovation and organic growth, and how it results in entry into new verticals. It also allows us to develop brand-new revenue streams as well. Our new digital e-learning offer, as part of Lions Learning, is a good example of this. But first, let's just take a look at the size of the prize. By the year 2028, e-learning is a really large global market, as you can see on the slide here. Our customer research, which includes the brands, shows that there is a really strong appetite for digital year-round learning programs provided by Lions, like the cMBA or Creative MBA, that you can see here on the right-hand side of the slide. And this builds on our legacy in learning across all of our brands, including the in-person programs that those of you who are here in person will experience later today, or maybe you saw this morning. Tomorrow. Tomorrow. There you go. Sorry. You can look forward to that. And we've been running learning initiatives for over the last 20 years now, so it's already a big part of what we do, and we have clear permission to play from our global community of customers as well. And based on our extensive research, we believe that Lions Learning, which will be an exclusively digital offering, will be a really disruptive offering in the market. In launch year, we're gonna be running several cohorts, as well as launching new courses that represent the breadth of creative marketing.... So we've been producing learning products and programs for 20 years, as I mentioned, building on our reputation along the way, and supporting new generations of marketers who ultimately become and remain advocates of the brand. With the introduction of the cMBA, we now have courses representing the full breadth of our brands, and we plan to expand this to up to 6 courses this year, eventually creating a further subscription service for year-round learners. And of course, this offering is geared towards learning and development budgets rather than one-off event-led revenues. So looking at the four distinctive features of Lions Learning, we have a blend of proprietary and partner-led content that showcases both our unique IP, but also helps us gain maximum reach through our partners and their ready-made audiences. Crucially, we're expanding our digital revenues and further mitigating an overreliance on events and the cyclicality of our end market. Okay, we're now gonna bring it back to the festival. During this week, for those of you that are here, you will see and experience many partner-led activations across the city. Let's take a look. Through video? Okay. So as mentioned earlier, there is a unique network effect at Cannes Lions, a really wide breadth of customers, including brands, platforms, creative agencies, and media and tech companies. They're all here to grow their own businesses, grow brand awareness, and play a role and enable that ecosystem. And our partnership teams work very closely with the city of Cannes and our customers to develop creative and relevant activations across the city and other solutions that enable our partners to grow. As you can see, the scale of some of these activations across the city are significant, with a wide range of bespoke solutions, depending on the needs of the specific client. Next slide, please. Thank you. So when it comes to improving our penetration, we are consistently creating new inventory for net new customers. This week, our teams will be working with our clients to provide a top-tier service for this year, of course, but we'll also be working with the city and vendors to secure additional inventory for future years and a strong forward-book position for 2025. By successfully expanding our footprint, we can deliver higher value, innovative experiences, and consistent levels of service for attendees. In 2024, around EUR 5 million has already come from new inventory and innovation. We've been able to bring these ideas to life by leveraging our strong relationship with the city of Cannes, and by deepening our relationships with our customers throughout the year in order to really understand how we can create solutions that help them meet their business objectives year on year. For those of you here in person, we can look forward to showing you many of those client activations. Okay, at this point, I'm gonna hand over to Lions' Chief Operating Officer, Paul Coxhill. Thank you, Simon. So our investment in innovation and organic growth is core to our strategy, as is smart integration, relevant and focused bolt-on acquisitions, and cross-brand integration that allows us to unlock new value for our customers. And we have a strong, repeatable model and track record that will enable us to do this in future. The WARC business, which some of you saw earlier on downstairs, is a good example of this. After honing best practice across WGSN, Glenigan, and our other subscription businesses, we've applied a tried and tested model and approach across WARC. Part of the Ascential business since 2018, WARC has demonstrated strong, consistent growth, more than doubling its revenue in the six years since it was acquired. This was driven by gaining a deep understanding of the business model, performance, people, and culture before the acquisition to ensure that we had a clear and achievable acquisition case and plan. And then a real focus on embedding Ascential's best practice, including in subscription management, before embarking on a program of organic innovation, which included the rollout of additional subscription products to cater for brands, media owners, and agencies, expansion into the U.S. market, the launch of an advisory business, and also the launch of the Creative Impact Track, a content partnership with Cannes Lions, which is now one of the most popular parts of the festival. This year, it includes over 35 dedicated onstage talks and is designed to give CMOs and marketers the tools they need to make the case for creative marketing, a very attractive new feature for our growing customer base of brands, whose attendance has grown once again this year. Based on this successful case, we're now applying the same repeatable approach and principles to the integration of Contagious. Acquired by Ascential in August 2023, Contagious provides intelligence and inspiration to the creative marketing industry through its digital platforms, advisory services, and events, so a business model we are very familiar with. Once again, we spent several years getting to know the business and its people to ensure it would be a value-adding and complementary fit to our existing proposition. We're pleased with progress, having already achieved many of our key milestones, and we're on track to beat the acquisition case. As you can see, and some of you met him earlier, we've appointed a new managing director and leadership team, best practice has been introduced, and including our approach to subscription and events, and we have a clear growth plan for each business line, leveraging the wider capabilities of the Lions business. In terms of unlocking new value, Contagious are partnering with WARC and Cannes Lions to grow revenues by utilizing content, product, and market expertise to expand the MoCo event in London, which Simon referenced earlier, and also already to have relaunched the subscription platform to improve the digital product performance. Having given some background on our digital businesses, which I'll return to in a moment, I'll now cover our advisory business, Lions Advisory. This business provides consultancy to brands and CMOs who want to embed a culture that leads to creative and effective marketing that matters. We are unlocking new value through integration of our advisory brands, previously separate entities under Cannes Lions, WARC, and Contagious, and are now able to deliver transformational year-round programs for our customers, some of which you can see here on this slide, and are present at our brand village, which you'll see on the tour for those of you in the room, where they have access to a curated festival experience and bespoke presentations. The Lions Advisory arm of our business is strategically important because it allows us to build strong connections and deeper relationships with brands and CMOs so that we can help them drive tangible change. It's very natural for brands to work with us in an advisory capacity and then engage with our full suite of subscription products and festival products throughout the year. Their ongoing success relies on annual benchmarking, curated experiences at the festival, a strong brand presence, and support throughout the year via the digital subscription and learning programs. There is a strong appetite for Lions Advisory, and we know that we can lean on the different entry points under our distinct advisory brands, but also go together to sell in more comprehensive and valuable solutions that generate meaningful impact across the businesses of our biggest brand customers. Now, let's return to Lions Subscriptions. Collectively, our digital subscription services enable marketers to gain market insight, develop their marketing strategy and plan, gain creative inspiration, manage their pricing mix, identify the right partners to work with, and then benchmark and evaluate their work. Subscription revenues have grown to over GBP 30 million through excellence in execution and constant innovation over the last few years. Going forward, innovation and integration will be the foundation of our digital growth. We've embarked on a program of change to ensure our platforms remain market leading, and the foundation of this work has already begun. To maintain and grow our already high renewal rates, we're investing in improved personalization, enhanced search, and new AI capabilities, including the WARC AI Assistant, which is currently in beta with a core group of clients, bringing 40 years of WARC's intelligence to our clients through a Gen AI-style solution. In 2025, this will come together as a joined-up digital experience for our subscriptions customers. Here's an illustration of how that will look. The single platform will highlight and champion the differentiated offerings of our digital product brands, but do so within a common design language and joined up user experience to enable us to provide clients with consistent onboarding, single sign-on and user management experiences, and connections between content in each of the brands. For example, see the Contagious take on a piece of Lions award-winning work. We'll also create cross-platform, value-adding services, including multi-product search and further AI capabilities. This will introduce a multivertical product that enables opportunities for cross-sell and upsell, as myself and the team did successfully with our WGSN business a few years ago when I led their marketing team. This will, we believe, bring more value to our customers in the process. More broadly, our vision is to enable our customers to come to one place to access all their Lions services and to seamlessly log on and move between all of these services being served up relevant, personalized insights based on their relationship with us. This will enable us to truly deliver a joined-up solution to enable creative marketers to seamlessly work with us across a range of solutions. And now, to wrap us up, I'll hand back to Simon. Thanks, Paul. To summarize, the future of Lions will be underpinned by our ability to innovate in a rapidly shifting and evolving market. The repeatable and successful integration of relevant bolt-on acquisitions will allow us to continue to unlock new value for our customers and serve them across the full spectrum of the marketing value chain. We'll do this with a relentless focus on excellence in order to maintain focus and market-leading quality across everything we do. In terms of strengths. Here they are. Lions is the global market-leading brand, with 70 years' worth of brand history and experience and heritage. It's the highly unique awards benchmark that sits at the core of our product. It is a global reference point for the entire industry, and we have a strong network effect with deep brand and ecosystem relationships, with the ability to expand and create new ecosystems like Lions Creators. Lions also has a strong financial profile with multiple levers for growth, many of which we've explored today. Our approach to excellence ensures that we have high levels of customer satisfaction, our increasing festival NPS being just one proof point of that. Finally, our strong track record demonstrates our ability to identify opportunity in a rapidly shifting market, and then innovate and execute effectively as part of a culture of repeatable innovation that we've established at Lions. Thank you very much. Now we're going to move on to questions. We need to move. We need to carry on. We're gonna carry on, so. Oh, well. So thank you very much to Simon and to Paul, and of course, to Tracy and Scarlett. In this final section... Let me just go through it. In this final section, I'm gonna summarize our financial model and why we believe our business is such an attractive investment proposition. So let's start with our track record. This is our long-term, 10-year track record, and as you can see from the left-hand side of the chart, we have a long track record of strong organic, constant currency revenue growth. We've grown revenue at a compound rate of 8% over the last four years, including the pandemic period, with our revenue in 2023 standing at just over GBP 200 million. This growth rate is, of course, consistent with our targeted growth of mid to high single digits over the medium term. To the right, you can see that our profits have also grown strongly over the same four-year period at an organic compound growth rate of 6%, with EBITDA before PLC costs of over GBP 80 million. For the purposes of comparability, for this ten-year period, we did remove all of the PLC costs, which were, at that stage, sized for a much larger group. But through the actions we took at the end of 2023 and at the start of 2024, our central PLC costs have now been reduced by approximately 50% to GBP 13 million annualized. You can see that on the right-hand side of the chart, that would have delivered, on a pro forma basis, GBP 69 million of EBITDA for 2023, which was a margin of 33.6%. As we consider our financial model, I thought it would be helpful to reiterate those medium-term targets, which we first set out one year ago at our Amsterdam Capital Markets Day, and which are unchanged. As you can see from the slide, and as you can probably remember, as, and as I've mentioned, we target organic revenue growth in the mid- to high-single-digit range and adjusted EBITDA of low- to mid-30s%. In terms of cash flow, we're targeting an operating cash flow conversion of over 100%, with low cash capital expenditure requirements, translating to free cash flow after cash tax and CapEx of around 70%. And lastly, in terms of shareholder returns and capital structure, we aim to pay a dividend of approximately 33% of adjusted profit after tax and deliver leverage in the range of 1-2 times net debt to EBITDA. So how does that, those medium-term targets that I've just set out, backed up by our track record from 2023 as a base year, translate to a compelling model? And here I'm using analyst consensus forecasts as of last week, for 2024. As we said in our trading statement, that we put out first thing on Monday morning, the multiple levers for growth that we have as a company means that we remain confident in delivering our revenue growth in line with the targets that we've set out. Analyst consensus revenue for 2024 is now sitting at GBP 215 million, which represents a constant currency organic growth rate of 6%. The consensus EBITDA is around GBP 71 million, just under 33% of revenue in line with our margin target, and noting that that margin expectation is slightly lower than in 2023 because of the acceleration of the sponsorship revenue line here at Cannes Lions, which is adverse from a mix perspective. In terms of cash flow, analyst consensus operating cash flow for 2024 is GBP 71 million, and free cash flow is GBP 49 million, with both of these measures in line with the conversion targets I mentioned.... although after 110%, conversion last year, we might expect a slightly lower than 100% conversion in the following year. It's worth reflecting on that GBP 49 million of consensus free cash flow, that over half of this cash flow can be thought of as being generated by the Cannes Lions award entries, which, as Simon has mentioned, are highly predictable. We thought it'd be useful to quantify the inherent strengths of our cash flow fundamentals in the context of the 2023 operating performance. As you know, we have increasing levels of revenue visibility as we go through the year. And we start the year with about 30% contracted, and by the time we get to now, we have about 85% of our year contracted. That translates to good levels of advanced bookings, which translates to deferred income. As you can see from the chart, we average GBP 68 million throughout the 2023 year, resulting in structurally negative working capital, averaging, as you can see from the chart, GBP 55 million in the 2023 year. All of these factors combine to drive this strong level of operating cash flow and free cash flow conversion that we've highlighted. Turning to capital allocation, you can see how this very healthy free cashflow generation equates to, based on current share price, a free cash flow yield of over 7%, giving us considerable flexibility in terms of our capital allocation. In terms of shareholder returns, in addition to the GBP 100 million buyback, which we have started in the last couple of weeks, and which we would expect to be ongoing for at least the next 10 months, we would be targeting a dividend of, as I said, 33% of adjusted profit after tax, which would take up around GBP 14 million of that cash flow, leaving a considerable balance available to reinvest in bolt-on acquisitions, for example, over GBP 30 million, based on those consensus numbers. I thought it'd be worthwhile mentioning for our investors and analysts in the room, reiterating the FX profile of our business. In light of recent market conditions, in particular with the strengthening of sterling, particularly versus the dollar, I thought this would be a useful reminder. As you know, our revenue is heavily weighted towards euros. Roughly two-thirds of our revenues is in, are in euros. Pretty much all of that comes in the first half, and this event is one of the reasons for that. Roughly one-third comes from U.S. dollars, and that is mainly in the second half of the year, coming from Money20/20 U.S.. Because of our sterling cost base, our predominantly sterling cost base, it means that we actually make losses in sterling, and even more considerable profits in euros and dollars. Obviously, as sterling changes against the euro and dollar, we benefit or disbenefit accordingly. And at the moment, we're seeing a little bit of negative impact in respect to the U.S. dollar, where we're looking at a 4% headwind going into the second half in 2023, compared to, sorry, 2024, compared to what we delivered in 2023, the U.S. dollar rate in 2023. So I'd just like to end this section by just reflecting on the key elements that make our business's financial profile so simple, easy to understand, and attractive. Firstly, in terms of revenue growth, we have grown at 8% compound over the last four years, as you've just seen, and we're targeting mid to high single digits over the medium term based on this strong track record and the numerous levers for growth that our colleagues have just set out for us. Secondly, we've got very good levels of profitability. As you know, currently around 34%, and we're targeting EBITDA in the low-to-mid 30s over the medium term. Our business is highly cash generative, targeting operating cash conversion of over 100%, and our business has low capital needs, with capital expenditure running at around 3% of revenue at the moment. Finally, we've got a dividend policy paying out 33% of adjusted profit after tax, and we target leverage of 1x-2x. All of which we think adds up to a highly attractive profile for our company going forward. I'm now gonna briefly hand back to Phil to conclude today's session. Thank you, Mandy. Okay. So we hope we've demonstrated our key strengths and our investment proposition to you, and we hope you've learned more about our divisions in detail. Just to summarize, briefly, our investment case, once again. We serve large and fast-growing addressable markets. Our brands are market leading. We have significant competitive moats. We benefit from diverse revenue streams, spanning live events, digital subscriptions, and advisory services. We have multiple levers for growth, both inorganic and organic, and all of this sits within, as Mandy says, a really highly attractive financial profile. So we don't have time for Q&A right now, so we're going to end the webcast. For those of you attending digitally, please feel free to send your questions in to Rory.