Good morning. Good afternoon, everyone. I'm James Sandford, Head of Investor Relations at Sage. I'm pleased to welcome our CEO, Steve Hare, who will be hosting today's webinar on Sage Intacct and the Digital Network. Please note that we will not be giving a trading update as part of the session, and no new material financial information will be provided. There will be a Q&A session at the end of the presentation. You can ask questions at any time by typing them into the questions and answers box on your viewing platform. We will answer as many questions as we can today, and we'll take any additional questions offline. I'd like to draw your attention to the important notice on slide two, and do please note that this event is being recorded. With that, I'll hand over to Steve. Thank you, James, and good afternoon to you all, and a warm welcome, and thank you for attending this webinar. Back in November, I said that we would host a series of events to provide more insight into Sage and to give wider exposure to the depth and capability of our leadership team. Today's webinar is the first of those events. During the session, we're gonna share with you the technology vision that underpins our strategic ambition and highlight the growth opportunity, particularly for Sage Intacct. Now, as I think you all know, Sage Intacct was acquired by us in 2017, and has really flourished as part of the Sage Group, delivering consistent, strong growth and becoming central to our offerings to the mid-sized businesses. What I want you to take away from today's session is really three things. Firstly, that the digital network is here today and is benefiting customers and driving long-term value. Secondly, we have a clear technology and product strategy which supports our strategic priorities. Thirdly, we're executing on our strategy, scaling Sage Intacct and driving significant growth. Now, what I'd like to do is just introduce you now to the team that I have with me. I'm delighted, apart from James, joined here by Aaron Harris, and by Dan Miller, and by Walid Abu-Hadba. What I'd like to do is just allow each of the team members to quickly introduce themselves, and then once they've done that, I'll quickly whip through my introduction before handing over to Aaron and Dan to do their parts of the presentation. Walid will be joining us for the Q&A. I'll just ask the team to introduce themselves, and starting first with you, Aaron. Thanks, Steve. Thanks, everybody, for joining us today. As Steve said, I'm Aaron Harris. I'm the Chief Technology Officer here at Sage. I'm joining you today from Henderson, Nevada. My job at Sage is to establish with my team, and with Dan and Walid, our technology strategy and direction for the business aligned with our purpose and our ambition, as Steve will describe here in a few minutes. I joke that I have a fairly short resume. Prior to joining Sage, I was part of the founding team at Intacct, going back to late 1999, and ran the technology organization at Intacct for the entirety of the time until we sold the business to Sage, as Steve mentioned, in 2017. I'll hand it over to Dan. Hi, everyone. I am Dan Miller. I'm coming to you from San Jose, the offices at Sage, which are where Sage Intacct has been headquartered. I'm excited to be able to be with you all today. My experience, as you can see on this slide, is I have been in the financial software industry for quite some time. I have the claim to fame, have been part of the original QuickBooks development team, helping design the user experience for the first versions of QuickBooks. You know, but really found that my passion was in how we simplify lives of customers with great experiences and look to do that, joining Intacct in 2010, to really simplify the lives of mid-market customers, being, you know... Now being a part of the Sage team here, leading the Sage Intacct business and looking for, you know, how we can do that at an even larger scale. With that, I'll hand it to Walid. Thank you, Dan. Thank you, Aaron. Thank you, Steve. First of all, it's really an honor to be here. I'm the newest member to the Sage technology family. I've joined Sage about nine months ago, but before that, I was 22 years with Microsoft, and after that I was with Ansys as the Chief Product Officer, and I spent a couple of years before joining Sage with Oracle. My responsibility is the product engineering and IT organization, and very proud to be part of this team. I'm looking forward to meeting you in person, not just online in the webinar. Back to you, Steve. Thank you, Walid. Just make sure I've got the slide. Yep. You'll recall that we refreshed our strategic framework at the beginning of this financial year. I just wanted to come back to this anchor slide because it is a very important anchor point. It kind of helps us align around a lot of what we'll talk about in the rest of this presentation and around how we drive our growth and future success. Now, it starts with our purpose, which is to knock down barriers so everyone can thrive. This is important. This is our why, and it starts with our customers. You know, we sell to small, mid-size businesses. That's who we serve. A lot of what we're trying to do is create solutions to make their lives easier, remove barriers, remove friction, so that they have the opportunity to drive their businesses and thrive. Taking that friction out and delivering insights. By helping those small mid-size businesses thrive, we enable them to contribute more to the economy. In most countries in which we operate, you know, small mid-size businesses are well over half the economy and create over two-thirds of the jobs, particularly during a growth phase. These are a really important ingredient of any developed economy. Now, our ambition expresses how we serve that purpose. Our ambition is to be the trusted network for small mid-size businesses. You're gonna hear a lot about this today, the network, the importance of that network effect. It's also an important ingredient that network is an integrated experience of both digital and human connections. In a digital world, you know, creating, removing friction, automating, digitizing is an incredibly important part of the objective. The human part is too. Again, we're selling to small mid-size businesses. Human-to-human relationships matter. Our customer service, the way that we support our customers and give advice to our customers, the way we support our partners, accountants, these are all very important ingredients in what we're doing at Sage. We drive our ambition through five strategic priorities, a number of which we will talk about today. Stakeholders. It's not just shareholders, it's customers, it's colleagues, it's society, and it's shareholders. Serving all four of these groups is critical and front of mind whenever we're making decisions, as are our values. These are not just words. This underpins how we behave, how we think. It's part of our DNA. We see our culture, our people, the way we engage in this human interaction, both with our customers and each other, as being a key component of what makes Sage different. I'm gonna just touch on now for a minute, the ambition and go a bit more into, the ambition to be the trusted network for small mid-size businesses. Now, our digital network connects organizations with everyone they need to connect with, providing online services that digitize workflows to make our customers' lives easier. The network is there to facilitate the smooth flow of work and money, providing simple, seamless, and unified ways of working. We continually aim to make the digital experience richer for all participants in this network. Aaron's gonna talk a lot more about that in a moment. What I wanna just touch on now is the strategic priorities, five strategic priorities. Scaling Sage Intacct is central to the offering for mid-size businesses. You're gonna hear a lot more from Dan about this as we enhance Sage Intacct's reach, both in existing markets but also into new markets. Continuing to expand Sage beyond financials involves extending our capability into adjacent areas. This is to address the broader challenge that CFOs face, CFOs being our buying persona, in this part of the market. We're doing this through Sage Intacct and through other products in the Sage portfolio. Our third priority relates to the small business segment, where we're building the small business engine, refining our capabilities in the U.K. while developing our approach in other markets. Scaling the network, which I've already touched on. Increasing participation accelerates the network effect. This enables customers to connect and capture real-world benefits that save them time and let them focus on adding value to their own business. Our final priority is learn and disrupt, investing in innovation so that we can create, learn from, and participate in future disruptive trends. On to Sage Business Cloud. Now, this is key to unlocking the power of the digital network, moving customers to the cloud. This is something we've been talking about for a number of years, and as you can see, we've made significant progress over the last few years. We will continue to drive up our mix of the cloud business. We will also drive more customers to join Sage Business Cloud and participate in the network, creating more insights, which then in turn enables us to enrich the experience. A critical building block in terms of the driving of the network. What I'm gonna do now is hand over to Aaron, who's gonna talk in more detail how we're developing the network to benefit customers, drive innovation and growth across the group. Aaron. Thank you, Steve. As I mentioned in my introduction, our technology strategy is designed to support the purpose and the ambition, as Steve just outlined. It's equally important that our technology strategy reflects and responds to the environment in which our customers are operating. We must support our customers as the world around them is going through really dramatic change. I wanna highlight four really key pillars that drive our technology strategy. The first of those is around digital transformation. Prior to COVID-19, digital transformation was enabling companies to be more competitive, to be more efficient. Digital transformation was enabling new types of businesses like Uber and DoorDash. With COVID-19, digital transformation became an existential imperative. Businesses must digitize in order to continue to operate with their customers. Second, and this is very closely aligned with digital transformation, is the effect that that digitization has on human work. There's natural anxiety that comes with digital transformation that today's jobs will be replaced. We would argue that digital transformation is replacing low-value, repetitive work, and that with technology available today, we can empower humans to work on higher value tasks that are more ideally suited to humans. Decision-making, collaboration, analysis, managing exceptions. There's also more responsibility that businesses are assuming and that we at Sage must also assume as technology progresses and becomes more abundant and more available and less expensive. As we grow our business and as we support our customers in growing their business, we must do so in an environmentally and a socially responsible way. This is an area that I feel personally quite strongly about. Trust is all around us, all right? Trust in the worlds that our customers are operating within is eroding. We believe that not only can we create greater trust in technology, but we can also use technology to create greater trust in the ecosystems and the markets in which our customers operate. Before I get on to describing what the digital network is, I thought it would be helpful to just get to a basic definition of digital transformation, which is really at the core of what we're designing here. Digital transformation is more than simply automating tasks within a business. It's completely redesigning the workflows, not just within the business, but across the entire ecosystem of the business. The workflows with customers, with suppliers, with employees, workflows around compliance, around banking, around accounting functions. It's completely reimagining these workflows, leveraging the digital capabilities that enable these new workflows to exist. We like to say that in the era of software as a service, the breakthrough architecture was multitenancy. Without multitenancy, we wouldn't have been able to create the kind of businesses that we did with great economics, but also that enabled entirely new innovation that created the disruption that SaaS created. Now, digital transformation doesn't replace SaaS. It's very imperative that we continue to grow and nourish and add more customers to our SaaS products. The digital network is now the breakthrough architecture that enables digital transformation in the digital era. It's an architecture that creates connectivity between individuals, organizations. It maps the relationships. It digitizes those connections and creates connections between people, technology, and data. There's four basic components to a digital network. The first is that every participant in the network operates from a globally shared directory of digital identities and the relationships between these digital identities. Second, now that we've mapped those relationships and we understand the individuals and organizations, we can create services that enable digital workflows across those relationships. Now for the first time with this network architecture, because we're digitizing the end-to-end workflows, we can record the transactions and the interactions of those relationships in a shared ledger that enables perfect end-to-end trust of these transactions as they stay on the network. This is the great source of innovation that by creating the connectivity across these ecosystems, across our products and services, we create a powerful infrastructure for capturing data that can then be used to innovate new AI ML capabilities and new data-related products. It's really important also to note that in this digital era, where we're building solutions that are based upon network architectures, scale matters. In the software-as-a-service era, the barrier to entry for new entrants was capital and the big upfront investments required to build out online solutions. Much of that has been resolved with public cloud computing from Amazon and Microsoft and others, and we know that there's investment in abundance. In the digital era, the barrier to entry is data and scale, and this is a really enormous opportunity for Sage. As we drive more engagement in the network, that network, that engagement drives more data, more activity that we can then use to create better and more refined experiences for our customers. This creates a virtuous flywheel for, you know, for attracting more customers and therefore more engagement, more data, and more capabilities on the network. This is where Sage has a huge opportunity. Just within our global business, we know that our customers are transmitting more than 10 billion invoices annually. We know we have well over 20 million employees that are paid globally by Sage payroll products. Conservatively, we have 10 million Sage ID logins to the network on a monthly basis. Of course, all of this is experienced globally across broad and diverse markets. I would add that the data and the activity that occurs with our customers and is captured by our products creates highly trusted data sources, right? This is the data that customers use to prove compliance. It's data customers use to get access to credit and equity. Therefore, we're starting with a foundation of data that is already highly trusted. Just within Sage Intacct, which we're gonna talk about later, we have access to phenomenal customer activity. We know that Sage Intacct customers collectively are managing more than 65 million customer relationships, more than 36 million vendor relationships, and that across those relationships, they've booked more than 25 billion transactions. On a monthly basis across those relationships, they're transacting more than 7 million payments to the tune of $85 billion of commerce per month. Through the combination of bringing new customers to Sage Intacct and the continuous growth of existing Sage Intacct customers, this data set is growing at more than 50% year-over-year. It's really, really important for us to convey that the digital network is not a vision. It's not merely a vision. It's actually here today. Customers are benefiting from the digital network today, and I'm gonna give you a few examples of that. First and most obvious is how we use the digital network to digitize workflows with banks, with customers in the form of processing payments, with suppliers in the form of processing payments out to suppliers, but also with regulatory authorities in the form of doing compliance. Now, these services are in market. They're integrated with many Sage products. Just a couple of examples with our banking service, which our customers use to digitize and automate bank reconciliation. We've connected our customers to more than 11,000 financial institutions. With compliance, to give you a sense of scale, within the United Kingdom, more than 25% of MTD VAT returns are transmitted over the Sage Digital Network through our digital compliance service. The data that flows across the network has been very valuable to us in innovating new capabilities, especially with artificial intelligence. I'll give you an example of just a few capabilities that our customers are benefiting from now, driven by this data. First, in the area of accounts payable automation. Dan's gonna talk about this in more depth and how we've embedded these capabilities into Sage Intacct. Our customers feel a great urgency to streamline and make more efficient the relationship they have with their suppliers to not only automate the accounts payable process but to create more trust in the accounts payable process. We've been able to use AI automation to drive end-to-end automation of the accounts payable workflows. Now, together with this automation, we've got a principle at Sage that as we increase automation, we must also increase trust. Outlier detection uses artificial intelligence to continuously monitor the transactions that flow through a business to look for anomalies, to look for exceptions, to look for outliers, where we can then bring a human in to perform a review of the exception that AI finds. Supporting a lot of these workflows is generic capability for doing data extract from documents. Even today, most of the transactions that occur within our customers' businesses happen through analog documents. Getting world-class capabilities to extract and classify data from documents is critical to much of our ambition. Then lastly, and this is in direct response to some of the challenges small businesses are facing with COVID-19, we've learned that they really struggle with being effective in how they schedule their staff, how they support the ebbs and flows of the workforce. We've used AI to create absenteeism forecasting for our small business customers, so they've got more confidence in their ability to schedule their staffs and more confidence in the accuracy of those schedules. I wanna highlight one particular network capability that really illustrates our purpose as a company to knock down barriers so everyone can thrive and really illustrates the power of the digital network to be that trusted network for small and medium-sized businesses. One of the opportunities that we have in the United Kingdom has been to partner with Experian to essentially digitize access to employee pay history. Historically, the way that would work is that when an employee needed to get a loan, a mortgage to apply for credit, the lender would have to directly contact their employer to verify their employment and their pay history. With a digital network, we are now writing that pay history to a shared ledger between the employee and the employer, and we've directly given the employee the keys to enable digital access to that pay history. Not only is it taking the employer out of the workflow, but it's also giving more power to the employee to harness the power of their personal data. We're really, really proud of this capability. It's just recently launched. We believe it will have a material impact on the ability of employees, and particularly employees who have been disadvantaged in the past, to improve their access to credit and to speed with which they can access that credit. To give you a sense of the scale, we now have more than 4 million employees on the network that are now connected to the services that are supported by over 300,000 employers. Again, we're just super excited about how this directly ties into our ambition and our purpose, but it also illustrates that within Sage's business, we have the scale and the engagement to create entirely new solutions with entirely new business models. Just to summarize, digital transformation is accelerating. It's become existential for our customers. To really support the digital transformation that our customers require, we have to create an architecture that enables all of these digital workflows. The unique advantage that we have at Sage is the existing scale in our business, not only in terms of the number of customers we have, but also in terms of the scale and the quantum of the data that our customers are storing in our products. This data already is highly trusted, and so therefore highly valuable for building more capabilities. This is not just vision. The digital network is here, it's live, it's meeting customer needs, and we're far down the journey on creating new digital services and new AI ML capabilities based on the data and the engagement flowing across the network. What I'd like to do now is hand over to Dan Miller, who is gonna talk in more detail about what we're doing at Sage Intacct, and he'll give you some illustrations on how the digital network is directly impacting Sage Intacct customers. Dan? Great. Thank you, Aaron. That's a really great intro to where I wanna go next. I wanna talk about, you know, first giving you all a foundation for the Sage Intacct business. You know, so Sage Intacct was founded in 1999, you know, on the principles of innovation and differentiation for customers, being one of the first native cloud solutions, and it focused on the accounting professional. It's a professional-grade solution designed by accountants for accountants. That vision of serving that type of organization and then, you know, building out into mid-market businesses really powered the early days of the company. You know, that got Sage Intacct and we brought together Intacct and Sage in 2017, and that really drove an acceleration of opportunities and successes for the Sage Intacct business. It enabled us to expand the footprint of the solutions that we offer to the office of the CFO, as Steve was talking about earlier, planning and new capabilities that are available to them, new verticals that we've been able to enter that I'm gonna share with you some about, you know, and new point solutions that are specific to the operational workflows. There's a number of new key things that we can do, and we're doing this now across many geographies as well. As you can see from the quote that's on the slide, we... You know, in doing this and the focus that we have on customers have really built loyalty in our customer base. They stay with us for long periods of time, because we come alongside them and really build success in their organization. Just a little bit about the Sage Intacct business from a financials perspective. We've seen great growth in the business. We've seen ourselves grow at 30% plus year-over-year. We've doubled the size of the business in the last three years. As we look at what's happened with COVID-19, we've been quite resilient as a business. You know, while we've been able to come alongside customers looking for more automation capabilities and provide for a greater range of solutions for them, as many of them are now operating in hybrid environments or operating remotely. We've seen that same kind of track record as we've launched internationally. We've been able to enter into 5 additional regions beyond the United States, seen great growth trajectories, and there's an opportunity for us to continue to expand into additional geographies. Just a little bit about us from the standpoint of how we you know looked from an industry analyst perspective and our customers. We've continued to be recognized by thought leaders in the space like Gartner and IDC as a leader and visionary in the field. We have consistently been given great scores for the target customer we're going after for Gartner from Gartner over the last five years in serving lower mid-sized businesses. We've also been recognized across several different reports that IDC offers around you know where we really shine for specific kinds of businesses. We are the partner with the AICPA in providing their preferred accounting solutions to their constituencies. From a customer standpoint, something that I'm particularly proud of is that our customers continually to recognize that the leadership that we have provided and how we serve them from both G2 and TrustRadius. That means a lot to me personally because that means that we're achieving that mission of really knocking down barriers for them. A little bit about you know the you know how our footprint of the solutions that we offer to the office of the CFO has changed over the last couple of years, where we started in financials and you know really focused on you know the accounting portion of the business. We've expanded out into planning, analytics, payroll and HR as part of that core. We've added solutions that are focused on specific industry needs around the retail e-commerce operational space, manufacturing operations you know for subscription-based businesses, subscription billing and revenue management, for nonprofits grant tracking and spend management. Just a whole series of capabilities that are specific to those needs. We've also from the very beginning had this philosophy of being an open system, where we can bring in marketplace solutions, where we have over 200 solutions that we're able to bring to bear to provide for the specific business needs of a particular individual organization. Our customers adopt them. With 75% of our customers integrating 2+ of those marketplace available applications. When we look at the go-to-market approach that we have, our target customer is a small and mid-sized business from, say, 20 employees up to 1,000 employees. We look at specific verticals, which I'm gonna talk about a little bit more in the next coming slides. We go to market in, I think, a pretty unique way where we have been able to build a collaborative environment between a strong direct sales and services organization in partnership with an industry-leading value-added reseller program, where we have access to over 700 partners across North America in accounting firms and mid-market VARs, including 35 of those VAR customers or partners that are on the VAR 100 list in our CPA firm environment. Forty-nine of those are in the top 100. When we look at how we go to market, we go to market vertically, but not just vertically. We look at the specifics of a micro vertical. What... Where that really matters is it allows us to do what we look at as being how we serve that specific kind of business with the needs that they have and be able to speak to them in a language that is unique to them. And allows us to be able to build the business with a self-referencing community as well. If we look at financial services as just one of the verticals where we have industry depth. In the financial services industry, a single family office or a multifamily office is looking for capabilities around how they manage security and consolidations capabilities. There's a lot of you know, a lot of overlap with how a private equity firm looks at those same things, where they may have similar needs, but they also need to be able to have you know, insight that allows all of their investors to have visibility into how their money is performing. We provide those kind of unique capabilities that we need and speak to those specific kinds of markets so customers know that we really know them. We are continuing to expand into additional verticals, and we do this for each of the verticals that we go after. As we look forward, there are really five key pillars that represent our strategy. We are looking at how we build on the last slide that I was talking about, and we extend our vertical reach, expanding beyond financials, how we, you know, expand the footprint of solutions that we offer into the operational world, for specific kinds of businesses. How we scale internationally and solve for customers in additional geographies. How we make the solutions that we offer easier to adopt at an earlier life stage of that customer. And then that's all powered by the digital network and how we build on what Aaron was just sharing with you and how we bring the connectivity from our customers to their customers, their employees, their suppliers. I'm gonna share with you some elements of how we accomplish each of these things. First, looking at extending our vertical reach. Of all of the verticals that we're in, we're gonna have. You know, I'm gonna share with you today some of the plans that we have and the business we have around construction, retail, and manufacturing. First, just taking a look at the construction business. You know, in construction, we have a long history at Sage with over 40 years of industry leadership and experience. The Sage Intacct Construction solution provides a solution for our 15,000 existing Sage customers, while also providing the opportunity for us to onboard a significant volume of new customers for financials and a broader set of offerings designed specifically for construction companies, like project management and construction payroll. For the future, we're gonna continue to build out this vertical specific functional needs. For example, AIA billing and in-depth in our contract management capabilities that really help for businesses of this type to be able to take full advantage of the digital network. We'll be building out editions, which I'm gonna share more depth about how the editions work. It's basically being able to provide a solution that's easy to adopt and then grow with over a period of time. That's a little bit about the construction business. Second, we're gonna talk about the retail space with our relatively recent acquisition of Brightpearl. In the retail business, we are now offering a highly configurable SaaS solution that's the. It's really the retail operating system, their order management and inventory management system, as well as an inventory planning solution. This solution is differentiated in the market with its focus on how we've built the integrations into storefronts and providing them real-time visibility into how they help their customers be able to automate workflow and be able to manage that operation, you know, that inventory management so that they can make sure that they can fulfill, you know, across all the different storefronts that they're offering product through. The opportunity is significant with over 100,000 organizations that are in this space. There are GBP 20 million in revenue for this business in 2021, which is up 50% year-over-year. You know, as we look forward, we look at the opportunity we have to bring this operational system, integrated front office to back office, fully integrated with the depth of financials capabilities that we have in Sage Intacct Financials. That will provide real insight to those kinds of businesses. We continue to expand our operational capabilities for go-to-market. Then lastly, I wanna talk to you a little bit about Sage Intacct Manufacturing. With Sage Intacct Manufacturing, like retail, this provides us an operational system to serve the manufacturer. It provides everything from order management to lightweight MES, you know, that's a rich deep solution. We've looked at the needs of smaller manufacturers in the discrete manufacturing industry and how you know what they really need to get up and running quickly. We've embedded best practices into the solution to help them get on board quickly. This product opens the opportunity to the Sage Intacct ecosystem into the manufacturing space, and we've leveraged. It's also a really great example of how we've leveraged the expertise across all of Sage, bringing in the expertise from the team that has built X3 in building this new solution that has enabled us to quickly get to launch this month in France. You know, there's 150,000 organizations available to us now with this particular solution. We're in the process of integrating, you know, as we launched into France, it's integrated with Sage FRP 1000, a local best-in-class financial solution. We're integrating it with Sage Intacct so that we are ready for launch into the U.K. and the U.S. later this year. A little bit about moving on from verticals into how we're expanding beyond financials. Over the next couple of sections, I'm gonna highlight how we're expanding into planning, analytics, and also into AP. Let's first take a look at planning. In the planning space, we introduced a few years ago a Sage Intacct Planning solution. The Sage Intacct Planning solution, in a similar kind of mindset to what I just talked about with retail and manufacturing. We focused on onboarding and really, you know, how to get customers up and running quickly. The solution is a great financial solution where you can quickly go from financial actuals to a plan, literally in a matter of hours. You know, with great flexibility in how you can, you know, you set that up. A much richer solution than what many businesses are doing today in Excel. It's been growing rapidly. The ARR is up 60% in FY 2021, and it increases the value of the Sage Intacct customer by 38%. There's still a lot of upside in the customer base. We announced previously that it's about 10% penetrated in FY 2021 into the Sage Intacct customer base. A lot of opportunity for us. We're continuing to broaden the opportunity here, looking at how we expand, as we've built it now, so it can integrate with other Sage solutions to draw them into the network. As well as the opportunity to bring customers on earlier in their life cycle when they may not have, you know, be ready for a general ledger migration, but they're ready for a planning solution, so we can get customers before they might even be considering a mid-market financials application like Sage Intacct. From an analytics perspective, I just wanna share with you something a little more visual. I'm gonna share with you a little video demo here of the analytics solution we have called Interactive Visual Explorer. Can you go ahead and play the video? Sage Intacct Interactive Visual Explorer provides instant insights from multiple perspectives that tell a compelling data story. To see where your company is right now, you can analyze live data visually across multiple business dimensions to clearly and instantly understand meaning. Without help from IT, access over 200 pre-built interactive visuals or build your own visuals with tools like hierarchical field selection, drag and drop data elements and multiple views. Interactively apply filters that narrow your focus to uncover new insights for further investigation. Visually compare data over multiple time periods to identify trends, patterns, and correlations that help you make predictions, often answering questions you didn't even know you had. Seeing across the organization in real-time eliminates information lag and accelerates decision-making. When meeting with the board, tell your data story visually. Tailor visuals to best tell the story revealed by the data. Add narration to enhance the viewer's interaction with the story. To support decisions across the company, share these insights internally on Sage Intacct dashboards or externally in various formats for outside stakeholders. One of the things that I'm particularly excited about with the analytics solution is that it, because it's embedded directly into Sage Intacct's set of capabilities, our customers have direct access to those tools, where there's nothing additional they need to do. It's not. You know, they don't have to go look for an analytics platform. We provide that, you know, natively integrate, you know, pre-integrated into our solutions. You know, next, want to take a look at what we've been doing to scale internationally. We've been scaling internationally within the Sage Intacct business, but also as we look into what we're doing with planning and manufacturing. Sage Intacct Financials launched in Australia and the U.K. in 2019, and then in South Africa in 2020. We've got a roadmap for continuing that into the future. It's been a great, you know, ride over the last few years. You know, bringing together many of the capabilities that Aaron was sharing throughout from the digital network, compliance, payments, capabilities that have allowed us to accelerate into these markets and provide for the specific needs of companies within each of the regions. With Sage Intacct Planning, it was launched into the U.S. in 2019. We are now launched standalone in 2022. We have plans to launch this product later this year into all of the geographies that Sage Intacct Financials is already in, Canada, the U.K., Australia, and South Africa. Sage Intacct Manufacturing launched into France, as I said a few minutes ago. We are planning on launching Sage Intacct Manufacturing into the U.S. and the U.K. later this year. Our growing international capabilities take a couple key tenets here. We wanna be able to solve for businesses that are already multinationals. They have unique capabilities that they require around how they bring their entities together for tier and partial ownership. We solve for their global consolidations capabilities very well today. We're adding to those with differentiated capabilities and how we handle that for customers with ease. We've launched capabilities in how we handle bank and payment gateway capabilities and continue to add to the richness of those capabilities. As we look at expanding the market, we look at the specific needs of each geography for a language, from a language perspective, as well as the specific accounting and compliance needs that they have. We have a go-to-market playbook that we use where we've seen success in the model that we use for the U.S. We replicate that model in each of the regions that we go into, and how we leverage our expertise in a direct sale, but a collaborative channel proposition as well, serving the microvertical needs in each geography. As we look at how we drive earlier adoption, there's this concept that we've introduced around Sage Intacct Editions. A Sage Intacct Edition is a package. Simply stated, it's a package that's designed where we put our best practices, our expertise from all of our learning into that package. It's designed around the idea that we have the expertise from all of the customer conversations we've had to be able to preconfigure a solution that's gonna be right for them at their size of business. So we are launching editions that are designed around business size, but also around the specific needs of verticals, and in some cases, around that subvertical, if there are unique needs for that subvertical. You know, there's a set of capabilities that are built into that, but also a sales methodology and an implementation methodology that gets that customer up and running, you know, very quickly, post-sale. This is a significant opportunity for us to help customers move onto the platform very quickly, both from a new customer perspective, but also from a migration perspective, for customers that are ready to move to the cloud. As we talk about the digital network and, you know, build out some of the examples that Aaron was talking about, I'm gonna start with AP automation. If you look at the inefficiencies that exist in the AP automation process, which is heavily paper-based, we know that we can reduce 80% of the processing cost of each individual vendor invoice or bill that they need to process from an estimated $15 to $3 with automation. It also, you know, allows them to identify problems that have existed that are a result in cash savings as well. It's amazing to me that, you know, there is as much error as there is. Well, I probably shouldn't be amazing, but you know, when we remove the manual process, we're able to help the customer focus on the higher value activities that Aaron was talking about earlier. We've touched each of the pieces of the process in the automation, in the bill process. From capturing it at the front end is the where we you know from email and scanning capabilities through how that gets digitized into the system for a review process to build trust and going through internal controls through to payment and reconciliation. It's important to highlight this whole workflow because this is one of the places where because it's built natively into the core financial system where we have differentiation in market because we're able to provide a way for a customer to continue to operate within their current construct but still gain the benefits of that this automation but at a higher level of fidelity of the information because it's designed around the flexibility we have in our dimensionality of our system and our general ledger that provides great insight. It also automates that reconciliation process at the end, which often gets left off. There's a lot of value in that we have to offer to our customers with this solution. Again, you know, to bring this to life, we have a little demo that's been recorded for you. Sage Intacct offers AP automation as part of their accounting and ERP solution. The entire AP workflow, from bill to payment, reconciliation, and reporting, takes place within Sage Intacct, even for multiple entities. Reduce data entry using an AI-powered assistant for accounts payable. The assistant automatically captures bills, matches them to the right vendor, and prepopulates a draft bill in Sage Intacct. Bills can be processed in lump sums or as multiple line items. Using a machine learning feedback loop, the assistant continuously learns, more accurately handling payables every day. Sage Intacct partners with payment platforms, such as CSI, to offer multiple automated and secure ways to pay vendors, including via check, ACH, and virtual cards. After payments are approved, the payment partner takes care of the rest. When vendors accept virtual card payments, rebates offset the already low transaction costs. Process bills and payments for all entities with multiple bank accounts all within Sage Intacct. Since all AP processing takes place within Sage Intacct, reconciliations take just minutes with auto-match and transaction auto-create capabilities. All documents, approvals, payment statuses, posting details, reporting, and history are available in a few clicks. Sage Intacct provides complete visibility with everything together in one place. Another solution I just want to highlight from a network perspective is what we've built natively into the system with outlier detection for the general ledger. Aaron touched on this earlier. You know, we introduced this a couple of years ago. It was the first real-time, AI-driven outlier detection engine, and we built it in a way where it's designed to provide trust. Built directly into the general ledger process, we have the ability to highlight potential issues that you know need review so that a person can take a look at the potential problems that we've highlighted that you know highlight things, you know, everything from unusual accounting treatments to amounts that seem off, you know, so that they can take. You know, they can go through a review process. To bring that to life, I just wanna highlight some feedback we got from a particular customer, and one of the great values that they got out of the solution. They identified a potential issue or actually an actual issue, where they had misaccounted for $350,000 in revenue. They had previously, you know, missed this in their normal processes, and the outlier detection caught this. This is now being used by 500 of our customers. There's a huge volume of transactions that are flowing through the system that allows us to tailor the engine to be able to look at the specifics of each individual customer's needs and be able to really help them how they really operationalize trust in their financials. With that, I just wanna highlight the takeaways. Sage Intacct is recognized as award-winning solution. We have consistent growth in the U.S., and it's expanding internationally. We have very clear strategy for how we're executing across our pillars for our future growth in our verticals, in our expansion beyond financials, as well as supporting the digital network. You know, we're using the Sage Intacct platform as a foundation for how we connect customers with their customers, their suppliers, their employees, to more fully automate processes for them. With that, I'm gonna hand it back to Steve. Dan, thank you, and also thanks very much to Aaron. I hope what that run-through has given you is really a sense and insight into, you know, the fact that, you know, we have a lot of strengths here, we have a lot of ingredients here, which then give us this, you know, growth opportunity, both for Sage Intacct but also linking into the network, which in turn, you know, gives us these strong foundations and underpins the ambition that we have. That's the end of the formal presentation, and what I'm gonna do now is hand over to James, who's gonna lead us through the Q&A session. Over to you, James. Thanks, Steve. We'll now begin the question and answer session. As a reminder, you can submit your questions by typing them into the questions and answers box on your view platform. Our first question today is, can you please provide some color on the process and progress of integration of Sage Intacct into the Sage Group from both a technology and a cultural perspective? Sure. I'll take that. I think there's two parts to it. One is obviously the you know, the kind of geography, the go-to market, and the second is the technology and capability. Walid, who can comment in a moment, is responsible for all of technology, product development, product engineering globally. Within that structure, there is a business unit called Sage Intacct, which Dan owns and runs, reporting into Walid. That is a global organization, i.e., fully integrated into the rest of Sage. Then from a go-to-market perspective, North America, just like any of the other geographies, also now has a singular go-to-market organization. There is a head of North America, president of North America, and there is a president of effectively the rest of the world, Europe, Middle East, Africa, and Asia. When we sell our products, like Intacct, they go through those global go-to-market organizations. When we sell Sage Intacct in the U.K. or we sell it in Australia, it goes through those organizations. Walid, anything you wanna add? Oh, thank you, Steve. The technology integration is really impressive, actually, of how the team was able to actually bring the Intacct assets with the rest of the assets that we have in Sage. For example, a lot of the services that Dan was describing are being used in our services from Sage. For example, a lot of the banking feeds, a lot of the compliance services are actually service fabric services, which is digital network services. The Sage ID, the integration with Sage ID, all these services been done very, very nicely through an API layer. The progress on the technology side has been very impressive. The fact that we did Sage manufacturing, Intacct manufacturing, and our ability to actually build that platform on top of Intacct and on top of the current existing Sage platforms shows the progress that we've made so far. Overall, technology integration has been very well done between the Intacct old products and the Sage network and the Sage product lines. Back to you, James. Great. Thank you. Thank you very much for that. The next question is, Sage is clearly moving a lot of clients' data through the network. To what degree can Sage utilize this data? Surely, it belongs exclusively to the client. Okay, Aaron, do you wanna start? Yeah, I'm happy to take that question. I guess what I would start with is we've established a set of very clear principles for not only our organization but also our customers that describe, you know, how we will behave in respect to our customer's data. The first statement is an unambiguous statement that our customers own their data, and we have rights to leverage that data to build customer features with their permission, with partnership with them, based on a trusted relationship that we've established with our customers. Now, getting more specific, there are two things here that are important. The first is, in order to develop AI ML capabilities, we have to access customer data so that our data scientists can run experiments, they can develop models, they can test the predictions of those models with our customers. To support that activity, we have a customer AI partner development program that customers opt into. They agree with us on how we can use their data. This data is then anonymized. Any personal information is redacted, and they join us in the process of developing these capabilities. Believe it or not, these programs are almost always oversubscribed, right? We have more customers interested in joining us in the process than we can handle because they believe in the outcomes we're trying to create for our customers. You know, the second is that when customers choose to consume network services, right, they agree to what is required by Sage to enable those services. It doesn't always require Sage to directly access the data. In the case of employment verification, there's actually never a need for Sage to access employee pay data. Our job is to put it into a secure form, give employees more control over it, and what makes us attractive is the scale that we bring to that, even without having to use the employee data or to access the employee data. I guess the thing I wanna make sure that is a clear takeaway from this, is that we understand that our access to this data is only granted to us via the permission and the trust of our customers, and we must never breach that. Terrific. Thanks very much, Aaron. The next question is, what is the rough split of R&D investment into Sage Intacct for further development versus the remainder of the Sage portfolio? Walid, do you wanna cover that? Yes. First of all, let me just give you a historical preview about R&D spend in Sage overall. Over the past three years, the R&D spend in Sage has increased by 50%. That's really an impressive growth in R&D to show where the company is kinda taking this investment. We don't break it down by particular product lines in there. However, I could tell you right now that Sage Intacct is getting its fair share, and probably some of the team members would say a little bit more than fair share of its R&D investment. This is a growth engine for us that we are going to continue developing for the future. Our investment in that should be looked at also in the context of investing in the digital network, because they both go hand in hand together. Great, James. Thank you, Walid. Thank you. Can you talk about the proportion of Intacct's revenue from the ecosystem as opposed to the core accounting and payroll capabilities? Is the ecosystem the best way to think about the monetization of the network? Yeah. I mean, I think the quick answer is that today the revenue is coming from Intacct, the product. The monetization that will come through the ecosystem and through the digital network is very much something for the future. What we are gaining from that today is in the scheme of the group as a whole, is immaterial. Great. Is the ecosystem the best way to think about the monetization of the network going forward? I think maybe ecosystem, you know, we will at some point start to talk about the revenue which is coming through the digital network. Now, some of that will be generated through things that we do with partners, and some of that will be generated through things that we do ourselves. If you take ecosystem in its kinda widest sense, including what we do in terms of what we integrate into our products, then yes. I think the way I would characterize it is ultimately the digital network is going to create a multiplier effect for the revenue that's generated by the products. Steve, if you don't mind, I'll add just one other comment here. We see our existing ecosystems, right? The scale of partnerships that we have as a really great opportunity for us to drive the scale of the network, but also to give our partners in the ecosystem access to that network and the scale the network provides. We're very aligned on this vision that the ecosystem will play a really critical role in driving that scale in the future. As Steve says, and I think this is particularly true with accounts payable automation, there is real value today that benefits our Sage Intacct customers, our Sage Accounting customers, Sage 50 customers, and the monetization will come directly through those products. Great. Thanks. Thanks, Aaron and Steve. What is the strategy for delivering cloud-native multi-tenant SaaS solutions to Sage 50 and 100 customers? I think a couple of years ago, it seems as though expanding the capabilities in Sage Accounting was the preferred route. Is that still the case, or is taking Intacct lower down the market the new path? Walid. Steve, yeah. Great question. I love this question. I've been getting this question a lot lately. Let me just be very crisp about the answer to that question. Every single one of our customers in Sage 50, Sage 100, Sage 300, they're all very important for them to participate in digital network. To that end, we need to do three things. Number one, we need to make sure we connect them all to our digital network. We need to make sure that every single customer we have participate in that, so they could consume services from the digital network with at their own choice. Some customers really wanna stay with the desktop client. Some customers wanna move away from the desktop client, and we're gonna give them a choice, and I'll speak about that in a second. Some customers wanna do it through mobile services. The most important thing for us is to make sure that all our customer base moves with us at their own pace in terms of how to participate in the digital network. To that end, some Sage 50 customers will wanna stay on the desktop, and we're gonna invest in that, and we're gonna grow that franchise. Some of them actually will wanna move to a cloud-native product like accounting product line. Some of them will graduate, and those graduate customers coming from either Sage 50 or Sage 100, and also our competitors, they wanna move to a different franchise product lines. For example, we have a product line that we are building that will be in Europe around, you know, what we call these, you know, upper small market, and they will transition to that. Some customers will transition to accounting. We wanna make it a choice. We wanna be the trusted advisor for the customer, as Aaron, as Steve said. What we don't want to do is a forced migration. I don't believe we do not believe that forcing a customer to move when they are not ready to a particular platform just because it is cloud platform is not the right element. However, we wanna give them options to do that, similar to what we're doing with the Intacct franchise. There are some customers who are at the upper end of 50 that we know that Intacct is the right solution. This is why we did the additions for them. Our job is to make sure we give them the choice, but it's very important that we have them all participate and be active participants as part of the digital network, and that's how we're gonna move them away from the concept, whether you're SaaS or not, to the concept of your digital network enabled versus purely SaaS-enabled. SaaS will always be there, but we want them to be more digital network enabled and a consumer of the digital network services. Back to you, James. Fantastic. Thank you very much, Walid. When launching Sage Intacct into new markets, how do you decide which verticals to launch with? Maybe one for you to pick up, Dan. Yeah, sure. When we're launching Intacct into a new geography, we look at the opportunity that exists within that region to, you know, look for the overlap with where we've had a historic success. We will generally start with industries where we already know them well. You know, for example, in launching into the U.K., one of the most significant new markets for us was to look at how we serve nonprofits, and how we do that with success, as well as how we serve professional services organizations. Because we already had playbooks for go-to-market that had worked so, you know, quite successfully in the U.S. market in launching into the U.K., we picked up those playbooks, and we used those to build those businesses. We also look at the uniquenesses of the region and look at how we either solve natively a solution ourselves or how we work collaboratively with the ecosystem of partners in that region to be able to solve for something that might be unique to that region. For example, there is looking at how we solve for, say, mining, you know, in South Africa. It's a collaborative effort in looking at how we are gonna win quickly for customers that we already know how to serve, and how we look at the specific needs of a particular geography. Great. Thank you very much, Dan. A question now on Intacct's competitive environment, a bit more generally. Can you please address the competitive situation for Intacct, perhaps with some specific vendor commentary by vertical? Yes. Again, I think one for Dan. I'll just make a couple of comments. I think, you know, we always say, you know, particularly in the U.S., but it's true wherever we are, the consistent competitor is Oracle NetSuite. It is worth bearing in mind that, in different parts of the world and in different verticals, you do still see quite fragmented competition. You get vendors who are particularly focused on a particular solution. There is a real constant in terms of Oracle NetSuite. Dan, do you wanna say a bit more about that? Yeah, sure. I you know agree with Steve's comments there. Of course, we you know monitor what our competition is doing, and NetSuite being one of the key ones. Yeah, as I said earlier on and you know what the kind of the DNA of the product is, it's a financial solution you know designed by accountants for accountants. We serve the office of the CFO. We've designed to be a best-of-breed solution from early on, and that has helped us be very successful in competing against NetSuite. It's broader than that. You know that we know that we wanna be able to be competitive in each of the verticals, as was asked that we're in. We look at the range of competitors in a particular vertical. I mentioned financial services before, in looking at financial services, it's not just NetSuite, it's some other legacy systems that have been more specific in that market, making sure that we truly highlight where we have strength versus those legacy systems. You know, competing against Archway in that particular industry as an example, or in nonprofits, you know, against MIP and Blackbaud, making sure that we have real depth of capability around, say, grant tracking and our fund accounting capabilities, and embedded, you know, really in that industry, you know, the embedded analytics is a key capability. I use those examples to kind of describe we look at the specifics of an industry, look at what the customer need is, and then make sure that we have differentiated solutions that we can highlight for that particular industry, so we are a recognized visionary thought leader in that industry, not just a general financial solution. Great. Thanks very much, Dan. Could you please explain the mix between organic investment and M&A in contributing towards Sage Intacct's success? Do you see M&A playing a key role in developing the product in new verticals and broadening beyond financials? Yeah, I think, you know, to date, the majority of what we've achieved through Sage Intacct has been organic. We have done some selective acquisitions. We created the sort of budgeting and planning module through an acquisition, which we then developed. We've most recently done Brightpearl in order to enhance our capability within the vertical. As we look forward, you know, we see a similar pattern that the majority of what we will deliver will come through our organic capability. Both from a vertical perspective, so similar to what we did with Brightpearl, but also from a horizontal perspective. You know, Aaron's touched a few times on, for example, accounts payable capability. We will do a mixture of our own organic development and also potentially acquisitions. Of course, also, we will always, through the ecosystem, look to partner where we see, that being appropriate. I think the way to think about it is the horsepower, the core horsepower is coming from our organic capability, and we are enhancing and accelerating timescales, accelerating time to market by selectively, doing M&A. That's great. Thank you, Steve. We've got a question now on Sage's TAM. What do you think you've added by expanding into these new verticals: manufacturing, retail, and CRE? I'll let Dan comment in more detail, but I think, you know, I'd just kinda give a high-level flavor. It's worth just emphasizing that, you know, the absolute TAM numbers are. You know, they are expanding all of the time. You know, the level of digitization that is taking place in the world is only increasing. I think it's important to leave everyone with a very clear message that we are not TAM-constrained. We are adding capability, and we are increasing our functionality within these various verticals, but we already have a very large TAM. You know, part of the reason that we enhance our capability, for example, into distribution and manufacturing is, of course, we want to acquire new customers, but we also are already present in those verticals. Walid and I think Dan already sort of mentioned Sage Intacct Manufacturing that we've launched in France. Well, that's very important for us to do that, of course, to try and acquire new customers. But we already have a very substantial installed base within that vertical, so we have a lot of expertise within the manufacturing vertical. What we're doing is we're playing to our strengths. We're leveraging off those strengths that we already have within the team to create these compelling products. I just hand over to Dan. I think, Dan, from memory, that manufacturing sort of distribution vertical, if you take the total TAM for Intacct, I think was something, I might get this slightly wrong, but something around 1/3 or something like that is in that in those verticals. That's accurate, Steve. That's right. Kind of building on what you were talking about, we are not TAM constrained. The way we look at the opportunity is how do we drive accelerated growth rates that are bringing in more than our fair share of new market. We're growing our market share in each of the verticals that we go after. We are doing that in a way where it's really the fastest scale that we can achieve. I think that, you know, using retail as another example, I mentioned earlier that in FY 2021, the retail solution, the Brightpearl solution, achieved, you know, GBP 20 million in revenue. That was a 50% growth rate. We're expecting that business to continue to grow at those kinds of rates for the next several years. That's an additional business on top of what we can do collaboratively in that industry, bringing in Sage Intacct Financials and Sage Intacct Planning. There's a set of solutions that we can bring to bear for each of these target customer bases. I also mentioned in the retail case before that there's, you know, 111,000 customers that we now have access to. We're not TAM constrained. We have the opportunity, and the focus for us is to drive the fastest possible growth rates that we can. Terrific. Thank you very much, Dan and Steve. Can you please explain the role that migrations are playing in supporting Sage Intacct's growth? Is there scope for these to accelerate, or do you see your cloud connected and on-premise customers as happy where they are? Yeah, I think I'll let Walid add to this, but again, just a few high-level comments. I think the way to start really thinking about this is the thing that causes pain, if you like, for a customer is when they migrate their ledger. When they migrate their kind of core general ledger, that requires effort. That requires an investment of time on behalf of the customer. There has to be a reason for the customer to do that. Walid touched on this, that, you know, customers don't just move things for the sake of it. They move them because there's a reason, and that might be because their business is expanding, it's going into new countries, they need different functionality, et cetera. If it's working well for them, they resent being pressurized to move to something which they don't think they need. What's really critical is their ability to consume additional functionality, so as to consume cloud services, by pulling that functionality down from the network without having to change out their entire package. Now, for the customer who's growing rapidly, has a change of circumstance, they've now got a CFO, they need more insight, et cetera, there is a natural path which we can take them on to upgrade them, for example, from Sage 50 to Sage Intacct. For many customers, that's just a step that isn't really necessary. I think Walid touched on it earlier, and can maybe, Walid, it's always useful to draw on those, you know, your Microsoft experiences because we sometimes use the analogy of, you know, similar to what we all do with Office, right? The Office suite gives us a lot more functionality now than it ever did in the past. You weren't asked as a Microsoft Office user to invest a huge amount of time to change all of your ways of working. What happened was your bundle increased over time. You've got Teams, you've got all these various other things that you started to use over time. So for you, your customer experience and your customer journey was a very good one. That's what we must always start with. What is it that we can do to enhance the customer journey and customer experience? It's not about forcing technology for technology's sake. It has to deliver something in terms of customer experience. Walid, do you want to add anything? No, it's perfect, Steve. I mean, what you said it is really perfect. Really think of our on-premise products and, I mean, Sage 50 specifically, or connected products, what we call. Think of them as just like the Office, the Microsoft Office suite products in there. The most important thing for us is to give the customer a choice to consume digital services without much effort. That is really the critical part. This is why Aaron's vision is, you know, that he explained and Dan's product roadmap is critical to us. What we don't want to do is do something unnatural. What we don't want to do is force a migration for the sake of us just deciding that the technology deployment is the right thing to do. We want the customer to consume all digital services, banking services, compliance services, AI services, all these services that Aaron and Dan talked about, we wanna give it to them in the best way they could consume it. Sometimes that means really desktop products, and sometimes that may be, you know, a cloud product, or it could be a totally an embedded experience through an ISV. Our strategy is about bringing everybody the digital capabilities and not just forcing someone to a migration path because it's just the way, you know, we decided that's the, you know, that's the deployment mechanism they want. It's probably just worth, James, just emphasizing actually that of course, you know, that anyone who moves to Sage Intacct is moving from something. It, you know, it would be very rare for someone to go straight to Sage Intacct from nothing, i.e., from spreadsheets or from something manual. There is a natural migration process, whether that be from competitors like Xero or Intuit QuickBooks or from the Sage installed base. Before we bought Sage Intacct, there was a natural flow of customers from Sage 50, and indeed, in some cases from Sage 200, as those businesses you know got there. There were these business catalysts to get them to migrate. There is some element of the growth of Sage Intacct, which comes from those migrations. The message we're giving you is we're not accelerating the growth of Sage Intacct by aggressively pushing migration. What we're doing with Sage Intacct is actually what Sage Intacct were doing by themselves before we bought them, which is a mixture of driving new customer acquisition, targeting, you know, QuickBooks graduates, you know, targeting other migrations, and also at the same time enhancing what we sell to our existing customers. The renewal rate by value in Sage Intacct is an important leading indicator of how successful we are at cross-selling and getting the customer to consume more, because these are customers who have, you know, more complex needs and have a propensity to want to consume more to make themselves more productive and more efficient, which is why having things like budgeting and planning and additional capability and functionality that we can bring into the bundle is so important. That's great. Well, thank you very much. That brings us now to just over the 90 minutes, actually. We need to wrap it up there. Steve, Walid, Aaron, and Dan, thank you very much. To everyone who logged in, thank you very much for joining us. I hope you found the session informative, and we look forward to seeing or speaking with you again soon. Have a very good evening. Thank you and goodbye.