Having completed its transition to a subscription-based revenue model during the year, Checkit grew recurring revenue by 41% and total revenue by 22% in FY23. Year-end annual recurring revenue (ARR) was 28% higher y-o-y as the company successfully executed on its land-and-expand strategy. As flagged last year, the focus on accelerating profitability has slowed cash consumption. Management anticipates meeting current market expectations for FY24; our FY24 forecasts are substantially unchanged and we introduce forecasts for FY25.