Good morning, everybody, and welcome to our full year 2024 results presentation. Today, as usual, I'm joined by Ryan Preston, our CFO, but also today, by Ashok Reddy, the CEO of our KX business. Ashok will take us through the detail of the KX update. As you will all know that the key numbers we pre-announced back on the first of March. So there should be no surprises in any of the numbers here today. Although there is a lot of detail which Ryan will take us through shortly. I think looking back at the year in review, there were probably two key factors affecting our performance in full year 2024. I mean, firstly, markets were weak, both in enterprise software, but also in enterprise services. That meant that contracts simply took longer to close. They got kicked further off the line, looking for more and more levels of approvals, and in some cases, you know, things that did get moved up the line, you know, didn't quite get approved. And in this environment, secondly, you know, we were also too positive on what we could achieve around the KX growth in the year, particularly with our partner channels. So these were our two, I think, key challenges for FY 2024. But despite these challenges, we still made a lot of progress during the year. We've addressed the issues in KX, and still delivered good ARR growth during the year. Ashok will take us through in detail, how we've addressed those challenges, and how we're looking to the future FY 2025 and beyond. In the First Derivative business, we maintained the margin by managing the cost base very tightly, staying very close to our customers, particularly where we were working with them in their regulatory arena, or working with them across the areas that were key to keeping all the operations moving and all the operations up and running, in the bank. We also completed the structure review that we set out in October, and got on with implementing the first piece of that, which was the merger of MRP in the U.S., and we completed that just at the end of the year. So as we, you know, go into... We've as we've come into FY 25, all three businesses are well set up for success. Yes, it's still, you know, a difficult and a tough environment. Our customer base overall remains cautious, still looking for relatively short-term return on investments that they, that they make, and looking sometimes for increased flexibility on future, on future commitments. Ashok will cover the detail around KX, but let's look at the FD business firstly. So, as we've come into this year, yes, the market still does remain difficult, as many of our peers reporting will have shown. I think the interest rates being higher for longer, and the delays and reductions mean that majority of our investment banking customers are still pretty cautious. They haven't yet seen a significant upturn in M&A volumes in IPOs. So these contracts are still taking time to get approval. But we are actually seeing increased levels of activity, particularly around the engineering activity and also the work that we've been doing on the regulatory environment with those customers. And I think as they gradually look to the future and start to increase their spend again, you know, we see some customers slightly ahead of the curve, where they're probably in a better position with their cost-to-income ratio, and they're starting to let new contracts again. So as we come through the last quarter of last year and the early part of this year, we've seen, you know, the level of bookings in the business, you know, slightly ahead of revenue, and our Q4 bookings being the strongest quarter of last year. And a good start on bookings this year. On revenue, we've seen it stabilize at the levels that we closed last year at. So while it's still tough, it feels like we're gradually getting to the place where the business is stabilized and starting to look to grow again as we go through the year. So this experience with our customers is informing our guidance for that business for the year, which is revenue in the range of GBP 160 million-GBP 170 million. Again, maintaining the margin as we continue to focus really tightly on the cost base in the business. So looking to the year that we're now into, financial year 2025, our priorities are scaling KX sustainably, and Ashok will take us through the detail, the plans, and the opportunity around that. Secondly, delivering the FD transaction. We've appointed advisors, and we have a good level of interest in the business. We're not gonna say any more about that process until we get to the point where we have more to say. It's a great business. As I said, we've seen it stabilized, and we have a very good level of interest in the divestment. That would leave us with a pure play, high growth KX business, well-funded to take it through to cash generation. With that, I'm gonna ask Ashok to take us through the detail of that, how he and the team see that development through this year and next year. Ashok. Thank you, Seamus. Good morning. Thank you for joining us today. I'm very excited about the future and direction of KX. I know Seamus talked about some of the challenges we faced, but we believe we have actually learned and strengthened the business because of that. We not only delivered 20% growth, which is of higher quality revenue, and also with higher margin. I'm super excited, first of all, about the level of talent we have been able to attract, as well as retain in the company. That, combined with a business model transformation we are going through. Remember, we started off with a custom solutions-led business. We are changing that, shifting that to selling repeatable, scalable products. We were trying to do that last year, at the same time, trying to sign up new partners, get to repeatable use cases. So we have learned a lot. I'll walk through that, what we have learned, what actions we've already taken, but also talk about why our technology is unique and why customers buy from us. AI is now bringing much bigger opportunity to us. A little talk about what we're doing with some of the customers with AI, and why we are uniquely qualified to really take advantage of the market opportunity. Plus, provide you guidance in terms of not only a realistic guidance for this year, but also going forward, why we think we can accelerate the growth. How do I change the slide? Starting with what we've learned. The business transformation, when we talk about business model, it starts, obviously, with the technology. We have the world's best technology in terms of providing high performance insights, but that got better this past year. For the first time, kdb+, the core engine, we transformed it after four years. It's not only the world's fastest, it's also now addressing new use cases. But it just doesn't stop with the technology, because one of the strategies for us was: how do we actually democratize it? Because we wanted more people to get the value, and as part of that, we have done a couple of things. One, PyKX, which is the Python, we've got more than 15 million Python developers and data scientists in the world who know Python, are now able to take advantage of our core technology value proposition. And we have found more than 150,000 downloads in the last year. We also, the KX Insights, is taking the core technology. We are the world's fastest engine in memory, but how do you actually get the data in and data out? All the plumbing around it is what the KX Insights is, and we launched that across multiple cloud providers. So you can get the same value of KX now across multiple clouds, on-prem, and at the edge, without writing proprietary language code with Python, getting to value within a few minutes. So that's the type of transformation which we believe, you know, will provide foundation for us as we scale. So the next part of that is also. I think we learned that we focused going horizontal to many industries. Part of that, what we have learned, is that we have to prove our value proposition in the new context of the cloud in each industry, so that customers, when they buy through a partner, they still have to see why KX and the partner together is better than they just get something from the partner or us from directly. So part of that learning has led us to focus on the markets where we are very strong, capital markets, and being able to also now, are very happy to see that we are able to make more progress now in two other industries. One, aerospace and defense, where we have been able to get GBP 1 million or more in deals, and we expect that to accelerate as we go forward. And in the semiconductors, everybody is investing in semiconductors. It's a big area, and we believe that we have many more new logos through the OEM channel. And all this will help us to work and scale that as I go into the business model and explain how we're taking these repeatable use cases in these markets and be able to scale that. Then the last, the cloud server, CSPs, I think we did work with all, almost all the hyperscalers. Again, the thing, what we found, is people wanted to see some repeatable use cases and proven value before they can scale, so it was a little slower, but we believe that now we are well positioned, where we jointly develop the value with the partners, working with customers, which will help us to scale more. So now, if I shift that to our market opportunity, when we think about KX, we actually play in three different segments. This chart is really about the data and analytics market, as Gartner lays out. What you'll find is on the top right-hand side, the three highest growth segments, what we call our non-relational databases, the data science and AI, and analytics and BI. These are the three segments we play in. The opportunity for us is really combined more than $100 billion in TAM. And what KX is uniquely positioned. We are serving these needs of three segments with one integrated offering, which has only gotten better in the last year because we are able to make it easier for people to get to this value across multiple clouds. So that's expanding our opportunity, because we are not just in the tier ones, banks or big hedge funds or aerospace and defense, we are also able to get to the next level of the opportunity. Why customers choose KX? It starts with the fact that when you look at all the other vendors, you will have to go and choose somebody for database, somebody for doing analytics, and somebody for AI, and somebody for something else. What KX does uniquely is to be able to bring these things together at a high performance, where we are not only known for speed, but efficiency at scale, and we are able to deliver that within the context of industry regulations. Which is a unique value proposition, where when we compete, we are not competing with one vendor. Typically, it's because customers either don't do something or they have to build these things together or putting together a bunch of products themselves. So that's a key value proposition. And then when you actually look at what we do and how customers think about. Some of the quotes on here are from the customers who have gotten value from us in the last year. You know, things like the ROI, the speed, for example, the amount of... And as a database, for example, we can use somebody who stores information, retrieves information. We can do that better than anybody else in terms of the ROI, 20,000% throughput. Second thing is about, you know, analytics. It's how do you make sense of data? So that you talk about a customer who says that they can actually get, the questions they can ask, they're limited by their imagination. So we are so flexible. You don't have to... Typically, people start with a database based on the question. In our case, we start with the question, and we define the database. Then the last thing is, it's really, it's not just about the customers, but if you look at the users, and we take pride in being the world's fastest and the best and efficient. That continues with Stack. You know, people use us for as a benchmark to put out... If you look at what Intel and Dell others do, they actually use kdb+ to show how great their platforms are. The last I'm very proud of is the users across G2 and others, where people go and compare different things. We are rated five stars, and from our users, you've never seen a customer base more passionate about a technology than KX. Now, if I move to generative AI, we actually talk about the AI opportunity as how does KX fit in? This chart here kind of brings together a couple of things. One, when we look at data today, structured time series data, I think about market data and other things coming in. We can actually look at the data, be able to build models which can predict what type of stocks you have to invest in. How do I get Alpha? How do I beat the market? But typically that's based on structured numerical data. Now, there is so much... All of you are here, you are looking at RNS documents, you are looking at various things to assess the company. That's the type of thing now, when you look at what's happening in the world, is there's so much information which is not structured market data. You have to assess the quality of the management, you have to assess the quality of the qualitative information. All these things are coming out in documents, in news, in TV news. That's the second part of it. What we are able to now do is to connect to LLMs, be able to convert that into numbers, and once it's in lists and numbers, we are the world's fastest and the best and efficient engine. We are able to combine that to deliver better edge and alpha for the customers. And that's the type of thing what we are seeing is this is what we call the I talked about this in our November AI Day. The AI factory is about bringing data, making sense of it. You have semantic, meaningful information, but also you want to use the same thing to predict what's going to happen. AI is trying to replicate what humans do. If you think about what our brains are doing right now, when I pause, you're trying to anticipate what's going to—I'm going to say, what's going to happen. That's what we help companies. We help companies to anticipate what they can predict by bringing structured and unstructured data with accuracy, and we can explain. E.U. has got laws now, it says, "You cannot make, anticipate and say what's going to happen without being able to explain. You need to ground that with data." The type of use cases, what we do today are really that. We are at scale. Maybe we may not be used in everything. We've got lots of people are claiming to be a, a vector database. We are really AI. What we do is, just because you have a lot of players out there, everybody claims themselves to be AI. What we are unique is the table on this. What I'm very proud of is we have a racing heritage. We want to help customers not just to be in the race, but to win the race, like Ferrari says. So our numbers, what it shows is we are the fastest in terms of getting answers for the questions people ask. We are the most accurate, but also we use the least amount of compute and energy. People are building, keeping coal plants today because they want to keep AI going. So we are a high performance. We combine structured, unstructured. We are the fastest, most efficient. We can explain what happens. We can supplement your ChatGPT because it doesn't understand time.... What we do is to be able to bring the connection to what documents. RNS, are you reading the RNS document today or which is from yesterday? What's the difference? All the LLMs and others, they don't understand time. So think about us as a company which brings time into AI. The humans think about time, cause, and effect, so that's really what I think about AI and AI factory. Now, with all this opportunity, we have great technology which could do anything, but we also established a few repeatable use cases. How do we scale this? It starts with: How do we identify customers? How do we qualify the deals, and how do we get new customers to actually get value? And once we get that value, you want to make sure the people are out there. Once we sell the customers a product, they need to get value. So the processes, what we put in place with the great leadership and the talent we have in the company, is to not only get customers to understand KX value proposition, once they get started, we want them to get to value. We have one of the lowest churn rate, because once customers get to value, they follow, they tell us it's peerless, and it's not just differentiating them, it is the differentiator. In order to do that, we need to focus on getting customers to get to value. After that, we also want to be able to get them more additional things what we are selling. So capital markets, tier one banks, we can go to new logos who don't need big services now to get value, but how do we get them to additional capabilities like kdb+.AI, or we, we bring new capabilities? So that's an opportunity for us. When we keep customers happy, we are able to get them. So this is a circle. What we are building is the repeatable... When we talk about our sales pipeline did not convert, when we don't qualify because our technology could do anything, but now we are limiting to certain things which can work out of the box and it's proven, we need to make sure our sales, pre-sales, and everybody is, you know, educated, and we educate the market. And then being able to bring a predictable business model means, even with cloud service providers, we want to make sure we work jointly with them, so that when the customer who is using Azure or AWS or GCP, they understand how KX can improve the price to performance of that offering, of whatever use case they're doing on their cloud. It just cannot be that, like, KX is available everywhere. What's unique? So those are the some of the reasons why you find many partners continue to come to us, and we continue to work with everybody. You know, we have AWS event going on in Hong Kong this week. If you look at Nvidia, I'm presenting next week with some other companies working with us, is to deliver that higher price to performance. And it's not just performance, high performance. In the context of AI, we are one of those who are already proven and at scale. But we need to bring those things to customers which matter, which we cannot just go and try to be everything for everyone. So that's part of our first principle. KX is focusing our entire company on problems that matter. We focus our investments and other things on the context of what gives us a return for both you investors as well as our customers. All that leads into a business model, means we are building momentum, and fiscal 2025 is all about scaling. Last year was a building foundation. This year is about scaling and building repeatable processes so we can remove some of the challenges we had in terms of the operational, so we can actually get more customers, new logos, which we are starting to see. When we get new customers, we need to make sure they get to value, they adopt, and then you're able to get them to move to expansion, and since we want to get them more value, and make sure that we are not waiting until the renewal comes up, where people are understanding we do health checks. So we have put in place an entire team which focuses not just separately on getting customers and getting new customers, making sure they get to value. Are they getting value? Then how do I make sure that they understand other capabilities, our partner offerings? So this is a circle of momentum that we are building, and I believe that that brings us the high velocity, repeatable motion, what we need. Once we get to the target and verticals we are in today, we are also working with a few selected partners, including our First Derivative and other, so we can build out use cases in areas where we have not proven yet, so that way, we can scale that. With that, I think I wanted to talk about, you know, with all the great things what we've done, but it comes down to how do we then take this and, you know, why do we feel confident as we look at accelerating the growth? First, when you look at fiscal 2025, we actually are looking at getting an uplift from bookings from last year. We will deliver this. Based on what we are seeing with the market and the type of things what we are seeing so far, I feel very confident that we'll be able to deliver what we are committing to. And that's something which I think as investors, you all have given us feedback, make sure that, you know, what you're saying, you deliver. Second part of it, the ARR growth is 20%-25%, but we also have a one-time churn this year. But we expect, as we go forward with our value proposition and once people get to value, our long-term, retention churn will be about 5%-7%. But generally, we are focused on how do we accelerate this growth while making sure that it's profitable growth. So our goal is to not only make sure that we deliver on the things what we are saying this year, but be able to then build out, you know, sustainable growth and be able to then deliver on also the cash flow positive by fiscal 2027. With that, if I summarize what we started off with, first of all, I'm excited, honored, to be, you know, leading a very talented KX team. We not only have the capabilities now, but we obviously are learning and improving. But as we build out the operational efficiencies and the things what we're doing here, which will allow us to scale the company, the second part of this is really as we look at the opportunity we have with AI. We are just working with a few customers right now, and the initial results have been outstanding. I'm very encouraged to see the type of things what customers are able to do with us, which they cannot with anybody else. But we also are early stages right now. Customers are still experimenting, but we expect that to help us as we build out repeatable use cases across both the segments we are in today, as well as what we are doing going forward. So I think generally from a market opportunity, again, I'm very excited about the growth potential and the team and the processes we have put in place. And with that, I think that we'll be able to accelerate growth as we go through this year, and I look forward to providing that update at the second half of the year. And at this point, I'm going to turn it over to Ryan, our CFO. Thank you, Ashok. Good morning, everybody. I will now take you through the full year 2024 financial performance. The group financial headlines we are reporting today are all in line with the trading statement from the first of March, and with net debt in line with expectations. We will now look in detail at the performance of both KX and First Derivative. Gross ARR grew 21% at constant currency from bookings of GBP 14 million in the year, which was driven by a focus on repeatable use cases in financial services and aerospace and defense. In addition, we had particular success in pivoting and selling KX as a repeatable, scalable product. Full year 2024 churn of 8%, while in line with expectations, was above prior years as we experienced terminations from the solutions portfolio. This resulted in ARR growth at constant currency of 12%. We grew both new customers with 19 new logos and existing customers with net revenue retention of 109%. Going forward, we expect NRR to increase as we benefit from product launches, including PyKX, and we support customers getting to value more quickly. We've been successful at expanding new logos, including a number of significant deals in financial services and aerospace and defense. We continue to work with partners in our target markets and have focused business development on new use cases outside of these markets. Revenue continues to grow with strong recurring revenue growth of 19%. This was partially offset by a reduction in services revenue, which reflects a continued focus to help customers realize value faster. Reported service revenues are after the transfer of specific services to First Derivative, where they are better placed to be serviced and grown. Gross margin continues to improve as a proportion of software revenue increases, with software margins of 90%. We invested in sales and marketing and R&D as we focus on developing our products, including KDB.AI and KX Insights, which have expanded our market opportunity, and also ensure that we continue to build the pipeline and have the sales capability to deliver our future growth plans. G&A costs increased primarily due to the full year effect from prior year system investments, leadership recruitment, and a prudent increase in the bad debt provision. As a result, cash EBITDA was a loss of GBP 19 million, which we funded from cash generated by the group and our loan facility. Earlier, Ashok highlighted the guidance for KX for full year 2025. Looking beyond next year, we expect KX growth to increase with an ARR CAGR of +25% as we realize the opportunities from the investment in product innovation, including kdb+.AI, CSPs, and from leveraging additional repeatable use cases. We also focused on cash discipline. We are targeting a positive cash EBITDA in full year 2027. As sales efficiency increase, the business delivers operational leverage, and we will target spend to areas of highest return. We will fund our growth plan from proceeds from the divestment of First Derivative and the banking facilities we have in place. Turning now to First Derivative, our consulting business. Full year 2024 was a challenging year for consulting businesses, and we experienced continued customer caution in line with our peers. While revenue did decline, we protected our EBITDA margin, highlighting the resilience of this business. Revenues in technology services and engineering services remained stable over the period. However, business services declined as a result of higher than expected roll-offs and delayed start dates from replacement programs of work. Business services has grown strongly historically, and we expect these services to return to growth as customer confidence improves... Bookings continue to improve as we focus on areas where we have domain expertise and the value add for customers. Despite lower revenues, we took action to ensure we protected our EBITDA margin. As customers delayed start dates, we incurred higher than expected non-chargeable headcount, which had an adverse impact on our gross margin. We took action to right-size non-chargeable headcount to return to normal levels. Going forward, we would expect gross margin to be in line with the prior year. We delivered GBP 9 million of annualized cost efficiencies as we right-sized our headcount and simplified our sales, delivery, and practice management. Looking forward to full year 2025, we expect to experience continued customer caution, and therefore expect revenue in the range of GBP 160 million-GBP 170 million, while continuing to maintain our EBITDA margin. We are well-placed to grow from our existing customer base as and when confidence returns to our customers. Group operational performance is a combination of both the KX and First Derivative businesses, continuing operations. Full year 2023 has been restated to exclude MRP. The table summarizes the points highlighted earlier in the presentation. The first step in our structural review was the divestiture of MRP to a merged entity, of which we hold 49%. This transaction was completed in March of this year. Prior to completion of the divestment, we recognized MRP as a discontinued operation and realized an accounting loss consisting of the following: There was an EBITDA loss of GBP 4 million, leading to an operating loss of GBP 8 million, as MRP continued to experience weaker demand in H2, and there were further restructuring in costs incurred to rightsize the business. We impaired both goodwill and intangible assets ahead of the transaction. The merged entity is already realizing substantial synergies and is expected to grow as it offers end-to-end services for customers, covering the entire B2B technology and sales processes, with potential upside expected on any future disposal. We continue to manage cash effectively with net debt in line with expectation at GBP 14 million, primarily driven by the increased investment in KX. Cash conversion of 94% shows our strong collection model. Net debt projected at GBP 30 million-GBP 35 million in full year 2025, prior to any sales proceeds from the First Derivative divestment, and this falls within our current facilities. Guidance for full year 2025 is as follows: For KX, we expect bookings in the range of GBP 16 million-GBP 18 million, with GBP 68 million of bookings planned for H1. This will deliver gross ARR in the range of 20%-25% in full year 2025. ARR is expected to grow in the range of 11%-15%, with churn similar to full year 2024, in the range of 8%-10%. Churn is expected to normalize in the range of 5%-7% from full year 2026 onwards. Cash EBITDA is projected to be in line with full year 2024, and we expect to move to a positive cash EBITDA in full year 2027, as we continue to scale, realize operating leverage, and target investment to areas with a high return. I will now hand back to Seamus for a Q&A session. Thank you, Ryan. So lots of detail there on both the numbers and the KX plan. So let's take questions in the room here first, and then we'll go to some questions from analysts online. Hi, thank you. So I'm Harvey Robinson from Panmure Gordon, currently. Just a couple of questions for Ashok, if you don't mind. I think one of the points you made on your presentation was about the data ingestion engine. Could you sort of dig a bit more deeply into that? Is that one of the reasons why there's been so, maybe a slowness in adoption? Just give us a bit more color on that. And the second question, really, just I think you've made it, that particularly capital markets there, I thought, a very strong case for the efficiency of your product. Could you sort of quantify that in terms of what that might mean in data center costs? I mean, you talk about coal power stations. Zuckerberg was talking about nuclear power stations for a data center. Could you just give a feel for what that actually means in sort of real-world data center language, if possible? Thank you. Sure. I think the first one, I think the data ingestion, you know, we actually are high performance. So typically, we are processing data in petabytes, and when it's stored, you know, where our advantage comes in is, like, when you have formats, you know, people have different type of formats. We need to first load the data into or convert that into kdb+ format, which is a high performance. So one of the things we have done there is that there is some latency the first time when we convert something, but more and more, we are working with other market data providers, especially in the capital markets, where they don't, they provide the data already in kdb+ format. So that's a big change. What we're seeing is people see the value. It's like a high-performance, you know, car or engine. You need a fuel, which is also a higher octane, right? It's. We are like that. We think about kdb+ as we don't differentiate between what's in the memory or the disk. We save, we swap things. So in order to do that, we have that. So that's the first thing, which is ingestion means if we just have different type of data, how do we make it efficient and faster? But more and more getting to the format, what we have. The second part of efficiency, typically, the numbers were based on customers what we worked. We have been able to run at least 100 times faster in terms of pure ability, but more, how much CPU do you use? So we use a lot less compute for the same level of operations. Typically, you know, you look at watts per query when you look at a power plant, and we have the lowest watt per query when you look at the question you ask. Somebody talked about, you know, whenever you use ChatGPT, the number of queries every day you're asking now, it's you need 44,000 MW of power. So to some extent, we are hoping we can the more people can use kdb+ and kdb.ai, we'll be able to be much more efficient and be able to use a lot less in terms of the query. So that... Typically, it's about one tenth the cost of our usage, usage of the CPU, is what we have been able to benchmark, but it depends on the type of use case. Generally, we feel very confident that, you know, we have a substantial price to performance benefit. Why is it not more linear with the compute production? Is it nonlinear? Is it, you said 1/10 the cost, but 100 times more efficient. I think it's, you know, it depends on the this thing. Generally, it's it comes down to the type of hardware and how much compute and horizontal scaling, but generally, we are able to say at least 100 times. But I think we are seeing that across whether we work with the Snowflake data or the Databricks, we are able to get that sort of performance. Okay. To Gerry. Gerry Hennigan, Goodbody. Seamus, you put a lot of effort in the last few years in terms of developing product for the CSPs. Can you give us a sense in terms of the level of traction with the CSPs currently, or the proportion of the pipeline that's emanating from that? Mm-hmm. Maybe also on the investment program you announced last year, has that been fully deployed at this stage, or give us a sense in terms of the timeline with regard to that deployment? Okay. I think that's Ashok again. Yeah, the first one on the CSPs, while we have been developing for the CSPs, you know, the first offerings we actually delivered was this past year, fiscal 2024. So that's why when we look at what we delivered on Azure, AWS, and GCP, these were the first time we delivered those offerings. And, as part of the, what we have found is, the initial uptake, we had a few existing customers we got in the beginning, but then later on, as we worked with new customers, we found we had to prove, they wanted to see who else has already done that on those CSP platforms. And that was important for us to also make sure that, we are solving a problem which collectively, together, we are providing a better value prop than somebody using a CSP on their own or using KX. So it was really the joint value prop, and we have actually have had many initial wins across all three CSPs, so I'm very encouraged now that we'll be able to use that and scale as we go forward. And the second part, the question, was on the- Was around the investment program that we announced last year, particularly around the AI opportunity. Have we, have we completed that, where? Yeah, I think the way what we have done with that is, you know, one is we invested to make sure that kdb+.AI, which we launched and GA'd, it has gotten a lot of traction on the cloud, for example, we have more than 4,000 customers have signed up and are using. We also have several customers, we are working with them in terms of developing joint use cases, which I feel very encouraged about. In terms of investment, obviously, we wanted to do one-time investment to start, accelerate that, but we also have shifted investment from other parts of the portfolio, so that where we are right now is, you know, we kind of are able to manage that within the envelope of what Ryan shared. We have been able to rightsize the business so that we don't have to continue to increase investment, and we believe that as we get customers and they start buying our products, we'll be able to fund our ongoing R&D based on what we have. What you see, Gerry, is a path to that positive cash EBITDA that doesn't demand the higher levels of growth. I think it's, yeah, as Ashok says, a more of a right-sized business, and, you know, we've done a lot of work, you know, in the last, you know, six months to get us to this point. Any other questions in the room? Should we see if there's a question, others, from Damindu? Sorry, Damindu. Just a quick one, Seamus. Could you remind us on the First Derivative's business, those now disclosed, the three kinds of business segments. What's actually in there? Could you bring it to life, please? Sure. So in the technology services segment, it's mostly the work with the vendor applications. So you think Eurex, Calypso, Napier, Fenergo. They are sort of those full-fledged, you know, heavy duty, trading and risk management platform. So it's supporting those, doing extensions, add-ons, upgrades, some level of new implementations, you know, right across, right across those. Then you come to engineering services, and that literally is the software application development. It's where the KX services activity goes. You might say, "Well, why isn't KX services in the vendor application?" And it's for the very reason that, you know, KX historically has been a technology rather than a specific application. So all that engineering work is done in that business unit. You know, significant opportunity for growth there, you know, both on the KX partnership, but also, you know, we've seen that the digital transformation agenda, you know, in the financial institutions, you know, is very high. You know, it gives them faster routes to market, lower cost bases, better security. For all those reasons, yeah, that continues, you know, to be an attractive proposition going forward. Then the third space is in business services. And in there, we're doing quite a lot of work around the risk and regulatory agenda, implementing new programs around that. Providing staff augmentation, business analysts, project managers, and also a lot of our work around what we would call banking operations. So supporting some of the banks on, managing difficult loan books, documentation to organize those for subsequent sales, you know, all of that, you know, general, general activity. So, you know, across the three of them, really, you know, some really rich seams of important activity for our capital markets customers. We organize our practices around that. That's where, you know, that's where our people sort of live and are supported and are, are managed. Quite often, we'll have a program that goes across, you know, maybe two of the practices, and that's where sort of the solution, sort of engineering piece of the business comes to play, to bring the best of each of those practice areas, you know, in, in front of a customer. That's increasingly important when you look at some of the largest customers where, you know, we're working very closely, you know, with the CTO, the CIO, where they're looking for an overall program. And that, that's only driven, I think, the performance of the business, you know, over the last three years, where, you know, even with a challenging FY 2024, you know, the growth rate in the business over the last four years has averaged over 10%, which is pretty attractive in the consulting world. Thank you. Just one for Ryan. Ry, to the extent you can, could you help us to kind of understand how we can translate the KX ARR guidance into some semblance of a revenue number in forecasting? Yeah, so I think the KX revenue has got three component parts. There's the perpetual licenses, there's the services, and there's the recurring revenue. Going forward, we wouldn't expect any perpetual revenue, so we're very focused on recurring revenue, which we've said. Services revenues roughly about GBP 8.5 million at present. So going forward, that will be in the range of GBP 8 million-GBP 8.5 million. We would see that probably slightly declining as customers get the value quicker. Then on to recurring revenue. So recurring revenue, a good proxy for recurring revenue for the following year is the exit ARR. So for full year 2025, our exit ARR for full year 2024 was GBP 72.5 million. So that's a good proxy for what your recurring revenue will be. Should we go online and see if there are any analyst questions on the call? Yep. And just as a reminder for any of the analysts on the webinar, if you would like to ask a question, if you could press the Raise Hand button. We'll take our first question from George O'Connor at Progressive. George, if you can unmute and ask your question. Okay, we seem to have temporarily lost George. We'll, we'll try Martin O'Sullivan from Shore Capital. Martin, if you'd like to unmute yourself, and go ahead. Hi, Martin, would you like to unmute? Yes. Morning, can you hear me? Yep. Great. Thanks for taking the question. Good morning, Martin. Morning. Just with regards to the guidance for KX ACV, the GBP 17 million at the midpoint, how much of a contribution the generative AI use cases expect to make for that ACV growth? Is it starting to have a positive impact now, or not really, and it's still to come? Yeah, I think, you know, currently our pipeline is about 15% of our pipeline is generative AI. But generally, we, you know, our guidance is based on known use cases right now, so repeatable use cases. So we have not factored as much in, much in the KDB.AI, but we expect that to have an impact in the later part of the year. Okay, thanks very much. Thank you, Martin. Thanks, Martin. And, George, we'll come to you now for your question. Thank you very much for taking my question, guys. Two quickies, if you wouldn't mind. Firstly, Ashok, really interested in your comments around cause and effect analytics as one of the use cases. It's very exciting, but it's very difficult to do. I just wondered from a customer perspective, are they using off-the-shelf, or are they hacking their own stuff? And then secondly, for Ryan, if you wouldn't mind, can we think a little bit about the KPIs in First Derivative? Any view on the billables, the attrition rate, and the billable charge- out? Many thanks, team. Okay, George, we'll go to Ashok first on the cause and effect use cases in GenAI. Yeah. No, it's actually a very good question. You know, there is a whole notion of why. So the cause and effect is about what happened, and did it happen because of something? And typically, it has an element of time in everything. When we think about causes, you know, how do you know something happened? So you need to start with the time. So we keep track of time for everything. There is a company called causaLens in UK. We are actually partnering with them with a couple of customers. For example, they have a causal AI model... So what we do is to not only be able to show what caused, instead of correlation, because most people will say something happened because you correlate, but is it because of that? Why did it happen? And, KX is only technology, as far as I know, where we can actually bring the data, ground it to what it is. So most of the ChatGPT today, or any of the LLM models, the problem is hallucination. Hallucination happens because you're trying to predict something when you don't have a data or basis. The second part is you don't understand the time, so you're gonna hallucinate when you ask something, what's going to happen in the future. We actually provide that time grounding, and so that's the reason why we believe that we can support, and our customers are using us for that. And regulatory industries, especially in the capital markets and aerospace and defense, they have to prove what was the cause and effect, or they call explainable AI. I think that's in a field where obviously there is more work to be done, but we believe that we are well positioned to help customers with that use case. Stunning valuations, Ashok, as well. Yes. Okay. So Ryan, do you wanna pick up some of the KPIs around the FD? Yep. Yeah, certainly. So, around billable, so billable heads has stabilized around the same level as quarter four and quarter one. So what we've planned the year going forward with that fairly stable, based on the current customer caution. As the market picks up, we would expect that to increase. As for attrition, attrition is around 12%-13%, so that's low at present. And as for the charge-out rates, so the charge-out rates are fairly consistent in this market. What we're looking to do is try and improve our product mix by getting more expensive consultants sold. So that's how we'll improve our margins, and by taking those actions. Great job, Ryan, many thanks. At this stage, we've got no further questions from online. Any final question in the room before we go? No. Great. Well, thank you all for attending today, and I hope you've enjoyed the presentations and the questions. And thank you for your very thoughtful questions.