Here we go to pump you up. Welcome, everyone. Welcome to our Capital Markets Day. I have to say a big thank you for the investment and time that you're putting with us. We know it's a big afternoon. It's good to see people in the flesh, I have to say as well. Welcome as well to the ones who are online around the world. More importantly, welcome and thank you for also having been on the journey with us. Many of you have been on the journey for many years, all the way since 2013, if I'm not mistaken. Thanks for that. We have a pretty packed and ambitious agenda, as you would expect from us. First of all, Jon and myself, we'll probably level playing field to share where we are at with our story at Keywords right now, including the very latest developments. We'll then spend a bit of time going through the last six months and what we've been up to. Also a chance for me to discover the business, to discover the team, but also we've been in action pretty quick. You'll then see quite a few of the five work streams that we've been talking about pretty much since day one, and how we're igniting growth with those. In the room today, you have a lot of Keywordians, so you'll get the chance, hopefully, to meet them. Some of them will be on stage with us as well to share the story. You even have a couple of clients that we're very privileged to have with us as well. Jon will do a session with Nuno on M&A. You may have seen as well an acquisition that we announced overnight. We'll wrap it up by sharing what that means in terms of financials and in terms of growth model overall. Jumping straight in, those are the key themes that we'd like to touch on throughout the afternoon today. I hope you'll be as excited as we are about each of them. The first one is we are market-leading position as a go-to provider of technical and creative solutions. We'll try to really bring that to life fully. You'll then get to see through some numbers as well what our reach, how much our reach has been extending over the past few years in terms of breadth and global services that we have. We'll touch as well on the track record that we have on both organic growth and acquisition, which I think, you know us for, and how much we are well-placed into the buoyant video game market as well, with a few adjacencies we'll touch on as well, I think without getting too far away from our core. We'll spend the bulk of the time on going through those five work streams and the strategic priorities that we have defined, turning strategy into action, before closing on the ability to deliver sustained compound growth. Probably sharing some guidance as we see it for the years ahead. If I take the very first one, a few numbers to bring it all to life. We are the number one in our space. We have eight service lines now across full end-to-end, across the different services that we have. I'll go through them to share the very latest development that we have seen there. We're in 23 countries with 70 studios. I got the chance to visit about 30 -35 of them by now. A lot of great entrepreneurs around the network. We just reached our 11,000 Keywordians. When I joined, as a reference, only a few months ago, we were 9,500. We've been growing quite strongly also on the talent front. Covering 50 languages. You'll hear from my localization team shortly. We serve 23 of the top 25 publishers. We're very proud of that, including all of the mobile top 10 mobile partners. Then Jon and I will do the exercise to share a bit more about the TAM as we see it. We operate in the $200+ billion market. We see our market specifically as being roughly $35 billion, of which $11 billion is being outsourced right now, but growing pretty fast. We'll share a bit more details about that. As you know, we are roughly half a billion EUR sales with a very good cash generation and flow through in terms of profitability. I think this one I won't spend too much time. You've seen it at the year-end, but I think it's worth emphasizing. 37% growth year-over-year last year, of which 19% was organic. You're seeing 56% year-over-year improvement in terms of adjusted PBT, reaching 16.8%. Partly favored as well because of COVID, less travel, as you know, but well north of the 15% that we are targeting. This one, I'll spend a bit more time on. Those are the eight service lines that we effectively cover. If I start on the top right, you get to see our game development capabilities, which interestingly is fairly new within Keywords. We have only really started to invest in this over the past three, four years in earnest. We now have about close to 20 studios in that range, 1,500 engineers. I think that's really a very strong strength that we can leverage more. We have an art services with about 2,000 artists across the globe, with some very big names in terms of studios that I think some of our clients can probably testify about. We have then an audio service, which is where the magic of bringing the emotions of the voice and the voice actors into the games really comes to life. You've seen a few in the video at the entry of the studios we have, including one here in London called Liquid Violet. We then have a set of post-production services from functional testing. Some of you were with us on the road a couple of years ago in Montreal, where you got to see the scale of those operations if you remember. I see a few heads nodding. Also localization and localization testing, again, covering 50 languages. More recently, we have had some recent additions to the family, especially in terms of marketing services. Some studio heads, including founders of the studios, in here with us. We have about eight studios now, mostly in London and in L.A. You'll hear from a bit later today from the team of how much this fits with our player support capabilities, where at the end of the day, that's really where the rubber hits the road and where we get to spend time and meet the players at a fairly massive scale. I was touching on the scale and the reach that we have. As you can see, 23 countries, 70 studios. Why does this matter in the first place? I think first of all, it matters because that's what our customers are expecting from us. That's what our customer really favor, to be able to have an offering where we can be co-located, we can be located very close to where they are, geographically. At the same time, if they want to have the flexibility to deploy resources very rapidly around the world, to be able to do that. I think the flexibility to an onshore, offshore model is also very compelling for many of our clients. It also matters because we are all hunting for talent, and having the ability to have anchors at many places around the world allows us to have that proximity, to be close to them, to really understand the local school, the local university, the pool of talents, and to be able to really tap into those. This one is one that I think it's fair to say many of us are very proud of. We have the chance to serve the who's who in the industry. Again, 23 of the top 25 publishers. The top 10 on the mobile side, you'll recognize all of the names in here. What we have shared more recently has also been how many are starting to work with us on multiple service lines. We now have 130+ clients among the 900 we have that are using three or more of our service lines. If you were to do the same in the top 10, you'll see most of them using six or more of our service lines right now. We also don't have a strong dependency on individual customers. The top five account for roughly 30%, including with some of the recent consolidation that we see in the market right now. Probably the most important one to me is what you see at the bottom right here. That's really important in terms of quality of earnings, but more important in terms of relationship with our clients. We see more and more sticky relationship, where we have very high level in terms of repeat businesses. Part of it is due to the nature of the relationship that our studio have with our clients, with our partners. You'll hear from about that a bit later. Part of it is also where we have some preferred supplier relationships now that are starting to build up. An example of that would be, in many cases, we don't necessarily know which title we're going to work on on a studio level, but we know that we're going to be lined up whenever a new title comes up in terms of testing, for example. Now, in addition to that, we did analysis recently to look at how much purely evergreen do we really have, and we see an extra 30%-40% of evergreen businesses, mostly into mobile. An example of that would be also the work we do with Fortnite and Epic, where we have been with them, one of our studio called High Voltage Software, 130 devs and artists, and we've been with them pretty much since inception from 2017 at Fortnite itself. One thing we're really investing on, and you'll see some example of that hopefully today, is how do we really embed ourselves into the workflows of our partners? How can we really be true partners in that? When you take all this in, we estimate that we have about 80% of the revenues we have from one year to the next that is recurrent. Now, I'll spend a bit of time on this one because this one is one that really is close to many of our hearts, I think, and I'm speaking on behalf of many of the Keywordians here, and certainly matters for me big time for the future. We are responsible business. We are proud to be, but we have much more that we want to keep investing into that as well. We have an ESG committee that is in place, led by George Forney. We have Jon, myself, a part of that committee, something we take very seriously. We have five key pillars that you see on the left-hand side, and probably the most important one ultimately is the one at the very top there in terms of people, with our 11,000 Keywordians, including the DE&I agenda. A few to make it more tangible, you may have seen recently a rating moving from BBB to A, but we still have a long way to go on that. I'm sure it's going to take years, but that's an investment we want to make. You may have seen as well that we have joined an organization called Women in Games. I see Trina Marshall within the audience, sorry to pick on you, Trina. But Trina is one of our ambassadors as part of Women in Games. Overall, they have about 500 ambassadors around the world. We all recognize we have to do much more as an industry overall. Trina kindly invited me to an event a couple of weeks ago where I got to join in for three, four hours. It was striking to see five, six of our female leaders really stepping up, sharing their careers, the evolution as well, and influencing, quite frankly, the industry more broadly as part of that. Expect us to see much more investment in that one, certainly. We're also investing into our group environmental policy. We're still early to be very candid. Right now we are at a stage where we have set up the type of standard we want to get it, but then we are benchmarking each of our 70 studios around the world to see where are we truly at. I would expect next year to see more progress on that front. One that I think many of us are really very sensitive about is the last one, the hardship funds that we're investing in. I mean, we had invested into relocation in New Orleans when hurricanes happened. Many of our teams jumped in in India when we had to put vaccines in place when there was really no effort done for COVID in a proper way. More recently, probably even closer to home to some extent, to all of us, is the crisis in Ukraine, where many of our teams stepped in. We doubled the hardship fund. Even more importantly to me than the fund was to see how much we mobilized with our Polish office, with our Romanian office, to really open jobs for Ukrainian refugees who had talent. It's also good business to do, but really to bring that together in there. Now, I promised to share a little bit more about the TAM. We shared a few numbers at the year-end, but we view the market overall being roughly $240 billion. You may have seen Sony's announcement with Jim Ryan fairly recently sharing those numbers. We see it as growing at roughly 5%. Depending on the estimate, you see 5%-8.7% CAGR. We took IDC as a source and converged very closely to what we've seen at other places. If you double-click on that, in our space, very specifically, we see it as being $30 billion. That's all the content servicing provisions that really happen in that space, of which $11 billion right now happens from third-party or outsourcing partners like us. Knowing that I hate the term, I really want to be seen as truly a partner at the hip. Overall, if you look at that, we see a roughly 10% CAGR happening in terms of that latter number, bringing the market of 35 to effectively $48 billion over the next few years to 2026. You can see more importantly, an increasing part of that being the part that really comes into our type of world, as many partners are starting to think more strategically about how do they want to work with partners like us. A little bit more details about that. We looked at it post service line. What you see on the middle one, for example, you see in audio in general across the industry, already hitting 70% being done by external partners on that front. On post-production, you see a bit less, but starting to get it close to the 50% range, which makes a lot of sense. If you are running a set of studios individually, why would you really want to be in player support or into post-production to a large extent when we have the capabilities to deploy the muscle globally that I was hinting to earlier, the ability to have much more flex and probably also more cost efficient. More recent for us on game dev, but where we have done massive investments, where the bulk of the spend also is, you see roughly 17% coming there. You'll see we'll share some structural trend that showcase that we expect this to increase quite a bit over the next few years. Now, what drives this? That's ultimately it's really about content. It's really content, content. Where you'll see I forecast and many are forecasting an explosion in that space. Part of it is driven by the new consoles, by the streaming platforms that you see in the market, constantly evolving. You may have a question about COVID. Was it just a blip during that time? We don't think so. We see all the evidence going the other way around right now. A good reminder and maybe a data point that is important to keep in mind is the gaming industry is the cheapest form of content on a permanent basis. When you think about discretionary spending from users also having to share with Netflix, to have to share with the football and cinema, etc., actually, this is the most efficient way as well to really get into entertainment as a player or as a person at the end of the day. Also the AAA consoles, the PC games, the next gen consoles, more and more complexity. You've seen some of the announcement from Apple probably overnight, as well, getting more and more capabilities, and generating more and more quality content in there. I think there are also below those top three, there are also some probably more subtle ones. The first one to me, I really got to appreciate it by spending quite a bit of time with our customers, is how much more complexity there is really in getting a game to market. We're talking about it with James that you'll hear about later today, but often it takes now 300, 400, 500 people to get a AAA game over the line. It wasn't the case a few years ago. You could do it with 50 to probably 150 people. It takes a village now to really go and build that in a proper way. At the same time, we're also seeing a very strong growth in GaaS, Games as a Service or games that never ends. Again, you're seeing Sony talking about it quite strongly and powerfully a couple of weeks ago. Maybe the best illustration that Jon and I put together on this that is quite simple is, for those a bit less familiar with GaaS, a few years ago, you would have titles that are getting ready for Christmas effectively ship, and then everything is lined up for that big peak, and then you come back the next season. Versus now, times are really changing, where you get games that effectively never ends. You need more and more content to get them on. You have more and more management of it through micro-transactions, which completely change the behavioral pattern as well and the monetization. Even, I would say, the ability to pass on pricing to some extent in a more subtle way. This results in much, much more content being needed fundamentally. Beyond that, you'll hear later on about the investment we're making in LiveOps, like cross-platforms, which we do a lot of quite naturally. I don't know. If you see on the complexity piece, if some of you got the chance to play around with Unreal 5, you'll probably get a sense in The Matrix Awakens of how much realism you can start putting into those games and beyond effectively in there right now. If I step back, we estimated that we are number one in our space, the space we were just describing, with roughly 3x the size of the next player basically in the space. But it's still very fragmented, and you have many that are more specialized in their own area as such. Now, what I'm taking away from this graph is much more important than that. It's more that we are still only 5% of that $11 billion we're talking about. That gives you a sense of the runway that is ahead of us to really go and build and invest in the platform to do something quite special over the next decade. On the right-hand side, equally important is also the fact that we are probably the only one that have the full end-to-end offering. This hasn't come easily. This has been probably 10 years in the making with M&A, with proper investments, the quality of the assets. You'll hear about that from Nuno a little bit later. That's a very special positions to be on. On that note, I'll pass on to Jon to keep us going. Thank you very much, Bertrand, and it's great to be here today, and particularly to be here in person, which is absolutely fantastic. Just moving on to this chart. This chart really just shows how Keywords has grown and developed over the last eight years since the IPO. From a $16 million revenue business, with 370 people, four service lines, into the business it is today, with eight service lines giving us that full end-to-end capability across the content cycle. Over 10,000 colleagues. I need to update my notes, it's 11,000 apparently. But over 10,000 colleagues, giving us global coverage, across 23 countries. It also demonstrates the power of the platform and how it's been built out through M&A. This, together with the organic growth, has delivered an impressive 47% revenue CAGR over this time. This chart demonstrates the strong financial track record, with a revenue CAGR of 36% over the last four years, with over 10% organic growth each year, and that translates into a profit CAGR of 39% over that same period. A very strong track record of financial delivery. This chart shows the importance of M&A in building out Keywords into the platform that it is today. It's been a very methodical process that we've been through of building out each service line to get them to a position of scale, get them to a position of global reach, and then we move on to the next one. The graph on the left-hand side shows that since the IPO, we've effectively acquired EUR 300 million of revenue. Importantly, that's created the platform that's allowed the business to deliver EUR 200 million of organic revenue growth over that time. That translates to an average of over 15% a year. On the right-hand side of the chart, it really shows the track record of delivery that we've had. With over 56 acquisitions, plus the one we did today, so 57 since the IPO, and that averages out at about five to 10 acquisitions or so each year. This chart sets out how we approach M&A, and we have a session a bit later with Nuno to take you through the way that we approach this in a little bit more detail, but it's a pretty well-oiled machine. We do all of our own origination, and at any time, we probably have 90 or so opportunities that are on our long list that we're looking at. But we're very selective on the ones that we target, and we have a very disciplined approach in terms of how we take a business from due diligence right the way through to the integration process. This delivers a very, very compelling long-term value creation opportunity, allowing us to build out the platform, which in turn drives the organic growth and at pretty attractive valuations. Just building on the chart that Bertrand presented earlier, I think this has created a fantastic platform to build on. We are the clear market leader, with none of our competitors able to offer the full suite of services at scale and globally. We're fortunate to be operating in a large and growing industry and with a TAM of $11 billion that's forecasted to grow even strongly, driven by this continued and meaningful trend towards increasing use of external providers to help deliver content. We're very, very proud to be working with the who's who of the industry, with all of the large publishers, and those relationships are getting more and more sticky and more and more embedded into their working arrangements. From an investor perspective, we're the picks and shovels of the industry. While we absolutely love it when our customers' games are successful, we're not quite as exposed to that hit-and-miss risk that you sometimes associate across the industry. As I said, we have a very strong track record of delivery, and I think this creates a very exciting opportunity for us to build on over the next few years. With that, I'm going to pass back to Bertrand. Thank you, Jon. I think I'll just pause a second on this one because that's an important one and a lot of what is on this slide are really the reason why I joined in the first place. I think because of that platform that we have in our hands to build on. I got the chance to spend quite a few hours with Andrew Day before starting, and we talked about a lot of topics. We talked a lot about what is really on that slide. As such, he had a lot of really good advice while going forward. What really stuck with me, and I shared that with a few of you. I have a Post-it note next to my computer at home, and it's supposed to stay. was actually the wisest advice from Andrew, which is, "Don't mess it up." I think it's actually very wise. There is really strong relationship. There are really strong brands that we have. There is really strong coordination that has happened and really a lot of talent across the board. This being said, I think we also. I'm discovering in this space the type of opportunities that we have, and that's where we are going to spend the bulk of the afternoon to share about. The first one is really about a strategic customer relationship. You'll see, I think we have a great position, but we're still very tactical and could really bring this to the next level. The second one is all about technology. To some extent, I don't want to grow to 22,000 talents to double the revenue over the next X number of years. I really want to make sure that we do that with the right technology investment, but also really on behalf of our clients. How can we be more efficient about that? You'll hear a prime example of something we're doing with Microsoft in that type of setup. Some of you have heard me talk about One Keywords, and this is something close to my heart. I believe we have an incredible network of entrepreneurs within Keywords. This is something I want to protect. We have a few of them, a few of us in that room. I include myself into there. At the same time, how do we increase collaboration to make the best of that platform together? We'll talk a lot about talents today, and how can we think on a longer-term horizon to really tap into that talent that all of us are trying to effectively get close to. Jon will do a small section about adjacencies. As I said earlier, I don't think we have to depart much from the gaming DNA that we have, and to some extent, we already do work in some of the adjacencies. It's a question of how much do we want to accelerate that. Finally, we'll spend a bit of time on how the M&A is supporting effectively all those activities. I'm just going to shift gear a little bit and to go on this picture, which is an important one to me. This is, and I think many are affected in the room, but this is a journey we started really in earnest on the third of January, where we started those five work streams. To do that, we mobilized about 50-60 of our leaders across Keywords. We assigned 10-12 of us, each to one of those five work streams I was alluding to earlier. You'll see what you're going to see later on is really the work of the team. We worked on bi-weekly sprints. I think it's fair to say it has been intense. On purpose, we put team leaders on each of those work streams that were coming from different standpoint and different points of view. Some from the studio, some from the functional lines, some coming from the sales team, some coming from a very different starting point. It has been electric in a positive way, but I really also got the chance to get to discover the team as we were doing this. This picture that you see here on the wall is from May 3 rd, where effectively after five months of work, we ended up actually getting a summit for three days, including our board, very transparently, joining us and being participants to that exercise, where it all came together and where we brought each of the recommendations, including budget, including the PMO, put in place, and we made a few hard choices as well, to make that happen. Now, at that summit, I wanted to share a couple of slides that we shared when we started that summit and that event. We had the three graphs you're going to see next plastered around the world big time. You could not, I think it's fair to say, ignore them. The first one was really about the voice of the customer. Personally, I got the chance to visit about 30 of our studios. More importantly, I met most of the 25 of our top customers at different levels, at CXO level, at CEO level. Again, you have some today with us. I got the chance as well with many of us to go to GDC, to DICE, to really get a reality check and also to hear from some of our investors along the way. This one to me is really important. Essentially, the core of it, I won't go in details, but you can sense that there is a real strong appetite for partnering. A lot of it is driven by complexity that I was alluding to earlier, and where the partners just are coming to the point where we cannot do it all alone. Where are their partners? We have that end-to-end offering where we can do something more systematic together. We did the same with the studios. I really wanted to understand not only by going on premises, but we got some surveys out as well to understand of what do our studios really have in mind. Overall, I have to say there is a buzz around the studio when you walk around. There's really something very, very special that I haven't seen in many spaces before, but we don't do everything right. There are some places where some are asking us to say, "Look, how can you remove some of the red tapes where you are constraining some of the growth we could have?" I've heard it in spades at different places where we can better organize ourselves, also in terms of platforms. How can we really have the platforms to get that visibility? W e realize the power of Keywords that you're talking about, but how can we really get the visibility of what's going on and raise that collaboration? We did the same with our employees. I'm proud to share that we have. We measure NPS regularly, so the employee net promoter score. We have a score that has moved from 22 to 42 over the last year, which I think is a massive jump, but we still have a lot to go after. For example, clearly salaries, packages, the way it's even presented is something that is really top of mind, especially as you would expect in an inflationary world like this. I'm sure we'll talk about that more. It's much more than that. A lot of it is really about career path. How do we make sure that you give us chances to leverage the global network that we have? How can we have geographic experiences? How can we move from one service line if we have an engineering bent to game development, potentially? How do we plan for that? There was another piece that came very strongly in terms of feedback from the team was, "Look, Bertrand, we also need to get a sense of purpose, where we have it across Keywords overall, but how do we have more something that brings us all together? And this is a good moment to do that." That brings me to the next one, and that's something we did as well at that summit, with one of the teams. There is a word that we're using, and Liz, who is our global marketing director is in the room, and is probably going to take me on that because we're still playing with the words, but I like to call it for now, we're game makers, and proud to be game makers. I genuinely believe that I had sort of an epiphany when walking around with Jon at DICE in January, if I'm not mistaken. I got to realize when meeting many of our partners, many of our clients, I didn't know what relationship exactly we had. I was still discovering the business. How many are relying on us to get the games over the line? How many actually are really relying on the type of resource and the partnerships and the technical ability and even the store leadership to be able to get that done? Actually, I think it's very rare because when you think about this. How many companies can truly say that if they disappear, if they weren't there, the ecosystem might be quite different? When you think about that for a minute, I think there's really something profound there. I think we have a chance. We're only at the beginning of that journey, we have a chance to really create something special in that space. Now, some of you may be familiar with the famous flywheel that from Jeff Bezos, from 25 years ago, where on a napkin in a bar, he wrote actually pretty much the flywheel strategy of Amazon, which he still comes back regularly with. We did the exercise to also look at what could be a flywheel. Do we even have one? Many companies don't. I think we have. I think we have something quite compelling here. First, we have a strong offer that has been built over the last decade plus. You have seen the type of service lines, the end-to-end proposition. That in its own right attracts the best clients, attracts the best title, which is not a given. I wouldn't take that for granted, with long-term relationship. Which in its turn attracts some of the best people in the industry and the best targets, as we have seen overnight. People get a choice of where they want to work, and many really want to work in a world where supply is so much shorter than demand, of which company do they really want to work on, and they want to work on the good titles. We want to make sure that we have that platform that I'm talking about with Jon to make sure that we are not just a collection of individual studios, that it really comes together, which then reinforce the offer. You can see hopefully that wheel spinning. That's our job. Our job for us in the room and in the audience is those five work streams and M&A, how do we use this to invest to really get that wheel flying faster? On the right-hand side, you see the emphasis on strategic partnership. How do we really embed those long-term partnership, truly joined at the hip? On the left-hand side, that's why I'm so passionate about technology and one keyword, is how do we have that so that we truly have a platform here. On the bottom, you see the investments that we'll talk about this afternoon at length about talent, talent and capabilities. Likewise, also with some of the adjacencies we're looking into and deploying our balance sheet and our M&A capabilities to be able to circulate that. I'll come back on that wheel. I think it's a bit conceptual, but I think it's really an important one, and I don't think everybody gets something like that. Before really digging into it, this is probably the agenda for the rest of this afternoon. Those are the five work streams I was referring to. By the end of that summit, each team came up with three recommendations, no more than that. That's probably as much as we can chew. Many are not rocket science. Many are going to be business as usual fairly quickly. It was a matter of focusing, picking our battles, putting the right resources, putting the right leadership behind, but to be able to really go after it. We have also put proper PMO, proper resources, proper investments behind to make sure that we can make that happen. We have also taken a three-year approach so that we are not constrained by just going from one year to the next. Where there are places where we need a longer period of time to really go and make a difference, basically in those. Again, that's going to be the menu for what's after. On that basis, taking a breath, we are ready to jump into each of the five, and I'll start to kick off and emceeing the first one, which is those strategic partnerships. To talk about that, I'm just repeating a slide that I just went through. As you can sense, we're very proud of that. We're very proud, Jon, mentioned it as well, to work with the who's who in the industry. We're proud of how many are using multiple of our service lines. If I'm really honest, when I dig into it, I realize that we have quite a few gaps on that picture. I'll start with the bottom, where we did the analysis with one of the work stream teams to look at it title by title, and then we stepped back and looked at it for the top 25 publishers one by one. Taking the example of Elden Ring, which we are very proud, I mean, to have contributed to, you can see five of our studios stepping in those with Bandai Namco. Actually, there are quite a few gaps in there. We didn't contribute in terms of game development. We didn't play in terms of play support. We didn't help on FQA, versus we knew that this was coming based on the work that we're doing in art on there. There were some white spaces there. At the same time, if you go under the hood, there was a lot of high-fiving on all what we could have done we have done together, but it wasn't easy. A lot of resources really mobilized at the very last minute with some sacrifice in other studios. We could have also extended to create less frustration from some of our clients to really make sure that we can extend those resources, valuable resources for the long- term afterwards. That's why we started to look from tactical to more strategic. What else could we do? That's why we are passionate about that, about how do we secure those resource for a longer time? How do we plan better on that? How do we think about a more cross-line and studio collaboration? When we did the map of the top 25 per service lines, we have quite a few white spaces. Player support being an example of that we're now properly taking on. You'll hear from James a bit later today about how can we think differently instead of just thinking the next title, whether it's Bloodhunt, whether it's Elden Ring, how can we think all the horizon to 2026. It's a very different way of thinking. It means opening up the pipeline. It means a certain trust to be able to really trust us as well to discuss that. When we can come up with solutions that use the best of Keywords more broadly. Trina has been one of the architect of that. What I got to appreciate by talking to some of the CXO and CEOs is also that actually there are many more ideas that we don't even have right now. Where how can we think from a QA point of view to take a full chunk across 10 of the studios that they have or 20 of the studios that we have. You'll hear an example with Microsoft, where we're co-developing a platform in localization together that we can then use across other publishers afterwards. Some are even asking us to think about M&A in a different way to be able to serve them on the back of that. I think this is a great time to do that. It's a great time because we've earned that trust over the year. I think we have a quality offering. We have a certain platform, and more importantly, because it taps into the natural entrepreneurship of our guys within the studios, and ultimately, it's what clients are expecting from us. To bring that to life, I'll bring two customers. One of them doesn't need much introduction. I'll come back to Jon right away. And then another one afterwards that I'm very proud to have with us that I would want to make sure that you get to really know them because I think they're up to something very, very special. The first one, we'll start with John Doyle, the creators of League of Legends franchise. Incredible. Since 2009. They've really grown a lot since then. You'll hear some of the titles we've been working on, including as well Arcane as a hybrid model between films and games that is quite special. Mike and myself. Mike was actually in L.A. with John last week. We worked very closely with him for years and just ask him a few questions about our relationship right now and how he sees that evolving. I think there are a lot of complexities and challenges with bringing games into the market. For Riot in particular, it's somewhat extra challenging in that we serve a global audience, and going to market for a Riot game is just the beginning of a long journey. We expect these games to last for decades. That means that once a game is out, we need to continue to deliver great value to players. We need to continue to evolve the experience, and that means our teams and our needs are constantly growing. I think one of the things that Keywords brings us when we're trying to solve that for that global audience and for that long-term approach we have is that Keywords is also global. Keywords provides a broad array of capabilities. When we're dealing with global problems and, issues with rapidly changing scale and complexity, Keywords has been a great partner to help us navigate that space. I think Keywords and Riot have a somewhat unique relationship in that Keywords ability to scale and provide, varied capabilities has helped Riot a lot. I think one great example is in localization, where we've had great success working with your Montreal and Dublin offices, and the memoQ technology has been something that is kind of a vertical integration for us in terms of tools and localization. It's something that we've relied on and something that has paid big dividends for us within Riot. During the pandemic, we were launching four games in 2020 and 2021. Keywords was a great partner for us in working through the technical, IT, and security challenges that came along with everyone shifting to work from home, and we were able to go forward and launch those games really without missing a beat. I think our ability to trust Keywords and to be able to rely on the capabilities of the company have been a big part of our ability to succeed as we've scaled. Riot in the last couple of years has gone from being a single game company, although with one large game, to now being a multi-game company with five services running, all of which are at significant scale. I expect like Arcane, which is that crossover from game to TV, is a trend that is going to continue in the industry. We at Riot believe that the core of entertainment in this century is going to come from games out to other mediums. Our ambitions are even bigger than the company is now, and we are definitely looking for partners that can help us scale beyond our ability to just hire internally. Keywords is one of those companies that we've worked with closely so far, and we think there's a future in working together more closely, and we're really interested in sitting down and figuring out what that might look like. Hopefully that gives you a sense. For example, with Riot, we have an ABR, an annual business review, coming up this summer where we're sitting down with John and with his management team to really open up the portfolio and look at whether it's VALORANT, whether it's League of Legends, whether it's new titles coming up and how we can organize more solutions around that. On that note, I'll play another video while asking James to join us on stage from Sharkmob. I'll let Fredrik do the talking to introduce you, James, if it's okay. Hello, everyone. I'm Fredrik. I'm CEO and co-founder of Sharkmob, a game development company out of Sweden. I just wanted to take some of your time to tell you about our history. We were founded about five years ago, and we're already 350 people. We work out of two studios, one in London, one here in Malmö, Sweden, and we recently released our first game called Bloodhunt, and that was something we celebrated together with some of the Keywords companies that we work with. We have a great collaboration, not just with, you know, more traditional art outsourcing, but also co-development of the game and marketing assets like video trailers and such. It wouldn't really have been possible for us to make this journey without a partner like Keywords. We really appreciate all the help and all the support that we got from you guys over the years. Looking into the future of what we have in our pipeline, we have a couple of new games that we already started to work on. Even though we're fully acquired and part of the Tencent group, we still need to have that collaboration with Keywords moving forward. We have plans to work together over the next couple of years on those different projects. I do hope we meet soon again in real life. Bertrand, it was a real pleasure to meet you in San Francisco. I do hope we meet perhaps at Gamescom. James, my colleague and managing director of the London studio, he's there with you today to give you more information or answer any questions that you might have on Sharkmob. Good luck, guys, and hope to see you soon. James, that's the best of intro, I guess, from Fredrik. Yeah. Maybe a good place is. First of all, thank you for spending time as well with us today. Pleasure. Thank you for inviting me. We got the chance to visit the new studio that James is setting up in there. We were the first visitor, I think. You were indeed. We moved into our new office that you saw just up on that screen in Covent Garden last Monday. Bertrand and the team were the first people to come and welcome us to the new space. It's a pretty impressive space. It's 50 people right now, plus the Tencent team coming in as well. Yeah. Yeah, 55 of us right now. 20-30 Tencent people and room for about 300. We've got a lot of growing to do over the next few years. Those are the ones to watch, by the way. Just, I'm just saying, but part of the Tencent family as well, more broadly. James, do you want to share a bit more maybe about, c ongrats for Bloodhunt as well. Thank you. Amazing start. A bit more about Sharkmob overall, maybe putting m aybe the nature of our relationship over the past years. Yeah, of course. Sharkmob as a company was really set up to be a next generation developer of very, very high production value video games. Most of the team in Malmö originally came from Massive Entertainment, known for The Division, part of Ubisoft, and when we started the team in London, it was very similar things. We wanted to make very large, very ambitious, very high production value games, which is what we'd spent most of our previous careers doing. As Fredrik mentioned, Sharkmob is actually a very young company. It's five years old. Released its first game, Bloodhunt, not too long ago. We're just over 18 months old as a London company, growing reasonably quickly. The partnership with Keywords has been hugely important to us for many reasons. I think two big ones, I think you mentioned earlier, Bertrand, that the triple-A games these days take 400-500 people. I've seen teams scale into the thousands now. Alongside that, we're growing a new team from the ground up. We never wanted to be a company that was 500 people big in a single studio. We didn't want to scale so quickly that we couldn't keep tight control over or account control over the way we develop our culture. We want to onboard people properly. We want to scale in a sensible way. In terms of both scale of our outfits and the ability to scale quickly for the games we want to produce. As Fredrik mentioned, we've got three games now in some stage of development. We needed to partner up with people, and Keywords has been the perfect partner for that for many reasons that I'm sure we'll dig into. I want to stay on Bloodhunt first for a second. Like we have relationship with d3t. We have the founder of d3t in the room as well, with Fire Without Smoke. In your previous life, you worked as well with Global w ith Black Shark. You want to share a bit more and maybe give us a hint of how Bloodhunt is doing as well? Yeah. Bloodhunt is a very new game. It's been out for a matter of weeks. It is proving to be quite successful, more successful than we predicted, which is always good. I'd say Keywords has really been an extension of our internal development team on almost every front. You mentioned a few of them there. I probably can't count the number of individual Keywords studios around the world that have been involved in creating Bloodhunt across, I think, pretty much every service line, if not all of the service lines. That's something that we expect to continue doing for our future projects. We're already in conversations about the next few years and what that might look like. I think I've been in games for over a decade now, and working in a mode of partnership has always been part of the way we work, but it has drastically become a bigger part of the way we work. Keywords is making it much easier to do that kind of work than it previously has been for certain. That's a nice thing towards the ambition that is ahead of us as well. We're talking about the 2026 time frame. Frederic was talking about it next couple of years. In truth, it's really next four. You've two big titles. Maybe as a hint, James is a big fan of vampires. It probably gives you a sense of the type of games, if I may, that are coming. How do you see that evolving now? Because the complexity you're talking about is going to be exponentially bigger, probably over the next few years together. It is indeed. I'd say Bloodhunt, while it's been a success for us, is quite a small project compared to what we've got coming up, what we've got coming down the pipeline. We have two more games in development, one being led out of Malmö, one being led out of London. They're going to be big projects, and I say that. Even with relative to the big projects that are already out there. We are as a new studio, as a new company in London, we're looking at our hiring plan, our growth plans for the next five to 10 years. We've had to do that when we're looking at new office space. Say we've just moved into a space 40,000 sq ft. We had to put a lot of thought into how is our team going to develop. It's been important to us over the last kind of 12 months in particular in London, but also in Malmö, to think about what's our team structure l ook like. Who do we hire internally? Who do we partner up with? How do we partner up? What's the scale of those arrangements? I know we've been having a lot of those conversations since we started our partnership together. There isn't really any other company that I can think of in the world that can offer that level of looking down the road across every service line and trying to work out how we best tailor a kind of partnership solution to delivering a project. It's going to be a journey together, right? It is, yeah. One of the things we've been talking about is, like, there are teething issues when you get to that type of scale. One of the things that one of the architects is in the room, but of those integrated solution architect or integrated s olution producers, which is almost mirroring the producers here, but basically within Sharkmob. Indeed, yeah. How do you find the discussion so far? I t's been hugely useful. I mean, I think over my career, I've worked with two people in this room as key partners. One, Blandine over there, Paul here in the front. They've been incredibly valuable partners, not only to the companies I've worked with, but to me personally, in terms of helping us solve development problems along the way. One kind of very recent story, something that I don't think would have been possible in the world of games three or four years ago, probably not, kind of more than a year or two ago. We had a request come across our door just a few months ago. We've got a milestone for one of our early projects. It's in concept. Many PowerPoint presentations and trailers at this stage. We have a milestone next Tuesday. We had a request put across our door just before GDC, so we're talking mid-March, that there's a new requirement that when we go through our gates, it would be nice to have a game trailer, one or two minutes of footage in the engine that we're building in that looks like the game we're looking to release in four or five years that shows what the game will play like in four or five years without actually making the game. This problem came up. We just happened to have lunch with Paul on the same day, so me and our art director, Ben, were complaining about this a little bit and trying to work out how we solve this problem. Paul took it upon himself to try and find a solution within Keywords and then came back two days later, a day later, with a Trailer Farm to lead the way in terms of crafting the trailer. Environment art support, character support, we're looking at localization support, and I say this happened within a couple of days. I didn't think that was going to be possible. We'd have at least had to have gone around four or five different studios, spun up four or five different teams, managed four or five different teams, four or five different contracts. In reality, I don't think it would have happened. I'm quite happy to say that we've got this milestone next week, and we've got a pretty special asset that we're going to share then. Thank you, thank you to Paul and Keywords for making that happen. That's why he sits on the first seat. Exactly. I can just look at him while we have that conversation. Okay. I have another one for you as well, James, which is about you're part of Tencent as well as f amily overall. Some investors might be wondering what does it mean for the relationship. Fredrik was hinting to it as well. Can you share a bit more, especially as you're very close to them now? Indeed. Yeah. It's interesting seeing Riot up on the screen as well. They're another part of the Tencent family. There are a lot of game studios now who are part of the Tencent family. Tencent, to their credit, is very supportive but relatively hands-off in the way we operate and the way we create our games. However, they've done a really good job of connecting the various studios and companies that work within the organization. We do talk with Riot, we do talk with Funcom. Tencent has started running both U.K.-based but also global conferences with their various game studios. We do share learnings. We do pass on tips. We do talk about our successes and failures. Indeed Keywords Studios is definitely a big talking point within the Tencent family, you see. Riot are obviously very pleased with the work that they've been doing with Keywords. We're in a very similar place, and we will continue to share that within the Tencent family. Like Keywords, I expect the Tencent family is going to continue growing over the next few years. It's part of the investment and strategic partnership as well. Maybe one last one. We could be here all day actually. I'm enjoying it. Again, I'm seeing the time up there. Just one last one. If you were in the shoes of the investor, in the eyes of the investor community as well, it's like how would you think about us? How would you think about Keywords in that type of setup? Yeah. I alluded to this in kind of an earlier answer, but I genuinely believe that Keywords is unique in this idea that, as a game developer, I can come to you with almost any creative staffing specialism problem, and you are likely to have somebody within your portfolio that can solve that problem. M ore importantly, you can pull together two, three, four, 10 different teams who can help solve that problem. Prior to Keywords being where it is today, that would have been a huge amount of work to find all of the individual areas of support. As mentioned earlier, getting those teams contracted, managed, getting the process into a place where it works effectively, getting the relationship to a place where the teams can collaborate well, is a huge amount of effort, and it takes a lot of time. This year, last year, Keywords is uniquely in a place where we can come to you and solve those problems very quickly, very effectively. I don't see any other company in this space that is anywhere close to being able to deliver that level of service. That's to me the unique nature of Keywords that makes it a very special company. James, thank you very, very much. Thanks for spending the afternoon with us. T hank you. I know how busy you are. James will be available. We'll have a break after the tech section, and then there are a few cocktails to which you are cordially invited. Indeed. Looking forward to meeting you there. Thank you very much. Thank you. Thanks for the partnership as well. Yes, thank you. I'll just close this section just with one thing that James was alluding to as well. We also need to make a few adjustments and a few investments to make sure that we can take on that type of level of complexity and demand. Two of those are here on the map. You see Blandine, but we are going to invest more into client partnerships. Really being the trusted advisor across this partnership, but also being able to know all the service lines and the type of solutions that we have inside out on that. I think, Blandine, I don't know where you are, but just wanted to point to Blandine as well. Talk to her. Blandine is exceptional and knows that inside out, and we're going to make more investment there. Another one is the one we were just talking about, which is those integrated solution producers and architects. I'm pointing to Trina Marshall, who joined at the same time as I did and who's had a massive impact within the firm, right away, and pushed us a bit with some discomfort, to be honest, to set up three, four of those roles, partly with some frictions in terms of being able to scale to the next level, and has had some, I would say, tremendous success so far. We're still early. We're probably four or five of those. Those are a rare breed of individuals, so if you know some great talent, we'll take them very happily because it needs the right EQ, the right IQ. It needs to be truly at the service of our clients. It needs to understand and handle the complexity and being able to package those type of solutions very, very quickly. I would expect to see us investing much more across the top 25 relationship in those type of areas. In conclusion for that section on the strategic partnership, I think there is a clear appetite, as you can probably sense. You've heard it from a couple of stories, but I think that appetite, I'm hearing it from everywhere across the top publishers. I think the timing is really right, because we couldn't have dreamt of that if we didn't have, and James was alluding to it, if you didn't have the full end-to-end propositions to be able to take that on. It will require some investment, moderate investment, but to make sure that we can effectively tap into that. On that note, I'll tee off the second one around obviously a topic very close to my heart, probably if you know my background on technology. Then we'll take a break after these sections before moving on to the other ones. In terms of technology, I'll touch on two of the three recommendations that the team came up with. The first one is I'll open our own internal kitchen. I'll give you a bit of a sense of the good, the bad, the ugly of where we have more to fix to be able to really go and scale to the next level. Secondly, I'll pass on to a team who has been driving a project, as I mentioned, with Microsoft to drive more automation across localization, with the goal being to do that across all of our service lines. Let me take this one on before passing on the baton. This is a very open sharing of where we sit. When we looked at our own kitchen, the own architecture that we have, and as to say it was a lot of good works happening from our IT teams, but fairly complex. We had about 14 different projects that were ongoing, many at different level of scalability. The major miss probably to me was great IT team, but it was not necessarily being picked up by our business teams. We had a mismatch where the tech team was trying to figure out what to do, what kind of architecture to do. We got to realize, gosh, for an 11,000 people team, we have some gaps here. For example, how can we really operate at scale? We make it work because we have the right basis, but how can we operate at scale without having the right workforce management system where we know at any point in time what has been allocated, what has not been allocated, so that when we're on the road, you know what we can promise, what we cannot promise short-term and long-term. We want this to be. We want to have the right digital asset management in place so that each of our assets have the right depository with the right metadata behind so that we can also do reuse where it makes sense. We want this to talk to a Salesforce engine so that, which we have deployed, but how do we make sure that the connections are really strong? Once you have this, how does it talk to a forecasting system in NetSuite or Intacct to make sure that we can have the right plans in place and the right visibility at any point in time? You can sense I'm a bit tough on ourselves, but there are some where we are very well advanced. On the finance side, Jon Hauck's team has driven actually, something substantially which are really simplifying our life and even night and day compared to even five, six months ago. There are some areas where we have some work to do. I would expect us to see some investment on that to make sure we have the basics in place. It doesn't mean the full 14. We went back to really the basic of what needs to be in place to operate and to really get that collaboration going. Beyond that, I wanted to talk about automation, and that's where I'll pass on to Mina and to Tony, who are here also on the front line. Mina has joined at the same time we joined together, right? We're in the same cohort. Mina runs our localization business, which is a EUR 100 million P&L across the globe. As you say, Mina, you'll see has a very strong tech bent that she's already put to use very, very strongly. Tony came to the family two years ago with the acquisition of Kantan AI, and if I'm really candid, Tony is like, this has been an incredible acquisition, but it was subscale in the way we're using it across the broader set of the network. Mina and Tony found each other. They looked at a very specific client at Microsoft, one of our top-tier clients, where on localization we had a particular deal that we had not won since 2017, while being pitching for it a couple of times. Part of it was also because we couldn't even fulfill the level of demand that it required from our linguist as part of that. I'll let them tell the story of how they found a solution for that problem. Thank you very much, Bertrand, and hello, everybody. My name is Romina Franceschina, and I'm Service Line Director for Localization Services. Now, just in case, for those of you that may not be familiar with our discipline, localization services is the art of taking an asset, in our case, video games, and translating that content into multiple languages, making the cultural as well as genre-specific adaptations that are required for the product to then be fit for the market. Now, at the beginning of this year, we were approached by Microsoft, who were looking for a partner that would help them make their localization processes smarter. They are a very mature buyer of localization services. I'm sure you understand that they've been localizing their products for quite a long time. When they approached us, they had a really specific list of requirements. They wanted a system that would allow them to process a lot of content fast, but equally important for them it was the fact that they wanted the system to be simple and easy to deploy. Interestingly enough, one of the key things for them was they did not want to invest their own resources to developing this. For them, it was important to find a partner that would already bring in all the expertise in localization services, and they would take their priority list and run with it and develop the solution together with them. At that point, Tony and I knew that we were perfectly placed to fulfill that brief because we had two key elements within the Keywords solution. We had best-in-class technology, but equally importantly, we have a very extensive team of workflow experts that can bring all of that requirement together. Why would a traditional workflow not be suitable for a Microsoft solution? There is a very simple answer to that: scalability. When you think about the volumes of content, we know that it's very difficult to bring in enough human resources and also linear type of workflows tend to use multiple technologies in the solution, so it gets really difficult to scale. What we did for Microsoft is we took their list of priorities, and we brought together key people within our organization. We brought together our developers, our workflow experts, as well as our talent managers. We took the model, and we simplified it. We stripped it apart. We worked on three main categories. The first thing that was very important was to make sure that end-to-end there would be a single technology driving the workflow through. This brought in the simplicity and the access to data that Microsoft were very interested in. The second aspect that was very important to take into account was automation. When you are talking about volumes, you need to make sure that you're automating as many of those low-value tasks as you can. Again, we eliminated waste and equally importantly, we reduced risks. The third element for us that was really important was to make sure that we could safeguard all of those high-value tasks that are best serviced by human experts. The experts in the loop, people that would make sure that quality is built into the process of localization. Now, it may sound counterintuitive to work on automation like this. The interesting thing is working on this type of solution opens up new avenues of revenue for Keywords because the reality is our clients have a lot more content to produce, and it would not be physically possible and financially possible for them to treat those volumes with the traditional workflows. We know that the investment in this solution is absolutely critical for us and for our clients. Now we are really proud of the solution that we built. Tony will give you a quick sneak peek of what it is that we're doing for Microsoft. Okay. Thank you very much, Romina, for that introduction. Hi, everybody. My name's Tony O'Dowd, and I'm head of research at the Keywords Studios Localization Research Labs, and my job is to embed AI into the localization process. Really the sub objective of that is to make AI the norm for Keywords rather than the exception. We've got quite a broad stroke of ideas and objectives and so on that we have to achieve. Now, the high volume translation service for Microsoft brought together two key technologies that we had developed as part of Kantan AI. One was a neural machine translation system, and the second one was a very flexible workflow system called KantanStream. By bringing those technologies together, we were able to reduce the time to process files from Microsoft from hours and sometimes days down to minutes and seconds. Okay, so the first job hit the project, KantanStream three weeks ago, and within eight minutes, the job was picked up by one of our experts in the loop, our translators, and was delivered back to Microsoft 24 minutes later. Okay? Now, that doesn't sound like a too big a challenge to do in one for one file, but of course, remember, we've thousands of these files coming in in up to 30 different languages. In fact, this particular project from Microsoft covers 15 game titles that we had previously never worked on in 31 languages, and they want every single file that they send to us returned back in less than 48 hours. At the moment, after three weeks running the system for them live, we're now returning 97% of the files back in less than 48 hours. Unbelievable level of automation. One of the things that we've got that makes this possible is that we actually embed our systems directly into the content management systems that are used by Microsoft. We go way upstream directly into our client. Now, this positions us into a tremendous powerful position that we're now part of their development pipeline. What we do is we extract that content at lightning speed 24/ 7, 365 days of the year, and we deliver it downstream to the translators that need to get the work done very, very quickly. It's the time difference between the extraction of content and the delivery to the translator makes all the difference in the world. This is where this system is so unique. What we've got here is we have a new system that brings speed, scalability, and simplicity to a rather complex workflow of game localization. The translators are actually part of a community, so everybody has heard of these new ways of working. Uber is a community of drivers. What we've actually done in Keywords is we've now built a community of both professional editors and professional reviewers, and we actually manage that community on our platform. We curate them, we vet them, and we onboard them automatically. As soon as a job comes in from Microsoft, that community is notified automatically that there's a job available. We can now work seven days a week, something we couldn't do before. We can now work in any time zone in the world, so we can follow the sun. We can actually implement an FTS strategy. The great thing about this is our community of translators can work any time, any place, on any device because this system that you're looking at here works on every single platform. It's not restricted to Windows platforms. It works on Macintosh platforms. They can even actually work, believe it or not, on their mobile phones. Okay. We now have this great capability to reach out and distribute these jobs. Another part of our solution as well is that we're using extensive AI to make this a reality. What are we doing in terms of using AI? Well, the first thing we can do is not only can we pre-translate content now for our clients, we can actually determine the quality of that content. How good is that machine translation? How good is that translation memory? If it's a very high quality using our AI systems, what we can do is we can send it to the reviewer rather than send it to a post editor and then the reviewer. We're taking out one step in the process, and that one step in the process, believe it or not, represents about 50% of the cost of the entire process. By using AI, we have the ability to squeeze more efficiencies out of the process, and the actual financial efficiencies are quite significant. The other thing that we can do as well is one of the briefs that Microsoft gave us was that they wanted total transparency in the way we're running the system. They wanted to see who was working on the files, when they're working on the files, and how good they are working on the actual file content. We gave them a dashboard just similar to this here, where they can actually see who's actually translating right down to the individual string within a game. Okay. Now, why are we building that type of data? Well, believe it or not, the next generation AI systems that we've got to build needs that level of data modeling, so we can actually start building recommendation models next year, and we can actually pick the best translator for the content that's coming in for our clients. We're already thinking a year ahead that we have to build the data models today in order to stay ahead of the market, in a year's time. The final thing about our system as well is that we couldn't do this without these experts, these editors and reviewers. What we've actually done for them is we've built an entire new translation surface for game localization. When they actually load up a game and start working on it, they see not only pre-translations of every segment in the string, they also get all the glossary hits, and they also get various other information that makes it super efficient to actually work in our environment. Now, the great thing about this solution, guys, is it's sticky for our clients. Once our clients deploy this, it's incredibly difficult for our competitors to come in and take that business away because they don't have systems that we're developing here today. We're unique in that sense. KantanStream, we were lucky in the sense that we already had a workflow system. In order to get KantanStream ready for Microsoft, we had to do extensive extensions to it. Now, because we already had a workflow system that's very modular, it's cloud-based. We have about, at the moment, 300 servers running this platform, believe it or not. It just gives you a sense of how extensive this platform is. Microsoft gave us six weeks to embed it in their development cycle and go live. The actual date that we went live was Wednesday, three weeks ago, and so far we've processed about 1,000 jobs on the platform. Quite an incredible achievement considering that we had no live test of the actual solution. We had to go straight into production in a live capacity. Thank you very much. Absolutely. Really quick note about Kantan. As Tony said, we went live on the eighteenth of last month. I'm like you, John, I keep track of how many projects we've done for them. You keep losing track of employees, I keep losing track of projects. The funny thing or the best part of this is the fact that the initial feedback from Microsoft has been absolutely fabulous. We spent around five minutes celebrating the launch, and then we moved right back into development mode, and we're working on the next set of priorities for Microsoft. Now, again, you know, the beauty of Kantan is they were brought into the Keywords family because they have an incredibly unique approach to machine translation. What we're doing with the technology today is we're stretching it to deliver efficiencies. Those efficiencies are absolutely indispensable for us to be able to partner with our clients and deliver the work that they need. Thank you very much, and Bertrand, over to you. Thank you, Mina. Thank you, Tony. Thank you, both of you. I think this was only just an idea in January. I think it's fair to say, but based on the technology you've been developing for years. Really impressive. I love the fact that it's live and the feedback that is coming your way. I think the thing that strikes me, on that example is also that, when you think about its SaaS, it's really a translation as a service to some extent. Tony made the point very eloquently, which is embedded into the workflows. That's something very sticky as we were talking about that earlier today. Our job now is not to stop there. Our job is across each of the service line, and actually that's the job of each of our service line leaders is how do we drive that? How do we have that mindset everywhere? How do we automate systematically? It's starting to be in motion already. You'll hear from Mathieu Lachance a bit later today from Canada. He's leading our testing capabilities. He's starting to think very differently, and we have an acquisition that is in the works that may help us accelerate that. You'll hear as well, I mean, if you were to hear about our player support piece, we already have a partnership with a company called Helpshift, where we are starting to go to market in a true symbiotic way as well together. The job is really how do we do exactly what you just heard, but how do we do the 10x over the next three years across each of the service lines? In short, I think to take this away, we have prioritized the work that we want to do in our own internal kitchen, internal capabilities, so that we can really not only dream about platforms, but really make it happen at all levels, at all touch points without adding any complexity to the entrepreneurs. On the contrary, to remove many of the red tapes away. 10x automation, how do we do that everywhere? It's a day job. It's part of the job's description if you're a business leader within Keywords. Innovation, I'll touch on it later today. I'll just introduce Jamie Campbell, who is here in the room. Jamie used to run up to very recently, he's passing on the baton at game development practice. He was the founder of d3t, one of our most successful studio in game development, building a 1,500 people team, and has decided to go and run innovation for us across each of the service lines. I'll share a little bit more about where it comes to organization in that, but very grateful for Jamie to take that on, but that will be a quarterback to be able to make all this effectively happen. Maybe one last point I want to close on this section is this doesn't happen if you think one year. Somehow we need to take the thinking as well about how do we think two, three years while creating the right urgency and the type of mobilization that I think Tony and Mina have demonstrated today. On that note, we'll take a break before getting to the next work streams. If you want to reach out to Tony and Mina, they are happy to give you a demo as well of the platform very openly as well. We'll see each other at 3:30 P.M., okay? In 10 good minutes. Thank you. See you shortly. We'll keep our whistle-stop tour to go through the work stream. Number three is about one Keywords. You've heard me talk about one Keywords a lot, and I'll share a few more thoughts about that. Frankly, I hope you get to see what one Keywords really means for the examples you saw there. Even look at Mina and Tony coming together, the way they came together with a client and shaped that with quite a few of our studios as well, helping behind quite a few of our teams. That to me is really one Keywords. When you look at those work streams and the way they came together, the 50, 60 leaders mobilized with many of their teams, playing a role into that, to me that was really one Keywords into action. That's the type of culture that we want to keep shaping. We've had some interesting and difficult challenges as well, and discussions that we have had that we didn't shy away from. Typically, every organization, whatever business unit you have, you have a point of view about how sales should be organized, should it be globally, should it be local. We have had those discussions. We're reshaping incentives. We're making sure that we can operate more as one Keywords as well together as part of those streams. That's also one Keywords to me. But what I wanted to do in this next section is to go a bit more specific and share specifically the organization that we've been evolving, Jon and myself, over the past few months. We announced it on May the third, after a lot of work with those 50 leaders, and I'll share very transparently what we have come up with. Maybe a few guiding principles. First of all, you'll see I wanted to simplify. To take that moment to simplify the nature of the service lines we have. Many of you are familiar with our service lines. We have about eight to 10, depending on how you count. Clients are getting confused at some places because of the variability that we have across those. We thought that as we keep growing and keep expanding our services, this was a good moment to bring that together. We also wanted to amplify the voice of the studio. When I joined the first summit before joining officially in October, it was the top 30 leaders across Keywords being there for three days. One thing that stuck with me was that there was actually no studio heads present at all. Yes, we had the service line heads being there, but we had no studio. This cannot be right in an organization where ultimately we are really operated through the entrepreneurship of our studio. You'll hear us talk about the construct we've put in place called the hubs. Clearly, I couldn't get 70 leaders to join the leadership team on top of the 30, but I think we found an elegant solution to do that by some of the bigger studios representing others as well. Key to us was also to retain the entrepreneurship. I think that's what makes us magic. I know it sounds a bit high level, but if you have been following Keywords over the years, part of the advice from Andrew Day was the entrepreneurship we have is really what makes us very special. I consider myself as an entrepreneur as well, and I think that's something we absolutely wanted to keep on making sure as well when we look at the span of controls, that we don't add complexity to that, and we don't add professional managers. Finally, we wanted it to reflect the five work streams. I was talking about the service lines, and something that might be of interest to all of you is you can sense we're going to start talking now about Create, Globalize, and Engage. Create is effectively bringing art and game development together. You'll hear about a new leader for that area very shortly. But I think this is a composition of about 25 studios, and it makes eminent sense when you look at it. From a client point of view, more importantly than anything else, and also internally, when you look at many of our game dev studio, 30%, 40%, 50% of the capacity is really around art. This will enable us to collaborate much more, and I think to deploy muscle much, much more. Globalize is a mix of many of the post-production services that we have there. You've heard about localization, but also functional testing. Those are pretty big teams where it's less about the essence of the studios themselves, but how do we really build it up for scale, and they fit quite nicely. With an asterisk there, we have put M&E for reporting purposes in there, but in truth, we have a very strong leader. We'll share a bit more about M&E later today via Jon. Thirdly, one that is. The first two are roughly $ 200 million P&Ls. The third one is roughly $ 100 million by putting marketing services and player support together. I'm quite excited by that one. You'll hear from Tony a little bit later today. This has the potential, to me, to be a mini Keywords in its own right. You might think about player support as being more a post-production piece with high volumes, but truly, it's where the insight about the customers really come in. That's where we get a lot of the insights that can help develop the open world, develop the games if we capture that very early. I think it fits very nicely with the marketing propositions we have been building over the past few years. In terms of org itself, I think hopefully not a major surprise, but I wanted to take that time to really reshape the organization in a way that can build for what we have been describing. On the left-hand side, you see Mike Wallen, our Chief Commercial Officer, who is in the room. Mike is there. Mike's job is really to find ways to create incremental revenue, but also to help shape some of those strategic partnerships that we've been talking about. It's a twist in the nature of the job, but I really wanted to make sure that the voice of the customer was at the top table as well. I'll come back in more details on the COO, Chief Studio Officer, role. Jon has very kindly agreed to step in at interim on top of what he does day-to-day as well. We have reinforced his team on the CFO side, especially on the financial side. Openly, we have opened a job search effectively for that role. Jon is on point. I'm fairly close as well to that area. It is the advantage as well for me to get to really know the business inside out. That's where a lot of the action really happens, to get close to the 10,000, 11,000 that we have, but that's where the P&L really is. I think we're jointly fronting that right now. I'll come back on that right away. A new role that we have set up recently led by Nicolas Liégeois is our shared services. Fairly common in many organization, but I would say Nicolas has one of the toughest job in the organization. His job is really to build a machine to make sure that we're serving the studio and really when I talk about 10x, to make sure that we can make that happen. The way I describe his job spec is, Nicolas, you're in charge of effectively serving the studio, so your customers are really the studios to avoid any confusion, but at the same time with a few non-negotiables. In terms of info sec, cybersecurity, type of data transfer and some of the platforms that needs to be in place. We then have the CFO offices, including M&A. You'll hear about Nuno, who was referred to a few times already. I think it's a very world-class team. No surprise to you, the five work streams being represented through tech. We just talked about it, and our chief culture officer, which is something new, but as part of shaping one Keywords, I wanted to make sure that we put even more muscle in that area, and regrouped a few functions together. All I have left to do on this one is to call on a few colleagues and we'll go back on the COO, CSO. I'll start with Ashley Liu, who is probably somewhere on screen with us. Ashley is a leader for Create. So again, a $2 00 million P&L. Ashley comes to us since 2016 as the founder of Mindwalk Studios, one of our key art studios. In 2018, she took over art overall. She even ran marketing, more recently. She's an incredible entrepreneur, and she's really an engineer at the core. Jon and I asked her to step up and to take probably one of the biggest functions we have, which is Create game development and art effectively together. Ashley, I don't know if you're here, but Ashley's in Beijing, Chinese, Canadian, but working from home at the moment. Ashley, you want to take it over? Yes, I will. Thanks, Bertrand. I don't know how big I am on screen right now, but if I'm really big, I apologize for that. It's something I've been used to for the past three years. It's a shame that I can't be there with you, but hopefully at the next CMD, I will be able to meet some of you in person. I'm really excited to be able to take on this new role. As like Bertrand said, it really speaks to my STEM roots. Despite the fact that I did start at Art Studio some 20 years ago, my crowd has always been the engineers and the geeks. It is really in this crowd that I'm the most comfortable. Now six years into Keywords and over 20 years in the gaming industry, I've never seen as much potential for this industry and the company as I do now. As we all know, we are well into the next console cycle. Our clients are raising the quality bar to deliver bigger and better experiences to their players. They're also continuing to invest in their already released IPs, driving for that long tail player engagement. Both of these factors are driving up demand. As the largest service provider in this industry, Keywords is well-positioned. When we looked at how we organize ourselves for that growth, it was evident that we should combine arts and game development service lines for the following two reasons. First, as Bertrand mentioned before, art has always been the most significant part of most game development projects, typically around 30%-50%. When we were separate, we lost some of that possible synergies. Furthermore, our art clients are asking less for just art services. Over the past few years, the art service line has been pushed to take on more of what I call visual codev. Hence, it made a lot of sense to combine these two service lines. The merger would also allow studios to feel more confident to take on bigger projects, knowing that they now have 20 sister studios behind them. The second reason is that there are many similarities on how we manage, recruit, and retain studio talent between these two service lines. You'd be surprised at how comparable our artists and engineers are. There's a lot of overlap in terms of processes, workflow, tools, skill sets between art and game development. These similarities meant we can implement structures that are applicable to both, thus gaining efficiency on scale. However, merging these two service lines left us with over 20 studios, now one more, across four continents to manage. We know that number will grow fast. Hence, we needed to simplify the structure, and we did it by organizing our studios regionally. We have created what we call hubs, seven hubs to be exact, and they're led by our regional directors. These regional directors, promoted from their studio head roles, will continue to manage their own studios. They will be the first in line to resolve issues outside of normal operations within their geographies. They're asked to find synergies and strategies to assist in the growth of studios in their regions, and they're asked to embody the servant leadership philosophy, one that is opposite of big bosses. The team will also assist in our M&A efforts. The structure lets the individual studios retain their autonomy and stay true to their entrepreneurial DNA, but gives them the support when they need it. Hence, in this formation, we can take full advantage of the Keywords platform, but keep our agility so to capture the content demand tidal wave that's here and coming. Back to you, Bertrand. Yeah. Thanks, Ashley. Thanks a lot for that. I don't know what time it is over there, but probably fairly late. From Beijing, we'll go to Montreal, where we get Mathieu Lachance joining us. Mathieu has joined us as part of Babel, for those who remember eight or nine years ago, as part of the testing teams. He has really built up his credits progressively, owning more and more of the testing facilities overall. I think it's fair to say he has a lot of the scars on his body. Some of you got to see the facilities a couple of years ago, with almost 2,500 people in Montreal alone, and then much bigger operations that have grown across the world. He's a true entrepreneur, and now he has taken over the role of Globalize as a whole in very close partnership with Mina, who you saw earlier. Mathieu, I'll pass it on over to you. Thanks, Bertrand. Hello. As discussed by Bertrand, we're structuring post-production services together. This brings many advantages to our clients, to our organization, and to our employees. For client, this move allows us to be more client-centric as game testing, localization, and audio services are often bought together and managed together from the client side. It allows for better, easier, and centralized game project management and client communication. For Keywords, it allows a better and streamlined process, especially for localization, as we can have leaders overseeing the whole localization process from translation to voice recording and testing. This brings better quality and lower cost. It also makes it easier for us to apply and leverage standard technology across all of these services, which allows us to then automate more easily and freely our production. For employees, this structure allows for more growth and employment opportunities through easier cross-service trainings and promotions. For these four services, apart from our classic aggressive growth, we've had two focus over the last few years. One, rightshoring our business, and two, applying new technology. We intend to continue both of these efforts. Regarding rightshoring. Three years ago, we were very Montreal, Dublin, and Milan-centric. Now, we have expanded and diversified our work base globally. We implemented a Follow the Sun model that allows us to work around the clock. We have more price point to offer clients. We can move more easily work from one studio to another. We've reduced our average cost, and we're more resilient than ever. Again, it's a win for our clients and a win for our company. Poland, India, and Manila are great success stories of this movement, and we're exploring further location to repeat that story again. Our plan is to do so in current existing studios where we already have other services and can leverage existing infrastructures. This means a faster, easier, less expensive, and overall safer global expansion. Regarding technology, we're progressively applying automation and AI technology to our production. We're pushing more and more standardized integration of our tools across the world, which allows us to automate work more easily. In the recent years, we've also started leveraging the large amount of data that we have, but also that our clients have for machine learning and artificial intelligence in our business. What Romina and Tony showed you with Kantan AI is one example of these AI capabilities we're expanding into. These efforts increase our employee satisfaction, allow us to reduce internal costs, and provide our clients with new and exciting services. Thank you. Back to you. Thank you, Matt. Thanks a lot. Thanks for that. Back from Montreal to London. I'll just introduce Tony. We'll see Tony a little bit later today. You may raise your hand, Tony, so that people can find you afterwards. Tony joined us very recently from WPP, where he had been one of the most senior leaders over there for many years. I'm not allowed to say how many years. He was also the MD of Ogilvy and part of the global board of Ogilvy, and then more recently has been orchestrating partnership across the WPP entities on behalf of clients. Really speaking with the strategic partnership that we talked about earlier. The last few years has been the CEO of global partnership at Hogarth, which is effectively the production outsourcing facility from WPP in there. You'll hear from Tony a bit later because he will come in and share a few first thoughts. I don't think it's totally fair, but he has no choice. He's a few weeks into the job, but a few first thoughts in terms of M&A and how he sees effectively that service line growing up. Fair to say as well that Tony will work very closely with Frédéric Arens, who is based in Tokyo, who we don't have on screen right now, but there's a very close partnership here where Frederic has been running player support and much more across the group. Many of those close collaboration across service lines is really Fred. John will mention a little bit later today a fantastic leader that we have based in L.A. called Elodie Powers, running the M&A business as we touch on that later. I already mentioned Trina, who is really a quarterback on anything on the solution architect, joining us fairly recently. Hopefully that gives you a bit of a snapshot. Part of the intent is to simplify the service line. I think that will allow as well much more collaboration between the teams. A lot of it is really about that entrepreneurial DNA that we have across the group and how do we amplify that voice to the studio. Finding the right mix between global and local. I think we found the right elegant solution. At least the organization feels at the right place right now, but we'll need to keep working on that. Then I touched on the role of the shared services and the spine. The best analogy for that is if you build a spine that is too rigid, the entire body just doesn't move anymore. If you don't have a spine, it doesn't bring each of the units and the power of what we have really together. That's it from one Keywords. On that note, I'll introduce you to our next MC for the next session. Joe, you want to come in? Come over. Joe Binnion. Yeah. Joe has been a partner in crime since I started. He was actually the architect of a lot of what you have seen across the five work streams. I met him for the very first time at that summit that was organized in October, and I sort of coerced him into taking that role of Chief Cultural Officer, starting effectively June 1st, which includes HR, which is critically important for us, but also PMO, also the cultural agenda that we have more broadly, and a few other tidbits. He will guide you through the next section. Over to you, Joe. Okay. Thank you, Bertrand, for that. I mean, I am really privileged to join Keywords. I started working with Keywords late last year, as Bertrand mentioned, in the first summit, and we went all the way through to the summit in terms of the chase, you know, shaping the five work streams that we've been talking about today. I'm really, really excited about joining this business at this point in time. It is an evolution of the business rather than a transformation of the business. The really critical thing, I think, is that what we will be looking to do is to really ignite the talent that we've already got in the business and then grow from there. It really is immense when you think about the talent in the business and the opportunities we've got ahead. In the culture team, what we've done is we've put all of the elements and the cultural levers together. All the people aspects, the talent acquisition, the talent development, some of the strategic projects, communication, engagement, some of the responsible business agenda. It's literally about bringing all those elements together. That's what will drive the cultural change. Now, as you probably are, like, any other business, we're going to face similar challenges. We know that we've got increasing competition for, you know, real talent. We know that we're facing inflationary pressures. We know that we've got movements in different locations, which are difficult to handle. We'll really need to work on our employee value proposition, but we will do that constantly. We'll continue turning that over, continue looking at what options we've got. In reality, we have to do that because if we don't do that, we won't attract the type of talent that we want to attract, if you think about the people we're competing with. We really need to, you know, keep moving on this and keep moving fast. When we talk about the talent and capabilities work stream, one of our early priorities has been to look at the alignment of compensation and benefits with what we're trying to achieve as an organization. We are amidst that work, and we'll continue to make incremental changes through this year and into 2023, as we look at opportunities to really align the incentives across the organization. The second thing, Jon alluded to it earlier, we don't do a great job in some instances about communicating what we actually do from a compensation and benefits perspective. If you look at competitors, we don't really articulate as well as they do for people either in the organization or outside the organization. We're doing quite a bit of work in specific locations where we need to do this about how do we communicate clearly our compensation benefits and make adjustments where we need to. I'm not really going to talk much about compensation. What I'm really going to talk about is the really critical elements of acquiring and developing our talent. These are, you know, as I go to say, going back to growth, that's the critical thing for us. What I'm going to do, instead of me talking all the time, is I'm going to take you on a very, very quick whirlwind tour around the world. We're going to talk about some of the successes that we already have. We're going to go to Canada, to talk about a very successful game development studio growth. We're going to go to Poland, to talk about growth in post-production, as Matt was alluding to before. And we're going to talk, basically we'll go to India and then come back to FC in the room here. I'll explain how that's going to work, to talk about talent development and academies. First off, we're going to go to Ottawa in Canada. I'd like to introduce you to Jean-Sylvain Saumont, who's who leads our Snowed In Studios. He's the head of the studio. He was president and co-founder of Snowed In. Snowed In joined Keywords four years ago. He's going to take us on the journey for the Snowed In studio and the growth since acquisition. Hi, Jean-Sylvain. Hi, Joe. Thank you. When we joined in 2018, our motivations was one of the motivations to join Keywords was to grow. We knew there would be challenge and the supports of Keywords through business supports, and what's now one Keywords would be key to this success. At the time of the acquisitions, we were 26. As of this week, I'm really proud to say that we just passed the 180 employee mark. Since joining, we also had the opportunity to work on high-profile titles, in part because of Keywords. One of the title you see on the slides, for example, Resident Evil Village, was introduced through the Keywords business group. Next slide, please. Our strategy to grow was multiple fold, which are all required in order to succeed. First, it's great projects and a variety of works within them. When we are a Keywords Studios, there is a unique propositions for our staff to be working on a more larger quantity of titles than typical studios in the industry. We also provide opportunities for a variety of skill sets. We are proud to say that we have a great studio culture that puts employee first and includes a no crunch policy. It makes me very happy to say that our employees seems to love our company. Our employee net promoter scores and our best places to work awards that we got last year is our testimony of it. The support of the group through business solutions and collaborations with other studio were also at core of our growth success. More recently, we invested in talent acquisitions with a dedicated resource committed to our growth. This is linked to the specialized recruitment Keywords initiative. We saw exciting and tremendous results from this initiative, and this is now shared within Keywords. We have now also embedded presence with colleges and universities, and we are seeing a diversification of our operations by inviting other service lines to operate in our regions. A lot of those strategies that we've put in place are now replicated also within the groups for all the studios. As you can see, since our acquisitions, we've been accelerating our growth, and there were key moments that were triggered to our expansion phases. It is important to mention that our location is important. We do this in a region that gives us proximity to all America while being in a city where we don't compete directly with customers for talents, even with the nearby Montreal and Toronto centers. We are now targeting 500-550 employees by 2027, and we're on track to reach that goal. Back to you, Joe. Thanks, Jean-Sylvain. You know, I think it's a really great, you know, success story, particularly obviously having joined the Keywords family and just, how that's gone, since that point. Building on the story we've just heard from Jean-Sylvain in the games development, we can also demonstrate this type of growth in other service lines. We're going to talk about the post-production services, but, I'm really going to sort of take us off to a story in Poland. Now, unfortunately, you're going to have to imagine that we're going to Poland 'cause I'm telling the story here. You're still going to be staying in the same room, but we're not going to Poland. I'll talk about post-production. Now, that team is a pre-COVID team, I think, and it's pretty small. Where we are now, from a Poland perspective, is that we just broke 1,000 people in May this year. This is a demonstration of just how we can scale our post-production services. The team, i t's actually lower than that. It was 40 before that time, but it's gone to, we're over 1,000 in three and a half years. What happened in Poland is that they had FQA. It started in Katowice in April 2019 was the first time that they really got the team together. That team quickly and organically grew with strong teams across the service lines. FQA, LQA, play support. They've developed strong partnerships with publishers and the leading universities in the area. They've got a really positive ENPS, a bit like Jean-Sylvain's team. They are way up there in terms of scores. It's one of the highest. The team, though, is focused on really supporting the global service line. It's Globalize and it's utilization of their team, which means that they can support wherever the project is coming from, which gives utilization, but it also gives importantly, gives options to clients when they look at how they're going to resource projects. While we've mentioned Katowice here, and Mathieu mentioned it as well, I think, that's not the only example. If you look at the growth story in Philippines, which is huge. If we look at the story in Mexico, it is also very, very rapid. It's how we're growing scale in these post-production service lines. Now we're going to give you an example of one of our really our sort of talent development and growth initiatives and one of the critical ones we're looking at as a result of the work we've done this year. Initially, we're going to head to India, and we're going to hear from Mahendra Shukla, who not only is our head of the India operations, head of the studios there. Mahendra Shukla is, I have to say, a leading light in India in the games industry. He advises the government, et c. Now, when we go to India, there are a number of things that we should be aware of. We already have a presence of 850 people in India. It is also a very, very large active participation in games. All of the global companies or many of the global companies have presence there, so they are working in that area. I think most of us would understand that India has a quality servicing 24/7 mindset that supports so many other industries. That mindset of service and quality is, you know, well embedded in the mindset. You know, to me, as an outstanding footnote, India has 1 million engineers coming out of university each year. Scale-wise, that's just incredible. I'm just going to show a video from Mahendra, who talks about how we're going to use the concept of our art academy in India that's been developed and translate that to how we can use it in game development. Hello. We are talking about talent, and we are talking about creation of talent. What better place than India to do that? Today, we have more than 850 people across art, localization, and FQA. It wasn't the case maybe about seven or eight years back. We were a small team, but with great ambitions. What we did was we started an academy called inGame Academy for art, because that's where the big gap was. Looking at where we are today, I think we are very successful. We have created hundreds of artists. Now, looking at the needs of the global game dev studios of Keywords, we are taking the learnings of the art studio and the art academy and migrating those learnings, framework, and the process that we have created to creating courses for creating game dev engineers. India is one of the best places for engineers. We have more than 1 million engineers passing out every year. The only thing that we need right now is to give them the direction that we need to make sure that they become relevant to the requirements of a global game studios. We are working very closely with all the studios in U.S., Europe, and Australia to make sure that we understand what the requirements are, we understand what the needs are, we understand what the benchmark of quality and understanding and skill sets are. Within that framework, within that discussion that we are having, we have arrived at a really good framework, which is based on the learnings that we have had in the past seven, eight years of how we are going to create and grow this game dev and engineering talent. We are all very excited. The studios and us, we are all working very closely together to give it the sense and the direction which we need to create it into a great training program. What matters is that we create something which is relevant to the studios. For that, we're not looking at this as a P&L exercise. We are looking at this as a studio-centric initiative, which means that every studio will own their team in India. If you're owning something, you can give it the direction and the structure that you want, the framework you want. You can create a culture that you want because that's the team which is going to be your extended team. Even the client relationships, the sensibilities of that can be brought into that team. We are all very excited simply because we can see the results of what we have started doing even now. That's a great thing simply because it is telling us that whatever we are doing is working. What we are working on is, like I would say, a three-stage strategy, short -term, midterm, and long-t erm. We are looking at what we need today, what we'll need tomorrow, and what we'll need day after. This will ensure that our growth map that we are talking about of Keywords as a whole and the direction that Keywords is taking is exactly where we are moving because that is something which we are all working towards, that create a talent pool which is really going to be relevant for us today, tomorrow, and day after. We are all looking forward to it. Thank you. Okay. That's obviously what we're looking to do is build on those academies and the India story. I'm going to bring us back into the room actually. If you remember, I showed this is a story about India and Ireland. We've got Jon Gibson in the room who leads our Electric Square Studios. Hi, Jon. Jon, you joined us in 2018. I just wonder if you want to pick up on, you know, expanding that story and also the other talent development activities you're undertaking. Yeah, absolutely. Thanks, Joe. I'll stand off this side of the stage, so that we're the same height. I still think you're taller than me. You see. Actually, yeah. I probably am. The biggest problem facing us at Electric Square right now is onboarding new talent. It's an industry-wide problem. It's not unique to us. You know, we believe the solution to that is academies and boot camps. I've been told to go over this one. A pologies, Joe. There you go. We believe the solution is academies and boot camps, and that's why Destination India is a great resource for us to tap into. You know, we're working with them at the moment to find the right sorts of grads for Electric Square, because every studio has different needs, every studio has different requirements. We can work with them to find the right sorts of grads, the best grads for Electric Square. It's a no-brainer for us to be able to tap into that resource, and you know, it's proving really successful already. We're doing something similar in Dublin, which we're calling boot camps rather than academies. The difference is, while India are providing structured training to graduates, in Dublin, we're targeting juniors. We're looking at people who've already got experience, might be in a different sector. It might be that they're hobbyists, it might be that they're indie game devs, and we're going to help them make the jump to AAA. What we're going to provide in Dublin is structured kind of mentorship, on-site mentorship, and a kind of structured career path and career progression. Now, why is this important? Well, there's this massive deficit, well, of talent in the industry, particularly engineering talent. Again, it's an industry-wide issue. You know, this is obviously going to get worse as consoles get more powerful and you know, the requirements for development teams are increasing in size. Our solution to that is to onboard new talent. That's why we believe it's really important. When I first entered the games industry in the '90s, my boss told me the reason he hired me was because I played Dungeons & Dragons and my CV was laid out correctly. Basically, it's because I was a massive geek who knew how to use Microsoft Word. Now it's obviously a lot harder. You need passion, you need skills, you need natural talent, and you need luck to get into the industry. What we want to do is make it easier for those newbies, for that undiscovered talent, for those people to join the games industry, 'cause that's going to allow our business to grow. It's going to be great for the individuals, and it's also going to be great for the industry as a whole. Y ou know, it's the socially responsible thing we can do as Keywords, a major player in this sector. Joe, back to you. Brilliant. Thanks, Jon. Thank you. That's great. Thanks. Okay, that's our very whistle-stop tour. We've actually got lots of stories, but we've got very limited time. You know, I'd be delighted to talk to you later about any of those other stories. There's so much going on within the studios that, as I said before, we want to surface. Now, are Mike and Visar here? I don't know. Has anyone seen them? Hi. How are you doing? Yeah, I just want to shout out to the team at Waste Creative. That's one of our acquisitions that we made in December 2021, and just very recently, they were recognized as one of the top 25 best small companies to work for in London. Is that correct? Yeah. Yeah, yeah. Nice work. Okay. Congratulations on that as well. Okay, that concludes our tour. I'm going to hand back to Bertrand. Thank you. Thank you, Jon. Thank you, Joe, for getting us through that. Well done on your first few weeks, effectively. I think you get a sense, this is really all about talent. That's the name of the game. That's the war we're on. As you can sense, we're also trying to take a different lens and to take a two to three-year horizon so that we don't all go and fish in the same pond. I think the tour was very useful to me, at least to go to Ottawa, where you saw Snowed In and Jean-Sylvain really building up a team from 20-ish to 180 in the span of two and a half years, and with the ambition, I don't know if you know this, but the ambition of getting to 500 in the coming years. That's really what drives Jean-Sylvain, and I think we have many more entrepreneurs like those and where our platform can really enable that. To me, the Katowice story is a great one because we got a chance, Jon and myself, to meet them very early. It's really a team of entrepreneurs. They were actually challenged by Andrew Day three and a half years ago to say, "It's never going to work in Poland. You won't be able to set up a team." They were like, "Look, I bet you that we can put a first team of 20 within by the end of the month." Effectively, they're the team of 40 that you saw in the picture, and now 1,000 people, effectively, a few years later. I think a remarkable story, but it's not just there. As Joe said, it's also in Manila, where we just crossed 1,100 now, I think. It's also in Mexico, but also in conjunction with what we do in Canada, in conjunction with what we do in Dublin and others, and making the geo-pool really work. Finally, I think I'm big on those academies, on the boot camps as Joe describes them, because that's how we nurture the talent for the years ahead, both juniors and seniors. Very important topic for us in the years ahead. On that note, we'll shift gears a little bit, and I'll pass on to Jon to go a slight sideways on the adjacent market. Thank you very much, Bertrand. As Bertrand said, one of the areas that we have been exploring is adjacent markets, where we think there's a very natural opportunity to either expand some of our current offerings or naturally take our gaming expertise into some other verticals. There are three areas that we wanted to cover today. The first is LiveOps, which is really more about expanding our offering into an area we think could be a really interesting growth opportunity. The second is media and entertainment space. We've talked a little bit about that today. Finally, it would not be a presentation from a technology company without at least some reference to the Metaverse. Turning to LiveOps first, I think Bertrand mentioned this in his intro charts. The game development process has really gradually evolved over the last few years into what is often referred to as Games as a Service. You know, rather than developing a game, monetize it over a couple of years, and then release the new version, you're really seeing an increased use of games where the content is just constantly being iterated and developed further. It's been led by mobile, but even triple A content is moving this way. Probably the best example is Fortnite, where you just got constant content coming out all the time. We currently work on a large number of these games, but we tend to offer our services as more like point solutions within each of the service lines. I think Bertrand mentioned that we do a lot of the game development content work in High Voltage for Fortnite. We've been testing Zynga cards in Montreal for a number of years, but we don't really pull that together and go to market as a Live Ops offering. Clearly, we can do everything within that content production cycle. We can do the game development, the art, we can test it, we can localize it. Then once the game is up and running, we've got the capabilities with our friends from Waste with really strong community management capabilities and obviously our player support offering to really provide that full suite of services. We think there's an opportunity to really bring that together to provide a full Live Ops end-to-end service. To develop this further, we just launched our first Live Ops offering in the U.K. Actually, John has been spearheading that in Lively. We've got other pockets within the business where we're already doing this together, and I think this is just a really good opportunity to go to market with a slightly different proposition. Expect to see a little bit more from us on that going forward. The next one's media and entertainment. We talked about this for a while in most of our meetings with you guys. Really what we mean by media and entertainment is the broader TV and film space. This is a bit of a quantification of the market. It's not as big as games, but it's still a large market, and it's one that's been growing very fast, and it's predicted to almost be $150 billion by 2025. This just feels like a very natural adjacency for us. The content production process is not the same, but it is similar, and we're seeing increasing convergence at the customer level. We've also seen the media and entertainment market increasingly using game engine technology in the content production process itself, and this makes it very interesting for us. If we move on to the next chart. This is what we see going on. Video games has always been right at the top of that technical pyramid in terms of interactive content. We're seeing more and more of that technology bleeding into the broader media and entertainment space, particularly the use of game engine technology to develop the content. Whether that's at the previous stage, where the engines are being used to render the film or the TV shows before it gets shot in real life, or in the example of The Mandalorian franchise series, where actually everything you see in the background of that TV show has been rendered by the game engine. It hasn't gone through the traditional filming process subsequently. We heard from Jon Doyle at Riot Games earlier today with their Arcane franchise, which is really blending the concept of TV and games even more. As well as technical convergence, you've also got areas like localization, where the process is essentially the same, and we're able to cross-utilize our studio infrastructure. Further down the line with the emergence of the metaverse, whatever that ends up being, we see more and more convergence of more traditional media towards games and even more demand for digital content. Moving now to dubbing and subtitling. The dubbing and subtitling market, which is essentially what we refer to as localization in games. Again, this is a large market. It's forecast to grow to $4 billion by the end of 2025, of which about $1.7 billion is spent on new content, localization of new content. That actually makes it a bigger market than the market for localization in games. Led by Elodie Powers, Bertrand mentioned earlier, we've been quietly building out our capability over the last few years. We've been able to cross-utilize our recording studios that we use for games so that we can use that space to localize and do the audio content for TV and film. It's grown quite quickly. We've now got about, I think, six of our locations that have been accredited, for example, to work on Netflix content. It's grown quite quickly into a business that delivered EUR 16 million of revenue in 2021. We think there's an opportunity to expand that further, either by leveraging the Keywords footprint further, so places like Mexico, Brazil, Spain, France, but also we're looking at some of the acquisition opportunities, a bit like we did with the games, to build out that global footprint further so we can create that one-stop shop for localization within the TV and film space as well. Moving into virtual production. Said a bit about this earlier, but we really see virtual production as having the power to disrupt the traditional production model within TV and film. It uses the power of the game engines for previs, virtual sets, and characters, and real-time animation. Again, it's a pretty large market with something like $17 billion being spent on new content creation, of which about 10%, $1.7 billion, is being delivered through some form of virtual production. It's forecast to grow pretty quickly. It's actually forecast to pretty much double over the next seven years or so. We clearly have a very strong capability in this space. Over 2,700 specialists within our Create Services business who are experts in using game engines in order to deliver digital content. It's actually something we're already doing. We think quite an exciting opportunity. Clearly, we don't want to distract ourselves in games, and as we said, we're finding it hard to find the talent for games, but we think this is an area that we can naturally move into. Hopefully, we'll see a few more examples. I'm going to stop there. I'm now going to hand back to Bertrand, who has promised in two minutes, he's going to explain exactly what the metaverse is. That's unfair. Okay, two minutes for the metaverse. Ready? I mean, I know there's a lot of hype in the sector, but I think we really have a, an opportunity here to play our role in a proper way without breaking the bank or taking too much of a massive risk. I think there is a very nice definition of the metaverse by The Drum. "The metaverse doesn't exist. You're talking about gaming." I think it's very true. When you talk about Web3, it's really everything that is happening from the gaming environment, from all that gaming DNA that Jon effectively brought to life. If you go back, we're not planning at all to play in the infrastructure side. There are actors who have much deeper pockets as well, and those are risky propositions. We are really planning on leveraging or at least exploring to leverage the service lines we have. When you look at each of them, they just fit naturally. At the end of the day, if you want to create a space in Web3, you need game development. You need artists at probably a much bigger scale than we have ever even seen before to be able to do that. Hence, the point about technology earlier. You'll need to think about QA in a very differently. You need to think about QA, live QA based on the type of volume and dimensions you'll get there. Look at what we do in player support, player engagement. It lends itself perfectly for that because you need those interactions real-time with the players, understanding where the VIP is, how to guide them through the experiences and an end. In truth, we are already getting a lot of approaches and pull quite naturally through different of those logos that you see on there, but also several brands reaching out. We have had a recent example with Prada and Ubisoft, where, as part of a game, we create an entire store presence in there. It's also big retailers. There are some coming to us with 60 million SKUs thinking about how do I get ready for that space? How do I even digitize those assets for when Web3 effectively happens before even knowing what the answer of what it could be afterwards. Absolutely no means do we want to play in the architectural piece, but we want to play in the space where we, at the very least, we ought to be thought leaders to be able to help the publishers, to be able to help non-endemic gaming brands to navigate from that when they knock at the door. First step is to look at a consultancy agency type of approach, but we're seriously looking at how do we bring a few of the elements we have across those service lines to create sort of a meta studio, which includes some production and some development capabilities behind. I think we'd be totally remiss not to explain, to at least explore that in a proper way. But again, we'll venture in that with the proper stage gates. Two minutes for you, Jon. On this, I think the recap of this section, LiveOps seems to be a very natural one. You've seen there is already a studio that we went live, one at GDC, thanks to Jon's help, called Lively, but it's at the very core of what we do, and actually, we absolutely don't want to miss that boat. We are perfectly centered to be able to take that on. Again, listen to Jim, Ryan, and how much of a move they're making to LiveOps. It's a big part of the business, at the very core of our business going forward. The rest of what you're seeing, I think what I'm proud of so far is we've been very diligent not to go too much left, too much right. The things we have seen in terms of M&A and dubbing and subtitling, the things we have seen in virtual production, we already do those today. It's just that we do those at a sub-scale level based on customer demand, but the customer is really coming very strong at us. We just have to think now of how much do we want to accelerate, how much do we put the focus on those. There are plenty of things on which we have passed. When we looked at that stream at first, we had an incredibly long list of things we could do in learning, e-learning capabilities into the military that you could do for simulation purposes, and then the list is very, very long. I think we've taken a disciplined approach to get going and to put the right first step basically in that area. On that note, I'll pass back to you, Jon, to go through M&A before we go on a session on closing. Fantastic. Thank you, Bertrand. Right, we showed you this chart earlier, so I'm not going to dwell on it, but it just demonstrates how important M&A has been to the way that we built out our platform. We wanted to spend a little bit of time today just trying to outline how we approach M&A, and some of the areas that we're looking to focus on going forward. With that in mind, this is the shortest sort of stage performance in the world, because I'm going to hand straight over to Nuno Lopes. Nuno joined the business I think about four years ago. He leads all of our M&A origination. I'm going to let him introduce himself, but I think he's responsible for at least 30 of our acquisitions. Arguably, has an amazing impact on shaping the business into what it is. I'll hand over to you, Nuno. Thank you very much, Jon. When the CFO gives you kindness and generosity, you take it, and so I'm going to take the very kind words of Jon. We'll start by talking to you about how we see and think of M&A at Keywords, and it's probably with this M&A vertex that has really a foundation layer that looks at why we do it, what we target and why we target it, and lastly, what we're looking for. On top of that, we add a foundation of process or layer of process, if you will, that goes from origination up to integration. This results into what is the execution of our M&A program. If I take you on a little bit of a journey with me and start by why we do it's for a number of reasons, all of them somewhat interconnected. Starting by, we do it because it is a very effective tool to execute on building the Keywords platform. Now, part of that exercise of building the platform is adding capability, it's adding talent, technology, relationships. When we do that, we're accelerating growth profitably. Now, as we grow larger and larger, there's also a driver for us to acquire, to strengthen our market and leadership position. Ultimately, we do it because with the knowledge that we have the landscape, we see the opportunity to deploy capital at valuations that are very attractive. Now, if I move on to the second block of that foundational layer, and if we look at the service lines that we've heard today from Bertrand and Jon, and even some of the adjacencies that Jon referred to a moment ago, and even the components within the service lines, there's a few dimensions that we look at. We look at capability, we look at geography, relationships, technology. Each of them has more or less significance depending on the service line or the component. Ultimately, we look at these because we want to target expertise. We need access to talent and talent pools. We want capacity so we can serve and execute at scale. We want reach. We want to be able to reach into clients, whether existing ones or new ones. We want efficiency, so we can deliver more, better, and faster. As you've seen today with the acquisition of Forgotten Empires, game development and marketing, and as you've heard from Bertrand and Jon, are going to be very much the focus of our execution in the coming times, and transversely, technology across the business. Now, last block of that layer, what are we looking for? It's really a triumvirate of requests. The first one is culture. You've heard Bertrand today talk to you about the one Keywords spirit. That's what we look for. We will look for studios and people who can embody that one Keywords spirit. We want that entrepreneurial mindset, you know, humble but ambitious, shared in the same values that we do. Second one is quality. Well-established reputation studios, strong pedigree teams, people who have been exposed to high-profile titles and clients, repeat business. Lastly, performance. We want growth, we want profitability, want teams with track record of delivery. We want people who are ambitious in their growth plans, and they're really after taking the brakes off the studio. You know, you're all sitting there and we want Keywords to perform. Our clients expect us to deliver quality, and our people expect us to preserve the culture that we've been building. This is why we're only as strong as the next studio that joins Keywords. Now, I'm sure you were all very eagerly waiting for some numbers, so I don't want to disappoint. To give you an idea, and mind you that this is indicative, we have a long list, as Jon mentioned today, of about 90 opportunities that we've identified in the market. This comes out of our own effort of origination, screening the market, the knowledge that we have of the landscape. Studios at Keywords that work with other studios and referred work today. Forgotten Empires is a good example of that, and there are others. You know, Wicked Witch in Australia is the same. From there, we have about 30 opportunities that we're engaged in assessing. This trickles down to 10, roughly, opportunities that we have where we're having advanced discussions, and ultimately three opportunities at one time were in due diligence stage. Now, all of this when it's said and done, we have delivered about five to 10 studios joining Keywords every year, translating into about $ 50 million-$100 million spend. The screening process or the origination process, it's really driven by strategy, not emotion. It's built together with a service line, with a very disciplined and methodical approach. Now, the last block on that process layer is really about the end to end of it. It starts at origination, it ends at integration. It starts at origination with very close relationship with the targets. We forge trust-based relationships. We expose them very early to people who have joined Keywords before, so they know what they're going or walking into. It's about the execution. A team that has been together for a long time, a very repeatable process, very well established discipline, where we even start integration or thinking about that and ends at integration with dedicated resource to onboard the people that come and join Keywords. We can carefully strike this balance about preserving the entrepreneurial DNA of the studios that come and join Keywords, while allowing the Keywords spine that you've heard Bertrand mention before, to absorb those support function, so we can set foundations to scale the studios up. It's really about a Keywords experience for the people that join. It's this methodical and disciplined approach that has allowed us to have its very high LOI to completion ratio. I'll probably end here and leave it to Jon. Thank you everyone. Thanks, Nuno. He says it's not an emotional process, but we do high five a bit when we manage to execute on the transactions. Actually, we've mentioned it a couple times, but really delighted to announce our latest acquisition of Forgotten Empires this morning. It's a really high-quality studio, game development studio, about 70 engineers. They specialize in real-time strategy games. They've also got some really interesting LiveOps experience. Just in case they're listening, I wanted to send out a big welcome to Ryan Burt and the team, and welcome to the Keywords family. Moving on, we put this slide up before. As Nuno mentioned, we are focusing on game development. You've seen a lot of activity there, but we're also looking to build out our marketing capabilities. I think Bertrand stole my line, but I genuinely think that this marketing could be a mini Keywords. It's got the same sort of service line verticals within there. I think it's a really interesting opportunity to build that out. I'm going to hand over to Tony, who, as Bertrand said, recently joined to lead our Engage service line. Tony's going to spend a little bit of time talking about what his within a week plan is. Thanks very much, Jon. I think we're getting tight on time. Now, the good news is, as a new boy with only five weeks in, I haven't got a whole lot to say, so hopefully I can make up a little bit of time. That's obviously the practical joke, the service line for the new boy comes at the end, you got no time. Yeah, five weeks in, not very long at all. You know, it feels like home to me and I'm delighted I joined after really quite a lengthy time at WPP. The reason I'm so excited is not just the opportunity of the whole Keywords, which I saw, but particularly the opportunity we have within the Engage service line. The chart you saw before, we've obviously combined marketing services with player support, and research into the combined Engage unit. Why? Because it kinda makes sense. I mean, we've touched on that. You would want them sitting together in the way that we've put them together. There are obvious synergies as both Jon and Bertrand mentioned. I think what excites me is the combination of these units, or disciplines, allows us to give a much more holistic marketing offer to our clients. I think that's a holistic marketing offer that they need, and I think it's one we're very well placed to deliver. I'm just going to make three observations. We haven't really worked to determine exactly how Engage works, but three quick observations in five weeks. We've got amazing studios and brands. We've got incredibly talented people. A lot of the brands we know, they're world-class brands, and we, you know, that's a fantastic starting point. Great leaders and fantastic people. Over 2,000 people around the world. I think most critically, though, we have deep vertical gaming expertise, and I think that is critical as we move forward. The quality of the work is really strong. I've been doing this for a long time, and I'm really impressed with the quality of work I see. You've seen some of it. We, you'll see some more. Spoiler alert, little video at the end. The work's great and you'll really see the creative quality of the thinking and the delivery. The third point I'll make is, whilst being highly entrepreneurial, the studio leaders are also highly collaborative. They want to work with each other to get the expertise which each brings. I think what Engage will do is really kind of make that collaboration work easier. I'm really excited about that. We move on. Where we're looking, if you kind of this chart shows the end-to-end marcoms development cycle, if you like. How do you go from kind of go-to-market strategy through to always on brand activity? Clearly, we are very well represented in certain areas. We've got huge content development, origination, delivery skills, and I think we've got great pockets in other areas. We've got strong PR. We've got community management. I think it's very interesting. Waste has been referenced before. What we're doing with Waste is integrating that team with player support, and they're producing some really interesting work, and I think we want to build on that. We've got pockets of other work, really strong content. I think that's relevant. Bertrand said it's all about content. I think in that area it's been pretty important. We've got a lot of talent, but we clearly need to build in these other areas, and we've highlighted some of those in blue. To Nuno's point, what we're going to do is obviously look at those companies that fit our overall operational and cultural requirements, but obviously play specifically in these areas that we're short in, but also they must have games expertise. I think that's our DNA. That's what differentiates us from the competition, and that's where we should go hunting. I'm not going to spend a lot of time going through all of these. We've also covered some opportunities, but the Metaverse we'll throw up. Clearly, we're interested. LiveOps, we've talked about virtual production. Clearly, those are areas we will be interested in. I think just a couple of others. I think in terms of influencer marketing, that's really important for our clients. We are looking for players there. I think the key area there, they need to be players that are scalable. Some of them aren't. We need ones that are scalable. Also, they need to have a platform that can help us automate and also provide live dashboard feedback to how those assets are performing. We're definitely looking in that area. Data and analytics, it's huge. It's a huge area. I think the opportunity for us is to find specialists who are rooted in games who can help us with the initial primary research through to post-campaign analytics. We'll look there. Quick speed stop for me, trying to make up time and you. What I would say, I agree. Many Keywords engage. I think the opportunity to give clients an end-to-end marketing solution is huge. I think we can do it better than some of the traditional marketing groups, and I know a bit about some of those. Really looking forward to it. I can't wait for week six. Thanks. Well done. Thank you, Tony. I'll speed up a little bit, but I think what you've seen is like we have an M&A machine that is quite well organized behind. I would argue that it's very disciplined in the way that it effectively operates, very clear in terms of criteria we really want to work on. On a more personal note, to look at it as well before joining, I wanted to make sure that there was really that healthy pipeline of acquisition especially at the very core and the bull's-eye of what we do in game dev, and I've been very impressed with what we have behind. When you think about it's not very surprising. When we only own really 5% of the market while being leading that market, it shows the potential that is ahead of us, but hence, the discipline that is key. The other piece that strikes me to me, if you join this section with before, is also of how much of an inflection point there is when a new target, effectively, a new partner joins us in the first two years, typically, which is very unique. Again, probably, speaks to the strengths of the platform that we have behind. So and finally, you heard it from Tony, but the two key areas among the eight service lines overall are really, in terms of M&A at least, really game development. That's at the bull's-eye of what we want to do. We know the criteria are very clear. We are well-established there. Also now a different challenge for Tony and team to shape what could a mini Keywords in Engage really look like. Beyond that, you'll see us as well making some moves probably on the M&A side and partnering side on technology. That's also a natural one and as we're looking at adjacencies as well. I think it's time to bring us home. For that, we have one last section that Jon will largely cover, and I'll come back at the end. I just wanted to situate where we are right now. You remember this slide earlier. We aspire to be game makers. We think we really have a unique play to have to really be game makers into the overall ecosystem. We think that there is really a compelling flywheel that we are perfectly operated for right now. Our job is how do we make those five work streams and M&A really work to make sure that we get that wheel spinning in full strengths. Now it's time for Jon to translate in terms of financial terms and what does it mean from a growth model point of view. Fantastic. Thank you, Bertrand. This is the last session before we wrap up. Thank you very much for bearing with us. I guess this is sort of a different wheel, but really wanted to take everything we've heard today and translate that in what we're referring to as our financial growth model for delivering shareholder value. If we go look at this chart, I really see it as a compounding model with four key components, which we'll cover in a little bit more detail over the next couple of charts. At the top, as you've seen, we've got some really strong structural growth drivers for our business. We see, you know, 10% organic growth as a baseline expectation for the business going forward. I mean, as a baseline, you've seen we've been growing faster than that, but I don't think that's an unreasonable baseline target for us. The business has been operating at a 15% margin level. We're going to continue to run the business in a disciplined way, but at the same time, we do want to invest behind some of these growth opportunities that we've been talking to today, and I think we can do that within that kind of 15% margin construct. We're a naturally cash generative business, and that then provides us with the capital to reinvest back into the M&A, and the wheel goes round, and it spins. If we look at each in turn, as we've shown, we're very fortunate to be operating in an industry that's grown very strongly and is forecast to continue to do so. We've got a large TAM of $11 billion that's forecast to grow even faster, driven by this increasing trend to outsourcing. Despite being a market leader, we're still a relatively small share of that $11 billion. I think there's an opportunity there. I think we're uniquely placed. We're the only truly global full service provider in the market. There's an element of scale begets scale. I do think we've got a great opportunity to leverage those relationships, and convert them into real strategic partnerships. As you can see on the right-hand side of the chart, we've got a strong track record of delivering that kind of double-digit growth sort of level. Onto margins. As you can see on the right-hand chart, the business has been operating at around a 15% margin for a number of years. As we have said, they've been a bit flattered recently for a number of reasons, and we do expect them to trend back to that sort of 15% level over time. We've got some really strong service line structures. We're going to drive operational excellence through those structures. We're going to invest in the technology to do that, and we're going to invest in our regionalized back office platforms through Nick and his teams in order to hopefully over time drive out even more efficiencies. We're also going to continue to invest in the talent in the organization, whether that's developing game development talent, whether that's developing the talent that we need to be able to land these more strategic partnerships, these more strategic relationships. Finally, on inflation, there's no doubt that we're in a more inflationary environment at the moment, but we can use pricing in a responsible way to alleviate this pressure. Caller is James. We also have access to lower cost locations where we can offer our services where price is a little bit more sensitive. In terms of cash flow, as I said, we're a naturally cash generative business. We've got relatively low capital requirements. Our CapEx tends to be more what I refer to as RevEx, with CapEx typically around 3%-4% of revenue. I think over the next few years, we might be at the upper end of that range as we invest behind some of the things that we talked about. That then provides, as I said earlier, the organic funding for our M&A agenda. We are going to continue to build out the platform, but we're going to maintain that discipline that we talked about today. Very targeted approach, particular focus on game dev and marketing. As Nuno said, we're also looking at some of the technologies that we might be able to bring into the business through M&A. We've got an interesting one that we're looking at at the moment on the testing side. Also some of the adjacent market opportunities that we talked about where there are some interesting players out there that we think can really supplement what we've got. Given the nature of M&A, it's very difficult to predict how much we'll be doing, but I see EUR 50 million-EUR 100 million as a pretty typical level. Clearly, it could run higher than that, particularly if we execute some of the larger opportunities that we do have in our pipeline. Just on resilience, you know, I think we've demonstrated through COVID that we are a pretty resilient business. As Bertrand said earlier, we've got an increasingly sticky revenue, really good long-standing relationships with our clients, and we're increasingly embedded into their workflows and their processes. We really do see ourselves as an extension of our client teams. The video industry itself has been pretty proven to be pretty resilient in times of economic downturn. You know, as I think you said, Bertrand, earlier, it is one of the lowest cost forms of entertainment. If you look at it in terms of pound per minute, it really is a very low cost form of entertainment. Some of the monetization models that I think the publishers have now, arguably make their player base a bit more sticky as well. We've got a very strong balance sheet. We recently increased the size of the RCF to EUR 150 million. With the cash that we've got, that gives us plenty of liquidity to invest in the business and to execute on the M&A strategy. Just to summarize, we're going to continue to build out the platform through a combination of organic and M&A investments, enhancing the service lines, investing in technology and capacity, and continuing to drive the M&A agenda with that discipline focus, and as I say, targeting marketing, game dev, technology, and also the adjacencies. Finally, before I hand back to Bertrand, I joined the business a little under three years now, and I think we just about doubled the size of the business in that time. I think there's every reason to see Keywords as $1 billion revenue business. With that, I'm going to hand back to Bertrand to tell you how long it's going to take. I'm not enjoying this transition, but I'll skip to the next one. Just in terms of outlook, we have had a very positive start of the year of 2022 so far, very strong on the organic growth as we announced this morning for the first four months. I think that gives us a good position and good comfort level as well to reiterate our confidence into a performance being in line with expectations this year with really good buffer as well behind. We're well-placed as well to continue the investment into everything we've been talking about in terms of platform, in terms of the capabilities. You have seen we're also trying to take a two to three-year lens really on quite a few of those streams as well. Also, continuing to steer towards that strong margin at roughly 15%. Now, clearly, you all know and you can sense from the discussions that there is probably some tailwinds, upside potentially on the mix that we have, hopefully with the, especially with game dev. If you take the technology investments that we're making, hopefully it should help on that. But I think it's only right to be at the right level by talking about 15% or at least north of 15% while keeping the breathing space to make those type of investments across the group. We're well-funded overall to deliver the acquisitions we talked about. Jon just touched on it. That's a very healthy position, especially in the current markets where cash is king, and I think we could be in great position, even better competitively to keep M&A and organic growth approach, and well-positioned to take the business to the next chapter. Some called it, I think at Jefferies, KWS 2.0, which certainly resonates. Maybe on a more personal note to really wrap this up, if I had to put myself into your shoes and which actually I sort of had to, if you go back almost a year ago when I had to decide if I want to invest in this business, my own career, my own time as such, there are four things that really jumps to mind for me. The first one is that there is a lot of runway. I think I hope you get that message across from today. It's we're a clear market leader, but it's a big market on which at the end of the day, we are still only 5% of what could be ahead of us, which I think certainly I find very, very exciting. Jon used the word we are the picks and shovels in this business. As an investor, I think the gaming market is very buoyant, incredible. It's probably a place I would want to be, but with us, you don't even have to take the risk on the hits and misses associated to the individual titles of the publishers. We are sort of a diversified portfolio that gets you exposure to the overall gaming industry and even beyond based on the capabilities we have. Thirdly to me is the strengths of the and the resilience of the platform. That's what we really wanted to demonstrate today, that there is talent behind, there is really a platform, there is a push for a flywheel. We're in a good position from a cash point of view, good position in terms of balance sheet, in terms of cash conversion, but more importantly to me is really that flywheel effect that we could really be triggering over the next decade, frankly. Finally, we're in motion. We have a plan. We have the five work streams. You can sense all of them are really starting to come into actions. You've heard it from some of our partners as well, from James, from Riot, from Microsoft, but it's many, many others across the top 25. On a personal basis, I'm probably even more excited than I am now than I was when I joined, and more importantly, we have 50 leaders that have been fully boosted behind. This is our plan collectively. This is not my plan or Jon's. This is really the 50-60 of us, and hopefully, we are really in the phase where we're bringing 11,000 Keywordians behind us to really go and make this happen over the next few years. Jon will join me as well. We can take Q&A and think about this. There's a great cocktail, I've been told, afterwards. Go for it. Hi. Firstly, thanks to everyone presenting here and on screen. Three questions, and I'll try and be brief. Firstly, for Jon, on the reporting, you'll now be reporting Globalize, Create- Correct. With some profit figures for those divisions? There'll be some profit figures as well. In the second half? Cool. The second one's to say you're lying. Growth's going to be more than 10%. Margins are going to be better than 15%. Is the next round number's 15% and that's a bit punchy? Because on the face of it, you know, you're saying the TAM's growing at 10%. Why wouldn't you expect to gain a bit of market share? I look at all those figures of employees going up to the right. Yeah. I mean, by setting out like that, we're not setting out targets. We're trying to give a sense for how you might model the business. You know, we've always talked about 10% as being that kind of baseline expectation, but as you've seen, we have grown faster than that. We're talking about over the next five to 10 years, we're trying to put a level of, sort of, prudence, if you like, into the way that we're presenting it. Certainly, we would set ourselves internally a target of being at somewhere above 10%. Cool. Finally, on M&A, the cash you've got, you talk about EUR 50 million-EUR 100 million. On that basis, you know, without even getting into an indebted position, it, you know, for instance, are we going to see you stop issuing stock or buy back what you issue? You know, because there seems no need to raise extra equity effectively. Yeah. It's interesting. I mean, we look at this all the time. At the moment, we feel that the best way of delivering shareholder value is to deploy the capital into the M&A. At any one time, we have got a couple of larger ones that are on the list that if we did do, would start to eat into that cash and even move and need to leverage the balance sheet a bit. We want to give ourselves the flexibility at the moment. We think that's the best way of doing it. Clearly, we'll have to monitor it over time. You may have seen that we did propose a resolution to give us the ability to do share buybacks if we wanted to. We didn't have the ability before, but our focus at the moment is deploying that capital into the M&A. Thank you. Hi. Richard Williamson from Edison. I just wanted to ask, you know, one of the points that I think Bertrand made earlier in the presentation was that, you know, you're in a unique position, and were you to disappear, were Keywords to disappear, it would make a, you know, it would have a big impact on the industry. That's fantastic from one perspective, but from another perspective, from the industry's perspective, is that reliance on Keywords, is that, you know, again, I'll use the word monopolistic position, is that beneficial to the industry? You know, is there a thought that they should be developing a competitor or there should, you know, be a competitor to Keywords in the market? I totally see your point. In many industries, where you have only 5% presence and where there is such a road ahead, you would expect others to come in. Others you've seen on a third of the size are trying but are setting up shop as well, but in specialty areas in general. I wouldn't be surprised that the world keeps evolving on that front. I wouldn't be worried as a publisher to have an over-reliance. You've heard it as well, I think, from James of how much there is a need there, quite frankly, because they just cannot pull it off just themselves to build actually those type of capabilities, and they don't want to in the first place. That's the nature of discussion that I'm getting pretty much everywhere across the industry right now. What actually probably the strongest point I have to your question is to me, we're still only 5% of this entire piece of the pie. I think we really have an opportunity to become something very special, but there's a long road to go. At the moment, it's just perfectly timed right now to build those strategic partnerships, to build a platform, to build the technology as well, to be able to take that on and to run with it, quite frankly. The fact that there is not many competitors behind, to me, is a testimony to the work that Andrew Day and Jon and the team have done before to be able to build that platform almost in a super humble way, in a service-centric organization without the entire world necessarily realizing. All we can do right now is to keep running with it quite fast. The prospect of somebody like Tencent with deep pockets coming around, knocking on the door and, you know, potentially bringing an offer, is that something that you consider? I'm not aware of any of those. To me, honestly, I'm really focusing forward on what we can build ahead of us. I think when I talk about 10x figuratively, it's really the aspiration I have. I think with a few people I know well in the room who know me as well, and who know that we have built together a mindset of 10x. That's really what I'm fully focused on right now, including in terms of investment, including in terms of the team we are building up. I hope you get an appreciation for what we're trying to do here, that is quite special. Thank you. Thank you. Thank you. [Ross from WestDeck]. Yes, for you, Bertrand. I'll save you, Jon. Just a question regarding the depth of those 23 of 25 and of the 10 of 10. To what extent are you waiting for some of those clients to professionalize their use of outsourcing versus your ability to actually drive that change? That's a very important one because when I go back to the voice of the customer was, if I go in more specifics, I think you heard it from James, right? James had a starting point of saying, "How are we going to use professional outsourcer to really find the right blend between the two of us?" I reiterate, I don't like the word outsourcer because it feels at arm's length. Hopefully, you get aware that there is really a joined up view of where our teams are really embedded with each other. The solution architect, we're investing in those type of profiles to really make that happen together. Absolutely don't want to be a bystander and just waiting for it. I think it's going to come our way anyway, but I really want to invest in being first in line to create those relationship. You have some others where they have 10 studios, and actually each studio decides independently. More and more what is starting to happen is at a CXO or the CEO level, starting to think about, "This makes no sense. Why do I have the QA in each of my division individually? Why do I have the player support in each of my division individually?" You can sense the tension happening and some at different levels of aggressiveness around that or ambition around that. We started those discussions. There is one partner I'm not at liberty to share right now, but where we are looking across each of the service lines, across each of their studios, where could we do something that is much more holistic around that? That's a choice we have to make. Can we cater for that? Can we not cater for that? That's where all the pieces you have seen actually are coming together. I think the short answer to your question is absolutely, we want to prioritize that. Hence, the strategic partnership is all about that. The technology is also a key to be able to do that. Look, Microsoft, what we have seen on that wasn't just a play to do that across Microsoft. It was a co-development of their platform, so that once we do that, we can do that for Riot, we could do that for Sharkmob, we could do that for Tencent overall or for Sony and others. You'll see a certain ambition on our level to drive that. Wallace from Numis. I want to ask a question on the technology investment. What are the limiting factors really on what you're spending on new technology? Is it that you want to maintain a 15% margin and you could blow through that? I s it that you don't have the delivery capability, or is it you don't have enough ideas as to what to spend it on? What's limiting you in terms of spending on technology? We've plenty of ideas, and part of what I'm trying to emulate, you could sense, was when I call it 10x across each of the service line leaders to drive that. It is generally part of the job spec to go and drive that. I'm looking for each of our service line leaders, and I think the ones in the know in the room know it very well to come up with the ideas on that. Now, we want to do that with discipline, so that's where the 15% and depending on adjusted BP-PBT comes in. I think we have room that we found actually to be able to honor that properly. There are some ways, not massive investment as such. There are some things where it was more a question of prioritization. When I opened up our own kitchen, hopefully what I was trying to showcase is we were probably doing too much, but it's subscale at all different places in an uncoordinated way. How do we pick the five, six that really matter, where we can win over the next couple of years and really invest in that? I don't think it's a mountain of cash where you would expect a major transformation compared to some retailers who had to really struggle to make the wave, as in my previous life, to get to the other end of it. I think here is the right evolution. Questions we have quite openly are more, are there some that needs to be acquisition or is it partnerships? We are meeting many partners there to really understand are we the best owner of that technology? Can we really pull it off and iterate on the product side? I aspire to be that type of company, but I want to be realistic of how fast we can move. I think it's less on cash, it's more the capabilities and how much can we take on and where does it really move the dial, as you have seen with Kantan AI. Maybe one point I'll add, and Jon hinted to it, was also in terms of guidance overall. We've said game dev, marketing, but we've added technology to the list as well. There will be a few where they will have a different profiles than what the market is used to in terms of 5x-7x-ish in terms of multiple associated to that. That's the moves that we effectively want to make here and there. Hi. Just in terms of the game delays that have been happening in the industry this year, how much of a tailwind, if it is, creates a tailwind for you and you know, how long would you expect that to last? It's a very good one. Yes, it is a tailwind, and our QA business, part of your question, I think earlier at Jefferies was the one about the 10% is part of it we're benefiting from a few one-offs right now, especially on QA, where there's a lot of titles that came. Usually, that's a piece of the business where we get the visibility latest, but it's really coming, and it came very strong over the first four months in particular. Can we completely reproduce that all the time? Probably not to that extent. This being said, I think there's a more structural trend there. I'm having the discussion with quite a few of the studio presidents. I have one major one in mind right now, where he's getting frustrated by the fact that each titles, even titles that are supposed to come on franchise on a yearly basis, you can probably guess, actually have often even more than one year delay behind that. That becomes structural because the expectation of the games to land on the market are bigger and bigger. From a quality point of view on the back of Unreal 5, from the type of portability that is expected now on all the different platforms. The market now, to justify those investments, you expect now to be live on 20+ languages from day one, hence those investments on there. I think there is something structural there, and that's why I highlighted earlier the extra complexity you get in the business overall that quite frankly, will be to our benefit. Now we don't want it to be delayed. We want to come to the early stage of the solution proactively of where can we help bring tech into it? Where can we get volume that you couldn't handle before? If we can do that, to me, that's a sweet spot. Just as another question. In terms of talent shortages that are out there in the market, with the current pace of people joining the industry, how long would it take to fill that gap? Do you benefit in that time? You know, are you part of that ecosystem? I'll probably separate a little bit. Good to have you here as well, Jon. I'll separate a little bit the post-production side and the creative side. On the post-production side, I'm stereotyping a little bit, but we are sort of an unlimited machine to some extent, where we can really scale very strongly. You've seen Katowice was an example, moving from 0 or 40 to 1,000 in three years. We're doing the same at three, four, five places around the world right now. We have that capability to scale and to take the demand on that front. Those are discussions we're having with the business development team. It's like there, what's the cohesive offering? What's the technology? We can take as much as we can eat, frankly, on that front. On the creative side, especially on game dev, that's where the number one limiting factor is really the game dev talent, and largely seniors, I would say. Hence, the investments we're looking into India about how can you take those million engineers and convert them on a three-year horizon by writing almost a curriculum, by really shaping them to the type of specs that make sense for what we need as well, for what the industry needs. Now, we have a healthy growth there. Last year, you've seen 15% growth in our game dev business, but the cap was really due to talent on that front. That's what we want to unlock. Ed James from Berenberg. Got two questions. Firstly, some of your largest clients are going through a bit of a, let's call it an operational challenge through unionization. How does that affect your business in the way that you deal with unions or increasingly so, and then how they are procuring your services? You know, has that changed as a result of that? In part of it, you're right. It's happening in the industry more broadly, especially in North America, Canada in particular right now. You've seen a few cases. You've seen a few cases within Keywords as well this week. You've seen Microsoft a few days ago, I don't know if you saw that, but announcing that unionization is part of the process and that Sony would be a natural point of endorsing it as well. We have maybe for everybody's benefit, we have a small case of that we're experiencing right now, where in Edmonton, we have about 17 employees, 16 employees who decided to go and to mount a unionization effort on the back of that which was announced this week. We definitely respect the decision of our team. At the end of the day, want to work closely with them, but I should probably caveat that. This is very specific to Edmonton. It's 17 people, which is in the spectrum of 11,000 people. It's a very specific business, called KES, Keywords Embedded Services, where we have some teams for historical reason embedded actually with our clients as such. It's a very bespoke piece of our business as such. Our job and part of it, frankly, there's things I'm still learning as well. There are some things where we could do better. In that case, for example, we had a miscommunication between us, our clients on the working from home relationship. We could have done better than that. We rectify that right away, but we're going to rectify now across the board of where do we need to take actions proactively around those. We're going to learn from that. Overall, yeah, you probably see a trend on that dimension, but that's why also we have a broader global footprint that I think we can use to advantage more generally. Slightly unrelated. The broadening out of the marketing services is somewhat more of a leap than some of the other service lines. Going into things like sort of user acquisition, performance marketing. I'm just interested, you know, you've got a landscape where you've got Unity, ironSource, AppLovin doing user acquisition on mobile. You've got things like PETROL Advertising owned by Enad Global 7, doing things, you know, more on the PC console side. You've got legacy sort of agencies that, okay, fair enough, aren't video game specialists, but you're doing this at a time where there's a lot of regulatory change within the media landscape as well. You know, how is this going to be built out and why do you think Keywords can build what is quite a specialist technology-led service line that is quite different to anything else that Keywords has essentially done? You know, programmatic advertising, user acquisition is pretty specific. Yeah. I think I'm more optimistic than you are. I don't know what the end game will be. That's a job that Tony is to plan. I'm not saying we're going to do the full 360. For example, are we going to be buying, engine building, and having the technology that's behind it? Probably not. Which is 80% of the spend, by the way, which is a hard and fast rule. I would argue we are probably going to partner or to find the right shop that really fits perfectly with what we have. I guarantee you, on my word, we'll be very, very diligent on that part of it. But gosh, there are opportunities. Again, I'm just talking about the last six months, talking to the C-suite, where many 15% of their SG&A is actually into marketing on that front, and it's very traditional. It feels very traditional compared to in some areas way more advanced in mobile, but then other industries which have already gone through that journey. There is a piece in me which is, gosh, I want a piece of that action, one way or the other. Part of it is building the right piece. That's why I flagged earlier, game dev, we know exactly what we're doing. It's the bullseye that we want, the type of characteristic we want. There, we'll have to really shape it up. That's why also getting Tony on board and partly coming from that background. Take the influencer marketing, take Visar and Mike at Waste, who joined the family in December last year. It already makes a big difference in the offering we have. Now we can play in influencer marketing, we can play in social, and there are areas where we're strong. There are areas where in terms of trailers, not everybody can do that. We have five specialist agency in trailers. They're really in-game engine. There are plenty of clients outside of gaming who are asking us, "Can I get please a piece of that?" I'm not over-arguing, but there are probably 30% where we are strong. There are probably 20%-30% where I already know we shouldn't get there, or at least we should get in partnership, including some that you're mentioning. There is an interesting Wild West in which we probably want to also figure out how we can play in there. I don't know, Tony, if you want to add to that. Yeah, I mean, I think you gotta look specifically. I think some areas lend more, you know, influencer marketing. I think that's a broader area, and we're looking for specific companies that, you know, as I say, can help us to automate. I think in the area you're talking about, performance marketing, we are going to be more specific. Has to be games related, and we'd be quite specific which part of that area would be interesting. Hi. I'm just going to relay a couple of questions from the people joining remotely, if I may. First of all, we've got one from Nick Dempsey at Barclays. He says, "Given there's already a healthy net cash on the balance sheet, you often use equity to purchase part of bolt-ons, and your model generates good cash free cash flow. Are you undercooking things by only projecting EUR 50 million-EUR 100 million of spend on M&A per year? I think we kind of covered that earlier in a previous question. You know, we've given EUR 50 million-EUR 100 million as a kind of an indicative, typical sort of level. I don't want to use the word bolt-on acquisition, but if you go back over the last few years, we've been operating at that level. We have got two or three larger opportunities that we've been looking at that could consume quite a lot more cash if we decided to go there. And that EUR 50 million-EUR 100 million would not accommodate one of those. I would see that as the sort of typical with the potential to spend more if we went after some of these larger ones. Just a quick question from Thomas Singlehurst at Citi. Referring to slide 10, where you talk about 133 clients using three or more of your services, but can you tell us what the overall client count is, and therefore work out what percentage that represents? Yeah. No, I can share. I think we have 950 clients at last count at [LMIF], and there are indeed 130 that are using three plus of our services. If you take the top 10, most are using six plus of our services. What I was trying to illustrate earlier is, like, beyond the numbers, there is a lot of opportunity. Right now, those are largely studios one-to-one that goes to them. We can coordinate that much more and offer much more value across the studio. I think that's what James was bringing to life in spades on that front. Open the agenda to 2026, look at the five, six titles, AAA, that are coming or the mobile portfolio. We can do something that is way more meaningful. Frankly, that's the break to me that we're only EUR 512 million right now is largely due to that. That's personally what Tony and myself want to unlock. There's actually another couple from Tom. Can you talk about utilization of your developer base? How much can you grow just by using your existing workforce more effectively? We've actually been running probably hotter than we should be over the last couple of years. As I said, the challenge on that side has been bringing talent in to the organization, and that's been a limitation on our growth. I think we've grown about 15% organically for the last couple of years, and that kind of feels about as fast as we can organically in terms of that talent acquisition piece. In terms of utilization, it's something we monitor a lot. Typically, we would look to run that business at about 85% utilization. We've been running higher than that. We've been running more at 90%. Actually this year we quite intentionally budgeted to have a bit more utilization across the business. Gives us the ability to react a bit better when we get client demands coming through. We've been busy, so we're back at 90% again. You know, as I say, the big opportunity, the big challenge there is how can we get more game development talent into our organization so that we can scale that faster? Even to add an extra lens to that, it's not. There's a certain level of granularity that is interesting as well. It's not every single developer. It's also the more senior ones are the ones that are most in demand across the market based especially on game engine sophistication. That's why studios like High Voltage are incredibly valuable as well, because you have deep expertise in Unreal 5 almost a year and a half before it really gets deployed to the market. That's a super skill. Then, like in a consulting model, you can attach a lot of juniors or talent that is growing actually through them as well. We're trying to be very targeted even in the academies of which profiles do we need most because they allow us to unleash some of the constraints on the utilization. There is one, I think, opportunity for us. At the moment, we tend to manage, if you like, utilization at the studio level. You know, we talked about technology. One of the benefits of getting all of our game development studios on one workforce planning system is the ability to potentially utilize across studios a bit more than we do. We do a bit of it, but it's not the norm. We've got at least a couple of projects where we've created a team by taking 10 from one studio, 10 from another and combining it, but it's not something we do sort of automatically. I think once we get that workforce planning solution in place, we can start to be a bit more creative about how we pull teams, and I think that will unlock some utilization opportunity for us. But we're not quite there yet, but that's, I think, something that maybe comes down a little bit further down the line. Patrick, good buddy. Question on pricing, actually. Look, we've heard a lot in the past that, you know, Keywords hadn't really pushed the channel here. Just interested in what some of the initiatives of late across service lines there, given your strategic, you know, positioning in the industry and what you're doing on pricing. If you could just give some context on that. I'll start maybe with one element that is interesting that I didn't realize. Price has been part of the answer to the question is price has been not in the top four of the priority criteria for most of our clients right now, certainly in areas that we're talking about in terms of the creative, which is very interesting. I didn't expect that. That was with my armor when I went to visit most of the clients, thinking here, careful of how you're going to address that when you give the visibility across all of the studios. Actually, it hasn't been the key consideration. It's really about access to resources, especially those seniors as well. It's the ability to mobilize very quickly the geographic footprint and the flexibility you can offer, and then more creative solutions around that, and price comes after that. Now price is obviously important, but in a world of inflation, this has put us in a position when supply is so much lower than demand, that we have a treasure of 11,000 talent in the company, putting us in a position where we can have those discussions and where our partners really want those resources as much as everybody wants them. This has allowed us as well to start having those discussions. Now, I cannot overcome it because we're in the beginning of that world of hyperinflation right now. Who knows how long it's going to last? You know better than me. As part of that, at least the first signs are that there's a good ability to really have those discussions as true partner and to pass that on. Yeah, I think that's super important. The other thing, you know, it's a very, very client-centric service sort of culture that we have, and I think with that, the businesses are very respectful about pricing as well. You know, a lot of these teams have been working with each other very, very closely. When we're experiencing some labor inflation, so are our customers. We need to work together on that. I think it tends to be quite a constructive. I'm talking more on the creative side here, but tends to be a pretty constructive conversation because we're all kind of in it together, and all we want to do is help our customers, help our clients deliver their content and deliver their objectives. I think pricing just becomes one part of that conversation. The even more important piece to me is that that's why we try to illustrate with the strategic partnership and bear with us because we are early on that journey. I generally believe that it's only now that we can really have those, because until you had game development, the full service lines, the geographic footprint, it was tough to really have it. The real play to us is not a binary discussion on pricing and who takes it on. It's really a discussion of how do we create way more value together as part of that. Hi. Thanks. [Anna Macdonald] at [inaudible]. Your NPS scores, you talked about that going from, I think, 22 to 44, you said? 42. When Jean-Sylvain from Snowed In Studios came on, he talked about 78%. That implies that it does vary quite a lot across the group. Can you talk a bit about how you think about that and how what your targets are and how this new forming into three divisions might affect employee morale? Because, you know, we're all aware there's a massive battle for talent out there. You're absolutely right. The 22-42 is on aggregate level, including COVID, which interestingly in many firms around the world, in a bizarre way, at the entry stage of COVID, ENPS worldwide has increased. Part of it is because of the flexibility of working from home, much more flexibility in what I want, not having to spend 50 minutes to the office, and then. It's. I've done in previous places as well. You're right. We're looking at it per type of studio, per type of service lines. You wouldn't expect to see. 42 is actually a super healthy benchmark. I don't know if you're running across your own firms or your own portfolio. In the industry, this is really, really high up, many in negative territory. You'll have differences in two post-production areas which were much more entry jobs, second job post-uni, shorter-term placement. Think about our testing QA support as is right now, meaning that we want to enhance that, where it's much more the value that you can drive with the insight and others. In the more creative side, and certainly on game dev, you'll have more pressure, for example, because those guys in high demand across the industry overall. The high NPS often is a reflection of those teams have been together for a very long time. That's why I want to be very respectful of the local entrepreneurship that Jean-Sylvain creates, that High Voltage creates, that Happy Hare creates, that VOLTA creates. There's really something magical in the way they do that. Many of the teams, the acquisitions made overnight as well, and Forgotten Empires, I think they had one person that had rotated over the last 10 years as a part of that. It's really a group, a band of brothers that has been very, very close. The trick, and our biggest job, is how do we keep that absolute entrepreneurship, that strength, but how do you give them the right backbone? There is a massive appetite to collaborate more. How do we enable them much more to do that? The biggest mistake we could do is to come up with top-down governance. Here's all of our resources. The 90%, we could optimize it to 100% fairly quickly by just putting it together. That would be a big mistake. How do we make sure we find a subtle blend, basically, in that? That's also why I wanted to have the studio in my leadership teams. That's why you see so many studio leads as well in here, because that's where the rubber really hits the road and the truth come at the end of the day in there. We want to have those discussions very openly. But you're right. There will be differences per type of businesses like there is in any other world or any other type of industries as well. It's in our incentives as well. Yeah. We're measuring on there as well. Yeah. Thank you. It's James Lockyer from Peel Hunt. Follow-up actually from Anna's question on NPS. I've heard in other companies that are global, NPS scores can differ by geography as well because there's different cultures and things like that. Is that? Are you seeing that as well? Absolutely. You're absolutely right. Part of it as well is, like, take areas like Manila. I think we are in the 70s as well. For example, we have 1,100 team over there. You go there, it's buzzing, it's an incredible energy. We are one of the biggest job providers, one in an area where the jobs are not that easy to find. As such, the conditions are really well done compared to most employers in the region. It's way less competitive. You're absolutely right. It's horses for courses. We did analysis of the workforce recently where we looked at each of the key geographies, where the benchmark for that industry, for that segment, for the region as well, specifically. Then part of it is to find the right blend overall and also the flexibility to keep adjusting. I want to have happy employees well-paid at the end of the day. If you want to stay for the next 10 years, we'll invest in that properly. We have levers that we can use as well. Thank you. On the M&A box, I noted there wasn't a tick next to game development technology as a sort of a, as an option. Is that because you feel you've got the capability inside to build up that side, or do you not see that as being as value add to shareholders, some of the other areas? I think it's more about what we're prioritizing within those service lines. Within game development, we're trying to bring in capabilities, we're trying to bring scale, we're trying to bring geographic footprint. Technology, actually, a lot of the time we're working on our clients' technology stack. We all of the game development studios will have technology. They'll have workflow systems that they use. That's not what's really driving that service line. It's the talent and the people and the customer relationships. Whereas in some of our other service lines, you know, we've shown that we can expand and grow our testing capability organically. We don't need to buy businesses as much, be able to build and expand. Katowice going from 0 to 1,000, India growing very strongly. What we do, and we are interested in is how can we add technology to the services, either to make the services better, be able to test more of the game, or how can we bring in technologies to make us more efficient? It's more about the relative prioritization within the service line rather than the fact that we're not necessarily focused on technology per se. It's a good catch. I'll go back and have a look and have a discussion with Jamie, because Jamie might be tempted. There's a piece in me, we're 1,500 engineers, so with Ashley, you've seen earlier, gosh, that's a gold mine and highly specialized. That's way more than your average, even Google engineer in there. So surely there's a piece in me, oh, how can we do more? That's Jamie's job as well, to figure that out across the service lines. I suspect part of the reason why you didn't see that tick there is maybe there's a mental bias. I'm going to resist the temptation to see where it is, but we have one in mind on the outside on technology. We've been blown away when we met them. The ability to create art almost on request with workflows across clients, across ourselves was really blown away. It's someone who comes from the industry, was frustrated about not getting that typical entrepreneurs. He created his own stuff. We shared with them at the summit, and at the end, we all look at each other, that's from the outside. We're like, "Gosh, we need a piece of that one way or the other." Maybe there was a blind spot on that. Jamie, we should talk. One thing we are going to do actually is, within our game development studios, you know, they're constantly trying to solve problems for a particular project or something they're working on. What we probably don't do enough on is share those solutions around the other game development. We were at d3t, and they developed a tool that helped alleviate one of the issues on one of their games, and that sort of technology sort of stayed in the studio. We're going to do a much better job of sort of cross-fertilizing those solutions across the rest of our studios. Sorry, another one from me. Actually leading off the previous question. Now, you work with game engines across most of your internal game engines with most of your large customers. But Unreal and Unity's game engines are growing in terms of their share of games that are created on that. Now, do you think that actually sort of helps your clients outsource as that sort of level of standardization grows and as a sort of second-order effect? Because Unreal is used so much in film and media, do you think that as standardization grows, that actually opens the door more easily for you to go into those adjacencies? Yes and yes. I think on the second, I'll take the second one first. Absolutely. I think that's what Jon was showing. It's really. You've even seen in the footage on virtual production, it's all based on Unreal 5. If you didn't have that or you were still in Unreal 2, you could make this happen. You'll see more and more of that. The beauty is not one way to the other. It's not the film industry coming to games. It's games' abilities being able to do films in a very different way. That's why we absolutely wanted to. This one is really high up on the list for us. On the first question, if I'm a CEO of a big publisher, I would obviously ask myself the question. It's a natural question in many industries. Should I rely on Unity and Unreal, or do I need to have my own game engine? That's where I won't name them, but that's where many are being developed. We are sort of Switzerland on that front. We have the ability to work across all the different engines. It's part of our strengths. We have some customers asking us, which is new to me, that's not in the service lines, but can you help us co-develop the engine so that we keep pace on that front? Again, I'm coming on the 1,500 engineers we have. We have to be thoughtful about what we can do, cannot do. But we are sort of the Switzerland. I don't know where it's going to end up. Yes, there are some two very strong ones. Even within those two, there's they've made different bets. Some are really at the forefront for AAA. There are some who have pushed a bit more to mobile. There are some that are even starting to look outside of gaming, interestingly, where they are talking to those retailers I was referring to, saying, "Can you digitize my X number of assets?" Much lower entry points could be interesting for us as part of the academy. Those are things we are looking into. I think actually a little-known fact, but I think we are the biggest developer on both Unity and Unreal in the world, if I'm not mistaken. When you take the aggregate of each of our studios compared to any individual publisher, that's a strong position to be on. The other thing is I think it sort of potentially lowers the barrier to entry, I think, coming into the industry because a combination of an Unreal and the Keywords gives you everything you need to actually produce the game. Whereas if you went back 10 years, you really had to have your own proprietary engine in order to have any chance at all, and there wasn't really a supply side to really support you. So I think, you know, that feels like a good trend for us in terms of our ability to support people that are coming into the industry. A good way to close? It's a nice question. It may not be a closing question, but it can run from Jefferies. I was just going to ask about where are we on the kinda hybrid working, remote working journey, and I'm sure the answer's different for kind of every vertical. You want to go? Shall I take that? Yeah, I mean, y ou're right. It's different in terms of the different service lines, and it can be different by geography. We got poor Ashley that's still locked up at home. She couldn't come to the last one we did back in February, right at the start of the COVID journey. I think we're trying to keep our options open, honestly, and also work with our customers as well, 'cause we need to accommodate how that might change. At the moment, most of our customers have been very comfortable with the working from home model. As a business, I think we want to retain as much of that as we can. We certainly feel from the feedback we've got from our people that they've enjoyed the flexibility that working from home provides. Equally, we've got clients, and we need to make sure that we're accommodating what they need and they want, particularly in terms of security and the way we used to operate our testing business, for example. I think we're trying to retain as much flexibility. I don't think it's going to give us a massive cost leverage. I think we're just going to use our footprint in a slightly different way going forwards. What I do think it does is it de-risks the way that we scale. Ken, you would've been out in Montreal and, you know, in those days, we're trying to predict six months ahead how many seats we needed. We can grow a bit more flexibly now. We can grow into the work from home model, then add footprint when we really know that it's there. I think gives us a little bit more operational flexibility. Not many spare seats here today, so you're doing something right. Thanks. I think, except if there are other questions, I really wanted to thank all of you for spending. I know it's a lot of your time of an entire afternoon with us, so thanks for the investment you're making. Thank you for being with us on the journey. I'm looking at Will who has been with us. He told me at the break, he's been with us pre-IPO already. Thank you for being on the journey. I think it's going to be a long-term one, and I think it's going to be a hell of a ride as well ahead of us. Thanks for that, and now we can open the bar, I guess.