Good morning, everybody. Thank you for coming to our full year results for our financial year, end of February. I'm Seamus Keating, CEO of FD Technologies, as usual, our CFO, Ryan Preston, joins us for the presentation today. In addition to Ryan, we also have the leaders of our two largest business units, Ashok Reddy, who leads our KX business unit, and David Collins, who leads the First Derivative business unit. Both Ashok and David will be with us to take questions and to mingle with you after the meeting today. The strategy that we set out two years ago is continuing to deliver with another year of strong growth across FD Technologies. The investments that we made, those investments, in people, in our product, our go-to market, our process, and also with our partners, have increasingly paid off as we've come through the year that we've just closed. We're building, I would say, truly scalable platforms so that we can sustain that growth rate as we look to the years ahead. We are genuinely differentiated, in those markets, in markets that are large, global, and are growing. We see that in each of those markets, we are working on and benefiting from some of the structural growth drivers that are out there. To look at each of the, I guess the headlines in each of the business units. The evidence of momentum in KX is clearly around the strength of the ARR growth. We've now had two successive years of really strong growth in annual recurring revenue. That's really come from our work on the product, you know, becoming the de facto engine of real-time and time series analytics in the cloud. It's also come from the work with partners, building pipeline with those partners as those partnerships start to come into play. It's also come from the investments in the people that we've made. In bringing Ashok to join us last year as a CEO of the KX business, I don't think I could have found a better partner as both a business leader and a technologist to lead KX as we go through the growth opportunity that we clearly see out there. We've also been able to bring in behind Ashok some other, you know, very strong and experienced team members, including CRO, who joined us in the last couple of months, John Hoffman. Talking about First Derivative, again, really strong year on the revenue growth at 18%. This is a super performance by David and his team. They've really built a scalable model, building out practices across the business, bringing in people like the client partners who've enabled us to reach higher in our customer organization, win larger programs, and drive that higher level of growth. Those targeted investments that David and his team have made in some of the structural growth areas, you know, are starting to pay off significantly. We have seen some lengthening of the sales cycles, yeah, as we've come through the second half of last year. We will cover that in a bit more detail as we go through the rest of the presentation. MRP is smallest part of our business. You know, we see here that the technology customers who are still the bulk of our customer base, still quite cautious about spending. In that environment, we continue to manage the costs very tightly so that we can maintain EBITDA in the business. We have seen some small early signs of improvement, particularly in the U.S. side of that business, with some signs of a return to demand in there again. Let's move and talk in a bit more detail about our performance in KX. These are some of the key growth vectors in the business, the things that we've been doing that we believe, you know, will drive sustained and longer term growth in KX. Particularly, starting with the investments in product. During the year, we've gone live with Azure, being generally available. We've just announced a significant partnership with AWS. Our other work on the product has been things like bringing Python support for KX. Actually probably a major departure is being able to open source both Python and SQL to really continue that work of democratizing access to the technology, increasing the numbers of developers who are able to benefit and able to work with the technology. On the product side, we've also worked on the OEM, the systems integrator channels with more work coming through those. The free trial again, you know, has been a significant development in bringing more people to get them easy access, you know, get them using the technology. We'll talk a little bit about KDB.AI as we go through the presentation. Ashok will cover that in a bit of detail himself as well. A lot of this has really been moving us from a KX business that traditionally built applications for customers, custom applications, you know, around very specific uses to being more of a product organization where our customers take the product and either they or their partners are able to build on that product themselves, build their own applications. This is bringing us much faster time to value for those customers. They're getting to use it, you know, within hours literally, of signing up and starting to create value and starting to do some real work with it. That faster time to value has been an important development and continues to be. That another component of that has been our ability as we've integrated, particularly with Azure at this point, to use the customer's commitment to Azure to buy the KX software. Again, it takes another part of the friction of procurement out of it and makes it easier. We've been working with Azure particularly through the year to build the pipeline, you know, get the message out there to the Azure customer base, and particularly looking at, you know, the different verticals and the different vertical organizations, and working with them to build in areas like telecoms and manufacturing and healthcare. Really interesting stuff there. Pushing on with the NRR, the net revenue retention is also an important development for us. Getting our existing customers consuming more, comfortable consuming more and comfortable paying more. That net revenue retention at 119% sort of, you know, well ahead of last year and earlier this year we guided to it being potentially around 110%. Actually achieving 119, you know, pretty close to our medium-term target. I think it just shows the opportunity for us to continue to push on, you know, well beyond that, and to continue to accelerate our growth from there. What's driving our growth and giving us the opportunity from here? Very simply, it's our performance around volume, around speed, around time, and around cost. Our price performance, you know, is literally, you know, unrivaled in the market. That price performance is becoming a really important differentiator for both our customers and our partners because the cost of compute is becoming a significant issue for many of the cloud platforms and their customers. Us being able to bring them, massive performance increase, you know, at a fraction of the cost, you know, is a significant differentiator and significantly in-interesting for many of our customers. We solve that problem of price performance both for our customers and for the cloud, and for the cloud platforms. And all of that capability, you know, comes together in our Data Timehouse, which we've launched a little bit earlier this year. That allows customers to get the value from their existing data warehouse, their existing data lake, but actually to bring the critical component of time to all of that data and be able to use that to drive the insight, the performance, and drive the analytics to run some of their most complex business applications. This, the time house stack also includes our AI package, literally announced last week at the KXCON in the U.S., where we're literally providing customers, you know, with an AI toolkit, taking the core of our vector database, but bringing together with that the libraries to enable the embedding of data and the search capability so that it becomes a toolkit for our customers, running their own versions and their own AI inside their organization. Doing this and giving them this capability with any language, any cloud, on-prem or at the edge, again, is a significant differentiator. This is how customers increasingly think, you know, running their most complex business applications, the ability to bring all of those pieces together and use that on a platform like KX. These are some of the examples, you know, of how customers are increasingly building their own applications. Some of these applications we would traditionally have built for those customers in capital markets around risk, around risk management, the work we've done in automotive or in energy. Increasingly the KX time house architecture brings customers the more generic use case that you see here of, you know, fault detection, anomaly detection, the similarity search becoming hugely valuable, hugely important in the world of AI, and of course the temporal historian. They get that out of the box, you know, in the KX Data Timehouse. They go and build their own applications. They're increasingly building more and more sophisticated AI models, enhancing those applications, but doing it inside their own enterprise, that effectively private generative AI for the enterprise. You know, that's how many customers are increasingly thinking about how they can use us and, you know, bring that AI capability. And it means that they can, they can use that on their proprietary data. They can also bring in any element of alternative data sets to enrich that without pushing all of that back out into the public cloud and the public, the public AI systems. We're effectively got generative AI for the enterprise in the way that customers are looking and thinking about using KX and working with us, with us at the moment. Syneos is a great example of a customer, you know, that's come on this journey. Using our vector capability to build their own, their own models that gives them the access to those faster, more accurate clinical trials. You know, both saving money and being able to get to the clinical trial faster, get to the population that means that they'll get through the regulatory approval more quickly. That, that's a significant saving in time in itself. In addition to that, they also have, you know, the dramatic saving on just the compute cost of running the models to create those clinical trial populations. All of this procures, you know, through their Microsoft, what's called MACC agreement. Within all of that, they've been able to literally do that, you know, with a click on the Microsoft account. That's a customer getting huge value from KX with the work that the team have done over the last couple of years. This significantly increases the addressable market. You know, both the ability of those more generic use cases to go, you know, right across many verticals and it'd be deployed easily in addition to the significant opportunity around AI. You know, brings us a very significant, you know, growth opportunity in KX as we look forward from it with an increasing TAM, and an increasing part of that TAM that we're addressing, you know, around those use cases and the markets that we are putting our resources in. To think what's the shape, you know, of KX, you know, as we look forward from here. We've had two years of really strong ARR growth, you know, back-to-back years of growth. We think about our base cases, you know, mid-30s%, you know, growth rates in ARR going forward. We see that there is a significant opportunity for us to accelerate that growth rate. That acceleration, it will come from the traction, around some of those partnership agreements. As I said, we've just announced the AWS partnership last week and starting to build pipeline on that. Also, you know, the acceleration coming from the expansion in the TAM, you know, with the AI opportunity. You know, those are the areas that will get us, you know, significantly higher growth, as we look to some of the out years. We, you know, we've invested over the last couple of years, you know, behind this growth opportunity, and we'll continue to make those investments, balancing investment, and our confidence, and visibility of those, of those increased growth rates. You can see that we have, you know, we are building a high growth, high value software business here, and we'll continue to make those calls, as we work through that, that opportunity. Moving to First Derivative. As I said earlier, David and the team have been making tremendous progress, on building a very valuable high growth consulting services business. The switch, moving from what's traditionally more of a resourcing model to a consulting model, put getting our practices out there, getting those client partners to build the confidence with the very senior decision makers in some of the largest banks in the world. That's bringing us, you know, more access, bringing us bigger packages. We're delivering behind that for those customers because we've always had the domain skills. Actually reaching up market and getting access to those bigger programs has been a really important part, you know, of the growth story in the business over the last couple of years. Behind that, you know, we've also built out or starting to build out the engineering capability. You know, seeing that we established a development center in Poland so that we can blend the domain skills with the engineering capability, that's also driving the growth. The other really, I think, valuable thing about our business here is that the opportunity to expand in existing accounts is a huge, you know, driver of growth here. We're working with many of the largest investment banks in the world. They're spending dramatically more than they're spending with us. As we do continue to do well with those customers, we're getting more work from them. They are markets in their own right, you know, each one of those major banks. We're out prospecting and building and getting more of our growth from those. We're helped obviously by the structural drivers that we've been putting our investments behind in First Derivative. Those growth drivers around regulatory compliance, the digital transformation, the cost to income ratios, these are all the things that, you know, we spend a significant amount of time, you know, talking to customers and working with customers on. I mentioned we'd seen, you know, some level of customer caution as we've come through the second half of the year. I think that, you know, that caution's very much around the bank's views on, you know, when significant M&A volumes are gonna come back. You know, if you go back, you know, three or four months ago, people thought, well, second half of, you know, calendar 2023, you know, it's surely going to happen. I think as we've seen, you know, the first quarters reporting the banks, there's no signal that that's coming back. You know, it's probably now more likely to be a calendar 2024 rather than calendar 2023. I think that, you know, coupled with, I guess, the uncertainty and some of the dislocation, you know, around SVB and the mid-tier banks, you know, has caused a bit of uncertainty and a bit of a, I think, let's wait and see a little bit. Let's prioritize the things that are absolutely most important. What we have seen is customers push the approval levels up a bit inside their organization, being more selective in the timing of some of these projects get going. I think all of this, you know, on any medium-term basis, you know, plays to our strengths. Working with the largest banks, you know, who will be the consolidators in this world. The push, I think, will be to have even more regulatory intervention, particularly in the U.S., you know, around the liquidity of the entire banking and capital market sector there. All that I think plays to our strengths on any medium-term basis. Gives us confidence that we will continue to grow successfully in the capital markets world. The market is enormous. There's. We don't need to spend very much time on that. I think because we are heavily invested in domain and engineering, we're taking market share from some of the larger players out there, where our domain skills, you know, are really bringing us more work there than we traditionally got. We're starting to see that with the platform that David and the team have built, there will be some opportunities to do some bolt-on acquisitions here, you know, which, I think, would help us to both accelerate in the U.S. and probably accelerate around the data engineering side of the business as well. These are some things that we'll look at as we go forward. The excitement here, I think, is around, you know, our opportunity to continue to grow the business. Yes, you know, this current year will be a bit slower, but if we look, you know, through the cycle, I think we have a business here that's capable of growing, you know, in that 10%-15% range. Actually, the margin improvement that we see that will come through, you know, in the next couple of years, you know, will pretty much double the operating profit of this business, you know, over the next three years. That's a very significant opportunity to build value. We got the operating model in place. We've implemented the Oracle ERP system to help the business to scale efficiently as we go from here. We're well-positioned. You know, the brand is really, really strong, you know, right across, right across capital markets, so building a really strong and powerful consulting business in capital markets. As I said at MRP, you know, the market remains subdued. You know, the tech sector continues cost reduction. Revenue has stabilized, you know, at our fourth quarter level. We see that, you know, through the first quarter. We're continuing to manage the costs to protect the EBITDA. We see opportunity, you know, as this market turns. Our focus on the digital sides of the business means that we can scale quickly and get operating leverage, you know, as that part of the market comes back. Today, you know, it's pretty much 10% of the overall business, but can turn quickly, you know, as the market improves. Overall, you know, we've come into the first quarter of our FY 2024, confidence in our outlook. The KX business clearly got a very exciting path, very exciting growth opportunity. Clearly solid growth opportunities again in FD, you know, both at the top line and the bottom line. We're excited about the business that we're building and the value that we're creating, both this year and in the future. With that, Ryan's gonna talk to us about the detail of the numbers. Thank you, Seamus. We are pleased with the group financial performance in full year 2023, with double-digit growth in both revenue and EBITDA. We delivered GBP 19 million of contract value and grew ARR, a key performance metric, by 39%. We ended the year in a net cash position and have subsequent to year-end signed a new GBP 130 million revolving credit facility, ensuring the group has the resources in place to deliver future growth targets. Turning now to the business units. This table highlights the difference between the business units, both in scale and profitability. You can really see the continued strong performance in both KX and First Derivative, with revenue growth of 25% and 18% respectively. We will now look in more detail at the financial performance of each of the business units. We continue to deliver sustainable revenue growth in KX. We signed GBP 19 million of new ICV in the year, of which more than 30% came from industry, validating KX as a horizontal platform. We delivered net revenue retention of 119% ahead of target as we continue to expand our existing customer base. We also continue to experience low levels of churn as customers benefit from high return on investment from KX. Services revenues related to implementations marginally declined. We expect this trend to continue as increasing numbers of customers are offset by faster implementations as our technology enables customers to realize value more quickly. Gross margin continues to increase, driven by increasing software revenue, which has a margin of circa 90%. We continue to invest in our software with R&D spend up 23% as we develop KDB Insights and further integration with the cloud vendors. Looking forward, we expect increased R&D investment, although it will decline as a percent of revenue. Capitalization of R&D spend is expected to continue around 85%. We continue to strengthen the leadership team with a new CEO and CRO and invest in systems as we build a platform to deliver our ambitious growth targets. Importantly, we expect ARR growth of at least 35% in full year 2024. As Seamus highlighted earlier, we have the potential to grow faster as we deliver additional proof points and invest in sales and marketing. First Derivative, our capital markets consulting business, grew both revenues ahead of expectations while also increasing EBITDA margins. Demand was driven in our core practice areas, including regulatory change and digital transformation projects. Additionally, the move to the cloud by our customers is also creating opportunities. Gross margin remains stable despite the challenge from attrition and wage inflation, which we continue to manage effectively. The increased admin costs was driven by spend on recruitment, systems and cost inflation. Looking forward, we are targeting revenue growth of between 5%-10%, as our growth opportunity is tempered by caution in some of our clients. We are starting to see an easing of wage inflation and attrition, which will assist delivery of our full year 2026 target of an EBITDA margin of 15%. MRP, which provides enterprise demand generation services, is our smallest business unit, representing 14% of group revenue. MRP, as Seamus highlighted, had a challenging year as our customers, primarily in the tech sector, reduced their demand generation activity. In response, we implemented cost saving initiatives equivalent to GBP 6 million on an annualized basis. As a result, we expect an improved performance in full year 2024 EBITDA. We continue to believe MRP has the opportunity to return to growth when spend on demand generation returns. We are pleased with the group performance with both revenue and EBITDA growth and gross margin increasing despite the challenges faced by MRP. Our investment in leadership capability, improving systems, have positioned us to scale and deliver our ambitious full year 2024 growth targets. We delivered an adjusted profit before tax of GBP 12 million, up 10% on the prior year. The increased prior year spend in R&D has resulted in an amortization charge of GBP 11.5 million, which compares to capitalized R&D of GBP 23 million. Finance costs increased as interest rates rose to 4%, which we partially offset by making debt repayments of $15 million in half two. In full year 2024, we would expect interest charges in the range of GBP two and a half to 3 million. In the year, we occurred several one-off costs, including the implementation cost for a new Oracle system, which went live at the end of December, restructuring costs for both MRP and group entities, and legacy employee tax costs relating to international assignments, which we identified following a post-COVID review of employee location. In full year 2024, we expect the effective tax rate in the range of 25%-30% as UK corporation tax increases to 25%. We continue to focus on disciplined cash management, ending the year in a net cash position with cash conversion of 96% as we benefited from the timing in our working capital management. We expect full year 2024 cash conversion in the range of 80%-85% as we continue to grow, with half two conversion traditionally stronger than half one. Gross debt currently stands at 1x EBITDA as we made additional debt repayments in half two. Post year end, we have refinanced with a new GBP 130 million revolving credit facility in place at more favorable rates than the previous facility. As Seamus highlighted earlier, we have ambitious midterm growth targets, and we have the balance sheet and financing in place to achieve these targets. Thank you for your time this morning, I'll now hand back to Seamus. Thank you, Ryan. Before we go to Q&A, I think it'd be useful to just hear from Ashok, who's now, eight or nine months into the business, and just to have his thoughts on why he came, what he's seen, and how excited he is. All right. Thank you. First of all, thanks for taking the time to be here. For my excitement, I would say that last week I was at KXCON until Saturday. We had the world's best customers present case studies. To me, it's a proof point. What is this? Oh, sorry. All right. Excitement always starts with, what do you want to hear from customers? What I heard, whether it's a Bank of America, Citadel, Morgan Stanley, Goldman Sachs, Syneos Health, all these customers talking about not only our technology helps them differentiate, it is a differentiator. That to me is the most powerful statement. What we will be making those videos available to you, all of you to see that. The second part, our hyperscaler partners standing up on the stage saying, AWS, the largest hyperscaler, saying that our technology is peerless. The reason why they partnered with us. They built this technology, the managed service. We didn't build it, they built it for our customers. You can go from zero to value in 10 minutes. The third, today I'm here also for Gartner conference. There is a keynote later today. The Gartner talks about how the Data Timehouse from KX is delivering 100 times the performance at one-tenth the cost. These are all the people what you want to hear from. It's not about what we say. To me, that's what is exciting. It's not just what I can say, what our customers are saying. The key thing is it's about democratizing it, to Seamus' point. Of course, we have the best technology, but we only had the best and the top customers could do it. What you saw Citadel do was show how they can use our PyKX to get the value. We have people who are using our technology on the cloud, on AWS and Azure and GCP. Customers are already getting value, and they are showing how they're saving storage costs going by 30% down. It's the type of things what you want to hear from others. The other thing is, to me, the other exciting part is what Seamus talked about. We actually have the best technology to power this new generative AI. I look at all your jobs. I mean, I just see there's 30 companies which are reporting today. How do you make sense of all this, right? We could make sense of the data before, but you can actually do this now. Our customers are doing it. I can take all these annual reports, all the data what we're providing, summarize it for you in real time to make sense of the data, what analysts are saying, what RNS is saying, because everything is being converted to vectors, means numbers. You can actually find similar type of stocks. You can summarize all it. The productivity of investment bankers is gonna go up 40%. That's what we hear with the Goldman Sachs and others, which basically saying it's improving productivity, efficiency, then you're going to innovate. The last thing is, I think, you know, our differentiation is customers talk about it, they talk about 100 times the performance. What Syneos Health showed is for $50 a query on the top data warehouse today, they can do it in cents, $0.02. It's a translating performance to price to performance. To me, those are the type of things which I feel we have the best opportunity. The last... I think this whole generative AI is just getting started, and it's people talk about how you convert everything to vectors, which means you can make sense of the numbers, and we are right in the middle of it. It's not before the vectors became cold. Like there's a company called Pinecone, which got $750 million valuation recently with a few million dollars ARR, and we have the best technology we have proven. Think about what this company could do, where it's a proven technology. It's not like the new kid on the block. Those are the things which I've... gets me excited. Thanks. Great. Thanks, Ashok. Let's go to questions. We'll take some in the room here first, and then we'll go online and see if there are any questions from the virtual audience. Who wants to go first? Gerry's first up. Thanks, Seamus. Gerry Hennigan, Goodbody. The higher CAGR growth rates you're showing there in slide 11 with regard to KX ARR, is it fair to say that the investment is already in place to achieve those higher CAGR growth rates? We've been pretty careful as we've, you know, come to the last couple of years, you know, to invest as we see the opportunity. We've done it believing we're gonna get strong returns. You know, we certainly don't have everything in place to get you right to the top end of the, of that, you know, 45% plus opportunity. We'll manage that as we go, having an eye to, you know, what it costs us and what the return is. If you see on that chart also, you know, we're looking at, you know, two, three years and actually thinking about, you know, the overall shape in terms of the gross margin of the business and the ultimate, you know, cash return on the business. We're constantly, you know, managing those, two elements, and we'll continue to do that. Just on your relationship with AWS as opposed to Azure, is there much variance there between the two? I know obviously you've done a lot of work with Azure over the last year or so. We're gonna ask Ashok to answer that, the difference between the two. Azure, we kind of created something which you call enterprise, which is fully built in from end-to-end low code approach, and we built that working with Microsoft. AWS built that KX managed service. It's a first-class application within their FinSpace, so the customers will buy the infrastructure from them, and they manage it worldwide. We actually provide the application. They buy license to bring your own license from KX to use within the infrastructure of AWS. With the first one in Microsoft, we actually do both managed app and it still installs in the customer's Azure footprint. Okay, thanks. While that application in AWS initially is in their financial services FinSpace, as Ashok said, you wanna talk about how it can go outside of that? 'Cause it's not a different application, which is part of what we were talking about earlier in the presentation. I think generally our technology is it kind of ingests, you know, big data, the large data. We process fast data, and then we kind of store and report. It doesn't matter where the application is. There's nothing unique about financial services except the type of data, like market data versus healthcare data. We have Syneos Health using Azure for healthcare life science prediction, and it's the same thing. It's. We start off with financial services. We're seeing increasingly customers in different industries, defense and aerospace, and those are all using it because it's the technology, the use cases it can support can go across industries. Even though we talk about financial services, there's nothing unique to financial services. Who's next? Any other quest-- George? If you'll forgive the indulgence please, Seamus. If you'll forgive the indulgence, please. Well done on your product cadence on KX. It feels rounded already. Database, API support, links with analytics, use case, real-time extensions. What do you want the sale to be? A product sale or a time and material sale? Ashok, for you, lovely point on Pinecone, but they've had massive mind share. Will Seamus fund you to develop that yourself? There's one answer to that question, because if you, if you Google today, vector database, KDB+ is number one, top of screen. If you want some evidence, George, that the team are putting, you know, the money, you know, behind this, you know, that's absolutely it. The concept of time and materials is increasingly, you know, not what KX will do. As I said earlier, you know, with those generic use cases, you know, around similarity search, anomaly detection, fault detection, you know, the customer themselves, you know, will build or get, you know, another assignment. David's team have, you know, become, you know, are becoming an important partner, just as other SIs are, you know, as partners of KX. Comes back to one of the things we've been investing in is the, not just partners around, you know, the large tech organizations, but actually also around the systems integrators and services companies, you know, that will continue to democratize the technology, you know, taking it, taking it out there. We increasingly in KX, the package of services, you know, is more of a starter pack to make sure that, you know, the customer gets up and running quickly and help them with any early queries. The bulk of the work, you know, they will do themselves or somebody else will do for them. David, if you wouldn't mind, Ryan mentioned attrition was easing. In terms of your operational dashboard, how is the rate card? How is utilization? It's, I mean, it's fine at the moment. It's. We've been fairly consistent. Yeah, there's a few headwinds in the marketplace, but nothing overly concerning. Thank you. Any other questions here in the room? I have a question from Dan. Hi. some questions around the kind of the KX and the channel partners. I quite like the Data Timehouse, which obviously when you look up Databricks Lakehouse, the diagram is pretty similar. I'm just wondering, you've had a partnership with Databricks I think since about 2021. just wondering how that's evolved. With KX, whether there's been revenues coming from that partnership, because obviously Databricks talk about their own kind of time series database and their kind of time series forecasting. related to that, Snowflake also have made an acquisition, I think earlier this year, a company called Myst AI, around time series forecasting. How does that play in? All this is all related. Around the Azure partnership, you went from private preview in, I think, October 2022, and you went to general availability in March 2023. Must have been a period which is normal for Azure that you have public preview. Just wondering how many customers you had on that public preview, and then normally Microsoft would ask for kind of like, you know, that there'd be a pipeline or an expectation. The last part of this, the partnership with AWS, are they providing any marketing dollars? Because if they are, they normally provide marketing dollars on the back of a forecast of what you expect to generate through the partnership. Thanks. Can you remember all those questions, Ashok? Yeah. No. I think so. For the first one, in terms of the Data Timehouse. I think before the Databricks last week, we also had Snowflake in our conference. One of the things we did was we have a blog. We announced we're working with a partnership with several customers. There is a data warehouse, and how do we bring the technology to bring the core to that? I think it's not just about time series. What we found is bringing the temporal aspects. People think about a time stamping, but the way we process it is vector-based, which means via arrays and lists. We bring them 100 times the performance. Like, we actually did show last week, we are running things 50-100 times faster on Snowflake. The same thing we can do with Spark and Databricks. If you want to do anything with time series or machine data, there is absolutely nobody who can do that because we do it vector-based, it's not time-based. That's the number one thing. That the reason why people are partnering with us and why Gartner says you need to use temporal aspects which unifies data, whether it's in a data warehouse, a database, data lake, it doesn't matter. If you don't have the time element, you're not going to be able to make sense of the data. If you do it in a vector base. That's first thing. I think the Databricks, you know, I think we are continuing to work. I think it comes down to having the right relationship and the go-to-market. I think whenever we did in the last... I think it was done at a field level. Now we are starting to look at how do we engage more of the customer at a in a strategic level. That's what we did with Snowflake. You'll hear more about Snowflake as we work with customers. Our goal is to work with customers first, make sure that the use cases work before we actually announce. That's what we did with AWS. AWS, we've been working with several large banks for almost eight months. Many of them are already running in production, so that's why when it goes GA, we don't have to wait for months for it. The last thing in Azure, I think, you know, we have a big pipeline. in terms of what we are doing is to once we have GA, people will want to bring it to their customers. We are working jointly with Microsoft across multiple of their verticals. They've shared their customer list. We are jointly going to the customers talking about our joint value prop. The last one, AWS marketing, they actually are providing, in fact, there is a AWS FinSpace financial services cloud event this Thursday in Wall Street. They're featuring us on the keynote, and we are already working with them on the, not only their customers directly, the top 10 SIs who are working with AWS. That's what we do, is not just go directly with them, but we want to also target other systems integrators who are working with Microsoft and AWS. That's, it's not just marketing, it's also jointly working with their customers and their partners. Just one follow-up in terms of the sales people within those channels. Microsoft, AWS, do they get sales quota retirement or how does it work for them? Obviously they've got products that they sell. How do they get incentivized to sell KX? I think all our partnership from Azure, AWS, we basically are able to use the commitment dollars. If you have Azure as a MAC, which is Microsoft Azure Commitments, if people can use that, like, with KX, and they get paid. With Microsoft, you know, the same with AWS. If you use AWS's Commitment with KX, that retires their quota and they'll get paid. It's a very complementary, and we bring data to the cloud. They sell, you know, compute and storage. It's not just KX. For every dollar of KX, they get to sell other things from their stack. Just a clarification on that. On the MAC stuff, so not all customers have MAC. You're saying that you can basically can use the MAC where it exists for the Azure customers. Outside of that, if it was... Do the sales people get any... Yeah. They're compensated on because we are a first class citizen within the Microsoft marketplace. Regardless of whether it's a MAC, I think MAC makes it easier. To Seamus' point, they already have a budget. Whereas if somebody has to buy through the marketplace, I think they are still incentivized because that would go through the Microsoft channel. Thanks very much. Sorry for taking so long. Can we check and see if there are any questions online? Yep. Just a reminder for those people online, if you'd like to ask a question, if you could raise your hand, and then we'll bring you into the meeting room. Okay. We've got our first question coming in from Martin O'Sullivan from Shore Capital. Please go ahead, Martin, go and unmute yourself. Yes. Hi there. Thanks for taking my question. I had a question on First Derivative. It doesn't look like the headcount increased all that much in FY 2023. Is that right? David, do you wanna cover that question? No, it did, it didn't increase a huge amount. I think we went into the year sort of fairly well prepared for the revenue growth. I think we were in the right shape before we began. We've become more efficient, I think, in much of the work that we've been doing. Okay. You had flat, basically flat headcount, delivered that 18% revenue growth. I just wondered if you had a comment on capacity utilization at present, where that is. At the moment, it's pretty stable from where it was throughout the whole of last year. Okay. Do you feel you can grow the 5%-10% in FY 2024 without much headcount growth in FY 2024? You probably need some headcount growth. Not a huge amount. I think we're in a reasonable shape to be able to get there. Okay, great. Generally, we're getting higher revenue, you know, for each individual. Yeah As we move up the value chain, you know, the rates are going up. Working on bigger packages, you know, allows you know, to do that as well. All those things, you know, start to disconnect, you know, the linear relationship between how many people, you know, what your day rate is- Sure and what your revenue is, Martin. Yeah. Yeah. Yeah. Okay. As you, as you move to a more consulting-led market, as you, as you've alluded to there, winning bigger projects as well, is the competitive landscape for First Derivative changing at all as a result of that or not really? Yes, it is changing. It's. Yeah, we find ourselves increasingly competing with different players and a whole variety depending on the type of offering that we take into market. You know, if you look at, say, our KYC business, it's a different set of people to, say, our technology business or our application development business. Yeah, we. The range of competitors has grown. You know, as the product set has increased. Okay. Are you able to name any names in terms of new competitors? Yeah. PwC, EPAM. depending on where, where we get to FinTrU. Yeah, these are names we come across a lot. Accenture, of course. those are probably the most common. Okay, fantastic. Just on the FY 2026 targets you gave there. My rough sort of back of the fact packet calculations suggest that those targets for KX and First Derivative suggest that by FY 2026 you could do at least GBP 500 million of revenue, assuming the low end of the KX ARR target. Even if MRP doesn't grow that much in the next three years, does that GBP 500 million of revenue by FY 2026, which I think would represent a moving out of your previous target to get to the target you gave in FY 2021, which was for revenues to achieve approximately GBP 500 million by FY 2025. Does that sound about right? You basically move that one year out, the GBP 500 million? I mean, we obviously look at it, marking from, you know, from where we are and what the macro environment is, you know, at any point in time. I think on any measure, you know, getting to GBP 500 million over that timeframe, you know, represents a very strong performance and, you know, very good growth rates. I mean, clearly the, you know, the MRP piece of that, you know, hasn't been helpful, you know, with a year of, you know, significant reduction in revenue. As I said, I think that will turn, you know, relatively quickly. You know, our very significant investments continue to go into, you know, the KX and also the First Derivative business, you know, where, you know, we have more significant scale. You know, we're clearly differentiated in both of those businesses. I think the, you know, the growth rates that we set out today, you know, for those businesses are challenging, ambitious, exciting and, you know, for us, you know, very, very achievable, you know, based on the picture that we paint here today and, you know, some of the conversations that Ashok relate-- that he's hearing from our customers. I think, you know, on the consulting side, you know, David, you know, will relate, you know, some of those same stories again. You know, they like working with us because, you know, we've got great domain experience, and we're very good at getting difficult things done. T hat strength of that brand, I think we will drive both of those businesses if I look out over the next two to three years. So it's also- Okay. -the revenues with more of them recurring revenue, so a bigger proportion of that will be recurring revenue, which has the sort of 90% margin too. All right. Okay. Fantastic. Thanks very much. Thanks, Martin. Any other questions online? Any other hands up? Yeah. We've got one more from Joe George at JP Morgan. Great. Morning, Joe. Yeah. Hi, guys. Morning. Thanks for taking my question. I just have one last. Just on KX and the margins, we saw a decent step up sequentially in H2 on the EBITDA margins. Could you just talk about the levers that sort of drove that, and then what we can expect through FY 2024, and what's baked in in terms of a margin into the 35% plus ARR growth? Thanks. Joe, I mean, we're not breaking down the guidance today at that level of detail looking forward. Through last year, you're right. There was a significant increase in the KX sort of adjusted EBITDA margin as we reported. And very much that was the acceleration in revenue growth. We brought some additional cost into the business during the first half and early in the second half. We continue to do that to drive the growth that we're forecasting for next year. I much prefer to look at this, you know, as what shape will the business be in, you know, two to three years out, you know, where we can see the gross margin continuing to improve. You know, we saw some of that particularly, you know, in the second, in the second half, you know, going up to 72%. That certainly has the opportunity, you know, to increase from there in our medium-term guidance at around 80%. The continued investments, you know, in R&D, you know, will be important. It will not grow at the rate that the revenue will grow. And the big, you know, area that we continue to work on, you know, is the build-out of our go-to-market capability. As we see more of those partnership opportunities scale, you know, we will need to continue to put the resources and the teams, you know, behind those, you know, both on the cloud platforms, but also the OEM channels. As we come into this year, you know, we've invested more money in our OEM channels because that concept of, you know, KX Inside, you know, you heard us talk about the engine, you know, driving analytics. Putting that, you know, whether that's on the cloud or whether that's in an OEM package, that's a very significant opportunity. We'll continue to invest behind those and, you know, look at that medium-term view, you know, the shape of the business, for the economic metrics that you're looking at. Okay. Perfect. Thank you, guys. Okay. I think we are done with questions. Thank you very much for joining us today. Thank you for your great questions. The team will be around for a little while for anybody here in the room who wants to mingle. Thank you all again.