EROAD Limited (ERD) Earnings Call Transcript & Summary

Kia ora, guys, welcome to EROAD's 2026 Shareholder Meeting. Good turnout today, much better than last year, quite a bit more going on this year as well. So I'm John Scott, Executive Chair of the EROAD Board, and I'm pleased to be with you today, both here in person and via the virtual meeting platform hosted by Computershare. As usual, before we get things underway, go do the housekeeping, so phones on silent, if you can, you all came through the door, that's the only way out. So follow us in an event of emergency. As per previous years, today's meeting is hybrid for those attending online, I encourage you all to submit your questions -- [ and I'm ready to follow your lead ] -- yes, we've got the technology sorted. We address as many of the questions as we can during the Q&A session. We've got quite a big packed agenda here. So I'll probably limit the questions to about 15 minutes. So if it goes longer or sessions, but I'll try and get in everyone out in less than an hour. Media questions and all that sort of stuff, if you could come up to us, everyone here is open for a question afterwards. So with that, I now declare voting open on all items of business. If you're eligible to vote, you can do so at any time using the vote tab in the meeting platform. For those in the room, if you do not have a voting paper, can you please indicate by raising your hand and a member of the Computershare team will assist you. Voting papers will be collected at the end. Anyone? All right. With those procedural matters underway, I declare the 26th Annual Meeting for EROAD Limited open. So we pushed us about 1:00 today. Votes have been cast ahead of the meeting in respect to the shares, and we've got about 59.6% or 60% of the shares voted, and 64% of those have voted in line with the Board's recommendations. So our Board sitting up here. We've got Sarah, Ryan, Susan and David and Kira is our CFO. Along there, we've got Jim, Jake, Matt, Andrew and Sabine and we've got Emma and Jeremy down the side. So that's the full team. And I'm going to change page now. Here we go. So I'm going to talk to you guys for a little bit. Then going to get off stage as quickly as possible, pass over to Ciara, who'll talk about our financials. The team is going to talk about the work we're doing for the transformation. So Ben will close off with some [ EROAD ] and then we'll get into the ceremony part of the resolutions. So here we go. I joined in February of last year, I took over as Executive Chair in about October. And one of the things I got to do is I've been all around the world and all around New Zealand meeting customers. The one thing that is really -- it's hard to get is we're kind of like an IT company, but we're much more than that. Like the 1 thing I've learned when our products don't work, neither do our customers. And it's one of the things, like every single customer that I've met just so disparate wants us to be successful and our product market fit in New Zealand is just amazing. And as you get away further from New Zealand, the Australia one, again, is still pretty close to New Zealand. But when you go to America, it's a different 1 again. And the guys are going to fill all of that in for you. So if I go to the next slide, visit my welcome to you guys. Everybody is probably joined at different times during EROAD's history.My big point here is everybody has invested at a different time, has a different cost of capital. So some people came in at $0.75 at 1 of the low, some people joined at $2, some people bought the whole way through. And I just wanted to recognize when I'm talking to you, I'm not talking about our $1 base or whatever. I understand that there have been some long long suffering and long supporting shareholders. And I've spoken to a lot of them over the last period. So with that, I'll jump to the next slide. So I talked about this, and there's a more detailed version of this in the financial update. This has been underway with since -- I guess it's since I joined, but I really got into it in about October. So the first thing we delivered a stable financial result, and Ciara will talk to that. We've started reshaping the business. So in October last year, we went to a regional model, and I'll talk about how we got there and the gentleman or fill team. But really, what you could see, and I guess it was a sheer number of customers that I talked to, they just really desperately needed to us to be successful and it goes back to when we fail their businesses fail. The other bit was -- and we're really honest with them, especially the big ones, we sort of lost both a little bit of their confidence, maybe a little bit of their trust. But again, we're not where we need to be, but we're working really hard to restore both their face and their trust in us. And then obviously, late last year, we had that spike in our share price where the government started making some noise and people started speculating about the eRUC opportunity. But again, it sort of calmed down, and obviously, we've got Sabine to fill on that. So we'll talk you through these during the day. So the next one. So [ top of the spear ], customers, #1 point was, I'm not sure customers weren't our focus, but they certainly are really our key focus now. We've broken the whole customer base up into 4 segments. We have service levels that we're trying to achieve for each 1 of those. I'll be clear because customers will be watching this. I don't think we're reaching the service levels that we want to or they expect across any of those. We are getting close. We're starting to monitor it. But one of the really nice things about this now is we've obviously got a big operations in the Philippines. They don't actually have to know the customer now, they just have to know what type and they have met it to that level. One of the things we're doing before is you actually had to know the customer to give them the service level appropriate with their revenue. And so the organization has now started to set up to work at the scale. And so it doesn't matter where the customer calls from, they're going to get the same service levels. The other part is it's with different sort of quantity. So if you take a large enterprise customer, it's almost a one-to-one relationship we put technical account manager and operations person and a commercial person, sort of a van model where you get technical money and operations wrapped around them. And the guys will give you some more flavor for that. But as you go down, you obviously at SMB, you still have those same 3 skill sets so you can get access to them, but you just have a lighter coverage. So that's the sort of everything is based on. So the next slide here is we've been through a ton of change. So actually, I think I introduced myself and I've been about a week in the job at last any of the gentlemen ladies talking today actually weren't here. So it's a lot of change. Some of the savings that we've locked in with those change we're pouring back into the business. But yes, I don't think anybody talking today will have been up here for a year. So if we go to the next slide, the other thing you'll see is you'll see a lot of investment in the go-to-market teams, and you'll see these increasing in numbers. I think there's 1 into the New Zealand business. What we're trying to do is put more of our people touching the customer more. I think they call it flipping the triangle or inverting the triangle. So we're taking -- and the AI thing is a big part of it. So this is a concept called field deployed engineers, which is starting to develop. And we want to get our UI people, our UX people closer to the customer so they can wander down to Frontier or down or actually help them with the features that they need as opposed to collecting those features coming back here and developing slowly but yes. As you hear all this talk, I want people to understand that we're doing a lot to reduce the, if you like, the bureaucracy cost or the big costs, and we're trying to move costs from lower or not touching the customer to Ford to the customer. So if we go to the next slide, this is our sort of strategy on a page. This is the 1 that's going to hold. So my definition of strategy is decisions that will last on a 2-year longer or longer horizon. The core there is obviously the New Zealand market. It's a cash cow. We've been through it. Matt will talk to it some more. If we can get the Australia market to a size, again, very, very similar to the New Zealand market, same sort of integration, same order fleet, same sort of size customers. We can put a ring around this. We have enough scale in those 2 markets to have a forever business. And so that's why you've got that dotted box. Australia is not where it is or where it needs to be yet, but [indiscernible] going to make it so. And so once we get that, that gives us the optionality for the other 2. So Sabine will talk about [ eRUC ]. And Jim will talk about North America. You got to have them. And like it's very, very important for people to realize if we get this right, we can scale to absorb those, but that sort of dotted box is our core focus to make sure that it's a nonnegotiable. The other ones, if you like, a little bit more discretionary, and that's how we'll control our OpEx base. The only other thing I'll make on that is when you sit here, Sabine talk, about 1/3 of the people have invested at least with that, if you like, I want to call it a moon shot. It represents less than 5% of our OpEx today and less than 1% of our revenue and budget. At any time if it goes over there, we'll update the market. But we give it a disproportionately large focus because of the upside and of course, of how many people invested before it, but I don't want people to confuse is airtime with how much we're spending on it. So if we go through to the next slide, again, I have presented this there's nothing new. So a bit confronting about this is those first 3 pillars in some ways, they are table stakes in some ways you shouldn't expect them for a company that's been around as long as us, but we put them on the table. Again, I've taken this with our major customers, they recognize a lot of these things like we're a transformation company and it's kind interesting that something like dashboards was transforming ourselves. So these -- I'd expect those first 3 columns to be taken care of this year by the team, and everyone you'll see flavors for these. But things like digital dashboards and we'll talk about stability. Our features that a lot of our customers have been talking about digital onboarding months. We get these things in place, it also allow us to scale every other company in the world, including ourselves, has an AI native. What I think happens if you do become AI native as it actually disappears and it's embedded in anything. So again, if we get this right, when we come back next year, they won't look like this is first all columns will sort of integrate into different versions. The [indiscernible] one will remain. I think that's going to be us for a very long time. So on to the next slide. This is just our progress. So like I said, I started in October. We really started to wind up into this and there have been big steps. And so again, we've committed to come back in September and give you more business metrics, and you guys can judge us on these. I feel like summer time using Harvey board is a bit of artistic license but everything gone here we need to get done before the end of next year. Next slide.So with that, I'm going to hand over to Ciara, and she's going to talk to you through the financials.

Thanks, John. Hi, everybody. My name is Ciara McGuigan. I'm the CFO. I joined here September last year, so nearly 10 months now. I've just got 1 slide to talk to, so I won't keep you too long, but of course, any questions send my way. John's alluded to financial year '26 has been a year of review and reset. That was clearly reflected in the results, where we had a large one-off accounting adjustment of $153 million. Most of that was $135 million, which was the impairment of the North American assets that we made in October at the half year. When we turn to the 4 headline numbers that you see on the slide in front of you, and I'll just talk to those. So free cash flow margin, 7.4%. We talk normalize, which I know is annoying, but it's important to really understand the meaning of the numbers. So normalized for the 3G program, which Mike will talk to when he talks about New Zealand. So we finished that this year when we strip out the one-off cash that we spent on that then our free cash flow margin of 7.4% and $14 million. Reported revenue of $195.2 million was 0.5% growth year-on-year. We had excellent growth in Australia, 40%. We had 1% growth in New Zealand, but North America declined 7%. And that was due to the loss of the large enterprise customer that we also announced in October. [indiscernible] similar trend, but it's a slightly different count for those of you that are close with those who aren't, I'm happy to take you through it. And that sees a bigger impact of that North American customer. Therefore, that is slightly declining year-on-year, $174.3 million is minus 0.4% year-on-year. Normalized EBIT. So $2.9 million, so normalized for that $153 million I talked about, plus then one-off costs. Now they're clearly outlined in the back of the investor pays, which is on our website. Also happy to take anyone through it. $2.9 million, so a decline year-on-year because John talked to reinvesting into necessary strengthening of our platform, platform stability and also customer support. So our inflections are the numbers weren't where we wanted them to be. But what was important for this year was the reset of operational discipline, the refocus of the business with the regional restructure, bringing in a refresh team, and being focused for the year ahead. So I'll stop there and hand back to John.

Thanks, Ciara. So like I mentioned, I've introduced the team, good looking bench. Really, really proud to represent them. Again, we've got a little bit of pushback on this year's -- or let's call it a lot of understanding. So this year, we haven't pushed revenue number forward. We've just said we're going to be free cash flow positive. I guess the key is when you've got a team, including myself, who has been here I'm the longest-serving member at a year,there's a lot going on. So we will be free cash flow positive. And as we get our more understanding of the business, and we get some stability of the service levels and some of those other stuff will come back. And so what our commitment is that we're going to come back in September, go through the operational KPIs that we're running and how the business works and then probably early in the next year, we'll come back and start to talk some numbers again, net sale commitment to you guys. So yes, really great team, lots of experience, very, very, very happy. So on the next slide, so that might even be a bit small for you guys up the back. The major point here is when I joined, we were global in nature, all of our functions were either vertical or horizontal depending on which way you want to look at it. So we had marketing service, support, but they're all global. And Northern Australia, I just had this experience where a customer needed something urgently shipped. I think it was like $100. No 1 did anything wrong, but the American -- sorry, the Australian head during America, America had to ring New Zealand. New Zealand had to ring back to Australia, just to get -- [ no, I'm doing ] anything wrong, but it's just what happens sometimes when you go global, you are trying to structure for efficiencies, but you lose that customer intimacy. So what we've done is we've gone back to a regional structure. I mean, it's no more complicated than that. Actually, that's what our customers from a screening for us as well. But each region has the same operating model, which is the 1 on your guy, right? And so everyone has a marketing function. Everyone has a sales function. Everyone has a customer success function and everyone has an operations function. The guys will talk to, not all of those teams have built out but you can see there's some little numbers and brackets there where we've actually been putting people back into market to get closer to our customer. And again, that's some of the investment that we actually just needed to do to meet our contractual with sellers. So that's stuff where there's just no way I'm going to apologize for it actually wasn't even discretionary. We had contracts with our customers that we weren't meeting and we have to meet them. But the guys will talk to the favorite. So obviously, I'm acting talking on behalf of the CEO, you'll have the [indiscernible] gentlemen talk to the region. Andrew will talk about [indiscernible] representing shared services. And obviously, we'll try and talk to these slides to you for the next little while. So with that, if I go to the next slide, I'm going to pass over to Matt Gibson.

Thanks, good afternoon, everybody. My name is Matt Gibson. I'm the Executive General Manager here at EROAD for New Zealand. I joined in February of this year. So having joined just 4 months ago, it's become clear to me that New Zealand is the anchor market for E Road, a business that's built on strong foundations with over $100 million of revenue of annual recurring revenue and a consistent free cash flow generation. It's a scaled and resilient operation with a leading market position. And more importantly, there's a clear opportunity to sharpen execution and deliver on its full potential. FY '26 was defined by a major industry transition. So the shutdown of the 3G network in New Zealand, resulted in a multiyear upgrade across our customer base, where we upgraded customers from the 3G to 4G devices. While we did see some expected churn. I'm happy to say the New Zealand business still delivered, as Ciara said, 1% revenue growth in the year, which just speaks to the strength of our customer base here in New Zealand. Looking ahead, our strategy is clear and deliberate. We are focused on defending and growing our high-margin recurring revenue base. At the same time, we see meaningful opportunity to extend our market leadership position in the emerging electronic rack space, and Sabine Roberts, our GM of eRUC, will talk more about that a little later in proceedings. So a key focus for me since arriving 4 months ago has been about lifting commercial discipline and execution. So starting with putting the right structure in place, ensuring we have the right people in the right roles in the right places. That's led to stronger pipeline management improved conversion rates and a focus on high-quality sustainable revenue growth. Alongside this, we remain committed to strong cost control to protect our free cash flow profile. So that said, it's not all been plain sailing. There are headwinds and challenges that we've been actively addressing. So we've seen increased competition and retention pressure in New Zealand. We're dealing with legacy billing issues and customer service issues, which has taken too much -- which created too much noise in our customer conversations. So simply put, our salespeople are spending too much time dealing with the issues and firefighting rather than having conversations about selling. And everybody knows it's very hard to win when you're on the back foot. Thankfully, these issues are now well understood and actively being remediated. So more broadly, I think it's clear that the New Zealand business has been underinvested relative to its strategic importance. We are now refocusing attention and investment back into the region where there is the strongest opportunities for growth and return. This is a business with clear product market fit and our customers demand more and more from us. There is a real opportunity ahead, particularly with light vehicles and in the emerging technology space, with things such as cameras. So the opportunity is significant. If we execute well, the compounding impact on FY '28 and beyond is meaningful. In summary, New Zealand is a strong, resilient business at the core of EROAD. Our focus now is on disciplined execution, targeted reinvestment and unlocking the next phase of growth from what I believe is a position of strength. So thank you for your attention. I look forward to meeting many of you following proceedings. I'll now hand over to Jack, who will talk more about the Australian operation.

Thank you, Matt. My name is Jack Bennetto. I'm acting Executive General Manager for Australia, while our AGM is on annual leave at the moment, [indiscernible]. I'm pleased to update you on the fastest-growing region globally for EROAD. We've entered FY '27 with great momentum, and we continue to expect double-digit growth through FY '27. This is on the back of the Cleanaway deployment, which you'll all be pretty familiar with as well as strong pipeline coverage. Over the past 3 years, we've been relatively thinly resourced in Australia in terms of boots on the ground. Despite that, we've still been able to achieve a compound annual growth rate of 33%. During this phase of growth, our service of key enterprise customers has been more reactive and relied on key personnel, and this limits scalability. So in the past 6 months, we've onboarded a dedicated AU revenue leader. That's actually me and my full-time capacity, ahead of marketing and ahead of customer success. And then as you saw on a slide earlier, a number of people to wrap their arms around our key enterprise customers, of which there's about 30 or so. So this comprises enterprise account managers customer success managers and technical account managers. With this increased go-to-market coverage and full life cycle control over the customer journey in Australia. We set ourselves up not only to deliver strong growth, but more consistent revenue growth. The opportunity in Australia is substantial. And Australia has a fragmented telematics industry. Increasingly, we're seeing that customers want a turnkey comprehensive solution provider for their safety, risk, compliance, productivity and efficiency needs. We erode Australia and now well placed to meet that demand. Success this financial year will not only be judged by revenue and revenue growth, but the quality of that revenue. We expect to retain and grow key enterprise customers as well as land large new logos on healthy margins. This, along with increasing the speed of enterprise rollouts means that we will recognize revenue sooner. The Aussie team is energized. We're focused on execution. And we believe that FY '27 will be the year that Australia firmly establishes itself as a top growth engine for EROAD. Thank you. And I'll pass to Jim Brailey, who will talk about North America.

Thank you, Jack. Good afternoon, everybody. My name is Jim Brailey. I am Executive General Manager for the North American region. As you will hear a fair amount, I started 4 months ago in this role. And FY '27 for North America is very much a year for resetting. We've seen churn in our large enterprise customer, which has been well communicated. I'm quite confident that we're going to see additional churn in the coming weeks and months in that area. However, we've built the organization and the FY '27 financials to take account of that. We anticipated and we've built the operating model to be able to deal with that. The reality is we're not yet mature enough as an organization in North America from a process perspective or a product perspective to play in that large enterprise space. It consumes an enormous amount of resource, and we need to be spending that resource and that money on the enterprise, small to medium-sized and mid-market customers. What we now have is a solid go-to-market organization with all customer-facing functions under control within the region. I think for the first time, the end-to-end journey of the customer is now all within the control of the North American region, so we can focus ourselves fully on customer requirements. We've got the right people in place. We've got the right structure in place. What we do need to acknowledge is that we've got very strong competition in North America, it's local competition, and they are very large suppliers. But what we need to focus on is the customer. So we know we can't compete on brand recognition. We know we can't compete on marketing spend. And we know we can't compete on short-term innovation. So where we're competing is with the customer interaction. Speaking to customers in the first 4 months, it's been extremely interesting. Many of our customers absolutely love us. They love the interaction. They love the expertise. But many customers we haven't spoken to for 2 or 3 years. So we need to turn that around. We need to be talking to more of our customers and prioritizing those communications. So in summary, we need to grow where we can compete effectively. We need to focus on retention of our existing customer base. We've built some very detailed hypercare programs where we see customers at risk. Then we have teams addressing those customers, communicating with them regularly, ensuring they're kept up to date. We need to streamline our processes and simplify our business. We have 2 full stack ERP systems running in North America with about a 50% revenue split between the two. That's something we're addressing and is going to be resolved within this year. And we need above everything else to make customer #1 priority in all of our interactions. So this is a very clear path to stabilizing our revenue, lifting our revenue retention and returning the region to free cash flow neutral which is our ambition for FY '27 for North America. With that, I'd like to thank you. I'll be around to discuss anything further later. And I'd like to hand over to Andrew Corbett, who will talk about technology. Thank you very much.

Thanks, Jim, and good afternoon, everyone. I'm Andrew Corbett. I am leading EROAD product development and information systems teams. So I'm going to talk to you about a few of our priorities today. quality, simplifying our platforms cost control and improving our engineering delivery. So on quality, we've made some really good progress recently. So we've significantly improved the scalability of our 360 platform. And we've made really good progress on some of the key issues around speed and odometer accuracy. We still have a fair amount of work to do, but the team is focused and their execution is improving. So at the same time, we need to simplify our platforms. So we are underway on a road map of incrementally combining our 360 and my EROAD platforms into a single, more modern, more scalable and more cost-effective platform. So I will acknowledge that this has been a challenge that EROAD's had and struggled with for some time. AI changes the game a little bit with this, right? So it really gives us the opportunity to accelerate building a more modern platform. And that is the way we're approaching this. So we've got very much an AI-first Gentech model around which we are building the foundations of this new platform. We're also progressing discussions with a hyperscaler partner to accelerate this work, and we'll update the market as that matures. So cost is also very important to us. Our cloud is a significant driver of our cost of goods sold. And we are in improving the discipline and the accountability of our engineering teams to make sure we can deliver some near-term improvements in that cost. Longer term, that simplifying of the platform that removes some structural problems and actually reduces the cost further. So finally, improving our engineering execution and delivery. So we implemented a quarterly safe style cadence about a year ago. Every quarter, we see an improvement in our delivery, it's really helping. And we're also improving the way that we run governance for our projects, the way that we work with our commercial and our product teams to make sure that we're building the right things. So there's lots of work to do, but we've got a focused team, and we're confident that we've got a plan that we can -- in the short term, deliver deliver reliability and the medium term really set ourselves up to scale. So with that, I will now hand over to Sabine, who's going to talk about eRUC.

Thanks, Andrew, and hi, everyone. I felt I've heard my name quite a lot of times. I'm Sabine Roberts, the GM for eRUC. Like many of my predecessors today, I joined the business only earlier this year. But I'm super excited to talk to you about the shift to universal RUC and what that means for New Zealand and for EROAD. So we see eRUC not just as a product extension. It is a fundamental shift in what EROAD is becoming as a result of it. Today, we operate in a very well-established and profitable niche. We've just heard all about it. And we serve around 3% of the New Zealand fleet. That business works, but it is inherently bounded. eRUC removes their boundary for us. It opens up the remaining 97% of the New Zealand fleet. We're talking about 4.9 million vehicles that is roughly 4x the scale of what we address today. But for us, the real significance is actually not in the market size, it is about what eRUC enables for EROAD because we move from a single channel fleet business to a multichannel national platform. That is the goal. And that shift is already underway. We are already building a direct-to-consumer app. I think John has already mentioned it, given it away. But that is our chosen first entry into this broader market. Why do we choose direct-to-consumer when we are a B2B business because we want to learn about things like how much we can charge? How much does it cost us to serve the customer? How do we collect money? And how can we make it a really smooth experience and automated for the customer? And we're very real about it. Launching a consumer product really raises the bar for us. It's different because in consumer, you need to get the fundamentals right from day 1. I'm talking about things like very simple onboarding, really seamless pay in flows, low-touch customer support. I mean, who wants to call a call center anyway, right? And how much we can automate that experience is really important. And Andrew talked about AI earlier. We're deliberately building AI into the capability. So we can really automate those repeatable workflows. So when the market opens up, we're ready to scale. And those same capabilities that I've just talked about, we can then take into our B2B business and help strengthen that and workflows, reduce the cost to serve and also overall improve the customer experience because who wouldn't like a consumer experience, right? So our model is very deliberate and commercially sound. We enter directly through consumer, then we test and prove the model there. And once we're ready, we will scale for all 3 channels: consumer, fleets and partners. So this really shifts the dial for EROAD. And then if you look at the funnel on the right-hand side, it gives you a flavor of how we anticipate that revenue model come to live. At the very bottom, you have our core RUC management. That is our bread and butter. That is EROAD's origin story, and we are a leader here. At the moment, today, we are already collecting circa 85% of RUC transactions in New Zealand. So this is a very strong foundation that we can build on. And from there, we have different ways in which we can grow. The first 1 is higher-value customer segment. We're talking about fleets and small and medium-sized enterprises. They probably sit somewhere in between the consumer, the everyday driver and our existing B2B business. They have slightly more complex needs than a consumer because they will have to manage multiple vehicles. They will want better visibility, better reporting and maybe also hardware just so that processes can be automated for them. And these customers -- with these customers will have higher monetization opportunities, obviously. And we're using the capabilities we already have in EROAD. The next opportunity is the expansion of the market. So you're probably reading about it in the New Zealand Herald and elsewhere. When the New Zealand government decides to open up the rock fleet to the full fleet that will massively increase the pool of customers we can serve and that is a massive opportunity for rdd, and we want to be ready when that happens. And then finally, we have the ecosystem opportunity. So once we have all those customer relationships, the payment model is in place and also yes, from there, we can basically layer on additional revenue streams. So if you think about time of use charging, tolling and insurance usage-based insurance, -- and there's probably way more services that we can't even imagine today that we'll be able to layer on top. And those are all transaction-based opportunities that all build from that very same platform. So if you look at those opportunities, I hope it becomes very clear that this opportunity is not just about selling rock to more customers. This is really a foundation in which we can build a sustainable revenue model for EROAD. A key takeaway for today is really that this is not -- our strategy is not dependent on that government decision to roll it out to the full fleet. We already have meaningful revenue streams set up and we can grow in meaningful ways as it is right now. But obviously, we hope that they do open up that full market so we can leverage it. One final thing that I'd like to mention is that this opportunity is broader than just New Zealand. We know that other markets like Australia, Europe and certain states in North America are already actively talking about distance-based road user charging. And they are looking at New Zealand as a reference point. So this is an awesome opportunity for EROAD to build it here, test and learn at home. So we're ready to go when those international markets are also going down the same pathway. So with that, I hand back to John.

Thanks, Sabine. We'll use your name again. All right. Next slide. So what we're going to do here guys is we've got the resolutions on all that, but we'll do the Q&A here while you've got it all fresh. And then we're doing all right for time, I think. Yes. So we'll maybe take 10 minutes here and open up the mics for any Q&A. And then if I cut you off or I finish a little bit early, it's not because I want to get off stage we can talk there, but it's -- I'd like to get through this in if we can get close to an hour because there's a lot of people online. So all right, should we go through you, Jason?

You want the floor first?

We're on the floor.

Okay, we're on the floor. All right. That's working on our time line. You got me, Jason.

Okay. I have 7 questions from 2 different shareholders. The first 1 is for Ryan. What was your rationale for focusing on the ANZ market? And the second part of that is, can you compare the state of the company before and after the transformation, what wasn't working and why is it better now?

Thanks, Jason. Thanks for the question. The -- I think in terms of focusing on Australia and New Zealand, hopefully, with what the team just went through then that has actually answered a lot of that question. New Zealand is our core market and represents the most material part of our revenue base, and we have a really great product market fit. Australia, as you saw from Jack's slide is growing very quickly. And again, we have a really good product market fit in that market and the requirements are very similar to New Zealand and many customers are also transtasmin. So there's -- that's the reason that we're focusing on Australia and New Zealand first. before we look further afield and double down on any other markets. Just remind me what the second part of the question was, Jason?

What wasn't working prior to the transformation? And why is that better now?

If you recall the slide that John put up of our strategy house, where we had 5 pillars we're essentially focusing on for the transformation. The first 3 of those pillars are essentially, what I'd call delivering what our customers expect, both in terms of product, our product doing what it says it does, and also our service proposition to those customers. So that's the primary initial focus of the transformation. Then we've got growth options, I guess, both eRUC, which Sabine talked about and also the opportunities that AI provides us as an organization to accelerate what we do and change the way we do things. So that's the core parts of the transformation.

Thanks, Ryan.

Do you mind if I just pitch in there, just the storytelling? Some of it taller. So when I started, 1 of the things I did was spoke to as many people as I can. And I keep saying that we haven't really made any strategic decisions. It's not a great sound bite, but all the stuff that we've done is very short term, right? Like we're looking out to the P&L, we're sorting the cash. We're stabilizing stuff. So the long-term decisions will be this group and the CEO's decision because that will be the 28.29. But like it's kind of like, yes, I don't think we've made any big calls here. We've just done what is kind of probably pretty straightforward and pretty obvious. And my version of that is like I expect to sell an who's the founder of Cortex and Steve, who was the founder of EROAD. If you guys know them, they each end of the rainbow, but where they actually said the same stuff -- that was the stuff that was really easy. That's like -- so again, I wouldn't say that we've actually made too many calls other than just sort of what's probably very obvious from a P&L standpoint.

I had a question for you, John. What are your strategic targets to measure against for you to grow free cash flow?

Yes. That's a good question after saying got no strategic goals. So I don't know quite as the good way. So you guys listen to those people talk. They're proper really, really high caliber of people. Some of them have worked with for years, some have worked with for 9 months. We're very, very lucky as shareholders to have them. I actually think that the trackers you give them another 3, 6 months working together to learn the business. And in this time next year, when we turn up, we have something really meaningful. It's kind of tough getting up here and being super humble and just taking your less. So next year, hopefully, we can get back on the front foot.

Question about the leasing model. Is it feasible to switch to a hardware upfront model to reduce cash strain?

Yes. I've had this a few times if someone can find us a customer who wants to pay front, I would love to take it off them. That's -- I mean, it's not meant to be a flippant answer. It's a truth, right? Obviously, we can take the cash first we would. But -- there's a couple of competitors with some pretty big balance sheets who have changed the market, and I think the market model is what it is. But I'd love to. But I'll just give an example of that. One of the things we did where we're more focused on ourselves and the customer as we went to annual billing. And it was probably a good decision. -- actually pumped our results. We got free cash flow. That was our focus. So understand, but it wasn't customer focused. And so again, that question is not customer focused. It's like what's in it for us. And I think we need to get back to kind of customer first and actually being really good before we can start to as things of them that they don't want. I mean, we've got some tough competitors.

And then 2 more questions. These are for Sabine, 2 part. One, will the eRUC app require mobile data; and two, what's the value proposition of EROAD's Universal eRUC, what's the competition for eRUC?

Okay. The first one, in the first instance, it won't require mobile data because it's a SaaS product at the beginning. And it's basically RUC management through the app. But in the future, when we have hardware-enabled products that might change, but we don't have the specifics of that as yet. The value proposition versus competition, that's really interesting. I'd really like to know who our competition is going to be because obviously, we don't know who's going to enter the market apart from us. But our value proposition, we are a telematics business, right? So we will bring hardware on when the time is right for that and customers want that. But in the first instance, it's really about making it super easy for customers, helping them estimate how much RUC they will need. So we'll bring in smart and yes, really stunned them with a seamless customer experience, alternative payment schemes. There are elements that I can't talk about as yet. But yes, you can be sure that -- we are watching that space, and we will provide all the smarts we have to make it super easy for customers to manage the RUC through EROAD.

And final question. This one is for David. Will the Board appoint an independent chair before the next ASM?

Yes. A question for me? Okay. So before -- so when John was appointed Executive Chair. We said that it was time bound. We said at the time, it was time bound for 9 months. John is obviously effectively in role at the moment as well, we're in the process of appointing a CEO as that process is complete, John steps back to being a chair. We will, as a board need to make the assessment as to whether he is independent or not a time period we would need to pass through before he met that criteria.

Thanks. That's it.

Yes. I just want to point out, I've got no Meglumine tendencies, and I would like to have a CEO just as quickly as possible. I think if we are at all this drama, we would have actually been introducing it right here. but it is what it is. So I'm going to get on to the resolutions. We're actually not doing too bad. All right. I'm going to have to read this stuff. I'm not created this, so just bear with me. There are 7 resolutions before us. I will take each 1 in turn. Voting will be conducted by poll, comprising the proxies lodged in advance of the meeting and votes lodged via the Computershare platform today. If I appointed as proxy to vote and not directed on how to vote, I will vote accordance with the recommendation to the Board on these resolutions. Those attendees online can now vote via Compushare. Please click for, against or abstain. Those attending in person, can you please vote by marking your voting form, Compushare staff are on hand to collect these resolutions -- sorry -- do I have to do that again? All right. Where's the Computershare ladies just if anyone wants to vote? Yes. Your brain capacity reduces when this many people looking at you. Okay. So resolution 1. So this is for Ryan. I met Ryan in October. We had a coffee down at Takapuna Beach. I said David's got good things to say about you. No announce. No, no. Can you join the team and give us a hand like Ryan's a humble guy,, he's done lots of good stuff like large-scale transformation of banking frictionless onboarding, all the stuff that we need. Part of the plan has always been to join the Board as soon as we figured out how confident and good he was. So there's bit of noise about that. It's not a reaction. It's always been part of the plan. I just want to put that on the head so he doesn't have to and we are really lucky and happy to have him here.

Thank you, John. That's very kind, and good afternoon, everyone. As John said, my name is Ryan Brosnahan. I joined the Board recently as a Non-Executive Director. And I'm asking for your vote to confirm that today. I've got an extensive background in technology-based transformation, successfully scaling businesses, automation financial discipline and strategy, which is the kind of experience the road Board identified it needed. For the past 6 months, as John said, I've had the privilege of serving as the Chief Transformation Officer at EROAD. This role has given me a unique perspective on the challenges and opportunities in the Road business. Your business has significant opportunity ahead of it, but focus and disciplined execution is required in order to realize this opportunity. In my most recent executive role, I led the transformation of Bendigo Bank, which included, amongst other things, the integration of 8 banks into a single bank, building a new technology and data stack and the establishment and scaling of the most successful digital bank in Australia called [indiscernible]. From a start-up to a profitable business with more than 1 million customers. If elected, my focus is straightforward. It is ensuring that EROAD executes in a disciplined way on the strategy and road map we laid out the annual results announcement in May and that John and the executive team have repeated again today. Thanks very much for your time.

Thank you, Ryan. Is there any discussion on this resolution? There appears to be no further discussion. So the next one is, Ian, which will be on the next slide. So again, I just give I called and he was in Spain, Morgan Channel again, a bit of noise about this one. I liked what he had to say straight up guy. And yes, welcome.

Good afternoon, everyone. As John said, my name is Ian Whiting, I'm generally honored to stand for nomination as a Director of EROAD. Over my career, I've worked in businesses shaped by fast-moving technology changing regulations and rising customer expectations. I've learned that good governance is about people. It's about asking thoughtful questions, listening carefully, supporting management and making decisions that help a business earn trust over the long term. My background is in leading and scaling software and technology businesses. My focus has been on operational discipline, acquisitions, customer value and long-term team performance. Across senior leadership roles that have had, including within Constellation Software Group, I've worked with talented teams facing complex choices about growth, investment, risk and customer needs. Those experiences have taught me to be commercially disciplined while staying close to the people and the customers who make a company successful. If elected, I would bring that experience to the Board. I would focus on 3 key priorities. First, sustainable growth. helping era pursue the right opportunities, opportunities that strengthen its market position, improve its product capability and support disciplined profitability and capital allocation. Second, customer-centric innovation, supporting products and services that solve real customer problems. Products that create lasting value and products that keep EROAD focused on where the market is heading. And thirdly, and importantly, strong governance and transparency, bringing curiosity, discipline and openness to the Board table, asking clear questions, looking for clear metrics and helping ensure that ambition is balanced with responsibility to shareholders, employees, customers and communities and the communities that EROAD serves. I'm not standing to represent any single group. I'm standing because I believe I can make a constructive contribution. I would bring independent judgment, practical operating experience and a strategic and genuine commitment to helping EROAD succeed for the long term. Thank you for considering my nomination. I would be proud to serve and bring my experience, independence and commitment to EROAD's future to this Board. My aim is simple, to help EROAD grow with discipline, innovate with purpose and earn trust every step of the way. Thank you.

Thank you, Ian. Is there any discussion on this resolution? Okay, Oliver.

As a question for you. In the notice of meeting, there was no status in terms of Ian's independence. Has the Board reached any judgment in terms of whether he will be elected as an independent director?

No. No, no, we haven't decided. We've got a bunch of questions, that we're trying to get through. As soon as we know, we'll let you know.

John, there's a question online, that same question was asked. And a second question, this one is to Ian. Could he disclose his full history with [indiscernible]?

Yes, I know it's a concern for people that way. And just so to full disclosure. [indiscernible] approach being only about 2.5 months ago. I was aware of [indiscernible] hadn't had any conversations or relationship with Anfield before that. They were looking to nominate some qualified people into directors' roles within this Board. And so they ask me whether I'd be interested in it. I did my own independent investigation around EROAD and decided that, yes, I think I'd be a good candidate and erodes would be a good fit for me. And so that's the shape and distance of a field. I don't get any remuneration from them. I've got no relationship with them at all and going forward. They would be -- would interact them with them as a shareholder, just as any other shareholder of EROAD.

There's one more question for Ian from online. What is your take on EROAD's current performance against your expectations?

Look, I've got some views around that. And we've -- the Board and I have had some discussions about some of the things that I can see. And I think it's probably a little bit too early for me to comment in this forum on that. I've certainly got some thoughts being an outsider looking in at the moment, but I'd certainly like to get a lot more information from the Board about what the strategies, plans and priorities are to make a comment, I think. So I think I'll probably leave that one on hold at the present time.

What I actually said is for us troubles when we do the September update, we'll wheel you out and he can give an informed view. So well to the team. Okay. Yes, probably also if anyone is concerned about that, like there's a bunch of other people here to keep them in line as well in the nicest way. And if anyone's dealt with David Green on a bad day, there's a lot to deal with. In a good way, like we are lucky to have him to. Okay. Okay. So Resolution 3, we've got Scott Smith. I think he's online, and I hope the connection is going to work. So this is Resolution 3. Are you there, Scott? I can see you.

I am here. Can you hear me? Perfect. Thank you, John. So good afternoon, everyone. My name is Scott Smith. I appreciate you letting me attend virtually today. I also put myself forward as a director candidate for the EROAD Board. And ultimately, I'd be honored and pleased to join the Board and work with everyone to drive a much improved performance in the business. Quick background on myself. I had a 39-year career in software with my first 15 years at Microsoft. I spent another 14 years after that in Software as a Service and vertical markets at and that started with and then very successfully sold 9 years later. And then I did spend 10 years at Constellation where I acquired and improved over 30 vertical market software businesses. I've also lived and worked globally and experienced firsthand the difference in markets like geography and maybe a vertical market niche, but also hone in understanding that the fundamental business challenges around core business are the same across markets. So when I look at and overall, I see a company with a strong market position, small customers with some challenges that I heard today. great regulatory expertise and I say really long-term experience in the market. It does feel like over the past few years, there have been challenges and a number of public statements outlining these same challenges year-on-year. And I sit here today, some of those are being addressed, still sort of looking a little bit to the future. As I look at this, this is a common theme that I saw in the companies that we acquired. And we came in with these challenges. And I think what I bring to the table here is experience in what I'd say is moving fast and iterating on business improvement plans, especially tough decisions on things like operating expenses and investments in the products. aligning the business around fast and nimble, smaller teams. I like the regional discussion I heard today. I would love to understand more about that becoming focused at the regional level with their own P&Ls, driving accountability down into the organization at functional or product levels and then also tying all the major product investments into a really strict measurable ROI with very strong time-based and revenue-based goals. And then lastly, as we acquired companies, I do think bringing in a fresh perspective and fresh set of eyes always brought a unique viewpoint, and it's nice to help remove what I would call the -- this is how we've always done it mode. So all challenging areas to spend time on. And almost always, these challenges are met with resistance across businesses and across even customers. So while no 2 companies are exactly the same, I do think there's a very consistent and demonstrated playbook for improvement that has been shown to work. I have done this in dozens of acquisitions and have had success in creating more high-quality and high-performing businesses. So with that, I believe I could help make an impact at EROAD going forward, and I'd welcome to engage now or in the near future in helping achieve the objectives with this group and with the others. And with that, I thank you for the time for letting me speak today.

Thanks, Scott. Is there any discussions on this resolution?

There's one question. Does the Board recommend Scott's appointment?

No. So I think it's me. Is it the next resolution? Steve, sorry. Okay. The fourth resolution is Steve Hammond, having been nominated by Amfield Holdings that he be appointed as Non-Executive Director with effect from the end of the Annual Shareholder Meeting. Steve?

Good afternoon, everyone, and thank you for the opportunity to speak today. My name is Steve Hammond, and I'm standing for election as Director of EROAD. Like many people who have spoke today, I spent my career in software businesses. I founded companies, I've acquired companies, integrated companies, operated companies and many times helped fix companies that were not performing as well as they should. What interests me about EROAD is that it sits at the intersection of software, regulation and mission-critical customer operations. Those businesses are never easy to operate. But when they are run well, they are incredibly valuable. I was also drawn to EROAD because I believe it is genuinely a unique company. It has a strong market position, deep regulatory expertise, loyal customers and a long history of innovation. And those assets are valuable and not easily replicated. Over the last several months, I spent a great deal of time learning about EROAD. I've reviewed years of shareholder materials. I've gone back at least 4 years and listened to prior shareholder meetings like this, spoken with shareholders, customers and with former executives of both EROAD and Cortex. The more I learned, the more interested I became. I think everyone attending this meeting would agree on one thing, EROAD does not lack opportunity. EROAD has many assets that companies would love to have, a leading position in New Zealand, deep regulatory expertise, loyal customers, talented employees and a strong brand. What I struggle with is that many of the issues being discussed about EROAD are remarkably similar to those being discussed over the last several years. Shareholders are patient, but they should also expect measurable progress and clear outcomes. If elected I won't be there to run the company, that's management's job. My role would be to ask questions, challenge assumptions, help evaluate capital allocation decisions, acquisitions, operating priorities and strategic alternatives. I would also ensure that success is measured by outcomes rather than activity. Good boards are not made up of people who think alike. They are made up of people with different experiences who ask different questions. I believe my experience would add a valuable perspective to the Board as EROAD enters this next chapter. And again, thank you for your consideration.

Yes. Same question. Does EROAD recommend the election?

Same answer, no. I mean they know this, like that's why we put out the Board advice. So I'm just going to take 2 seconds on that. So the Ampere guys, obviously, there's the 3 of them, like we've got -- well, their own men, right, but nominated by them. No problem at all. No problem at all, not personal. When I met them, I said the Board roles we were looking for, this is all documented, right? We were looking for an Australian-based person who fits the mold, and we're looking for a technology transformation person in New Zealand. We were really clear we didn't want to have more people in the U.S. based on our strategy that we announced in October coming back to this region. So -- those are why we made those decisions that people want more flavor, like we're already committed. We already had our recruitment agent in place, all those stuff all fact. So now it's me. So I have to stand down and pass over to David.

Thanks, John. So I'm taking us to Resolution 5, which proposes that John Scott be removed as a Director of the company with effect from the end of the Annual Shareholders' Meeting at which this resolution is passed. And this is a resolution proposed by Amfield Holdings. I'll just speak to this briefly. John is obviously Chair of the Board of EROAD. You've heard quite a bit from him today. He was appointed a Director in March last year. We appointed an Executive Chair in October. And as you've heard, he's played a very key role in driving the strategy and the progress that has been outlined to you earlier in the meeting. So John's background is -- and you can tell this from the way he talks, but to ensure that you're aware of it, he's a technology leader, former CEO, Director and adviser across hardware, software and emerging tech sectors. And he's got decades of senior experience in global product development, commercial strategy and digital transformation, makes him very well qualified to lead EROAD's Board. John was CEO of Invenco and a senior executive at Navico and Navman. The 3 of them are high-growth New Zealand technology businesses that scaled successfully on the global stage. He's built and led teams across engineering, product, sales, marketing and supply chain in markets that have included the U.S., the U.K., Europe and Asia. So the Board believes that the resolution proposed by Amfield is not aligned with the long-term interest of all shareholders, customers, employees and other stakeholders of your company. And your directors unanimously do not support the removal of John as a director of EROAD and they strongly recommend that you vote against the resolution. I'll now ask John to make a brief statement.

Well, that perfectly summarizes our relationship. I speak normally and David keeps me out of trouble. So honestly, it's really like the best thing about this whole experience has been actually having you to hang out with, so I appreciate it. So I'm going to speak about myself. I must have got 50-plus text messages this morning from all different staff. And like we've got Ken here. I thought I saw Dustin one second. We've got Tracy, Nicole, Jeremy, C. We've got all these wonderful people. And I would like -- Gordon, there's a huge amount of people here. So if you want to introduce yourself to them, but like yes, it's a real honor to represent them. if I wasn't motivated beforehand, it's certainly been run through the press in the last couple of 3 months has got me motivated. So that's good for you guys because I'm going to make you some money. My wife says I'm not good at much stuff, but I'm good at making money for people. So we'll do that. Yes. But mainly I just want to talk about the team. This is a wonderful team. You guys have invested in a really, really good company, and you're really lucky. You're lucky to have these guys as well. And yes, real honor. So that's me, back to David.

Before we get back up here again, John. Is there any discussion on this resolution? Shaking your head, anything in the room? Okay. John, handing back to you.

I'm going to get my steps in today. So right. We're up to Resolution 6. Okay. So the sixth resolution was put forward by Amfld Holding, and it is that Sara Gifford is to be removed of the company with effect from the end of the Annual Shareholder Meeting at which this resolution is passed. Sara was appointed as a director in March '22. She has leaned in to support the transformation program, has valuable skills and experience as an executive at international software companies such as logistics, transport and supply chain. Sara spends a considerable amount of time in New Zealand, which supports EROAD's renewed ANZ focus. The Board believes that the resolution proposed by Amfld is not aligned with the long-term interest of all shareholders, customers, employees and other stakeholders and your directors unanimously do not support the removal of Sara. Before I get Sara up here, you guys realize we've made a few changes. Most people don't have more than a year. We -- my personal view is she's really good. You can see I'm not afraid to make change if I need to. And we definitely need some continuity. Sometimes we're struggling to find all skeletons are built. So like it is, we need it.

Good afternoon, everyone. I'd like to tell you a little bit about who I am and what I believe. I am American by birth, but a little bit ago, I got my New Zealand residency after falling in love with this country. And so I'm thrilled to get to spend quite a bit of time here. I'm a technologist at my core. I started actually as a computer engineer and with building hardware and deploying that, and I rose through the technical ranks and then rose through the business ranks. I spent the majority of my career being responsible for fixing projects, then teams, then departments and regions and finally, companies to make sure everything was delivering to customers and achieving as best as possible. I did this based on my basic fundamental beliefs around business. I believe a good business is run prudently. We should spend every dollar as if it is our own. I believe that delighting our customers is paramount as they make everything here possible. I believe in continuous improvement of product, processes and people. I believe in listening to all voices, but also speaking one's mind even if it's provocative. And I believe when you do all of this, we can deliver value to shareholders. At this critical stage of the transformation, I think EROAD needs a couple of things. So first, we need to use our opportunity to integrate our platforms, not just as a tech debt solution, but rather to create the AI-enabled transportation platform of the future. And we're on that path using our people, technology, AI and industry expertise. We need to win the EROC business and deliver new value to folks in New Zealand and hopefully spread around the world. And finally, we need to create exceptional customer experiences that deliver value. I truly believe when we accomplish these things, we can deliver returns. This transformation is underway and on track to achieve positive outcomes, and I am dedicated to its success. Thank you.

Just one question online. Why do you believe you were targeted by Amfield?

To be honest, that's probably a question for Amfield.

Right. So is there any other discussion on that resolution? Okay. So we're nearly there. I know we're running a little bit long, but we're doing our best. So Resolution 7 is the auditors. I need to read anything. The seventh resolution is that the directors be authorized to fix the fees and expenses of KPMG as the auditors of EROAD. Any questions on that one?

Yes. Two questions from online. When did you last and when do you plan to tender the audit?

KPMG has been the auditor of EROAD since it was listed. We -- just looking at KPMG to confirm that lots. When do we plan to -- we don't have a plan to retender our audit, but we do as part of our charter for our Finance Risk and Audit Committee. And also as part of our review of our policy around auditor independence, it's something that we review on a regular basis.

Okay. And the second question is, do you have any comment on the debate about KPMG in Australia?

Well, I don't -- so I guess the first answer is I don't have any comment because KPMG New Zealand is our auditors. Secondly, I can comment that KPMG New Zealand have kept us up to date with things in the media around KPMG Australia because they know that we read the Australian media. We do with KPMG Australia -- KPMG New Zealand, and they're very transparent with us.

Question for Sabine. Are insurance company using -- are there any insurance company using eRUC as a premium, what do you call?

No, not that I'm aware of. So there are businesses in Australia and parts of Europe that do usage-based insurance, but that is separate from doing RUC, that's road user charging. But that is something that we want to partner with insurances in New Zealand because it fulfills 2 needs at the same time. You can track your distance to pay your road user charges. And at the same time, you can -- depending on how much you drive, get a reduced insurance payment because you don't drive as much. So that is something that we're actively pursuing, yes.

So for those who don't know what we'll talk about, there's a thing called user-based insurance. It's big I implemented in the boating industry in America about 15 years ago. there's about 5% of customers who are the cost base and there's 95% of the profit base. As soon as you have someone trigger the market with user-based insurance, the whole market has to go because all the profit is in the 95% good. So if the government does do this, it will allow on user-based insurance and it's obviously a huge market. And the exciting thing about it is if it goes, it takes so cost -- we had -- when we did in the marine space, we had about 20% reduction in premiums. I'm not saying you're going to get that here. But if any reduction in premiums help subsidize both ourselves and the government. So I think it will be one of those ones that the government will be looking at pretty closely to sort of deal with this cost of living crisis. I think that's what you're getting at.

So that's a great potential for EROAD.

Yes. There's a few of these which are moonshots. If they go, we're on a rocket ship.

Good afternoon. I'm Nick Scott. I've been an EROAD shareholder since 2010. So a lot younger back then. I was -- look, I had some questions just around Cortex and integration and that and have read some concerning materials. But I suppose just focusing on what we've heard today, there's been the point made by a lot of management that there are significant issues and that they need to be fixed. And to the extent that there are issues and they need to be fixed, well, it's good that they're being focused on. But to me, it begs the question of how it got to that and why we -- here we are in 2026 with concerns about not enough customer focus, not focusing on our core market, et cetera, et cetera. And I was hoping to -- especially given Amfield has come out and given its view on the world, what I was hoping to hear from the Board and management was something that it would be held accountable to in terms of this time next year, what has been achieved. And unfortunately, we haven't got that. I mean I do understand to the point that some of you haven't been around that long. I get that, but that's not all of you. And from an organizational perspective, I don't think that that's fair for shareholders. So I just wanted to say that I was disappointed in Board and management that they haven't actually gave some measurables that they can be held accountable to. But I suppose the other thing was that there's been this raising of issues and then moving forward. And it doesn't actually look at, well, how it happened and how it should be corrected. And also for those who have been around for a while, whether it's appropriate that they continue on the EROAD Board.

So there's a lot in there. We'll have a beer afterwards, and -- but I'll try and do the big bits first. So I'm clearly accountable. And I imagine the Amfield guys will roll the same resolution next year, so you get another popularity vote. So it's on me. But it's not really, and I'm happy to take that because just front people for these guys. So I think we know what we're doing. I mean I've only been here 8 months, right? So I can't talk too much about -- and like what do you do when you see all this stuff? You can either sit on it and have a nice sort of easy run and kind of -- but I've tried to be upfront because -- not because of you guys so much, mainly because of our customers. I earn our customers' trust back, we've had to be pretty honest with our position. And so yes, I think all we can do is say, I'll be frustrated, too. That's why I did that opening slide. I know people have been here a long time, and I know people have got all sorts of different investments and stuff like that. But I've done this a while. I know these people are good. I know we're doing the right thing. I'm sticking the money in. So yes, I don't know what else to say. I mean I'm not about to say sorry. I'm doing my very best for you guys every day.

And I wasn't after sorry, and I appreciate that there is the focus on going forward, but there just seems to be a lack of accountability from those who have been around for years.

There some pretty punchy slides out there. I don't think lack of accountability is a problem I have.

And it wasn't aimed at you.

I know, I know. But you're always making decisions, right? We've got a continuity decision, but like there's a lot of accountability. You ask anybody around here a lot of accountability. I'm totally good with the conversation, like I'm not having an argument, it's good.

No, we can continue it over there.

Okay. Would do you like any another topic? Yes, we do. So the question -- I'll let you ask the question.

My name is Brian Faenfeld, a shareholder with my partner, Ray here. I'm just curious if you run customer surveys, if they're regular, if you could share the overall score and the Net Promoter Score with us, please?

I don't -- have we met at the Alphrio? So some of the gentlemen I've met before at the other. So what he's talking about is a thing called Net Promoter Score. It's an industry standard for how your customers evaluate. You ask them, would they recommend the product. So yes, we do. We have -- what I'd say is we're not doing it at what I'd call a world-class level. So what we're also doing is there's a thing called the economic buyer. This is kind of best-in-class sales process called Medic. And the most important person is what they call the economic buyer. That's the person with the money. That's the person you need to ask, would they recommend us because we ask everybody. And so what's happening is our question is coming in such a way that a driver who may not be happy with being monitored or one of the issues is getting. So yes, we do, but the number is meaningless because we can't actually focus on the real one. So we have a view of how our customers, how our users feel, but we don't have the magic number. So what we've done is we do quarterly business reviews now with our top customers, and we're starting to feed that in. And I think all of these gentlemen are doing -- I think we've got our top 30 customers on QBRs. So again, when we come back in September, I'll give you that number. But at the moment, it's kind of depending how you cut it can be anywhere from 10 to 30. In our industry, probably what you want to be targeting is if you're at 30%, you're at base case or -- that's sort of your start point. At about 60, things start to get really good. And there's this book called the ultimate question, if you're interested in anybody. And it talks about you can actually pay bonuses on it, you can measure long-term profitability. It's #1 lead indicator of success. Is that okay? I mean I know...

[indiscernible].

We are. So what I'm telling you is we know who the economic buyer now. We've got our top 30 customers on that program, and we're asking them questions. And when we come back in September, we'll be telling you what our Net Promoter Score is. That was probably a better answer the second go out of day. Are there any other questions?

About 12 months ago, the government announced that they were looking at moving to road user charges for all vehicles, particularly electric vehicles because they're not contributing to road user charges at the moment, which to me must be a huge opportunity for EROAD. And EROAD did respond that they were making some appointments in moving to shore up, I guess, their sales and marketing efforts to try and win that business. How confident are you of winning that business? I know you can you can never say yes, but in theory, you should be aware of what the government will be looking for and how closely aligned EROAD will be to those requirements.

Yes. So I'm going to put you with Sabine at the end of that. What we've said is that 1% of our revenue and 5% of our OpEx are targeted on that. But Sabine, who I've now said 20 times, you can have a chat afterwards. So guys, I'm like we're at the 90-minute mark and we start to get dehydrated here. Does anyone have anything else? All right. I'm going to close that, if that's okay with everybody. All right. I'm closing the meeting. Thank you, everybody.