Hello, everyone, and a warm welcome to AVEVA's full year results call. My name is Melissa, and I'll be your operator. If you would like to ask a question following today's presentation, you can press star followed by one on your telephone keypads. I now have the pleasure of handing over to your host, CEO Peter Herweck to begin. Peter, over to you. Well, thank you very much, Melissa. You all know the safe harbor statement on slide two here. Good morning, everyone, and thank you very much for joining us today. This is Peter Herweck, CEO of AVEVA. Today I'm joined by Brian DiBenedetto, our CFO, and James Kidd, the Chief Strategy and Transformation Officer. As you will have seen, we've had a comprehensive trading update in April, so these results contain only really additional details. 2022 was a year of good progress for AVEVA. We've delivered a solid financial performance and made excellent progress in integrating OSIsoft, which was acquired just before the start of our fiscal year, if you will. We grew ARR by 10.2%, while pro forma organic constant currency revenue grew by 7.1%, and adjusted EBIT increased 7.7% on the same basis up. The integration of OSIsoft is on track to deliver our targeted cost and, more importantly, revenue synergies. During the year, we've achieved initial revenue synergies of $10 million and cost synergies of nearly $15 million. Importantly, we also delivered key integrated products, which I had been talking about, such as the AVEVA Unified Operations Center with AVEVA PI System and AVEVA Predictive Analytics with PI System. They will drive further growth synergies, revenue synergies as we go forward. A few words on the outlook. We're positive and confident in the long-term outlook for AVEVA. Digitalization remains key to driving customer efficiency and sustainability. AVEVA is very well positioned with its broad, integrated end-to-end software portfolio to drive sustainable growth. Our forecast and our focus is on accelerating ARR growth and growing cash flow. Both will build as we progress with our key business initiatives. The PI System business will significantly increase ARR through the move to AVEVA Flex subscription, as we've told you before. We expect to accelerate SaaS as more products become available on the cloud. One more important point later on. Before we go there, let's have Brian go into the details of financials. Thank you, Peter, and good morning, everyone. Let's start with the summary of the results. Now, I'm gonna present these on a pro forma basis as if AVEVA had owned OSIsoft in the prior year too, in order to give a like-for-like insight into the performance. Where appropriate, I'll also comment on organic constant currency changes. Definition of these terms are in the notes to the slides and this morning's news release for those that want to be precise. We grew ARR by just over 10%. This is slightly higher than our earlier estimate in our April trading update now that we've had time to prepare the full results and gone through our audit. Both revenue and adjusted EBIT grew by more than 7% on a pro forma organic constant currency basis. Adjusted EPS declined slightly on an adjusted pro forma basis due to an FX translation headwind and a higher tax rate versus the very low rate that we had seen in the prior year. Cash conversion was just over 60%. We're targeting significant improvements in both ARR growth and our cash conversion rate going forward, and I'll talk about both of those more later. We're proposing to pay a final dividend of GBP 0.245 per share. This represents a small increase over the prior year, reflecting a balance between our progressive dividend policy, the underlying growth achieved, and actual growth in the context of our foreign exchange headwind. Now let's look at the full income statement. Revenue was GBP 1.236 billion, up 7% on a constant currency basis and up 3% in reported currency. Remember that close to 70% of both our revenue and our cost are in U.S dollars, so foreign exchange translation has a significant impact on reported results. The revenue growth came from both heritage AVEVA and OSIsoft, although in the year, OSIsoft was stronger. The OSIsoft business had a very good Q4, underpinned by the integration work that we've undertaken, and also some pull forward of business ahead of the price increase announced in April. Gross margin improved slightly. Although we had higher cloud hosting and infrastructure costs, these were partly offset by cost reductions in both customer support and services, which have a relatively high cost of sale, both growing below the group's overall growth rate. Operating cost increases were driven by higher employment costs. Overall, this resulted in a slight decrease in our adjusted EBIT margin, although on an organic constant currency basis, there was a slight increase due to the disposal of minor, less profitable non-core assets. The pro forma assumes that we would have drawn down the term loan, which was partly used to fund the acquisition as of April 1, 2021. This shows what the interest charge would have been over the last two years, and the reduction in interest cost in fiscal 2022 is due to the falling LIBOR rate. Finally, the tax rate on adjusted profit was 14.3%. This tax charge factors in the benefit of U.K tax incentives on intellectual property and the U.S tax deductions for the amortization of goodwill relating to the acquisition of OSI. The year-on-year increase, however, was due to increased U.S alternative minimum taxes and irrecoverable withholding taxes. What's important is we expect the tax rate on adjusted profit before tax to remain at or below the level seen in fiscal 2022 going forward. Now let's look at the revenue breakdown on our organic constant currency basis. We saw good growth in recurring revenue in line with our strategy. Within this, SaaS grew particularly strong, albeit off of a low base. Maintenance revenue was flat, with underlying growth being offset by some conversion of AVEVA Flex, which is part of a strategy to drive upsell and cross-sell once customers are on subscription. We saw double-digit growth in perpetuals ahead of moving the PI System business to subscription. This reflected the strength in that business area, but is not likely to continue as we're going to prioritize AVEVA Flex going forward. Finally, services increased below the rate of the overall group growth, which is in line with our strategy of focusing on higher-margin software business. Turning to ARR, we grew ARR by a little over 10% during the year. As you can see, the growth was mainly driven by volume growth from our existing ARR base and new business wins, which underlines the fundamental strength of the business. This was partly offset by churn, which was a little higher than what we target, partly attributable to the timing of a few maintenance contracts in the PI System business expiring before March 31, with renewals expected in Q1 of this year. As we go forward, we expect pricing to make a bigger contribution to ARR growth. We implemented an on average 10% list price increase on April 1, and this will feed through to ARR as contracts come up for renewal and when we win new business. ARR will benefit as revenue synergies start to grow as integrated products are launched and grow through their sales cycles. Now, both of these factors will boost revenue synergies in ARR terms. Of course, we're also expecting the PI System products to make much more of a contribution to ARR as we move away from a perpetual license model into subscription via Flex. Finally, we've recently put in place revised sales incentives to drive a focus on new business and uplifts to the value of contracts, and our sales teams are further incentivized to sell subscription and, in particular, SaaS. You can see how over time, as these initiatives bear fruit, our ARR growth will accelerate. Now moving on to cost. As I mentioned earlier, cost of sales increased largely due to the growth in the business and included higher cloud hosting and infrastructure costs. The overall increase was below revenue growth, however, due to cost reductions in customer support and services, which have a relatively high cost of sale growing below the group's overall revenue growth. R&D costs increased due to investment in development of our cloud products and higher employment costs, reflecting a very competitive labor market. These higher employment costs were also seen in our selling and distribution expenses, while admin expenses increased due to higher costs in IT and other support functions, with increases in our capacity being needed as our business scales. Net impairment losses from financial assets represents the impairment of accounts receivable and contract assets. You see a small net positive in fiscal 2022. This is due to the reversal of provisions that were made during the COVID crisis in fiscal 2021. I'll finish this slide by noting that while we see some fairly substantial wage inflation in fiscal 2023, there are some signs that the heat is coming out of the employment market. Although AVEVA and our industrial software peers are seeing solid structural growth, some of the consumer tech names are scaling back a bit. Now let's take a look at cash conversion. This is a metric that we'll have a core focus on going forward, and that will also be factored and reflected into our remuneration targets. Conversion of adjusted profit before tax to free cash flow before tax was just over 60%. Within this, we've stripped out some payments that form part of the acquisition of OSI. Cash conversion has been impacted recently by working capital relating to upfront revenue recognition on multi-year contracts and also exceptional charges relating to integration. We expect a significant improvement in working capital performance going forward as the transition to SaaS accelerates and also for our exceptional charges to reduce. As such, we're targeting 100% cash conversion in fiscal 2023. Finally, let's look at the balance sheet. I won't dwell on every line here. There's lots of detail, but there are some points to highlight. You can see that there was a further increase in contract assets during the year. This was due to higher point-in-time revenue recognition on multi-year on-prem rental contracts. We expect this growth to stop going forward as our mix from SaaS increases, leading to much better working capital performance. Meanwhile, the growth in contract liabilities reflects the unwinding of the deferred revenue haircut, which arose from the acquisition of OSIsoft. Finally, I should note that our cash and debt balance in sterling terms is impacted significantly by FX rates. Our debt is held in U.S dollars in alignment with our revenue mix, and we also hold the majority of our cash in dollars. Thank you very much for listening, and I'll hand it back over to you, Peter. Thanks, Brian. I'd now like to talk a bit more about the operational aspects of our business, particularly the progress we're making with the OSIsoft integration and of course, within our businesses. I'm going to echo the same message that we've been communicating to you in the last few months. The integration is going well and even more so now that the initial teething stage is behind us. We're well on track to achieve both cost and revenue synergies in line with our original acquisition model. As we've mentioned during our April trading update, we've made good start on achieving our revenue synergy target of $100 million by fiscal year 2026. During fiscal year 2022, AVEVA achieved initial synergies of just over $10 million. We expect these synergies to build as more combined AVEVA and PI products come to the market, offering incremental value to the customer and also a faster way to value. Key integrated products already launched, such as the AVEVA Unified Operations Center with the AVEVA PI System and AVEVA Predictive Analytics with PI are out there. Now, production management with PI as well as other products under development are expected to be launched later this year and then also further in the following year. The pre-tax cost synergies are expected of not less than GBP 30 million per annum on a run rate basis by the end of this fiscal year, 31st of March 2023. Nearly $15 million were achieved during the last fiscal year. Now, moving to engineering, let me start with what is included in engineering. It consists of engineering and simulation software. In turn, engineering software includes engineering and design, project execution, and engineering information management. While simulation includes simulation and learning and value chain optimization. Engineering contributed roughly 31% of pro forma revenue in the period. On an organic constant currency basis, the revenue decreased by 5.7%. This decrease was due to a tough comparative in the prior year that included a significant contract renewals period, as you all know. We will see the benefits of the next cycle of these renewals in the next fiscal year. Underlying business performance was good, with a broad range of new order wins being achieved, particularly in the energy market, which is undergoing a recovery, as we had mentioned before. Significant orders were also won from companies like Aibel, Saipem, SBM Offshore, and Worley, showing a positive trend in the energy market, which we had talked about before. We're seeing real progress in newer areas such as hydrogen. For example, we won a great contract with Australia's largest hydrogen power producer, where AVEVA's engineering tools have been mandated as standard across their entire power network. Moving on to operations, which consists of asset performance, monitoring and control, and information management. That's how we call the PI System. Operations contributed 69% of pro forma revenues in the period. On an organic constant currency basis, revenue increased by 14.2%. We saw good performance across the business units from asset performance, monitoring and control, and in particular from information management. The PI System business delivered solid double-digit growth in the years with performance significantly strengthening in Q4 as the benefits of integration began to take effect. The growth in monitoring and control revenue was of course supported by a significant contract extension and renewal with Canada Electric, which is a substantial element of point-in-time revenue recognition, as you know. Other significant orders came from companies such as General Mills, PepsiCo, Nestlé, and Rio Tinto. As always, I'm excited to share customer examples with you that underline our progress. Let me start off here with Mitsubishi Power. It's a case study of Mitsubishi Power, a real synergy deal extending an AVEVA PI System deployment for data management, which they've had for many, many years with AI-infused AVEVA's Predictive Analytics to deliver advanced warning for issues to enable corrective action and prevent downtime. The AVEVA PI System data feeds hubs in the U.S, in Germany, and in Japan. These hubs provide connected software and services to monitor and provide early warning of impending issues to avoid units to trip, reduce energy efficiency losses, and help with avoidance of unnecessary maintenance. They're all driving also sustainability. This use of remote monitoring and advanced analytics helps to make power plants more reliable and of course, more profitable. The next client I'd like to talk about is EDP, a renewables customer, and an example from a Portuguese company who's an energy provider, EDP Renewables. The team at EDP is building a single data repository for all their locations to optimize maintenance and performance. Now, AVEVA Data Hub in the cloud, together with the PI System, will help to optimize wind farms located across regions with streaming data collection, history, recovery capabilities, wind power analytics, and operational KPIs. The combination of the PI System and the cloud with AVEVA Data Hub really marvelous. The next one is, again, a synergy deal that we've driven forward with Agropur. This time a Canadian dairy company. Agropur is using the PI System together with AVEVA's MES, Manufacturing Execution System, and our HMI solutions to move from a paper-based to fully digitized operations through a progressive, again, hybrid cloud implementation. Nice synergy deal with cloud. Now, we've had also our first in-person customer event. Having shared with some of you our recent customer wins, we've had, of course, a lot of discussions here at this in-person customer event, AVEVA PI World in Amsterdam, where we hosted a lot of customers live and even more also online. It was a great event. It was three days. We featured 70-plus customer presentations, so customers talking to other customers how they use our product. 160 global speakers through a dozen industries and more than 40 AVEVA portfolio and deep technical presentations. Overall, the PI World event attracted 1,255 paid in-person delegates and, of course, a couple of our own people and then people who participated virtually. In the interest of time, I won't go into further detail as it's simply impossible to cover off on, you know, all the portions and all the things that were presented, displayed, discussed, shared at the conference. I encourage you to take a look at some of the recorded sessions which are available on our website. The mood was very good at the conference. Now, let's move on to the first competitive wins in Q1, as surely some of you are interested how we've started the year. The example that I'm showing here is a competitive win, a competitive cloud win against one of our competitors, underlying our strategy and the drive for net new business. This leading refiner has selected AVEVA's value chain optimization SaaS solution to modernize and enhance crude valuation and refinery plant decision-making as part of its digital transformation, moving away from a competitor's legacy on-prem product. Our hybrid cloud-based solution will deliver enterprise-wide scalability benefits, boosting productivity, simplifying business processes, improving decision-making, and ensuring security and visibility of supply chain knowledge. Very important these days. I'm optimistic that when I'm presenting to you again in six-month time, we will have several more of these exciting examples to share with you underpinning AVEVA's strong long-term strategy. Let's move to the summary and outlook to conclude. AVEVA has emerged from fiscal 2022 with a solid financial performance. During the year, we made excellent progress with the integration of OSIsoft and have recently launched integrated products that will drive further revenue synergies. We're excited about the opportunities ahead of us, as AVEVA enables the digitalization of the industrial world with our several key markets showing positive trends such as energy, power, shipbuilding, and infrastructure. We're also seeing good structural growth ahead of us in key areas such as energy transition. Our customer-facing markets such as food are broadly resilient, even during macroeconomic uncertainty. In fiscal 2023, we're focused on accelerating our growth in annualized recurring revenue to deliver longer-term growth in free cash flow. Thank you much for listening. Now Brian, James and I will take any questions you may have. Thank you. If you would like to ask a question, we invite you to press star followed by one on your telephone keypads. If you do change your mind or feel that your question has already been answered, you can press star followed by two to withdraw your question. Our first question today comes from George Webb of Morgan Stanley. George, please go ahead. Hi, Peter, Brian, James. Thank you for taking my questions. I have a couple. Firstly, can you just give an indication on how you see seasonality through FY 2023? I presume it's fair to assume ARR growth will be more second half-weighted as you accelerate from that 10% exit rate towards that 15%, at least lower bound. What do you see around seasonality on revenues, given the revenue recognition factors at play and the FY 2022 base comps? And then secondly, on your broad energy vertical, how much growth did you see there in FY 2022? How much acceleration are you expecting this year? Peter, I'm wondering if you have any views after speaking to industry on how much of that improving energy CapEx budget outlook may prove less price sensitive as energy supply chains need to be reconfigured after the situation in Russia, versus perhaps what would be more quickly cut if there was a sharp reset lower in the macro outlook and energy prices. Thank you. Let me take the first couple of parts there. I think the first question was around ARR growth and the trajectory in the fiscal year. I think you're right to expect that that will be mostly second half-loaded. We expect ARR to grow over the years, excuse me, as the initiatives we put in place take effect. Particularly pricing is a big variable there. As you know, our maintenance contracts typically renew in the December timeframe. Then also, as we start to accelerate subscription and go through the transition of subscription with Pi, that will take some time, and so we don't expect all of these to show through immediately in Q1 or H1. We also have to take into consideration that it will be somewhat impacted by the strong close to fiscal 2022, which was partly assisted by the pull forward of sales ahead of the price increase in April. I think on your second question, relative to seasonality, we don't expect material changes in the half one versus half two shaping of the overall business from a percentage basis. Really what we're watching is the evolution of ARR over the years, as I just described. I think, Peter, the third question is around the energy side for you. Sure, absolutely. Thanks for the question. You know, as we've said before, we see some good signs in the market. There have been some early renewals towards the end of last year, which are continuing our EPC clients and also the shipbuilding. As you know, in shipbuilding, we're very much also into energy vessels, if you will. They are very busy with engineering work, with pre-FEED and with FEED. They're expecting project decisions to be done this year, which then will also drive for us incremental value in the operational part of the software, which is usually from a timing perspective coming later on. There is quite some movement given that also the decision of OPEC to increase production. Many people who haven't invested enough in maintenance and need to bring additional pipes, if you will, into production is good for us. It's also good for value chain optimization. We're positive on this market. While at the same time, a lot of the cash, of course, at the clients is also deployed into their transformative energy transition, if you will, to more hydrogen, to more renewables, to more carbon capture, all of which we're a part of in large projects that I'd also outlined earlier, I think one of them. That's all important for us and good. Okay, thank you. If I can tag one more on. What's the response from customers been to the price list increase? Has that been relatively well accepted? You know, it's early days. Of course, nobody is ever happy with price increases, but we have a very competitive portfolio. From that perspective, we continue to be confident because we're not only increasing prices, we're also delivering more value to the clients. From that perspective, I think these are good discussions to have. Okay, thank you. Thank you, George. Our next question today comes from the line of Kathinka De Kuyper of JP Morgan. Kathinka over to you. Hi, thank you very much for taking my question. First of all, you expect the margin this year to be around 400 basis points lower than last year. Can you just comment on the building blocks of the improvements you expect to see in FY 2024? Are there any risks that you would need to invest a bit more into the cloud than the GBP 20 million you pulled forward? Can these costs become more structural? Thank you. Thanks, Kathinka. I'll take the first part of that question, Peter, the second part. What we guided in the April 27 trading update is that we see a significant renewal cycle which will drive revenue and ARR in fiscal 2024, and that's the biggest contributor to the margin recovery that we see in fiscal 2024 versus fiscal 2023. It's a volume recovery from revenue. As it relates to the cloud investment, Kathinka, we said that this was a pull-in, so it's a one-time effect in 2023 and will normalize out in the following year. You know, let's see how customers go for it. If the growth is better than anticipated, we may discuss again. At the moment, this is the plan. Thank you. If I can just squeeze one other in as well. You mentioned that you've seen significant wage inflation last year. Can you quantify that? What are your expectations for this year? Are you further increasing salaries? Thanks. I mean, look, I think let's focus on looking forward for the fiscal 2023. We've instituted the 10% list price increase. We think that's gonna help to mitigate the salary inflation. In terms of our salary inflation, I mean, overall average is sort of in the low- to mid-single-digit range, and that's baked into our margin guidance that we've given on the 400 basis points reduction that you noted earlier. Thank you. Thank you, Kathinka. Our next question today comes from the line of Toby Ogg from Credit Suisse. Toby over to you. Hi, good morning. Maybe just to come back on the targets for 2023, if we just take the revenue growth guidance first, which obviously leaves room for quite a wide range of potential growth scenarios. Brian, perhaps or Peter, perhaps you could just give us a feel for your level of visibility on 2023 at this moment in time, just given all the moving parts. Secondly, you know, what gives you the confidence that you can actually grow organically this year, given the lower contribution from upfront revenue recognition, obviously the full impact from Russia, and then of course the headwinds from the transitions in OSIsoft and the SaaS piece in the engineering business? Then just on the margin guidance for 2023, obviously, as we discussed, you called out the 400 basis points lower, on the trading statement. I guess, you know, similar question, what gives you the confidence that that really is the floor in the context of the extra investments, the Russia cost headwinds, and of course the ongoing transition? Thank you. Okay. Yeah, thanks for your questions, Toby. Maybe I'll start with the second part, firstly because it sort of all interrelates. If you do recall, I mean, from a guidance perspective, you talked to the numbers, we talked about 3%-4% on the revenue side, 15%-20% growth on the ARR side, and the margin being down by 400 basis points versus fiscal 2022. Now, if you. The second part of your question was around what is that the floor. From an investment perspective and a cost perspective, we think that's very well managed in terms of our assumptions. You might recall, I did point to a scenario where it's possible that the SaaS transition moves faster than what we've modeled, and in that scenario, we would see a higher ARR contribution and potentially a lower reported revenue, which would drive the margin down a little bit further. I wouldn't say it's a floor, but in that scenario, it's actually good news in terms of the underlying growth of the business. In terms of confidence in how we see all the moving parts for fiscal 2023, today we remain consistent with our projections previously communicated. Yeah. If I may add, Brian DiBenedetto and Toby Ogg, if we go back to slide nine, I think if you look at the bridge and the building blocks for ARR, you see the four building blocks. We've been strong at winning new customers and expanding the base. That will continue. Secondly, you see the contribution on price. Of course, that's gonna be accelerated in this year, and from you know from that perspective and the move of the PI System to subscription. So we're fairly confident to achieve the value that we put out for 2023. That's great. Thank you. Thank you, Toby. Our next question comes from the line of Nay Soe Naing of Berenberg. Nay Soe over to you. Hi. Good morning, everyone. Thank you for taking my questions. I've got a couple, if I may. Firstly, starting with the guidance, particularly on the FY 2026, and obviously back in April, the trading update, you have reaffirmed the FY 2026 targets. I just want to double-check that, you know, you've still committed to those targets. Secondly, Hi, Nay. Oh, sorry. Yes. Your line's been cutting out just a little bit. Continue. No, we hear you very well. Continue, please. Oh, okay. Perfect. My second question is on a structural trends. You know, we've talked about the recovery in the energy sector. You know, another trend that I wanted to get your opinion on is the energy transition part of it. You know, obviously you've entered into a partnership with the Kelp PLC. So, you know, any updates in terms of how much of the acceleration, the drive in the energy transition that you are seeing so far in the year? That would be great. Thank you. Yeah, let me start off, Nay Soe Naing. 2026, yes, we confirm again. Energy market. As I said before, you know, I think we're seeing three things. Number one is there are a lot of established assets out there that need to increase productivity and sustainability. That's a driver for us. The resiliency and the change in the production environment given the situation that, you know, few people only wanna buy the oil from or the gas from Russia will trigger incremental investment. The third point, where we're well placed, the third point is a lot of the energy companies, not all, and not a few, all of them are investing into decarbonization and decarbonized energy forms. We're ideally situated in working with them. I think at last call I outlined the largest hydrogen plant that Saudi Aramco is building, where we're part of. I just mentioned, I think early on this call or may have been another call where we're working with the supplier of decarbonized energy forms in Australia, and all their partners. From that perspective, I think we're well-positioned on all streams that I mentioned, all the three streams in the energy market, and that gives us the confidence. Was there another question that I've missed? No. That's it. Thank you very much. Very helpful. Thank you, Nay Soe, for your question. Our next question today comes from Sven Merkt of Barclays. Sven over to you. Great. Good morning. I wanted to come back to the midterm targets. The biggest building block in your bridge to your FY 2026 AR target is the contribution from volume growth from existing customers and new ones. Given the importance of this, I was wondering if you could break this down further for us, maybe how much is coming from new versus existing customers and which segments will drive this. Thank you. Well, thanks very much, Sven. We, you know, we understand that this is of course always a question of how what's exactly the shape when we're saying 15%-20% per annum. You know, and how much is new customers, how much is existing customers and so forth. While we have a solid idea how we wanna do it, timing of course also plays a big role in when certain contracts will come in, when the decision points are. I think understanding that it will be 15%-20% per annum is a solid outlook at this point in time. As we move forward, we'll, you know, show you customer examples and so forth. This time was a competitive win, which is actually the most difficult one. If you're displacing a competitor, you move to the cloud, you know, with one of the largest players in the field out there, this is one of the most complicated ones. It gives us confidence. Thank you for your question, Sven. Our next question today comes from Michael Briest of UBS. Michael please go ahead. Yeah. Thanks. Good morning. A couple from me as well. Just in terms of the cloud transition this year, obviously, you're making investments in the product, so we should assume that the technology is gonna get richer as the year progresses. So from a revenue and ARR perspective, well, more from a revenue perspective, I guess. Do you think cloud is gonna be meaningfully bigger in revenues this year? And then how that impacts the next three years. By my maths, you sort of need to be doing low mid-teens, maybe 15% growth per annum for the next three years after 2023 to get to your original goal. Will that be pretty linear or is it gonna be more back-end loaded, so we start at a lower number of growth and exit at a higher growth rate? I just had a question on cash. Yeah. Let me start off with cloud, and then Brian can talk a little bit about shape and cash. The cloud investment, let's make no mistake, we said there are three components to it. There is R&D, there's operations, and there's also sales. That's what we said to drive it forward. From that perspective, we're trying to accelerate on all cylinders. The real figure I think you wanna look at, Michael, for cloud and performance is ACV, because it does give you a view on the annualized contract value, because timing, of course, in a SaaS contract, if it's the last day of a fiscal year, it would just generate one day of revenue. The annualized version, and you can see also the performance of ACV growth, when you look at the annual report, for example, you see that we're growing quite significantly there. The next two components on revenue, I think SaaS and cash, hand over to Brian. Yeah. Thanks. Thanks, Michael. You know our stated objective is to get to a 25% revenue mix for cloud by fiscal 2026. You can do the math and see the CAGR that's required to get there is above 80% from where we are today. From a shaping perspective, we're expecting the cloud business from a revenue standpoint to double in fiscal 2023 and more than double in fiscal 2024, and then linear from there in that CAGR context. Okay. That's helpful. I think you were gonna ask a question on cash. Yes. Just looking at your cash conversion methodology, it's sort of pre-tax, and I appreciate maybe that's just the sort of unpredictability, but should we assume that cash taxes and P&L taxes are broadly similar? There's some moving parts with respect to the calculation and some of the underlying adjustments for the OSI integration and whatnot. We're looking at it on an operational basis pre-cash. Pre-tax, excuse me. From a tax rate perspective, as that may also be on the mind as the number was slightly higher in the year-end results. We see the 14% as sort of being at the high end of our go forward range. We previously guided 13% in the OSI perspective. There's been some statutory rate increases, particularly in the U.K and some other moving parts landed us on 14% fiscal 2022, but we see that as the peak and sort of a stable high end of the range going forward. Thanks. From a cash perspective, you know, there's a bit of volatility, but cash taxes and PNL taxes. Yeah. shouldn't be wildly apart. Yeah. over the medium term. Okay. No, that's correct. They should be more broadly in line. All right. Thank you very much. Thank you, Michael. Before we do move on to our final question today, if you would still like to ask a question you can press star followed by one on your telephone keypads. Our next question comes from Charles Brennan of Jefferies. Charlie please go ahead. Perfect. Thanks for taking my questions. I've got two, if I can. The first is just around the volume of new business wins. I think, Peter, you said you were quite happy with it during the year. Are you able to break that down between OSI and maybe core AVEVA? Is there anything more you need to be doing within core AVEVA to get the new business wins up? Then secondly, just on a small point of detail, you've highlighted the contribution from Schneider during the year, and I think you disclosed over GBP 100 million of revenues from Schneider. What are you budgeting for in 2023? I guess if we look back at the GBP 100 million from last year, why did Schneider Electric opt for more of a point in time revenue recognition contract rather than something more ratable? Thank you. Great questions, Charlie, and good to have you here. You know, if you look at the volume growth of new business wins, it's been across the portfolio of the company. There is, of course, quite a few things that we wanna enhance. As we're bringing the portfolio elements closer together, you know, you've heard me talk about UOC and PI System for predictive analytics and the PI System, and the next one is when we're moving to simulation. We'll be able to move new product into existing clients because it's gonna be a much more flawless integration there and a much faster path to value for our clients. That's one component. The second component of it is really winning new customers and also new end markets. In particular, our cloud offers will help us there. The whole sales force is absolutely incentivized clients and new products throughout the complete portfolio. You know, the amount of new offers we're bringing out is just staggering, if you will. Now, you had a question on the Schneider contract, and Brian is needed to answer that one. Thanks, Charlie, for your question. I think based on the backlog that we have, with the contracts in hand with Schneider and the timing of the rev rec, you should expect to see about a GBP 40 million decrease in revenue on a comparable basis year-on-year, and that's been baked into our projections. Perfect. Thank you. Thank you, Charlie. That was our final question today. I'd like to thank everyone for their questions, and I'll now hand back to the AVEVA team for closing remarks. Well, thanks, everybody for joining today, and talk to you soon with more progress reports on how we're doing. Thank you, everyone. This concludes our call today. Thanks, all, for joining. You may now disconnect.