Good day. Welcome to the Gentrack half year 2021 results conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Gary Miles, Gentrack Chief Executive Officer. Please go ahead, sir. Thank you for the introduction, and welcome all. I'd like to just quickly point everyone to the disclaimer, which is standard in all of our disclosures here. I'm going to jump into the presentation. I'm probably not going to read directly from these slides. It's not really my style. I would like to say that we have good progress to turn the business around. It's underway. This is a journey. It will take time, but the results are positive, and the organization, the leadership team, we are all optimistic. This is really the result of a lot of hard work over the last six months, passion from the teams. I appreciate all the extra effort and enthusiasm that the organization's put behind it. I think what's helped us a lot is a clear set of objectives around customer centricity and moving at pace and having passion to push this industry forward. Okay. I'd like to highlight a few of the results during this period. First of all, sorry, let me move to the appropriate slide. First of all, as a highlight, the business is functioning much more efficiently in an impactful way. Okay. We've been able to accelerate many things. The leadership team is working well together. You'll see from the results the revenue is up. This is mostly from the way we're positioning Gentrack with our customers as a go-to partner for cleantech solutions, helping solve their total cost of ownership and their regulatory needs. We have some headwinds in the business from prior year losses that it will continue to flush through the system, and some SOLRs, supplier of last resorts, that took place in prior years as well as in this year. I want to reiterate that we believe that the best technology wins. We are a technology-first company. We are committed to have the best solution in this space, and we are accelerating our investment around the technology. This session is going to focus on the last six months' historicals. We have called for a strategy session on June 16th, where we will share with the community our three-year plans. We're excited about it. We believe in it, and we are looking forward to hopefully seeing you there. I will focus on four main areas. First and foremost, the financials, but then we'll look at the utility business momentum, our delivery organization, our technology focus, and the status of our airports business. Let me jump into the results. Revenue is up. We recorded NZD 51 million in the period, of which NZD 40 million was ARR, up slightly from H2 2020. EBITDA was at NZD 7 million. NPAT will follow at a -NZD 1.1 million, and net cash flow continues to improve in a material way compared to where we were not too long ago. We are positive about these results. I'm going to leave the details of these to James, who will follow after I've given more of a business update. On the four topics that I wanted to share with you and do a little more discovery. First of all, we've strengthened our client-facing organization. I believe that we need to lead from the front. We have customer service managers that bring technology solutions to our customers, and we have client business executives that understand the way our clients operate, their strategy, and their needs. This two-in-a-box approach between delivery and the business, the revenue of the business, is paying dividends. We've strengthened this organization, which has resulted in the following. First of all, from a sales perspective, we have some new wins in the period. We're pleased to announce a gas supplier, CNG in the U.K., has selected Gentrack to move them into the future era. We've also won a water supplier that we will name shortly, in the U.K., which we're very excited about, with our strong water position in really all of our markets. This new win in the U.K. helps solidify our leadership position there. At the same time, we would like to make clear that we have not been selected to move forward with the Genesis Energy business in New Zealand. This represents approximately 1% of our revenues. We expect the relationship to continue for at least 2+ years. This was a process that was kicked off in the prior period, and we would like to make it clear. We also had two customer supplier of last resorts go into play during the period, Tonik Energy and Green Network Energy. In general, what's driving the revenue growth in addition to the new wins is our customers are looking to us more and more to bring them new technologies and new solutions in this space. I think we've done a very good job positioning ourselves as a go-to partner for that, and we foresee more work ahead in this area. One of the highlights that I want to turn towards now is the delivery organization. We've rolled out our global delivery organization. This is putting us in a much healthier state with all of our customers. We are in a high-performance state with the vast majority of our customers. This always has room for improvement, and we will continue to improve this. This is giving us room to sell them more and provide a higher throughput. We are bringing through a better EBITDA on the back of this. This is the beginning of a journey. We do see room for further improvements in the delivery organization. The delivery organization is strengthened by our new Indian development center. We've opened up an Indian development center in Pune. We have approximately 50 DevOps experts there today. We are starting to feel the impact as we bring them up to speed on our technologies and our customer needs. Once we have crystallized a team in India that has come up to speed and knows our technology, we'll be able to scale this significantly. We are also bringing on more experts in our core markets, the U.K., Australia, and New Zealand, to help with our delivery capabilities. Let me move on now. On the technology side, as I mentioned before, we are committed to our technology journey. We do believe that best technology wins. In the period, we signed new agreements with AWS to do joint development for cleantech. Contino, which is a global player that helps organizations like ours move faster into an agile CI/CD DevOps capability. Snowflake and Qlik, which work in the big data and BI and analytics space. We believe that data and analytics will provide a differentiating edge for our technologies and our customers. Some of the new innovations that we've been able to roll out, to a large extent, many of which have been in the period, so we've been able to move very fast on this regard. We've started to roll out time of use pricing, pay-as-you-go, which is a type of prepay for the utility industry, demand forecasting for our customers to be able to better forecast their usage and do the appropriate pricing and hedging to help them with their profitability, Faster Switching, which we've rolled out in both the U.K. and Australia, which are major regulatory programs to help the industry, and then data analytics, which I spoke about. We have started to sell these services to our customers and bring them these innovations. There is more room to go here with these products in our customer base, as well as new products that we're bringing. We are ramping up our technology resources to build our cloud-native capabilities. This is actually a challenge in the globe today. The pandemic that's pushing through India is slowing this down slightly, as well as hot technology markets where we operate, particularly in Auckland and London or the U.K. On the airports business, so with Veovo, this is an industry that is obviously facing major headwinds. Okay? We have some continued revenue pressure from the Veovo business across the group. Despite this, the amount of revenue pressure that we've received is not significant. This is because we do provide an essential service to the airports industry. During this period, we were able to deliver successfully several projects. We've mentioned Perth and Mexico here. We won passenger flow management projects in two new locations. We actually announced London Luton Airport taking our passenger flow systems today. We've delivered more than 10 migrations to our passenger flow cloud-native solutions during the period, and we are confident about this industry. As it turns around, that will be a growth driver for the company. We are committed to make sure that Veovo remains profitable. During the period, we are in a position to continue to invest in the Veovo technology so we come out stronger at the back end of this, which we'll talk more about in our three-year strategy days in June. In general, I would like to repeat that the pace that we're seeing happening in the cleantech area is accelerating. There are a lot of new initiatives that are driven by consumers and by regulators to move away from carbon into renewables and clean technologies. There are enormous pressures on the industry to be profitable, so there's a requirement for automation and help with running their operations. All of these programs need a strong, loyal, and capable partner. We do not think that it's trivial to be able to deliver multi-play, meaning B2B, B2C for energy and water, and do it in a cost-effective, strong delivery capability to get programs through to safe harbor. New programs, whether they're smaller programs or they're major transformations, I'm confident that our delivery organization's in a capable place to do this, and our technology organization is bringing the innovations that the industry needs. I would like to repeat that the results are good. There is room for further improvement. The process will take time. There is some prior period things that will continue to come through the system, but we are optimistic. We're very optimistic about the industry, and we're optimistic about our potential here. With that, I would like to turn over to James to run through more detail on the financials. James? Thank you very much, Gary. Good morning, everyone. In the next six slides, I'm going to take you through the group profit and loss for the period, revenue analysis of our utilities and airports divisions, our costs, balance sheet, and cash position of the company. I'll conclude with an update on the outlook and hand back to Gary to wrap up. Starting on slide nine with the group profit and loss. Here you can see the EBITDA of NZD 7 million, up 63.2% versus the prior year comparative period. While revenue has moved up only slightly, you'll see in the divisional analysis that we've had strong move-up in utilities after absorbing previous year customer losses, offset by a reduction in the airport's project revenues due to the industry situation. I'll come to that in more detail shortly. First, while we're still on this slide, you can see that operating costs are down by NZD 2.3 million to NZD 44 million versus the PCP, or 5%, supporting the improved margin and EBITDA outcome. Again, I'll come on to more detail on costs in a minute. I'd like to emphasize while on this slide that this period's results have no adjustments to EBITDA or statutory profit. There's nil capitalization of R&D costs, and as we'll come onto, we have strong cash generation in the period. Overall, this is a very clean result in line with our conservative approach. Turning to slide 10, where you can see the revenue analysis at First Utilities. The story here is a key part of understanding this set of results. First, note that total utilities revenue is up 6.3% to NZD 42.5 million with a strong increase in non-recurring revenues, which is driven by project deliveries in Australia and the U.K. in the period. You can see that annual recurring revenues, which includes both committed and non-contracted recurring revenues, are up 0.9% or NZD 0.3 million after absorbing approximately NZD 2 million of reductions in ARR versus the prior period due to U.K. customer losses. Excluding those losses, the underlying increase would be much higher, and that's driven by customer gains and underlying meter point growth within our customers. Also note that annual recurring revenues in the period represent 82.1% of total utilities revenue, so a strong level of revenue stability in our utilities segment. Moving now to the equivalent slide for our Veovo business on slide 11. The key takeaways on this slide are firstly, and unsurprisingly, we see a reduction in the project on non-recurring revenues versus the PCP, where the projects were in delivery prior to the industry downturn. Clearly projects have been affected by COVID-related impacts on the industry. Pleasingly, the annual recurring revenues have grown by 5.8% to NZD 5.5 million and are showing strong resilience, reflecting the critical nature of the software we provide for our customers, and that overall our costs are not a material part of our customers' cost base. The Veovo business has remained profitable in the half due to this resilience, combined with our ability to manage costs. This is really good to see. Moving on to slide 12, where you can see an analysis of group expenditure. Headlines from this slide are that we've managed costs tightly in the period with an overall reduction of NZD 2.3 million, or 5% versus the PCP. You can also see that we're adding to personnel costs both compared to the PCP and the last half. The increase in personnel costs is driven by increases in management and investment in people, including in training and market-based incentives to retain and incentivize people right across all levels of the business. We'll continue to add investment in human capital in the coming half, particularly in the area of research and development capability. In other areas, we continue to benefit from cost savings, and we'll be talking about this more at our Investor Day in June, particularly when we discuss our delivery strategy and use of our newly established India center. Note also the conservative approach to R&D capitalization. This is not that we're not spending money on R&D, but we've taken a conservative approach leading to nil capitalization in the half. Our approach on this is to be transparent. That's not to say that we won't capitalize in the future if appropriate, but as you'll see in our outlook statement, we're spelling out the impact of R&D spend on our forecasts. This is all with the objective of providing a clear, transparent, and understandable set of results. On that note, let's turn now to take a look at the cash flow and balance sheet position on slide 13, which is one of the highlights of this set of results. We've had another strong period of cash flow generation in the half, with the stronger EBITDA result being supplemented with positive working capital movements and an adjustment for non-cash costs, including EBITDA related to staff incentives. The strong working capital result was driven by continued close attention to receivables and collections following on from project completions. We remain conservative in our approach to provisioning for such matters. Finally, turning to the outlook, slide 14. In February, we advised that we expected the FY 2021 EBITDA would be around NZD 5 million, with revenues in line with FY 2020 at around NZD 100.5 million. Today, we're updating that outlook as follows FY 2021 revenues are expected to be slightly ahead of FY 2020 revenues of NZD 100.5 million. FY 2021 EBITDA is expected to be around NZD 10 million for the year on the basis that research and development R&D costs are expensed. Incremental R&D costs are expected to be an exit rate of around NZD 3 million per quarter by the end of the financial year. The company expects to be net cash flow positive for FY 2021, building on the NZD 16.8 of net cash reported at 30th of September. H2 2021 cash generation is expected to be neutral or better. With that, I will hand back to Gary to wrap up and hand over for Q&A. Thank you very much. Thanks, James. To wrap up, I would like to reiterate, we are having an investor day on June 16th. We'll hope to see you there. At the investor day, we'd like to make clear our strategy and our KPI and our metrics moving forward. We are not going to be taking analyst calls following on from today's presentations, so we'd encourage all of you to ask questions in this forum. This way, you can bring them to us on the 16th of June. We're also clearly happy to deal with any further clarification separately via email, of course. Just to close, I'd like to reiterate that we are committed to leading the way and taking the industry into the sustainable era. Things are picking up pace. We're confident about our improving position and optimistic about it. There is some road ahead of us to complete the turnaround. This will take time, but we are in a good place, and our customers are leaning into us more and more. For me, this is the main metric that we're focusing on as a business. I've been able to see all of the customers and the CEOs that we're working with. The relationship is getting stronger, and this is the fundamental that we're driving towards. With that, let me hand over to Q&A. Thank you, sir. Ladies and gentlemen, if you would like to ask a question, please signal by pressing star one on your telephone keypad. If you are 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 your line is open. Please state your name before posing your question. Again, press star one to ask a question. We pause for just a moment to allow everyone an opportunity to signal for a question. We take our first question from the first participant. Your line is open. Please go ahead. Good morning, guys. It's Wasim Kisirwani from Jarden here. Can I just ask a question on the revenue run rate, the expected run rate when you incorporate the prior year losses that still have to come out of the base and then some of the sort of additional work you've picked up. What's that sort of recurring revenue run rate looks like in the Utilities business, please? Yeah. Hi, good morning. Wasim, it's James here. I'll take that, and then maybe Gary can add some comments after. Look, what you should take is exactly what we've said. We're not making any comments around FY 2022 here. What I can comment on is solely what you can see here, that our Utilities revenue, you can see what was disclosed here for the half. There was an impact. You'll be aware that we have previously experienced losses due to a number of reasons, but clearly there has been a SOLR impact from previous customer losses. The impact of that and other factors has been a reduction of NZD 2 million in the half on ARR in Utilities. When you look at our Utilities number, you should think that there was a NZD 2 million reduction, which was more than made up by the impact of customer gains and organic growth within our customers, which more than offset that loss. Exactly. Does that make sense? It does. How much more of that is yet to come out, I guess, as some of the contracts roll off? Yeah, we're not making a comment. Wasim, we're not going to make a comment on that here. It is something that we will provide more clarity over where we expect revenues to move to over the medium term when we get to our strategy day. Okay, great. Just maybe another question on contract renewals, can you give any sense of, are there any significant contracts that are at discussion stage at the moment or up for renewal? Wasim, let me make a comment on that, and Gary may want to supplement. Look, I mean, obviously, we are constantly in discussions with our customers around renewals, and that's ongoing on customers at any point in time. We don't make comments, as you can understand, on specific renewals. I can't really give you a categoric answer to that, Wasim. I don't know, Gary, if there's something you want to add to that. I can add a few things to it. Look, when we took over the business, one of the first things we wanted to get our head around was the profitability of our various customer projects. It was important to reset some of these projects, and I think we've been, for the most part, successful in doing that. Those are not easy conversations to have. We've been able to do it by bringing them into a good state and then improving those contractual positions. We have a lot of customers, so we're regularly renewing contracts. I would say that the main driver behind this half year results is the status that we have with our customers. It's in a much, much better place. We've been able to renew the contracts that we've sought to, really, and usually in a better situation. Okay, great. Just the final question from me, just on the incremental R&D step up, you've highlighted the exit rate there at NZD 3 million a quarter. Do you expect that rate to sustain through FY 2022, or should we expect a further step up on that exit rate? Hey, Wasim. Look, again, we haven't provided guidance for FY 2022. I assure you that our R&D strategy will be a theme for the investor day. I'm not going to comment on that for now. On FY 2020, you can see our clear intent to ramp up that R&D spend is there. You can draw your own conclusions. I think it's a safe assumption to say that we will be, from everything you've heard, that we will be continuing to invest in technology. Let us share with you more detail on the 16th of June, if that's okay. All right. Very good. Thanks, guys. Thank you. If you find that your question has been answered, you may remove yourself from the queue by press star two. We take our next question from the next participant. Your line is open. Please go ahead. Hi, good morning. It's Josh from Craigs Investment Partners. Just a couple of questions from me. First one, do you have a target around what date you expect to return to profitability? Josh, James here. No, we haven't specified that. Again, we will be sharing metrics when we get to the investor day, which will be medium term. I can't give you a specific date right now. We haven't provided any guidance for FY 2022 at this stage. What I think you can see here is the positive trajectory of EBITDA, giving you some guidance for this year, for FY 2021. Clearly, growing the profitability of the business is absolutely our key focus. You can see that we're focusing on how to grow revenues. We don't have a specific date in mind that we've shared at this stage. Okay. No, that's okay. The second question, can you perhaps outline some of the reasons Genesis provided for, I suppose, picking another solution and how that ties in with your focus on lifting R&D over the coming quarters? Yes. Look, well, maybe I'll make some opening comments there, and again, pass to Gary. Look, I think, Josh, important to bear in mind the comment that Gary made going through the presentation that this process was kicked off by Genesis some time ago. We are, as you're aware, going through a renewal of our strategy, a real focus on technology development. We're pleased to see customer gains elsewhere. Unfortunately, that hasn't got us to where we want to be on Genesis. Obviously, Genesis has been an important New Zealand customer. We've got a great relationship with them. We're not currently selected. I think that the focus we are bringing now to technology development, to making sure that we're innovating and at the forefront of the segment we're in, is really paying dividends in our conversations with other customers. Gary, I don't know if you want to supplement or add anything to that. I think they had a technology stack, which I think was last updated in 2004. We let them stay on that stack for too long. I think that had some hangover effect in this process. Having said that, we have many new technologies to bring to bear. The journey that Genesis Energy is on is a dynamic and interesting one, and we hope to be a part of it in the future. We're close to them. As James said, we have good relations. We are focused on making sure this doesn't happen again. Okay, great. Thank you. Okay, thanks. Thank you. We take our next question from the next participant. Your line is open. Please go ahead. Hi, this is Shezad Okhai calling from Pine Tree Capital. I have a question regarding the way you're recording recurring revenues. The presentation showed CMRR of NZD 25.6 in utilities and NZD 5.1 in airports for a total of NZD 30.7. This compares to the recorded support revenues, in the financial statements, I think it's note three of NZD 29.8. Could you help us understand the difference of roughly NZD 1 million there? Look, there are some differences in the classifications under IFRS between point in time and overtime revenues and how we classify between CMRR and other recurring revenues. I'll be really frank about this. I'm a huge supporter of IFRS and financial standards, obviously. We find that the disclosure is more helpful to supplement it with the classification we give in the investor presentation between what is contracted monthly recurring revenue, which is where we have ongoing contractual arrangements with our customers generating those recurring revenues. The other element of annual recurring revenue, which we refer to as transactional recurring revenue, which is really the support services that we provide on an ongoing basis that are non-contractual, but are recurring in nature, that make up the balance of what we call annual recurring revenue, what we classify as annual recurring revenue in the investor presentation. That does have some small differences with the classification of the breakdown of revenues in the financial statements. You cannot make a direct line of sight between one and the other. Does that make sense? Yes. Thank you very much for that. Clarification, if the non-contracted recurring revenues, is all of that transactional, or does it also include, back to base professional services like change requests and training, et cetera? It does include change requests and the like, yes. Another way of thinking about this is that the non-recurring revenues are really project-related. Thank you. It appears the unknown for the question at this time. I will hand the conference back to you, Mr. Miles. Did we have some questions? Yes. The written Q&A, Joanne? Yes, we did. Let me just run through them. There's a question from Phil Campbell at UBS. From the guidance. In February, the guidance indicated NZD 3 million of R&D per quarter in second half, whereas this guidance indicates exit run rate of R&D of NZD 3 million by year-end. Is timing of R&D partly explained EBITDA increase from NZD 5 million to NZD 10 million? Yeah, let me take that one. Thanks, Phil, for the question. Okay. First thing to note on this is the underlying EBITDA in the half has moved up from NZD 4.3 million to NZD 7 million. Secondly, we are working through our technology ramp-up spend and options on how we best make that investment at the moment, which is why we've indicated that we expect to get to an exit run rate of NZD 3 million per quarter. Where we exactly end up, in terms of the total incremental spend on R&D in the second half will depend on some of the commercial decisions we make around how we best spend our investment dollars in R&D. That is why we have put that as part of the reason why in the updated guidance, we've said that EBITDA will be around NZD 10 million for the financial year, because there is an element of uncertainty on how much incremental R&D spend we will make. Look, I do want to highlight here a couple of key points. First of all, in that guidance, you can see that we're indicating cautiously that we expect sales to be a little bit higher, we're seeing an uptick there. Secondly, the point around the underlying EBITDA having increased. These are all pointers to improvements in the underlying results. It is fair to say that the amount we spend on R&D in the second half will depend. It will be one of the factors that determine where we land on the final EBITDA number for the year. James, maybe I can fill in. I can add something. Because we oriented on a quarter four closing doesn't mean that things aren't in flight. We began the investment really in January. We're ramping it up in a smart way. You have to do this intelligently or you just burn money. We're very serious about doing this. We've been investing in people, onboarding the people, and then a lot of training and technology. That's underway, but we did orientate the guidance towards quarter four in terms of clarity of the number. Okay. Joanne, are there some other questions? Yeah, we've got quite a few. Bear with me. Okay. Yeah, lots of questions. Question again from Phil Campbell at UBS. Is the new Indian tech center a way of reducing R&D expense and improving productivity? How is the center managed on a day-to-day basis? Okay, I can take that. The answer is yes. You have a lot of scale in India, which is helpful when you're trying to ramp up teams. This is one thing from an efficiency perspective. This is the second thing it brings to us and to our customers. We have people on the ground that are managing this. There are people. We know many of them from before and we trust them. I think we have a strong team there. We do believe that it's very important to have people also close to our customers. We have innovation centers mostly in Auckland and the U.K. and now India. I think this gives us a very good balance that also gives us scale and we're pretty excited about it. It takes time to build a center to be fully knowledgeable. We're putting a lot of focus in this area right now. I hope that answered the question. Another question. Okay, this one is also from Phil Campbell. Can you explain in more detail some of the new tech partnerships with AWS and Snowflake, et cetera? What are they helping with? Any examples of benefits so far? Good. We just signed the AWS one in the last month. We have been AWS shop for quite some time, but this is more of a strategic discussion or agreement where they help us with our technology, our education, our design. We are actually doing co-innovation in the cleantech area. AWS is a very good brand. They are the leader in the cloud, and we want to work with a leader because we are a leader and we want to work with a leader to take this market. Yeah, this is something that we are going to lean into quite a bit, Phil. Snowflake is doing amazing things in Qlik in the data and data space. All of our customers need to bring a lot more automation and intelligence into the business. This is an area that we are also focusing on. You can bring this type of innovation across all segments that we operate and we have a good strategy here. We understand how to do this. We've done it before. We're actually already rolling out solutions to customers with this technology today. We're selling it to them and bringing them value. That's the kind of thing we want to focus on. It's early days with our customers because we've just rolled these things off the dock, so to speak. Yeah, that's what we're doing. Any place where we can cut corners and lean into great partners that can help us, we are going to do that. Plus it's very cutting edge technology that I think also helps us with our technology brand and capabilities. Joanne? Yep. Good. Next question is from Alex Shevelev from Forager Funds. He asks, H2 2021 cash generation is expected to be neutral or better. Is that neutral or better than first half 2021 cash generation? No, let me take that. Good morning, Alex. No, that is neutral implies less than zero. It is comparing to zero, not comparing to first half cash flow. Another question from Alex. Is the impact of the utilities revenue losses fully through in second half? Again, let me take that if I may. You can see we've indicated that we are seeing revenue for the full year being slightly ahead of the FY 2020 numbers. We're not making any comments beyond that. We will talk about external metrics for the business at the three-year Investor Day that we have in June. We're not at this stage giving forecasts on impact of particular changes in customer mix at this stage, only the overall revenue trajectory for this financial year. That you should assume that the number we've indicated of 2 million relates to customer losses in previous periods. Okay. One last question from the floor. This is from Zhen Chen of Zen Capital. Given the current ongoing pandemic situation in India, how big is the impact on your office operations there? Do you have a plan to mitigate the risks on this part? I'll take it. It's definitely having an impact. For sure we have plans. We have work from home plans. This isn't always ideal in any environment. I think in India sometimes it's harder. We're doing what we can to get our Indian colleagues vaccines. We have about 11% of our workforce is vaccinated today. It's hard to come by actually there at this moment. We're doing our best. We are comfortable with the work environment that they've got, and we feel the positive impact already on our projects and customers. For sure, it's I think slowing things down. We have people unfortunately that have come down with COVID and that's the state of the world we're in today. I do think it helps us balance it and this type of situation over time. To be clear, yes, we have plans. They're in place and the whole Indian center is working. We hope that they come out of this situation soon. Very soon. Joanne, I can see there's a question there on share-based compensation. If you'd like, I can just give a quick response on that. If you would, that would be great. Thank you. Okay, thanks, Shezad. The question, just so everyone has the same question, it says, "Does the outlook factor in the expense of increased share-based compensation?" Shezad, the answer to that is yes, we expense share-based compensation in our numbers and in the outlook. Back to you, Joanne. Okay, thank you. I think we have time for one more question, just bear with me a second. We've got a few more coming through. Some of them have already been answered, so just bear with me. A final one from Alex at Forager. Can we split gross utilities recurring revenue growth between new wins and existing clients growing? Is that possible? I'll take that. Alex, we haven't done that, so we're not going to share that here. We appreciate the question. We'll look at it and consider whether appropriate at the Investor Day. Thank you. Okay, thank you. I think that's all the questions we've got for the time being. Of course, if you have further questions, please feel free to email them to us and we would be happy to provide further clarification via email. Otherwise, I think we can close today's session. Thank you all. Thanks, Joanne. Thank you. Okay. This concludes today's conference. Thank you for your participation. You may now disconnect.