Good morning, Marina. It's my pleasure, along with Alex Ball, our Chief Financial Officer, to present the full year results for EROAD for FY 2021. We will work through the investor presentation. That will take us about 40 minutes, leaving questions for the remaining 15 minutes now. If we begin on page four. We're very pleased that we were able to grow during a very COVID-impacted year. We saw growth in each of our markets. At a group level, revenue was increased by 13% to NZD 91.6 million. That growth dropped to EBITDA as well, so we saw EBITDA increase 13% as well, and that's taking into account a significant increase in bad debt provision of NZD 1.5 million due to the impact that our customer base felt. EBITDA margin improved slightly to 34% of revenue. One of the main focuses for our FY 2021 was to weather the storm and come out of the year far more competitive, but to retain all the underlying metrics that we had historically enjoyed, which was strong monthly recurring revenue per subscriber and high retention rates. We've done a very good job of achieving that. The annualized monthly recurring revenue grew from NZD 84 million- NZD 88.4 million. That number would have been higher, but there was a significant impact from FX, specifically with the New Zealand dollar strengthening significantly against the U.S. dollar. You'll see on the slides, year-on-year, monthly recurring SaaS revenue was essentially the same at NZD 58.30. Again, there was actually good growth in monthly recurring revenue in North America, but when it translated into New Zealand dollars, that was reversed. Some of the big notable achievements during the year, on the bottom line here, was a capital raise of NZD 53 million and the listing on the ASX. Just to summarize, the purpose of that capital raise was to accelerate investment in our future focus platforms. Two was to provide seed capital for inorganic growth, and three was to strengthen our balance sheet. We are well-positioned if something like COVID was to continue. Ventia was a big win for us. That happened at the end of the year, and really is our first significant enterprise win across New Zealand and Australia. We'll talk a little bit more about that later on. We had a significant new product delivery, which was our dashcam, which is our road-facing and driver-facing camera solution, and that was released early March, and we saw really strong initial sales. This is a slide that we've shown every year, so that's down by market, and you can see there was some growth in each market, but definitely not at the rate that we had enjoyed in earlier years. The next slide gives you a breakdown by quarter. New Zealand was the least impacted market, achieving about 80% of what we would typically expect as a sort of annual run rate. North America was significantly impacted. In addition to COVID, there was a change of government, which had a little bit of disruption around it, significant fires on the West Coast and a lot of civil unrest, all of which significantly impacted business confidence of our customer base. Australia was significantly impacted in the first half of FY 2021, started to recover in the second half, that allowed us to make progress with our enterprise pipeline and the winning of Ventia, hence our solution, which had been in our pipeline for nearly two years. On the slide here, we made very good progress with re-signing our customer base. As you know, we operate on a 36-month supply contract. During the course of the year, we did manage to re-sign on extending 36+ month service contracts, 640 customers, which is just under 14,000 contracted units. When you look at the vehicles per customer, that works out to be 22 vehicles per fleet. That is a lot of smaller customers continuing to sign up for the service. Really demonstrates the importance of the service that we deliver to that customer base, both small, medium, and enterprise. This next slide is a new slide, and I think it's very exciting, and really shows the breadth of services that we are now providing to our customers. I'll quickly go through these. There is the dashcam on the left-hand side. Really important in North America to help our customers improve their insurance premiums by being able to provide acceleration when an accident occurs. We have EROAD Go, which provides connection to logistic systems and the in-cab experience to the driver. We have electronic logbooks in New Zealand. A new version of that was released in the first half of the year. Very quickly, over 6,400 subscribers. One thing to note there, just over 500 logbooks are being used by customers that do not have EROAD telematics in their vehicles. This combined with another product that we have on there, called EROAD Inspect, is allowing us to win business from new customers that potentially have a competitor's telematics solution in their vehicles. When those contracts come up, we've already established a relationship with that customer. A new way of winning business. We have EROAD Fleet Maintenance, which is a big demand from our enterprise civil construction customers to manage the many bits of plant which they have. Over on the right, we have EROAD Where, which is an IoT platform for small assets, so they can be tracked very cost effectively. You'll see this picture develop over time as we add more and more services for existing customers. As they take on these new products and services, we will see an increase in ARPU. I'm now going to hand over to Alex, who will take us through a market-by-market breakdown. Thanks, Steven. Morning, everybody. Our home market of New Zealand remains an important one for us, from a growth point of view and remains a significant growth opportunity. In financial year 2021, we continued to grow with 9% growth in contracted units, up to 87,892 units at the end of the year. That represented the growth of just over 7,500 units. That's really quite important for us because over 30% of that was from new customers, not just existing customers increasing products. That was during, as Steven said, a COVID-impacted year, albeit New Zealand's least impacted of the three markets that we operate in. Within the same market, over 7,500 units were also renewed. We'll continue that retention work in this important market into FY 2022, where we've got some significant renewals to take place. Our overall retention rate remains stable at just under 96%. Pleasingly, our ARPU increased slightly as we rolled out additional SaaS subscription services, some of which Steven's just been talking to, with our EROAD Go logbook being a very strong performing product with over 6,400 subscriptions sold in the year. This has contributed to an EBITDA result of NZD 38.8 million, which is up 11% on the prior year's figure. As I've said, in terms of growth, we expect similar growth to take place going forward. We've talked about a run rate of 9,000+ connected vehicles per annum being the run rate that we've seen in prior to COVID-impacted times, being the sort of average of the last three or four years. We would anticipate that going forward into FY 2022, and that's consistent with the previous statements we've made around the New Zealand market. If we turn to the U.S. market. The U.S. market was the most challenging of the markets that we operate in from a macroeconomic conditions point of view, as Steven's outlined earlier. The pandemic and the lockdowns that resulted from that, as well as civil unrest and political backdrop, made sales particularly challenging in the second half of the year. With that in mind, we continue to focus on growth and focus on both growth in contracted unit levels as well as ARPU. We're pleased to see that ARPU in U.S. dollar terms increased by $1 year on year to $42.95, despite those challenging conditions. We achieved a 4% growth in units to 35,437 contracted units. Our retention rates lowered slightly in the year, about a couple of percent to just under 93%. We have experienced an increase in age debtors due to COVID impact and the lockdowns. We've therefore increased. I don't think we'll get to provisioning at the end of the year as a result of that in this space. However, we are seeing signs of the economy opening up, bolstered by the US government support packages that have been passed recently. As Steven has outlined, in March, when we launched and shipped into the market our dashcam product, we saw over 1,000 dashcams sold in that one month. We're continuing to see a strong demand for that dashcam product into this current year in the U.S. In the enterprise segment, we're in pilots for just over 1,500 units, and we are curating the pipeline for both Ehubo and dashcam sales into that enterprise pipeline. As a reminder, we are targeting about 2.62 million vehicles that sit in that several hundred to several thousand vehicle fleet category, which we determine to be the enterprise segment that we're targeting. As we've previously stated, we do have some confidence that the American market will open back up, and it's really a matter of the pace at which it does that, which will determine where we are this year. We're very positive about our product market fit, and we're also very positive about the future roadmap into that market. Finally, just on this slide, we're also very positive about the fact that we continue to grow our earnings in North America, and as a result, our EBITDA increased despite those increases in bad debt to NZD 10 million from NZD 7.5 million in the prior year. We turn to our third market now. Our business continues to build in Australia, and during the year, we added another 745 units in our small and medium-sized customer segment. As Steven has outlined earlier, we signed our largest enterprise customer over there being Ventia. As we've already signaled to the market, this will double our connected vehicle subscriber base in Australia. While our ARPU reduced in the year due to the nature of some of the SaaS bundles that we are selling into some of that growth, we do anticipate that that ARPU will improve in FY 2022 as both Ventia and the new growth comes back online. We're still seeing most of our growth coming from the enterprise segment in our Australian market, and our short to medium pipeline of between 15,000-20,000 vehicles gives us confidence that the business can and will grow to a sustaining level within one to two years. I turn now to the summary of the financial results. Steven's given a little bit of synopsis of this, but just briefly, our revenue increased 13% year-over-year to NZD 91.6 million from NZD 81.2 million. That translated equally into a 13% increase in EBITDA of NZD 30.7 million from NZD 27.1 million. Our EBITDA margin improved slightly to 34% from 33% as a result of that result. If we look at the profit before tax, for the second year in a row, we reported a profit before tax at NZD 1.9 million. That's a 36% increase on the prior year. We were free cash flow positive in FY 2021 to the tune of NZD 5.3 million, which is a significant turnaround from the prior year of NZD 18.1 million. Some of that is in reference to the lower levels of sales that we achieved given our business model. Equally, we were very focused on our cash flows during this most challenging year. I turn to the more detailed income statement just to highlight one or two things within here rather than go through the whole detail. Within the revenue line, we did have the benefit of $1.5 million worth of a forgiven U.S. government support loan that we received during the COVID lockdowns. Our operating expenditure increased by 12%, which was in line with revenue, but also reflective of the increases in the R&D spend levels that Steven has outlined. Some spend-to-save projects that we're undergoing at the moment, as well as those increases in the bad debt provisions due to the pandemic. Furthermore, there was one-off adjustment for U.S. superannuation costs to the tune of NZD 1.1 million, all in that totals of NZD 60.9 million of operating expenditure. If I turn to our summary of our EBITDA by segment, we've talked to some of the results here, but as I indicated earlier, all markets improved their EBITDA year-on-year, despite operating conditions being more challenging. Of course, the North American market was the most challenging for us, and we see that in the half-year on half-year results there set out in terms of the reduction in EBITDA in the second half of FY 2021, and that was really driven by that increase in the bad debt provisions, but also the challenges around the second-half sales. In Australia, as we built out the completion of our sales and marketing framework and team, we accelerated the spend there, and that's the reasons for the half-on-half movement in Australia in EBITDA terms. I move through to how we track ourselves in terms of growth indicators. Our annualized monthly recurring revenue figure, as we said, increased to NZD 88.4 million from NZD 84.0 million, that's despite a negative FX impact of NZD 4.5 million in the year. Similarly, for our future contracted income, which is unearned but yet contracted income going forward, that increased from NZD 134.4 million in FY 2020 to NZD 141.9 million at the end of FY 2021, again, despite an exchange rate negative impact of NZD 9.3 million. Finally, on this slide, in terms of another growth indicator for the future, our spend in R&D as a percentage of revenue. We've previously signaled at the capital raise and at the half year that that was going to increase because we are accelerating our growth strategies for future growth. It did increase. It increased to 23%, and we anticipate it being in the range of 24%-27% as a percentage of revenue for FY 2022. Over the page to the value that we derive from our existing customer base, which is really represented by the asset retention rate and our ARPU figures, which we've talked to before, but I'll just recap. They are static or fairly static at NZD 58.3, sorry, for ARPU and for the asset retention rate of 94.9%, just shy of 95%. We're pleased that those both have remained stable while we worked through some of the challenges of this year. Noting on the ARPU side of things that the stronger U.S. dollar to New Zealand dollar exchange rate again had a negative impact of NZD 0.65 year-on-year. Finally, from a metrics point of view, our profitability metrics, we look at our cost to acquire and then our cost to serve. Our cost to acquire customers as a percentage of revenue has dropped, not surprisingly, as we've had an increase in revenue. Of course, we've had a slight slowdown in terms of our growth. You can see that really in this additional indicator that we've put into this slide around the cost to acquire per unit. That increased in FY 2021 from FY 2020, really as a function of the lower levels of growth that we were able to drive out from 2021 this year due to the pandemic. That will be a focus going forward for us to reduce. On the right-hand side, our cost of service and support as a percentage of revenue. It's again, relatively static around 4.5%, 4.7% at the end of FY 2021. We look to keep it within at the moment the 4%-5% of revenue range as we grow, and we will look over time to improve as we scale and leverage a number of those processes. Going over the page to the operating expenses bridge. As I said, operating expenses has moved from NZD 54.1 million- NZD 60.9 million in the year, driven predominantly by our acceleration of our growth strategies, our continued build in the R&D space. A lot of that is the reasons for the increases in personnel expenses, other employment, and subcontractor costs. Those are the predominant drivers of cost increases this year. If I turn to the additions to PP&E and intangibles. Again, this year, we had a much lower level spend on PP&E due to two things. One is lower unit volumes, also a tighter level of inventory management that we undertook during the course of the lockdowns. Fair to say, we are taking a slightly different tack now with the supply chain challenges in FY 2022, we are making sure we are looking to hold the level of inventory that we will need. In terms of our intangible assets, our R&D spend has increased to NZD 21.3 million from the prior year figure, that's an increase of NZD 5.7 million. That is effectively 23% of revenues, we've said. A lot of that was capitalized into development and software assets. There's a decrease in the level of software asset additions year-on-year, that is really because in the prior year, we were rolling out our new generation of business systems. The spend that we've made in that space this year has only really been to embed those systems further from the rollout that we did in FY 2020. Move on again onto that movement in R&D. Briefly, just to summarize, NZD 21.3 million spent in the year, NZD 13.1 million of which was capitalized, NZD 8.2 million of which was expensed. You can see that movement in the intangible assets as a result, up to NZD 45.3 million from NZD 42.1 million with the net of that capitalization less the amortization of previously capitalized costs. If we turn to the operating cash flow bridge, sorry, free cash flow bridge. Clearly, we are now continuing to build the level of operating cash flows that come into from our markets. While we're increasing the level of spend, there's NZD 17.5 million of spend in that corporate space, which is where our R&D team sits. We've also additionally spent in terms of some development asset spend. There were lesser amounts spent, as I said, on software and other PP&E. As a result, we had a net cash flow positive result for free cash flow at NZD 5.3 million. I've talked to the cash flows here. The only other thing to note outside of operating and investing cash flows was obviously the growth in financing cash flows, which was as a result of the capital raise that we undertook this year, which was the placement and the further NZD 11 million raised through the SPP. If we move to the balance sheet, the balance sheet obviously therefore has seen a much stronger level of cash held on the balance sheet as a result of that. We talked to how we are looking to use that cash through the increased level of R&D spend and the seed capital for inorganic growth activity. Of course, we've talked also about PP&E reducing as those high risks have come down as we've sold more than we've got capitalized back in. The only other thing to note at the bottom is that borrowings from our long-term bank loans have reduced, and those are due to the scheduled payments that we made in September 2020 and March 2021. I'm just going to turn back to Steven for a summary of the growth drivers going forward, and then we'll come back on the outlook at the end of this session. Thank you, Alex. This slide has been updated since September. Much of it is the same. Telematics solutions rely on two things, being able to get access to vehicles for hardware in them, and secondarily, being able to train people, particularly in the back office and in the vehicle, to use the system. Really very difficult to make progress when you're in a lockdown situation. With COVID lifting, we would expect the high growth opportunities that we had enjoyed before FY 2021 to rebound. In addition to the digital transformation that we had been seeing with customers requiring more and more services to help them better manage their businesses, in terms of health and safety, compliance outcomes, but also efficiency. They want those actionable insights and predictive analytics to gain further benefits. As the cost to track comes down, which is really where that EROAD Where product is, customers will want to track more than what they have traditionally been, trucks, trailers, and cars. So micro assets all the way down to handhelds. And customers are requiring higher levels of integration into their back office, their logistics systems, HR, ERPs. Those things are also important to unlock actionable insights and predictions. We've seen further effort going into looking at alternate ways to fund the roads. The governments are becoming acutely aware that with EVs, electric vehicles, making up more of the fleet, that their revenues from fuel taxes are going to be significantly reduced. In New Zealand, there is signaling that a move to some kind of road user charge for all road vehicles. We look forward to working with the New Zealand Government in terms of how reform could happen in that space. In North America, we're about to enter the fourth year of road user charge pilots. Each year, the extent and scope has widened. We'll see a larger number of states and important stakeholders within transportation being involved in that. There was expected to be a national road user charge pilot to start early FY 2022. That has been delayed potentially six months. We would expect that to kick off during the course of this year. Health and safety remains a focus and is a key driver in New Zealand. We see that becoming an increasing theme in that North American market. Electronic logbooks are being more adopted in the New Zealand market, and that potentially for both New Zealand and Australia could become a mandatory product within the next five years. If we move over to the right-hand side, which is our post-COVID-19 trends. There were a bunch of things that we would have called trends which have kind of disappeared. Conversation around autonomous vehicles has really dropped off. As an example, some of the things which have intensified, has been some of the struggles that COVID has shown, a real lack of visibility and transparency within supply chains that will drive the demand, and also reducing human contact with removing of paper and making everything as contactless as possible, particularly for drivers. We're also seeing a bigger demand from our enterprise accounts around ESG reporting, so they can report on their improvements around sustainability as transport, unfortunately, is seen as a significant polluter, as well as also where the highest increase year-on-year in pollutants are. Definitely quite a change, particularly in New Zealand, towards adoption of electronic vehicles, particularly within government fleets. This slide I won't talk to because I'll cover it when I talk about where our key strategic focuses are by market. This is a snapshot of where EROAD is today. You see the total contracted units by market. Underneath that, what percentage are enterprise. We've got 45% for New Zealand, and every year that creeps up, 30% in America. Over on the right, 32%. As we deliver Ventia, that will quickly get past 50% this year, I'm expecting. Down below that, we've tried to do a breakdown of those key transportation verticals that we are in. You can see that civil construction, a particularly strong theme along with freight and road transportation. In terms of where our focus is in the different markets, from a New Zealand perspective, it's still a significant growth opportunity for us. If we look at the percentage market share we have in terms of commercial vehicles, light and heavy in New Zealand, there is still a long way to go. We believe there is some pent-up demand from FY 2021, which will realize itself in FY 2022. The team has set themselves a magic number to hit over the next 18 months, which is 100,000 contracted vehicles. In terms of product development focus, we want to extend our product offerings in the area of civil engineering, government fleets, health and safety, electric vehicles, and helping our customers reduce their carbon footprint and improve their ESG reporting. We'd expect to see good improvements in ARPU as we sell additional services, both SaaS and mobile to existing customers. We will see our range of telematics solutions widen beyond trucks and light commercial vehicles into those smaller assets. Because of the leadership position we do enjoy in this market, there is opportunities to work with others in the transportation ecosystem to realize their own sustainability initiatives over the coming years. In North America, the magic number that we're shooting for over the next 18 months is 50,000 connected vehicles. In terms of extending the product offering, that is primarily focused around road transportation fleets, an increasing focus on health and safety products, many of which we've already matured in the New Zealand and Australian markets. We'd like to extend our telematics solutions beyond trucks into trailers and associated light-duty vehicles and larger assets. Similar story, in terms of shape compared to New Zealand in that respect. We have a pipeline of enterprise opportunities which we will aggressively procure, pursue, and at the same time, continue to build our month-on-month small to medium fleet run rate. Of course, there is the national pilot happening in the U.S., which we continue to support as the only provider in the heavy vehicle road charging space. In Australia, we're aiming to get to 10,000 connected units over the next 18 months. Similar focus in terms of product offering from a New Zealand perspective, but more in that driver fatigue space. We have, starting about six months ago, started building out a leadership team based in Australia to support enterprise accounts and to aggressively grow that market. Likewise, a good pipeline of enterprise opportunities to progress and also build out that small to medium monthly run rate. Definitely big focus to increase our brand awareness and start using digital marketing activities to better target opportunities. If there is the opportunity with the national RUC pilot happening there, we aim to be a key participant in that. Outside of that, our product and engineering teams continue to extend and build out our new platforms, and look to partner with best-in-class providers in order to bring products to market quicker and not have to build everything. Finally, big focus this year is around inorganic growth. We've talked about this before. Now is the time to really put a lot more resource and focus into this area. That really has been the case for the last six months. We're forecasting to make at least one acquisition in the next 12 months and look forward to sharing that as we go through that process. This slide here really breaks down what that R&D investment looks like. I won't go through it in detail. Certainly extending our platforms, so they are enterprise grade. We're on our third generation of platforms. The two previous ones were really focused around small to medium customers. While we enjoyed significant large enterprise accounts, those platforms have scaled well. With our third generation, we need to make them scalable, so we potentially can support up to 40,000 vehicles in a fleet and 60,000 drivers. With that, I will hand back to Alex to provide an outlook for FY 2022 and then we'll look to answer any questions you may have. Thanks, Steven. Regarding our outlook for FY 2022, we're really reiterating the FY 2022 guidance that we provided in November 2020, after the half year. We do anticipate that the percentage revenue growth in FY 2022 will strengthen from that delivered in the year that we're just reporting on, but not at the level experienced in FY 2020. I think really the extent of that really does depend, as we've outlined, on the momentum that builds in those reopening markets, particularly the North American market, as we work through that. In New Zealand, we do expect to have a similar number of units that we've seen by FY 2021, so about at least 9,000 units per annum. We will complement those connected vehicle sales of those 9,000 with additional Clarity Dashcam sales. In North America, we do expect increased unit growth in 2022 as that economy opens, supported and probably at this stage led by Clarity Dashcam sales at the front end. We will get back to pre-COVID conditions over the course of FY 2022. In Australia, growth in the next two years, as we've said, will come predominantly from that enterprise pipeline of between 15,000 and 20,000 connected vehicles. As we grow and as we continue to accelerate our product delivery for the benefits in the years FY 2023 and 2024, we therefore anticipate spending between 24% and 27% of revenue on R&D during FY 2022. We do maintain that guidance that we anticipate that EBITDA margin will be maintained for FY 2022 from FY 2021, but will start to improve at the end of FY 2022 as some of that revenue growth fueled by that accelerated R&D work starts to come online. With that, I'll hand over to the call for questions and answers from participants. We're happy to unmute you and have you ask the question rather than come through the digital method. It's at your choice. I think we're going straight to the digital from Josh. Good morning. Can you hear me? Yes, I can. Yes. Great. Thank you. Thanks for the detailed presentation. Just a few questions from me. Obviously, the implied guidance range for FY 2022 is very wide. Can you give us a sense of what needs to happen to deliver at the low end and what needs to happen to get to the high end? Yeah. I think that the low end would be where we see a sort of slower opening back up of particularly the North American market. We would need some fairly fast opening back up of the North American market to get back up to that top end, which is, as you say, the FY 2020 run rate. I think it'd have to be fairly consistent across the North American market. I think from an Australian point of view, we talk about landing one to two enterprise accounts within that FY 2022 result. We'd have to land at least that, if not potentially more, to get back up to that top end of the run rate. Great. Thank you. I suppose, how does that tie in with slide 31 of your presentation where you state the goal of reaching 50,000 units in North America over the next 18 months, which is about 15,000 units higher than where you are now. Is that ambitious? I don't believe we think it's that ambitious. As I said, the momentum will build. I'm not sure it's necessarily something that we see as linear. We have good anticipated growth in FY 2022, and we certainly would anticipate seeing an acceleration of that growth as we move into the early part of FY 2023, which is implied from the 18-month timeframe. We're relatively comfortable with those figures that we put up in slide 31. Okay, great. Thank you. Just moving to New Zealand, there's obviously been some chatter out there about introducing ELDs. Can you give us any color on what proportion of your New Zealand fleet currently use ELDs as opposed to paper logs, and what the uplift in ARPU might be if they were to become mandated? ELDs, that's the EWD reference. We call them electronic logbooks. That's really charged on a per-driver basis as opposed to a per-vehicle basis. We've presented the number, though, 6,400 is the number of drivers using that product. In our system, we typically have around about 1.3, 1.4 drivers per vehicle. It is definitely a really interesting space for us. Exactly if or when NZTA would introduce that. Certainly, one of the main associations, RTF, is very active in trying to make that mandatory, just to improve safety on New Zealand roads. The logbook, depending on whether it's standalone or bundled in, ranges typically from NZD 2- NZD 3 dollar mark. Yeah, it represents a pretty interesting market for us. I think, we've talked about the number of subscriptions that we've signed up this year, and we've talked about a certain number of customers, I think it's just over 300 customers that have got that over 6,500 or close to 6,500 logbook subscriptions. We have over 4,500 customers in New Zealand. You can see where a lot of that growth is coming from. It will be from a lot of medium to large fleets. As you say, Josh, if it's mandated, then you could see that happening, that sort of expansion happening across some of the smaller end. That's probably where a lot of the growth would come from. We would obviously be well-positioned subject to how that's mandated. Yeah, you can understand why we put the investment into that electronic logbook when we did, anticipating potentially some reform in this space. Sure. Okay. Makes sense. Just to clarify, is the logbook, I guess, equivalent to an ELD in the sense that it ties in with, say, the ignition switch on the vehicle, et cetera? Or is it simply an app that the driver uses with no linkage to the vehicle? It is the latter. When you look at these type of fatigue management products, the Americans are very agile in terms of creating that linkage between the driver and the vehicle movements with ignition on, et cetera. Theirs is both trying to understand what's happening to the vehicles, because at this stage, vehicles don't drive themselves, and also what the driver is. The other approach is to take a very driver-centric approach. If you have drivers working for multiple companies, which is reasonably common in New Zealand, that logbook follows the driver. There's good merits for that approach. What it doesn't do is you don't understand the mileage and the cross-check around the vehicle. Inevitably, if there is an investigation, they do go and try and work out what was happening with the vehicles. In New Zealand, electronic logbook is a driver-only product, and that's all that's needed. You'll see that there are about 500 logbooks sold to customers that don't have telematics, EROAD telematics in their vehicles. Great. Thanks for the explanation. Just one last question from me on ARPU in New Zealand. Are the customers you expect to add going forward of the same ARPU value as your existing customer base, given it feels like there might be a bit of a shift away from road user charges in toward health and safety? It's a combination. We do have light vehicle offerings, and we have heavy vehicle offerings, and we have RUC only, and then we bundle typically the health and safety in with that RUC. As well. You generally don't have a health and safety only option. It's about what the value driver is that's most important to the customer within that package of telematic services that we provide. The ARPU is different, as I say, for light and heavy vehicles. We do monitor that mix of sales. As you will probably appreciate, the drive of layering on additional SaaS services is there to ensure on a portfolio basis that we don't drop overall across our subscriber base in terms of ARPU, that we continue to build, and that's the intention. Okay, great. Thanks very much, guys. I think Hamish has his hand up, so we might unmute him. Hey, guys. How are you? Hi. Just a couple of quick ones. The first one just being interested in, I guess, the exit rates on that churn in North America. You did 93.4% for the year. I think at half it was reported at 94.3%. It sort of assumes that, or implies that the second half was down at about 93%. Have you guys seen an improvement in that? It would mean that your gross additions are a lot higher than the net reported number we saw throughout that second half. As things normalize, you guys should pick up some units just by virtue of less churn. Yeah. Certainly something we monitor very quickly. I think we talked to this at the quarters Q3, Q4. Q3 was certainly the toughest of the quarters that we had in North America because of those lockdowns really kicking in. That was really driving some issues for a lot of customers and resulted in some churn from a lockdown impact. Competitive activity hadn't stopped during the year as well. There were, again, a number of things contributing to it in that second half. That was the anniversary of the December 17 sign-ups for a lot of smaller customers in terms of the three-year anniversary of the ELD mandate for them. We did lose some of our interesting customers to competitors, and that contributed to the churn. We would look and are doing work to stabilize that churn. I agree with you, Hamish, on the basis that the economy opens up and we can get our growth levels of sales up and work on churn, then that result should be that our sales levels increase on a net basis. I think one of the other things was the government stimulus packages. We're talking about the very small end of the fleet size, where they were very dependent on those stimulus. I think from memory, the U.S. stimulus kind of dropped off around that August timeframe. That wasn't until Biden came in and then there's the stimulus package that happened. There was a good four months where those smaller fleets were just totally exposed, and a number of them did end up going into Chapter 11. A lot of that support is now tied into being focused on organizations that really have suffered year on year, a revenue decrease, where it was a blanket level of support before. That should help those customers. We will monitor the situation. Yeah. Just to be clear, do you guys look at it at a run rate basis or is it too lumpy to look at it like that? We monitor it on a monthly basis. Has it been improving, I guess is the? We haven't seen any significant deterioration yet, but it's probably too early to say it's definitely sustainably turned a corner. We'll keep monitoring and we will talk to it at the quarter result. Perfect. Just a couple more if I may. Just that cost to acquire per unit. You call out it's increased quite significantly, which is in line with what you guys call out in terms of the lower net unit adds. The question, just can you guys quantify, I guess, how much is that and just how much is investing ahead into your sales teams in the U.S. and Australia? Because that's been a focus as well. I think, to me what that slide really means is that we made a conscious decision to retain our talent and keep the business whole so we can respond best when the market comes back. It takes time to get sales folks effective at selling our products because they're quite complex. We chose to take the hit and retain, and time will tell if that was a good decision to make, which I believe it was. Yeah. That's only true of those two existing markets, Hamish. The other thing I'd just underline is that in the Australian market we also chose to further extend our sales team to build that enterprise delivery capability. That is an investment for that future pipeline to be crystalline. There's an element of that in there definitely, but most of it is down to retaining the existing team over lower levels of growth. Yeah. Just two more. This one's a bit granular on the P&L versus capitalized. As you guys increase this R&D spend, do you expect that your levels of expense in R&D versus capitalized in line with your accounting policies will stay at their normal, or will there be a skew towards one or the other? Yeah. We do monitor how it sits, and it's fairly consistent around the 60%-65% capitalized level. Clearly, we challenge ourselves to make sure that we're spending the right amount of dollars on things which are contributing to growth and therefore are capitalizable. We would not anticipate it dropping over time as we work through this acceleration of roadmap. If we are seeing an increase in the levels of non-capitalized R&D, we will be looking at what we're doing. At this stage, we think it's going to continue as is. Yeah. Just a bit of an extension just on the last question, and this is the last question from me. Those 18-month targets, you provided some good color on it in discussing before. As we think about them, I think you said they're not ambitious, but do we view them as just sort of a range? Should we be thinking ± 10 or 5,000, or how should we be thinking about it? Yeah. I think we have put out numbers which we think are achievable, and we have a great amount of uncertainty in front of us in terms of, as we said earlier, how the North American market momentum will build and, in fact, how the Australian market will build. What I'm signaling is there is probably greater levels of upside than there is downside to that. Yeah. We use these targets inside our business to motivate and drive. That's why obviously we're sharing those numbers more widely. We can get pretty focused on getting to what I think all three markets are quite critical milestones. The 10,000 in Australia on its own kind of represents a number where we financially start making sense. It stops being a heavy investment market for the application to negatively impact the statement. Yep. Yeah. Interesting. On the, just one more if I may, the Australian market. In your sales efforts so far and the Ventia agreement and what you've learned so far, can you give us any more light on the R&D pipeline you might need to do there, what the key focus would be to really sell those sales to enterprises in the Australian market and differentiate? Yeah. When you look at Australia as a country, there are some regulatory differences, delivering products that address those. Australia is very vast as a continent, and cellular coverage is not universal. Having to have a satellite communications link for when you're out of cellular coverage would be another point. Increasing the amount of sensory stuff we can have on vehicles as well would be another key point. A lot of that is focused around civil engineering requirements for customers. Because they're so large in terms of enterprise, we end up rolling an awful lot of other things for other enterprise prospects in our pipelines. Perfect. Thank you. That's all from me. Thank you, Hamish. Unfortunately, we've come to time. One last question. Okay, thank you very much for attending the call. I apologize for the technical problem at the beginning. We'll do better next time. Really pleased we got through FY 2021 as well as we have. I think we leave the year much stronger than we went into it. We're looking forward to a really positive next 12 months. Thank you, everybody. Thank you.