Good morning, and welcome to the Gentrack full-year results 2021 presentation. I'd now like to hand you over to Gentrack's CEO, Gary Miles. Okay, great. Hi, everyone. Welcome all. It's my first anniversary speaking with many of you. It's been a wonderful and transformative year, I have to say. I've really enjoyed it, and I look forward to sharing the results with you all today. I'm gonna open and then James will go through the financials. I would like to note that all the financial numbers in this deck are through September 30, whereas the customer metrics are up to current date. Okay. Let's jump right into the numbers. Revenue is up this year 5.2% for the group and 8.8% in utilities, despite a NZD 4 million headwind that we had going into the year from prior period losses. EBITDA was also up to NZD 12.7 million. I'd like to remind all that there was no capitalization of R&D cost in these numbers. Our cash position is in a very strong place as we added NZD 9.2 million to bring our balance to NZD 26 million. All of these numbers that you see here, and James will go through them in detail, so I'm not gonna touch on each one of them, but are on the backdrop of globally rising costs for the technology talent, and significant investments that we've made in our people to build a high-performance organization. I'm pleased with the numbers. Obviously, we'd like to see more growth moving forward. A lot of this year was about really building the machine, a high-performance organization, the reorganization and focusing on customers and innovation and technology, and I think we achieved well against those, which I'll speak about. Let me move on and give some more color to the business and the market dynamics. Once again, James will go into the financials in more details. I'd like to start with the three pillars in the utility business, and then I'll touch on the airports. If we look at the first growth pillar, which is our customer base. I would like to remind everybody that we support more than 50 utility customers in six markets, and as unique, as a challenger brand or as a innovative challenger to the incumbents that are out there with the likes of Gentrack that are bringing new technologies. We're unique in that we support B2C and B2B for both energy and water, and gas and electric and networks. The breadth of this offering is unique, and to be able to support multi-play is something that we're proud of in our customer base. To manage customers across all these geographies with this much diversity is a special skill that we believe has significant value. If I look back on the year, our customer base is in a completely different place. You see some numbers here. We have a RAG status, red, amber, green, on our customers. 72% of our customers, and we have a pretty strong bar for this, are in a very good place, a high performance. We really have one-zero customers, if even any, in the red at this moment. This is an excellent outcome for the company, and happy customers do more with their supplier partners. It's just the way we all know it works. Our revenue is up across all of our customers. I'd like to say that one of the main achievements we've had this year is our customer-facing teams have done a great job getting intimate relations at the working level and at the C-level to understand our customers' strategies and to deliver towards a roadmap. You know, I think before we were a little bit in a billing box, and I'm gonna talk more about all the technology innovations we're bringing them, but this is a game changer for the company. All the while we're managing, I think we're selling better, we have better deal profitability and visibility. We're managing our DSO and our unbilled really well. This is a strong achievement in this pillar. I'd like to note that, you know, I've got Red Energy on here as an example. We help our customers on their operational KPIs. I'll give you some examples. One of the KPIs that we work on, which we think we probably have the highest in the world on, is operating metrics like number of operational full-time engineers of our customers to the number of meter points that each of them manage or customer experience excellence. Here we have an example of Red Energy in Australia that for 11 years in a row has been ranked as a Canstar five-star ranking supplier. In the U.K., for example, five of the top 10 energy suppliers are in for which Recommended Provider, which is a consumer recommendation engine, run on Gentrack. These are very important metrics to help our customers succeed and lead. As shown here, we're doing all of this on the backdrop of better throughput. We've got some metrics that we measure. One is our revenue per delivery FTE, because that's part of the business that scales, and we can count. It is up 7%, while overall our cost per FTE is down 3%. Delivery FTE is down 3% as we take advantage of our India's center as it comes up and scales and brings weight into our organization. On this pillar, I would say that we really achieved amazing results, transformative. You know, we're a customer-centric organization. There's always room for improvement, and we're gonna continue to do so. Let's move to the next two pillars. The second pillar is winning new business. We had seven new customer wins. We put some good B2B wins on the board, some B2C, new water. I'll close in my session about the market opportunity for energy transformations in the world. I would like to say that we're bullish on water. We put quite a bit of focus on building our water pipeline. The water suppliers around the world have very, very old systems and need to transform. We're pretty excited about that. We wanna focus moving forward on tier one suppliers. E.ON, which is an example that we've called out here, is such a E.ON, with the merger of npower in the U.K., is a B2B supplier. They're the largest B2B supplier in the U.K. They had a legacy system in both E.ON and npower. The two companies came together, they consolidated on our platform. It's arguably, I would say, one of the most complex transformations in the utilities industry worldwide today. They are a happy and satisfied customer. They've been on stage with us talking about what we've done for them and their business. New logos is something we're putting a lot of emphasis on around our pipeline. On the managed services side, revenues were flat. However, I would like to remind the audience that when we did our strategy days in June, we came with these three pillars. Prior to this, managed services was not a growth pillar, it was a tactical solution. What we did through the course of the year is we articulated well, I think, our value proposition. The sales cycle for managed services is not a short one, and we built our pipeline and we strengthened our team. I can say confidently that this vector of our business with the pipeline and the backlog is positioned for growth in FY 2022 and beyond. These are sticky services that make us very intimate and close with our customers, and we believe in this engine as a profitable engine and growth engine for the company. Watch this space, is what I would say here. If we move to the next slide, I'd like to go pretty quickly because I know a lot of you are interested to get to the numbers. I do wanna spend a little bit of time on technology. We've separated out some of our delivery capabilities from our technology R&D shop so that they can move very fast, and they have been moving fast. I have some examples here of the types of technology innovations we've brought in in the utility space for cloud solutions. We have things here like renewable generation products that we brought to some of our R&C suppliers. Time-based pricing and billing is when, you know, if the wind is blowing or the sun's shining, energy's less expensive than having to use, let's say, dirty energy sources, and you can charge accordingly. Smart meter data management, we've done a lot around five-minute settlement and half-hourly settlement in the U.K. and five-minute in Australia. Lots of upgrades to the cloud. Build anything around EVs and solar, and you can see more and more here around analytics, et cetera. All the while, we're continuing to develop cloud-native technologies in the core and in new innovations. I feel good about the stacks that we have, and it's bringing value and it's allowing us to upsell. As a CEO that I will reiterate believes that the best technology wins, we're putting a lot of emphasis here. I will repeat, there are some of our competitors that also have new technology. I do think that they are struggling to deliver it. Having in the B2B space, you have to have both great technology, and you need to be able to understand how to deliver it and manage a diverse geographic footprint with diverse roadmap requirements. This is a skill set that I think Zeev, our COO, and many of the other leaders in the team know how to do very well, and we built this machine, and we think that this is ready to really scale after hardening it this year. Let's move away from utilities into our airports business. Our airports business is a net contributor to the group. Revenues are down slightly. The good news is air traffic is up. Passenger flow is up 220% from 2020. It is still down by about 50% from pre-COVID levels, but it is on the go. I think for many reasons, we all hope that we'll continue to expand or to revive, not just for Veovo's sake, but also for Veovo. As we saw in a lot of industries post-COVID, some of the industries saw the need to transform. We think the airports will also go through a transformation surge. That's our belief. We're not necessarily predicting that in our numbers, but I think it's. We are bullish on this space. As the airports move into what's termed in the industry Airport 4.0 or the airports of tomorrow, we have a very, very strong set of offerings in our space. We are arguably the leader in the mid-tier. We've proven our technology in tier ones like the Schiphol example I have here and the London Gatwick new win that we have here and others. The focus moving forward will be to go conquer the large airport hub space and as the airport industry turns back on and needs to transform. We look forward to this and in the meantime, we are continuing to invest in this space and our technology side. I think that's important to note. Now, there's a lot of news in the press about what's happening in the utilities market in the U.K., so I prepared a special slide on it, and I'm gonna address it head on. From the year FY 2017 to FY 2020, you know, before I took this job, I went back and obviously read all the prior year's results, and there was this kind of rhythm of small suppliers that had come out and been a bit of a drag on the company's growth. Obviously, it was also a boom for the company, the deregulation of the U.K. Having said that, from FY 2017 to FY 2020, there were six of our customers went into insolvency. Since the beginning of FY 2021 to this week, there have been nine of our customers go into insolvency. This is a reflection of government-enforced price cap, aligned or not aligned, I should say, with a really unprecedented gas prices, which are a combination of many things, from Russian pipeline availability to the wind blowing. We won't get into all of that, but we have a surge in gas prices, which actually mean that for most of the suppliers are selling at a loss. Many of the suppliers have gone into special administration or have gone into SoLR or SoLR process. This week, Bulb went into a form of special administration. They are a customer of ours. They're a top five customer of ours. They went into a form of special administration which has not been tested before. Today, they were actually assigned an administrator, Teneo. We know them. We've worked with them before. We've already met with them. The government just published, or I just saw some press that. So this is from the press. I'm not 100% sure it's, but this is obviously all live today. That had set aside NZD 1.69 billion for the administrator to manage Bulb through a new process. They will require our support and our active involvement of running their business 'cause we run their critical systems. We will watch this space. Obviously, the Bulb opportunity represents, I mean, realistically, it represents a big supplier could get that needs a new modern system, and this could be a positive thing for us, or they can move to a competitor. We do not know, but we will watch that space and see how it plays out and be very active in trying to manage that through. We do anticipate there will be some further supplier failures in the coming winter months. We don't think it will be many. We've made allowances for this. I would like to say that after this period, we believe that this SoLR process will stabilize for the future. That's our position. Our revenue is diversified across airports and utilities. We support energy and water customers in six countries covering both B2C and B2B. The solar situation in the U.K. is generally specific for B2C. We're going to let you guys understand how that's affecting us in our forecast. That's an update on the U.K. market. I'm sure there'll be many questions about that. I would like to close before handing over to James on an interesting paper that was produced recently around CIS, which is the billing and customer information systems for the utilities market, and Gartner that said that by 2025, at least 25% of CIS contracts will be awarded to new entrants that will disrupt incumbent vendors' offerings. Roughly estimates incumbent vendors manage about 1.5 billion meters today, so 25% of that is 350 million meter points. This is a huge opportunity. There's a $5.5 trillion carbon business that needs to go to zero in the world. This is a transformational opportunity that requires great technology and delivery excellence. We are excited about this opportunity, and we think we have a unique technology and delivery capability to try to take advantage of this. That is a very quick overview of the company and market dynamics that we're in today. I would like to repeat, I think we had a good year, and we're positioned well for growth and leadership. With that in mind, I will hand over to James, who will take you through more of the details of the performance of the financials. James? Thank you, Gary, and good morning, everyone. If we turn to Slide 12, where we show the overall group profit and loss. We'll go into more detail on the individual components on the coming slides, but you can see here that group revenue is up 5.2% to NZD 105.7 million, despite headwinds in both airports and previous years' customer losses affecting utilities revenue. The growth was driven by strong project revenues in utilities in both Australia and the U.K., and underlying growth in utilities recurring revenues offsetting those previous years' losses. Costs are up. Again, I'll talk to this more on the expenditure slide. The cost increase is driven by investment in people with some offsets in non-personnel costs. You can see that below-the-line costs are generally lower. Note there's a one-time benefit on the finance expense line as we restructured our internal funding structure, which gave rise to a one-time exchange gain. On the key earnings measures, EBITDA and NPAT, the numbers are moving in the right direction, although clearly room for further improvement when you look towards our FY 2024 targets, which I'll come to later. If we turn now to Slide 13, where you can see the utilities revenue analysis. The headline here is an overall increase in utilities revenue of 8.8% to NZD 89 million. This is driven by an increase in project revenue or NRR up 68% to NZD 18.3 million, with successful project deliveries in the U.K. and Australia, which is good to see. The annual recurring revenue story is more complicated. As reported at the half year, we had headwinds of previous year's customer losses, which had an impact of around NZD 4 million on ARR in FY 2021, which we were able to offset with growth both from new customers and from existing customers, leading to overall flat performance in ARR year- on- year. Moving to Slide 14 and providing more detail on utilities revenue, where you can see the split of revenues by geography with the U.K. continuing to represent over half of our utilities revenues. We've also provided a breakdown by sub-segment of the U.K. utilities revenue, where you can see that non B2C revenues make up around 47% of U.K. utilities revenues. We've also included a chart showing the concentration of customers in our overall revenue breakdown. We are not going to identify individual customers. I say that having seen some of the questions coming through. Bulb, which has gone into special administration in the U.K. this week, is a top 5 customer. There are no other top 5 customers, either in SoLR or on an exit path. Turning now to Veovo revenue analysis on Slide 15, where the headline is overall revenue is down 10.7% to NZD 16.7 million, driven by the reduction in NRR, where projects have been on hold due to the aviation industry slowdown. Pleasingly, annual recurring revenues have continued to grow as new customers have moved into operation, and we're seeing the pipeline building again, although still quite uncertain as we exit the pandemic. We continue to see good prospects for the Veovo business in the medium term, and we will be investing more in research and development in Veovo technology. Now looking at group expenditure on Slide 16, where you can see that overall group expenditure is up 5.2% to NZD 93 million. The biggest driver of the increase is in our personnel costs, where we've recruited to support the growth in the utilities business and revised our reward structures with a greater emphasis on variable compensation in both short-term cash-based incentives and longer-term share-based incentives. R&D costs totaling NZD 12.7 million are included in this total and have been fully expensed with nil capitalization. As in previous periods, we've continued to see savings in non-personnel costs through efficiency measures. Now taking a look at the cash flow and balance sheet information on Slide 17, which is one of the highlights of these results. As we've seen in each of the last three halves, we've had another strong period of cash generation, taking the net positive cash flow for the year to NZD 9.2 million and giving us a net cash position at the year-end of NZD 26 million. Cash conversion remains strong. You can see that our EBITDA factors in the cost of non-cash incentives, and there's no R&D capitalization in FY 2021. Working capital performance has again been good, and I draw your attention to the note on receivables in the financial statements, where you'll see the proportion of our receivables in current debtors has increased. Pleasingly, unbilled, referred to as contract assets in the financial statements, is also down just under NZD 1 million over the year. This all reflects a good focus on managing the company's working capital. While on this slide, note that we're at advanced stages on the refinancing of our banking facility, which expires in March 2022 and is currently nil drawn. Now moving on to my final slides on external targets and guidance. At the Investor Day in June this year, we provided external key metrics and said that we would provide updates periodically showing how we're tracking against them. On Slide 18, you can see that against the FY 2021 guidance we provided in June, our actuals for revenue and profit have come in ahead of that guidance. R&D spend overall has been NZD 12.7 million, and we're expecting to see the strategic spend on innovative R&D accelerate through FY 2022. In terms of our FY 2024 targets, we will continue to assess these on an ongoing basis. What we're seeing is upsides in some aspects of our revenue generation with headwinds and/or uncertainty in other areas, most notably related to the U.K. market situation, which offers both challenges and further opportunities. We'll continue to report on this going forward, but for today, we confirm no changes to the FY 2024 targets provided on the 16th of June 2021 at our Investor Day. Turning finally to Slide 19, where we provide an update on outlook for FY 2022. On 30th of September this year, we advised that we anticipated an increase in FY 2022 group revenues versus FY 2021. Over the intervening eight weeks, we've seen further turbulence in the U.K. energy market. You've heard Gary talking about that, including the recent special administration of Bulb, a top five Gentrack customer. In this context, we're pleased to reconfirm that FY 2022 group revenues are expected to be ahead of the FY 2021 revenues of NZD 105.7 million announced today. We're not providing earnings guidance for FY 2022. As mentioned on the previous slide, we confirm no changes to the FY 2024 targets provided in June. With that, I will hand back to Gary to wrap up. Thank you. Thanks, James. I would like to close on saying that we had a good year. We built a strong organization. We think it's in a good state. There's obviously room for improvement, and we will continue to improve that. We're investing a lot in technology, and we're accelerating that. I think we're using our dollars well there. We look forward to the year to come. That's, I think with that, we'll open it to questions. Let's proceed to the Q&A. Thank you all. Thank you, Gary. Can I please ask our Laura to invite questions from our audio callers? We'll then take questions from the live chat on the webcast. Thank you, Jen. 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 speaker phone, please make sure your mute function is turned off to allow your signal to reach our equipment. Voice prompt on the phone line will indicate when your line is open. Again, press star one to ask a question. We'll now take our first question from Wasim. Your line is open. Please go ahead. Yeah. Hi, everyone. Gary, can I ask a question about the water prospects? You talked about the pipeline there. Can you offer some more color in terms of the number of prospects, the indicative size of some of these engagements and potential timing, please? Yeah. Thanks for the question. Look, I think on water, I mean, I think the water opportunity in Australia looks interesting. The reason the water players are transforming is mostly around the customer experience and some move to smart meters. I wouldn't say that the compelling event to transform is as you know compelling as it is in utilities today because you really I mean, the utilities market dynamics, and we talked about in the June strategy days, for energy are really changing a lot with, you know, consumers becoming prosumers and variable rate tariffs and smart meters and settlement and all kinds of new regs to try to enforce national targets and things like that. We really believe that the energy sector is potentially one of the most transformative sectors on the planet today. When you look at water, the reality is just a lot of the systems in water are really old. The regulator is usually inclined to, on a cost-plus basis, try to push the water suppliers to provide better customer and social metrics around their communities and things like that. This is driving transformation. I wouldn't say that we expect it at the same pace as the energy business. We do have a good presence there. We're in six of the top 13 suppliers in Australia. We have more than 50% of the contested water in the U.K. We have not entered and talked to the uncontested water suppliers in the U.K., like, Thames Water and Severn Trent and things like that. Severn Trent, sorry. That's an area that we'd look to target. What we did do this year is we started to engage with these players proactively. We're gonna do more and more of that. We built up our water offering as a more, let's say, a more, from a product marketing perspective, a more clear proposition. I don't have specific numbers for you. I just don't want it. I just don't. What my comment mostly was I don't want water to get lost in the equation because it's obviously a sizable set of customers around the world. Great. Thank you. Can I also ask about the your Indian center? If you can give us an update there as to how large that is at the moment, how many people, how many more to go, and what early data is available on the relative performance of those teams from a productivity sense? Yeah. This is a certain art to be able to spin up an offshore center in a quick period of time. As you know, Zeev, who led this, started with us, I think, in November, and we had the center opened in February. We have more than 50 people there now. We're going to lean into the Indian center as one of our growth vectors. We had a net people growth of 84 people this year as a whole. We will always have people close proximity to our customers always. We spent a lot of effort and training and tooling the Indian center and getting the right customer authorizations to be able to service them from India. I think we've succeeded with that. We feel them. I would say, realistically, they're probably about 70%-75% full capacity today. We'll move that into the 90% range pretty soon. It's definitely one of our growth vectors. I don't wanna get into specific numbers. That's something that we think is important facet of any B2B company like ours. Great. Final question from me, just on the reluctance to provide any FY 2022 earnings guidance. You've obviously talked about revenue improving. What's the key variable that you’re not comfortable with in terms of visibility at this stage that's preventing a bit more color on earnings? James, you want to take that? Yeah. Look, I mean, there are a couple of things. Obviously, you can see that there are moving parts here in our various markets. R&D as last year is something we're working on accelerating. You know, that will be a factor that ultimately is a key determinant of where we land on EBITDA. Okay. Thank you. To be fair, I would like to add, I mean, I think that's a controllable number in all aspects, besides probably the R&D, which we really have some exciting things that we may wanna tackle. We haven't given guidance on the number. Thank you. We'll now take our next question from Jules Cooper. Your line is open. Please go ahead. Thank you. Thanks for taking my questions. So just the first one, you know, providing FY 2022 guidance, you know, just the fact that you're doing that has not been lost on us at all. I just wonder if you could maybe comment, prior you had talked about a NZD 10 million expected headwind from customers that were insourcing or, you know, some smaller failures in the market in the U.K. You know, has there been any change to that expectation or that headwind into FY 2022? I guess you can see I'm trying to understand what the underlying growth you're trying to communicate is in the business and just wonder whether any change there has been a factor. Otherwise, you know, it looks pretty strong to us. If you could comment, that'd be awesome. Yeah. Jules. Gary, I'll take that if that's okay. You know, it's a good question. We haven't provided an update on that number. What we're seeing is there are some ups and downs on that number. It's at this stage, I would say you can assume that that number is materially similar to what we said back in June, which I think is important because that does, as you say, illustrate some of the underlying growth that we are seeing in our numbers in terms of being able to indicate that FY 2022 revenues are expected to be ahead of FY 2021. Excellent. All right. Thank you. Very clear. Just lastly from me, I think on the slide deck you talked to, just around managed services, you put a NZD 5.6 million number there. Is that tied to the five engagements, like some sort of ARR metric that we should think about? Or I'm just not sure how to sort of read that NZD 5.6 million. The five engagements are new engagements that we've got, so we did not break the revenue down by engagement, so we didn't publish that metric. Just the NZD 5.6 million number, though, is that the sort of total scale of the managed services business today, is it? That's correct. In FY 2021. Got it. It was All right. Thank you very much. right. Thank you very much. As we stated, it was relatively flat from the prior year, because like I said in the deal, this is something that we're packaging and have made a growth engine starting this year. Excellent. All right. Thank you very much. Sure, Jules. Thank you. Once again, ladies and gentlemen, if you would like to ask a question, please press star one on your telephone keypad. We'll now take our next question from Phil Campbell. Your line is open. Please go ahead. Morning, guys. Just a couple of questions from me. The first one was just maybe for James, just in the utility revenues. Looks as though in that second half there's quite a big increase in the non-recurring revenue. Just keen to get a bit more of an explanation around that and to what extent that's one-off or, you know, can you convert some of that into kind of recurring revenues this year and next year. Then the second thing, just for Gary, in terms of your comments around SoLR, just interested in kind of your views in terms of why you think there's gonna be, you know, not that many more SoLR failures and kind of why you think the market would stabilize. Okay, James? Okay. Phil, I'll take the first part of that. Thanks. Yeah, look, Phil, the way to think of our business is that when we win a new customer, we'll go through an implementation phase, and that we classify as non-recurring revenues. That's when we, you know, do the project work to put the system in place. The good thing here, and I think you're picking up on a really important point, is that NRR increase, which you can see in FY 2021, will absolutely convert to ongoing ARR. Not at the same level as the NRR, because the project implementation itself has a particular, you know, obviously the revenues are associated with the costs of the implementation. But that post go live converts to ARR and subscription revenues. You know, it slightly goes back to the question that Jules just asked in terms of where is the growth coming from. When you see that NRR increase that we've seen in FY 2021 that ultimately converts through into future ARR. Gary, over to you. Yeah. On the SoLRs, look, there's been a lot of SoLRs in the last six, seven weeks. I mean, we just mentioned the ones that were our customers. You know, some of our customers, we had a couple customers that merged. Obviously, we track all of our customers very closely. In this case, we have, you know, almost daily we see our B2C customers and the status of them. I mean, Bulb was a very well-run shop. Its operation metrics were really the best in the U.K., I believe. It was a balance sheet problem and a hedging situation. You know, you could argue that to some extent, the energy suppliers had to subsidize 27 million homes of heating. If you didn't have the right balance sheet, then things would move very fast on and, you know, it would put a company in insolvency. What's happening is a lot of the less well-funded companies are not weathering the storm and are pulling out of the market. After the winter months, there'll be much smaller, stronger number of suppliers that remain in the U.K. and we don't expect to see just, you know, it would be logical to assume that you wouldn't have the kind of SoLR activity that we've had in the past. Great. Okay, that's awesome. Just maybe just one quick one on the R&D spend. I know in the Investor Day, you were kind of targeting this kind of 15% of revenues. You know, I noticed, for example, like TechnologyOne has a kind of a higher number than that. Just, you know, what is your kind of when you're benchmarking against other tech companies, kind of what type of number do you think is appropriate for Gentrack? We think 15% is appropriate. By the way, one of the reasons we didn't do earnings is maybe we'll choose to do something additional in the clean tech area, but we think 15% gives us a very strong competitive position. We also have customer-funded development that helps us advance our roadmap. We try to always have a customer that we do some new things with, and they help us with that funding as well. We think this is a healthy and very competitive number. Okay, great. Thanks. Thank you. Ladies and gentlemen, once again, if you would like to ask a question, please press star one on your telephone keypad. There are currently no questions in queue from the audio participants. Handing over to you, Joanne, if there is any from your end. Thank you. Thank you, Laura. Okay, a question from the floor. What is the green high-performance measure? What is that based on? Okay. We debated whether we'd put this up. You know, Look, we have a measurement that our Zeev and the leadership team put in place for. We do customer engagement surveys that impact this. We look at P-ones, P-twos, and P-threes that come into our trouble ticket system and resolution time. We look at the profile and health of the customer. We have kind of a matrix of things that we take into account when we look at how we qualify the relationship we have with our customer. The order book, the size of the business increase, all these things come into play. It's not a science. I would say it's more of an art. I think the main thing is to look at it proportionally. The number was probably flipped at the beginning of the year. I mean, I meet with the CEOs regularly. You know, the CIOs are joined up. I think that these kind of relations didn't exist before, not always in all cases. This is how we judge it. It's an internal assessment together with the customer engagement survey. Not an exact answer. I get it, but I hope that helps. I'm gonna ask a question. I'm gonna combine a few questions together on the next one. On your revenue guidance for FY 2022, how much of that is locked in or represents an annualization of prior wins, and how much do you still need to win? Also on your strategy day in June, you said the issues in the U.K. energy market were not apparent then. If these issues are currently acting as a drag and you're retaining your FY 2022 targets, does that mean you're doing better than you expected initially? Maybe I can start off with that one. First of all, we don't share externally how much of our revenue is locked in, but what I would refer you to is to look at the. We split out for FY 2021 the analysis between CMRR, which is our contracted monthly recurring revenue, TRR, transactional recurring revenue and NRR, our non-recurring revenue. I think that's probably the best indication of you know, the stability of our revenues. Now, that's not to say, you know, all of the ARR is locked in, but it gives you an idea of where the stability is. In terms of the second question, I mean, the short answer is, you know, we've seen some growth coming from our customer base, which is positive. I mean, that's, you know, exactly what we're targeting. And we've been somewhat, you know, we're probably somewhat conservative back in June, and we've got more certainty now in terms of FY 2022, having gone through a, you know, very rigorous forecasting process for FY 2022, which gives us confidence to provide the outlook that we've provided for FY 2022. I can see there's a related question to that in relation to OVO, which I think came up in at the Investor Day in June, and I think there's been some commentary and some estimations on that. I tried to be very, very explicit. I hope everybody picked up the comments that I made there, that if you look at that pie chart on Slide 14, Bulb is a top five customer. There are no other customers in that top five that are either in SoLR or on any exit path. I hope that gives some indication of where we're at. Thanks. Joanne, are there any other questions? Um- Sorry, Gary. I don't think that. James, I just- Sorry. James, maybe I can add. I mean, I think the answer to the second question on whether it was because we didn't know about the SoLRs, the answer is. Did things look better? The answer is clearly yes. The business was moving. Oops. Sorry. Gary, I think we've lost your audio. Can you hear me okay? Yeah, you're back. Oh, yeah, sorry. I had some kind of power surge or something. Anyway, I think the answer is, you know, there was some requests or some in June to have the FY twenty- We've lost you again, Gary. Post-budgeting. We didn't know about the SoLRs, obviously. If there's some SoLRs that came in and if we take some revenues out of the forecast, the numbers looked really pretty strong. Those clearly do represent some headwind into the year, so I think that's pretty clear. We're comfortable with the numbers we're presenting. Okay. Thank you very much. I think that closes down the questions for today. Thank you very much for your participation, and I'd now like to close the session. Over to you, Laura. Thank you. Ladies and gentlemen, this concludes today's call. Thank you for your participation. Stay safe. You may now disconnect.