Good afternoon, everybody, and welcome to Datalex financial results for the H1 of 2022. Welcome. I'd like to welcome you all to the call. Just to note that today's presentation contains forward-looking statements which reflect management's expectations based on currently available data. Actual results may differ from the projections, and the company undertakes no obligation to update any of these statements. With that, I'd like to hand over to Sean Corkery, CEO. Good afternoon, everyone, and thanks for taking the time and your attendance. Three distinct announcements today. One, the one that we're most happy with is the announcement of the acquisition of easyJet as a new customer. Very, very large airline, brings us into the low-cost segment, and they're taking our full suite of products. We're very, very happy as an enterprise software company to be able to deliver our products to such a stellar branded airline. Secondly, we're announcing our H1 results. I think that gives full context in terms of numbers we can talk about. Third, we're giving some guidance on the H2 of the year, which is obviously very difficult as the world continues to live with the aftermath of COVID and some overhang. We've attempted to do that again to give some balance in terms of numbers and to be able to talk about them. If I could start with the H1 results. They're disappointing in one aspect, understandable in another. You know, it suffered from overhang in terms of COVID from a China point of view, on the one hand, where a lot of our transaction revenues come from, and they were pretty much locked down for the first six months of the year, continued to be in a full alert form, but we expect it to get a bit better in the H2. In general, they probably average about 25% in terms of their traffic against 2019 in the first six months of the year. Secondly, and probably contrastingly, we suffered a little bit from the upside of travel. In the first six months of the year, where clearly in the U.S. and in Europe in particular, people got back to travel, despite difficulties. There was an insatiable demand for travel, which of course caused many operational issues that we're all very well aware of. Where airlines obviously focused on those operational issues and could not take on really any change beyond trying to bring stability into their operational areas. Obviously one of those is around systems and the whole areas of bookings and pricing and offer, the part of the business that we do. Therefore, that kind of need for stability, I guess, and fixing operational need, you know, pushed against, I guess, changes of implementing new software which affected our services business. They're kind of the two headlines. They're not things that are gonna last forever, but it did last during that period of time, which is the six months of this year. We just had to react to it. Despite that, you know, we continue to make very good progress in customer implementations, two of the new ones, particularly in terms of Virgin Australia. The second one in terms of an NDC project that was put on hold during COVID, which reactivated during this timeframe and will overwhelm both of them in terms of future quarters. Secondly, we continue to invest in our products, which have really got the attention of our customers and potential customers, one of which came to fruition in terms of our easyJet announcement this morning. And specifically, we launched Pricing AI as a product during this six-month period. We continue to get a lot of traction on it and we're in the process of completing our second full pilot, having completed one already with Tier one airline. We're now completing a second one with Tier two airline. Finally, we did invest from an OpEx point of view in the process of really processing the interest that's out there in terms of our new products. As it turns out, in terms of RFPs and general tenders that we have, we continue to have a very strong pipeline, and we invested in that area. Obviously, some of that has come to fruition with the easyJet win. Of course, we're very, very happy with the momentum that the easyJet announcement will give to our existing customers and to ourselves in terms of verification and validation of what we do is, you know, in the ballpark of what customers are looking for, and validation that in translating our platform into product, that we now have something that really is of interest to airlines who are trying to find a balance between transformation on the one hand and operational stability on the other. What we offer, which if you look at easyJet, is bolting on our capability to some of their existing systems, which kind of matches that transformation with stability and not changing everything at one point in time. That really is an introduction to the last six months. I'm gonna hand over to Dan Creedon, our CFO, who's gonna go through some of the specifics around the numbers. Thanks, Sean. As Sean said, you know, in the H1 of the year, we saw some what we believe to be, relatively short-term factors affecting our numbers, compared to last year. You know, we saw that, first of all, in terms of revenue, where revenue came in at EUR 10.4 million. That was down over EUR 2 million from last year, down, 17%. Two major factors, we'll talk a bit more in a minute. Lower services revenue, again, driven by the absolute need for airlines to focus on their operational priorities of getting planes back in the air. And then secondly, China, and that was severely affected by COVID. Those lower revenues fed through into gross margin, which came in at 30% compared to 53% last year. There were some one-off factors in gross margin and indeed in operating cost last year that benefited last year. If I look at the operating cost line, it's 13% up in totality, but if we take out the one-off factors from last year, actually the cost base was slightly down this year versus last. What we tried to do is manage costs very, very carefully, while at the same time, you know, being confident in H1 that we were likely to win a major customer and would need to swing into implementation and delivery very, very quickly. We struck a very careful balance in terms of protecting the core organizational capability and then being ready when we won the customer, and we're delighted to say that that's come together and we've, you know, welcomed easyJet, and we can now move forward into the H2 confidently in terms of our ability to get started on the delivery. That was a balance that we struck. EBITDA came in at EUR -2.1 million. That was down from last year. You know, again, the EUR 2 million revenue shortfall fed down there. On the positive side, outstanding debt ended up at EUR 1.3 million, very, very low, primarily leasing. This time last year, outstanding debt was EUR 20.2 million. That was just prior to the successful fundraise that we did at that point. Cash came in at EUR 2.7 million. That compares to EUR 2.4 million this time last year, but also compares to EUR 8.3 million coming into the year. Let's go down a bit into revenue and gross margin. You know, we talked about the key factors and the results being a 17% decline. Lower services revenues, we saw that quite a lot in terms of airlines focusing on their core knitting. We think that demand is there. The level of interest is still high. The focus on digital remains very high in airlines. We think this is not necessarily business lost, but business deferred, and we are reflecting some of that in the H2 of the year. Hopefully, as we said, China will continue to improve. You know, as Sean said, our implementation with Virgin Australia is going well. Gross margin, again, primarily impacted by the decline in revenues. Revenues being down 2.2%, our cost base tends to be relatively fixed, with the exception of major implementations. Last year did benefit from a couple of big one-off factors, which were about EUR 1.8 million. We have to bear that in mind in terms of the comparison, the biggest one being the supplier credit, the one-off supplier credit that we got in H1 of 2021. Looking at our cost structure, like I said, on a headline basis, you know, costs grew by 13%, but there was EUR 1.8 million of costs related to the supplier credit and a bit of employee wage subsidy last year. If we exclude that, one-off factor costs are actually slightly down. However, at the same time, what we managed was extra investment in sales and marketing by making savings elsewhere. You know, our focus in terms of the cost base now over the next 18-24 months will be to drive out good scaling in terms of our costs. As our new implementations start to bear through and add to the top line, you know, we'll be looking to scale our cost base, you know, very, very effectively. EBITDA, as I said, -EUR 2.1 million and those one-off factors, you know, benefited last year. Then with talk about cash, like we said, you know, EUR 2.7 billion was where we ended the half year. Up versus this time last year, but down versus the start of the year. You know, we knew that this was going to be a year of, you know, cash consumption, particularly given by the implementations that we were doing and the investments in terms of, Pricing AI. We believed that protecting the organization capability, continuing to invest in products, continuing to invest in sales and marketing, would yield significant benefits in the medium to long term, starting with customer wins. You know, we're delighted that we've got another one now with Virgin Australia, December, easyJet, in the last year or so. There's a good, solid pipeline. We should be in a good shape in terms of continuing to go chase opportunities, but also very, very importantly, to deliver against those implementations. That's a key focus for us. We think we're very well positioned in terms of easyJet. We've done a lot of work upfront, and today we get started on that journey. That's basically the story in terms of cash. On borrowings, like I said, very, very little borrowings at this point in time. Sean, I'll hand it back to you in terms of some of the other key factors that we want to talk about. Yeah, look, let me wrap it up here. You know, the numbers don't tell the full story. We feel that it was a period of, you know, steady progress. You know, we signed easyJet as a new customer. We're really, really happy that it's in a new sector, as I mentioned earlier, in the low-cost side. Very fast-growing opportunity for them, opportunity for us. We're very happy in terms of the contract, brings us into transactional model, which is important as the airline industry grows back again. We're very happy that it covers our full suite of products, not just one, but many. Obviously we can't get into the specifics of the contract, but suffice to say that we're very happy with it, and pretty confident we're gonna do a very fine job for easyJet. We've already started in the execution of that project. We're very happy with the, obviously, customers that we've already signed, including Virgin Australia, in terms of the progress we've made, the execution where that is at this point in time and how it ties into future transactions. Likewise, with NDC, and the work we've done there, with with the carrier that we started on that program and the launch in the H2 of the year. We're very happy with Datalex Pricing. We're not announcing a new customer on Datalex Pricing today, but we know we're very close. The compliments and the testing, more importantly, and the piloting of that product continues to tell us that we're onto something and we have a solution for airlines that they're looking for. You know, these things take time, particularly in a time of turbulence. There's only so much time for testing and review of new things, but it will have its day. Moving on. That all wraps up to say that we are gonna have a much better H2 of the year, particularly from a revenue point of view. You'll see a distinct step up in the revenue in the H2 of the year, up by 50%, admittedly off a very low base. Obviously, EBITDA will trail that somewhat as we make investments in new implementation. You know, we've given the range there. Built into that guidance is obviously some recovery in China. You know, certainly not back to any kind of pre-COVID numbers, but some improvement which we're expecting in the H2, and obviously some new transactions coming on board from some other customers that I talked about in the implementation phase. We're also, you know, have been given clear instruction in terms of our board, in terms of looking at the funding requirements to fund what's in front of us. You can't see it, we can. You can only base, you know, your analysis off actual announcements. We have to make some planning based on a pipeline that there's high probability in. Therefore, there's no question that we're moving to a growth phase, and we will need some working capital to do that. The board has asked us to look at various alternatives, including, obviously, using some methodologies that we've used in the past and, expanding that out to other optionality, that we can consider. We've taken that on board, and we'll be working on that pronto, in the next couple of months. With that, on a very good day in terms of future bound, on a reflective day in terms of numbers for the last six months, that reminds us that the world is still not back in full order. I'll pass over to Neil to bring this call to a conclusion. Is it open to questions or no? Okay. I think we're at the conclusion point. Anything else we wanna say? No, that ends the call. Thanks very much for your attendance. Thank you. Thank you.
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