Good day, ladies and gentlemen. Welcome to the Gentrack strategy presentation. Today's conference is being recorded. At this time, I would like to hand the conference over to Gary Miles, CEO. Please go ahead. Thank you, Desi. Welcome all. We have a great lineup today, and I'd like to thank you for your cooperation and your continued support. Today, we're going to share our three-year strategy. It's our reset strategy. It's a strategy about growth and leadership. We are introducing this through our half-year results three weeks ago. The results showed early progress, but there is more to come. I've been in the role now for nine months. This has given me time to get a good understanding of the business and to come forward with a confident plan that we can deliver against. It's the middle of the night here in London. I would like to jump right into it. If we can move to the next slide. We have an agenda here. I'm not going to read the agenda. It's important for me that you're exposed to the entire team today. I'm looking forward to them presenting and sharing their expertise. We've assembled a world-class leadership team. The team's working very well together. We are saving the financial section to the very end, where James Spence, our CFO, will give clear metrics for all on the financial targets and KPIs that we're running the business against over this three-year strategy. This is an opportunity for us to share our strategic outlook on the business and the industry and what's transpiring and our role in it. It's also an opportunity for you as one of our three main stakeholders, investors, customers, and our people, to engage with the leadership here today. I would encourage you, we're going to save questions till the end. We've set aside 30 minutes. I would encourage you to put questions in during the process so we can queue those up appropriately. We also will not be having one-on-one shareholder meetings following this specific strategy day. Once again, I would encourage you to jump in with questions and engage at the end. With that in mind, let's move forward to a very important slide, which is our purpose. Our purpose is to bring utilities into a sustainable era. The purpose drives our strategy. It drives the way we act, the way we operate, and the way we impact the market in which we play. Our vision, I'm going to read this directly, so excuse me, but our vision is we see a world where people understand and are empowered to responsibly use precious water and energy resources. This is why we aim at Gentrack to be the go-to innovation partner to the leading utilities and service providers globally. Our mission is to relentlessly drive our customer success by developing better clean tech solutions. It's clear it resonates well with our people and our customers, and this is what we're building the strategy around that we will show you today. If we move to the next slide, we are building this three-year strategy on the basis of a very strong foundation. People ask me, "Gary, what have you found that's good and bad in the business?" I've been in the business now for nine months, as I mentioned. The number one thing that I feel is amazing about the Gentrack business are we have more than 50 great customers. We have innovative challengers who are bringing great technology, great customer experiences, some of them digital only, some of them fully engaged with the front office and back office, but innovators that are coming into the deregulated markets in which we operate, taking market share and growing. Some of them becoming, you used to have the Big 6 in the U.K., now you have the Big 8, some of them moving into the league of the Big 8. We've helped them grow as they innovate and differentiate with their brand. We also work with some of the largest brands on the market, the large incumbents that need to transform to be cloud-based, agile, to be able to run a very slick operation and to become innovators themselves. This transformation at scale is not trivial, and we've been able to do that with some of the largest players on the market. I've been fortunate directly, one of the first things I did in the business is I reached out to all the CEOs or CTOs of our customers. I've met with all of them. We have an intimate relationship we're building with our customer base. I use this term because it's important. We're a vendor. We have a relationship where we need to understand what the business is. The retailers depend on our services as a main supplier and partner for them and their growth plans in this business. These people are at the end of our WhatsApp, and more and more I'm getting to see them. I actually had some face-to-face meetings this week, which was great, as we move out of the COVID era in certain locations. We have 500 experts that understand energy, water, airports. This should not be underestimated. The collective know-how inside Gentrack of the utility business is phenomenal. When you're going to talk to a large energy supplier or a small one that's entering the space, a new challenger that's entering the space. This experience is invaluable in convincing them that we're the right partner to work with and to lean on for new innovations and growth, and helping them run their business better. I would say that one of the biggest strengths that we have, that we built upon this foundation of knowledge is, if you look at the industry, it's our belief that there's not a technology player out there with as rich a portfolio to be able to do business-to-business and business-to-consumer for gas, electricity, and water. This multi-play approach is very hard to do. We do it well. We've managed to get a large leadership position, particularly around B2B energy and water in this space. This is a functional footprint that gives us strength as we move into new opportunities and to be able to adjust to new things that the industry requires. This base is the foundation upon which we're building our strategic growth. Let me move to the next slide and talk a little bit about the environment in which we operate. I've called this slide the three Ds, where you talk about decentralization, deregulation, and decarbonization. First of all, the energy networks that we work with themselves are changing significantly. They're moving from a centralized architecture where you have generation, transmission, and supply, to a much more complex, dynamic, and interesting decentralized architecture. Effectively, retailers, over time, with a base of consumers that have electric vehicles or Power packs in the home, Power walls in the home, will have power plants that can be dynamically turned on and off. It's the same thing for corporations that have major assets, whether it's solar or wind or hydro or other, that can also be managed. There's a concept of flexibility in the energy space where you can turn assets on and off. You can power them. You can fully optimize them and load them, battery sources, when energy is affordable, and then pull out of them when energy becomes expensive and to start to balance the grid. This is a super dynamic space that's changing the way we have a what has historically been a supplier-to-consumer model, to effectively a two-sided business model of prosumers and suppliers. On the deregulation front, the largest impact of this, besides having many new entrants that come into the market and dynamic, innovative offerings for consumers, is there are cost-to-serve pressures that can become very significant. If you look at this chart on the right, this shows the margin pressures that have happened in the U.K. over recent periods with price caps and other types of deregulation and competitive environment where you have very easy switching, which we facilitate, by the way, between suppliers. The negative margins, high churn. How to combat this? We are building our primary development requirements and operation requirements around protecting the profit of our customers in this industry. This means to be able to automate everything. Everything that you can, to automate it. To have a smart retailer with the best experiences to reduce churn, to have profit as a design principle in the technology that we build, and the operating practices that we embed in our customers' base. This is a very important dynamic in the industry, and as any market deregulates, this becomes a competitive differentiator. Finally, decarbonization. There's a 5.5 trillion carbon industry. The industry needs to go to zero. This is arguably the largest threat that humanities faced. What is the impact on the retailers? This is significant. Consumers and corporates want to better understand how they use energies. They don't necessarily know what a kilowatt is, but they want to understand which energy sources in their home or in the corporation are pulling from the planet's resources. How can they pump back into the grid? How can they make money out of it? A lot of this comes down to clear and effective charging, clear and effective bills to make this experience meaningful and useful, and these consumption patterns are driving which energy suppliers, utilities, these consumers go to, which is affecting change at the retail space. These three dynamics are making the energy industry, and water, by the way, is following. It will probably not follow at quite the same pace, but it's following. It's making the utilities probably the most dynamic industry in the world today that's experiencing major change, major transformations. To do these transformations is hard. It takes a strong partner, and this is the place where Gentrack intends to lead. If we move to the next slide. How do these three things affect the way a retailer makes decisions? First of all, to survive and win, utilities must modernize their core offerings to be smart, agile retailers. This is super important in order to move into the new sustainable era. A lot of the industry has historically been serviced by two of the ERP cross-vertical solutions providers, now, or some in-house developments. It's our view that as you move into a decentralized environment with all the specifics of the regulatory and geographic requirements, that having a horizontal platform that works across many verticals does not address the needs of the industry. The industry needs utility-specific expertise that meet the geographic and regulatory requirements of the industry and all the prosumer and all the charging and unique requirements of the industry. This means that this environment, the historical legacy systems, are up for renewal. To showcase this, I will share with you an example that in our core markets, for the tier 1 suppliers in our core markets, 1/3 of them have already made a selection to move off these legacy systems to new age systems like those of Gentrack. Another 1/3 are in process today, and we believe the final 1/3 will follow. That is in our core markets. Our core markets lead the globe in many ways, so it's, in our view, a very safe assumption that the rest of the world will follow. Whoever captures this market for clean tech should control and be the leading provider for the next 10 - 15 years. The size of the prize is significant, but the challenge is also very, very hard. To do multi-play B2C, B2B for gas and energy and water is a very difficult thing to do. You'll hear from Zeev Berkowitz, our COO, that will talk about the fact that in general, globally, major B2B transformation programs, 50% of them fail. Zeev is an expert in this space. There's probably a handful of people on the planet that have done as many transformations as Zeev. He knows it's very challenging to get customers through to safe harbor, to manage scope and control, to make sure that customers don't move forward with operational parity, but move into a new operating paradigm with new technologies. To be able to do this, it's a one unique asset. We believe we have this skill, and this will serve us well in this transformation. Now I'd like to talk about the fact that billing care is a controlling hill for many clean technologies. Loukas will talk about the types of innovation that you have, but the clean technologies that come around billing care. I've mentioned some of them here. You can look at smart digital prepay. Historically, billing systems and utilities-based did post pay, now they move into prepay. It doesn't make sense to have a second billing engine for that. Meter data services, all the information that's coming off a smart meter and all the data that's coming feeds into the billing system. Why get this from a third party? Big data and analytics. Most of the key information that's required for analytics and smart decision-making is actually inside our system. Demand forecasting. When one of our customers gives a quote to a major corporate for a three-year quote, they need to forecast the demand, and then they need to check it daily through the lifetime of that quote. This is very intelligent software that needs to be regularly brought up to date against the billing system. All of these examples are clean tech examples, how you can start to balance the grid, do time of use, cost-based charging, move into new types of pricing models. These rely on the billing system. If they're done separate from this, it's not an elegant or even maybe effective way. We see billing care as the core to clean tech growth, and we are already rolling out new services, and Loukas will talk about some of these in his presentation following mine. If we move to the next slide, I would like to talk a little bit about the tailwinds and headwinds in the business that we have today. The tailwinds, which are driving momentum, pushing our ship forward, are good. First of all, we have a new brand. You can see it reflected here. It's fresh, it's dynamic, it's resonating well with our employees. Our employees are the brand ambassadors to the world as they go out and do co-projects with our customers. They talk about the essence of our brand and our values. We've been communicating this brand of late, outside, talking about our new logos, our new wins, our customer success stories. In the last two to three years, Gentrack has been relatively quiet in the social and external space. Now we're making noise about this and it's resonating well and helping with our image and our momentum. The second thing is employee pride and engagement is up. There's no single event that occurs to do this. Now, I mentioned before that there are some turnaround elements to this job, and then we came in with a new CEO, a lot of change. It's not a simple period. It hasn't been a simple period for our employees. There was a time when the employee engagement was in a state of change, and we focused on customer centricity and key employee programs, and we have turned the corner. I would say employee engagement and pride is in a very strong place. I feel fantastic about it. People have a clear understanding of where we're going. They see the wins that we're engaging with our customers. They see the appreciation that we have with our customers. This is a major step in the part of our three-year strategy. If there's one thing I leave you with in this strategy session, the number one thing we've achieved over the period is that our customer engagement is in a great place. We had several projects in flight. We had a backlog of clean tech innovation that our customers need us to deliver. I have a saying that low-hanging fruit is also fruit. We were able to go in and work with these customers, address their backlog, bring them clean tech innovations, bring them cost savings, meet the regulatory requirements that are continually coming to the business, meet them on time and on budget. Our engagement with our customers is in a much, much better place and is driving the growth that you see in the numbers that we presented in our half-year forecast and will continue to drive growth for the business. As our customers turn to us more and more for billing and care and beyond into clean tech. This is a great step. Another tailwind that we have that's helping us with momentum is we opened our India center. I'd like you to understand that this management team moves fast. We brought in new management in calendar quarter four of last year. We had our India center opened by February after a very thorough multi-country competitive process. We now have 50 experts working in the center. They're coming up to speed on our technologies, the industry, our processes. We've invested a lot in the training. I believe that this team it's already having a material impact, but will start to have a very material impact in another three months. This center gives us scale, and it gives us price points that we need to be competitive and effective and lead in this market, and we will be growing this India center significantly. We'll always have close proximity to our customer resources as well as resources in the India center. This is the equation that we think works for the market, but this is a strong engine for the company. Culture of winning. There's no prize for second place. I don't need to spend much time on it. We are a winning organization. When we enter a competitive process, we try to win. We have new logos in energy and water, and we'll continue to post new logos. The last thing I'd like to say, which is not included in our three-year strategy but is a significant opportunity, is our core markets in which we operate lead the globe in many ways around clean tech. As the world deregulates, if you can succeed and lead in these core markets like we do around clean tech, around cost to serve, around innovation, around customer centricity, you should be in a strong position to do this in the rest of the world as those suppliers that start to deregulate or come into deregulated markets look for strong, capable partners to move them into a successful business position. Let's talk about some of the headwinds that are actually creating a drag on revenues. First of all, we have some prior period attrition. That attrition is either, whether it's insolvency or a service provider decided, for example, to build their own technology. They operate for a while, then they come off of our system. In that case, we have continual revenues that continue beyond the period of decision and then hit the business once, two to three years later. These losses are affecting our growth, are impacting our growth in FY 2021 and FY 2022. James is going to be very specific with the numbers at the end of this strategy day. We believe insolvencies in the U.K. will continue. That's probably a reality. We don't have a crystal ball here, this is a real potential. Competition is playing catch up in some places, has some wind momentum, I have to say. We respect competition. We take it seriously. We're comfortable in this domain. We can compete and win, and we'll do that. Having said that, I would like to say that it's one thing to win a deal. It's another thing to deliver it at scale. I think some of the competitors are still improving in this space, and we will see how that plays out. Our image from prior periods, I think, has some impact in the competitive marketplace. We are addressing this, and we are rectifying this. Our new brand, our new technologies, our marketing communications, and this is on track. Finally, on a global basis, not specific to Gentrack, clean technology expertise is in high demand. This is a problem for any technology company today. There is a war on talent. We believe that talent actually gravitates well towards our employee value proposition, which is part and parcel to our brand and our purpose. Having said that, we actually have more work than we have resources today from our customers. It's a good problem to have, and we've ramped up the hiring engine, and we'll manage this problem in a positive outcome. These are the headwinds that create a drag on the business. Now let's move on and talk about growth. We have here a pretty straightforward growth strategy. We have three pillars to growth, which sits on top of our foundation we'll talk about. There's no magic here. These pillars are about experience, execution, hard work, and passion. Let's talk about them. First of all, we have a strong base. I spent some time discussing our base. We have fantastic customers. They're depending on us more and more. We are going to serve them better and better and better. We had some customers when I came in this role that were actually not profitable customers. They created a disproportionate drag on profit. We reset those accounts. Geoff and Mark are going to talk about this. We are doing more and more for our customers. We plan to bring constant innovation. We want to understand the insides and outsides of their business. We've doubled the customer-facing team that works hand-in-hand with our customers to understand where they're growing and make sure they get a clarity that if we can, if we choose to help them, we will be the right partner to help them do that, to help them make a profit and succeed and grow. The second pillar for growth is our new logos. We have posted some new wins of late. There are some tier 1 players left on the market that are coming up for decision. I mentioned this earlier on in the presentation. There's also some tier 2 players. I want to make clear, though, Gentrack is focusing on the tier 1 largest suppliers. We have the scale to service these guys. These contracts are very large, very significant, and we're out attacking and building the pipeline in this space. They can move the needle materially, and we are pushing this direction. You'll also hear, to open up apprenticeships from James Williamson, who's the CEO of Veovo, our airports business. We're also moving into the tier 1 of the airport sector. The airport business, prior to the pandemic, had been mostly in the mid-market and had been moving into the tier 1, some very successful airports when the pandemic hit. This is also a tier 1 focus play that we're being known for as a tier 1 supplier. The last growth vector is managed services. We've had some historical managed services. The business had not chosen to scale this out to a wide number of customers. We launched our managed service proposition three months ago. We already have new logos. This gives us long-term sticky revenues. It provides us growth and provides us very intimate partnership with our customers. We believe that we can run a highly profitable managed services business that allows us to grow and to help our customers. If you centralize this function, and you can do it in a cost-effective offshore/onshore model, this can bring great value to the customers. Zeev will talk more about our managed service business. In closing my section, I'd like to say that there are two faces. In the B2B space, there's two faces to industry leadership. One is great technology. I've said it before, I'm a technology-oriented CEO. I believe the best technology wins, we are committed to having the best technology on the market, period. Loukas is going to explain to you our technology strategy, how we're investing and what we're doing there to end-to-end across the business, to have a technology leadership from development to delivery and onward. The second face of leadership is delivery expertise. In the B2B space, it's not you build and they will come. You have to deliver major programs or many small programs in-stride in a mission-critical, highly secure basis. We have this muscle, we have this expertise and know-how, and these two things will serve to make Gentrack a leader to transform and move utilities into a sustainable era. With that in mind, I would like to turn over to Loukas Tzitzis, our CTO, who will take you through our technology strategy. Loukas, to you. Hi, everyone. My name is Loukas Tzitzis, and I'm the Chief Technology Officer of Gentrack since January 2021. This is my second stint in the utilities industry. My professional background has been in technology-related industries for over 20 years, where I have participated and led three major technology transformation programs. Over the last nine years, I have held technology and business executive roles with global units, and I was thrilled to be invited to join Gentrack at a very exciting time for the company and the industry. When I joined, the cloud journey of Gentrack had already started, and Gary asked me to focus on three things. He asked me to accelerate the portfolio cloud journey, as well as build a pipeline of cloud-native innovation to extend the portfolio of Gentrack for the clean tech era, be a customer-facing CTO and work hand-in-hand with our delivery and sales community so that our install base will want to join us in this journey towards cloud and clean tech. Finally, leveraging the existing assets to design and build a future-proof global platform with the ability to cater for regional differences. At Gentrack, we pride ourselves on moving very fast. There's still work to do, but as you're about to see, we have made significant progress on these objectives, including innovations, which I will cover in the last slide. You heard Gary on how we see the industry evolving and some of the challenges and related opportunities. Our significant advantage is that we did not have to start from zero. I have been here for just over five months, and I was lucky to find a very strong technology team and a very solid product functionality that has supported for many years utility meter-to-cash needs across both B2C and B2B. With these in place, we knew that we needed to shape our portfolio around the concept of an out-of-the-box functional software as a service core, packaged with a clear extensibility layer to provide our DevOps team the ability to create, adapt, or extend functionality when and where required. You can see a functional overview of our end-to-end capabilities on the left. Going beyond supporting energy, gas, and water billing capabilities across both B2C and B2B, which we have been doing for a number of years, we have already addressed the need for enhanced digital customer engagement capabilities. The functional aspects that I really want to highlight, though, are our focus on profitability, end-to-end customer experience, and our data and analytics capabilities. When it comes to profitability and end-to-end customer experience, these are more than functional elements. These are design principles for us. Our entire portfolio considers profitability across all supply processes and decision-making points to ensure that we proactively support our customers at a time when margins are under tremendous pressure. With regards to end-to-end customer experience, we see that the customer base of utilities has much higher expectations, and therefore, we have evolved accordingly to ensure an optimal experience across all user journeys. We're focusing on vertical innovation at the edge of the grid, customer service best practices, including lessons from other industries, and the introduction of artificial intelligence and robotic process automation-related capabilities. In the area of data analytics and insights, we have built functional capabilities that allow utilities to significantly augment their decision-making processes. We have seen tremendous demand in this domain, and this is an area that we expect will continue being a growth driver in our customer engagement. I have been talking about the functional side of our portfolio, but as a company, we firmly believe that non-functional aspects are equally important. Even more so with the level of agility and pace of innovation required in the market today, the pressures on time to market, time to value, and cost to value, portfolio long-term success is absolutely dependent on the design, architecture, and technology choices that the company makes. You can see some of the key choices we have made on the top right of the slide. With the realization that utility providers are increasingly embracing the cloud, as well as the benefits and economies of scale, scalability, and standardization, we have put cloud nativity at the core of our portfolio. You will have seen the announcement of our partnership with AWS, and we are greatly benefiting from this relationship towards building our portfolio based primarily on serverless microservices. We have chosen a serverless approach for our portfolio due to the automated scalability, faster time to deployment, and ultimately cost efficiency compared to a container-based approach. However, when and where required, we do support a hybrid mode of operation by complementing the serverless approach with some functions deployed in containers. For example, as is the case of longer-running functions. The second principle is all about how do we execute. We're using a CI/CD DevOps approach, and I should note that the company has been using both of these concepts for more than a year now. Our new partnership with Contino is further strengthening our competencies in this area, and by utilizing DevOps, we have removed organizational silos and improved collaboration between development, delivery, and operations. Very importantly, we're able to innovate and deliver to our clients in a more automated and high-quality manner. The third principle of open API-first architecture is in fact a core belief of the whole organization, from Gary down. We believe that this type of architecture is the right way forward for the industry as a whole, and utilities should enjoy the benefits of flexibility and not suffer from lock-in. By using our API-first approach, we ensure that our applications are easily extensible, leading to faster time to market for our customers and improved customer experience for their customers. Importantly, we create an environment for faster innovation, both internally as well as in collaboration with clients and key partners. Lastly, on our key principles, security and privacy are built in our foundation. We have decades of experience of operating in the current regions, which are quite advanced in terms of compliance requirements. Together with the foundation provided by AWS and our regular monitoring of the evolution of regulation and legislation, we ensure that we stay up to date with developments. With our functional depth, industry experience, and our product and technology foundation, we believe we have some very compelling market strengths. Firstly, as you heard from Gary, we really do not believe that there is a company in the market today with an equal build anything platform across energy, gas, water, covering both B2C and B2B. The bar for the expertise, experience, and functional depth and breadth required to cover these lines of businesses and segments is extremely high, and we believe that we're extremely well-positioned to continue succeeding in our core markets and beyond. The enrichment of our portfolio with a data and insights foundation enables the creation of a much deeper relationship with clients as we augment their decision-making capabilities. Last but not least, the extensibility layer of our portfolio is a critical enabler towards rapid and monetizable business-driven innovation. We focus our innovation efforts on cloud-native and serverless deliverables that extend our platform capabilities while still aligning with the principles that I spoke of earlier. In effect, what we're doing is we're packaging a set of platform capabilities that are used by our extensibility layer, and we're therefore able to extend our software as a service core and build new functionality, create regional-specific or even project-specific functionality, as well as create, for example, connectors to other industry systems by other companies. This is how we bring innovation to life. Moving on to innovation, we see that innovation at the edge of the grid and the emergence of consumer-owned distributed resources is creating significant disruption to existing business models. This will force utilities to become more agile, redefine customer value propositions, as well as utilities having to learn how to operate with multiple operating and revenue models. We think that our focus on digital enablement and DevOps-powerless, serverless microservices deployment is exactly what is required to address these challenges. Our innovation efforts have already started generating returns today. Let me give you some examples. You heard also Gary speak of data and analytics. I spoke of the tremendous demand we see in this domain. We really see that our capabilities in real-time data access, data business layer visualization, and our data and insights foundation, together with our new partnerships with Qlik and Snowflake, are contributing to improved data-driven decision-making today. Our meter data services offering is already in production in a tier 1 ANZ client, with the customer achieving significant operational and business KPI improvements. This particular solution, by the way, is an excellent example of the approach of extensibility and functionality that I spoke of earlier. Through the microservices-based functionality extensibility capabilities that we have and our design and architecture principles, we have been able to address both the five-minute settlement requirement in Australia as well as the half-hour settlement requirement in the U.K., and we're introducing smart time of use tariffs as well. Smart digital prepay and two-sided business model support helps utilities generate new revenue streams while reducing bad debt as well as create better relationships and business models for the clean tech era. Demand forecasting and control utilizes machine learning and AI to intelligently optimize a system towards using energy at low demand times and delivering improved profitability as well as reduced costs for end consumers. Gentrack for Networks ensures accuracy of distributed charging for a future where much more data and many more sources will need to be consolidated with the emergence of distributed energy production. As you see, we have made some serious progress in five months. The evolution to the cloud is ongoing, and we still have work to do, but I am satisfied with our progress. The fast execution that you have seen has been made possible by the existing team, as well as some of the key new product and technology leadership hires. These new hires are professionals that have been involved in global portfolio creation and transformation before. They all come with global vendor background and hands-on experience in product management, product marketing, DevOps, development and delivery of enterprise software. We want and we will move even faster. As we speak, our plan for the second half of the year is to hire a significant number of resources across India and existing operating theaters to accelerate our development plans even more. I mentioned earlier that we still have a lot of work to do, but I want to highlight again that we have such a strong foundation of existing functionality for energy, gas, and water across B2C and B2B that we truly believe no other company comes close to that. When you combine that with our pace of execution, our progress in design and development, I'm confident in the success of this new product strategy. Before I hand over to my next colleague, I want to stress that we're a technology-first company that knows how to build and bring to market the best tech and products. By working as a team with our delivery and operations colleagues, we're laser-focused on delivering value to customers and ensuring a smooth evolution towards the cloud and the clean tech era. This type of teamwork is not possible without the right leadership in place, and I'm lucky to have in my corner Zeev Berkowitz, a professional whose experience and track record in delivery, operations, and transformations is second to none. I will now hand over to Zeev to explain how we deliver our portfolio and value to our clients. Zeev, over to you. Thank you, Loukas. To everyone, I'm Zeev, Chief Operating Officer. I oversee the delivery and execution of the company in the last seven months since I've joined. Before joining Gentrack, I was leading the delivery of a large global software company of mission-critical systems, including the execution of multiple transformation programs. Some are the largest and most complex in the industry. I'm happy to be here today. Let us describe the product and roadmap going forward, which is the key to our growth. Besides the product, it is essential to have strong delivery and execution capabilities to transform, deploy, and maintain the systems in production. It is a necessary condition to convert the technology and functionality of our product into a well-functioning system that delivers unparalleled value to our customers in their transforming markets. Delivering to 80 distinct customers, each with its own uniqueness and with the existing dynamics in the market, regulation, and competition, requires a strong delivery machine. Gentrack has a track record and legacy in delivering at scale. Having these end-to-end capabilities is the key differentiator for us in the market. In the last six months, we initiated a program to take our delivery machine to the next level. So far, we made a major leap forward, and we see improvements in execution performance, customer satisfaction, and financial results. I would like to take you through some key points of our plan, and I will start with running transformation programs. With the disruption happening in the markets, we expect, and actually see it happening, customers will have to transform and upgrade their systems. Transformation projects are not easy, especially for mission-critical systems that power the core business. I've seen in my experience, over 50% of transformation projects that start do not get to an end. Others are over time, over budget, and under value. We have proven capability to deliver successful transformations. Over the last few years alone, we have completed 10 transformation programs. Recent one in Hunter Water, as you can see a testimonial from their managing director on the right-hand side of the slide. Transformation programs are complex, and we know how to handle high complexity, not only for B2C transformation programs, but also for B2B and for multi-play transformation of water, electricity, gas. In these programs, B2B or multi-play, complexity is growing exponentially, and we have proven tools, methodology, and experience to handle this and bring these programs successfully over the line. In transformation projects and programs, experience of the team is crucial for success. We have very experienced and engaged transformation experts that together have track record of completing over 100 transformations. To take our capabilities to the next level, we intend to elevate few areas. In our complex programs, one size of plan does not fit all. We are building the right methodology and approach for each transformation according to its own characteristics and uniqueness. We are using couple of frameworks to choose the right program management methods, which is crucial for the transformation success. We are also looking into ways to offer more agile methodology for transformation through method of minimum viable solution that was implemented recently in few digital transformation programs, and it helped to reduce risk and improve time to value. We are also looking at addressing one of the transformation risk area of data migration. We are developing practice and technology with one of our technology partners to build continuous migration. Instead of migrating bytes of data in a batch way from source to target, in continuous migration, we move record by record in a continuous way, couple seconds for each record. If the record fails, it goes back to the source system, being fixed, and is processed. In this way, risk is reduced and secure minimal interruption to the business. I would like to take you through the way we develop, update, upgrade, and deploy changes. We have a large development shop with over 250 engineers to support and maintain the systems for our customers. Regulation changes, adjustment of our customers' differentiating processes, and deploying innovation are driving high demand for this service, and we are expecting further growth. We have started transforming our development processes to become systematic, consistent, and predictable at scale and to drive better quality and throughput. We see initial good results coming through, and we obviously aim to do much more. We are also improving our scalability. As mentioned before, we opened a delivery center in India, and we already have 50. By the end of the year, about 30% of our engineering workforce will work out of India besides, and I want to emphasize, besides our growing engineering team in Australia, New Zealand, and the U.K. To improve our scalability, we are reducing the lead time to onboard new engineers by half through opening business schools and improving training techniques. Our engineers are working in a global model across four locations. It enables us to have more resource flexibility and better utilization. Through movement to India, we also have a better cost structure, and we expect to see this trend continuing going forward. Customer-centric is important to us, and we give it high focus. It was mentioned before. We assign customer success managers to each customer that is working closely with his counterparts at all levels. This proximity and intimacy that we are creating with our customers, we can react faster to their requests, build trust, and better monetize our services offerings. The next area that I would like to take you through is maintenance and hosting. We are hosting applications for 60 of our customers. These are all mission-critical systems that the whole business rely on for their operations, customer management, and financial activities. These systems require top level of reliability. We are in the process of implementing monitoring consoles that will continuously and proactively monitor the system and its performance and be able to alert on any issue. We also take proactive and preventive action to secure high service level availability and reliability of the system. We also provide our customers with visibility into the system performance for monitoring selected set of operational and business KPIs. The customer can have visibility, or what we call eyes into the system. We aim to offer our customers to migrate the system to the cloud and to accelerate the migration to the cloud. Leveraging on our recent agreement with AWS, we are in the process of creating the tools and automation for flawless migration to the cloud. This migration will allow our customers to benefit from better availability of their system, scalability, and reduce total cost of ownership. Security is an area that gets high focus. Loukas will talk to it in his presentation. We are continuously taking measures to improve information security and data privacy. We look at developments happening in the market in this domain and taking action to strengthen and tighten our plan. Recently, we completed the ISO 27001 certification, and we are engaged in GDPR audit. Other initiatives to strengthen physical security, vulnerability, and data privacy are now in progress. Gary mentioned the managed services offering and potential. Early in this year, we started to provide our customers managed services, mainly for the back-office operations. We have deep knowledge of the industry processes, and we know best the system that powers and automates their processes. Bringing the two together with the ability to execute, meaning run billing, handling exceptions, investigate revenue leakage, fix data, reconciliation of payments, et cetera, together with economies of scale and economies of knowledge, create a compelling offering to our customers. Offering that helps them to improve KPIs and reduce cost to serve. We have proof points in existing and new engagements. For example, we achieved billing rates of over 98%. We know that in many cases, it is about 93%, maybe 95%. We managed to help our customers to recover GBP 10 million of lost revenue in the last year in the U.K. through our assurance managed services offerings. There is an opportunity to further improve performance through automation, robotic process automation, highly sophisticated automation to increase the improvement opportunities. We are also looking to extend service coverage 24/7 and improve TCO through our India center. This is a sticky and multiyear business. It also creates intimacy with the customer that can sell in the future and deliver for system upgrades and other services. Since we launched the services a few months back, we won self multiyear deal with Orbit, and we are currently in discussion with additional 10 customers. James will talk to it in his U.K. regional strategy discussion coming up. To summarize, besides the great product, Gentrack has a delivery powerhouse that can deploy and maintain software in production and translate the capabilities of our product into unparalleled value to our customers and bring it at scale and profitable. This is what sets us apart. With elevation and achieving of our delivery machine, short and long term, we are only getting better. We are improving execution across all parameters and provide better support to grow the business. The work that we do is contributing to the underlying financial performance metrics that James Spence will cover in his part. Thank you. I will now hand it over to Geoff, who will kick off the regional strategy discussion. Thank you, Zeev. Hello, everybody. I'm Geoff Childs, the general manager for the U.K. and Ireland utilities business. I've spent the last 15 years in the utilities industry working for and with the main tier 1 operators, as well as helping many of the new challenger brands enter the market. I was co-founder and led the Centre of Energy Supply from startup and have been working with Gentrack now for four years. The U.K. energy market is a highly competitive market with circa 50 energy retailers operating actively in the market today. The U.K. energy retailers' ability to make profit is under constant pressure in a fast-moving, dynamic, and competitive market. With the drive towards net zero and the focus having sharpened and gained momentum from the recent pandemic, consumer behavior has made a step change shift, with households and businesses wanting to understand where the energy they're using comes from and how they can use it better with less impact on the environment. With the national rollout of smart meters in the U.K., this has opened the door for our customers to innovate and create different products and tariffs for their end consumers. The U.K. consumer is more and more demanding today, wanting real-time data to take control of when they use energy, and that it's at the right time and from the right sources so they can reduce their carbon footprint. Our tech is at the forefront of this shift in the U.K. consumer's behavior, and as energy markets deregulate across the globe, it should put us in a strong position to grow into new markets. I just wanted to confirm, Joanne, can everyone see me on the camera? Because I'm seeing a different picture. Yeah, we can see you. Okay, thanks. Sorry about that. Right. In terms of growth for the U.K., I am focused on driving double-digit growth net of prior period losses. We are still expecting some drag on our revenues for FY 2021 and FY 2022 due to those prior period losses, and we may still see some SoLRs happening, insolvencies, in the coming years. I do expect the U.K. to be back to strong growth by FY 2023. Before I talk about our strategic approach and plan for the future, I wanted to share with you today the solid foundation we have in the U.K. to support our strategy. I would like to take this opportunity to remind us all that Gentrack in the U.K. is the market leader in B2B energy, the market leader in B2B water, and the market leader by number of energy suppliers. Overall, we have more energy suppliers using our core billing platform than any of our competition. We are in a unique position in Ireland because we have the platform that supports both the regulation and the functional requirements needed for this market, and we have our first customer operating in both the Republic of Ireland and the Northern Ireland. We are recognized as the provider of the latest tech to energy and water suppliers in the U.K. and have some of the most innovative challenger brands operating on our platforms in the U.K. today. We have in recent years not only supported the latest tech new entrants to the U.K. market, but have established a firm foothold with some of the major incumbent brands now, and we are supporting them at scale. You'll see from the slide we have major brands such as E.ON, npower, Shell, EDF, and Engie, all using our software to run their business-critical operations, as well as three of the major retailers in the U.K. B2B water market. Our new customer-centric engagement model, which Gary touched on earlier, along with our new team of client business executives, has been reflected in our improved customer satisfaction survey scores, which is driving our growth. Our clients are repeatedly recognized by the leading industry benchmarks on their greater customer service, which again, is underpinned by our platforms. There are three areas that we are focused on for growth. Firstly, we have improved our relationships with our existing clients, and again, as Gary mentioned, including the process of resetting contracts with some of our clients, which were either unprofitable to us or very low revenues. Our customers are coming to us first when they want to innovate and leverage tech to give them an edge. One of our unique selling points, which is consistently fed back to us, is how we combine our deep industry knowledge with tech, and we do that like nobody else in the marketplace. We've held innovation sessions with all of our key clients and have identified multiple opportunities where they need our help to deliver innovation and maximize clean tech to deliver on their strategy. Off the back of these sessions, we have already upsold additional capabilities, including things like time of use tariffs, meter data services, and our new data analytics capability, all of which you heard previously from Loukas coming off. Overall, from our engagements, we are finding ways to help our clients and importantly help them protect their margins, their profitability, and give them better control of their business. Our second potential growth is the rollout of our new managed service capability, again, which Zeev talked to and touched on within his presentation. We have run this at a small scale previously, and we've now packaged the service up into a scalable and successful offering with the potential to upsell this to all our clients. Since launching this new service, we've already secured one long-term client and are actively assessing the introduction of this service with a number of other key clients. It gives us a good intimate knowledge of our customers, and I believe it'll bring us robust long-term and sticky revenues. Our third and final area for growth is where we are seeing some of the major tier brands in the U.K. looking to shift away from their current solutions. We are engaged with some of the major players in the U.K., and we are looking to secure growth for the U.K. and Ireland from these relationships. In summary, we have some drag in our revenue still in front of us. There is increased pace in regulatory demands on our customers, and we may see some more SoLRs and insolvencies happening in the future. That said, we have a strong base, and we're bringing new capabilities and clean tech to our clients, and we are targeting tier 1 new logos who will be coming to market in the short term, albeit with long sales cycles. I'd like to now hand over to Mark, who will be covering off the APAC region. Thank you. Great. Thank you, Zeev. Hi, everyone. My name's Mark Humphreys. I'm the Australian country manager here at Gentrack. I've worked with software and utilities for over 20 years. Worked with energy and utility customers across Asia, and I've been with Gentrack for two years. Allan Sampson's our country manager for New Zealand and Singapore. He's on the call as well, should you have any questions for him. Asia Pacific for us are the markets of Singapore, New Zealand, and Australia. We also have customers in Papua New Guinea and Fiji. We're operating in five countries today in Asia Pacific. We're excited by the opportunities we see in network businesses in New Zealand. We see growth opportunities in Singapore, both with existing and new customers. Today I want to focus on Australia. That's because we sat down as a management team in November last year, and we looked at the growth opportunities in Australia, and we decided to invest for growth in that region. We did that because we've got a strong leading position in Australia today, and we've got a strong customer base to grow from. In addition to that, we see strong drivers for growth in our two core markets, energy retail and water. Energy retailers are investing in digitization. They're doing this to continue driving down cost to serve, and they're doing it to increase customer intimacy. Look, one of the really important aspects of the market in Australia is that regulatory complexity is continuing. We've got a really strong regulatory solution and model that is already in place with our customers. They rely on it. They like it. It's really important. Managing regulatory change well is critical to our customers in such a cost-sensitive market. We've helped customers through major market changes, big disruptions, Power of Choice in 2017, and five-minute settlements that is rolling out this year, go live in October. We've got a pipeline of work for the next two years of regulatory change as well. It's a really important building block for our business. Water companies are investing. They're investing to transform into customer-centric businesses. In their words, they're moving from a property-centric view to a customer-centric view. To do this, they need our solutions to understand customer consumption patterns, to proactively address customer concerns with bills, to interpret sensor data from smart meters. By the way, some of our customers in Australia are leading the trial of smart water meters here. We sit at the heart of the digitization trend. That's digitization for efficiency and digitization for driving customer efficiency. Let me talk next about the Australian business, and particularly what sets us apart from our competition in this market. First, our customer base in energy and water. Having a stable and valued customer base is just a great place to start growth from. We have seven of the 15 largest water companies in Australia measured by connection points. We have the largest B2B or C&I retailer. Our two largest energy customers in Australia bill NZD 7 billion a year through Gentrack. That's testament to our scalability and our reliability for them. In addition, you've heard Zeev talk about it, but in Australia, we have well-developed muscle on delivering these projects. Gary's talked about delivery excellence as well. It's just critical for us. I want to emphasize this point. Over the last two years, we've completed 11 projects. Six of these have been to take customers to our cloud product. That's just so important in an industry where there's a history of failed billing projects. We've never failed a billing project. Never failed. We're proud of that reputation. Look, a big part of that is our staff and our knowledge and our expertise. We have 73 staff in Australia. They're local to our customers, and that's really important for us because customer relationships matter in a B2B business. We want and we need to understand our customers' business, and we build relationships with their teams. We get to know them. We work with them closely. If you look at my leadership team as an example and the team of team leaders here in Australia, it's about 14 people. Collectively amongst that group, there are 146 years of utility knowledge and 217 years of collective billing knowledge and experience. This is just a huge advantage for us. You can't buy this experience with market knowledge or ready for change or billing technology. Important for us. How do we build on this base, and how do we grow in Australia? We've got a number of growth drivers in Australia. I'm going to talk today about three levers that we are pulling to drive that growth. Talked before about investing in sales teams. We've doubled the sales team in Australia. We've hired salespeople who are bringing enthusiasm and energy and strong sales backgrounds and methodology. They're in place today. In energy retail, with that team, we'll keep leveraging our market-leading status in B2B. We'll continue targeting the tier 1 and the tier 2 players and keep looking for opportunities to replace those incumbent billing systems as market forces drive more change. In energy retail, we will play and win in the new entry market, but only selectively. You won't see us going after every new entrant in the Australian market. Lever 2, data and analytics. Luokas talked about it before. We're rolling this out with our customers. We have four sessions that we've run. We have discussions in various stages. We have the next four customers targeted. It's so important for us because our customer CIOs talk about democratizing data across their organizations. It leverages the billing data that sits in our database of record, and it also moves us beyond billing as a solution for our customers. We do that by driving predictive analytics to anticipate customer behavior, to drive cost savings, and increase customer satisfaction metrics for our customers. Our analytics and data access solution put us at the heart of this. We're growing in the water space. We have a strong pipeline of water opportunities in various stages of advancement today. We're bidding with partners who round out our solution for that customer transformation journey. We have a much clearer go-to-market of where we partner than we did 12 months ago, and we'll be targeting tier 1 and tier 2 providers, which for us are water companies with over about 50,000 connection points. We're also looking with interest at a trend amongst smaller water companies who are combining to procure shared services because that also potentially grows our available market for water in Australia. Look, I want to leave you with three things. Really strong competitive position in Australia, a really compelling offer for the Australian market, and a team that delivers that. Combine that with the innovation that you've heard Loukas talk about, and it gives us a really compelling offer in a market where customers are investing in change. With that, I'll hand over to James Williamson, and he's going to talk you through our Veovo strategy. James. Thanks, Mark. Good morning, everybody. I'm James Williamson. I'm the CEO of Veovo, which is a wholly owned subsidiary of the Gentrack Group. We're focused on airports and the transportation sector. Over the next 10 minutes, I'm going to tell you a little bit more about us and where we're going. First, our vision. At Veovo, we see a world where travel just works, where instead of endless queues, delays, and stress, journeys are efficient, painless, and tailored around the traveler. Our mission is to enable the world's smartest and most complex airport and travel providers to realize this vision. We deliver the technologies that enable them to make smart decisions, to preempt issues before they occur, and ultimately deliver travel that's more efficient, greener, and as frictionless as possible. We do this through delivering technology that learns from your raw data and enables decisions that are joined up between the stakeholders. We've already got an impressive customer base within Veovo. Our technology is used in more than 100 airports globally. That's across five continents and 28 countries. Airports are our primary market, but we also use subsets of our technology to support some rail operators, metro operators, and to control road traffic in some of the world's busiest cities. We're on a journey to continue to strengthen our value proposition as we focus on attracting the large number of complex airport and travel operators to our platform. We've already made some good progress on this over the last few years, attracting major customers in Europe, the U.K., and North America. It's our intention to continue this trajectory to fuel our growth by focusing on the tier 1 to tier 3 airports. The Gentrack board has been highly supportive of the Veovo business, and our objective is to be the go-to partner in travel in the recovery that's to come. The Veovo platform can largely be categorized into four key areas. The first is airport operations. This really is at the heart of what airports do. Our systems control the flights, the resources being used, so stands and gates, for example, and coordinate the airport stakeholders to execute the airport's mission. Ultimately, these systems enable airports to perform better and make better use of their assets. These are absolutely business-critical, and airports simply can't function without them. Our second capability stream is revenue management and billing, and this really grows in our Gentrack heritage and enables our customers to bill their aero, so airlines, but also non-aero customers such as retail and hospitality. This helps them reduce revenue leakage, attract new airlines, and ultimately provide more commercial innovation. Guest engagement is all about getting information to passengers at the right time to deliver a better experience. Finally, we're world-class in passenger predictability and flow management. This technology put simply, measures the movement of passengers from the moment they turn up at the gate of an airport or a train station through to boarding the plane or the train. Our customers are using systems to measure queues, control crowd flows, improve the customer experience, but possibly most importantly at the moment, to reduce their costs and make better use of their assets by better understanding passenger turn-up profiles and how they can deploy their staff. If you traveled in 2019, particularly in New Zealand or Australia, there's a good chance that one of your journeys was touched by the Veovo platform. We helped more than 800 million passenger journeys over four million flights, and we helped our customers manage more than NZD 4 billion of revenue. As a business, we grew by more than 20%, and our EBITDA was also more than 20%. It's no secret that the pandemic has hit travel, and particularly aviation, very hard. We have fared better than most. We entered the pandemic in a strong position. We've got a great customer base with very low turnover. Our recurring revenues are strong. That's really a reflection of how critical our systems are to these customers. We've got great people across five global locations who are absolutely passionate about our products and totally committed to our customer missions. That's really reflected in low attrition rates and great NPS scores from our customers. At the beginning of the pandemic, we took some big decisions to make sure that we retained profitability throughout. More importantly, that we could collaborate with our customers closely to help them reconfigure their airports and reduce their costs and see through the uncertainty that they've been facing. We've also taken that time to refine our strategy, which has led us to focus on investing and accelerating certain areas of our technology development that we think are important in the recovery to come. I'm pleased to say we've also added new customers during this time. Of particular note is Swedavia, which is an airport group that runs the 10 largest airports in Sweden, and they've taken our revenue management suite. Perth, a major Australian hub, who have taken our ops management and revenue management suite. We've also added a major East Coast North American airport and a major European airport to our passenger predictability suite. Veovo is ultimately focused on emerging stronger from the pandemic. We're trusted and respected by our customers, and we're making sure our platform and our strategy is aligned to their needs going forward. Particularly in the post-pandemic world, that means doing more with less and improving their ability to handle the change that's still to come. It's not all doom and gloom. Travel restrictions remain on much of the world, but where travel is possible and where there's a strong domestic market, for example, in the U.S., we're actually seeing passengers come back quicker in greater numbers than we expected. A great example of this is our customer in Orlando, who are actually forecasting in the coming month or two that they expect to get back to around 90% of their 2019 passenger levels. We're hearing similar stories from our other U.S. airports. Ultimately, all airports are on an evolutionary journey. They're focused on improving the passenger experience, keeping their costs as low as possible, while looking to recover their revenues. Ultimately, they want to do more with less. They want to handle more aircraft and more passengers using less assets and less staff. Whether they're at level 1, which are airports that are quite manually driven and quite disconnected organizations, or where most of the world's airports are at level 2, which are airports that have increased automation, better collaboration within the stakeholders, but still are ultimately quite reactive organizations as situations evolve. If they're world-leading, and these are what we consider airports at level 3. These are the airports who move their event horizon further forward, try to make decisions before problems occur, and ultimately have a smart long-term plan that they continuously adjust based on the recommendations of the changing environment around them. The new battleground going forward is what the industry calls Airport 4.0. This is where we truly see intelligent airports, where the passenger journey is largely automated, and where the airport is focused on optimizing the flow of passengers, the flow of aircraft, and the interaction between the two. This is where the world's leading airports are going to look to achieve in the coming two to five years, and the industry as a whole will be trying to achieve over the next decade. In response to this, Veovo has three core strategic pillars. The first is we believe that to work with the world's best airports and transport providers, we have to have the best technology. We started a transition to the cloud before the pandemic, and we've now moved our entire passenger predictability suite to being software as a service, and we're now a long way through moving our operations suite, too. We're also now accelerating our investment around Airport 4.0 capabilities, so intelligent decision-making, smarter planning tools, and performance optimization. Our second pillar is about being a strategic partner to our customers. We have a clear go-to-market strategy that's focused on moving our customer base into those higher tier airports and operators. We've invested in our sales resources, particularly in markets we see likely to have a stronger recovery. We've been developing a partnership model to work with systems integrators and prime contractors who have a greater global reach than us and already have great relationships with some of our key target customers. We're seeing some success in that already within North America. We're also strengthening our position in our current customer base in both bringing them into our innovation process and helping them guide and shape our roadmap, but also investing in customer success management to make sure we nurture those relationships and those customers are getting the best possible service out of the Veovo. Our final pillar is about scale integrates. We've already started our move to Software as a Service, but we're going to extend that to a greater range of managed services for technology and also business services inside our two capability areas. We see a real opportunity here that as the pandemic has forced our customers to significantly reduce their staffing and own capability, they're looking to the Veovo to step forward not just as a great application provider, but to provide a much more rounded and complete service. This will allow them to reduce their cost of service to their customers whilst leveraging the Veovo capability to ensure a world-class service. We also think this will enable us to increase our pace of innovation as we can bring capabilities into operation quicker. Ultimately, the Veovo's return to growth will come with a return to travel. We're focused on enabling the smartest, most efficient, most agile airports and travel operators. We're doing that leveraging our world-class team of specialists and increased size portfolio of business services, and ultimately delivering the best technology in our class. I'll now hand over to James Spence, our CFO, who'll be going through the financial metrics. Thank you, James, and thanks to all my colleagues for their presentations today. My name is James Spence. I'm sitting in our Auckland office today. I'm the CFO, and I've spent much of my career in the energy industry internationally, the last 10 years in Australia, where I was previously CFO at EnergyAustralia and subsequently ERM Power until it was taken private 18 months ago. I'm going to round up with one slide, which highlights the revenue and profitability targets for FY 2024, which we're sharing today for the first time. Firstly, before I come to the metrics, an introduction on the work done to arrive at these numbers. In the first quarter of this calendar year, we did a bottom-up analysis of revenue projections for three years by customer, both existing and new potential customers in our existing geographies. Important to emphasize that these targets are not including international expansion. The work took into account our anticipated technology investment in innovation, as well as our strategy to grow revenues in the areas you've heard about today. On the cost side, we've reviewed our delivery spend, as you heard from Zeev earlier, looking at the most efficient geographic mix of employees, including mix of both proximity resources, i.e., close to our customer markets, as well as team members in our new India center. We've also made assumptions around the productivity benefits over time from our new global delivery model, which we're already starting to see. You heard our plans for technology innovation from Loukas. Consistent with this, we've made assumptions around strategic R&D spend, which we plan to be around 15% of revenue. You can see that in the third row of the table. This might not be perfectly linear in every year, but over time, we expect it to average around that number. Note that this is a non-GAAP measure relating specifically to new investment in innovative technology for our customers and excludes more routine elements of R&D expenditure which in combination make up our total R&D spend. In terms of outputs from the strategy work, let's now turn to the revenue and profitability targets you can see on this slide. Firstly, looking at the top row in the table, we expect compound annual growth rate of our annual recurring revenues to be in excess of 10% per year from FY 2021 forecast level to FY 2024. Note this will absolutely not be linear, as in FY 2022, as noted on the slide and mentioned earlier, previously lost customers, which will contribute around NZD 10 million of utilities ARR in FY 2021, are expected to leave us this financial year. These losses are the result of a mix of SoLRs, i.e., Supplier of Last Resort situations in the U.K., and specifically a U.K. customer, which is expected to move to in-house technology later this year. We are not giving FY 2022 revenue guidance today. We expect revenue growth from the growth pillars, which have been a theme through today's presentation, i.e., strengthening our base, winning new business, expanding our managed services, will significantly mitigate that reduction in FY 2021 customer losses. This revenue growth is expected to be driven both in utilities, in energy and water, as you heard from Geoff and Mark, and airports, as you've just heard from James. The U.K. and Australia remain our biggest markets in utilities, the growing pipeline of opportunities we see in these geographies, combined with our investment in innovation, opening up new growth opportunities underpin these revenue projections. Obviously, there's a spread of potential outcomes, both to the upside and downside, with a small number of tier 1 logos able to make a material impact. Moving to the second line in the table, we expect total revenue, which includes both the non-recurring revenues or project-based implementation revenues and annual recurring revenues will increase in total by around 30% by FY 2024 off the FY 2021 baseline. Non-recurring revenues are likely to be lumpy by nature and will depend on the client timings. I covered the third line on R&D spend earlier. Looking now at the fourth row in the table, where we highlight our key profitability measure. We see cash EBITDA margin in the range of 15%-20% by FY 2024, an improvement from where we are today, which is around 10%. This will be driven by improvements in delivery costs and productivity, you've heard Zeev speaking about earlier, and a reduction in the proportion of corporate costs, which are expected to stay fairly flat as revenue grows. These cost improvements will be offset by increased R&D spend and sales and marketing expenditure. Note on the slide the specific definition of cash EBITDA we're providing, which includes all R&D costs plus non-cash share-based costs, but excludes the direct real estate lease costs. We haven't provided cash flow information or plans on future funding or indeed distribution plans. Analysts will be able to derive a cash flow projection from the information provided in addition to our interim disclosures. With our net cash at the half year of NZD 22.4 million, this plan would result in significant cash generation, adding to our existing position, giving us flexibility for future investment opportunities. Our intention is to maintain these metrics at reporting periods and provide an update to the market on how we're tracking towards them. That might be as simple as traffic lighting with periodic refinements as our confidence increases towards these targets, and it's possible we'll add to these metrics over time. That's all from me. Thank you. We'll close this session with a short video from our Chair, Andy Green, and then I'll hand back to Gary to wrap up before the Q&A. Gary, you may resume your presentation. Okay. It was great to hear from Andy. The support of the entire board is amazing. We want to thank them for their help and the strategy. I want to leave the forum with the following key messages. You've seen the caliber of the team. They're people-centric leaders, very execution-oriented, form the foundation for our growth and execution of this strategy. We are committed to have the best technology. We are doubling this with a delivery powerhouse. The delivery organization provides a lot of the core capabilities that drive the profits that James laid out in this three-year projection. I'm confident in the organization. Our customer responses have been very positive. They're going to get better and better. We have some prior period headwinds. We're dealing with them. In general, the business is growing. We have a healthy and improving cash balance, and we're well-placed to take advantage of the clean tech revolution. With that in mind, I'd like to turn over to the audience for questions. Thank you. Thank you, Gary. Ladies and gentlemen. Yes, sir. Thank you. Thank you, Joanne. Ladies and gentlemen, if you would like to ask a question, please signal by pressing star one on your telephone keypad. If you're using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. A voice prompt on the phone line will indicate when the line is open. Please state your name and company at the turn before posing a question. Once again, press star one to ask a question. We'll pause for just a moment to allow everyone an opportunity to signal for questions. Thank you. I don't see any questions coming in here. Once again, for audio participants, if you would like to ask a question, please press star one on your telephone keypad. Thank you. There's none in queue right now, Joanne. I'm handing it back over to you. There is Abby. Joanne, thank you. Thanks. We have many questions on the online chat, so I'm going to ask those now. Bear with me. Question here, the productivity cost and customer satisfaction goals for the Indian delivery center are impressive. What are these based on? Are there examples or benchmarking? Does the 30% of engineers target imply redundancies in New Zealand? That is from Phil Campbell. It's a very antique. No. We measure the success by measuring the simply a throughput of the quantities of the engineer. We measure quality. We want it to be at least, I would say, equivalent to the teams that we have in Australia, New Zealand, and U.K. We measure them on innovation, how much innovation they can introduce into the processes. We measure the time to recruit, how fast we can onboard a new engineer when we need to scale up. It doesn't come at the expense of any engineer, and I mentioned it, I emphasized it in my presentation, in the U.K., Australia, or New Zealand. On the contrary, we are also growing the teams in these three locations. We don't compromise on the proximity and in indeed we have seen co-innovation and co-creation with our customers. Thank you, Zeev. The next question is from Shezad Akali. James, in your cash EBITDA forecast of 15%-20%, I'm assuming that all R&D, including strategic R&D, is expensed. Is that right? Hi, Shezad. Thanks very much for the question. The answer is yes. That's the short answer. The longer answer is, we will look at our reporting periods at the appropriate level of capitalization. We are not saying today that we will not capitalize any R&D expenditure. If appropriate, we may do that, clearly following the accounting rules. For the purpose of the strategic targets that we are indicating here, you should assume that the cash EBITDA numbers include all R&D costs. Thank you. Joanne, I can see there are quite a few questions on FY 2022. If you want me to cover those in one go, I can. That would be great, James, if you can do that. Okay. There are quite a few questions on FY 2022. Rather than respond to them separately, maybe I can just try and do a catchall briefly now. Thanks for the question. First of all, I want to say the emphasis on what we're preparing today, what we've shown today really is around the strategy. There are no numbers provided today that should be considered in any way guidance for FY 2022. We are not providing guidance for FY 2022. We will in due course, when appropriate, and when we're in a position to do that. Now, look, I can see that from the nature of the questions, I think where people are going is, can we try and understand more about what's in your forecasting process? How have you arrived at these numbers? Let me just, if I can, spend a couple of moments just talking a little bit more about the process. This is obviously a pretty hot topic in the tech sector in Australia at the moment. I want to try and give a level of comfort into our processes. What we do is we have monthly processes where we manage our forecast. We have finance managers dedicated to Australia and New Zealand, to U.K. utilities, airports internationally, and to delivery and R&D. Every month we do a customer-level bottom-up forecast, which all of the ELT, the executive leadership team members you've met today, review and challenge and update each month. Gary and I review it in a lot of detail, and that ultimately goes up to the board. We've taken a very similar approach here for these three-year forecasts. Clearly, there are more assumptions that we make over a three-year period, and there's some level of uncertainty in those forecasts, and I referred in my presentation to some of the risks. You can assume that the way we have approached setting these targets is the result of a detailed bottom-up process at a customer-by-customer level, both for existing customers and new customers. That's how we've looked at this. Clearly, there are risks and opportunities associated with the targets we're setting today. Coming to some of the specifics being asked, we've highlighted that there's NZD 10 million of annual recurring revenues in our FY 2021 numbers, which we do not expect to repeat into next year. Those are the result of primarily the majority of that NZD 10 million, to answer the specific question, is related to U.K. Supplier of Last Resort situations and development, as I referred to a customer who has developed their own tech. We expect that to roll off this year. If you think about that means that if you like, our baseline ARR is around NZD 70 million in FY 2021, excluding those losses. We've shown the total of NZD 80 million for FY 2021, which includes that NZD 10 million. You can deduce from the numbers we've provided that we see a total revenue of, just following what we've provided, 30% uplift on the FY 2021 number, which would imply about NZD 170 million of revenue in FY 2024. In FY 2021, about 20% of our revenues are non-recurring revenues, NRR. We haven't said what the split between ARR and NRR will be in FY 2024, but if you were to try and estimate, you could take a similar proportion, which would leave you assuming that our ARR target in FY 2024 is around NZD 105. That would leave you assuming that we're getting from a baseline of NZD 70 to around NZD 105. That opportunity will be filled from exactly what you heard us talking about today. The THREE key growth areas that we talked about, that's from our strong base of customers that we have, new logo wins, and growth in managed services. Those are the three pillars of growth that we see bridging that increase in revenue. We are not going to break down the components attached to all three of those. What I would say is our detailed modeling, we have that at a low level of granularity. I'm not sure you'd expect us to appreciate the questions, but we're not going to share that with the market today. That's a bit of a long-winded answer, but I hope I've covered six or seven of the questions that were in the queue there. Thank you. Thank you, James. Question regarding managed services now. In managed services, can you talk about the services provided? Are these targeted at tier 2 customers? What is the typical contract tenure, and what is the EBITDA margin profile over the life of the contract? That's from Xiao Yang. Zeev, do you want to take that? Yeah. Can you hear me? Yes, we can. Good. Type of services is a back-office operation. I mentioned in my presentation around. Is that frozen or is it on my side? I think we lost Zeev. No, I can take it. Sure, I'll take it. Yeah. Thank you. Look, managed service is new for us. We've been doing it for one customer for quite some while, so we have the expertise and metrics that allow us to safely price this service moving forward and come with credibility. Managed services are generally long-term contracts. It depends. Some of them are tactical and discovery. That kind of is a beachhead to push this in. We expect the profit margins of managed services not to be a drag on overall profit of the business. It will also get better and better as India comes up and we have more automation. In general, we would like to serve, obviously, longer-term managed service contracts. This is going to evolve. This is a new segment for us to sell and execute towards. As Zeev mentioned, we have 10 discovery programs in place with carriers. The customers that we have today are mid-tier customers. Some of the discovery processes we're doing are with tier 1 carriers customers that we have. We think it's applicable to both, and we plan to sell it to both. I hope I answered your question. Thank you, Gary. The next question is from Tim MacArthur. How many software engineers does Gentrack employ? Are all engineers based in New Zealand or have you offshored some function? Joanne, I think I'll take this one, if that's okay. Yeah. I hope everybody can hear me. First of all, not everybody is in New Zealand. As we speak, I believe we're close to 300 engineers that are split across operating theaters, and I believe that these numbers are in fact net of the airport business. We're talking around 300 plus engineers as we speak. As I mentioned, we have some plans to s ignificantly hire some additional resources in the second half of this year for software engineer. Thank you, Loukas. The next question is from Xiao Yang again. Can we presume product technology M&A does not form part of the strategy going forward? That's correct. We are not going to rule that out. We are always looking at opportunities to scale this business faster, but it is not baked into the strategic numbers. We mentioned that our cash position is getting stronger, our share price is improving, so this gives us more opportunity, but they are not baked into these numbers. Thank you, Gary. The next question is from Ben Chung. Could you please include Net Promoter Score in your metric by product or in aggregate? That's an interesting question. I actually think the Net Promoter Score is more of a consumer services metric. We are looking at evolving this to a more intimate customer engagement score. We will probably not report that in our metrics. We think that the driver for this is revenue growth from our core customer base. The numbers that affect attrition or the lack of it. At this point, we don't have plans to include it in our metrics, but we'll consider that. Thank you. Thank you, Gary. A question now from Chris Vaktos. Will you be sending U.K., Australia staff to India to ensure product transfer, knowledge transfer? I can take it. Zeev, please feel free to jump in. We aren't sending anybody to India right now because of the unfortunate situation that's struck India with the pandemic. We are investing a lot in upskilling the India team on our technologies a lot. We're doing this in a virtual way, just like we're virtually delivering programs. We think this is acceptable. We would like to put some core people long-term in India that are from our teams to help crystallize that knowledge and have it spread. Same thing with Indian resources to proximity locations close to our customers. This is all part of the plan. We've done this before. We know how to upscale these teams. We've done it in multiple locations, and we feel very confident with the progress we've made so far. The pandemic is not making it simpler, as you can imagine, but we have this in hand. Thank you, Gary. A question now from Peter Christie. What percentage of total Gentrack revenue is from Veovo? Hi, Joanne. Why don't I take that one? Look, if you look at our last interims that we published three weeks ago, you can see that approximately 20% of our revenue comes from Veovo. Thanks for the question. Thank you, James. A question now from Phil Campbell. Can you explain the chart on page 19 of the first pack, managed services, payments made due to breach of license conditions? Yeah. There are customers paying for some breach of their KPI to their customers. For example, not sending bills on time or wrong bills, they have to pay a penalty for that. Through our involvement, we are fixing the processes, we are fixing data, some things in the actual process, we can reduce this number significantly, as you could see in the chart. Maybe just to be clear, this is an industry challenge. The regulator often fines retailers if they violate some kind of customer credibility points, inaccurate bills, late bills, things like this. This is a standard industry challenge that we're in a good position to help with, and with our managed services, we can improve this significantly. As we talked about, every dollar to the bottom line is material for our customers, and this is one of the metrics we use to help our customers improve their bottom-line performance. Zeev and co have set out a number of KPIs that we can do success-based results against. This is 1 of them. He mentioned a few of the others on the call as well. Thanks, Phil. Thanks for that, Gary. We've had a number of questions around competition. I'm going to bundle those together, and perhaps, Gary, you can address those together. There were previously announcements of Gentrack implementations at E.ON, npower, and EDF, but it now seems that Kraken has the retail and you have the commercial at E.ON and npower. What is your position with these customers? Secondary to that, have you lost any customers to Kraken by Octopus or currently by Veovo? Do you have much revenue exposure to either Octopus or Veovo today? Right. Some of the revenue exposure that James mentioned in the NZD 10 million number is the Veovo installation coming onto Kaluza as they move subscribers over. We've seen that. We have not seen that from them in any other location. We had a small loss to Kraken, I think, in 2019 of a small retailer. In general, from a competitive perspective, there are different business models. It's our belief, and we're biased about it, that you're a retailer or you're a service provider, a vendor providing enterprise software to other suppliers. It's very rare to succeed at doing both. It actually changes the financial metrics of the company, and it's roadmap conflicts and things. It doesn't mean that it can't happen. We think that the operating model of an energy supplier to mechanize their specific processes and push that onto other energy suppliers will resonate to some customers, but the majority of them it won't, because service providers, generally, particularly incumbents, want to do things their way. There are specific requirements, and it's better serviced by a traditional vendor. We see this as a strength and a competitive weapon that we'll take into this fight. I hope I answered the question. Thank you, Gary. I'd like to open for a close now. I thank you all for your questions and thank you for participating. Thank you all. Ladies and gentlemen, this concludes today's call. Thank you for your participation. You may now disconnect.