Good morning, everybody, and welcome to the full year results presentation from Pod Point this morning. Georgie, if I could move on to slide three, the agenda. What we've got for you this morning is I'll be doing a little bit of a Pod Point introduction just to bring any sort of people who are new to the business up to speed on what we're all about. Then I'll be talking a little bit about some sort of key company highlights and what's going on in the market. I'll then be handing over to David, our CFO, who'll be taking you through in detail the sort of financial performance that we've done over the year of 2021. Finally, coming back to myself just to sort of do a little bit of an update on the long-term or the mid- to long-term strategy of the business, what we're aiming to do, and a tiny bit of outlook. Finally, we'll move into Q&A. On this call, it's a pleasure to say we've got a reasonably good selection of retail investors as well as the institutions and the analysts. What we'll be doing in the Q&A is I'll first of all be taking some questions from the analysts. If you are a retail investor on the call, please use the chat function, and then I'll be pulling some questions from the text chat in order to answer some retail questions as well. We'll make sure we both groups get some Q&A. Good. With that, let's press on into it. Georgie, if we could do the slide four, Pod Point's mission. It's worth just a little bit of history of the business really. Pod Point founded by myself back in 2009, and the founding principle of Pod Point was that we want to build a future where travel doesn't damage the Earth. Very specifically, Pod Point is about building a network of charging points everywhere you park, and that's very specific. What we really believe is the best experience for electric vehicle drivers is if they charge their vehicle while they're busy doing something else. It's all about building charging infrastructure in the locations that you're going to anyway. Wherever it is that you leave your car, you plug it in, and while you're busy doing whatever it is, you know, whether that's asleep at home or working day or buying your supermarket groceries, your car charges while that happens. The question is not how fast does my car charge, but how much of my day was interrupted in the process of my car charging. It's also worth mentioning that from day one, we've always believed that our charging infrastructure should be smart. The reason for that is in the long term, in the future, we plan to use our network of charging points nationally to manage how energy flows through the National Grid. Obviously, electric vehicles are going to increase the amount of electricity we use nationally, but Pod Point are going to carefully manage how electricity flows in order to manage demand on the grid. Final part, and this one, of course, is to say that, you know, Pod Point is in environmental considerations, the whole reason for Pod Point being travel not damaging the Earth. For us, the environmental side is not a bolt-on, it's a fundamental part of the reason that Pod Point exists. Next slide, please, Georgie, onto the ecosystem. Having given you a little bit about Pod Point everywhere you park, it's worth also talking to you briefly about our ecosystem. We think the only way you can build a national infrastructure is you have to solve for four things. You have to build home charge, you have to build workplace charge, you have to build destination charge, and you have to build en route charging. Pod Point does all four parts of that ecosystem. That's fundamental to our business model. You'll hear us talk later about home charging and commercial charging. Commercial is just a grouping of work destination en route. Fundamentally, we think it's vital that we build all four parts of that, and we think that our ecosystem gives us a competitive advantage, and it also builds a protective moat around the business. Now just moving on to slide six, the last sort of introduction. We think we're the number one player in the U.K. We now have 137,000 communicating capable charging points across the U.K. I just put a few pictures on the screen here. Hopefully, those who don't know the business extremely well already, you'll now look at those pictures and say, "Right, oh yeah, I've seen a Pod Point on one of my neighbor's houses," or maybe you've already got one of our products installed. You'll also see, you know, some workplace examples there, some rows of charging points. You know, we've got lots of locations where we're putting charging in at scale, and including also supermarket there, Tesco with one of our Media Charger and some of our DC chargers as well. Always nice to put a few pictures up just to bring it to life. Moving on to slide seven. We really feel 2021 was about consolidating our market leadership with some really strong growth. Pick out a few things. The first one is a non-financial metric, but I think whatever you do, Pod Point to make travel not damage the Earth, it's all about how much energy is flowing through our network. Energy flows through Pod Point products into electric vehicles. That's motoring, which is being done by electricity, and hence with zero tailpipe emissions and reduced carbon. We saw 222% increase in the amount of energy which flowed through our network over 2021. Now in terms of revenue, we're about 86% up in terms of revenue. We did GBP 61.4 million, and of course, David's gonna do a deep dive into the financials later. Also what I'm really proud of is not only did we grow our revenues, but actually we increased our gross profit, 99% increase there. We're actually just on the correct side of zero in terms of posting a positive adjusted EBITDA. In line with our revenue, about 85% increase in the number of charging points we shipped and installed. A couple of things that I you know the bottom line on this slide are things that I'm also very proud of. About 127 tons of carbon dioxide equivalent avoided, and that's a piece of math we do when we work out the amount of energy which flowed through. We convert that into miles driven, and we consider the difference in carbon of if that same amount of miles have been driven in an internal combustion engine versus being driven by an electric vehicle. We're gonna talk about a lot. If you follow Pod Point over the next few years, we're gonna spend a lot of time talking about the fact that, a lot of Pod Point's impact is in obviously helping our customers save carbon through driving electric. In terms of miles driven, just a little bit under 1 billion km of electric vehicle motoring driven powered by Pod Point, and that means about 0.5% of all miles driven in the U.K. were powered through Pod Point, which we're pretty pleased with. Mentioned it on the previous slide, but we've now got over 137,000 communicating capable units out there, and that becomes very important when we talk a bit later about things like our recurring revenue strategy. Onto slide eight if we could, please. So just a little bit on the 2021 market. Now of course, the market which is most relevant to Pod Point is the car market. In 2020 and 2021, actually the total car market has been depressed. You know, typically over the last 10 years, 2 million- 2.2 million new registrations each year. Actually for 2022 and 2021, that's been running about 1.6 million. So not a lot of growth in the overall car registrations market. What you can see, battery electric, plug-in hybrid and the combination of those plug-in vehicles, 74% up in terms of plug-in vehicles. Really strong growth in all vehicles with a plug. That's the part of the car market which is really growing. A couple of other cool bits there really. I've got a little graph in the bottom left which gives you a few nice bits really. First of all it shows you how the percentage of all new cars that were battery electric or plug-in hybrid at each month of the year. You can see going into the year that we had, if we just look at battery electric, something like 7%. Actually in December 2021, one in four vehicles was battery electric. Expect December to be a peak and it won't quite be that high as we look at January, but either way that's very significant. The other thing I've marked on that graph is the stats I was sharing at IPO. IPO was only November, and I was using some stats. We were talking about 11% of new vehicles being electric in June 2021 when we did IPO. Really strong performance here. The other thing that's really good is, of course that's what we've now seen is battery electric vehicles consistently outselling diesel, which is a major win. Extremely pleased to see that happening. You know, what we're seeing as well is that we've got really strong adoption of electric vehicles, both by the private market, but also particularly company car schemes and last mile delivery fleets. We're really seeing the bigger corporates engage in this as well. I think in summary what we're gonna see is we're gonna see 2021. I spent 10 years of Pod Point talking about to people about when the tipping point of electric vehicles are gonna be happen. I think the answer was we've just seen it happen. 2021 was the year that the market tipped in favor of the electric vehicle, and it's now fundamentally, I think, driven by strong consumer demand, which is a great place to be. Moving on to slide nine, please. Just a couple of growth bits across key KPIs here. What's nice is the number of charging points supplied and installed, so that's one of the predominant drivers of revenue in Pod Point. Of course, we've got 85% increase in the number of units, and that's well ahead, of course, of the plug-in vehicle growth was 74%. Reinforcing the energy transfer, 'cause I think it's so important versus the mission of Pod Point, but 222% increase in the kilowatt hours of energy transferred across our network and, you know, that magic sort of half a percent of all vehicle motoring in the U.K. done through charging on Pod Points. The final graph on this one is the number of communication capable units, and what you can see is that's gone up to 76%. What you've got to remember is the historical number, the 77,000 that we had at the end of 2022 is what we'd rolled out so far across the life of the business. What that means is, you know, we're now 137,000. 76% is not just the change year- on- year, but it's, you know, the cumulative change of charging infrastructure we've got and that becomes really important when we start thinking about our future revenue strategy, recurring revenue strategy. Having a large number of communicating capable units out there is really important to us. Briefly now, just one last slide before I hand over to David, just to give you a little bit of what's going on across the four key segments of Pod Point. Home charge and the biggest segment of what we do, actually what's really nice there is we've actually grown our market share in terms of percentage of plug-in vehicles. We were 16%, we're now about 18%. We saw revenue grow, significantly ahead of the market, 98% revenue growth, and some good stats on there. Also worth noting a few nice contracts either won or renewed, including Fiat, Jaguar Land Rover, Mercedes, and Nissan, so some really good names in there, and that's not an exclusive list of all of the car company relationships we've got. We've got a lot more than that. I was just pulling out a few highlights. Commercial charging, also some great activity in the commercial charging segment, 64% growth, and again, some really nice contracts including Hermes and Serco and CBRE going on there. Owned assets, which is a key part of our IPO strategy. This is the way we're owning charging infrastructure. The charging infrastructure sits on our balance sheet, and hence what we're doing is, you know, increasing the number of sites we've got specifically with Tesco; we expect to expand this into other partners as well. Some really solid growth, we've got 453 sites. We've got just a shade under 1,000 units and 73 DC rapid charge points across the Tescos. We've got now a growing pipeline of future opportunity there, so pretty excited about what we're starting to do in that segment of the business. Recurring revenues, so we'd went from GBP 500,000 of recurring to GBP 0.9 million of recurring. What we're seeing is that's what it's all about at the moment is about building up two things, the number of communicating capable units we've got out there, which I've shared some stats with, but also is now starting to do what we said in the IPO, which is invest heavily in the technical team, because what we're effectively building is software on top of the Pod Point network and on top of the Pod Point platform to enable us to build our recurring revenues. Most of our recurring revenues today coming from the commercial sector, so the fees for us monitoring commercial charging infrastructure, but we expect to expand that as we move into grid load management and other things which I'll talk about in the outlook section. With that, I have the pleasure of passing on to David Surtees, our CFO, who's gonna take you through a few of the financial highlights. Thank you, Erik. Hopefully everyone has slide 12 in front of them. Erik has mentioned most of these, but I just want to reiterate one of his key stats. It's 127,000 tons of CO2 avoided, not 127 tons of CO2 avoided. A considerably better statistic. Just in terms of financial headlines before I do a deep dive into some of the different business segments we have. For those of you who've been subjected to Erik and I through the IPO a number of times, apologies for me repeating some of our sort of how we do our market share, etc. I'm going to just assume that the majority of people on the call we're presenting to for the first time. Just running through our numbers, as Erik said, 86% headline growth in revenue. I think for me, the key benchmark when you're growing that quickly in a relatively new sector is, how fast has the market grown and, you know, with a 74% growth in plug-in vehicles, for new registrations of plug-in vehicles in 2021, I think, you know, us growing ahead of the market is a key statistic in terms of, A, we've done well, B, the market's grown a lot as have we. Obviously, the majority of that growth has been in our one-off installation sales revenue, so, across home and commercial, they represent about 93% of our revenue in 2021, with home growing 98% and commercial 64%. In terms of gross profit, again, I think, you know, we had a strong growth in revenue. A lot of that's dropped through to the gross margin, but our percentage gross margin has increased. We managed to get that up to 27% from 25%, which in a fast growth business I think is a very good performance. As I said, that's growing as a result of increased volume and also increased margin in home and a little bit of mix as we do a little more higher margin recurring revenue and owned asset revenue. Again, overall, 99% increase in gross margin. I think as Erik touched on, positive EBITDA, albeit just at GBP 58,000. We have a number of adjustments, they're typically around the cost of the IPO, so purely one-off transaction related costs. Also in our first major numbers, we've treated as share based payments below adjusted EBITDA and as adjustment to EBITDA. That's primarily due to volatility in there. I think probably for 2022 and into 2023, we will keep them as adjustment to EBITDA, primarily because there can be volatility linked to the share price that when you're guiding to a relatively small EBITDA can just move the dial a little too much. I think over time, we'll absorb those numbers into EBITDA. I think a key thing is even during this year, and as then I give some guidance on 2022, we are obviously in a market that is relatively early stage. We are seeing new opportunities almost on a daily basis, and fundamentally, we are looking at growing our top line while maintaining our gross margins, and then I'm trying to invest in our sales team and in particular our technology team, all of which, you know, will increase our overheads as we go into 2022. I think it's important when you look at what we see as our growth profile and obviously the potential growth profile of the business as the U.K. transitions to effectively all new cars being plug-in vehicles by 2030. The addressable market we can go after and the number of places that need a charge point, it's a massive opportunity. We are very focused on investing in that over the next couple of years. If I can move on to slide 13. Just going into four of our primary business segments in a little more detail and just to give you a little more color as to some of these. Home is our biggest segment, 66% of our revenues. We look at revenues. This is pretty much one-off revenue from us installing a charge point in people's homes. The gross margin is after the costs of installation, which are primarily the cost of the unit, the cost of parts relating to that, and the cost of the actual installation. Those installations we do both using our team of about 80 in-house installers or a network of over 200 different external partners we use to install the units. Certainly a significant part of the reason we've managed to grow our margin in the last couple of years and also scale the business and are confident about scaling the business, certainly through Q1 2022 and onwards into 2022, is the use of our third-party external partners, because they allow us to hire electricians closer to the point the installation needs to be done. Not only is that more cost-effective, obviously it reduces the amount of travel as well, which in the end will save quite a lot of carbon as well. That was a key statistic. Across 2021, 11% of home installations were done by in-house team and 89% by third parties. Across the year, looking at how we some of our key metrics, we look at average revenue per unit, so that trended up nicely. That's at GBP 733. And average gross margin, we managed to increase headline gross margin from 25%-28%. Again, nice growth there. When we look at market share and how we're doing and how we assess the team internally, we do look at total new plug-in vehicle registrations. There's a strong correlation between when you actually need your unit installed, which is obviously when we recognize revenue, and show the number of unit installs, and when you actually register your car. Throughout the IPO, in order to help analyst guidance and investor models, you know, we flagged very much that we see our market and we do our internal business modeling on how plug-in vehicle sales as a total and as a total percentage of total car sales grow over time and how we do in that marketplace. As Erik touched on, you can see that in home, we've grown from 16% to 18% market share. Again, that's good. Obviously at the moment, not all plug-in vehicles take a charge point. There's people with on-street parking, people with parking in apartments and also just areas where you just can't put a charge point in. Effectively our addressable market isn't the whole of that market, but, you know, we're showing that growth. We've also included pure battery electric vehicles. I think within the next year we will move this statistic just to pure battery electric vehicle sales, but they are obviously a slightly smaller percentage of plug-in vehicles than the total. I think it's worth noting certainly on the gross margin point in 2021 that we did have some component cost issues coming through. I think in line with most manufacturers in the U.K., costs have been going up. We've been absorbing that. I think we had about GBP 200,000 that come off margin in the first half of 2021. Those are growing into 2022, and I'll touch on that in terms of guidance. I think our focus has been on making sure we have sufficient volume of units in the market to fulfill our customers' demand. That has resulted in us requiring and going out into the market to spot buy components to make sure we have that additional volume. That's been a key deliverable for us. If I can move on to Commercial. The Commercial bit of the business is a slightly broader church. This business segment is both installation of charge points and also direct sale of units, whether through wholesalers or to building developers. In terms of the type of installation, we could be installing a rapid charge point at Lidl or a small solo unit in someone's workplace. It's a very broad range of individual project size and individual project margin. Again, in terms of headlines across this segment in 2021, strong growth year- on- year, 64%. Roughly 29% of overall revenue. A little bit down on 2020. In the back half of the year, we were doing a number of jobs for some of the larger supermarkets. Those jobs had to be paused due to the Christmas rush, because most of the supermarkets don't want us in their car parks, sorry, at Christmas. We pushed out a lot of those, a lot of that business into January. In terms of market share, there's no sort of industry-wide public, published information on how many commercial units are either sold or installed across the U.K. We simply track, you know, the number of units we've installed or shipped against total plug-in vehicles really as a guide to how big our addressable market can be and also how we're tracking against that. I think we'd guided that we'd be at roughly 4% for the full year. We've managed to deliver that, and I think we see that increasing at, you know, maybe one or two percentage points over the next couple of years as the demand and need for charge points in commercial spaces grows in line with the growth in overall battery electric vehicle sales across the country. Moving on to slide 15, recurring revenue. Recurring revenue is just under GBP 1 million in 2021. This is obviously a key area for us and a key area why we raised money at the IPO. We are strongly investing, heavily investing in our technology and hardware teams at the moment. A lot of that growth will then deliver additional revenues really from 2023 onwards. We won't see too many of them in 2021, but we will see those costs starting to go through and are starting to hire considerably more technology people and software developers and hardware developers. The majority of recurring revenue at the moment is. It comes from two sources: network fees, where we charge an upfront fee to connect effectively with our back-end systems, and also a revenue share we take where we act as a charge point operator. In the latter, where we act as a charge point operator, we are effectively acting as an agent, so it's only the net revenue we show. In terms of KPIs, we obviously want to show total number of communicating units and at the moment, all the revenue is derived through our commercial units, none through home. In the future, we anticipate that home will become considerably bigger in terms of a revenue source than commercial, but it's not there yet. As I said, I think those sorts of revenues will really start late 2022 and into 2023. The key statistic for us is the average recurring revenue per unit. That just takes the average revenue for the year or the period and divides it by the total number of units at the period end. We can see from that statistic that that's grown across the year, primarily on the back of more people and more revenue share from effectively utilizing the utilization across our charge point network. It's good to see that the network is growing, and as Erik's statistics pointed out, you know, there's a lot more charge going through our networks year- on- year than in 2020. Moving on to slide 16, which is owned assets. This is where we have and own the assets, and they sit on our balance sheet. At the moment, it's predominantly one deal we have with Tesco, but we have a strong pipeline of this business coming through, and raised money at IPO specifically to invest in this, in this area, primarily on the back of it being financially sensible to do this, and also because quite a few of our customers and our key customers want to see and want this sort of provision from their charge point provider. In terms of gross margin, a slight dip year-on-year. For a small commercial point within the Tesco deal is that for the first 198 sites, and we're now at 453, we paid for the Tesco the electricity the customers used for the first 2 years. That's pretty much ending now. During the first 18 months of that sort of deal, we were well under budget. The last 6 months, I think the number of people using the Tesco free charging has grown dramatically, so those costs have been a bit higher than we anticipated. Across the 2 years, they were on or slightly below what we expected across the 2 years. Again, most of those costs will stop in February of this year. Just where we were at the year end, we had 453 sites, so nicely up year-on-year. 984 units, including 73 DC units. Where we anticipate being in 2022, we are effectively signed and sealed with Tesco to now go to just under 600 sites. Those should be deployed across the year, and we should be between probably 100 and 125-130 DC units across the network as well. Moving on. On slide 17 and 18, I just want to provide some guidance and just look at where we were against analyst forecasts. At the moment, we're covered by three analysts only, so hopefully we'll have another couple of analysts coming on board as soon as possible. I think that'll be helpful. Just looking at really the 2021 numbers and consensus and how they change between IPO and initiation. What I've shown for all three for the two years is annual plug-in vehicle sales, then revenues, and then the adjusted EBITDA. I think most of the revenues change when the plug-in vehicles change. We're very linked to how people see and assess how the market's going to grow. For 2021, the consensus revenue moved a little bit post-IPO, with initiation consensus being just under GBP 61 million and a loss of -GBP 1.24 million. Obviously, on both those metrics, we did a small beat, which is obviously good, and that was again on the back of a very positive November and a very positive December, which obviously was very pleasing for us. In terms of 2022, the IPO consensus and range, obviously based on where the annual plug-in vehicle sales was, a revenue range of between GBP 83 million-GBP 90 million, consensus of GBP 84 million, an adjusted EBITDA loss of GBP 2.5 million to effectively GBP 2 million, with an IPO consensus around breakeven. As we move through initiation, the view on annual plug-in vehicle sales grew, and then the revenue range has grown. The revenue range is now between GBP 84 million-GBP 97 million. I think where we are in that and in terms of how we're viewing and seeing the Q1 numbers, we're comfortable across that range, but obviously towards the top end, that becomes more of a challenge. I wouldn't want the bottom to change, and obviously we'll start to narrow that range as we get towards the half year. Looking where we are in terms of Q1, obviously with the OZEV Grant changing, we're having a very, very strong Q1. As I think Erik touched on, you know, significant growth year-over-year in January plug-in vehicle sales, all of it is trending in the right direction. In terms of adjusted EBITDA, at IPO, the range was -GBP 2.5 million to GBP 2 million. That's moved to -2% to 2.6%. I think at the bottom of the range, that's probably a little on the light side. I think at the bottom of the range, that should really be a -1.5% to 2%, and I think at the top of the range, that would be sort of a 1.5% to 2%. I think as I touched on earlier, we are in a very much an investment phase. Obviously we're very mindful of the gross margin and obviously not investing too much. Ultimately, as we are in our first year of being a listed company, there are quite a lot of listed company related costs that, you know, we've modeled, but we're just waiting to see how those drop. We're obviously significantly investing in technology staff. A lot of those costs are capitalized, but I have to make assumptions on the elements of those costs that is gonna hit EBITDA, so there's a little bit of variation there. Fundamentally, I also, when the sales team have come to me and say, the government are looking at changing, you know, the planning regulations to allow, to make sure that electric vehicle charging provision is embedded in the planning regs for all new homes and flats, we think we can, you know, exploit that and take significant revenue for that. You know, the team, you know. There's no point putting a team of one or two people on it. You wanna put considerably more people onto that market opportunity and grow that. That's why the EBITDA, we could at the low end of the range make a small loss. I'm limiting the top end of the range there just because, you know, again, I think we're focusing on growing the top end, growing the revenue over the next couple of years. Moving on to slide 18. Just a couple of other points to note really on 2022 guidance. I think I've touched on strong start to 2022. The current arrangements for the OZEV Grant end at the end of March, so the home grant changes, you know, and we'll obviously see how that is going to position us. But we feel we're very well positioned. We have a good product. We have a great team. We have great OEM relationships. We wait to see how that develops, you know, but we're very positive about that. I think in terms of where we are in terms of component costs, you know, we remain very focused on making sure we have volume to deliver to the market. What that means is we are at the moment expecting to see quite considerable additional component costs in H1. To compensate for that, we are onboarding our a manufacturing partner who are planning to deliver on BOM savings to the unit BOM, and we expect those savings to grow across H1 as the volume of units going through the manufacturing partner increases. What that means across the full year, certainly in home, we have not changed from guidance, which is about 28% margin. I think in the first half of the year, we've probably got a little bit of downside risk in terms of because of the component costs and just the timing it will take the new manufacturing partner to gear up. Across the second half of the year, we think we've got some upside. I think across full year, guidance doesn't change, but just some downside in H1 with upside in H2. As I touched on, we continue to focus on our people and trying to attract the top talent. I think it's very important in the tech space and software development space that we do that. Owned assets. Obviously we raised funds at IPO to invest in our own assets. I think given where we are and given we IPO'd quite late in the year, some of that investment profile I had been talking around it all being deployed in 2022, I think that was a little ambitious, if I'm honest. I think at least between a third and a half of those funds will slip probably in terms of deployment into 2023. Based on where we were in terms of our IPO revenue models, that would probably mean a little reduction in our own asset revenue, but that will be compensated for home. On that, I will hand back to Erik. Fantastic. Thank you, David. If we could just jump onto slide 20, just two slides before we move into the Q&A. Slide 20 is one slide which will be pretty familiar to anyone who saw any of our sort of IPO roadshow. Essentially just a summary of what our sort of mid- to long-term strategy is. There's four elements to it. The first part, of course, is to continue scaling our existing products and services in line with the market demand. David's given you a good bit there in terms of what's going on. Obviously we think we've got a lot of just growth in terms of the existing business and all the activities we're doing. There's three, then three strategic objectives beyond that. The first one is to expand within our routes to market. We think, you know, firmly believe in home, work, destination, and en route as the things that we're building. What we find in each of those areas, of course, is that there are submarkets. You know, for example, in the home charge market, Pod Point is predominantly an off-street parking home charge solution today. In the midterm future, we want to get into things like how do we wire up car parks and indeed, you know, start solving things like on-street charging in the future as well, building our recurring revenue. I spoke and David's mentioned the fact that, you know, we're very proud of the 137,000 charge points capable of communicating we've got out there. But what we want to do on those is of course build our recurring revenues, and there's a number of ways that we plan to do that over the medium term. One is grid load management, so managing how energy flows through our network and selling the capability to control that energy flow to the likes of National Grid and the distribution network operators. Fleet tools, so we're increasingly seeing corporates and large companies electrify their fleets. We think there's opportunities there. And we think in the midterm as well, energy management. If you buy an electric vehicle, you're probably doubling your electricity usage. We think there's lots we can do using the data that we've got coming back from our charging points to help customers optimize their energy spend. Final part of our sort of strategic midterm objectives is to continue growing our funded rollout. David's given some of the stats on the good results we've had so far of what is currently predominantly the Tesco rollout. But we really think we'll be doing more of that, and we've got a growing pipeline and really excited about getting not just our capital deployed into that, but also using sort of third-party infrastructure finance to roll out charging infrastructure into the near future as well. On to the final slide before the Q&A. Just a little bit of a look ahead from me, really. I guess the, you know, as our first, annual, presentation to report that we're very much, on track or even a little bit ahead of where we said on IPO is an extremely good position to be in. I think we will all look back at 2021 in the future and say, "This was the year there was a tipping point." You know, I spent the last 10 years, asking, answering the question, when is the tipping point? I think we've just seen it happen. BEVs really became mainstream. Really pleased to see that, battery electric now really outstripping, plug-in hybrids. I think there will still be, you know, a market for plug-in hybrids, but battery electric now significantly ahead of that. I really think we've seen a transition. We've seen the market move from, you know, being now fundamentally driven by customer demand. Great product out there, people really engaging with electric vehicle. This is not regulatory driven now, this is customer demand driven, and that's a wonderful place to be. I think expect to see the government continuing to wind back their direct fiscal incentives, and this is the right answer, right? You know, in December, 25% of all new cars were battery electric. It makes sense that the government is pulling back some of the direct fiscal incentives. But they are also doing some very intelligent stuff to do with indirect. So things like, as we mentioned, middle of this year, it becomes a planning law that you have to have charging infrastructure for new developments. That sort of thing is really gonna help to further drive the market. Worth mentioning energy prices. I'm sure we're all very aware that the energy price is causing a lot of grief for families and households. Specifically to electric vehicles, my view is that the additional cost of electricity doesn't enormously change the equation. Electric vehicles are significantly cheaper per mile than internal combustion engines, and even with the additional cost of electricity we're seeing currently, that equation remains true. I'm not really predicting that will cause a major reduction in the rollout rate of electric vehicles. Overall, I think another exciting year of positive growth in electric vehicles and charging points next year. I think the point to really sort of conclude this part of the presentation on is let's remember, about 1% of vehicles on the road today are electric. That means we've got 99% still to go. We have got a wonderful growth opportunity, and I really think, you know, off the back of our 2021 results, Pod Point's beautifully positioned to really make the most of that over the next coming decade or two. Good. With that, I'll very much open up to Q&A. The format of the Q&A is I think we've got the analysts, which will be asking verbal questions. But if you're a retail investor on the call, welcome, of course, glad to have you here. If you could put your questions into the text chat feature, I will make sure that we do a selection of both analyst questions and retail questions over the remaining few minutes of the session. Thank you, sir. If you would like to ask an audio question, please signal by pressing star one on your telephone keypad. If you're using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Again, press star one to ask a question. We'll pause for just a moment to allow everyone an opportunity to signal. We will now take our first question from George Featherstone from Bank of America. Please go ahead. Hi. Morning, Erik and David. Thanks for taking my questions. I'd like to start, if I could, with the gross margins. Probably one for David. You've noted cost inflation pressure. Do you expect this to be fully offset by the ramp in the second manufacturing partner in 2022? Just wanted to clarify that point. Also is there potential for price increases to help mitigate the cost pressure? I guess then ultimately, what do you see as the right gross margin level for the business in 2020? Hi, George. Nice to hear from you. Yeah, I'll pass that one straight over to David, I think. David, if you're willing to have a go at that one for George. George, certainly, and if we just look at home, the guidance is a headline gross margin 28% for the full year. I think across the full year, the benefits of having a big multinational, very large, manufacturing partner who can reduce the cost of the units, I think will offset the component costs. You know, touch wood, but because, you know, you don't know how much certain components are gonna cost, but you know, I think just matching the additional component costs and the manufacturing savings, I'm confident at the 28%. I think on price increase, our commercial team are looking at this. I think we want to wait and see how things develop post the OZEV Grant disappearing and I've got great confidence we will, you know, focus on our volume and make sure that the headline gross margin is maintained. But I think in terms of guidance both for commercial, I would say the 20%-22% gross margin we've talked about before is right and right for 28% for home. Great. Thank you very much for that. Just moving to the demand level, clearly very strong year to date. I wondered if at all possible, if you could help us understand what portion of this is underlying demand versus related to the end of the OZEV Grant? I think, I mean, it's impossible to really split them out. Obviously, plug-in vehicle sales have gone up 89% year-on-year in January, so the underlying trend is very much upwards. In terms of our Q1 business, I think there will be some pull forward of business from Q2 into Q1. At the moment, you know, we are very focused on delivering what is a very high volume of installations in Q1, so our customers can take advantage of the GBP 350 subsidy. I think it's also worth sort of mentioning on that point that, you know, as David said, you will see a little bit of pull ahead, but don't forget that the home charge grant is only GBP 350 off the total cost of both the charge point and the electric vehicle, of course. And you can't have the grant unless you've got an electric vehicle, or ordered. There really is a, you know, a limit to how fast that can go vis-à-vis the supply of electric vehicles in that first quarter. That provides a little bit of a smoothing action across that as well. Expect a little bit of a peak in quarter one, but I don't think we should sort of overplay it too much for the whole of the 2022 year. Great. Thanks. Finally for me, recent news flow we've seen suggests proposal of a new regulator to govern targets around EV charging infrastructure rollout. I wondered how you see this evolving, and have you been involved in the discussions around these proposals? I think it's, yeah, something that came out the SMMT earlier in the week, isn't it really? I think for me personally, the requirement for regulator, I'm pretty neutral on. I don't fundamentally think that that's the main requirement that we need to do here. I think, you know, what you've got is the car manufacturers to a certain extent rightly realizing and saying that, in order to roll out electric vehicles, we need concurrent activity from the electric vehicle charging industry, and we are growing electric vehicle charging industry at an immense rate. Things like the 222% increase in the amount of energy flow that's gone through our network is really illustrative of that. My view there is, you know, the fundamental way to move this forward, beyond where we are today is not a regulation point, but it's more a recognition from the car companies that, you know, really the car companies and the infrastructure providers need to work hand-in-hand. Got a great example of that with Tesco, where we've worked in conjunction with VW, so the car company and the charging infrastructure company working together to roll out lots of infrastructure. I think that's a model that really we would welcome conversations with the wider automotive industry. Let's work together to make sure that the rollout of infrastructure is concurrent with the rollout of electric vehicles. That to me is the more important part than the regulatory body that's been mentioned on that one. Great. Thanks a lot, Erik, and thanks David. Thanks, George. Thanks, George. We will now take our next question from Alexander Vrabel from Bank of America. Please go ahead. Morning, both of you. Thanks very much for taking the question. I'll just add a couple that I had onto what George has asked. First one to Erik. In terms of your critical mass, you always talked about 100,000 installed units to build critical mass for recurring revenue. I wonder if you could give us an indication of how many of your installed base is now connected, and have you seen any changes in the dynamics of people connecting as you see those units go into place? Second question for David. I wondered if you could just give us a little bit of help or guidance on weighting H1, H2, and also just on the moving parts in the cash flow. You probably finished the year with more cash on board than we thought you would. Just helping us understand what drove that and how that unwinds through 2022 would be a great help. Thanks very much. Hi, Alex. Nice to hear from you, and thanks for the question. Yeah, your question really was about sort of my rough number I used at IPO of 100,000 communicating charge points. To me, what that represents is when you've got enough capability in terms of the number of charging points you have on your network, which you can then start doing things like managing grid load and managing energy flows at sufficient size that it becomes relevant at the national level. As you can see from our numbers, we've now exceeded that. We've got about 137,000 units capable of communicating on our network. We typically got a communication ratio of about 85% in terms of those. We're over that 100,000 unit number now. That puts us in a great thing. What we're doing with the IPO proceeds obviously is investing heavily in building the additional technology to take those communicating units and put that capability into places like the National Grid and the distribution network operators. I think, you know, we've got to the point where we've crossed my sort of mythical threshold where it's starting to get to a scale that we should start paying lots of attention to this, and we are now paying attention to it by investing heavily in the technology. Don't expect really to see that sort of grid load management activity happening until, you know, from a revenue perspective, I think we'll be well into 2023 before we really start seeing that coming through. David, do you want to hand over on the H1, H2 weighting and the cash flow questions? If we look at the weighting, I mean, the last couple of years have been quite difficult, obviously, with all sorts of reasons, but COVID has meant that the H1, H2 and the growth has not been the usual sort of trajectory. I think in 2021, we did 43% of revenue in the first half and then 57% in the second half. I don't think 2022 will be like that. I think the OZEV Grant ending has probably meant that the first half will be a little bigger than we would have anticipated. A sort of guidance at the moment, and this is very much an estimate, would be sort of 48%-52% across the year. Again, half year, I'll provide obviously, slightly more guidance on that, but that's my best estimate at the moment. In terms of cash, at the year end, I think in terms of where we were when we first started talking to you, Alex, in the summer, we obviously get a lot of our quite a bit of grant funds come through the government, which we had to claim that cash on behalf of individuals. I think that it was well reported that the DVLA had been having quite a lot of COVID-related sickness among staff, et c. We were seeing at that time quite slow payment from on the grant. Towards the year end, our first time pass rate on the OLEV had increased dramatically. The turnaround time and payment had increased dramatically. We exited 2021 with considerably lower debt than I thought. We obviously some of the IPO payments and just so everyone's clear, we raised GBP 120 million gross at IPO. Just under GBP 20 million was repaid on shareholder loans to EDF and L &G. Then we incurred about GBP 12.2 million of IPO costs. Just under GBP 6 million were put through the P&L. The balance went through share premium. At the year end, I think we'd actually spent about GBP 7.5 million of that. At the year end, we had probably more sort of accrued costs than we would have expected. Also with the final point on this, with the grant, everyone knowing the grant was ending, we had a lot of bookings in the run-up to Christmas for installation in January, February. People when they place a booking with us, pay full price upfront. We probably exited the year with higher cash, not deposit, but higher cash payments in advance of installation than we otherwise expected. Those are the main differences. I think how that unwinds in 2022, I think the main thing will be overall debt as a percentage of revenue will decline because we won't have the OZEV debt anymore. I think stock will probably hold at roughly that level as we get better at managing that. I think then the main area of cash will be how we've managed to deploy the cash into developing our R&D teams, and also the sort of GBP 20 million-25 million delay or just rephasing of our owned asset investment will mean we've got more cash on the balance sheet at the year-end. Great. Thanks very much. Erik, just as a follow-up, I wondered if you've seen any change in the take-up of people signing up and connecting. I know when you talked initially that I guess the connectivity of the installed equipment is a little bit cart and horse with people wanting to connect. I just wondered if you'd seen a change in the dynamics there, around how many people are connecting when they buy. The way to think about this, if we put commercial to one side, just about all charging points that we install, obviously we make sure we've got full comms and. If we're thinking just about domestic, what we're doing when we install is we are, wherever possible, connecting that charging point to the customer's Wi-Fi. Then they get the Pod Point App, which gives some details about how much charging, how much money have they spent on the electric vehicle. It also gives some charge scheduling and a number of other features. As I said, that ratio is running about sort of 85% of units historically are typically communicating. What we expect to happen in the future is that as we build further features, for example, grid load management and some of the energy management stuff that I was talking about on the sort of strategy slide, the value, in inverted commas, that the customer gets from having a connected unit, I think will increase over time. I think that we will have more opportunity to talk to the customer and increase the percentage of our charging points which are actively connected. I don't think it'll ever be 100% for a whole variety of reasons. That's a very sort of Internet of Things type reality. I think, you know, very pleased with where that number is at the moment. You know, I think as we continue to develop our technologies there's an opportunity to improve that number a little bit over time as well. Great. Thanks very much, both of you. Thanks, Alex. We will now take our next question from James Zaremba from Barclays. Please go ahead. Morning, Erik. Morning, David. Couple of questions for me, please. One, following up on George, can you comment on your expectations for future government legislation on areas such as interoperability and common standards and the risks or opportunities these offer the business? Then in the commercial business, just a bit of a comment in terms of at the moment within direct sales, how much is just going directly via your distributors, i.e. people just buying without you making a kind of a sales relationship there versus having a relationship? I guess secondly, in terms of you know, how many sales on the installation side are where you're currently in your first contract versus, I guess, customers being at the rebuy stage and I guess how you expect that to mature and what it means for operational leverage. Thank you. Yeah, sure. Great. Hi, James. I'll probably take the government legislation one and let David talk about the second one, I think. In terms of government legislation, I think we're pretty supportive of what the government's doing across the whole of the electric vehicle space recently. I think they've had a pretty progressive and sensible strategy across all of the different elements of it, whether that's the direct funding or sort of, you know, the putting of various regulations in place. I guess, you know, they're also winding back the direct fiscal incentive and to a certain extent, winding up the indirect. A great example of that is the OLEV Grant going away, but also things like, you know, from the middle of this year, there's a new planning law coming in which it says all new developments have to have an element of electric vehicle charging. I think that's pretty positive. Of the specific ones you mentioned, you know, the there's some talk about sort of some interoperability. I'm not really a believer that that's a fundamental part of what we're doing. What you have to do is you have to make your electric vehicle charging infrastructure extremely consumer-friendly, extremely easy to use. What you've got on the continent is a slightly different construct in terms of businesses, where you've typically got hardware manufacturers and separately charge point operators. You don't have that in the U.K. You have vertically integrated companies like Pod Point who do effectively both of those roles. I think as a result of that, a lot of the interoperability conversation I don't think has a lot of validity in the U.K. You know, you've only got to look at the 222% increasing amount of energy flow through our network to realize that consumers are happily engaging and happily using charging infrastructure. The other thing we've got across all of our Tesco network, of course, is if you want to use our rapid charge network, just swipe your credit card. Actually, we've got a significantly higher percentage of users use the Pod Point app in order to use their DC rapid charging versus use credit card. You can always use your credit card if you wish to, or your debit card, you know, your contactless payment, your Apple Pay, your Google Pay, whatever you like. I think all of that lot together means that we've got an extremely good offering, and the consumers find the Pod Point experience, and I guess that's why we've got you know, really hot, strong ratings on you know, be it Trustpilot or Reviews.io, 91% recommendation rate, that sort of thing. That really suggests that Pod Point's really hitting the sweet spot in terms of putting charging infrastructure out there and also doing it in a way which is extremely, the consumer's extremely happy with. David, do you want to just talk direct sale versus wholesale figures for a second? Yeah. James, I think as we said at IPO, roughly one third of our commercial unit sales are where we do the installation. Of the remaining two thirds, roughly again it's one third are effectively direct sales to sort of commercial partners, and two thirds of that are to wholesalers. You know, we have some relationships where we have ongoing and we connect data and they connect with us. That's an area we know, and we obviously talked about that at IPO, that we need to make sure that we focus on going forward to try and improve that connectivity. Just to follow up on the kind of, I guess, you know, the market maturity. You know, I guess you've got companies like Lidl who you've had contracts with for a while, but just more broadly, you know, how many people are, let's say, extending existing relationships versus you having to, you know, win the business for the first time and, you know, taking that sales cost for the revenue? That's a mix of recurring. I don't off the top of my head have the exact mix of what revenue from 2021 was sort of from a customer we'd had in, say, 2019 or 2020. I'll have that for the annual report when we publish that. I think looking at it, given who the, you know, the majority of the top ten commercial customers were, you know, it's a fairly high percentage of revenue that repeats. I think going forwards, you know, we see our bigger relationships becoming more, you know, continuing and becoming more important. Perfect. Thank you both. Thank you, James, for your question. We've got a couple of questions coming in on the text chat as well. Just a reminder to everyone, including all of the retail people dialing in, you're very welcome to ask questions via the text chat. If you bang them on, then I'll pick a few and answer those. The first one is, do we think the grid is moving fast enough on demand side response opportunities? Also a follow on for that, how do we find grid connections availability at commercial sites? In terms of the grid, the grid does have a number of grid load management activities, store, spinning reserve, fast reserve, et c. I think they are probably systems and processes which really suited the historical low technology solutions, which was you know large industrial energy users you know agreeing a certain point in the future to reduce their energy flow. What we're starting to see with the sort of technology that Pod Point and some others are building is real-time control of energy flows. I think there's an opportunity to work with the likes of the National Grid to have much more real-time sort of closed loop systems, where grid demand is being you know shared with someone like Pod Point, and our ability to control that grid demand, both nationally and locally, is being fed back in real time. Obviously we can dispatch that in real time. I think that's a little way into the future, but that's very much how I see what's happening, developing over the next few years. In terms of grid connections, we do find commercial. You do come across grid connections. The reality is that we have a range of sort of load management technologies we put in there. We can often put in significantly more charging infrastructure than the sort of theoretical math shows in terms of demand. That's really important. You will find larger rollouts, large commercial rollouts of charging infrastructure. There can be the requirement for grid upgrades. We just work with the relevant distribution network operator. I think you're gonna see that across electric vehicle charging. You know, if we see continued electrification of heating towards heat pumps and things, the same's gonna be true. There is gonna be first of all, you tackle it with load management technology. Second of all, there will be an ongoing requirement to reinforce the grid as we move away from energy as a mass being provided by fossil fuels to energy being provided by electricity, of course. There was also a question on that about a gross margin shortfall from Mike at Zeus Capital. Mike, I mean, we're not talking a huge percentage change. When we're saying there's a bit of downward pressure, it's downward pressure mainly on the home, the 28% margin. You know, we're obviously running a lot of scenarios as to how that unwinds and how quickly our manufacturing partner deliver. I suppose I look at it could range between 26%-28%, with the back end, the second half being 28%-30%, but you know, I don't think any more than that. It was more really to flag, given there hadn't been much guidance on H1 to H2, and we've been very precise with investors going into the IPO and through the IPO process that, you know, we were hopeful that the 28% was going to. The guidance on that gave us some buffer. I think in terms of the component costs, they've been higher than we expected, which is why I'm now just giving a bit of guidance that we could be a little lower than the 28%, but not, I don't believe, materially. I don't not think that across the year we'll be at least 28%, if not higher. It was really just to flag that and be quite precise for our H1 versus H2 numbers and also the guidance. Happy to take a few more Q&A, both verbal and via the chat, so keep them coming. We will now take our next question from Sanjay Jha from Panmure Gordon. Please go ahead. Yes, good morning. Thank you for taking my questions. I just have couple of questions. First of all, on the sort of your Trustpilot ratings, et c. Is that kind of a major factor when you're pitching for business? I mean, what, you know, why does somebody pick Pod Point over someone else? I'm just trying to get my head around that. Hi, Sanjay. Yeah, yeah, thanks for the question. Yeah, we're pretty proud of our Trustpilot score. I think we're running about a 4.3 out of 5 at the moment. If you're on Reviews.io, which is another platform, we're sort of 4.65 out of 5. We're pretty strong on that. We focus on that, you know, that doesn't happen by accident. We really look after customers, and we think it's fundamentally important at the early stage of an industry, which we still are, that you delight the customers, and that's something that we absolutely focus on. In terms of what makes people choose Pod Point, then, of course, those ratings are very significant, but I think it really depends. You have to split that down by the type of customer. If you're a home customer, one of the things is, of course, that we make sure we're in the right place. As soon as you know, the general process of a customer is their thought process is, one, I'd like a shiny new electric car. Two, how do I charge this? Three, what's this electricity stuff? You know, that's the sort of mental stages that they typically go through. We've had a lot of success in making sure we've got relationships with the car companies and such that as soon as an electric vehicle sale is sold, you know, we get past that customer to solve their home charging. Same with companies, fleet and leasing companies, similar sort of process there. How we win those relationships, perhaps with the car companies, is very much about our ecosystem, and this is where we've got this massive competitive advantage, is that we do home, work, destination, en route. What that means is we can serve all of a customer's requirements. If you are a car company looking for a home charge partner, we don't just do home charge, but we can do all of your business customers as well. We can offer you know, a great big destination network, and we've got a large network of rapid chargers around the country as well. We've really got the whole thing covered for people. If you look at, you know, selling it to businesses, the same is true. You know, most people don't just want a charging point outside for their visitors. They want a charging point outside for their visitors, they want some staff charging, they want the company car scheme sorting out, and they want their customers to have access to rapid charge and access to our domestic network. Pod Point really is, you know, fairly unique in the market for having that whole ecosystem covered, and that's what I think gives people fundamentally, you know, the reason that people choose Pod Point, and long may that continue. Two more questions, if I may. Now, I read the other day Tesla is obviously opening up its network to non-Tesla. How does that affect your business? I mean, how do you see that? Do you see that as a major threat? How do you see that? Quite the opposite. I think that's wonderful, really. I mean, what you've got going on, of course, is that, you know, what we need to do is, you know, overall, more charging infrastructure helps people buy electric vehicles, helps Pod Point. I really see this as a growing the pie sort of piece of consideration. And to be honest, one of the things that I think, you know, opening up the Tesla network can really help with is it really helps en route charging. You know, the Tesla network is only relevant in one of the four parts of our ecosystem. It's not relevant at home, work, destination, just relevant in en route. To be honest, a further acceleration of en route charging, whether that's us putting more infrastructure in at supermarkets and other locations or whether that's Tesla widening the availability of our network, that just helps consumers buy electric vehicles. Consumers buying electric vehicles is extremely positive for the Pod Point model, so I think it's a great piece of news, that one. Okay, one more from me. Probably for David. Do you offer warranties, and are you taking any provisions in your kind of through your P&L, or well, how does that work? Yes. We, as part of the OZEV regulations on the home units, effectively provide a three-year warranty on the unit. There is, I think, GBP 400,000 provision in provisions for effectively warranties against both our home and our commercial units. For some commercial, some home customers, we give an extended warranty or we charge for that. Again, the cost of that sits on our balance sheet. Okay. How much has been utilized? Sorry, I just wanted to see how robust the products are. I think actually the very little, to be honest. Okay. The provision is growing because the number of units deployed is growing. You know, we obviously have a small number of failures, but it's not material. The units are, you know, a relatively straightforward piece of electrical equipment. You know, and like most electrical equipments, you don't expect it to fail, even though they're outdoors and even though, you know, they get quite a lot of use. The product is robust. Thank you. Thank you for answering my questions. We will now take our next question from Dominic Convey from Numis. Please go ahead. Morning, both. Just a couple of questions from me, if I may. Clearly, it is a rapidly evolving market, so I just wonder whether you've seen any material change in the competitive launch landscape since the float back in November. Also, just in terms of the owned asset strategy, whether you could comment a little bit more on the pipeline for the deployment of the proceeds post-IPO. Secondly, whether there's been any change in thought with regard to the site upgrade cost or the hardware cost that you've budgeted, and do you think the 150 kW is still the right charger going forward? Secondly, just in terms of product development, you talk about expanding the products post IPO and you mentioned the on-street plans is clearly an area that's attracted a lot of debate. How advanced are your plans on this, and when do you think you might have a commercially viable product to bring to market? Hi Dom, thanks for the question. A good few there for us to get through. I think in terms of competition, we're not alone in this market, of course. There's variety of competitors, and we spoke fairly widely about that at the IPO. I think in the three months since the IPO, that hasn't changed materially. The same players that we mentioned in the IPO remain significant and out there. You've seen us growing our market share across the last year and the growth rates that we're doing very well against that. In terms of the owned asset pipeline, obviously the majority of our own assets is currently with Tesco, but we've got a growing pipeline of activity now. I'm pretty confident that we'll start seeing some of that convert. I think there's some strong opportunity. David mentioned that, you know, we're signed up with Tesco to roll out up to 600 stores. I think there's a strong possibility that, you know, those conversations could continue, and of course, we'd welcome that as well. In terms of 150 kWversus 50 kW, I think what we're going to see is we're going to see 50 kW becomes more of a high-speed destination charging solution rather than a pure en route solution. I think, you know, you'll probably see the en route move to 150 kW and 350 kW in certain strategic locations. But there'll always be a solid use for all three, right? You know, 50 kW is a great way if you're spending an hour grabbing your shopping, and you want to fully charge your sort of city runabout level electric vehicle. A 50 kW charging infrastructure is a fantastic thing. If you've got a larger car with a 100 kWh battery and you want to charge it, I mean, really quickly to continue your journey, 50 kW is not the right solution. Yeah, really thinking about, you know, DC rapid, from an en route perspective, a little bit more life in the 50 kW, but really that's moving to 150 kW and 350 kW. 50 kW and 150 kW also remain very relevant at the sort of, you know, medium stay destination, supermarket, places that you're staying for an hour or 90 minutes as well. In terms of product development, obviously a lot of what the IPO proceeds for is develop our product development roadmap, and one of the parts, of course, is to expand into routes to market. In terms of order of play, the next thing that we'll be doing on that side of things, of course, will be working on blocks of flats on the home charge side of things. That's when you've got to, you know, wire up entire car parks. Only after that do I think we really get around to on-street. There's logic to that, Dom. The logic there is that you can't really get a commercial model on-street until we've got a little bit more adoption of electric vehicles. When 1% of vehicles on the road are electric, there's no real solid commercial market for significant mass rollout of on-street. We've got to build up the number of electric vehicles till, you know, I don't want to pick an exact number, but, you know, 10%- 15% of vehicles on the road are electric. You can start making sensible financial return on installing on-street charging infrastructure. I don't mean in ones. I mean, you know, going down a street and wiring up the whole street. But really there's a progression. The first thing you solve is you get home off-street parking done. That could theoretically get you to about 60% adoption of electric vehicles. The next obvious one is you start wiring up blocks of flats, and the third one you reach is on-street charging. I think there's an order in which we'll do it, as I've just shared, really. Thanks. Sorry, Erik. Storm Eunice power cut for me, unfortunately, but I'm back. Good. Well, don't think there's anyone for that one from Dom, but any more questions either from the analysts or from the retail teams? There appears to be no further questions over the telephone. Fantastic. Well, we've gone a little over a little bit, haven't we? Good time to wrap up. Thank you all for attending our first annual results. It's been an absolute pleasure presenting those to you. Also very much enjoyed the Q&A. Thank you for that. Great to have both analysts and the retail and institutional investors on the call. It's been a wonderful session and very much looking forward to continuing to update you all as the Pod Point story continues. Thank you for your time.