Welcome to OpenText 2022 Investor Day. I'm Harry Blount, Global Head of Investor Relations at OpenText, and I'll be guiding you through today's event. A year ago, we hosted our first virtual Investor Day, which allowed many of you to join from the comfort of your offices and your homes. Today, one year on, our leadership team is excited to be presenting live from Silicon Valley. Today's event will last approximately three and a half hours with a 15-minute break at around 12:30 P.M. Eastern. The presentation will be followed by a question- and- answer session. To submit a question at any point during our program, please click on the Ask a Question icon located at the top right side of your video window and type in your question. We will do our best to get through as many questions as possible within the allotted time. If we are unable to get to your question, please feel free to email us at investors@opentext.com after the conclusion of today's program. Today's presentation, including the Q&A session, is being recorded and a replay will be available on our investor relations website, investors.opentext.com, shortly after the event. The upcoming presentation slides are also available for download on our investor relations website. Before we begin, I'd like to draw your attention to our safe harbor statement. During the course of today's presentation, we may make statements relating to the future performance of OpenText that contain forward-looking information. While these forward-looking statements represent our current judgment, actual results could differ materially from a conclusion, forecast, or projection in the forward-looking statements made today. Certain material factors and assumptions were applied in drawing any such statement. Additional information about the material factors that could cause actual results to differ materially from a conclusion, forecast, or projection in the forward-looking information as well as risk factors that may project future performance results of OpenText are contained in OpenText's recent Form 10-K and 10-Q, as well as in our press release that was distributed earlier today and may be found on our website. We undertake no obligation to update these forward-looking statements unless required to do so by law. In addition, our conference call may include discussions of certain non-GAAP financial measures. The reconciliations of any non-GAAP financial measures to their most directly comparable GAAP measures may be found within our public filings and other materials which are available on our website. Now we will be kicking things off with a short video, followed by welcoming remarks from OpenText CEO and CTO Mark Barrenechea. Every click, every connection, every great achievement is because information powers everything. When it stops, the world stops. Which is why OpenText is here to create solutions for amazing customers that keep the world moving. Customers that make the world safer, connected, productive, happier, and equitable. Because with the right information, anything is possible, and the future is limitless. Welcome to OpenText Investor Day. Welcome. Hello, everyone, and welcome to our 2022 Investor Day live from Palo Alto. The OpenText leadership team is excited to engage with you today and to take your questions at the end of our presentations. We're grateful for the partnership. We're focused on making the right long-term decisions that create value. OpenText continues to accelerate its journey to be the leading information company in the cloud. Today's agenda is gonna be centered on our functional excellence, total innovation, our go-to-market, our operating platform, our financial strength, the underpinnings of which is our acceleration into the cloud. The information management market is large, of high value, and a relatively fast-growing segment. You'll see today that this is a $92 billion market growing at a 9% CAGR. Accelerating into the cloud affords us the opportunity to grow even faster. You'll hear today focused execution in our total growth strategy with a clear set of strategic priorities. Today's presentation is a growth foundation to continue the discussion in the quarters ahead. There's a few things I'd like you to take away from today's remarks. The first is we are recognized for our leading solutions in four large and relatively fast-growing information management segments: Content Cloud, Experience Cloud, Business Network Cloud, and our Security & Protection Cloud. The growth is enabled by several secular forces, particularly ongoing digitalization to create modern work for employees, improve customer experiences, new supply chains, and security and protection underneath it all, underpinned by growing commitments to sustainability. What you'll also hear today is we're accelerating our journey into our business clouds, our Developer Cloud, our Digital Zone, and our digital ecosystems. We're gonna spend a lot of time today on ecosystems. Soon, 80%+ of our R&D investment will be focused on cloud-based technologies. A multifaceted go-to-market model ensures that our great offerings get adopted and continue to be used by customers. That is complemented by world-class renewals and expansion capability. We have a business operating model that delivers profitable organic growth, a cornerstone of our overall approach to shareholder value creation. We have the organization and capability, and we'll continue to be disciplined acquirers and effective integrators as part of our total growth strategy. We will share our plans, our confidence, and our short, medium, and long-term financial aspirations, including, for the short term, organic growth, 3%-4% total growth, and up to 10% double-digit cloud revenue growth for this fiscal year. On the medium term, up to 4% total revenue growth by fiscal 2024, and for the longer term, investments to be number one in each of our clouds to generate a cumulative $6 billion + of free cash flow over the next five years, which underpins our aspirations to double the company again. We're fortunate to have an amazing, diverse workforce and leadership team and board that you can count on to deliver. On a human level, strong forces either rip you apart or bring you together. The world has experienced many overlapping crises over the last two years, from COVID, social injustice, talent dislocation, inflation, and now Russia and Ukraine. At OpenText, we've relied heavily on our culture, our talent, our technology, our customers, our shareholders, and our core principles. You'll see today deep resolve, resilience, and energy as these forces and events have only strengthened OpenText for a better future. We stand with Ukraine. We pray for the peoples of Ukraine, for a world united, and may the one that bring peace bring peace to all. Let's get started with our prepared remarks. OpenText in a snapshot. You'll see our key statistics, a leader in content management, leader in business network. We're gonna detail today a $92 billion total addressable market, 40 supply chains of the top 50 supply chains, 75,000 enterprise customers, over 0.8 million SMB customers. For our total market coverage, over 3,000+ field-facing professionals. I'll speak a little bit about ecosystems coming up. We have over 23,000 MSPs. We have incredible distribution with the world's largest technology platforms, such as SAP, GCP, Azure, AWS. Let me make an observation very early on here: looking back over the last 4 years-5 years in the cloud, I can't find a customer that has made a single cloud decision, a sole cloud decision for only one cloud provider. Say differently, every customer has made a multi-cloud decision. That is an incredible asset and observation for OpenText to leverage, as we are an integrated platform across the hyperscalers. We have our Digital Zone, the place we are gonna conduct business. We have great total market coverage from direct distribution to digital. You know our financial highlights well, but I'll shout out a few. Trailing 12 months, looking back over the last four quarters, $3.4 billion in total revenues. ARR is over 80%. Cloud revenue, $1.4 billion. Our revenue CAGR over the last eight years, 12%. ARR over that period, up 16%. Cloud revenue over that period, up 29%. Then you see the absolute quantums in the lower right-hand part of the slide in the graphs. Let me talk a bit about our advantaged assets and our capabilities. In the center here, of course, is our customers. We have a customer-centric culture at OpenText. Surrounding that are the people, platforms and products, speed and scale (really important), and ecosystems. These are advantaged assets and capabilities at OpenText. On the ecosystem side, and this is an advantaged asset and capability you're gonna hear us emphasize more. 1 million + trading partners in our business network. 23,000 MSPs and growing, and our strategic partners to support customers' multi-cloud decisions. This is an ecosystem. It's an advantaged asset and capability. Approximately 15,000 global employees. I'm very proud on behalf of our talent to say that we're recognized as one of Forbes' top companies, most admired cultures in Canada, as well as a top employer for young people in the Waterloo-Kitchener area. Another advantaged asset and capability, obviously, is our platform and our products and our modern business clouds. I'll touch base briefly on these in my presentation. Muhi will go into depth. Speed and scale. You know, I said this 1 years-2 years ago, and I'll keep saying it: we've never moved this fast, but we'll never move this slow again. We're very focused on continuing to move faster. To move faster, you gotta remove friction. So you're gonna hear throughout today from our sales and go-to-market leadership of our automation, of our programs, our ability to remove friction, the ability to transact faster, the ability for a developer to go faster and get from idea to product, to pre-prod, to production, to features in customers' hands as fast as we can. Obviously, scale as well. We're focused on speed and scale, and to get there, one has to remove friction. Our strategic priorities upfront, as you'll hear over the course of today, number one is our existing portfolio. Continue to transition our significant and valuable install base to the cloud. Two, our future cloud platform. Create compelling cloud solutions that drive growth and are simple, frictionless, and create great outcomes for our customers. Our third priority is new markets, and this is our ability to expand our addressable market and deliver great outcomes in those new markets. You'll hear today about new security offerings. You'll hear about our young but growing API business and other new markets. Customer success and ecosystems, our fourth priority. Be the navigator for our customers' entire journey into the cloud and nurture a thriving cloud-based ecosystem. Again, I can't overemphasize the importance of multi-cloud environments, of having, you know, multiple ERPs talk to multiple productivity systems, to talk to multiple enterprise systems, to talk to multiple customer-facing systems across many, many clouds. Ecosystem enablement is a core asset and capability at OpenText. Our fifth priority is to continue to bring our voice into the market, to drive growth through compelling propositions and ensure every customer and every partner understands the value of working with OpenText. I'm now gonna speak to where we compete. We're focused on four large and growing information management segments with secular trends supporting sustained and strong growth. The macro frame I'm about to lay out is digital investment to grow 17% in the coming years. Sustainability is now a core value at OpenText. Another observation is that all G10K have made 2030 pledges, and we're gonna help them go from pledge to program, and sustainability is a new growth driver as companies move from those pledges to programs. These programs will require the effective use of information to drive efficiency, minimize input yields, and otherwise track and report outcomes. We have a role to play in this. The information management segment is $92 billion, growing at 9% CAGR. Let me get into this. We wanna present today a more detailed view of the information management market segmentation. We're presenting this data today. Across the columns, our strategy is to cover from small business, medium business, midsize enterprise. My hands probably don't line up with the slides on your screen, but I'm doing my best I can. Large enterprise all the way over to the full TAM. Content services from small business to large enterprises is roughly $24 billion. For the business network across small business to large enterprise is $22 billion. Digital experience from a small business to large enterprise is $25 billion. Security and protection from small business to large enterprise is roughly $20 billion. That's $92 billion in total, 9% CAGR. We'll use this frame in the quarters ahead to lay out our strategies. Today, we'll use this frame to talk about our go-to-market, our investments, and the progress we're making, across these functional domains and customer segmentations. You asked us to present a bit more data on how we view the market, and we hope this hits the mark. The larger frame, and one of the reasons to be excited about information management, to be excited about this market segment, why to invest in this market segment, I think that, one of the best reports out there is from IDC. IDC lays out in a great amount of detail digital investment to grow 17% in the coming years. You can see that graphically over to the left, investing about $5.4 trillion-$6.3 trillion, up 16.5% in the coming years. In the center is sort of the FutureScape of where much of that investment is going to make. Let me highlight a few. In the upper- right quadrant of this 5x 5 is digital decarbonization up there to the upper right. Just to its left, double-digit investment growth, 16.5%. Digital dream teams— let us not forget it's humans driving the edge in the cloud— and a reinvestment in IT, a reinvestment in the CIO, a reinvestment in procurement organizations, new digital skills that have to come into place. Over there on the left-hand side, digital GDP rules, capturing all transactions that are going digital. It's a real nice frame to set up some of those secular trends that reinforces our relevance and importance in information management. A few comments from me off to the right is business transformation is obviously information-led. Digital platforms are the key enablers for transparency, transformation, and resilience. Customer experience is paramount. Employee experience at the core. All transactions are going digital. Hybrid work is here to stay. The future of work is sustainable and inclusive. I think this is a great reinforcement and set of imperatives for information management and why this is a sector we're focused in and so should you. Let me talk a bit about sustainability. It's both a core value at OpenText and a secular growth driver. I harken back to digital. You know, in the early days of digital, those companies who looked at digital and said, "You know, it's just a program. We're just gonna add it on to the work list, and it's just one more thing for the company to do." First they got it wrong, and it was the wrong approach to driving sustained change. It's the same thing around sustainability and equity and diversity and inclusion. If it's just a program, you've already lost. No, this is a value, this is a culture, this is a belief, and it's gotta permeate through everything that you do. We believe that this is a core value of OpenText. We have found our center, that the future of our growth is both sustainable and inclusive, and it's a secular growth driver. We've launched our OpenText Zero Initiative, and by 2030, we have pledged zero waste, zero barriers, and zero emissions. I won't go too deep into our 2030 pledge that we call the OpenText Zero Initiative, except to say we're committing to zero waste from operations. We're committing to a science-based emissions reduction of 50% by 2030 and complete by 2040. On zero barriers, we are striving to be a majority diverse company by 2030, to have parity in our key roles: developers, sales professionals, delivery professionals, and have 40% female females in leadership positions as defined by manager upwards in the organization, which means we have to double the female leadership inside the company. We're already in the upper quadrant in our gender representation. We got some ambitious goals for 2030, but it's part of our culture. It's part of our value system, and we believe this to be a value driver in the marketplace and match this up to all G10K have now made a sustainability pledge. L'Oréal, one of our customers, are driving complete changes in their supply chain. Nestlé will halve our greenhouse gas emissions by the end to reach net zero by 2050. Bank of America, one of our partners on mortgage processing, dedicating $1 trillion in assets. Honda, one of our customers on the business network, driving 100% electrification. Shell, you heard Shell speak as well as L'Oréal at our recent OpenText World Day, carbon neutral by 2050. These aren't just pledges, they're programs, and we're gonna work closely with the Global 10,000 as they drive towards pledge to program. I wanna speak now a bit to how we compete. We're systems-oriented at OpenText, and we've created the OpenText business system. We continue to refine and our operating model that combines a number of interlocking strengths to consistently deliver profitable organic growth. That profitable organic growth is part of our total growth approach that aims to deliver consistent high total returns to shareholders via organic and acquired growth and high cash returns. Let me get into a little bit of how we compete. Let me start with our business system, how we create value. We have our operating model, and we have our shareholder value creation model. In the operating model, these are things we believe deeply in how we operate the company. Total innovation. We manage the portfolio. You'll hear Muhi speak today on the portfolio management of the big bets to drive growth, the foundational aspects, places where we're, how should I say this? We're a bit more on the big R and little D. Areas where we're applying more dollars to research for future growth. I like to say we're the big D and little R. We're moving a little more to, like, medium-sized R and big D. We call this our total innovation approach. Ecosystem building, operational excellence, inclusion, sustainability, and at the end of the day, the best teams win. This is part of our operating model. You're gonna see the best team today. Our shareholder value creation model. It's our operating model for profitability. It's our disciplined strategic acquisitions. It's capital efficiency and returns, and it's a view of the world through cash and cash-based returns, divided by a strong view on return on invested capital for the capital in which we invest. Our vision is clear in information management, and I'm not gonna go deep into the business clouds, the developer cloud, the digital ecosystem, the digital zone. I'm gonna kinda lay out the framework. Muhi's gonna double-click on this and go deeper. First and foremost, our vision for information management is to be number one in our business clouds. Content Cloud, Business Network Cloud, Experience Cloud, and Security & Protection Cloud. Those are the four big business clouds that we have, supported by our Developer Cloud today. We have OpenText World in June, which we're gonna do live from Germany, and we're very excited to bring our European customers together and our developers together in Germany. But there's gonna be a lot of good news coming along the next generation of these business and developer clouds. I want you to think in terms of the business clouds, these four clouds of content, business network experience, developer and protection, the developer cloud, where we're bringing our APIs to market, and all the resources to build on top of that frictionless. Then we have our digital zone. It is the enablement platform. It is the resource platform. How do I get support? How do I renew? How does an SMB partner transact and buy and provision? And again, how do we renew and provide all these services? Where can I sign up to get training and education? This is what we call the digital zone. It is the place to do commerce with OpenText from our VARs, our MSPs, all the way up to our enterprise customers. Then we're building out our digital eco zone, digital eco-ecosystem. This is the framework of our vision in information management. When you deconstruct that as to why OpenText, where we're growing next, going next, and our reach and our impact. Now we wanted to put this materials in here. I'm not gonna go through the 24 cells on the slide. But this is a baseline for our discussions in the coming quarters. But we wanted to lay out why OpenText, where we're going next, and our reach and impact. Over on the reach and impact, 1,700 private cloud customers in the Content Cloud alone. Business Network, 1 million+ trading partners. Experience Cloud, our volume is up over 200% on the transactions we're processing. Security & Protection Cloud, 23,000 MSPs, 285 million endpoints. Now the Developer Cloud, 25 APIs, over 500 customers, 100% cloud native. We'll spend more time on this in our discussions, but we wanted to get that, this out there into the public domain. I wanna speak to why cloud acceleration matters in our go-to-market. Let me jump right into that. I've talked about this before, but I wanted to say it again: why cloud acceleration matters. First, it positions us well in fast and faster growing markets. Two, customers can achieve faster paths to value in their transformation. Why does cloud acceleration efforts matter to OpenText? As I said in my introductory remarks, today is all gonna be about our acceleration into the cloud. It enables ease of use and increased consumption by our customers. It's comparatively low friction in go-to-market motions, allows for more rapid entry into new markets for us like APIs, SMB, and otherwise. It's an essential building block for the next wave of transformation, the next digital ecosystem, the next digital supply chain, the next digital GDP. Cloud acceleration matters. I wanted to reemphasize the point. How we go to market. SMB, and over the last 6 months-12 months, Ted, James, Prentiss have been working on, Kristina, have been working on an integrated go-to-market and creating integrated go-to-market motions. You're gonna see that today from all the way from the top of our go-to-market pyramid, if you will, of how we go from direct sales with global accounts, to named and corporate accounts, to partner coverage, strategic partners, global channels from MSPs, VARs, distributors, and RMMs, down to prosumers, same product, different channel, same product, different channel, down through retail and e-commerce. You're gonna hear throughout today a set of total growth programs and investments, and these are really important, right? New native cloud platforms. Full G10K coverage by the end of 2023. Our summit program to go reach the top of the market. Our competitive replacement programs, primarily on IBM and SPS Commerce. James is gonna talk about doubling our international sales, a dedicated centralized services and renewals organization, international expansion, new markets, APIs, MDR as a service, our support for multi-cloud and cloud technologies, and again, partners as our force multiplier. The expansion of our 23,000 MSPs, investing in the Digital Zone for partner enablement, and Microsoft as our go-to-market partner on the endpoint. You're gonna hear about these top growth programs and investments that we're making. I wanna call out 'cause the underpinnings of all that is our powerful renewals engine. Our acceleration into the cloud enables us to go from a renewal to an expansion focus. Right, we have a centralized and highly focused renewals organization. Paul Duggan will speak to this today. $2.7 billion in ARR, 125,000 contracts, 425 renewal professionals, and 90%+ customer support margins. The business is up 318% from fiscal 2012 through the most recent fiscal year. You know, we've learned through cascading crises just how important OpenText is to customers, and that's reflected in the stability and growth of our renewals business, 'cause the renewals business is an update service. It's a security service. It's an advisory service. It's a knowledge base. It's the foundation of digitalization for our customers. We're excited. I'm excited to see Paul's presentation to you today. The other key aspect in our successful formula is our talent. We have a deeply talented and experienced leadership team. Madhu, Muhi, Ted, James, Prentiss, Kristina, Paul, Sandy, who's joined us recently, Doug Parker, Brian, Renee, and Michael Acedo. You'll hear from Madhu today, from Muhi, from Ted, from James, Prentiss, Paul. Sandy will join us on stage for our Q&A. You'll hear from Doug Parker today. We just have an amazingly diverse and deeply talented, experienced leadership team. We have a board of directors that just is highly skilled with a diverse set of skills and an amazing amount of experience, over 10+ years of tenure, over 80% independence. My next set of remarks are centered on M&A, value creation, and total shareholder return. I'm gonna start with M&A and strong capital return. On free cash flows, you can see our progress over the last six fiscal years up 82%. The $812 million from last fiscal year is also inclusive of our $300 million IRS payment, but an 82% increase in our free cash flows. Again, in the OpenText business system, and all business systems are different, ours is unique. We view the world through a cash return lens. One of the inputs into that is obviously free cash flows. Our target capital allocation strategy, which I'll show the quantum on the next slide, is we're looking to return 1/3 of our free cash flow via dividends and an anti-dilutive share buyback. We're on track to deliver this. You'll see that coming up in the next slide. The other 2/3 available for corporate purposes. Restating our target capital allocation strategy is 1/3 return to shareholders for dividends and buybacks to be anti-share dilutive, and 2/3 for corporate purposes. This gives us all the flexibility to do what we need to do strategically in the market. Our cash and committed liquidity $2.3 billion, and our net leverage ratio 2x and decreasing. You can see since we initiated our dividend in fiscal 2013 through present trailing 12 months, that the dividends paid over the seven-year CAGR, the dividend paid increase is 16%. In our trailing twelve months, we've repurchased $210 million and retired those shares. Last year, fiscal 2021, we purchased 119 million shares and retired them. Again, this is our capital allocation strategy. 1/3 of trailing 12 months cash flow is via dividends and buybacks, 2/3 available for corporate purposes and M&A. We've also worked hard over the last year in looking at our towers and spans of our debt structure, and we've pushed out our debt maturities profile, and we fixed rate our debt. This is all in our filings. We've discussed this in the past, but I wanna bring it all together just here in one slide. We've taken a fixed rate approach to our debt. We've moved it out longer in time, and our expenses now no longer vary with inflation. I couldn't be happier with our debt maturity profile and the fixed nature of that debt. This brings me to my final remarks. Let me summarize them, and then I'll get into each of the slides. For fiscal 2022, we see positive organic growth, 3%-4% total revenue growth, and up to 10% cloud revenue growth, and an even stronger percentage of new cloud bookings. For the medium term, which is fiscal 2024, our aspirations are up to 4% organic growth, adjusted EBITDA between 38%-40%, and Madhu will walk through all the supporting details behind this. Our longer term aspirations, so we have our short term, this fiscal year, medium term through fiscal 2024, and even longer term beyond fiscal 2024, and is to be number one in each of our clouds. Two, to double the company again. We have the vision, the people, and all the tools to do this. Over this period, we expect to generate a cumulative $6 billion+ in free cash flow. We're restating today our total growth strategy for fiscal 2022. Double-digit cloud revenue growth with our Zix contribution. Customer support, and that's 8%-10% cloud revenue growth. Customer support constant with strong renewals. ARR low mid-single digit growth or 81% of revenue and very predictable business for us. License being constant. Our off-cloud demand from large and regulated customers remains steady. Professional services, mid-single digit growth and total revenue growth of 3%-4%, and a continued track record of growth in the business. Our FY 2024 aspirations of organic growth up to 4%, and you're gonna hear the strategic Grow with OpenText programs from my colleagues today. ARR in the mid-80s. As we continue to grow in the cloud as a percent of total, the predictability of our business will increase even more so. It will go probably from a 1% tolerance to like a 0.5% tolerance over the next, you know, through fiscal 2024, resulting in an 85% ARR. For Adjusted EBITDA we remain confident that we're gonna be in the high 30%s, 38%-40%, and this is improved margins through growth, scale, and automation. Muhi's gonna spend particular time on this. By fiscal 2024, $1.2 billion in free cash flow, targeting the upper 20% as a percent of revenue, and again, 33% on free cash flow. This brings us to our longer term aspirations in information management. Be number one in every cloud. Number one in Content Cloud, number one in Business Network Cloud, number one in Experience Cloud, and number one in our Security & Protection Cloud. We believe this will be the force with M&A to double the company again over the next 5 years-7 years. Over that 5-year period, we expect to generate $6 billion+ in cumulative free cash flow. A big thank you from me. You know, we like to say internally, CAVU, ceiling and visibility unlimited. When we were together last, I held up a football, so today I'm gonna hold up a CAVU sign. We like to say this internally, CAVU, ceiling and visibility unlimited. As we take the OpenText Cloud to a new altitude and attitude, I'm very confident you're gonna see that today. We're about to go to video, but before we do that, after the video, it's gonna be my distinct pleasure to have Muhi Majzoub join us, my co-pilot, my technology co-pilot and our Chief Product Officer. Let's go to video, and then we'll hand it to Muhi. Fox Entertainment Group creates films, television, and other digital content that's viewed by billions of people across the globe. Making a lot of content means managing a lot of business documents, which is why they partnered with OpenText for a content management solution. We have encrypted data, centralized data. When you start collecting, housing all of this information from all these different business streams, having it centralized like that, what you can do is you kind of can start breaking down these silos of information. We just wanted to change the way services was distributed within the company. Within a month, we had television screening hits. We had home entertainment screening hits. Working with OpenText enabled accelerated access to business collateral, automated secure distribution, and enhanced collaboration. Giving an executive or a lawyer the ability to research and find information that sets precedent on a very critical decision, that's a big difference. Fox runs on the OpenText Content Cloud. Good morning, good afternoon, and welcome to Investor Day. It's a pleasure to be with you today and talk about Grow with OpenText and our innovation agenda. Today, I'll talk about few things, our market leadership in information management and our key R&D initiatives. I'll speak to our innovation agenda, how we are enabling different ways to consume in the cloud, and I'll speak to our customer relevance in solving the most complex problems. I'll also touch on our focus on growth in each and every one of our five cloud. Let me start by sharing with you a history of our innovation. Last year, we spoke a little bit about our history of innovation. This is my 10-year anniversary at OpenText leading our product development team and our cloud services. Over my time here, we have taken very large innovation projects to move OpenText to the cloud. In 2013, we took on Project Red Oxygen, which was about creating the five new product suites that today still stand to ensure our customers have easy integration and deployment methods of our products and platform. In 2015, we brought Blue Carbon to life, which was about the go-to-market model for on-prem and cloud and extending new business areas like the business network, AI, and analytics. In 2020, we committed to bring all of that to the cloud and bringing information management capabilities so customers can deploy and run anywhere in the OpenText Cloud or any of our partner hyperscalers, Google Cloud, Amazon Cloud, and Microsoft Cloud. In 2022, we are delivering the ultimate cloud, four different ways to consume our solutions and capabilities, on cloud, public cloud, private cloud, and our new API cloud. Now, majority of our investment, as Mark highlighted, 80% of our investment is in the cloud-based technology. Going into FY 2023 and beyond, we are looking to deliver an open and integrated public cloud information management platform with more public cloud application, deeper integrations into our Partner Clouds, for example, the Google Cloud integrating into Google Workspace, into Microsoft Office and M365, and deeper integration into SAP and other partners, and entering new markets with our API Cloud. Let me touch a little bit on how we're investing to win. We are investing in organic growth. Over the next 5 years, OpenText will invest $2.3 billion in R&D. This is a great opportunity for me and the team to advance innovation across all of our five clouds. We have 4 times the development team since eight years ago, and our team of 4,500 + are delivering new releases every 90 days. This is very important for our customers because they see their enhancements, they see their requests, they see their vision come to life into our products faster with every release, every 90 days. Along the way, we come up with industry-leading technologies and innovation, and that's proven into our 1,000 + patents that we have. Let me speak a little bit to our market leadership. We are recognized in the market as a leader in every one of the domains. You see on this slide our leadership in Master, Modern Work, and the Content Cloud. You see our leadership in powering the modern experiences, and omni-channel connectivity in our Experience Cloud. You see our leadership in the Business Network Cloud and our global supply chain. We are recognized and we are successful because of a few key areas. One is our customer centricity. We never lose focus of our customer in how we build and deliver to them a secure, a scalable, and an agile platform that allow information-led transformation for their businesses. Our focus is to go deep in every one of the areas, not to go wide, and to build features that helps them transform their processes and give them information. An example of that is helping Nestlé deliver global invoice compliance in 48 countries. We help co-innovate and drive integration into our major software cloud vendors and partners, from SAP to Google to Microsoft and AWS. We know our customers are mostly in multi-cloud environment, and they are never in one cloud only, and we have to make that easy for them. Our vision in information management is clear, and let me speak to that. You heard Mark mention this slide, and I'm going to double-click on few of the item. We remain very close to our customer, understanding their needs for innovation and supporting their four ways to consume. In the Business Cloud, we are very focused on moving deep and rich innovation from cloud single-tenant platform to cloud, public cloud multi-tenant SaaS offering. Let me give you a couple of examples. Core Content and Intelligent Capture allowed us to take deep features from our content suite and document them from our capture solution in a single tenant and move it to the public cloud multi-tenant SaaS. In our Developer Cloud, we add new APIs every 90 days and with every release, allowing customers to take advantage of our headless services and embed them into their application. Later in my presentation, I'll give you plenty of example how some of our customers are using that. Our digital ecosystem allow our private cloud trading partners and MSP partners to configure, administer, add to their services, add customers and partners to their offering. Our Digital Zone is the one-stop shop to conduct e-commerce where customers can renew services, interact with our engineers and support professionals, consume knowledge, and train to our products and services. Let me speak to our customer and how we have information advantage for them. Let me give you few customer experiences. Volkswagen is an OpenText Content Cloud customer. They consume the OpenText Content Cloud to deliver order to deliver digital process for their electric vehicles processes, plus full integration into SAP ecosystems, including vendor invoice management and their employee file and many other processes. Nestlé in our Business Network Cloud uses the OpenText Trading Grid to deliver supply chain and EDI technologies to unlock the power of food, to enhance the quality of life for all of their customers around 48 countries, including the delivery of global invoice compliance. PG&E in California uses our Experience Cloud to deliver a website. When PG&E needed a website to support the emergencies with wildfires in California, they depended on OpenText LiveSite and TeamSite to deliver a highly scalable website for the California customers. F5 is using OpenText Security and Protection to protect its customers from BrightCloud cyber threats, leveraging the BrightCloud Threat Intelligence services. The government of Ontario for millions of their Ontario citizens is leveraging OpenText to digitize their customer experiences using our e-signature and content services and Content Cloud application. Now, let me dive deeper into each of the clouds. Content Cloud is about mastering modern work. With our innovation roadmap is focused on delivering Core Content for public cloud, a multi-tenant solution that bring deep features from our single tenant cloud and private cloud to the public cloud. With geo expansion into the hyperscalers, including Google and Microsoft, GCP and Azure Cloud. Achieving U.S. FedRAMP services is very important to us in the U.S. and for our federal government, and we are working hard to be a certified FedRAMP vendor for our U.S. federal government. Integrating into leading applications like SAP, Salesforce, SuccessFactors, Microsoft Teams and Office 365 is very important to our customers. It gives them a one-stop shop in our Core Content, fully integrated into all of these relevant systems of record. When we face competitors like IBM FileNet, we win because of our out-of-the-box deep integration across front office and back office systems. Our multi-layered security protocols give confidence to our customers in using the OpenText solution. I'll give you one example. Starbucks uses OpenText Cloud, Content Cloud, and Extended ECM to store their employee global files and data supporting their hire-to-retire process with all the areas in between integration to back offices, integration into front offices' Microsoft systems. Let me tell you and double-click on the Business Network Cloud. Our Business Network Cloud is about digitizing supply chain and delivering a global invoice compliance to customers in 48+ countries, delivering the ability to do self-service partner and supplier onboarding capabilities, and delivering ERP adapters to the likes of Microsoft Dynamics, NetSuite, and many, many other back office system. When we face competitors like IBM Sterling Commerce or SPS Commerce, we win in our cloud because of our multi-tenant solution, our massive network and trading partners with 1 million+ trading partners. Let me give you an example how Dell uses our Trading Grid to support and integrate into our call management and routing services and leverage our traditional EDI transaction like purchase orders, invoices, and statements. Now, let me double click on the Experience Cloud. Experience Cloud, our innovation is focused on predictive segmentation and omni-channel communication. It's focused on understanding our customer journey and be able to provide insights and analytics and content intelligence about these customer journey. A unified personalization and media communication strategy and hybrid connectivity to multiple CMSs and digital access system. Let me speak a little bit to OpenText Exstream. It's an industry leader, and when we face competitors like Adobe or Quadient in the market, we win because we help our customers manage communication, activation easily and securely across multiple channels and multiple customer lifecycle, from the acquisition to the engagement to purchase to support and renew processes. For example, L'Oréal uses our digital asset management as the backbone of their marketing operation. We help them engage with new customer across omnichannel and help them optimize their operation and digitize their media processes. Now let me double-click on our Security and Protection Cloud. Our innovation is focused on full suite security capability, backup of endpoint and recovery, endpoint protection, and detection and response, plus many forensic intelligence and investigation capabilities. We integrate with Microsoft New Commerce Experience. We deliver DNS-led prevention capabilities and continue investment to deliver capabilities in MDR, NDR, and XDR. When we face competitors like Datto in the market, we win because our reach into 23,000 MSPs who have adopted data protection with wide range of backup solution. Our solutions are enterprise. They are built to scale, handling an average of 40,000 API calls per second. Security is top of mind in today's world, and we have a multi-layered approach to give customers ease of mind that they can catch threats in minutes, not weeks or days. Companies of all sizes are looking for deeper integration and deeper visibility to expose hidden threats across multiple data sources. Let me give you a customer example how Cisco uses our BrightCloud Threat Intelligence in several of its networks. They are leveraging our BCTI service and embedded it into many of their network and security product line, including web filtering, IP reputation, and malware identification in real time as traffic comes through their products. Now let me speak a little bit to our developer cloud. It's about building an API economy. Last year when I presented to you, this was very new, and it was the first time we announced our developer cloud. Our innovation is focused on building unique sets of relevant APIs for information management. New ones delivered every quarter, extending our current products and application to be consumed via API and embedded and integrated into other applications that are important to our customers. This gives the choice to our customer to choose how to leverage our APIs and services, to buy as a headless API and embed into their products and proprietary application, or to buy an application from OpenText. Engage with our community of 10,000+ developers to enable them to build the next big application, the next big solution. We are just helping to build an API management market. Let me give you an example of how SAP uses our Core Capture for SAP. With vendor invoice management integration, we help them extract invoice data and leverage our machine learning and advanced rules and extraction engine to cleanse and validate the data before we hand it and pass it over to the SAP systems. Now, in summary, let me speak a little bit to our strategic priorities. You heard me speak to our investment of $2.3 billion in the next five years. You heard Mark speak to our 80% of our investment going into cloud technologies. We want to be the number one in the core markets we operate in. We want to build the cloud platform for the future, giving customers the ease and the four different ways to consume in the on cloud, private cloud, public cloud, and in the API cloud. We are here to continue to build on the ultimate cloud and deliver robust innovation, driving public cloud solution, self-service capabilities, and co-innovate with our partners like SAP, Google, Microsoft, and Amazon, and many more in the future. We are here to ultimately help customer deliver frictionless customer experiences and delivering innovation that delight. We are here to build a new category and break into new ground and build an API economy that fuel new model for monetization and new products for product innovation. I look forward to the opportunity to share more. As Mark highlighted, we look forward to seeing you at OpenText World Europe in June, and then in the fall, see you in the Americas at OpenText World. Thank you so much. We're gonna go to video before we hand back to my next colleague, who will present to all of you. In the logistics business, staying connected, on schedule, and on time is part of the customer promise. Matson is one of the top logistics suppliers in North America, offering complete domestic and international supply chain solutions. Operating a business at global scale requires precise management of employees and trade partners alike, which is why Matson looked to OpenText as a managed services partner to help automate their business. We have over 300 trading partners. We exchange around 10 million characters with our trading partners. Before going into B2B managed services, Matson did not have an EDI visibility platform. We were spending hours in tracking and tracing documents for our customers. This new platform was able to reduce electronic data interchange support costs by 24%, reduce advanced shipment notice fines by 12%, and decrease onboarding time by 5 weeks. 24 x 7 support, continuous monitoring of systems. OpenText has provided us a very reliable B2B platform that we can trust, and it has made our trading partners trust our B2B platform as well. Matson runs the OpenText Business Network Cloud. Well, good morning, good afternoon, and good evening, ladies and gentlemen, wherever you may be. Thanks for listening to our messages today. I'm Ted Harrison, EVP, Enterprise Sales. We focus on the largest commercial and public sector organizations in the world, and I'm excited today to tell you about our growth opportunity and how we're accelerating to the cloud. Let's dive straight in, shall we? Our key messages today. We have over 1,000 enterprise salespeople, supported by management, business development, pre-sales, marketing, over 1,000 salespeople in 42 countries around the world, educating our customers in how they can turn our solutions into business value in a personalized manner for them. We specialize in very large scale, global, personalized business requirements to the largest organizations in the world. You'll hear me talk about the Global 10,000, and Mark talked about it earlier as well, the G10K. That is the largest organizations around the world by revenue size. How we cover those matters, and I'll be talking to you about how we've expanded our coverage of the G10K this year in comparison to last. I'll also talk to you about our summit program. When you look at the very top of our customer segmentation, you'll find the largest OpenText customers, and also how we're covering the largest supply chain organizations in the world. We do sell across both enterprise and the mid-market. We've got some exciting new solutions on our software as a service and also on our business network side in the mid-market. Our partners cover all segments. They're our force multiplier across a very large set of opportunity targets. We've got significant growth, and I'm happy to talk to you today about our growth, our acceleration to the cloud and the opportunity ahead. First, let me tell you a bit more about our go-to market. You saw this slide earlier on in the presentation, the keynotes from Mark. My group and James' group, actually, who will present shortly after me, concentrate on that green box at the top there. That's the $56 billion at the top. That's around the large and the mid-market there. You'll also see a presentation after James by Prentiss, and he's the remaining $36 billion there in the SMB&C. Back up to the top, and we'll tell you about our summit program, which is coverage of the top OpenText accounts by size to OpenText, and also about our top 50 supply chain. That's by market analysis, and we'll go into that a little bit later on around those organizations around the world who have the largest and most supply, complex supply chains who trust OpenText. Now, the bulk of my sales force is around G10K, in that kind of middle segment there. I'll give you an update in two slides' time, actually, on how we've expanded our coverage also on the G10K, the top 10,000 organizations by revenue across the world. We've got great growth vectors going on which accelerate us to the cloud, and we've got a migration of our install base from Release 16 into our cloud editions, which we'll discuss. We're also migrating not only our own install base, but happily our competitors' install bases as well as they move to a more modernized cloud platform with the innovation and investment we've put in in OpenText. You'll also see we're making more inroads into the mid-market, through our partners, but also direct with new offerings, in particular a business networks offering for the mid-market, and we're also working with our partners, to have them build IP on top of our platform using our API and our developer cloud. All right, so let's give you that update I promised you on our progress, at the top of this with our G10K segmentation. First of all, just to drill down into the scope of my organization a little better, the blue countries, which are highlighted on this map, those are the ones covered by my enterprise group. It's predominantly North America and Europe. Then the gray countries here, you'll see presented by my colleague James McGourlay on international sales, our EVP of international sales, who will present immediately after myself. To give you an update across the whole of our target market of Global 10,000, since I last talked to you last year, we have expanded our coverage, and we've gone from 5,800 accounts to 6,600 accounts of those 10,000 accounts, and we're well on track to reach full coverage by the end of calendar year 2023, which for us is around 80% + of those 10,000 accounts, because we will by choice not cover certain accounts or certain countries as per our strategy. Good progress on our expansion and our coverage with high-touch AEs and translating our solutions into business value for the top 10,000 commercial organizations in the world. Let's take a look at the top. When we focus on the top of our summit program, we see some of those largest organizations in the world. As you can see, the world's leading customers trust OpenText. I wanna update you today on our progress. We're now the top choice for those largest customers in the world. You can see it laid out on this slide here, just taking the top ten across almost all industries. We're at a strategic point, ladies and gentlemen, now, where we are in these largest accounts, and we have the right level of coverage for these accounts, and we're helping them to accelerate their information-led digital transformations. We have the scale, the expertise, the breadth of our cloud solutions to provide the highest possible value for the largest customers and organizations in the world. Whether it be our examples we see on the bottom here, Merck, for example, they're delivering innovation that extends and improves lives using OpenText as their comprehensive cross-company international information backbone. Citi, providing flawless customer experience. L'Oréal, as we heard earlier from both Muhi and Mark, quality, safety, and efficacy delivered across the world in a massive global organization with the help of OpenText. Google delivering a flawless customer experience, partner experience, and employee experience with our technology. Volkswagen, as we heard earlier, they are going through radical change as an organization around electrification and sustainability, and they chose to simplify and choose just a few strategic partners across their IT landscape, and OpenText was a major strategic choice for them. AT&T. AT&T run our technology in their customer call centers, and they also offer our communication technology with their own offerings, bundled to their own customers. Great examples here. When we focus on the top, great things happen. We are the only company capable of delivering at this enormously high scale for each one of these customers, across an enormously broad customer set at the top of the market, where their requirements are more often than not mission-critical, highly personalized business value solutions with globally diverse user communities and a highly secure and compliant cloud. The choice has to be OpenText. Further evidence of that is how prolific we are when it comes to the largest supply chain customers in the world. By market definition, the 50 largest and most complex supply chains on Earth, we have over 80% of them we're proud to call our customer. When we focus on the top 50 supply chains like this, you'll see each one of these tick marks in the top 50 supply chains, as defined by market analysis; each one of these tick marks is a customer of our business networks specifically. It's very unlikely, actually, that you'll get through today, I think, without consuming or interacting with at least one item that's come through a supply chain managed on the OpenText business network. It's a huge part of the market. Some experts estimate that with these customers alone, it would be responsible for around 50% of all of the world's trading partners and the volume of transactions. I'm not sure where that figure is exactly, but the point here is it's not just about these companies, these 50 companies one by one, it's about the vast network of suppliers and trading partners that each one of these companies represents, and manages using a trading platform, on our business network. It's not just about the companies, but it's about the network, the ecosystem of trading partners. We're focusing on not only adding to this list and bringing new customers, and I'll give you an example of that a little bit later on in the presentation, but also, bringing new workloads from each one of these valued customers into the OpenText cloud. By the way, as a footnote on the right-hand side, we also happen to be proud to count as customers the five supply chain masters as defined by Gartner, which this year are Apple, Unilever, P&G, Amazon, and McDonald's. All five also trust workloads to the OpenText cloud. When you look at an opportunity set like this, where do we focus our growth programs into this opportunity? Well, reading along the top row first of all left to right, you'll see a stat there. Already in our vast installed base, 33% of our installed base are current customers, trust some of their workloads to the OpenText Cloud. We're seeing a high degree of adoption there, but also a long way to go. We are happily also onboarding our competitors' workloads as they look for a modern platform. In particular, we're seeing a lot of movement from IBM with FileNet and Sterling. We're moving our own install base, as I mentioned, from Release 16 to our cloud editions. We've got strong momentum caused partly by this migration from our existing install base. Also we're very happy to welcome new customers and new workloads from our existing customers into the OpenText cloud. In fact, the majority of new customers we do welcome to OpenText today we welcome straight onto our cloud; they're adopting immediately in the OpenText Cloud and rather than in our off-cloud solutions. In fact, 36%, 37% of our cloud wins are to new OpenText customers. We're massively expanding our install base when it comes to welcoming new customers into the cloud as well. We're not there alone with our direct sales force, but I'll show you a little later on a slide on our partnerships. We're shoulder to shoulder with very large partnerships in the cloud, in particular, hyperscalers, and by that we mean Microsoft, Amazon, Google, and our traditional partners like SAP, Salesforce, and our global system integrators. We are making inroads into new markets. James will tell you about our expansion in international markets. We have new solutions in the mid-market, which we both sell. In particular, we launched this year a mid-market solution for our business network, which is gaining great traction. We're on a constant 90-day innovation cycle. That's one of the best things about the accelerating in the cloud. We're bringing new conversations, new innovation, new ways to bring business value to our customers every 90 days in the cloud. A little bit more about partners as our force multiplier. I mentioned some of these in the previous slide. SAP, we have a decades-long history of being their top partner in license or off cloud. And I'm very proud to say that that partnership has flourished in the cloud. We're a big part of their RISE program. We're one of their top cloud customers. We stand shoulder to shoulder with SAP during this transition, and we're having great success together, providing value to our mutual customers. Google is very exciting. You may have seen a press release just last month about how we're going to market together in the public cloud. We're also developing integrations in a joint go-to-market with Google Workspace. Microsoft, we support the many, many customers that we mutually have who have chosen Microsoft. We have excellent integration with Teams and Microsoft 365, which are providing value every day for our customers. You'll also hear a little later on from Prentiss about how we have a leading partnership with OpenText, which is very important to both of us in the SMB and C area. Okay, AWS is OpenText's largest cloud platform today, actually. So it's our largest platform for our own OpenText cloud. Also we are running a great innovation program, workshops with AWS to see where we can go to market together. A little bit more about that when I get to my new partnerships box. Let's just cover Salesforce as well. We've had longstanding partnership with Salesforce. We've had great success in our connector between Salesforce and our content services. Content services forms a common regulated backbone for people looking at information which may surface through Salesforce, SAP, Microsoft 365, Workday, SuccessFactors, and others. We're also making inroads now into new types of partnerships with Salesforce. We're having particular success with our digital experience solutions with Salesforce as a partner. Okay, on to new partnerships. Just to say there are many more out there. We're in talks with many of our existing partners about new ways to go to market and many new target partners out there as well. We've developed throughout all of this experience a very useful innovation workshop technique for talking to our technology partners about where the overlap is in our customers' hunt for value and where the mutual benefit is, where we can develop these go-to markets. I think that's at the root of much of our success on the board that you see here. Partners remain a force multiplier for us. It just seems to be it's accelerating and getting to higher scale and a faster innovation when we talk about the OpenText Cloud. Look, we're very proud of our wins. I wanted to give you a couple of examples of our wins that directly relate to the messages that you've seen so far. All of these wins, ladies and gentlemen, on this board are from the last few months. They're all very recent. Just to give you an example how we're winning in the OpenText Cloud. First one, Close Brothers. Great example. This is a new customer to OpenText. As I said, many of our new customers are coming directly into the OpenText Cloud. Close Brothers, no exception, in fact, a good example. We're also happy to beat out an incumbent competitor there, with IBM. Close Brothers, putting in our Content Cloud, integrated with salesforce.com, and also our Experience Cloud in order to be able to provide their information backbone across the organization. Starbucks, Muhi already mentioned. A great example of a win with SAP here. Starbucks have chosen to use our content services in integration with their SAP SuccessFactors and also their Qualtrics system and to provide an excellent experience for their employees. And also to have that information on their employees to give them a more productive and efficient environment and a safer environment as they're using this to support them with their pandemic measures. Exelon, another good example. Now this one's about migrating our existing installed base. Exelon chose to take their existing Release 16 solution and move it into the OpenText cloud. We support them with that migration. This is one of the largest energy companies in the U.S., in fact, in the world. They entrust their secure data to us. They just split off Constellation, who are also in the OpenText cloud, and we manage some very secure information for Exelon, in both of those, examples of cloud migration. Very happy to tell you about Kimberly-Clark as well. Yes, we beat IBM here as the headline says, but also when Kimberly-Clark chose us for their supply chain, we very happily added an extra tick, to the slide you saw earlier on our top 50 supply chain organizations in the world. They're decommissioning a long-standing, on-prem EDI solution, with IBM, and they're moving it entirely to the business network and the OpenText cloud. Two more before I do my closing remarks. I'd just like to highlight two great wins here when it comes to API services. Alcoa, they are consuming our content services API, with Core Content. This is a departmental use case to manage 0.1 million documents, and they are now consuming our content services. It's a great example of a customer consuming services through our cloud native APIs, as is F5. Also mentioned, I think in earlier slides, we're very proud to have them as a customer. They've deepened their relationship with us, and they are consuming millions of transactions a day from our threat management system, as part of their offering to their customers. Each one of these relates directly to the growth opportunities that I outlined in my earlier slide. Let me bring you back to those with my closing remarks, please. Thank you for listening to my messages. Our strategic priorities are clear. Our summit program focuses on the very top of the pyramid I showed earlier on, growing our largest OpenText customers and also focusing on the largest, supply chain organizations worldwide. We continue to grow not only through our own direct sales force, but through our great partners, as you saw from the previous slide, and they are our force multiplier in the cloud. We have two migrations taking place. We migrate our own install base from Release 16 into the cloud, into our cloud editions, and we're also migrating many of our customers who are taking their strategic decision to move to the cloud as an opportunity to modernize and move on to a high-scale modernized cloud platform, which is very often OpenText. As I say, we will reach. We are on track to reach our full coverage of global G10K customers by the end of calendar year 2023. We've made great progress year on year since I last spoke to you. And finally, we have a sales team here that's highly motivated around growth, around accelerating to the cloud. And we're very pleased to continue to welcome new customers to our cloud and to open up new markets for the innovation we're showing in the cloud. Thank you once again, ladies and gentlemen. I'm now gonna introduce you to our Executive Vice President for International Sales, Mr. James McGourlay. James. Hi. Thank you for joining us today. It's a great pleasure to be here, presenting. As Ted mentioned, I am the Executive Vice President for International Sales, and my opportunity today is to walk you through just exactly what the International Sales organization is here at OpenText. We formed the International Sales organization at the start of this fiscal year in order to take advantage of the great growth opportunity that we see before us in the international sales markets. Today I'm gonna go through our market opportunity, give you an overview of where we see that opportunity, and our focused approach to growth and how we're taking the basis of growth from OpenText that Ted and team have been able to deliver in North America and Europe and bring those things out to the international markets and actually execute with focus and bringing the connectivity of OpenText and bringing the strength of OpenText to these new markets or these expanding markets for us. You can see here we're following along on the summit program, grow our top customers and our top supply chain accounts. When you look at our markets, you will see that we have a great supply chain opportunity to build on our business network expansion. We're gonna continue to invest in our proven successful regions. We're gonna migrate our R16 install base installed customers to our cloud editions. We're gonna deepen and expand our partnerships, as Ted mentioned, and we're gonna double our sales coverage over the next few years. The opportunity, and what an opportunity it is. When we look at our current position in the international sales team, we're currently delivering about 10% of the OpenText revenue. We're doing that, you know, as we have been, but increasing rapidly from where we were as we go through this year. We look at our TAM, $18.6 billion addressable target market for all of the products that we sell across our regions. One difference between the enterprise and the international sales region is we sell all products from the sales teams, so we have a focused effort on our customers. Of that TAM, we're looking at 10% market growth in our areas, 15% cloud growth. We're covering five GDPs of the 10 top GDPs. We got a 35% coverage of our G10K areas, 3,800. We've got about 450 people in the organization, and it's a complete sales organization. We've got AEs, we've got SEs, obviously, but we have the supporting factors as well that bring up, you know, and build a full sales organization, such as our operations teams and our PMO and all those things to make sure that we're able to sell the products. Our long-term aspiration is to double our international sales revenue in the region, and we've got some solid plans to do that. Now, when we look at breaking down where exactly our opportunity lies, as Ted walked through the map, and so we've broken down our international sales region here in a little more detail for you. You can see that we have APAC. We've got about 875 accounts of our 10K accounts covered 54% in a $5.7 billion TAM. When we look at APAC, we're covering a massive region and a very diverse region through ANZ, SEA, and we have dedicated teams in all of those regions focused on expansion. Looking at Japan, you can see the numbers there on the TAM, and Japan is our biggest market at the moment and also one of our biggest opportunities. When we look at the business network expansion opportunity that we have in Japan, the industrial manufacturing bases as well as the multinational corporations and the drive for software, the drive for modernization. I'll talk a bit more about that later. You can walk through the list. Greater China, one of the markets where we're continuing to expand and build out in, and an opportunity that we see. Latin America. Latin America, looking back at our performance over the last few years, we found some great opportunities to expand and modernize our business network customers, move forward with our customer experience and digital experience software packages, and we'll talk a bit about that later. Africa and Middle East is just a phenomenal opportunity for us to help our customers in the region, you know, and help expand and move our sales teams and our products along. Central and Eastern Europe, Poland and Czech Republic predominantly at the moment. We're really investing in building out that market and in, you know, educating the customers, helping them understand what's required, and then moving them forward. Grow with OpenText opportunities. As I mentioned, we've got 35% of our G10K coverage in the region. We're looking at getting to full coverage by the end of calendar year 2023. As Ted talked about, focusing on that G10K is where we really see the biggest opportunity for OpenText for our products, for our services. 21% of the 135 international sales region OT customers are on our cloud editions. You know, we are seeing in many of our markets, we're seeing a faster push into the cloud, and we expect to see that number go up drastically over the next little while. Now if you look through, as I said, we're following along in the proven methods that have for sales in North America and Europe, and then we've broken them down here, and you can see where they are. We're not gonna reinvent the wheel far from the corporation. We're going out, and we're taking what we know works. Our summit program. Let's get into our top customers. Let's get into the auto manufacturers in Japan, where we currently are. Let's continue working through there and expanding with those customers and expanding our business network, expanding our software offerings and our cloud offerings. You know, as we migrate our install base, our 16 customers to the cloud editions, right? We've got opportunities where we're working with our larger financial institutions in ANZ, you know, pulling them forward onto our newest digital experience suites and moving onto our cloud editions at the same time. Business network expansion, we've done very well, obviously, in our business network worldwide. We do believe we have an opportunity with the mid-market products that Ted mentioned, to bring up some of the mid-market customers into the business network with us. At the same time, looking at our larger customers who are continuously modernizing their supply chains, help them digitize and modernize the supply chains. Deepen and expanded partnerships. SAP, our global system integrators, and Google, all very important as they are across the world. We have a strong relationship with SAP in all of our regions. We're building on our global system integrators relationships and working with Google. As I mentioned, the hyperscalers are very important to us, working with Google specifically in several of our key regions in order to deliver cloud solutions to our customers. Growing our key regions. I've got a slide on this a little bit later, but talking about Japan, Asia Pacific, and the Middle East, and then we're going to double our sales coverage over the next year. Customer success stories. Look, I think, you know, you've seen customer success stories from Muhi, you've seen customer success stories from Ted, and, you know, I think the fact that, you know, we've got so many great customer success stories to talk about, you know, really does demonstrate the value that OpenText brings to our customers. In this case, you know, we're looking at bringing value to our customers across the globe. You know, TIM Brasil in Brazil, right? Here's a customer who worked with us and working on using our Digital Experience suite as well as our xECM suite to deliver electronic invoices and really facilitate a more improved business solution for their customers. Massively improved experience. Agility is one of the leading constructors of warehousing and logistics systems in the Middle East and Africa. Enhanced customer satisfaction, again, using our customer, sorry, our Digital Experience and our xECM product, as well as AI and intelligent capture. Helping them speed the speed and accelerate their business. JCB out of Japan using our business network and our managed services to accelerate their business partner onboarding and help speed the time to business. They were looking for a scalable, secure, and global B2B infrastructure that allowed them to bring in their trading partners from around the world. New Zealand Transport Agency, content management in the cloud, saving citizens more time and giving them an improved customer experience. Then MSIG, it was on Muhi's slides as well. MSIG is again a great example of a cross products. They're using our customer experience or digital experience products, our xECM products, and all hosted in the OpenText Cloud. A great example of where our customers are across the world, the types of products and services that they're using from OpenText and improving and speeding their business processes. As Ted talked about, you know, our focus is on getting our customers, our R16 customers onto our cloud editions, using our partners as a force multiplier. We work with many of these customers and partners at the same time. And then obviously competitive takeouts that you know are a key part of the way that we do business as well. Continued growth in key regions. Talking about the Middle East and Africa, you can see the TAM there, $1.7 billion TAM, 33% of the G10K coverage across that region. Really, as we look at the Middle East and Africa, you know, we are looking at expanding our footprint, moving from out of our base in the UAE and Qatar, in the Middle East and South Africa, you know, in Africa, obviously. As we continue to look and as we're moving into places, you know, Saudi Arabia, for example, is a great market for us to continue to expand. We're working, you know, across this entire region. Predominantly, our customers are, you know, in the Middle East, you would see, as you would expect, petrochemical, but engineering, infrastructure, government agencies, finances. A great opportunity for us to build on the success that has been in place in the Middle East and Africa. Japan, as I said, it is our biggest market. We've got $4.5 billion TAM, 34% G10K coverage in the country. It's about expanding our footprint in that customer base. You know, it's about working with the large auto manufacturers, as I said. We're strong business network customers or partners in Japan with the auto manufacturers, for example. It's about, you know, really going and making sure that we work with them to help them digitize their entire supply chain, and utilize our software products to really transform as they move forward with the electronic bookkeeping laws in Japan, making sure that we've got the proper records management systems in place, making sure that they've got access to the world's leading content services that we can provide. All of those things are really helping us to build our growth in Japan and really excited about, you know, what we have going on in Japan. In Asia-Pacific, we've done quite well in Asia-Pacific over the years, but we do think we can continue to expand. We know that we can continue to expand. We've got a few key markets, you know, in APAC where we will be, you know, investing significantly as we go forward in order to help build our success with our customers. ANZ, for example, I mentioned the movement to the cloud in ANZ. Our existing install base, of which we have a substantial install base, moving those customers into the cloud, we're working very close with our partners, the hyperscaler or GCP, for example, the hyperscaler, to help make it easy and straightforward for our customers to move. Let's take the complexity away from running their business and deliver, you know, with ease and smoothness to their business as they offer improved customer experience. Southeast Asia, we have great opportunities to expand. Philippines, Thailand, Malaysia. We have a strong business, obviously, in the Philippines, from a business perspective, from an OpenText business perspective, but we have an opportunity to build on our customer base in that country as well. We see the same thing in Malaysia and Thailand. China, we're investing in China, continuing to build our team in China and have a good, strong foothold in the domestic marketplace. Obviously, India falls into APAC as well. We do have a great growth opportunities, you know, where we have a good, strong footprint, where we have been building and expanding over the last few years. Now we're doubling down. Now we're pulling in higher growth. Just to make the point again, make sure that we, you know, leave you with our strategic priorities. Our priorities are clear. Right? Deepen our footprint to accelerate growth in international markets. Utilize OpenText global strength to enable growth and partners are a force multiplier. We're taking what we have already done at OpenText, we're taking that to the international markets. We're investing, we're focusing, we're bringing the corporate strength of OpenText, and we're looking to move forward. As I said, you know, our long-term aspiration is to double our international sales in the region over the, you know, very shortly. Thank you for your time today. I really appreciate the opportunity to speak to you, and I'm gonna hand us off now to a five-minute break, following which we'll have Paul Duggan and our international renewals team. Thank you. For public utilities, customer communications need to flow as easily and reliably as their services do. It's no surprise that Farys, a public sector firm that provides drinking water throughout Belgium, handles millions of documents every year, including bills, connection letters, and other customer communications as they build, maintain, and operate sewage systems, road networks, and over 100 sports facilities. We really have a 360 view on every communication we have with our customer, and everything that we send out is thanks to Exstream and OpenText. Farys partnered with OpenText and SAP to transform their digital document strategy. Deploying new communications now takes less than one week, down from three months. Leveraging APIs with the Developer Cloud, the signature process was digitized and simplified. Farys strongly believes in integration and standardization, and I think the whole OpenText suite and its close collaboration with SAP really will be the long-term strategic IT partners of Farys. Farys runs the OpenText Digital Experience and Developer Cloud. Hey, welcome back to Investor Day 2022. I'm Paul Duggan, Executive Vice President of Renewals. I'm thrilled to be here with you to talk about the renewals organization, and the important role we play in growth at OpenText. My key messages today are twofold, scaling the revenue engine and our next altitude in the cloud. Scaling the revenue engine, it's always started with talent, and it does with us. We have a world-class team in a centralized, dedicated organization. We'll talk about proven value and how a renewal fundamentally comes down to several decision factors, the cornerstone of which is trust. Finally, there are several areas that accelerate our scaling and how things like AI are helping shape and guide our segmentation and approach to the business. As we look to the future and all the growth that you heard Mark and my colleagues talk about so far today, we see a step function in renewals to contribute to growth in new ways. In the spirit of CAVU, I stole this from Mark, and I'll throw another saying on this. We're gonna take this thing to new heights, and get into class alpha airspace, where we can navigate in new directions and position a renewals organization to further extend and grow with OpenText mission. Let's dive in. I thought I'd begin the discussion. You saw this slide earlier, but let's talk just quickly about the organization, and I'll give you a feeling of my kind of philosophy approach to the business as well. So $2.7 billion of annual recurring revenue across 125,000 renewal agreements. The AR growth's truly impressive, 318% growth over the past 10 years, and it's ending Q2 at more than 80% of total revenue. We're entrusted with that revenue. The business is managed by 425 renewal professionals from around the world. I've been on the executive leadership team here at OpenText for five years. While I've recently transitioned to renewals, I've spent nearly 20 years running renewals organizations, and I've had the privilege of doing that at three of the world's fastest-growing and largest enterprise software companies. Let me tell you, we have a world-class team, and it's a differentiator for us. I think of it as the high octane fuel that runs this engine. We have several distinct teams responsible for our cloud renewals, off-cloud renewals, and SMB renewals. Ultimately, this is one team, and we have one mission. Being a single team creates a pillar of strength within the organization. We can advocate for our customers in different ways, and we can see across the different functions that service and support our customers. As we look ahead, I think that gives us an interesting platform to leverage in new ways to further extend value to our customers interlocked with our colleagues to grow this business even more. Let me talk to you quickly about our OpenText culture. It centers on the outcome of our customers, respect, and the development of the individual. We live by a set of core values and principles at OpenText. The first thing on that list is to be deserving of trust. As they say, you know, trust is earned. It often takes years to build, but only seconds to break. When you think about a renewal or any subscription for that matter, you know, at the end of the day, it really comes down to an action, a decision. That decision we recognize is made by our customers, not by us. We believe the drivers influencing that decision are threefold. Is the customer fully using our products or services? Do we have a meaningful relationship with them? And do they realize value from both? That belief shapes our approach to the business. For example, we've adopted a customer management approach rather than a contract management one, and we're closely interlocked with the sales and services team around the customer. We also pride ourselves on showing up. We're often amongst the first calls the customer makes when they need help. We take that role very seriously. These are interactions that happen every day at OpenText, and every day, customers make that decision to renew. You see a few recent renewals on the slide here. Let's face it, these are great examples of customers where trust is everything. Financial services, healthcare, public sector, and government, trust is the vocabulary and foundational to everything they do. By the numbers, OpenText customers are happy. Our CSAT scores have never been higher, and our customers stay and expand. To that last point, I'd say, there's no better expression of trust than a relationship that grows. Needless to say, we live in unprecedented times. This chart shows five years. You just need to go back 24 hours with the headlines coming out of Eastern Europe. COVID certainly permeated everything in our lives for the past two years, but it's hardly the only global event impacting the customers we serve. It won't be the last. Over the last few years, we've internally aligned on a single word to describe who we are and the collective mindset we have at OpenText. In 2020, we used the word resilient. Last year, it was courageous. This year, unstoppable. For renewals, that word unstoppable really resonates for me. If you look at our renewal rates, they've been stable and unwavering despite so much disruption and change. Let's be clear, this only comes from delivering proven and sustained value in the updates and innovation we make to our products. It also comes from operational excellence, things like our systems and airtight management of our contract base. We're very disciplined with pricing, both at point of sale and upon renewal. We offer customers flexibility and choice with things like our extended support program. We tightly manage our policies and controls. Now, all of this is driven by a world-class leadership, truly the best I've worked with, running a segmentation model with distinct roles that support our mission. Where do we go from here? You heard Mark and Ted and James and others talk about the path ahead to drive exceptional growth in the coming year. Let's shift gears to how renewals plays a bigger role in those aspirations. We're calling our next altitude in the cloud. At its core for renewals, that completes the transition from a customer management approach or to a customer management approach, and also deploys new programs with retention and protecting the base in mind. It puts an emphasis on our cross-functional engagement and connectivity, and our extent is really driven by the five areas that you see on the slide here. We're gonna drive transformational engagement, including the automation and centralization of our process. We're gonna take a longer range programmatic approach to retention. We're gonna continue momentum that we have on upselling and build some new muscle on cross-selling, and we're gonna continuously improve our business practices and insight. Now, all of this is underpinned by a complete rethink we're doing in terms of onboarding and enablement. Not, you know, not just to upskill over the next few years, but also to build new channels of rapid deployment for enablement to support our sales and marketing functions. Together, we really see these things as a step function to organic growth, as an extension of our selling teams and to position us well to support our customers on their journeys. Let's double-click into a few of these areas, and we'll expand upon what that means. I touched on this notion of completing the transition from a transactional contract-based approach to one that's based on consumption and expansion. Now, these are two different motions, and therefore two different roles within the organization. On one hand, you have a renewal representative who is an expert at that end-to-end transaction, is focused on retention and finds growth via upselling our support programs and pricing uplifts. By contrast, a customer manager is an expert on gauging usage and adoption, is focused on expansion, and finds growth via upselling capacity, products, and services. Now, both roles are important. They just have different orientations, and therefore require different skills and different deployment within a strategic segmentation model. Now, today, we have an established customer management approach on our cloud renewals. The opportunity ahead for us is to do this with our off-cloud and SMB business as well, and we've illustrated that here on the right-hand side of the slide. What's new in FY 2022? This is kind of a first phase of building this out in those businesses, and we've launched a new off-cloud customer management team in our key accounts. As you heard from the other presentations, this is really a high-touch zone for us, where relationships and understanding customers are of the utmost importance. In FY 2023, we're gonna do two things. First, we're going to build out a self-service renewal portal, which we're working on now, and that'll complete the formation of a digital renewal center, where we centralize the majority of our process and transactional events into one segmentation. Second, we'll use that milestone as an opportunity to expand our customer management coverage across the rest of the contract base. We're gonna use AI to deploy those resources in a way that emphasizes specific customer profiles of opportunity and risk. What does this all mean? It means we're gonna double the capacity of our customer management function over the next few years, and that's important. It brings role parity across the teams, but it also uplifts the conversations that we're having with these customers and the actions that we can take to drive value within the account. It also allows us to do things like rebalance this team as things evolve and as we see the mix of AR change over time. Above all else, it goes back to where we started in terms of those decision factors, namely building value from a more deep and strategic relationship with our customers. We also see growth via retention and expansion. Now, there's a lot of ways to do this. Here's a few that we're focused on now. First, in Q2, in December actually, we launched a new program of long-range risk management. When you're running a renewals business, one of the things you strive for is to look around corners and try to anticipate things that may cause risk to an account. If you see it early, you can influence outcome. In FY 2022, we combined the human insight we have within the renewals team with our AI insights into one single dashboard in the context of a renewal and trend of the account health over time. Now, where we see specific opportunities in that, we attach an executive sponsor, either at the executive level or a senior leader within the organization, develop a plan, and execute against that plan. Now, the key to this program is not just the, you know, awareness and alignment that comes from that. Those are critically important, and we've raised the bar there. To me, there's a new capability that's created with this kind of program, namely to sustain the prioritization of an account, specifically when any kind of near-term risk has been resolved. We also drive growth from our support programs, things like our annual price adjustment and extended support programs. I have some firsthand knowledge of how we stack up in the software industry, and let me just say, we have some world-class upper quartile performance. We're taking the learnings and rigor that we have in our off-cloud business, and we're fully deploying that in cloud this year. In FY 2023, we will do the same for SMB. Finally, there's an expansion motion that we're perfecting on our cloud renewals. That really comes from this unique ability to read all the telemetry and then proactively engage with a customer to get to more capacity and longer-term commitments. That's a real mover for us. I expect to see renewal rates increase here over the coming year as we refine our approach and add enablement across the teams. There's a few new frontiers for us in renewals, in upselling and cross-selling. You know, look, I'll note that we have today a very successful program of lead pass from renewals, from the customer managers to the field sales organization. We've generated an incredible amount of incremental cloud bookings in the first half of FY 2022 alone. In the year ahead, it's about creating new paths to growth. For example, we see the opportunity to sell our managed services and on-demand messaging to our B2B customers. Next month, we're in fact launching our new campaign around IM and IoT to the business networks in collaboration with the sales team in enabling the customer managers to have those kinds of discussions at time of renewal. SMB, certainly Zix; these are all new areas for us to unpack and explore as extension of those selling motions as well. A great example of this kind of motion could be found in the retail industry, you know. Retail, look, let's face it, they've been navigating 20 years of digital transformation, and when the pandemic hit, overnight, things were shut down to physical stores. Retailers that weren't selling household necessities were in big trouble, while retailers that had robust e-commerce sites fared much better. Nordstrom started their journey with OpenText 22 years ago as a van and catalog customer. The customer management team has always been very close to this account, and pivotal in helping the sales team grow by cross-selling into a number of new areas, including our managed services, ComplianceLink, and other services. Much of this happening over the past 4 years. More importantly, I think it's a good illustration of being a trusted partner. We're part of their team. We're side by side with Nordstrom and their nearly 5,000 trading partners, and we provide a backbone for Nordstrom to emerge stronger in a very tough retail environment. This is a highly repeatable play. It's an example of something, you know, I could name. We have a dozen other retailers that we've had success with over the years, and it creates a template of sorts for us around value and a selling motion to add to an industry that really needs expertise from information management and business network experts. It's at the top of our list. This is an exciting area for me. I think it's a place to watch for us, and I look forward to updating you on our progress the next time we speak. There's a scene from the famous American football movie Any Given Sunday, and I won't try to replicate it here 'cause I'll fail miserably. Al Pacino makes this impassioned locker room speech about how sometimes we need to fight for every inch to make it across the line, and how those inches are all around us. We have our own saying here at OpenText, and that is, "Growth is granular." Perhaps nowhere is that more true than in renewals. Now, there's a number of areas where we can see incremental growth. We talked about API, but there's growth within better contracting standards. There's growth within quality of sale. There's growth within better systems. There's growth with an understanding our install base better by triangulating all of the data points we have around that customer. There's also a lot of great things happening in our AI. I know we've talked about this in the past, but really over the past six months, it's pretty remarkable how precise this has become. I think we're now at the point where we can move and take this capability beyond risk prediction into the area of shaping our go-to market and segmentation for renewals and how we strategize within those accounts. We've got robust plans in each of these areas. In fact, I just hired a dedicated leader, direct report to myself with a team just to manage these things. There's 120 basis points of renewal rate improvement right here on this slide, in addition to all the other things we've talked about. It's a very exciting area for us, and something that we are maniacal about. Let me summarize things by bringing us back up to the top. We're building the future of renewals on bedrock at OpenText. We have a single, dedicated team, we're trusted by our customers, and we have demonstrated proven value. We have a momentum, upper quartile performance, and I think there are a number of ways to accelerate that, including things like AI. We see that step-function growth. It starts with the completion of automating the process and doubling the number of customer managers we have in our organization. We're gonna double down on expansion and, you know, from that will create some new motions in our investment into the installed base and cross-selling with new paths to growth. Let me close by saying it's my privilege to work with our incredible team and our incredible customers, and truly together we will be unstoppable. That's it for me. We're gonna do a short video, and then I'm gonna hand over to my good friend and colleague, Prentiss Donohue. OpenText is committed to helping all our customers and partners be cyber resilient. With the collective capabilities across Zix, Carbonite, Webroot, and Bricata, businesses are protected across every endpoint with information secured and threats stopped before they happen with no downtime. We rarely have to worry about email-borne threats getting through the filters that we have in place. If there is an issue, we know that we can call any time, day or night, and get phenomenal support. I actually remember the change in the mood within my company. Within days of making this decision, my employees were happy again. They weren't waking up in the morning worried about what would go wrong. It's been a great partnership in terms of trying to adjust to these unique times together to keep driving forward. Ultimately, we couldn't just go out and buy a piece of software. We needed a partner that was going to be our backup and recovery expert. OpenText is three years into this journey as a powerhouse for small and medium businesses with 23,000 managed service providers globally, and this is just the beginning. Small and medium businesses have peace of mind running on the OpenText Security and Protection Cloud. Hey, everybody. Thanks for staying with us and welcome to our conversation about the OpenText Security and Protection Cloud, where I'm gonna be talking about where we really concentrate, which is in the SMB space. You know, today, SMB is incredibly important to OpenText. We've only been in this market for a little over two years. Already, we're approximately 20% of the company, and we've done that through an established and growing SMB community. You heard from Mark and you heard from Muhi and others about our focus via MSPs. We have 23,000 MSPs and growing. We're very proud of that relationship and interaction, as we're one of the largest SMB channels in the marketplace. We're bigger than Datto, we're bigger than Pax8. This is all relevant because security remains a high priority for small and medium businesses. You know, Paul was just talking about retailers and these players in the marketplace who are now being affected by the malware, phishing, and bad actors who continue to get more sophisticated and continue to expand out into that SMB space. I'm gonna be talking today about a strategic relationship that we have with Microsoft that came in via our Zix acquisition that we're very excited about. What this all means is, you've heard today about how we're the leader in information management. You also need to know that we're a leader in information security. What does this mean as far as how we go to market? You've seen this slide before. The space we're talking about here is right there, on about 40% of the addressable market, but this really relates to our go-to-market approach. An MSP, for those of you who may not be familiar, is a managed service provider. It could be anywhere from 5 employees to 100 employees. The MSPs really focus usually on a localized market. Then what they do is they can have expertise as it relates to certain segments, right? That could be small retailers, it could be automotive, it could be related to local healthcare's doctors and dentists office types of things. Those are the groups that we play really closely with. In addition, remote monitoring and management companies that work with those MSPs embed our technologies, and that's an important part of our go-to-market motion. We team very closely with about 13 of the biggest RMMs in the marketplace. Of course, we still work with distributors and value-added resellers. Although we do see a trend where value-added resellers are transitioning into becoming more of that managed service provider type of profile. We're doing this with our cloud orientation, cloud platforms and innovations, and we're doing it by expanding, getting that enablement into the partners, particularly those MSPs who need help and engagement, and we're doing it with the Digital Zone. How can we really automate many of these processes to make it easier for these partners to do business with us? We're investing heavily in that space in order to do it and doing more of it with Microsoft, which I'm gonna be talking about some more. A few trends that are shaping our strategy here that may not surprise you, but they're highly relevant to us, and we watch it closely. SMBs represent almost half of U.S. GDP and 2/3 of new jobs. There's high levels of turnover, and there's thus a high need because of a labor skill shortage in order to make sure that SMBs get the IT security support through the MSPs. We've also seen a big spike as far as malware sent via email. There's over 300 billion emails sent globally daily, and it's growing. Some of you might be catching up on some of that right now as I'm talking. It's a very common method of attack for malware, and we're even starting to see malware disguised as ransomware, and we wanna make sure that we can tackle that. Then we also see Microsoft building out. They've really won that productivity and office suite space. With all these things coming together, what we've been really excited about is Zix. Some of you may have seen our, we closed on the Zix acquisition December 23, and we couldn't be more thrilled about that team and group. As far as the why we're going into this space and why Zix and how is it working together, it's become incredibly compelling. First of all, from a technology perspective, we see that email security component fitting right in with what Zix is bringing to our portfolio. This is coming into our cyber resilience portfolio and the level of interest, not just from M365 customers, but from the rest of our base around how can we further secure their email environment has been enormously important. In addition, Zix brings cloud-to-cloud backup, all kinds of data protection offerings, data loss prevention, archiving, and really helps round out the portfolio. It's not just technology, though. The team has been very impressive to us. Our SVP of Americas sales is for all of our SMB business, came over from Zix, as did our SVP of SMB strategy. That entire team is an area that we're investing in, we're building up, and it's offering all kinds of new avenues as we look at healthcare and financial services via that MSP market that they understand just as well as we do. Of the 5,600 active MSPs that we're talking about here, there was only about 800 MSPs that overlapped. Again, opened up a whole host of new white spaces for us to go cross-sell and upsell to. As we look at the foundation for growth and what is an SMB powerhouse, this is clear evidence of how strong we are in this space and how we've grown in the last year as it relates to our MSPs that we've talked about, our value-added resellers, and you heard Mark talk about over 0.8 million businesses that are supported in this space. This is coming from our Carbonite, Webroot, and BrightCloud components, as well as Zix and the Zix AppRiver CloudAlly teams that are coming together to round out our products and solutions. Our products and solutions, we put it under the cyber resilience umbrella, and this is a great differentiator for us for a couple of important reasons. Number one is we do the backup, train, protect, and restore elements, whereas our competitors might only play in a piecemeal way. You might see Sophos, for example, playing in the antivirus space, or you might see a model where Veeam is doing some backup plays. We do it all. That's important in our partner ecosystem for an important reason. If you're an MSP and you're trying to manage 50 vendor relationships, you need to consolidate that. A lot of our MSPs are telling us that they just don't wanna have to manage that many different vendors. How can we, in our Security and Protection Cloud, consolidate that relationship and then automate it in order to make their lives easier and help us scale and grow with them in this growing marketplace? We're doing this with over 2,000 experts and who wake up every day thinking about SMB across OpenText and a great engineering team on top of that. SMB at scale. As we look at the SMB presence in the past two-plus years, we have the major partnerships with Microsoft. Watch this space. We're looking at our channel and are there fits and ways we could get some additional major partnerships in here to get into that SMB space via those MSPs and other partners. We have major product releases. We're working with Muhi's team, we're very excited about enhanced endpoint protection efficacy. This is constantly an evolving threat and target as we look at mobile, as we look at some of the geographic dispersions and risks that we're seeing. We're beefing up even further our anti-ransomware protection because that threat has not diminished in the last couple of years, and we're also focused on enhancing our common consoles that are used by many of that, particularly in that prosumer space, but also moving beyond that into the Digital Zone that we're driving. I'm gonna talk in a minute about what we call the new commerce experience, where we're working closely with Microsoft to see and understand how we can build out the value add to these MSPs as far as how they're engaging and buying as well as the SMBs in the marketplace. We're doing all this with the Carbonite Webroot, BrightCloud, Zix, CloudAlly, AppRiver, then there's more. There's Hightail, there's MailStore, all this value add that's leading into our product and people that give us great insight and advantage in this space, and we're building it on this enhanced security platform for MSPs to give them value and insight. Just to bring it to life for a minute, the threat intelligence model, this BrightCloud piece, I wanted to highlight because it's a huge advantage for us. We see this is a sixth-generation machine learning with predictive AI models on top of it. These aren't typos. We really do scan and monitor over 43 billion URLs. We catalog 1 billion domains. It's upwards of 37 million active mobile apps, all to protect our base. This basis creates that protection framework across our product lines, and we've just made our threat intelligence foundation stronger. As we look at those malware, even malware disguising as ransomware threats, we get Zix now providing a blocking and quarantining model for over 6 billion emails in order to protect SMBs. That's an enormous value for us, and it even scales up into the enterprise. Ted and his team are also using BrightCloud in order to secure large enterprises via our OEM model as well. One quick plug on the BrightCloud threat report side, we are publishing out our 2022 report in about three weeks. Stay tuned because there's a lot of great insights and trend lines that we're able to see through BrightCloud that again guide our strategy, not just in terms of what we're seeing in the marketplace as far as addressable markets and trends, but what we're seeing on the technology side and where we need to make sure we're staying one step ahead of the bad actors. As we look at Microsoft, it's been mentioned a number of times today, but it's important, and it's important to us because Microsoft's not just dominance in the productivity suite arena, but also because of their go-to-market model. To be a cloud solutions provider means that if you're an end user and you're spending less than $0.3 million a year, Microsoft directs you to a CSP. We are one of the top five CSPs in North America. We have been growing at a very rapid clip within Zix, and we're continuing to engage and expand this model and this relationship because we have over 88,000 M365 contracts. I mentioned New Commerce Experience. This is a SMB-oriented program on the part of Microsoft, where they're changing pricing models, they're changing rebate models, they're changing the contracting elements as it relates to the value of going month to month to year. It actually takes quite a bit of hand-holding on our part in order to explain to those 88,000 and then some, what the value is in transitioning, how we can help them transition, and having a conversation and interaction with them that opens up a great cross-sell and upsell opportunity. Whether that's secure email, if it's backup, if it's our endpoint solutions, if it's file share or security awareness training. Remember, in the technology scenario, the weakest link can also be that human firewall. It actually usually is that human firewall that needs help. We focus on security awareness training with this audience as well, in addition to DNS. We're very excited about the Microsoft relationship, and we see an opportunity as this model is changing, particularly in the course of the next six months, to continue to add our cyber resilience portfolio offerings into those teams. There's been great work on the part of our former Zix team as well as our legacy teams to pick up and have those conversations and engagements in order to identify the growth opportunity. Our strategic priorities, we are clear on what we want to do and where we want to go here. It's an enormous addressable market. We are gonna be the number one SMB security provider. In that Security and Protection Cloud, we're gonna be number one here as we continue to expand, add value, and play that consolidation and automation value add with APIs. The OpenText strategy is in doing that and going into this Digital Zone for our partners is enormously valuable, and that's gonna make us even more appealing for new MSP partners as we bring them into the fold. We're gonna look to accelerate Microsoft into the MSPs and support as a cloud solutions provider, and we're gonna do it with our IP. It's a great go-to-market motion for us that's highly complementary and highly beneficial for the MSPs and those small medium businesses that are in the marketplace. We are really well-positioned to do some more M&A. Coming up in a minute is gonna be my friend and business partner, our EVP of Corporate Development, Doug Parker. First, we're gonna go to video. Thank you. OpenText knows the importance of an integrated ecosystem for our customers, and customers of all sizes need simplicity in the way they operate across clouds and business solutions. OpenText was the best fit for our needs because we were in the middle of implementing the SAP portfolio, and that fit nicely into what we were looking for. OpenText strategic partnerships drive co-innovation with the customers at the center. OpenText is building for the future on Google Cloud. With hybrid work here to stay, it's critical to enable secure, governed, and easy access to information across these large organizations. We deliver valuable information management managed services globally with Google. We enable fast integrations with Microsoft Business Solutions and can run any solution on Azure. We connect seamlessly content management and business processes with SAP. We transition customers easily to the cloud with AWS. We bring holistic solutions with deep integrations into Oracle's E-Business Suite, and we bring a flexible 360-degree view of the customer with our Salesforce connections. Together, we bring forth the best of what technology has to offer, providing seamless business solutions for our customers. Good afternoon. My name is Doug Parker. I'm the Executive Vice President of Corporate Development in OpenText. Good afternoon. I want to speak to you today about our corporate development approach, provide you more visibility to our M&A pipeline and the scale of the exciting opportunities before us, and insight into our strategic priorities. As many of you know, strategic M&A has been an important part of our story at OpenText and has helped us establish and evolve our information management leadership. We see our M&A capabilities as a competitive advantage, and we foster and invest in the team, its activities, and our corporate development ecosystem as a whole. We see our M&A trajectory continuing as we align our acquisition strategy with our broader growth and ARR strategic goals. We have the financial strength and flexibility to deploy our M&A strategy at scale. M&A is an important competitive advantage in our total growth strategy. From our initial roots in content services, we've used M&A to expand our leadership in various key information management domains. From content services to the business networks, added through acquisitions such as GXS. From the business networks to digital experience through acquisitions such as the HP assets. From our digital experience into the security protection with acquisitions such as Carbonite. M&A has enabled us to establish new and growing presence in logical market adjacencies at scale in a disciplined and financially prudent way. There's no lack of opportunity. In fact, I've never been more excited about the context of M&A possibilities for the company. I'm gonna provide today some visibility to our corporate development approach and pipeline. As you see on the slide, we use market segmentation to identify attractive TAMs. TAMs where our scale and operational excellence can add value, synergies. We're actively tracking over 1,000 companies, big, small, large, private, and public. We have clear visibility to literally billions in revenue opportunity across all our market domains, and a clear line of sight for M&A to help double the company as our long-term aspiration mentioned by Mark. As a programmatic acquirer, we are relentlessly focused on monitoring those opportunities to pick the assets that best meet our M&A playbook requirements. We are patient, and we are playing the long game. I'd like to talk next a little bit about our people. M&A is the ultimate team sport, and about our M&A life cycle, our processes, and some of our principles. We have a large and seasoned dedicated M&A team with centralized control over the entire M&A process. These are talented experts. They know the industry. They know our market segmentation. They know our go-to-market motion. They know our technologies. They focus on the preconditions for successful integration. The company continues to execute in a tougher valuation market over the last few years and pursue opportunities that make sense for us, such as two I'd like to highlight, Carbonite and Zix. The expansion of our market leadership into SMB was clearly accelerated by our execution of our M&A playbook. The Carbonite acquisition enabled us to acquire a new SMB platform in an attractive TAM at a reasonable price, allowing us to accelerate our cloud revenue, our ARR profile, and our free cash flow, while also providing critical mass in an exciting domain, security and protection. We continue that process from Carbonite transaction with our recent acquisition of Zix. Again, we executed our playbook by expanding intelligently our SMB presence at a reasonable price for an asset with a sustainably organic growth profile, strong partnerships with Microsoft, as was mentioned by Prentiss, and a well-respected and knowledgeable employee base. In summary, our corporate development strategic priorities are clear. We continue to build our relationships and stay very close to the 12,000 targets in our pipeline. We invest in and we develop our internal core capabilities in the area. We prioritize ARR with our targets, and we are an important enabler to double the company in the coming years. I wanna thank you for your time, and it gives me great pleasure to introduce my colleague and our CFO, Madhu Ranganathan. Yes. Hello, everyone. A big welcome, and thank you for your time today. I recognize I'm standing between you and the Q&A, so, you know, really appreciate the time. I'm just really humbled to follow Mark and the leadership team. We're proud, I am proud, to present the OpenText model. We have the right balance today that investors seek in terms of business models with the knowns and unknowns of the world as we continue to have a strong connectivity between macro and micro data points. You just heard from all my colleagues a 30-year journey to be an information company in the cloud. To date, we have done this with upper quartile margins that very few companies out there can actually compare in the technology space. OpenText has delivered proven profitability, cash flows, and balance sheet strength with a high level of resilience in all markets, and particularly in a challenging environment as we have today. The center of my purview as a CFO is operational excellence. What you heard today is really leapfrogging operational excellence to drive total growth. The key messages here, as you heard, and I'll just do a recap, the growth opportunities are significant, and SMB at scale is really providing us an adjacency along with the enterprise. You'll hear from me more. We will invest in organizational and operational infrastructures. They have to be well-oiled to drive growth. We are building a strong model, and I'll talk more about this, of nonlinear headcount vis-à-vis growth of automation and higher productivity. Cloud infrastructure is a very key priority. You heard about 80%+ of our future investments towards cloud-based technologies, and my team and I are right in partnership with Muhi and Mark to allow that to happen as we look into the future. The technology investments of the CIO office takes center stage. I'm very proud of it, and we'll certainly talk to you more about it. Unlocking value via multiple expansion and expanding our investor footprint, from value to value plus GARP growth at a reasonable price is of top priority. When you really look at the outlook for our performance, it remains very strong. We will focus on annual recurring revenue, and I'll talk more about the expansion. We have discrete opportunities in the adjusted EBITDA line as well as the free cash flow. The OpenText business system Mark mentioned here, I mean, his comments are fantastic. I'll just make one comment here. The operating model profitability is at the top for a good reason. There are few companies that have a consistent history of acquisitions as we do. Throughout the acquisition and beyond, we have tight integration into our operating model profitability. Today, as I said, that experience is leapfrogging into growth synergies in the acquisition as we have created with Carbonite and Zix are both growth-driven assets and an integral part of our TAM. Grow with OpenText, as you heard today. I'm just summarizing the great work our colleagues did and to emphasize that all that you heard today is giving you the details behind, as many of you have asked, the 2%-4% organic growth and where do we go and what are the underlying opportunities. Here is my attempt to just summarize. OpenText Cloud and four ways to consume, it's very important. You heard about the summit programs, which is about our top customers and the top supply chain, and deepening our relationship with the partnership and our hyperscalers, SMB at scale. Microsoft relationship bears its own plate for all that you heard from Prentiss Donohue, which includes scale and growth. It includes engagement and conversion as well. Cross-sell, upsell opportunities across the product portfolios and across the geographies. You know, migrate from our Release 16 to the cloud is very important. Full global coverage. We are aiming at 80% coverage by calendar 2023. Our long-term aspirations, of course, you heard that from Mark. Everything Paul Duggan says, I'm taking it into the financial model. Thank you again, Paul, and growth by renewal and expansion. Investing for growth. This is actually a very important slide, so I'm gonna spend a couple minutes on it. Today, we bring operational excellence and operating profitability with clarity and scale on our investments. Let me start with the top left, which is investing for innovation. You heard from Mark and Muhi about the breadth and the depth of our products and solutions, the past, present, and the future, and let me tie that to the investment. While we have maintained around 12% of revenues, the dollars have significantly expanded from $274 million in fiscal 2017 to over $400 million in our trailing twelve-month December 2021, and we're maintaining 12%-14% in fiscal 2022. As we look ahead, as we mentioned, we're targeting 80%+ of our investments in cloud-based technologies. This direction of investment will be the underpinning for Ultimate Cloud and the growth and competitive advantage opportunities that will become ours over time. On sales and marketing, very similarly, we've maintained about 18% over the last 6 years. On a trailing 12-month basis, $633 million as of December 2021, with 18%-20% for fiscal 2022. Yes, you will see investments accelerating in the second half, and that has been baked into our target operating model. Both Ted and James talked about the teams, the large teams and investment in channel and renewals. These are the investments that are planned, and what you will see in the future is sort of a fabric of automation and systematization, which I will talk more about. A good segue to the top right, investing for scale. Scale comes through doing more with the same. It's a good old definition of productivity. Today, there's no definition of productivity without systematization or digitization. Organizationally, the CIO organization rolls into the CFO organization, and I can't be so proud and grateful for the partnership that comes along with that. It allows us to evaluate, to design with our business leaders and orchestrate these projects with the right speed and outcomes. Our CIO team is a global team of about 500 professionals with a wide range of expertise, and our internal investment portfolio is broad and deep with a specific lens in the next 1-year to 2-year projects focused on growth and integration of our acquisition, contracts management and renewals automation, global technical support, and of course, OpenText Digital Zone and many more. Needless to say, we are very focused on the outcomes, and we like to work backwards, as you see on the chart. These projects have to be catalysts for organic growth. They have to produce efficiencies in renewals, billings, and collection, and of course, increase self-service so that Ted, James, and Prentiss have more selling time and their teams to drive more growth. The chart below is how it all comes together. Our upper quartile adjusted EBITDA is our framework. Driving total revenue growth for upper quartile EBITDA, there are two areas, technology automation and higher productivity. Second is the trajectory of the nonlinear headcount growth. What do we mean by that? It means driving higher efficiencies, driving productivity by ruthless prioritization and a lens on growth while including DNA, we call it digital and automation, driving automation of all things transactions and transactable and executing on projects, as I mentioned earlier. Keep in mind the model here is resilient, it's consistent, it's sustainable. While the underlying investments and the key projects may vary from time to time, this is what we believe makes OpenText highly differentiated in all environments, and particularly what we continue to experience, you know, macro-wise. The proven durable business model. The key message here is one of predictability, of recurring revenue growth and expansion of margins. Once again, very few software companies will show a chart very similar to this, where there's growth of recurring revenue and expansion of margins. ARR is customer support revenues and cloud revenues, and during the period that we are showing in the chart here, our customer support revenues grew with our install base from $657 million to $1.3 billion, while cloud revenues grew with enormous strength from $0 to about $1.4 billion. Growth and adjusted EBITDA is driven by what I referred to earlier, just a consistency in the operating model profitability. During the last few acquisitions, our focus has been ARR with a closer lens on cloud companies, as you heard, that contribute very significantly to ARR. On the far right, we are looking at 81%-83% in our fiscal 2022 target model for annual recurring revenue range and adjusted EBITDA from 35.5%-36.5% due to Zix and our investment in talent. I will speak about the path towards our long-term aspirations. Our fiscal 2022 target model, and this is something we shared as part of our February earnings, and I'm just gonna highlight a few points. Cloud revenues is expanding on the far right to the top 42%-44% compared to fiscal 2021 of 41.6%, and we have also provided 8%-10% total cloud growth in fiscal 2022 over 2021. You will see the resulting expansion in ARR, as I mentioned, from 81% in fiscal 2021 to 81%-83% in fiscal 2022. The non-GAAP gross margin also benefits from adding to the mixed cloud revenues in the nature of Carbonite and Zix acquisitions, where gross margin is in the low 80s. I will point you to 65%-67% for total cloud non-GAAP gross margin that allows for the expansion to 75%-77%. Operating expenses, you do see the expansion compared to fiscal 2021 on R&D and sales and marketing. Keep in mind, the fiscal 2022 target model reflects the Zix acquisition, which we are primarily focused on two lines of spend, R&D and sales and marketing. In aggregate, the operating spend is 42%-44% compared to 39.5% for an adjusted EBITDA midpoint of 36%. This is a year of investment, no doubt. It's not unusual for OpenText. More recently, we'll take you back to the Carbonite acquisition, the quarter immediately following. Our adjusted EBITDA was 31.8%, and you saw the growth path from there, and we intend to maintain our timeframe to get Zix acquisition to our target operating model in the next 12 months-18 months. And you've seen us do that before. Moving to the present, to the fiscal 2024 aspirations. On the left is our target model, on the right is our aspiration. It's the middle part that's the most important. How do we get there? I do want to expand on that for you. Key operational drivers, ARR expansion, adjusted EBITDA opportunities, 200 basis points-400 basis points, right? Free cash flow opportunities. As you look down the list there are actually several. We do have going from renewals to expansion, as Paul talked about. We have working capital drivers, I mean, and EBITDA drivers as well from a free cash flow standpoint. I will say higher automation in contract renewals is very key. Annual price adjustments, and you heard that from Paul. It's a key driver, and we've been very consistent on that from an ARR perspective. Higher automation and global technical support, it directly adds to our gross margin. I also spoke about the digital and automation initiatives. On the working capital efficiency, I will say our acquisitions bring to us a very solid working capital framework, so we have a ladder to climb that is not too tall, and these are the bridges that will get us 200 basis points - 400 basis points in EBITDA. Of course, I mean, as you know, the conversion for us from EBITDA to free cash flow is very strong. Free cash flow on the far right. I'll move to our long-term aspirations in a moment. I do wanna spend a moment on cloud growth. It's sustainable and profitable. We've had strong enterprise cloud bookings in fiscal 2021 and the first six months of fiscal 2022 across many products and geographies. Cloud revenue will lead our total growth. Cloud growth and scale will drive our non-GAAP gross margin, and specific opportunities for margin improvements do exist in enterprise cloud. In terms of numbers, as you see the 130% growth in cloud revenue from fiscal 2015 to our trailing twelve months, from a non-GAAP cloud gross margin perspective, the opportunities in enterprise cloud are important and 60.9%-65.7% in our target model. As we go to the long-term aspirations, these are the opportunities that will drive us to fiscal 2024. Let's pause on this slide, the path to ARR, very critical to our fiscal 2024. On cloud growth, again, we talked about this earlier, customer support, also from renewal to expansion. I'll spend a moment on M&A. The acquisition, as Doug Parker mentioned, will be ARR-focused. Our target is return on invested capital and free cash flow returns. We do have proven success acquiring cloud companies, about 9 of them, with Carbonite and Zix being the most recent ones, and we will have a lens on cloud as we look at acquisitions. This is really our path from a driver perspective operationally to get from 81%-83% to the 85%. Our medium-term aspirations, as Mark referred to, I won't spend too much time on it. Just to sort of summarize, when you look back at the drivers in fiscal 2023 that will get us to the medium-term aspirations of fiscal 2024, I will make a comment that the initiative, the projects have been designed and many of them are in implementation, and that's really the path to get us to these medium-term aspirations as outlined here. All right, our strategic priorities are very clear. It is about best-in-class operational support to accelerate organic growth as you look at from the on the far left, and I'll make a couple comments here. We will maintain 12%-14% R&D, 18%-20% sales and marketing funded by expansion in gross margin, and that will be our path to 38%-40% adjusted EBITDA, investing above 40% back into the business. The far-right expansion of financial envelope, I will remind, 80% + of our investments towards cloud-based technologies. Then I'm gonna speak to the three boxes together, technology investments and, you know, master modern work and the nonlinear growth of headcount. Look, human skills are critical, general and specialized skills. Our modern work footprint will need to be differentiated, driving higher productivity as we look ahead, and combined with automation and all the digitization initiatives, and deployed smartly, will offer us the maximum financial envelope. On acquisition and integration, I have, you know, mentioned this before, our lens on target companies will pull the future forward for us. What do I mean by that? These target companies will bring growth, will bring ARR, and will provide us assurance of an operating model profitability as well. We have a strong capital deployment strategy, with 33% of trailing 12-month free cash flows toward anti-dilutive buyback and dividends, and a solid balance sheet to continue to drive acquisitions. Our debt structure is just optimal. Our last 1-year efforts leave us with excellent rates and extended maturities, exactly where we wanna be in today's environment. The last box to the bottom right, it is about creating value, and it is about increasing our, I mean, increasing our value. In our view, information management is an absolute space for investors and analysts to deeply engage, and OpenText is not just a business leader; we're a financial leader with proven strength. We do remain undervalued today, particularly given the very strong foundation and the future trajectory that my colleagues and myself just shared. Thank you for your time. Thanks to all the investors for your continued support. Working with our amazing investor relations team, Mark and I remain committed to share the OpenText story across Canada, U.S., and the global investor footprints. With that, I wish you all plenty of wellness and peace. I will turn it over to our senior vice president, Harry Blount of Investor Relations. before that, a short video of one of our customers we are very privileged to have, Braille Works. Thank you again. We believe in using information for good, and we're proud to help businesses around the globe leverage OpenText technology to use their own information in making a positive global impact. Helping Braille Works make the world more accessible. OpenText solutions provide accessibility to more people, and that's a very big deal. It provides people with the independence and freedom to manage their own information. It's amazing what that brings to life. Helping FDN reduce their carbon footprint. We were generating 1.7 tons of CO2. The first year with the solution, it was reduced to 0.4, and the following year, it went down to 0.2. In 2020, we were able to keep it at 0. Helping Philips transform oncology. We wanna be able to provide quick treatment for cancer. We wanna be able to offer capabilities to diagnose cancer much faster and much earlier. We needed a solution that satisfied these requirements. When we looked at OpenText, it superseded all of the other products that we looked at. What would happen if we did not accomplish the plan? We fail. OpenText is proud to partner with companies using technology to improve the way we live and work. Together, we're building a sustainable and inclusive global community. Welcome back. We're gonna begin the Q&A session. Thank you for those who have sent in your questions through the application. We are going to start with a question first on the market size. So as it relates to the market, how much of the current TAM is serviceable at the moment with your current products and geographies? And is the plan to eventually build and acquire capabilities to address the entire full market? Mark? Harry, thank you. I'm gonna hand that question to Sandy Ono, our Chief Marketing Officer. Fantastic. Sandy, welcome. Thank you, Mark. Well, the $92 billion serviceable market is actually the serviceable markets in 20 subcategories that OpenText competes in today. The overall information management sector is actually about 30 different subcategories over $130 billion. The key thing is what you heard from my colleagues today, that we're really expanding our ability to serve this market in three fronts. On the enterprise, the large and the mid-market, it's about breaking into the global G10K and also through our strategic partnerships. We've now opened up 40% of the TAM through what Prentiss talked about in our SMB motion, and we're gonna be deliberate and disciplined in our M&A in all the categories to what Doc talked about. Thank you, Sandy. The next question is a capital allocation question. The question is, how do you decide between dividends, including special dividends, and share purchases for returning capital to shareholders? Harry, thank you. Harry, feel free to throw them out, so you don't give them to me, and I throw them out to the team. Understood. Yeah, feel free to throw them out to the team. I'll take this one, then hand to Madhu as well. As stated, our capital return strategy is we look at 33%, 1/3 of our trailing twelve-month cash flows and allocate that to dividends and buybacks. Now, we used to be in a posture where 20% of FCF, TTM FCF, was allocated to dividend. We thought that was a great foundation of predictable, high value return to shareholders. Then recently, we put on top of that a buyback. The minimum threshold of the buyback is to keep our share count constant and to look at it as anti-dilutive. In total, that's 1/3 of our capital we're gonna return annually via dividends and buyback 66% for corporate purposes and M&A. That gives us all the strategic flexibility if we need that we need. If we step up to something even larger and more transformative, as we've talked about and chronicled, we won't hesitate to pull back the buyback if we need to to fund something even larger. Our dividend is really a foundation from which we built on. Thank you, Mark. Thank you, Harry. The next question is, with the overall market growing at 9% and our investments in sales and marketing and R&D and our increasing exposure to the faster-growing SMB, why do you think that our longer term organic growth will be capped at 4%? It's not. When we look at our current stated aspirations, we wanna pick kind of the next execution, the next zone of performance for us. That next zone in fiscal 2024, which is only medium-term. I mean, fiscal 2024 is roughly eight, 9.5 quarters away. That next performance zone for us is up to 4% growth. Beyond that, and look, I like to see us be delivering consistently in that 2%-4% organic growth. We clearly have the market, we have the products, we have the executive team, and we have the foundation to do even better longer term. The next zone of performance for us is 2%-4% organic growth. Clearly, as we accelerate into the cloud and into faster-growing markets, we have an opportunity to do more than that. We're not capped at that. We're just setting our performance zone right now, and we'll continue to evaluate it. Fantastic. The next question is, when it comes to growth, and all these new initiatives in the SMB market, will the majority of the growth over the short term and the medium term come from the SMB market? It seems very incremental to OpenText. Well, Prentiss certainly think it will, but Ted and James has something else to say about that question. Let me hand it to Prentiss to talk a bit about SMB growth, and then over to Ted and James to speak about enterprise growth. Yeah, sure. The TAM that I outlined in my presentation really provides the kind of the best insight to the first of all, the size of the market. Each one of those SMBs needs to be touched at an individual level. That means that the importance of our growth is in many ways tied to the growth that we get within our partner community, which is why our focus in really connecting and making it easier to do business with is our top priority, so that we can put the accelerant on that Security and Protection Cloud. Ted, James? Yeah, I'll go next. I'm happy to have Prentiss as my colleague and also a competitor in this. Yeah. I would definitely like to outgrow him. There's plenty of potential there. I hope it came through in my presentation. At the heart of this is the G10K expansion that I've been talking about. You know, if you think about it, we're often driven by the speed of the customer and their information-led digital transformations. Having an increased coverage of the G10K allows us to educate that customer through a series of workshops that we've built, IP to OpenText, where we can share customer stories with them, references, innovations, and that allows them to plan multi-year projects going forward. It's about the speed of the customer, it's about educating them on the value we can bring to them, and it's about that coverage. The G10K coverage will lead to great growth for us over the next couple of years. James? Yeah. Thanks, Ted. I'm gonna just follow on what Ted said. I think it is about coverage. You know, our opportunity, as I talked about, is to move higher up from that 37% that we had on the slide, and get more into our customer base and build out some of our successes in the G10K. I think the second opportunity that we have is expanding in our markets. Right? It is about taking advantage of the new markets. You know, take Saudi Arabia, for example. You know, we've got a good footprint in Saudi Arabia, but we can double that market relatively quickly, for example. We've got the G10K, we've got some regional markets that we're going to expand in, and you know, I think bringing the best of what OpenText has done in North America and Europe to the international markets is gonna lead to that natural expansion and that natural growth for the region. Harry, I'm gonna mix metaphors here for a moment, and it's like having five thoroughbreds, and we're gonna let them run. Prentiss in SMB, Ted in our western enterprise markets, James in our international markets, Paul in renewals, and as we accelerate into the cloud expansion, and Kristina in our customer services group and our new offerings, like our new MDR offering as well. We're gonna let the thoroughbreds run, and we'll keep being the support supply lines to help them run as fast as they can. Fantastic. The next one is a product question. If you look at our 4,500 developers, the question is really, what is the proportion between new products versus improving existing products? Maybe to Muhi. Thank you, Mark. Thank you, and good afternoon, everyone. Today we are 50/50, approximately, give and take. Of course, in any engineering organization, resource will flex at times to accommodate additional features that we're adding into a release. If you look in the new projects we have on the Business Network Cloud, we have our middle-tier offering that Ted highlighted in his presentation, and going to market with these to reach new market and grow the Business Network Cloud. On the Content Cloud, we have projects to go deeper integration into Google Workspace, deeper integration into Microsoft, where we replace SharePoint and become the foundation and the platform where Microsoft Office 365 stores content. If you look at the Security and Protection Cloud, you heard Prentiss, we're supporting him by delivering MDR, EDR, XDR capability from monitoring detection responses. But we're doing a lot more into the Webroot and Carbonite and Zix product line as well, and bringing some of these products and integrating them together to deliver a better and more value to the customers. In the API, every 90 days there is a new multiple APIs that get released and made available, like Intelligent Capture, like BCTI and others. Back to you, Harry. Muhi, thank you so much. If I can just add one piece to it. As we accelerate our efforts in the cloud, the idea of what's old and what's new is a bit of a client-server off-cloud concept. We are massively investing in cloud operations, cloud infrastructure, cloud delivery speed. You know, we announced a year ago, a year and a half ago, that we're gonna do releases every 90 days. That's a step change function for a company of our scale. Oracle has taken our language and now moving every 90 days, just as an example. The investment in infrastructure, the investment in people, the investment in a mindset, the investment in the tools to go from thought to a serviceable feature in our clouds in 90 days, that's all new. The investment in that infrastructure and the go faster, we're gonna count as well as new investments 'cause that internal cloud infrastructure to go from thought to a serviceable function live in our clouds in 90 days is all part of new. Yeah. Fantastic. The next question is, with the doubling of the company, our long-term aspiration over the next 5 years-7 years, does that contemplate growth entirely within our existing clouds or new cloud potential? I can say this really simply. We can double OpenText in our existing markets, in the existing TAM. I won't say that we can triple OpenText in our current markets, but we just might be able to. We can unequivocally double in the existing TAM and SAM, I am in this market. Fantastic. Yeah. The next question is, with relation to the growth in cloud editions, shifting the majority of our existing clients into cloud-based versions of OpenText, what are the key areas that we see that will drive that growth and that shift? Ted, over to you. You're leading the charge from Release 16 to Cloud Edition. Maybe speak a little bit about the percent install base that's moved. I think we got about 1/3 moved right now, 2/3 to go, and a bit about the drivers behind that. Yeah. Thank you, Mark. Yeah. We've, as I said in one of my earlier slides, around 1/3 of our customers have already got workloads on the OpenText cloud. Even with those customers, we're looking to increase the number of workloads that they move to the cloud. We're making good progress. About 2/3 to go. We're seeing. I think let's talk about three major kind of growth pushes when it comes to the move of our install base to the cloud. First of all, on Business Network. You can't really get past a news headline without hearing about disrupted supply chains and the need for adaptive, agile supply chains with some plasticity. Our combination of Business Networks plus IoT is right in the middle of a major wave across multiple industries right now. We're seeing that drive a lot of people from on-prem systems into the Business Networks cloud native supply chain and treasury solutions. Business Networks is a big part of that. You've got two more, which have been traditionally, in the previous decade, traditionally off cloud vectors for us, which are moving rapidly to the OpenText cloud, and that's Digital Experience Group and Content Services. On the Digital Experience group, we've seen over the last couple of years, it's accelerated consumers' willingness and requirement to transact more digitally and to interact more digitally. That's driving great growth into our Digital Experience cloud for our installed base and for new customers from that point. An example would be what Muhi said about PG&E, where they have to do massive bursts of high communications during, for example, wildfires. They need a very largely scalable cloud platform, which they can only get from OpenText. That moved them from our installed base into our cloud. Then finally, Content Services- That's a really good example, Ted, 'cause it's really close to home here, where we're all here in Palo Alto, where PG&E is a great example. I'm sorry to jump in. Not at all. 'Cause I'm also a customer. Yeah. They went from off cloud to the cloud, they had an event where they needed to move to the cloud and have complete reliability. I know many of us here are on the PG&E site during fire season, right, and looking at evacuation zones and the movement of fires, which is the new normal for us out here in Northern California. Yeah. You can go from hundreds- That's OpenText technology powering that. It absolutely is. that platform. It will literally go from hundreds of people consuming that content to millions within a second, and that's the power of our platform. Then finally, just briefly, 'cause I've taken up enough time, Content Services, big shift to our clouds for our install base. We're right in the middle of that. And we've always been in the business for Content Services of regulated and highly secure. But now we're providing those types of repositories and services across the customers who've chosen, as Mark said earlier, multi-cloud. We're integrating between those clouds to provide one safe space for the one version of truth of content. Thank you very much. I'm gonna group the next two questions together. They're related. The question is: within the growth, where are we seeing which industries are we seeing the fastest growth from? Then related to that is how much of our growth is related to price versus expansion versus cross-sell? Happy to take a little piece of that. I would say if we rank order our industries, it's financial services, manufacturing, healthcare, CPG, retail, auto. I don't think I've missed any in the kind of top tier for us for growth. What's the second part of the question? It was related to the mix of what's Yeah. driving between price expansion and cross-sell. Yeah, pricing is always an interesting different in when you get to more medium and smaller size companies. We're very disciplined, and we call it APA, annual price adjustment. And we have that across our new commercial frameworks as well as at the time of renewal. And as you heard from Paul earlier, we're very effective at capturing annual APA. In the enterprise space, it is not a good measure to look at inflation in APA. The two do not correlate. 30 years of experience and history, perhaps a little wisdom in the enterprise space, inflation and APA do not correlate in the enterprise space 'cause you're competing on a individual pricing situation where you have to prove your value, and it's the value of a project. Price increases are just not directly correlated to inflation. They're related to value. Medium-winded answer to say we're very disciplined at APA. We rolled out, I think, our latest APA in October, end of last year? That's right. Yep. Takes a bit to work through the system 'cause of renewals. We will do an annual APA. We're getting our fair share of APA through the value we provide and the discipline. That's a great setup to the next question, Mark, which- Okay. Which is with the APAs that we talked about today and the move to go from retention to expansion, what kind of timeframe is it gonna take, and does that apply to both off cloud and cloud? I use this like a leadership team meeting. Paul? Thanks for the question. It's a great question. Look, first and foremost, the motion's there. We already have an established motion of, as I talked about, of lead pass. When you look at the functional roles of our team, there's that distinct customer management function. It's just operating at a different level. It's less about that end-to-end transaction, and it's more about adoption and usage and that sort of thing. There's different levels of conversation and different motions within that, and different skillsets and different placement within the organization. That's happening today. What we, as I talked about earlier, the opportunity for us is to now fully deploy that across all of our customers. We have that motion on the cloud side. It's kind of an established way of thinking already on the cloud side. For the remaining parts of the business, we're setting all of those things in place to allow us to double the capacity of our customer managers across our entire renewal base. We've already started. We've got an established motion. FY 2022 kicked off kind of phase one of that for kind of accelerating the rest of that transformation. In FY 2023, it's gonna be where we double down. There's some gating factors in terms of some of these, the digital renewal center, building out and centralizing a lot of the function, and getting to this place where we can put more energy and time into the right conversation. Stay tuned. It's gonna make a big impact for us. Thank you, Paul. If I can amplify one point, thank you, Paul. Sure. Yeah. If I can amplify one point, I think you see it with the team here, but it's great to have us all together in one place. We look forward to being with you next year, together. There's so much. The energy of being together is just phenomenal. You can see it here in the team and how we're organized. Paul is a independent yet choreographed organization, with his peers. We don't have renewals. Some companies take renewals and embed them into the field. As companies have also, you know, moved from completely off cloud to some cloud technologies, they have been able to leverage the expertise from off cloud. That's not how we're organized. That's not how we manage. If you go back to Paul's prepared remarks, you see right up front in the first slide, one team. That is an independent team, yet choreographed with his colleagues. Paul's able in this organization, they're talking to a different buyer. It is a different motion both at the time of renewal and for expansion. We just have a different point of view of how to organize and roll out this motion. As we accelerate into the cloud, it's all gonna be about expansion. I just wanna make that point 'cause we're organized differently, we think differently here, and it just shows in our per quartile results. Absolutely. The next couple questions are coming in on Microsoft. With the new program that Microsoft is rolling out for the SMB channel, what does it mean for us? What does it mean for the customers? Is this an opportunity? Just a kind of a overarching question on Microsoft and the implications and opportunity for us. Yeah, maybe I'll do a macro frame for the company, then hand it over to Prentiss. As I said in my introductory remarks, really looking back earnestly over the last two to three years at the incredible pace of the hyperscalers. I can't find a customer who has made a decision to go, "I'm only going one hyperscaler." I can't find a customer who has bet their company on one hyperscaler. It is a multi-cloud world, just like it was a multi-ERP world, and just like it was a multi-database world. It is a multi-cloud world. That puts us into an incredible position to be the connective tissue, to be the glue, to be the process orchestrator, the information orchestrator across all those clouds. We are going to get close to Microsoft, Google, Amazon, the big enterprise players, SAP, ServiceNow, Salesforce, and we're gonna leverage their unique strengths. This puts a little more work on us. Bring it on, right? We're gonna leverage the best of every partner. As relates to Microsoft, they've won the endpoint. Our strategy is cloud and edge differentiated. Cloud and edge. No edge, no cloud. No cloud, no edge. They're like two rabbits tied together, you know, in the race. With that, we love Microsoft. We are delighted to be really close to the winner at the endpoint, the edge. Prentiss, over to you to talk more about the incredible motions we have going on with Microsoft right now. Yeah, sure. It's a good question. Just to get a little more specific in the SMB and MSP realm, about 80% of those 88,000 contracts that I mentioned earlier are month to month. Part of the interaction and discussion that takes place right now in the conversion exercise that Microsoft wants us to put people into this new commerce experience is requiring us to really have a careful sit-down with those MSPs and even the end users and speak about their annual plan. It's already a high-level discussion in the sense that the IT spend that these SMBs are doing with Microsoft tends to be their biggest ticket item. We've already moved up the kind of importance level in the conversation, and now it's moving up again because either they're gonna go with this NCE, this new commerce experience exercise, or they're gonna choose to stay. But either way, we're gonna be at the table with them as they review, analyze, and decide which path they're gonna be taking. Are they gonna go to annual contracts or monthly? How are they gonna handle the pricing changes and the rebates? And it provides an opportunity for us to continue to add more value in that cross-sell type model. We win either way, whether they go with NCE or whether they choose to stay, because we're at the table. Fantastic. Thank you, Prentiss. Next question is about acquisitions and M&A. What's the environment looking like out there? Is it getting more or less competitive? Is there a changing mix in buyers? I'll give you my half sentence and hand it to Doug. It's looking better every day. Doug- Yes. For the details. Absolutely, Harry. It's looking better every day. I mean, there's still a lot of money in the system, SPACs, financial buyers. I think you're seeing some hesitancy in deploying some of that capital. I think the public market pressure is starting to influence private valuations. I think the high-flying 30%-40% growers in niche markets are still highly valued. There's definitely a rebalancing going on, Harry, and it's encouraging because it just plays to the strength of our playbook and our disciplined approach. Very good. Thank you. The next question's about the macro environment and what is our confidence as we think about things like inflation and Ukraine and many of the other macro factors that are buffeting the marketplace. Yeah. Harry, thank you. I'll take a little piece of that and then hand to Madhu as well. As you saw in Paul's presentation, it was very purposeful, the slide that Paul added. You know, we've been through a series of cascading crises over the last two and a half years. As I said in my introductory remarks, these forces either are ripping people apart or bringing them closer together. It's brought OpenText closer together, a more stronger company today through COVID, through social injustice, through an environmental crisis, fires, and now through Ukraine. We're a more focused and stronger company growing. In relation to inflation, the best answer. First is how we run our company. You heard us talk about our debt structures, and we purposefully moved to fixed rates in our debt structures. The best way to attack inflation is to remove the variable cost that is inflating. That's called digital automation, as we talked about. We actually can help customers manage through this. We're in a great position on how we run our company and the offerings that we can help to be more digital, be more automated, help companies repurpose, redirect their labor through stronger information-led automation. As it relates to Russia and Ukraine, after Crimea, we actually exited Ukraine. After Documentum, we actually exited Russia. So it is de minimis to our business today, and we don't operate in either country. With that said, our energy right now is focused on helping our customers in Europe who are in those regions, and it's very real, and it's gonna get worse in the coming weeks and month or two ahead. We pray for peace, but I suspect it's gonna get worse. Our energy right now is helping our customers as they move supply chains, not unlike when they moved supply chains during COVID. Our business is rock solid, it's the bedrock, and our renewals business grew through these crises since we're the platform. Madhu? Yeah. Thank you, Mark. As I shared in my prepared comments, the permutation of the known and the unknowns, we stay very close to it, right? The connectivity between the macros and what we can control. You'll continue to see OpenText be very preemptive, be very proactive about aspects such as balance sheet strength. Then what we do for our customers, while the secular tailwinds exist for all of our product and solutions for our customers and growth for our business, we wanna bring those value proposition home. That is where I would say bringing the CIO organization into digital and automation in all of the growth leaders and my colleagues around here is where my focus is, I mean, is going to be with the support of a large team. You make the internal model continue to be resilient, while there are many factors that are not within our control. Fantastic. We have two more questions left. Mark, you've talked several quarters publicly about how excited you are about APIs and the API developer cloud as a way of consuming. The question really is, what does that mean for us? What's really the big opportunity, and why are you so excited about it? I'm very pleased with our culture. I'm gonna start a little with kind of a macro point, where we're not a culture where we think we know it all, and we're also not a culture of not invented here. We're learners. I can say this, and I'm very proud of our team. We may not be the smartest team, but we'll outcompete anyone when we go to school and we learn. We love Twilio and what they've done. My tip of the hat to firms like Twilio. When we looked at it across the board in information management from our Content Cloud, our Business Network Cloud, Experience Cloud, Security and Protection Cloud, we're like, "This is amazing functionality." The only way to consume it shouldn't be through our applications. We've spent on engineering to architect that we've turned everything into an API. We've learned from Amazon, and we've learned from Twilio. We've learned from ourselves that everything we're doing is through the lens of an API. Make it important enough, make it large enough, make it public, make it usable. We also, when we acquired Carbonite, we acquired BrightCloud, which is called the BCTI API out on developers@opentext.com. It's embedded in the top telecommunications companies for threat intelligence, and we're expanding that now into financial services. We learned through an acquisition as well. This is yet another way to consume. I am very excited about when I look out one year, three years, five years from now, we wanna be embedded in new style of applications. Digital GDP is all about frictionless. Developers and companies wanna pick up a series of APIs, write a thin application on top of it, be multi-cloud, and go with an app, and we're gonna be right there for them. You know, whether it be storing documents, turning documents into metadata, being able to go from a physical document to something digitized, be able to move a good, be able to transact in Brazil, to be able to, you know, do threat intelligence. These are all just APIs now. That's why I'm very excited about it. It will add to growth. This is young, as you saw in our slides, but I'm absolutely convinced, that, it will add to future growth. We entered the business network market through acquisitions. We've entered SMB and security through acquisitions. We're gonna enter the API market through our organic efforts and acquisitions. That is a fantastic setup for the very last question w hich is about doubling the company. We've made, now, nine cloud acquisitions. We have added Carbonite in the last few years. We've added Zix. Those, does that signal a change or mix at all in terms of how we're going to double the company? Well, I think you get nine data points, it starts to draw a line or a curve. I would say that there's definitely a line and pattern forming. Maybe a little cheek aside, we like, as you saw in Madhu's and Paul's and Doug's presentation, we love ARR, and ARR can come in many forms. We're not gonna be bashful about looking at an off-cloud company if we think we can take their off-cloud company and benefit to our private cloud, or we can see a path to bringing them to the public cloud. I just wanna be very clear, we won't be bashful looking at large maintenance install bases. I think it's a mistake to say no to a very profitable way to consume in our markets. We have to be convinced we can move that future into the cloud. We also have to make sure that whatever we require is congruent with our future architecture. That means more cloud-oriented technologies as well. But yeah, I think the last six years or seven years are probably indicative of the next 20 years. Well, fantastic. Well, to all our audience, I'd like to turn it over to Mark to wrap us up. All right. Madhu, I'd like to give you the microphone first to a few words, and then I'll wrap up as well. All right. Thank you, Mark. Thank you all for your time today. As I said in my comments, information management is an absolute space where investors and analysts should engage deeply, and we're gonna help you do that. We're looking to expand the footprint around the globe. We remain undervalued, particularly given the strong foundation and the future trajectory you heard, and look forward to engaging with all of you. Thank you. Yeah. Thank you, Madhu. I'll conclude with three things. Why invest in a company? First, is it a market you wanna be in? Information management is absolutely a market we wanna be in. Mm-hmm. Two, in periods of high inflation, is inflation eroding your core competitiveness or your market share? Not at OpenText. Three, is there a dislodgement, you know, to the upper end of market leaders? Yeah, when I look at ourselves to Oracle, when I look at ourselves to Microsoft, I look at us to Salesforce, and these are our ambitions. Our ambitions are not in the past. Our ambitions are not a Citrix or a CA or a Symantec or a McAfee. Our ambitions are all forward-looking towards Microsoft, towards VMware, towards Adobe, towards SAP, towards an Oracle of that scale. When I look at the value creation that our team and our motion to create, that's the forward that we look at. I love the market we're in. We're gonna help companies through inflation, and it doesn't erode our base. I look at the opportunity to move forward into that aspirational space. We appreciate your interest in OpenText. We're here to work with you to help you get to know us better, and to help you be a shareholder. Thank you.