What about Pay-As-You-Go?

That is much higher than RCM because it is massively scalable. That is all about scaling AWS to provide the solution. So if the Pay-As-You-Go market flies, that is hugely profitable.

Are there any inflation ratchets in the Pay-As-You-Go?

Rail Ops is based on the size and complexity of the train operator. If you are running a complex network, you would pay a higher annual license fee. If you were a very simple railway, you pay a smaller annual license fee. What we have shared publicly with investors is that broadly speaking, you are paying a million pounds a year license fee for TRACS Enterprise if you were a complex operator, and four to five hundred thousand pounds a year if you were a very simple train operator. It would move between those two numbers depending on individual negotiation. The idea behind that was that ultimately when Great British Railways takes over, they can see that each rail company was charged fairly based on the complexity of their day-to-day operation.

On that complexity in the UK market, if we move to Great British Railways and consolidate into a few buyers, then eventually all the train operating companies are nationalized, isn't that going to massively simplify that complexity? Shouldn't I look at that as a threat to Tracsis?

It will massively simplify the complexity, but you will be dead before that happens because it is so complicated and political. I don't see how they are ever going to turn it into a simplified model. Today you have 28 different train operators doing different things, and if they try and change anything, the trade unions will go on strike. It is hard to know how they bring it all together.