Beamtree Holdings Limited (BMT) Earnings Call Transcript & Summary

Thank you, everybody, for joining. Welcome, first of all, this afternoon to the 2021 Annual General Meeting for Beamtree Holdings Limited. My name is Mike Hill, I'm the Chairman of the company, have been since we listed the company a couple of years ago at [indiscernible] Board will introduce and the management team will take you through some of the latest observations from 2021. And then I'll give you a little bit of an update on what's happening with the company and a quick overview of quarter 1 as well. So again, thank you, everybody, for joining. First of all, I'd like to acknowledge our traditional custodians of the land on which we stand today, the Wangal people of the Eora nation, and pay respects to their elders, past, present and future. I'd also like to acknowledge the elders of the land where each of you are today, noting that many of us are in different countries for today's meeting. Finally, I extend my respect to the First Nations people joining us for today's Annual General Meeting. Also given the health concerns of the COVID-19 pandemic, there will be certain guidelines and restrictions associated with Australian and government territories. And the company considers that it is appropriate, therefore, to hold this AGM as a virtual meeting. I'll take you through the Q&A process and how that works to make sure everybody can answer questions and also go through the voting procedures for the resolutions today. Now that it is 1:00, we do have a quorum present. I'll declare the meeting open for business and confirm that the meeting has been properly constituted. First of all, I'd like to introduce the Board, who you can see there, a slide on the screen here today. From top left to bottom right, obviously, first of all, that's me, Mike Hill, Chairman of the company. We have Jim -- James Birch or Jim, as we call him. Jim comes from an extensive health care background and sits on a number of Boards and very, very openly contributes to the Board construct and discussions around strategy. So really happy to have Jim as part of the Board. Stephen Borness also with us. Stephen was one of the original founding shareholders and chaired the Pavilion business, which was acquired some time last year. Pavilion was the business that brought a lot of the data insights from hospitals into the company that we will be talking to today. Bottom left-hand side, Andrew Gray. Andrew is a technology investor. He has been his entire career, having worked around the world, investing in technology companies, specifically software. He's been a valuable contributor to this particular company as we work through the strategic growth metrics and starting to integrate that road map that is obviously clearly really important to us today. Brad Lancken also -- he's bottom middle there. Brad joins the Board. He's also an investor, has invested in a lot of technology companies. Brad has been instrumental, since joining the Board, on leading some of the acquisitions that Beamtree has made and, together with Stephen and the management team, did a lot of the behind-the-scenes on the Potential(x) acquisition that we'll talk to today. And lastly, but not least, Paul Williams. Paul joined the Board when we listed the company. Paul's career spans across pathology, where he was also leading the technology team in various large Australian domestic health care operations, but has worked in numerous companies around pathology. So he was instrumental early on in the days when we listed the company, and it was pretty much focused back then on the pathology industry with its RippleDown product. But nonetheless, Paul, again, adds valuable insight into the business and the team discussion. If I then turn to the management team. Tim Kelsey, Chief Executive Officer, who joined the company officially back in December although agreed to join back in October, just to serve out that notice period. Tim's done a tremendous job since joining the company. It doesn't feel like very long ago, but a lot has happened within the company. And I'm sure, as you hear Tim and the team talk to the update today, they'll do a great job of giving you a clear overview of what the business is, where it's going and why it's made the various acquisitions, et cetera. Belinda is the company secretary. She's here with us today. Cass Chen is the CFO. She'll also talk to various components around the financial side of the business. And lastly, but not least -- oh, sorry, I've got 2 more. I've got Duane Attree, who joined us recently. He was the Founder, CEO of Potential(x). His now official title within Beamtree is the Chief Commercial and Development Officer. And I also have Cheryl McCullagh, who is the Chief Strategy Officer of Beamtree. So you've got the entire team, the Board here today, and we are also joined, of course, by Gareth Few from BDO, the company's auditor. So with the introductions out of the way, the agenda for today will pretty much be as it says there on the screen. I'll work through a short sort of introduction for my address. I'll hand it across to Tim and the team to work through some slides, updates on the business, and then we'll go through the formal part of the AGM today, which is all the resolutions and the voting procedures, et cetera. If I just turn to the Q&A process. As this is a virtual meeting, I would like to obviously welcome those who are joining us via this Zoom call and [Operator Instructions]. We'll continue to monitor that Q&A function throughout the meeting just to see if there's any questions or comments that we need to address. Questions will -- which relate to the general business of the company, we'll collect it and address after the close of the formal part of the meeting. We do have quite a few resolutions to get through. So we'll skip into the interesting part now, which is obviously to talk through what's been going on in the business. The management team have put together a slide deck, which is being released to the ASX for you. But some of the highlights, clearly, that we've set out in the ASX are Beamtree continues to win new contracts, both in Australia and internationally. The guys will talk to some of those particular contracts, but it has been a successful win rate on contracts to drive that organic growth part of the business. Obviously, importantly is where is the business headed and as an update on quarter 1, given we just finished the September quarter of FY '22, pleased to report that organically, the business has delivered 23.1% growth in that first quarter when you compare it to the previous quarter of -- quarter 1 last year. Now that excludes any contribution from the Potential(x) acquisition. So yes, that's a great achievement by the team there. And again, I'll let Tim and the team talk to exactly what's going on. Milestones in the Saudi Kingdom on the contract that was announced earlier in the financial -- earlier in the last financial year has been going according to plan and now successfully through Stage 2 of a few stages of that particular project. But everything seems to be going according to plan and the guys are doing a great job, both remotely and with the team on the ground in Saudi Arabia. Launching of the new Global Health Comparators program. Tim will talk more to this. It's a really important step strategically for the company and takes it to a global field of people that truly do understand health care and importantly, the data analytics side of what's needed to, one, capture the data; but two, provide meaningful feedback to customers that need the answers for the data to improve health care through their own particular organization, be it private or public. Also obviously, we had made a couple of announcements of acquisitions through the year. Happy to say that both the Potential(x) and the Ainsoff acquisition completed successfully through that more recent period. But Tim and the team will talk to that as well. And also, Tim has led the establishment of the Beamtree Global Impact Committee, which he'll touch on in his slides as well. So on that point, I might throw it over to Tim to talk specifically to some of the slides you see on the screen today. And then I'll come back later and we'll go through the formal part of the business. So over to you, Tim.

Thanks, Mike, and thanks for everybody attending the meeting. Yes, just to say, so just starting with this first slide, we had a very strong year in FY '21, my first year with the company. A lot has happened, as Mike said, not least, we finally changed our name from Pacific Knowledge Systems, or PKS, to Beamtree. That was very deliberate and part of a process to support the growth strategy, really. We hope the name Beamtree resonates as a global brand. And we believe the words -- it is, in fact, the name of a pear tree -- do speak to that kind of very strong commitment the company has to precision and science in the development of its services. That's what's been the foundation really of our trust with clients both in Australia and around the world. But secondly, our ability to be agile in our response to changing market and client requirements. So that sense of the evolution of the health service as it develops, we hope coined in the term tree. So Beamtree, the new name, which was launched at the time we produced our annual results a couple of months ago. Mike, as I said, we did well in the last financial year in terms of new contracts and retentions. As you'll see in a minute, when we give you a quick overview of where we're at, currently we're trading that our renewal rate is currently running at 100% last year, around about 99%. That was just really 1 client in the Middle East. But -- and really, what I want that to -- want to emphasize with that figure is that what that really reflects is that particularly perhaps just given all the different pressures on the health system over the last few years, of course, including COVID more recently, the quality and importance of Beamtree products in the range of services they provide clients really has been very critical, and that really explains the high level of retention that we're experiencing. The 2 key acquisitions, I'll come back to shortly. But I'd obviously just like to pause at the beginning of this presentation just to say an enormous thank you to the team. Many new members have joined us during the course of the last period, during the last financial year and continue to do so as we grow the business. But particularly to the colleagues on this call and to the broader team, some of whom are watching the proceedings, just a very, very heartfelt thank you for the extraordinary commitment and work that everybody has undertaken. Next slide, please. So today, Beamtree is a global company. It's been low profile in the development of its growth. What we intend now to do is to really accelerate the growth into a health service that's very opportune for the kind of services we provide. And we'll just briefly touch on, reminding people what those are, but in essence, Beamtree is a world leader in the provision -- in the automation of clinical process and is also a world leader in the associated analytics to provide insights into the comparative performance of health services. So putting those 2 things together, the ability to really generate accurate data with which you can hold your performance to account and to then convert that data into rules that can help assist with delivery of improvements in care quality on the front line is the core to our offer. And that offer currently is touching more than 50 million people around the world in more than 22 countries. We operate, of course, with global distributors like Abbott and Philips, who distribute our services in pathology, but we also have a very extensive network of clients that we directly service. Next slide, please. Just some highlights of the year. I won't go through it in detail. Clearly, very important, game-changing transformational acquisition of Potential(x) just completed in this quarter, which we'll touch on shortly, but also the acquisition of the new entrant of Ainsoff, giving us some pioneering capabilities in artificial intelligence and decision support. Other key client wins identified on that time line there. Next slide, please. So just to home in on one particular key contract. Over the last 2 years, Beamtree's demonstrated a kind of a very steady growth in international delivery, and we started that with Ireland, where we initiated an audit of all the Irish public hospitals and that then converted into a long-term subscription relationship for our core data quality product, PICQ, P-I-C-Q. Singapore followed, we did a significant data audit in Singapore of their public hospitals and are currently in discussions with the Singaporean Ministry about extension now into the subscription relationship that we have with Ireland. Saudi Arabia, more recently, we secured in the last financial year, a major contract to review the quality of data in public hospitals in the Kingdom. That work is actually pivotal to the broader vision that the Saudi Arabian government has set out in the vision for 2030. And it's a very privilege for us to be really at the apex of that extraordinary commitment to improving the access and quality of local health services and, of course, their digitization. We've had a team physically on the ground for the last few months doing tremendous work in physically auditing hospitals, and we look forward to an ongoing relationship with Saudi Arabia. And as Mike mentioned, with a tremendous commitment from the team on the ground and their support back in Australia, succeeded actually delivering a very key milestone on this contract, milestone 2, ahead of time. That involved the compilation of over 100 reports into the quality of data in participating hospitals with recommendations on how that might be improved, together with a range of training programs that we implemented across the country. So an enormous success in Saudi Arabia ongoing. Next slide, please. So just in financial summary and obviously, if there are questions, Cass, our Chief Financial Officer, would be delighted to take them, but we had strong revenue performance, 20% year-on-year pro forma growth. And actually on statutory terms, 109% growth in revenues, ARR at a pretty healthy 15% during the year. A high level of subjects, that recurring revenue and so on. So we feel that, that was a good springboard as we transitioned from the kind of the, as it were, the old PKS business with all its very strong and trusted credentials into the new growth-oriented Beamtree as we begin to forge our strategy for accelerated growth today. Now I'm just going to, at this point, hand over to Duane Attree, who was the Managing Director of Potential(x), just to give a very quick overview of the operations at Potential(x), the company that we just recently completed acquiring. Duane.

Thanks, Tim, and good afternoon, everybody. So as Tim said, we completed the merger of Potential(x) and Beamtree in the start of this month, in October. Potential(x) is a name of a company that services a range of collaborative partnerships. We've been in existence for now 26 years with a predecessor company known as Chappell Dean. And our primary purpose is to create by industry, for industry collaboratives that bring together various components of health systems or disability services or the private sector and really cater to the questions that are at the top of this slide. So we're seeking to understand how do we create insight and information from the data to lead to improvement and to then create opportunities and platforms for those networks to compare themselves. So this is all part of learning, surfacing and sharing innovations. So we use data and analytics to create a common language for that component. And then we bring the humans together to identify what can we learn, who is performing best and how do we implement and sustain that performance. We're a team of about 50 people, effectively 2 tribes, data science and analytics and industry advisory. And our real key client and partner for 26 years has been The Health Roundtable. So very privileged to work with that organization, a not-for-profit of over 200 hospitals across Australia, New Zealand and now the United Arab Emirates. So I'm happy to take any questions as we get into it, but I'll leave that there, Tim, and move back to you.

Thanks very much, Duane. Next slide, please. So this just gives a quick overview of the pro forma revenue performance of the company in FY '21 as a group. And as you can see from this, one of the key drivers in the merger of the businesses was the simple back to scale it provides us with it in terms of a platform for growth, both domestically and overseas. Next slide, please. And this is stressing an important characteristic of the business as we move forward, which is actually the very high levels of recurring revenue that we -- that make up -- in our mix and that level of annual recurring revenue actually increasing as a result of the acquisition. So the logic behind the acquisitions we explained at the time of its announcement was really threefold. That first one around scale is very important. And that -- a related second key logic behind the -- behind it was the fact that, over many years, Potential(x) has developed a very strong capability in data science. And that capability is incredibly complementary and important to the vision that we have for the future of Beamtree. So Beamtree has great strength in technology and engineering and science. But to add to that, the extremely tested credentials of the data science team in Potential(x) basically provides us with a well-beating kind of combination and essentially makes us already the largest benchmarking enterprise in Australia. So that was the second kind of key rationale for the merger acquisition. The third key driver was simply the opportunity we felt that existed just to drive synergy, both in terms of cross-sell and upsell with existing clients, but also much more broadly, the opportunity for us to really reinvent the whole knowledge management service that we've built in a way that we can do together much more effective than doing it separately. So essentially building a product pipeline, which is more than a sum of its parts. So those would be the core kind of rationales behind the integration. Next slide, please. So obviously, a key, as you know, we've completed is to integrate the 2 businesses together. So we've established a postmerger integration team. I noticed one of the questions actually that's already come in is how many line reports do I have as Chief Executive so I might as well deal with that now. So I actually currently have 9 direct-line reports, postmerger. And we're now in the throes of working out, with the team as a collective whole, just exactly what the future organizational structure looks like. We'll sort that very rapidly. We are going to -- we already implemented some changes at the executive level to improve the decision-making governance of the company as it integrates. But our intention is to integrate rapidly but with very careful cultural prioritization. And these are the key principles that are guiding our approach to integration of the 2 companies. Very happy to take questions on those. But very much, of course, about accelerating value for our shareholders, but it's also building really on the cultures that both organizations have developed carefully over the last few years to make sure that we build a team that is very focused and consent -- with a consensus around its core mission and vision and values, and able to really drive that value. So just an overview there of the core principles behind our integration process. Next slide, please. So just we talked a little bit about the Potential(x) acquisition and its rationale, but I just want to quickly also draw attention to the acquisition of Ainsoff. Ainsoff, clearly a much smaller business, really a start-up company, which has developed a series of field-leading applications of RippleDown, our decision support platform in areas outside the pathology laboratory. So for those of you who will be familiar with this, Pacific Knowledge systems as it was, was actually really developed on the back of an invention at the University of New South Wales to automate expertise, a platform, a decision support platform that's got some very, very unique characteristics and initially was deployed in pathology, where for the last 2 decades, it's been extremely successfully implemented, driving down costs, improving quality and really improving the productivity of clinical practice with very clear evidence of impact. What we determined very early on in our development of the growth strategy this year was that there was huge potential for RippleDown to be deployed outside pathology. And Ainsoff have been doing some pioneering work in looking at applications in the hospital as a first step. And so on the right-hand side of this slide, you can see 3 of those applications just at the bottom of that slide. But one of them, if I can just give you a quick description, which is really capturing the imagination of our clients and has already been commissioned as we've announced in a major public hospital setting in South Australia with the Central Adelaide Local Health Network is the -- is a service which predicts the risk of deterioration in patients on the general ward. Now this is a really important priority for hospitals, not just in the context of COVID, of course, but certainly exaggerated, reinforced during the COVID pandemic, to reduce the number as far as possible of people who deteriorate rapidly whilst they're in a hospital without any prior notice and end up either having to be admitted at very short notice into the intensive care unit or unfortunately die. So the very important part to try and, as far as possible, bring forward the ability of a nurse or a doctor on the ward to be able to intervene in a patient before they deteriorate too far. So Ainsoff developed an application, RippleDown, which did that. They ran a clinical trial with the Sydney Adventist Hospital in Northern Sydney over the last 18 months or so. The results have recently been published in a peer-review Journal of Critical Care Medicine concluding that, in fact, they do exactly that. They're providing significantly advanced warning of deterioration using the technology that is at the heart of RippleDown's platform. So that's just to give you 1 example of the kind of very important, a very dynamic innovation that we are investing in, and we look forward to taking that service global. We're already in conversations with a number of overseas providers and hospital systems about potentially the application of this service in that context as well. But I just wanted to bring your attention to Ainsoff because although a much smaller business, the work that's being done here is properly consistent with the kind of innovation priority that we've outlined in our growth strategy. Next slide, please. And this is it. This is the growth strategy. So as you can see, the total addressable market increases almost exponentially over the period of our -- this our sort of growth implementation. These pillars shouldn't be read as years. They are, but of course, we're essentially running them concurrently. But essentially, over the course of the next 3 to 4, 5 years, we will have delivered on all these 3 pillars. So first pillar is essentially just doing what we're currently doing a lot better and really exploiting all the opportunities for upselling our existing products into current markets. And obviously, that's a very important priority now with the acquisition of Potential(x). Pillar 2 and the veins of Pillar 2 is really looking to develop as rapidly as we can on the very established foundations we've got with clients in Australia and overseas. New services, which kind of expand on the capabilities we have. So looking at, for example, a comprehensive benchmarking beyond that, which we currently provide. I talked about the Ainsoff applications in areas outside our core pathology positioning and also looking at automated coding, building on all the very important work and expertise we have in the area of classification of clinical records just to give you some examples. So 3 pillars, very much playing to the synergies that we can exploit through our acquisitions. And next slide, please. So just putting that a slightly different way, this is sort of the 4 kind of key highlights in a way of our growth strategy, automation and coding, bringing together the technology that RippleDown has with our classification expertise to solve one of the most enduring problems in global health care, which is the quality of data that is sourced from a clinical record. Currently, that data is -- can run at very high levels of inaccuracy for a range of different reasons, sometimes as high as 30% or more. The importance of that data can't be understated. It's not only in systems like Australia, pivotal to billing and the economics of health care, but it's also obviously critical to the effective improvement of quality. Without being able to rely on the data you're producing, how can you know how good you are? How can you know how often you're harming your patients? So very basic requirements. So automating that process, reducing that level of error is a very, very important priority for global health care and something we're very, very well positioned to deliver. Working already with a pipeline of clients to look at launching some initial proof of concepts around our approach to the automation of that process. Global Analytics, I've already kind of touched on a little bit. We heard from Mike about the plans for the global comparators network, which we've launched this quarter, as you'll see in a second. That really is bringing together leading hospitals from around the world to be able to compare their own outcomes in very much the same collaborative style that's been so well-established by Potential(x) through The Health Roundtable in Australia. So looking at this from -- very much from the perspective of supporting outcome improvements with our hospital clients, but not just through providing them with data relevant to their local context, but also providing them with data, looking at best practice and a more global environment. Of course, that's a very important insight for the larger hospitals as they build their professional credentials globally. International success. So a key priority for us, of course, is developing our client offer in Australia. But we also, as you can tell, build on an established global network and look forward to considerably accelerating the breadth and depth of that network. And then finally, and this might be -- this is an unusual but perhaps a slightly different term for a company like Beamtree. We are very committed to long-term research into the areas of our focus, are investing in the establishment of a Beamtree Chair or an associate professorship at the University of Sydney to investigate research into clinical informatics. And also, we have set up, as I'll come to in a second, a new Beamtree Global Impact Committee, which brings together leaders from across health care around the world to really promote thinking, advanced thinking around how we can collectively use data better to promote better outcomes for different communities. Next slide, please. And all that adds up to the Learning Health System, which is the core mission of our organization. And I think uniquely, Beamtree is able to offer a very, very distinctive value in all 3 of the segments that are identified on the Learning Health System graphic here. So the first area around coding, that, of course, has been the focus of all the work we're doing in Saudi Arabia and so on. And almost every hospital in Australia subscribes to our coding services to ensure that the quality of their data is reliable. And so very strong credentials in coding. We also have increasingly strong credentials, particularly, of course, with our acquisition of Potential(x) in the area of analytics and benchmarking. We've mentioned that already. And then finally, decision support, turning all that, all those insights into action, again, uniquely positioned, I think, to be able to offer an enterprise-wide knowledge management platform because of our ownership of the RippleDown technology. Next slide, please. So just to explain that in a slightly different way, those would be the kind of core offers that we're making. Next slide. So I'll just finish very quickly with a quick review of the current trading update. Mike has touched on many of these already. But just in the last quarter, we've seen continuing success with key product wins. I would highlight 2 -- sorry, contract wins. I'd highlight 2 key strategic partnerships that we finally -- we've contracted in the last quarter, the first in New Zealand with the Southern Health District Health Board subscribed to a Potential(x), which enables them to, in real time, performance review the quality of their health services. That's using a proprietary barcoding technology, which Potential(x) has. We're very excited to not only, of course, see that instance be agreed, but look forward to a very, very dynamic opportunity with that particular technology and in allied health and related health care markets. And then secondly, the partnership with Central Adelaide Local Health Network, where we have agreed an implementation I mentioned of the first of those Ainsoff services, the Beamtree deterioration index and also the implementation of our flagship clinical safety, benchmarking service, RISQ. Overall, we report, as Mike said, 23% comparative year-on-year, quarter-on-quarter growth and 100% retention rate during the quarter. We've delivered the key milestone in Saudi Arabia, and we've launched the global health program. Next slide and this is the final one. Yes. So I mentioned the Global Impact Committee. It's not perhaps every day that a company like Beamtree puts one of these together. But this, I think, will be a very important driver for thought leadership in our area. And I just wanted to share with you the names of those leaders who are joining that committee who are listed here. So a very, very -- it's a great privilege, frankly, that such leaders around the world have joined with us to think differently about how we can better put data to work for patients, professionals and the communities they live in. So thank you very much, Mike. I'll conclude my remarks there.

Yes. Thanks, Tim, and thanks to the team for putting all the work behind those slides to give the shareholders a good update on where the company is today and understand a little bit more about where it's headed. We do have a few questions there. I'm just going to get through just within the time frame, the formal part of the meeting, and then we will come back to those questions at the end of the meeting. So if you could just bear with us, but thanks for providing the questions, nonetheless. So let's turn to the formal part of the business that was set out in the notice of meeting. That notice of the AGM was forwarded to all registered members on or about the 27th of September and is to be taken as read. The voting process will be conducted by poll. You can see on your screen there. For the purpose of the poll, I'll appoint [ Adrian Atkinson ] of the Automic registry services, the company's share registry, who have examined and prepared summaries of the proxy forms received, to act as returning officer and conduct the virtual poll. Our shareholders in attendance via Zoom that have already submitted a vote by proxy should note that your votes will have already been counted towards the poll. You do not need to lodge another vote unless you wish to change your proxy instruction. Shareholders in attendance via Zoom that have not submitted a proxy vote and wish to vote on the resolutions being put to the meeting today can do so, following the instructions provided in the notice of meeting. Also on your screen, there are instructions of how to log into the online voting portal. Please note that the online voting portal is now open and will remain open until the poll is declared closed. Your votes must have been submitted prior to the poll being closed for them to count. Are there any specific questions on the voting from anyone online? I'm just looking at the Q&A. I can't see anything coming through. So I'll keep monitoring that as we go. But we'll continue through. So proxies have been inspected and all those validly lodged have been accepted. Proxies have been received, representing 21.2% of the issued capital of the company. All undirected proxies or open votes that have nominated the Chairman of the meeting as their proxy will be cast in favor of the resolution in the notice of the Annual General Meeting. We'll now proceed to those resolutions set out in the Notice of Annual General Meeting. First item for business is consideration of the annual financial report of the company for the financial year ending 30 June 2021, together with the directors' declaration, directors' report, remuneration report and auditor's report. Copies of the 2021 annual report were made available on the company's website, or if you elected to receive a hard copy, a hard copy has been sent to you. If you wish to discuss annual report, please submit a question on the Q&A link. No questions there. I'll keep watching that just in case there's one that's being typed up that comes through a little late. As I don't seem to have any questions on the financial statements, I'll declare them as considered and received. Resolution 1 was the adoption of the remuneration report. As you can see on your screen there, to consider and if thought fit to pass, with or without amendment, resolution 1, adoption of the remuneration report as an ordinary resolution. If anyone wishes to ask a question on this resolution, again, please just type your question into the Q&A side. I can't see any coming through. Returning to the proxies received, which are on the screen now. I put the motion. Any of those who have not voted can now vote via the online portal. And please do not click on next until you have finished voting on all resolutions. Resolution 2 is the reelection of Andrew Gray as a Director. This is an ordinary resolution for the reelection of Andrew. Is there any questions on this particular -- again, I'm not seeing any questions pop up. So we'll go to the proxies received on the screen. As you can see, I'll put that motion. Any of those who have not voted, please do so and don't click next until you've voted on all. Again, as the next resolution, resolution 3 relates to myself. I will hand the chair to Brad Lancken to walk through this particular one.

Thanks, Mike. Resolution 3 is to consider and, if thought fit, pass resolution 3, which is the resolution of Mike Hill as a Director. I can't see any questions on this, but if you do have one, please submit it. You can see the proxies there in front of you, again, overwhelmingly voted in favor. I now put the motion. You can vote on this via the online portal and don't click on next until you're finished voting on all resolutions, please. Thank you for that. I'll hand the chair back to Mike.

Thanks, Brad. Resolution 4 is ASX listing rule 7.1A, approval of future issue of securities. As you can see on the screen there, Resolution 4 is a special resolution and if there's any questions on this particular resolution, we'll keep watching the Q&A screen there, which I can't see any. The proxies received, you can see the votes, again, overwhelmingly for. I put the motion. And once again, if you wish to vote, please do so and just hold off clicking next until we're finished with all of them. I'll move to resolution 5, which is the ratification of prior issue of 1.625 million fully paid ordinary shares. Resolution 5 is an ordinary resolution. Again, I'm just watching the Q&A, if anyone has any questions on that particular resolution. Proxies on the screen, almost 100% there. I'll put that motion and once again, you can vote, if you have not done so, on the online portal and just hold off clicking next. We've got a few more to go. Resolution 6 is the ratification of prior issue of 12.7 million fully paid ordinary shares. Resolution 6 is an ordinary resolution. Again, any questions, please submit those. We'll keep an eye on that. I'm not seeing any questions coming forward but we will keep watching it. Proxies on the screen, again, almost 100% in favor, put that motion and those that haven't voted, please do so. Resolution 7 is ratification of prior issue of 6 million performance shares. Resolution 7 is an ordinary resolution. And again, we're just monitoring Q&A, if there is particular questions on this one, which there don't seem to be. The proxies for that particular resolution are on the screen, as you can see, again, almost 100%. I put that motion and those that haven't voted, please do so. Resolution 8 is the approval of the issue of 11.3 million deferred shares. Resolution 8 is an ordinary resolution. And again, if there's any questions, please submit that. You can see the detail on the screen. Turning to the proxy votes. Again, overwhelming in support. I'll put that motion. I'm just keeping an eye on Q&A, which I can't see any. Any of those who have not voted, please do so. And I think that draws us towards the end of all the formal resolutions. So that does conclude all resolutions to be voted on today. As noted, we are conducting a virtual poll on the resolution. To note, the poll is already -- I note the poll is already open. Can all shareholders voting online please ensure now that they have submitted their votes? We'll allow another minute or 2 to make sure that can occur without any problems. [Voting]

Before we close the poll, I can't see again any questions coming through, so hopefully, that is smooth sailing for everyone. Again, bear with us. We're nearly there on the formal part. We'll get back to the interesting questions for Tim and his team in a second. Okay. There being no questions relating to those resolutions, I'll declare that poll closed. And if the staff of Automic now will process the poll and the results will be announced on the ASX once they become available. So thank you for bearing with us for all those resolutions. That is the formal part of our AGM over now. Just the last point, if there's any other business that needs to be brought -- legally brought forward, we can do so now before I close the meeting formally, and then we'll come back to these questions. It seems like we're okay there. That being the case, I'll close the meeting and thank all shareholders for their attendance and declare the meeting closed. As advised earlier, the results of the poll will be announced to the ASX once they are available.

So right now, we're going to turn back to these more interesting questions, not that the resolutions aren't important and interesting. But Tim, the next question that -- you've already covered off one of the questions. There's another interesting question here was to what extent does the company provide services to the U.K. National Health Service and to what extent does it envisage that the additional resources might be allocated to servicing the NHS.

Yes. Thank you for that question. The answer is that we don't -- we have opened an office in London. And we are in very active conversations with a number of partners in the NHS in England, in particular, and in Wales to support them. So that's -- and we believe there's a significant opportunity for us to add value there but we will obviously keep the market updated on progress as that develops. So essentially, the answer to both is we don't yet, but we are hoping to. And yes, we already do allocate resources to the NHS market as we begin to explore the opportunity there.

Yes. And then the last question I have here, which basically says 18 months ago, the company looks quite different to what it does today. The extension of products through the various growth initiatives and acquisitions may well be proving to have demand for capital on different types of products with regards to road map, et cetera. Maybe we can just comment on how management think about allocating capital across the various independent products or indeed those new products, which are on the road map that basically gel a whole bunch of what we've got together for the future vision of the company.

Yes. So as you'd expect, we have some -- we have process in our business, which kind of filters opportunities in a range of different ways. And obviously, the really important investments, we channel to the Board for their review and agreement. But the -- but essentially, as you would imagine, we spend a lot of time in market with clients assessing where we can improve products to meet their requirements and, on that basis, make capital allocation decisions. But we're also a business, as I've said during the course of the presentation, that's really committed to, in a way, thinking with the market ahead of where today is and looking at ways in which we can innovate to really accelerate progress in their own success. So that involves us in future scoping, I suppose, or horizon scanning, thinking differently about ways in which we can provide services. And when we have a sort of a pipeline view of what those future offers might be, we work through those with business cases and other processes to determine ultimately which order and which ones make their way onto the product road map to work through a cycle of prototyping into actual live production. So you'll see over the coming months, a sort of program with what we call our strategic incubator partners, where we're working with larger systems to develop and iterate a series of new services. I mentioned automated coding as one example. And that helps us also understand what the true costs and what the relative priority should be for some of those emerging opportunities. But that's -- so it's kind of complex, filtered process, which tries to marry up what we -- what the market is telling us with what we hear from broader industry trends and what we can understand in the context of broader kind of policy and environmental objectives as health care evolves would be a fairly long-winded way of describing that. I don't know, perhaps, Cheryl, Duane, if you want to jump in on that, just...

Sure. I mean I just think that it's really important for us as a company to have development that is forward-thinking and has alignment -- strong alignment with our strategic direction. We're currently going through a process of integrating our strategies across the business, including the physicians, to make sure that we're all aligned for those investment opportunities. So it's a very exciting time. There is a lot of product development discussion. And I think that we'll have, I guess, more solid information as we complete our strategy process.

Yes. Yes, maybe in conclusion, look, the comment is correct. The business has changed a lot in the last 18 months. And having been there before the company was listed and through the listing process to where it is today, it's a really exciting journey, the business has undertaken to where it is today. But I can tell you, quite honestly, we just finished a 4- or 5-hour Board meeting just before this AGM. And there is a lot going on in the business, and it is all quite exciting and quite positive with regard to really professionalizing the way in which Tim and his team have brought together some really interesting software applications focused on delivering our customers better outcomes in health care, not just here in Australia but internationally. So it is quite an exciting map looking forward. And I should also say that on behalf of the Board, we do want to show our sincere thanks to the executive leadership team, but not just the leadership team, but the entire staff because with all that -- without all that effort that's going on behind the scenes, we wouldn't be looking at what is a really interesting health care data analytics business being born and growing strongly on the ASX today. So that's just a quick acknowledgment. I have just got one more question that's just popped through. We won't ignore you. So let's do that. We've got a little bit of time left. Tim, this must be back to your historic background back at NHS, but question, U.K. budget handed down this week, allocating billions of pounds to IT and digitalization of the NHS. Appreciate some specifics to the extent that they are not commercially sensitive, of course, about the company is going to make inroads into customers who appear, this as an observer, is in need of such services as our company provides. I guess that's a pretty interesting point, but it is a good segue into what we're doing internationally.

Yes. So perhaps people -- it may be worth just to refer -- I, in fact, was before coming to Australia, the essentially the CIO for the NHS in England. So I was responsible for -- as a National Director of the NHS, I was responsible for the last big funding round that was injected into digital infrastructure and health care a few years ago. So very familiar. Many of my colleagues are, of course, involved and very familiar with what's recently happened in the NHS. So I think this is a very significant opportunity for Beamtree and in fact, the NHS as a whole. And so absolutely, we're exploring how we can best serve the opportunity. I mean the NHS, like all health systems, is -- has an admirable ambition, but does take time to kind of make decisions. So we'll -- this is going to be a long-term kind of relationship investment that we're making. But like the -- perhaps like Michael asking the question, I think we absolutely share a view that, that's a significant opportunity for us, yes.

Okay. Well, with that, almost approaching the hour. Thank you, everybody. Thank you, shareholders, for joining us. Thanks to the team for all the work that goes on to getting us to this stage through another financial year. We're already a quarter way through the next financial year. So I guess we all better get back to work. But again, appreciate everyone joining us. We've had a great attendance today. And with that, we'll close the meeting. Thanks.