Welcome everybody to the Blue Prism full year results. If we can have the first slide, please. Slide three, with the outline of the results. Just before we get into the meat of the presentation, I think it's kind of should we talk about the elephant in the room now or later? There's been a very negative reaction today to us publishing our formal full-year result. I think there's two aspects that people have reacted to. One is the initiation of a new guidance regime, and secondly, in terms of some of the edges of revenue restatement. Just to talk to both of them, I think again, that for the vast majority of people that are in touch with Blue Prism understand what it is we're about, what the company's about. Both of these things look a little bit shrill, a bit on the mild side. As you all recall, as part of the going into the pandemic, reaction to it, like a lot of organizations, we withdrew our guidance. We didn't know what the market was likely to look like. We didn't really know what the impact of this thing was going to be. That was, I guess, early last year, just as this thing was starting. We went through the year with no guidance. We presented our results at the end of the year, as I say, I'll talk to the results directly in a minute. Over that period, we see the spreading in terms of the way that people are talking about the stock itself. We also said, in terms of the note at the end of last year, that we were going to look at a potential U.S. IPO as well. One of the things that we were looking at as part of that U.S. IPO is this material valuation discrepancy between stocks like ours trading in the U.K. and the kinds of valuation multiples that were being in the U.S. Combining those two things together, us wanting to put out a guidance to the market, give it some kind of tether in terms of what it is that we're doing. We signaled and we hoped that the language that we put around that signal was very clear in terms of it's a conservative really a peer structured guidance methodology. Slightly different from the way that we've done it before in terms of the way we've introduced it. We think that the way that our U.S. peer groups do this tends to be highly conservative, and we thought that that was an appropriate thing given the circumstances around COVID. Hence, it's slightly different than we've done it before. It's something that we think is very structural in terms of what it indicates, but it is slightly different. That kind of addresses the first point. The second point on the restatement, and now again, if everybody knows and has been following Blue Prism, Grant Thornton have taken over as our auditors, and as part of that, there is a technical evaluation of the way that license revenue is recognized. The technical group at previously was BDO, and then now the new technical group at Grant Thornton make a judgment in terms of the way that the license is allocated against revenue recognition. The technical group at Grant Thornton are making a judgment in terms of the right to use the product, the right for an upgrade, and the right to a standard form of customer support. It's in their judgment that then informs the way that revenue is recognized. We end up getting this small discrepancy. Now, obviously, we can pick up these at the end of the call. I don't want to make this day about the market reaction to what has actually been a fabulous year for us last year. Straight into that, and I will try and go as quickly as we can. Firstly, headline growth is up at about 40% plus. That's five years in a row now that we've done this. We're now looking at over GBP 300 million in terms of license obligations to Blue Prism. You will all recall that all of our licenses are recurring revenue. We maintain this really kind of world-beating figure of 98% revenue retention. You take that as a multiple against that GBP 300 million in terms of the way that you can project the way that this business is likely to perform going forward. If you also see across that headline strip, we've got 140% growth in terms of our Blue Prism Cloud product. These are digital workers serviced and managed within a hosted environment. Again, it's been a very successful product, it's been a very successful integration, and becomes increasingly the core of the way that we offer our product suite. The other thing that I would draw everyone's attention to is the 97% growth in registered users. We've doubled the user base in terms of people that are actually using this product. In such a suppressed year, such a very strange year, I think, again, just kind of wonderful to see those numbers coming through. Headline also, we'd say, with 2,000+ now of customers, which is right about that 30% mark of the Forbes Global 2000. Again, underlining how much of a global business Blue Prism has become. An area that I think is really close to my heart is the R&D spend. Now, we increased that by 124% over the year. Jumping down that chart, I would bookend that immediately with the fact that we only spent GBP 3 million in terms of overall cash burn in the second half. We've put material resources into R&D, and yet we've still managed that in the context of a very measured set of investments. A number that I'm very proud of is the fact that we list here that we had eight major product launches over the period, in fact, it was nine when you include the core platform as well, where we did a version 6.8. I think that from a technology perspective, something I'll talk to a little bit further, but we've invigorated the product set. It's all part and parcel of us going beyond RPA and towards these intelligent digital workers with multiple skills in terms of the way that they address our customers' requirements and customer tasks. I'd also say that another thing worth highlighting is that we continue to build these long-term customer relationships where these large organizations are increasingly bringing Blue Prism as their strategic automation capability and their centralized strategy in terms of the way that intelligent automation takes place. A final thing that is worth mentioning on slide three is the launch of Blue Prism Ventures. This is us creatively using the brand. The product is liked, it's got great loyalty, the 98% revenue retention demonstrates. There are ways that can also be put into action. We've created this vehicle, Blue Prism Ventures, and we're looking at ways that we can take the brand out to territories that otherwise we wouldn't be present within, and the different ways that we can actually take the product out to market. The first delivery of that, we had Blue Prism in South Korea launched. If we move on to slide four, another thing that I would like to highlight is that we've increased the board. We brought in some very substantial experience in terms of what it is we're doing. Absolutely delighted to say Rachel Mooney, Maurizio Carli, and Murray Rode have joined as non-executive directors. Murray Rode, some of you will recall, is the CEO of TIBCO. Maurizio, exec roles both in Google, VMware, is a non-executive director at Temenos now. Also Rachel Mooney, who is at Snow Software, is also a Google alumni. I'll kind of break down what it is that we're going to talk to today. Firstly, I want to emphasize the fact that we continue to build the technology, drive a differentiated proposition for Blue Prism, and really take ourselves into an area of deep enterprise-grade intelligent automation, with much of it delivered out of the box for end-to-end process automation. We're also expanding the delivery capabilities in terms of the way that people can access the product. A third area that I want to highlight today is also this kind of rich ecosystem in terms of the way that we're being referenced by both our partner base and the set of customers that are adopting us as their core technology. If you go on to slide six, we get an overview of this. Slide seven, one of the things that I think is really useful to understand is that this digital worker, we're attempting to get this notion of a digital worker as close to a human worker as we possibly can. One of the core features of that is the flexibility, the versatility, the fact that it interoperates with multiple other products, makes use of those products, uses those tools in the course of its daily job, and that it scales. That you add these digital workers, one to the next or many to the many, in terms of the way they operate as a team across your enterprise task set. Which means it's a highly agile technology. It means it's highly versatile in terms of the way that you deploy it. It gives you a very flexible pattern in terms of the way that you onboard this technology within your organization. For Blue Prism, there's probably these four main dimensions that I'd say are really the things that we're trying to emphasize. Number one that I mentioned is the scalability aspect, and that it's the ability to use many thousands of digital workers. We see these things being used as populations and having policies set across them in terms of the way they dynamically work against their tasks. The second one that I'd say is absolutely key for us is the security component associated with it. One of the themes that we introduced is that it's a democratized technology. It's being distributed to many, many end users. How do you maintain enterprise-level security? How do you make certain that it's compliant? How do you make certain that it's an IT estate that's under control? That it's under the control of IT, I should say, in terms of the way that security is being maintained. Two other areas that I think is also worth emphasizing is the smartness, again, this idea that digital workers solve problems in situ, that if services are out or down, the digital worker will know how to work around it, come back to that task when that piece of infrastructure is operating. It would know how to restart against individual tasks, and all that kind of creativity that happens down at this operational layer in order to drive these process automations. The last one that we'd emphasize is successful. How does it drive outcomes? How do you demonstrate the value of these digital workers in terms of what it is they're doing for an organization? This is something else that we think is very key in terms of what this technology is about. If you move on to slide seven, you get a picture of the digital worker applying all of these different technologies against the task that it may be carrying out. What we're trying to get over in this diagram is the way that we're making technologies interoperable, and that a digital worker will make use of maybe multiple AI capabilities and skills as part of what it is that it does, as well as core infrastructure within your own organization or third-party organizations. The central defining theme is that the digital worker becomes the focal point around which your intelligent automation takes place. It's the digital worker that is mastering these technologies, applying them in the context of achieving their tasks, and creating these outputs. If you look on slide eight, we give a presentation of the products that we released. I say, this to me, is something that we can be very proud of. All of these things are included within the core Blue Prism license. Again, I think it's something that is driving real value for our end customers. Just to kind of give you a flavor of these, Decipher, intelligent document processing, is the way that unstructured documents can be interpreted by the digital worker, turned into a structured output, and managed within a process flow. Interact is a capability where we've further democratized the way that people can use this technology. Now we've reduced it even just to a typing interface that anybody with no programming skills whatsoever can now put together an automation flow. Service Assist is a very specific capability aimed at the call center market, where the digital workers gather information ahead of a client interaction, and basically gathering data from across the organization in order to populate it for the human operator. We've got the SAP Accelerators. This is something very, very interesting in terms of what this technology's capable of doing. What this is that the digital workers come fully SAP-enabled out of the factory. It means that they already speak SAP, they already talk the technology, and as many people will know on this call, that's a high-premium skill, being able to program SAP. Now we're saying that the digital workers can do that, and what that means is that a business user using a Blue Prism digital worker can now effectively code into the SAP environment, and certainly automate across that environment, all out of the box in terms of the standard shipment of a Blue Prism digital worker. Another one that we launched is the Automation Lifecycle Suite. This is all to do with process capturing, the management of automations, the requirements, all the ways that sun up and sun set against an automation takes place across these large enterprise transformational projects that we're encouraging our customers to go for and increasingly we're seeing. The other two that get called out here are the Blue Prism Amazon Web Services and Blue Prism Azure. What we mean by this, again, is that the digital workers come fully informed with specific product sets that exist within those environments in order to allow our customers to fast-track the way they make use of that resource. If you move on to slide nine, this is something else that we want to emphasize, that is the expansion of the delivery format. Now, you've got a notice up there saying that 98% are recurring license revenue. This is the thing that, again, back to some of the comments I was making at the opening of this presentation. All Blue Prism revenue is recurring. It really has to be understood. Every single piece of it is recurring. On-premise, customer cloud, or a SaaS base. Which means actually it's a higher grade of revenue than you see from a traditional pure SaaS-based organization, because everything we do is a recurring rental fee. The real point of this chart here is to emphasize the myriad ways you can now access this product. Part of the philosophy with that is that we're not only are we saying that is the product at core, highly promiscuous in terms of the other technologies that it will use and it will wield in terms of what it does within its activities, but it's also highly accessible. We're trying to take away all barriers in terms of the way that organizations can access digital workers, can scale them, interoperate them, share components across them. If we go on to slide 10. It wouldn't be one of our presentations without drawing out some of the customer brands. Again, just phenomenal brands that are associated with the company. I think this is something that the whole company just so impressed in terms of the organizations that we're working with. Here's a kind of a short handful of them here. Some of these are familiar names, and some of them are very new, even during the lockdown period. I think that in terms of calling out specific components on the side here, the 70+ industries is maintained, we're still being used in these myriad different areas. The 98% retention that we talked about, 97% in terms of growth in terms of customer usage and the kind of average figures associated with individual customer commitments to us. If you go on to slide 11, here just to give a little flavor of the kinds of use cases that are taking place. What we thought we'd do with this is try to give you a picture of the aspiration at one end of the scale. You take someone like Telefónica, they're now a $1 billion plus in terms of the targets, in terms of savings, reinvestments that they will make based on the efficiencies that they deliver through Blue Prism. At our top tier, we're seeing $1 billion and multiple billions as being the target around which Blue Prism is being applied against. When you look at, well, what makes up those programs? How do you get to a billion? You see these other examples that we've pulled out here. Things like DTE Energy. They're doing identity theft detection, looking at customer use profiles and the way that customer credentials are being maintained. Aviva, they've got individual transaction processes across the product set in terms of insurance management, renewals, and just the bulk work of the transactions against existing customer base. Someone like National Grid, where it's things like, where are the meters located? How do you speed up the time in terms of the servicing associated with an individual or a organization? The running of the business. How do you further inform the activities that take place? When you take all of these different strands, that's how you start to get towards these kind of GBP 1 billion targets and GBP 2 billion that we see across the transformational customer group. If you want to move on to slide 12, here, again, we just wanted to emphasize the level of interoperation that's taking place with the technology. How flexible, how dynamic we're making it in terms of the ability for organizations to be able to consume both our technology and other technologies. We see this is absolutely central to our mission and something that maybe differentiates us from the way that Microsoft would look at the world. We see it as that there's over GBP 100 billion on this slide, at a quick estimate, in terms of R&D effort. How do you make that as liquid as possible in terms of the way that an organization can consume that technology? How do you make it accessible in terms of the way that you apply it to frontline business tasks? That's what we see as so differentiated in terms of what Blue Prism is doing and the way we're bringing and focusing these technologies throughout a customer's context in order to solve business problems. We've structured this now across our Digital Exchange in terms of these three D areas, discover, design, deliver. Different stages in the supply chain, if you will, in terms of the way that you put automations together. It's something that's being very successful with the customers. It's something that people are really tuning into, just the clarity of this vision in terms of the way that these technologies, both our technology and these third-party technologies, are applied against an organization's business challenges. As I say, we've got these growing number of assets. We have 1,800 assets from the Digital Exchange already, 46,000 users for that. If you move on to slide 13, just a quick restatement. I think last year was a very strange year in many ways. Lots of things that still haven't ended yet, obviously, in terms of this pandemic and whatever the implications are to all of us operating within it. I think for Blue Prism itself, it was a strong year with excellent achievement in terms of the way that we've filled out and are filling out the technology. It's been highly appreciated by the customer base. We've extended the way that people access the technology. Again, in this highly flexible means in terms of people being able to deliver it. Thirdly, I would say we've also extended that growing ecosystem that sits around Blue Prism and sees us in the context of what it is that they do. On that, I shall hand over to Ijoma to go through the financials. Thank you, Jason, and good day to everyone. I'm hoping people can hear me, otherwise, I'll get some messages saying that you can't. I'm delighted to be here to share with you a strong set of results achieved in a challenging economic environment. We have continued to retain and upsell into existing customers, as well as winning new accounts, all of which have contributed to this performance. We finished the year with GBP 141.4 million revenues, showing a 46% based on the restated reported revenues. Blue Prism Cloud represents GBP 11.5 million or 8% of group revenue. FX did not have a material impact on the year-on-year growth. The vast majority of our revenues come from, as Jason mentioned, long-term recurring license fees and support and maintenance revenue, which provides strong visibility for the future. This is the case for both of our on-premise license sales as well as the SaaS businesses. Our contracts, weighted by value, are typically on three-year terms, paid annually, which provides predictability. This is what drives an RPO, or remaining performance obligation, figure of GBP 312 million as at the end of FY 2020, providing us with a base for robust growth outlook for the future. On a regional basis, EMEA accounts for 47% of total revenues. Americas stands at 40%. APAC, which includes Japan, accounts for 13%. We have seen strong growth across all three regions. We continue to see a significant opportunity in all markets and have established strong businesses with the scale to deliver against these opportunities. By industry, the distribution of our customer base reflects the enterprise nature of our products and focus on scalability, security, and governance. As I'll touch on later, we're pleased with our strong gross retention rate. The impact we noted in H1 on new business has steadily improved since that point, and we continue to observe some gradual improvements so far in FY 2021. In summary, overall, we're building a global, well-diversified, and high-quality revenue base. Moving on to the next slide. As Jason mentioned at the start, and you will have seen in the prelim announcement, that following the appointment of our new auditors, we have reviewed the revenue recognition and IFRS, and revised a number of distinct performance obligations. This has led to a reversing of the point-in-time revenues that were accounted in FY 2019. The impact of this has been a GBP 4.2 million reduction in revenue for FY 2019, with a corresponding increase in deferred revenue. For the current year, the impact of revenue not recognized in FY 2019 has been offset by the impact of reducing upfront revenue recognition on deals signed in FY 2020. That overall, the net impact of this change in FY 2020 is not material. If we had accounted for revenues in the same way as FY 2019, revenues for FY 2020 would have been GBP 2 million higher than we're reporting, the GBP 141.4 million. Clearly, this accounting change does not have an impact on the underlying business performance, such as bookings, customer wins, upsells, and cash generation. This slide shows that the overall invoiced amount, calculated by adding revenue and movement in deferred revenue in the year, does not change and provides a good gauge of our progress in FY 2020. To be clear, the total amount of contracted billing is higher than the balances recognized on the balance sheet as at 31st October 2020. This is because, as I've said, we typically contract on three-year terms, invoicing one year in advance. Consequently, customer commitments that have been contracted but not billed will not be on the balance sheet, but are reflected in the RPO number I mentioned in the previous slide. Moving on to the next slide. Our operating cost base, excluding share-based payments and depreciation and amortization, has remained broadly flat year-over-year, while we've driven significant growth in revenue. There have been several drivers of the cost base. The first, financial discipline in all areas of the business. As we mentioned at the end of 2019, following a period of significant growth in investment across the group in both 2018 and 2019, 2020 was a year when we were looking to effectively generate incremental revenue growth through higher productivity of the capacity that we had created in the business. The second driver has been the impact of the pandemic, which has led to a reduction in certain costs. It has had an impact on marketing costs, with events going virtual, in particular Blue Prism World. We have also seen lower travel and entertainment expenses, which is typically a sizable proportion of our cost base. Against this, there was a full-year impact of FY 2019 costs, including the impact of our Blue Prism Cloud acquisition. Moving on to the next slide. More importantly, as a reflection of our strategic vision and confidence in the opportunity, we have continued to significantly increase our investment in research and development. R&D expenses, including capitalized amounts, stood at 14% of sales for FY 2020. We see our focus on enterprise-grade RPA as differentiating, and this spend enhances it. We now have around 170 people in our product development team. Moreover, the R&D spend, as disclosed, does not capture two areas where we significantly developed our product capabilities. The first is building a leading SaaS platform with the acquisition of Thoughtonomy, which after having been fully integrated into our platform, we renamed Blue Prism Cloud. This was a sector-leading SaaS platform, but also products such as the Hub, Interact, IAIDA, which can be used in on-premise as well as hybrid scenarios to bring these products to our broader customer base. The second is the Digital Exchange, the DX, where we have enabled our customers to have access to technologies developed by our partner ecosystem directly within their Blue Prism environment. Looking forward, we will continue to increase investment into R&D. Moving to the next slide. The overall cash movement for the second half of the year, as Jason mentioned, was GBP 3 million. The strong cash flow dynamics are a feature of our business model. Adjusted operating cash flow significantly improved in FY 2020 against FY 2019, in particular, in the second half of the year. On a year-on-year basis, there were several drivers behind the improvement in cash there. First, there was a narrowing of losses, with adjusted EBITDA significantly improving year-on-year. The second, we experienced positive working capital dynamics, driven by increasing deferred revenue base. As I said, we typically invoice annually in advance, driving a growing deferred revenue balance. Working capital also benefited from strong cash collection, in particular, a reduction in trade receivables in the second half of the year, despite the growth in revenue and deferred revenue. Lastly, we had strong management of capitalized spend, which declined year-on-year despite spending more in product development as we typically expense a large proportion of development spend. We closed the year with cash and cash equivalents of GBP 138 million, reflecting in part a capital raise of around GBP 97 million in April of 2020. We aim to exit the year with a cash breakeven run rate. Moving to the next slide. Despite the plan to reach cash flow breakeven position, we will remain biased towards investing in our business, given our opportunity for growth, but also our conviction in long-term margins. I wanted to spend a few minutes talking about why we have such confidence in our unit economics. In summary, we have market-leading revenue growth retention rates supported by our focus on enterprise RPA, the commitment of our customers to make automation a strategic priority, and consequently high ROI that customers generate using our software. We have a track record of successfully upselling into existing customers. Therefore, combined with the maturation of our sales force, the high levels of retention rates should be a key driver of our long-term margin potential. Moving to the next slide. Customer commitments continued to expand despite the impact of COVID-19. During the year, we added GBP 2.4 million of monthly recurring revenue, MRR, less GBP 0.2 million of MRR churn from lost customers, a net growth of 21%. Of the total MRR added, 17% came from our Blue Prism Cloud offering, showing how important this deployment model has become to the overall group. Overall, MRR from Blue Prism Cloud was GBP 1.1 million, with GBP 11.7 million from the licensed subscription business, where customers deploy the products and build infrastructure. Gross revenue retention remains market-leading at 98%. This is because where we do lose customers, they tend to be small, with a modest impact on overall revenue. Of the 117 customers that we lost in the year, almost 90% had five or fewer digital workers. This shows that where customers have made a strategic investment in Blue Prism RPA as opposed to a trial, they tend to be sticking through realization of significant return on investment. Moving on to the next slide. Customer commitments, both in terms of new customer additions and upsells, continued to grow during the year. We added 499 new customers in FY 2020 across our three regions. New customers typically start small as they assess processes to be automated and assess their readiness for prioritizing automation. Based on our cohort analysis, a large proportion of new customers typically upsell within 12 to 18 months or at renewal, and upsells tend to be significantly larger than the initial purchase. We look at our new customers as a pipeline for future upsells. Upsells accounted for 75% of the bookings signed during the year. This is a key driver of the net retention rate, which was 113% for the year. Overall, the operational performance of the business during 2020 underscores our conviction that the market opportunity is large and demand from both new and existing customers continues to grow. Our customers are buying more and increasing their commitment with us. Moving on to the next slide. In summary, there are a number of factors that give us the confidence in the long-term margin potential of our business for the reasons covered in the previous slide are noted here. I'll move on to our guidance now. Turning to outlook, we are providing specific guidance for the first time and reinstating guidance for the first time since Q1 2020. There are three points that I would like to make. First, we have talked about being a global software company, and we think this is the right time to introduce a practice followed by these peers. The guidance should be seen within that context. Second, this guidance assumes that today's FX rates remain constant through to the end of October. If that were to happen, we will experience around a 3% headwind to full-year revenue, primarily due to our circa 40% dollar exposure on a revenue basis. The third point is that this year has started well. The pipeline is stronger, and generally, we continue to see performance in line with our expectations that we had at the time of our November trading update. However, as Jason mentioned, we still do not know the impact of the pandemic second wave on economic outlook. We hope that we start seeing measurable improvements from the second quarter. If that happens, we'll be in a very good position relative to the guidance we've given. Therefore, starting the year with a range in revenue of between GBP 170 million and GBP 180 million, and adjusted EBITDA loss of around GBP 25 million. I now hand back to Jason to conclude. Thank you very much, Ijoma. Given the timings, let's move straight on to Q&A. Thank you, sir. Ladies and gentlemen, if you would like to ask a question over the phone at this time, please signal by pressing star one on your telephone keypad. If you are using a speakerphone, please make sure your mute function is turned off just to allow your signal to reach our equipment. Once again, ladies and gentlemen, that is star one to ask a question, and we'll pause for just a brief moment to allow everyone an opportunity to signal for questions. Our first question today will come from Julian Serafini from Jefferies. Please go ahead. Your line is now open. Hey, good afternoon. Thanks for taking my question. Two questions from me. I think one is on the sales and marketing. We've seen from the metrics you've disclosed that the sales and marketing headcount has actually been declining throughout FY 2020. Should we be reading anything into that? I guess, what is driving that? Should we be reading anything into that? Are there any changes we should read into that in relation to Blue Prism's go-to-market strategy, which I think has been more partner driven historically? Yes, I can take that. No, the change has been really kind of business as usual. I would see that number tick up a bit in FY 2021. There's nothing to really read into that or a change in strategy for the business. Okay. I guess second question, just on the cash break-even. I think, Ijoma, you had said you were biased to investing going forward in the future. Should we be reading into that thinking that you would continue to operate at a break-even level in out years beyond FY 2021? Is that the thought process, basically just keep reinvesting the business going forward? Secondarily, to hit cash break-even in FY 2021, are you having to do anything that may be impacting the growth of the business potentially? On the first one, the thing is, what we'll do is, as we kind of said before, we look at what the opportunity is in the market and whether it makes sense for us to invest against that opportunity. From what we see at the moment, the fact that we're still in the very early stages of this market, I would say yes to your question. Any sort of incremental cash generation that we generate as we move forward, I would say we would look to invest that back into the business. Your second question in terms of getting to a cash flow break even, I think the guidance that we're giving, as Jason said, is conservative given what we are seeing, given the macro conditions. On that basis, we don't really need to do anything to the cost base in order for us to reach that. The way that we think about it, if you look at our exit MRR for the year, you look at the sort of business that we've managed to deliver historically, that should get us to a position where we get to a cash flow break even as we exit FY 2021. Got it. Thank you. We'll now move to our next question over the phone, which comes from Alex Kurtz from KeyBanc. Please go ahead, your line is now open. Thanks for taking a couple of questions, and congratulations on a good finish to the year in a tough environment. A lot of software growth management teams look at Rule of 40 as a mechanism to balance growth with margins. Is that something that you have considered, or is cash flow break even kind of a more of an important goal as far as how you think about the modeling of 2021 and beyond? Sorry, I missed the beginning of the question, sorry. Rule of 40, basically growth plus software growth plus free cash flow margin is a mechanism that a lot of software teams use to manage their investment levels. Was just wondering, it sounds like you're very focused on cash flow break even over the next couple of years, and was wondering if that's something you would consider as helping inform your investment levels. I think the prior questions were around growth versus investment. I just was wondering if you had considered Rule of 40 before in how you look at your OPEX. Alex, this is Ijoma. Rule of 40, we do think about it, but I think that's not the biggest driver for our investment decisions around the business. I think the way we think about investment decisions around the business is looking at what are the likely sort of long-term margins for the business, and whether it makes sense for us to invest against that opportunity. As I said in the script, our view is we are still in the very early stages of the market growth, and it's important for us to continue to invest to create value for the stakeholders of the business. The one nuance I would add. Just on the 2021 guidance. Go ahead. Sorry, were you going to say something? Yeah. Sorry, Alex. Okay One little nuance that I would add to it is that we all appreciate the scale of opportunity that we're looking at. Some of the comments that I was making at the beginning of this presentation in terms of the discount that we are trading versus our U.S. counterparts, even for organizations that aren't even dealing with exciting high-growth opportunities or patented underpinned technology. Against that, we have to be mindful in terms of what strategy that we can afford to manage. Whether that's picking targets within it, targets that we can place investment against, that differentiate what it is that we do, and that distinguishes Blue Prism from the rest of the pack. The equation has to take all of those things into account. Okay. I appreciate that. Just on the 2021 guidance, would you frame this as a starting point on how you think the year can play out? Or just given the lift in incremental software growth that you need, that this is a fairly reasonable range, especially at the midpoint? I think it's a reasonable range. As I said, the way that I would think that you guys would probably model it is to say, you ended the year on an annual recurring revenue of, let's say, GBP 155 million. If you look at the range of what we've delivered in the year in the last three years, plus a small amount of services revenue, that quickly gets you to middle of that range without making any sort of aggressive assumptions in terms of business recovery and so on. I think on that basis, you get to the middle of the range that we've given. Thank you. We'll now move on to our next question over the phone, which comes from Arvind Ramnani from Piper Sandler. Please go ahead. Your line is now open. Hey, guys. Happy New Year. Thanks for taking my question. I had a couple of questions on your format for your guidance, you providing a range, which is pretty helpful. Can you talk about the top end of the range? Under what scenario do you think you may meet or even exceed the top end of the scenario? Are there any concerns that will lead you to come to the lower end of the range? Hi, Arvind. Yeah, sure. Happy New Year to you, too. I think it's a similar question to Alex's and similar answer to what I gave to Alex, which is, the top end of the range, if you start from the annual recurring revenue, and you look at historically how much we've generated in year revenue to add to the year-end revenue, at the top end of what we've managed to achieve in the last three years, you get to the GBP 180 or a bit more. If you get to the low end of what we managed to achieve, you get to the GBP 170. Clearly, that's not taking into account potential improvement in the demand environment. If we see a level of acceleration in terms of the demand environment, then that could certainly, I could see that leading to us outperforming that range. If that doesn't happen, then clearly, we'll fall within that range. The only other risk is then around FX. The dollar-denominated revenues make up a significant proportion of our overall revenues. As you know, over the last couple of months, we have seen the sterling strengthen against the dollar, and it depends where that goes. We don't really know at this stage, depending on where that goes, that would also have an impact on where we end up on revenue. Great. When I look at the sales highlights, I certainly appreciate the dollar retention, but in terms of number of customers in FY 2020, the number of customer losses basically went from 40 to 117. The number of additions obviously also went down from 670 to about 500. I understand the whole sort of COVID impact, but could you make the case that there's going to be some pent-up demand from project delays of clients who pushed out decision-making? Could you benefit from some push-outs or delays that you had in calendar 2020 benefiting you guys in the next six to 12 months? Yeah, absolutely. The point that we're making about the pipeline and the pipeline continuing to be very strong and certainly stronger than it was at this time last year. A lot of the opportunities that were delayed out of FY20 are still in the pipeline. One of the key things that we've talked about before is the lengthening of the sales cycle. We're not seeing customers or potential customers really falling out of the pipeline. It's more around those opportunities taking more time to be discussed internally for customers to make a decision. That certainly has contributed to that. Also, we have had a pretty good impact from one of the initiatives that we run, which is a COVID initiative, and customers really looking at making their processes more robust and so on. That's created incremental demand as a consequence of what's happened in FY 2020. All of that's a pretty strong tailwind. We have closed quite a lot of business from that tailwind, and we continue to see opportunities in the pipeline that have been created as a result of that. Great. Just an additional couple of questions. From a geographic perspective or from a industry perspective, are there any call-outs you can help us, either are you seeing strength or weakness in particular geos or particular industries? From a geography perspective, it's all relative. The U.S. has done pretty well relative to the other regions. We've seen strong demand in Japan as well, albeit from a small starting position. I would say those two regions, on a relative basis, we've seen stronger probably demand environments than EMEA and APAC. From an industry perspective. Last one. Yeah. I was going to say healthcare in from an industry perspective has been pretty strong. Great. That's helpful. Last question from me. From a competitive perspective, are you seeing any changes in the competitive environment either from a pricing perspective or any of that, any changes from now versus when I look back six months ago? There's always competition. Particularly on new logos, new customers, there's always competition. Customers are looking to see, particularly if they don't really understand the technology, they read Gartner about various vendors in the market. They always look to see what's out there so they can be competitive. I think because quite a large proportion of our business is coming from upsells, that's why I've been saying that where the deals haven't happened, it's not because we've lost the deals to competition, but it's basically the sales cycle has lengthened. From a pricing perspective, if I look at just broadly what the average prices across what we're doing, those actually average prices have stayed pretty stable, maybe even ticked up a little bit. I haven't seen a generalized pressure on pricing. There may be specific situations, but not a general situation. No, in fact, I think one of the points. Great. Thank you very much. One of the points that I was making was that the additional technology that we've released is all part of our same core license. I think that, as you say, has gone down very well. The other question you asked in terms of some of the customer numbers, I think it had been pointed out on another occasion that last year or the year before, we introduced these one-year, one-robot trials. There's that kind of activity that is in those numbers. It's not really anything material to what it is that we do. Great. Thank you very much, and good luck for 2021. Thanks, Arvind. We'll now move to our next question over the phone, which comes from Sean Thapar from Berenberg. Please go ahead, your line is open. Hi. Good afternoon, guys. Can you hear me okay? Yeah, we can hear you. Yeah. Perfect. Sorry. Yeah, I just wanted to ask a little bit of a big-picture question, I guess. You've kind of highlighted in the statement that Gartner's estimate for growth in the RPA market this year has only been 12%. Based on the midpoint of that guidance for next year, though that is a big improvement, it's still substantially below the 50%, 60%, 70% growth that we usually associate with the RPA market. You're still commenting on significant market opportunity and the capabilities of automation are growing, and the importance of automation, I would've thought would've grown post-COVID. I guess my question is, what is the barrier here in which clients aren't engaging with deployments, and why is that causing a marked deceleration in the kind of spending on the RPA market? Yeah. I think that you always tend to think of these markets as sort of linear or they just accelerate away as some kind of exponential. The reality of a market expansion, I think, is slightly different. It's more like breathing. You get a larger commitment to a technology. I think that it's a technology that kind of reinforce itself by word of mouth in an amazingly efficient way. That these top-tier, very difficult organizations to sell to. Again, I made that point many times. Just do not take it for granted that you're servicing the 30% of the Global 2000. Organizations take on the technology, they've then got to see is it the capability? Are we looking at it the right way? Is it the technology that displaces the way that we would do offshoring or outsourcing? How do we drive it through our organization? How do we marshal ourselves in terms of what it is that we should do? Is an automation assistant sitting in a kind of desktop environment the right way to think of this technology, or is it a larger kind of automation and robotics from manufacturing as the model that should be looked at? What kinds of levels of returns should we be achieving? What levels of investment in terms of staff, education? What kind of change management programs do we put in place? What are we really asking this technology to do in terms of all the various contexts that take place? I think that we see these extraordinary numbers in terms of the paybacks. Again, a point that I just keep repeating. MIT and London School of Economics, best returns that they've ever studied. Organizations now have to figure out how they use the technology, where that goes, what's the right characteristics. To an extent, I think that we feel that we're in one of those places where there are certain requirements coming back to us as the providers of this technology that the technology needs to do, things that it needs to keep pace with, things that it has to make even easier in terms of the way that organizations consume it. Things that must be more complete within what a digital worker ought to be. The way that we make it accessible for organizations to access across their set of requirements. There's things that we have to do, and there's things that they have to do in terms of familiarizing themselves with this new and highly flexible world they're moving into. I think there's a lot of catch-up that has to take place associated with that. Okay, great. I guess, sorry, it's a bit of a follow-up question. You've kind of noted the kind of reduction in deal value has been an impact kind of through the year. Jason, you mentioned that kind of pricings remain static. I was just wondering what are the other impacts there? Is it that the frequency of deployments going into production, has that reduced, or has it been a kind of scaling issue through the course of the year that customers are just not engaging in very large bot deployments? It'd just be interesting to hear you pull apart that impact on deal value. I think that the characteristic that we're trying to say is that there's a hell of a lot of caution out there in terms of where the overall market is going. That's really what informs all of these things here. It doesn't matter what business you're in, you've got to look at what state the overall economy's likely to be operating at. There was a question earlier in terms of how are we seeing different geographic splits and different sector splits. Certain sectors are completely wiped out. They're prohibited from functioning. By those sectors not functioning, there's a certain knock-on impact in terms of the draw and the demand that they make on other sectors. I think you have to look at it with that context in mind, and just the natural caution that takes place. I think what we're attempting to demonstrate and what we're showing is there's no lack of enthusiasm for this whole direction of intelligent automation and where this technology is driving to. Yeah, just to add to that, if you look at the way the year happened. The first half, there was certainly a much bigger impact, and then we did see the large deals returning in the second half of the year, which helped recover the average deal value somewhat in the second half. Okay, perfect. That's very useful. Thank you both. We'll now move on to our next question, which comes from Peter McNally from Panmure Gordon. Please go ahead, your line is now open. Thanks for taking my question. I think most have been answered, but I'll ask one on Blue Prism Cloud. Doing very well. Is this a hosted version of RPA, or is this a true cloud version? I'm wondering your comment about that, and does it matter to your customers? Wondering if you could just talk about that for a minute. It's both. We offer both those formats. Cl oud is hosted. You provision the robot in the cloud. You dial it up. You can dial it straight down into your organization, have it operating. If you've got your own cloud provider and you want to take the Blue Prism footprint within that provider, you can also do it that way. One of the themes that I was trying to get over is that you name the format, it's available to you from Blue Prism. That's great. Just one other quick one. I think we all read Gartner reports as well. One of the things that was asked, or was mentioned, about your support for upgrades could use some improvement. Do you agree with that? Are you putting any investments to that? Yeah, we totally agree with that. In fact, again, part of this big activity that's taking place around the R&D, that's something that we think that just like interoperation, we want to banish that as an issue. Great. Thanks very much. Our next question now comes from Victor Cheng from Bank of America. Please go ahead, your line is now open. Good afternoon, everyone. Thanks for taking the question. I think most of mine is answered as well, but I think two, if I may. Just thinking holistically, the growth drivers of the RPA market as a whole and then maybe more specifically for Blue Prism, is there any areas, be it by region or by sector, that you think is under-penetrated at the moment? Also on the growth, or is it more about building out new features like Decipher that you have, and thus expanding the use case and addressable market? I guess in that case then, do you think is more of that coming from R&D or from potentially acquisitions? Yeah. In terms of sectors that are under-penetrated, I think it's a very easy answer. All of them. We think we're at the very beginning of this, part of the drive that we're on in terms of our individual customer journeys, the way that we're getting organizations to think of this technology, the flexibility, the dynamism of it, what it actually offers to an organization. The ability to be able to change the business chemistry with which they run their own organizations. We've got customers that have fully automated the mortgage application activity. We've got customers that have fully automated their underwriting capabilities to the point where they now think of themselves as SaaS-based offerings in their own right. It's a core competence that they could monetize in a very different way. We still think that the world is catching up with these ideas. On that slide I showed earlier in terms of names of organizations that have been with us for a while and new organizations. Five new ones. We had the U.S. Department of Veterans Affairs, Bristol Myers Squibb, we have Huawei, Nomura, and the Federal Aviation Administration. As somebody pointed out to me, that just those five alone are operating quarter of a trillion in OpEx in 2019. The ability to be able to use automation at genuine scale, the genuine core aspect of a business, we are only at the very start of that. Fair enough. That's very clear. On the R&D or acquisition side to acquire new features, potentially, do you think that's a growth driver for RPA to expand the use case and thus the addressable market? Yeah, absolutely. One of the things that we set out as a mission is that this Digital Worker should be as close to a human worker as it possibly can be. This is why I say, the previous question about upgrades, not only do we want to banish that as anything associated with us, but we think that's something that can be banished to history as well, that it shouldn't be a feature of the technology world, that we're completely fluent across this. New features, new capabilities around the Digital Worker, making it even closer, making it more interoperable, making it more agile in terms of the way that it operates in teams, it swarms to tasks, interoperates with human beings, passes tasks around an organization. All of those things are part and parcel of the way that this market will mature. The reason why we're so optimistic about it and so enthusiastic about it is that we think that the model is right, and we think that actually, to a large part, there's a lot of these technical questions of actually, not only in scope, but they're on the point of being fully mastered. That's one of the reasons why we were capable of delivering the level of R&D output that we did last year. Thank you. That's very clear. I think just one last one from me. You've mentioned just now in the slides as well, the wealth of assets that is available in Digital Exchange. I'm just thinking, is there any point in time in the future that you're able to monetize it similar to, I guess, what Apple App Store is doing? Yeah, absolutely. We think that if you extrapolate what it is we're saying is coming into view, that you get to a world that starts to look a little bit like that in the enterprise context. There's lots of other things that are associated with it, but yeah, we see it the same as you. Got it. Thank you. Mr. Kingdon, there are no further questions queued at this time, sir. I would like to turn the conference back over to yourself for any additional closing remarks. Thank you very much. Thank you very much for everybody joining today. Apologies if we had some technical issues in terms of the overall delivery. I hope everyone managed to hear us present loud and clear. As always, I'm available outside of this forum if people have questions or things they'd like to follow up with. Yep. Thank you very much, everyone.