Hey, everyone, and thanks for joining us today, the CAR Group's FY 2024 results conference call. This morning on the call, Will and I are gonna run you through the presentation, around 30 minutes, like we always do. You'll hear us read out the slide numbers as we go, and after that, we'll have a Q&A session in the second half. We'll introduce, that'll bring the rest of the team into the conversation as well. But in the room with Will and I, we've also got Paul Barlow from carsales Australia, SB Kim from Encar in South Korea, David McMinn from Trader Interactive in the United States, Eduardo Jurcevic from Webmotors in Brazil, and Rachel Scully here, our Head of Investor Relations. So look, let's start with slide 5. And as you can see, it's been another great year for the group, with excellent progress from our financial, operational, and strategic perspectives. This year's result really does build on the consistent growth that we've delivered over many years now, and it reflects the strength of our global marketplaces in engaging consumers and the value that we're delivering for them. Yeah, look, over our more recent acquisitions in Brazil and the United States, they're performing really well for us, and we're confident these businesses will continue to deliver and drive significant long-term value for shareholders. As you can see here, the pro forma results on this page are probably the best reflection of the underlying performance of the company, as they rebase our FY 2023 to fully include Trader Interactive and Webmotors. You know, on a constant currency basis, the group delivered 15% growth in revenue and 16% growth in EBITDA, which is an excellent outcome. We delivered a strong margin performance of 53%, which was slightly up on last year, and adjusted NPAT was up 24%, which was also a strong result. We reached a good milestone for us of revenue to AUD 1.1 billion, and we delivered double-digit revenue and EBITDA growth across all of our regions once again. Turning to slide 6, as you can see here, we've continued to see strong levels of trading in our marketplaces across the globe, and this is an excellent result, given the ongoing high interest rate environment that we see. It demonstrates the strength of our market positions and the resilience of our business model. Inventory levels overall, they've continued to rise, which reflects the strong competitive position and the normalization of the new car vehicle supply and time to sell. These high stock levels, they have helped to drive good levels of depth penetration that we've talked about for a while, as customers seek to move inventory and differentiate their vehicles online. I'll talk to you a little bit more about this later in the presentation. We've continued to grow our dealer customer numbers, which is a great testament to the strength of the value proposition that we have for our dealers. We delivered 22 million leads to dealers, which was similar to last year, and this was a good result in a more subdued environment, with growth in leads in Australia and Brazil, which is great, offset by softer demand in the United States. We saw consistent demand in Korea over the last 12 months as well. Onto slide 7, and as you can see here, the business is significantly more diversified across geography and verticals than it was 5 years ago, back in 2019. And new group operating structure is working really well, enabling the teams to execute strongly in each business, as well as sharing product, intellectual property, and technology across different markets wherever it makes sense. Looking at slide 8, and this shows the breadth of the retail brands that we operate across multiple jurisdictions. The breadth of these brands is reflected in the AUD 15 billion of addressable markets that we operate in, which is shown at the bottom of the page there, you see that. All these are large markets with attractive attributes, and our current penetration is still under 10%, which provides us with a significant long-term growth opportunity in each market that we're in. Moving on to slide 9, and yeah, our purpose and strategy remains consistent. I mean, the purpose and vision of the business are what really drive us, and that's about providing an outstanding experience for buyers and sellers, which helps us to maintain and grow our number one digital marketplaces for vehicles around the world. And look, to deliver this, our first focus area is to simplify everything about buying and selling vehicles. And we basically want to remove friction points, open up new opportunities to monetize and extend our role in the buying and selling process. Our second focus area is to make sure that we continue investing in new opportunities, which are... You know, they're gonna drive future growth, and mitigate the risk of disruption. This includes in-house product development and innovation, which has always been, you know, at the core of what we do as a company. It also includes the launching of new verticals, like we've done and talked about with marine in the United States, or acquiring new businesses in under-penetrated, high-growth markets like Webmotors, and investing in emerging technologies, you know, or like AI or electrification, for example. Onto slide 10, this slide here clearly demonstrates the benefit of the continued investment that we've been making. We've delivered an uplift in organic growth in Australia over the last few years. Some key drivers here have been our reinvigorated media strategy, dynamic pricing, higher depth uptake, and improved Instant Offer products. Organic momentum has been clearly complemented with the acquisitions of Trader Interactive and Webmotors, and synergies that we've delivered in those businesses more recently as well. Turn to slide 11, and this summarizes the first 12 months of our ownership of Webmotors. We've, you know, made really strong progress across the business, which has resulted in excellent financial outcomes that you'll see in more in a moment. But some highlights here that we wanted to talk about on this page are the fact that we've extended our market leadership position through our national expansion strategy in finance. If you look down the left-hand side there, we're seeing strong growth momentum with our new finance integration with Santander, and that's delivering a 35% uplift in auto finance contracts written in the second half for us. And this has been bolstered by improving macro and credit environment in Brazil. Look, our partnership with Santander has never been stronger, and it's great to have Cezar Janikian, he is the Head of Consumer Finance in Webmotors in Brazil. He's here with us in Australia this week, so he'll be on the roadshow, and he's also on the board of Webmotors. And he's been pivotal in our partnership with Santander, and as that continues to move forward. Look, at the time of acquisition, we did identify the diversification of Webmotors' revenue base as a key synergy with our change in ownership. And given this, it's really, really pleasing to see strong growth in private media and finance revenue. We've deployed dynamic pricing in the private segment, which has really driven strong uplift in yield. While in media, we've implemented some programmatic ad tech from Australia, which is also delivering a significant uplift in monetization for them. And we're building a much larger dedicated sales team to engage directly with OEMs. And finally, I guess the thing to say here is that, yeah, we've got great momentum going into FY 2025 as well. Slide 12. Look, our strategic priorities are consistent here, and they're pretty clear. FY 2024, you know, was the year of significant progress, which I'll take you through over the next several slides. So on to slide 13, and yeah, our ability to deliver a large and engaged audience, you know, to our customers is critical to our success as a business. As you can see here, we continue to hold very strong market leadership positions in each of our four key markets. Our market leadership's driven by a compelling combination of audience, tech, and data. Over the past 12 months, our audience position has strengthened as both volume and engagement of buyers has increased. Turning to slide 14, look, from a digital retailing point of view, we've made a lot of progress here, increasing the digitization of transactions in each of our markets. I guess the first call-out is South Korea, which is at the forefront in terms of digital retailing for used cars. And this has been reflected in the continued evolution and growth in their Encar Home product over the last 12 months. And this product has got significant potential over the next few years, we see. And as the consumer experience improves and more people become comfortable with purchasing through digital channels in South Korea. On the right-hand side there, in the U.S., we've seen a 220% uplift in our Powersports direct leads. In what's a more challenging market right now, Powersports is a key vertical for providing a fully digitized transaction, given its lower average inventory values. So an increase in transaction volume here is a pleasing result. Now, on to slide 15. Look, as I mentioned earlier, we've seen strong adoption of our Depth Products and Services, and this is a great slide that just shows one of the countercyclical elements that we have as a business. With global inventory levels growing and time to sell back to where it was pre-COVID levels, Depth Product offerings for dealers are a way for them to really differentiate their inventory and reduce time to sell and improve their own cash flows. We introduced new products or simplified packages to address this increasing demand, which has contributed to a strong uplift in depth penetration in all our key markets. Onto media on slide 16, and you know, it's great to see the performance of our media business continue to be very strong. But the global new car market is very competitive, particularly with new Chinese entrants. Our unrivaled audience data and technology helps OEMs to drive increased engagement in their new model launches. But we continue to execute well on our media strategy in Australia, which has delivered excellent growth in revenue. But even more pleasing is that we've, you know, seen the Australian IP and tech leverage into North America and into Brazil. This includes deploying new programmatic technology and growing our direct go-to-market approach with OEMs and agencies in those markets. Slide 17, just looking at some future horizon stuff. Yeah, we've been working hard since the launch of our new marine brand, Boatmart, late last calendar year in the United States. Stats are all trending in the right direction for us since launch, with a significant uplift in dealers, inventory, visits, and leads. The marine market, in terms of total addressability, is very large in the United States, and we're pleased with the progress we're making. We're looking to start commercializing this over the next six months. Slide 18, and look, just wanted to highlight and reiterate that, multiple growth levers that we have in each of our businesses. We've never had more growth levers than we do today, and our traditional growth drivers continue to deliver good growth as you're seeing, and our new growth drivers are continuing to more and more add more value to us year -over -year. Onto Slide 19. Really like this slide. This slide captures the revenue and EBITDA performance of the company. As you know, we now have on a pro rata basis since 2007. You can see here, the group's consistently delivered growth through multiple economic cycles. Our businesses have a lot of characteristics or attributes. You know, we're more geared to used vehicles. Dealers always need to move inventory, and we offer a good return on investment compared to other advertising sources available to them. Despite interest rates, I guess, remaining high, we are seeing good growth in both our operational and financial performance metrics, which gives us great confidence as we think about the longer term potential and the positive outlook that we've got on FY 2025. So just while we're talking about outlook on Slide 20, and as you can see there, on a constant currency basis, we expect to deliver good growth in revenue and in EBITDA once again in FY 2025. In terms of margins, with some reinvestment into the business and some significant growth that we expect to see come from some businesses with lower margin, we'll see similar group EBITDA margin in FY 2025. Just looking first at the Australian business on the left-hand side there, in a year we expect to see a good growth in dealer revenue in FY 2025, and this growth is expected to be supported by growth in lead volume, depth, and yield. In private, we anticipate solid revenue growth, supported by dynamic pricing optimization and Instant Offer growth. In media, we expect to see good revenue growth, supported by continued expansion of our native ad products, programmatic capability, and non-automotive advertising diversification. And then looking at investment there, you know, we're expecting solid growth in revenue and similar EBITDA in FY 2024. Looking on the right-hand side of the slide there at our international businesses, and all these are on a constant currency basis. So, North America expects to see good growth in revenue and good growth in EBITDA in 25. LATAM, which is our Brazil and Chilean operations, we expect to see strong growth in revenue and strong growth in EBITDA. In Asia, we expect to see good growth in revenue and solid growth in EBITDA. Just, you know, as an additional comment, thinking about the start of the year, the six weeks of trading so far started well, and our execution's strong, and that gives us confidence in the outlook statement that we're making today. So with that, on to Slide 21. I'll hand you over to Will to talk about the financial reports. Thanks, Cam, and good morning, everyone. The group's delivered another great result in FY 2024. On Slide 22, you can see the consistent growth that we've delivered across four of our key financial metrics, and this reflects the large investments we've made in improving consumer experience and also growing our audience. And given the large markets we operate in and the multiple growth levers we've got, we're confident in our ability to continue delivering great outcomes. Moving on to the P&L summary on Slide 23, the large increase in revenue, operating expenses, and EBITDA mainly reflects the impact of consolidating Trader Interactive and Webmotors for the full year. Pro forma revenue and EBITDA normalizes for acquisitions, and I'll talk to this on the next slide. On this slide, I'll just go into a little bit more detail about the items below EBITDA. Depreciation and amortization largely comprise the amortization of software development investments that we've made over the last few years, and normalizing for acquisitions, this has largely grown in line with revenue. The increase in finance costs, you can see here, is driven by the higher interest rates that we've all observed over the last 18 months. On tax, the group's effective tax rate in FY 2024 was similar to last year, at around 19%. This reflects the corporate tax rates that we have in each of our jurisdictions, except in the U.S., where we currently pay more tax. This is due to the tax deductions for the amortization of purchase price intangibles, as well as utilizing prior period tax losses which we inherited through the acquisition. Adjusted Net Profit of AUD 344 million was up 24%, and this benefited from the Webmotors and TI acquisitions. Adjusted EPS growth was probably a better representation of underlying performance. It includes the increase of shares from recent capital raises, and on this basis, it was great to see us deliver growth of 17%. This growth, combined with strong free cash flow generation, supported the board's decision to declare a final dividend of AUD 0.305 per share, which is up 18% from last year. As we show just in the bottom left-hand corner of the table, the group's adjusted results differ from reported results due to excluding one-off or non-cash items. In FY 2024, this was primarily the non-cash amortization purchase price intangibles. We've also got a detailed reconciliation of this in the appendix. Turning to Slide 24 now. This shows the business on a pro forma basis, which I mentioned before, and it consolidates TI and Webmotors in both the current and comparative periods. I'm not going to go into too much detail on the slide, as Cam's going to talk to the segments in more detail shortly, but it is great to see the double-digit revenue and EBITDA growth across all key regions. And this really does showcase the resilience of our business model in a higher interest rate environment. On to Slide 25, and look, it's been another great, margin performance from the business with, group EBITDA margins, slightly increasing over the last twelve months to 52.9%. It really does emphasize the operating leverage inherent in our business model, and whilst we continue to invest in new products and initiatives, which are going to be the drivers of our current and future growth. Margins increased across all of Australia, North America, and Latin America. And in Asia, we've continued to invest into marketing our Dealer Direct trading product as credit conditions continue to improve in Korea. Moving to slide 26 now. The business has had another good conversion of earnings to cash this year due to the strong working capital profile of the business. The balance sheet's in really good shape. It's very nice to see leverage reduced to 1.7 times EBITDA. And look, finally, CapEx as a percentage of revenue. It's remained pretty consistent over the last 12 months. We continue to invest in key products and technologies to drive our growth, and some of these areas are highlighted on the slide, and these really do position us well, for future growth. Now I'll hand back to Cam to talk further about our operational and financial performance in each market. Thanks, Will. Look, before we talk about Australian financial performance, I just think it's probably useful to provide a little bit of context around the operating environment that we're in. So look, I'd say, despite some concerns about the broader macro environment here, the automotive industry in Australia has continued to be robust, reflected really by the strong audience engagement that we've seen in the demand for cars on the carsales platform. New car sales, they were strong in FY 2024 as the manufacturers' supply improved and back orders were really cleared. But over the last several months, probably seen new car demand moderate a little bit. As a result, we've seen more offers and discounts from manufacturers into the market. Demand for the used cars, those remain healthy. Used car supply is increasing, as you can see on the carsales site, which is okay, but their pricing has probably reduced a little bit, but still well above pre-COVID levels. And while time to sell has also normalized, dealers are, on average, still making good gross margins on used vehicles they're selling. Onto slide 29, and yeah, it's been another great year for our Australian business with revenue and EBITDA growth up 13%, supported by, you know, continued strength of our marketplace and audience metrics. We delivered good double-digit growth across, you know, revenue and all of our revenue statements. Just focusing on each of them, looking at dealer first. So, I mean, dealer up by 12%, driven by good demand for used cars, yield, and increased penetration of Depth Products. It was really pleasing to see depth penetration continue to increase, as inventory levels and time to sell both normalized. Private, we continued to deliver good outcomes for our private sellers and have continued to increase our market share there as a result over the last 12 months. Also, seen our ability to grow overall private yield through further optimizing dynamic pricing and continue to scale Instant Offer, and that's resulted in good revenue growth of 10%. Media, strong media revenue growth of 20% is indicative of a, you know, a healthy new car market with strong production in new car model launches. This is supported by a significant investment that we've made over time in our media business, to deliver more innovative and personalized advertising solutions for our customers. And then, DRS or other research and services, up by 10%, was good on PPP, and that was driven by our RedBook data business. So looking at slide 30, and North America, it has been an excellent year for the TI, our Trader Interactive business, with double-digit revenue and earnings growth, which is, you know, a great outcome given the more challenging macro conditions, particularly in recreational vehicles. Growth continues to come from multiple sources. This includes higher customer numbers over the last 12 months. RV Trader customer numbers were stable, which is a great outcome, given RV demand's been subdued. Other key growth drivers includes a significant uplift in Premium Select transactions between yield increases, dynamic pricing, and growth in our media revenue. Onto slide 31, and the Latin American segment includes Webmotors and Chileautos, as I mentioned before. Latin American segment delivered an outstanding result, with revenue growth of 25%, and EBITDA growth of 34% on a constant currency basis, and that's largely the reflection of the performance of Webmotors. National expansion strategy that we've talked about sometimes continues to deliver excellent growth through adding new dealers, growing our audience, and increasing private seller volumes. The implementation of dynamic pricing delivered significant growth in private seller, as you'd expect to see. Finance volumes also grew strongly, as I mentioned that earlier, you know, and media is starting to become a key growth driver of the business. Results also include the contributions of Webmotors, adjacent market subs, being Car10 and Loop. Both those businesses have demonstrated excellent growth in revenue and earnings over the last 12 months. The other thing I'll just point out is Chileautos have had a good year, too, and they've successfully implemented the dealer lead model across the Chilean market. Onto slide 29, and just looking at Asia, Encar there, largely. Encar's had an excellent year with revenue and EBITDA up 15% and 11% respectively on a constant currency basis. Market conditions in South Korea have continued to improve over the last 12 months, with which is supporting the growth that we've seen. We actually added 8 new branches over the past year, which was a great result, and this has supported another significant increase in penetration for guaranteed inspection products. Revenue growth supported by a 10% price rise on standard ads that was introduced at the end of the first half of the year. Encar also continues to make strong progress on submissions to facilitate online car transactions, which I mentioned earlier, and that's reflected in the strong growth that we've seen in Encar Home digital retailing services. Dealer direct also continued to improve as the macro credit challenges experienced in FY 2023 also alleviated. So look, slide 33, and we'll turn to some strategy stuff now. So maybe we'll go straight to 34. And on slide 34 there, you'll recognize our strategic priorities. On the next few slides, we'll go through each and walk through a couple of the key focus areas for growth as we come into the next 12- 24 months. So maybe starting with slide 35. Depth Products here are an excellent way to engage potential buyers and deliver value for our sellers. In Brazil, Webmotors, in partnership with Santander, they've launched an incentive program that we're very excited about. It's called Wallet, where participating dealers can redeem Webmotors products through Cockpit, which is our CRM system that we have. Santander can add credits to dealers' Webmotors wallets as an incentive to use them as their main finance channel. This is an exciting development as it's gonna drive increased revenue, but it also enables our dealer customers to trial different Depth Products and value-added services that we have. In the middle there, looking at South Korea, and we are evolving our Guarantee inspection offering, where we're adding new inspection centers in regional areas. We're extending operating hours to service more customers and introducing new Guarantee inspection products. In July, Encar communicated a price rise on Guarantee ads of 10%, which is gonna be implemented gradually from the first of August in 2024. In North America, there on the right there, following the successful launch of Premium Select in FY 2023, we've launched a new reporting model or module for dealers to get the full view of their ROI from depth utilization, and this should improve acquisition and retention of customers. Look, these are just a few examples of depth product that we're launching to help dealers reduce time to sell and to achieve better gross margins over time. Maybe turn to slide 36 now, and just talking about private seller experience. In Australia, you know, consistent innovation in user experience has delivered private yield growth CAGR of 11% since implementation of dynamic pricing back in 2016. As a percentage of, you know, the average value of a car sold on carsales, you know, what we're generating there in yield's about 0.5%, which is good value, given the amount of money that a private seller can save versus accepting a wholesale price. From an IO perspective, we're looking at expanding our Instant Offer eligibility criteria to address, you know, a greater proportion of the market at each end, particularly in the upper end and the lower end. And that's gonna be achieved through third-party partnerships and better use of data and pricing models that we have. We are constantly enhancing our trust and safety in trying to remove friction points in the private buyer and selling process, which is, you know, it's critical to our ability to continue to grow yield. And some key focus areas here include launching of a Photo Assist using generative AI to offer suggestions around how to best present photos for your car online and attract more buyers. We're verifying ID documents to highlight and instill greater confidence in verified sellers. You know, introducing new messaging platform to, to keep people in the, the car sales environment, which reduces the potential for fraud and the, the need to share, private phone number details, et cetera, which is good. We're, we're also, adding a private test drive booking platform to enable bookings that best suit the seller's schedule. And, and finally, we've just launched a, a C2C payments beta, which, we think could be a, a bit of a game changer in the, in, you know, safely and, and securely, selling, private seller cars for people online. We'll talk a little bit more about this one in a moment, but, you know, there's plenty going on in this space for us. Then from a synergy perspective, it's been great to see us bring some of our private seller IP and tech from Australia into Trader Interactive and Webmotors. Our initial focus was on deploying dynamic pricing, which is gonna continue to be optimized, but we're also now focused on enhancing private seller creation process in the U.S. and Brazil, simplifying the process and reducing the number of steps it takes to create a private ad listing there. So looking at slide 37, you know, we've talked about this before, but in Australia, we've made important decisions to progress our media strategy, you know, a couple of years ago, and to diversify more heavily into non-automotive customer segments and introduce more innovative audience and, you know, programmatic and native advertising solutions. So it's been great to see media being an excellent growth driver in all our key markets over the last year. And media was an area of significant potential growth that we identified as part of Webmotors' and Trader Interactive acquisitions. You know, and given both businesses had limited offerings in the media space at the time that we either uplisted our investment or entered the U.S. market. So, media TAMs in North America and Brazil, they are huge, and we're very well placed to capture some market share of these large markets, given our strong market leadership in each of our businesses. We have a clear strategy to help us in this goal, and pleased to see us executing on this strategy. We're establishing, as I mentioned before, dedicated sales teams in each of our geographies to enable, you know, the engagement directly with OEMs and agencies that we. And we're, you know, clearly looking to diversify our each of our advertiser bases in those countries. We've deployed programmatic technology in both. Again, I mentioned that earlier, for Webmotors and Trader, which is driving a material increase in ad viewability and yield, which is important. We continue to deploy new technology that's gonna benefit each individual market. We're also starting a journey to penetrate these significant international markets and gain, you know, some of the benefits already. You know, there's plenty of runway here as we continue to move down that path. So on to slide 38, and this has been great. You know, looking at what I mentioned a little bit earlier, we are on the cusp of trying to roll out our PSP payment solution that provides a more secure option to buy and sell a vehicle and transfer funds from one party to another. Yeah, clearly has applicability in the private-to-private space. It's gonna really help, you know, instill buyer confidence that the seller of the vehicle's been checked, verifying ID documents, and this is just a great example of how the carsales business is differentiating itself in that private seller market. Look, this is last slide of the deck. So look, just to summarize, we've had an excellent year. We've got good growth momentum heading into FY 2025. We continue to build on our market leadership positions, building competitive advantage, and delivering long-term sustainable growth for you, our shareholders. We remain focused on removing friction points in buying and selling, which is creating new monetization opportunities for us. We know, you know, we've got a great opportunity in our international markets with new products, and we're also focused on growing customer acquisition and take rates over time as well there. We're very happy with the rate of our IP and technology transfers, and you can see from our results that we're effectively leveraging these competencies across our different markets, and there's gonna be more to come here. And finally, we're a good generator of cash. We've, you know, we've got a very strong balance sheet. You'll see this continue to be a feature of our business and whilst also investing for future growth, as we always talk about, and paying attractive dividends to shareholders. So look, with that, I'll hand over to questions. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Eric Choi with Barrenjoey. Please go ahead. Morning, guys. Thanks for the questions. Can I do a quick three ones? Three quick ones, sorry. I'd like to do them all at once. Just firstly, on the outlook, Cam, just on that margin percentage expected to be similar in FY 2025, can I confirm this potentially has little implication for your dollar EBITDA growth versus market expectations? And my reasoning is sort of, I mean, Brazil could be part, a bigger part of the revenue mix than you all expect, and obviously Brazil is lower margin. And then it looks like you're just reinvesting that better-than-expected dealer and media growth, and obviously reinvesting that drag down the percentage, but it doesn't necessarily impact your dollar EBITDA. Second question, just on dealer, you're expecting good growth again, and sorry if I missed it, Cam, if you gave the splits on what the FY 2024 dealer growth was. But I guess my question is, I wouldn't expect you to accelerate price in FY 2025, given you've been pretty conservative on dealer. So can we sort of infer that, dealer leads and dealer depth has held up pretty well into early FY 2025? Last one, on the U.S., just wondering if it could be a bit of a tale of two halves in FY 2025. And I'm just thinking, well, I was wondering if you could give us a bit of color on what could give you a bit more of a positive second half. I don't know, things like rate cuts or price increases or monetization of verticals. Any color would be super helpful. Thanks very much. Thanks, Eric, for the questions. So look, just on the margin outlook. So the first thing I'd say to you overall, look, super happy with how we performed in 2024. Financial metrics, operational metrics, competitive metrics, all really good. FY 2025 has started the same way, we're pleased with how it commenced the year. In terms of margin, our overall strategy, as you know, is to grow margin longer term, right? So we're always looking to expand our margins, but we're also very conscious of making sure that we're investing in the long-term growth opportunities that we have. And as you saw from the slide deck, we've got many, many growth opportunities that we want to continue to invest in. So look, when you see the word similar, I mean, with that context I just gave you, I mean, similar could be slightly up, and it could be slightly down, but yeah, overall, the objective of the business is to grow margin. The second question was just around dealer growth split. Do you happen to know? Eric, yeah, you're right. Around a third, a third, a third, with volume, yield, and depth from a dealer point of view. As we head into FY 2025, we're seeing dealer leads are positive. So that's absolutely strong. And then the third one, [audio distortion], just- Sure, mate. Yeah, so look, Eric, I mean, you know, really solid FY 24. Great results, given the economic climate and a lot of innovation done in 2024. So we roll into 2025 with confidence, so, you know, with multiple growth levers. Now, Premium Select, that continues to go from strength to strength, whether the economy is good or poor. So there's a real place there for that product with marketplaces. You know, the media business is really starting to grow in a strong fashion now, which is really pleasing after the deployment of the Fuse tag from CAR Group. Private's growing really, really well, so we've done a lot on yield as well as done a lot on conversion. So that's improving all the time. And then we'll get into marine in half two. So, you know, as for interest rates, we don't tend to really think about it. We just build a solid plan and try and execute the plan. You know, that's why we just reiterate the guidance to, you know, guide to good for revenue growth as well as profit. That's correct. Thanks very much. Your next question comes from Sriharsh Singh with Bank of America. Please go ahead. Good morning, all. Thank you. Three questions from my side as well. Can you talk, can you elaborate a little bit more about the health of the domestic used car market? And where I come from is, investors, are a little concerned about, the health of the car market after listed car dealerships calling out margin pressure. So my question is: is the pressure mostly contained in new car market? And has the outlook for used car market a little bit different from new car market, if it is? My second question is on your guidance around media and, Brazil revenues. Are you being a little bit conservative on guiding for the, for those two segments? Because you're delivering very strong growth in those two segments, but guiding for strong growth. Within domestic media revenues, you've got 10, 12 Chinese OEMs coming into Australia next year. So is there scope for positive surprise? And lastly, on the Korean market, 10% price increase announced for Guarantee ads. So with your dominance established, should we expect price increases in Korea to become a more common feature than history? Thank you. Thanks. We're seeing the new car market domestically be a lot different to the used car market. Used car margins for dealers are still very strong versus pre-COVID levels. Used car pricing remains resilient, and dealer leads are up. So, a little bit of a difference between the new car market and used car market. Well, do you want to talk to guidance? Yeah, no worries. Thanks, Sriharsh, for the question on media and Brazil. So I suppose on Brazil, you know, there's no upper limit for us on strong. And so obviously there's a wide range of performance there. I think we've reserved the term, you know, very strong, for times when we've had acquisitions and grown at sort of 50%+. So I wouldn't, you know, I wouldn't take that into account when you're thinking about the potential performance in Brazil. On media, you know, obviously, we've delivered a great performance over the last two years. We've done sort of 20%+ growth in media in Australia, and I think obviously as the number gets bigger, that, you know, replicating those sorts of growth rates becomes a little more challenging, and that's what's reflected. But, you know, the exit run rate that we've got starting in FY 2025 is really positive in media, and so we feel confident about our ability to deliver good growth in that segment. SB? Yeah, so the Guarantee, it has been growing very nicely during the last few years and become our largest, revenue source for our, businesses, but still less than 50%. Or the Guarantee price increasing has been well received by the dealers, and we'll continue to look for, in the future as well. Thank you. Thank you. Your next question comes from Entcho Raykovski with E&P. Please go ahead. Morning, everyone. My first question is on TI. And I wonder if you can quantify the depth contribution to growth in FY 2024. If we look at that 13% pro forma revenue growth number, what came through from depth? And should we expect... If we go into FY 2025, should we expect that to slow down a little bit, given that you've now lapped the launch of Premium Select? And if you can expand as part of that analysis, the reporting module for Premium Select likely to be a contributor, or is it just something which reduces churn and keeps dealers staying on the platform? That's my first one. I've got a couple of others, but I might wait for the answer before going ahead with those. Sure, mate. Look, yeah, so I would say that Premium Select made a material contribution to the FY 2024 results, and, you know, I expect it to make a material contribution to 2025 and beyond. So it's, it's got a lot of runway. And in terms of the mix, you know, we probably make between, you know, 55%-60% of our money out of selling products, you know, whatever that might be, versus rates. So it's making a material contribution. We feel really good about the product, and, you know, dealers need it, whether they're really competitive, you know, have really good times economically, as well as when they're fighting for consumers, when there's less of them in the market, because they need to stand out more. So we find that it works in both environments. So, yeah, feel good about that product. ... Okay, great. Thank you. Second question, turning to Korea, this is probably one for SB. I mean, as you said, guaranteed product now has more than 50% penetration. Are you able to give us an idea of what the exact revenue contribution is now to Encar? I think you, you had disclosed that a couple of years back as part of the Investor Day. If you could give us that number, that'd be quite helpful. And, presumably, the 10% price increase that you've just put through will have a much greater impact on the standard ad- than the standard ad price increase that you put through early in the year. If you could, again, if you could give us a sense for what that impact might be, given it seems like it's a staggered rollout throughout the year, that would also be useful. Thank you. Well, as I said, I think, I mean, the Guarantee is the largest revenue portion, but still less than 50%, and the 10% will be a little less than a 5% revenue take in total, I could say. But I think that impact will not be happening in FY 2025, one year, because the new price scheme will be applied at the moment an existing contract with existing individual clients is to renew their contract. So I think that, in fact, will be effective over the period of next one or two years, longer time. Okay. So sorry, SB, just so the 5% will be not, not all in 2025, some of that will fall into 2026 as well? Yeah, I think I would say it's less than a 5% in total revenue contribution in growth. I wouldn't specify the numbers, less than a 5%. Okay. Got it. Okay. Thank you. And then the final one, your leverage ratio is continuing to come down, 1.7 times, as you say, it remains prudent. I mean, you've obviously successfully expanded via acquisition offshore over time. Given that leverage ratio is coming down, do you see potential for further acquisitions from here? And if so, sort of what are the broad areas? Are you thinking about new jurisdictions, or if you were to acquire something, would you be looking for markets where you already have a presence? Thank you. Yeah, I'll do that one. Thanks, Entcho. Look, yeah, leverage coming down is great. I think, as a business, as you guys know, we are an acquisitive organization, but we're also very cautious around how we use shareholder capital. And, you know, there's a very high bar that needs to be jumped over for us to do M&A, and, you know, we've gone through what that looks like in the past. I'd say, you know, the things that we're looking at today are no different to the things we were looking at 12 months ago. You know, there are opportunities out there for us, but as an organization, we tread very carefully, and we ensure that anything we look to acquire ticks all those high watermarks that we expect. Right. Thank you. The next question comes from Siraj Ahmed with Citigroup. Please go ahead. Thanks. I'll ask three questions as well, but just the first one, Cam or PB, just in terms of Australia Dealer, and actually private as well, just what do we assume for price increase for next year? If you can just give us any steer on that. And also for private ad yield, how should we think about that, given prices are coming down? Thanks. Yeah, we—I mean, price increase, we've traditionally, or we've moved it to a regular time. We're always thinking about the volume that we provide back to the dealers. Look at the market, we haven't made any decisions as yet, so we'll closely monitor that. From a private perspective, dynamic pricing allows us to extend that yield, and but it's the same principle. I mean, we look at the value that we're giving. We're doing a lot of work around trust and confidence, and that gives us confidence to be able to manage the yield on the private side moving forward. Got it. Thanks. Second one, Will, on Webmotors, you mentioned that there is an upper limit for strong, but I mean, there is a lot, a lot of large numbers. I think growth slowed to 21% in the second half. Just keen to understand, is there anything that's accelerating it from here, or is it, you know, steady at that sort of rate that we should be thinking about? No, I don't think we call out, you know, anything accelerating. I suppose, you know, similar to the comment before around media, you know, as the numbers get bigger and as the business gets bigger, you know, continuing to accelerate from levels of 25% plus growth becomes more challenging. But we do have a number of levers, heading into next year and some new growth levers as well, and one of those we called out was Wallet, which we think is gonna be a nice contributor for the business. So, you know, I wouldn't call out an acceleration of growth rate, but obviously we feel pretty positive about where the business is, heading into next year. Got it. And lastly, just on TI, David, just following up Eric's question, right? In terms of the two halves, should we be thinking... I mean, it's a good growth for the year, but just wondering whether it should be a stronger good growth in the second half rather than compared to the first half. Thanks, Siraj. Look, I'm just, you know, guiding to the year, which is, you know, good revenue growth and good profit growth. As I outlined before, you know, I feel like we've got a number of ways to achieve that goal. Okay, maybe just clarify current trading in TI, because things seem to be getting softer there. Just what you are seeing for TI right now, that'd be helpful. Well, the business is still growing well. You know, I would say is that acquisition's a little bit harder to come by, as you would've seen in half two. But outside of that, you know, as I said before, many different lines of business making contribution to the business, so which is pleasing. Got it. Thanks. Your next question comes from Kane Hannan with Goldman Sachs. Please go ahead. Morning, guys. Three as well. Firstly, just group guidance. I mean, if we were to run spot FX through your numbers and in your thinking, do you think you'd still be able to deliver that good earnings growth that, that you're guiding to on a constant currency basis? I'll just take that one. You know, we don't give guidance in Australian dollars, just 'cause obviously it's moving around a fair bit, Kane. You know, to be around a 2% headwind based on current FX rates in terms of the difference between constant currency and AUD. And so we're just gonna maintain our guidance at a constant currency level, which is for good growth in all our three key metrics. Yeah, that's fair enough. Just the traded dealer numbers, so 100 for the full year, implying a flat second half. I mean, does that have anything in there from the marine dealer growth, the Camping World trial, that we should be thinking about? I just thought they're a bit softer than that in the second half. No, they're actually... So Camping World's not included in that number, nor is Marine. Perfect. And then just the international media revenue growth, I think it was 29% for the full year. Did that accelerate through the second half? I know I don't think we got the like-for-like number at the half year. And just any comments you can make around Trader, Webmotors, in Korea, and then how they are performing on a media perspective? Cheers. I think, I think it was pretty consistent across half one, half two, Kane. And I think, look, all the international businesses are doing well from a media perspective. I don't think I'd call out anyone specifically doing better than the other. The size of the opportunities are obviously significant in all of the markets. In Korea, you know, obviously one of the challenges we have is just around the fact that Hyundai and Kia haven't traditionally advertised, and that's why the addressable market we call out has been slightly smaller there. But overall, you know, we just, we see the media as such a big opportunity across the whole business. Perfect. Cheers, guys. Your next question comes from Darren Leung with Macquarie. Please go ahead. Morning, guys. Thanks for the opportunity. I might just go through as well, I'll ask more upfront. Just the first one, just on Australia Private. Can you give us a little bit of a feel in terms of the volume, yield, and IO mix, please? Just keen to understand if there's a little bit of the used car market coming through here. Second one is just for David. I might have a go at U.S. growth again. And I guess I'm keen to understand a little bit about how you're thinking about drivers for FY 2025. I know you said there's a lot of opportunities, but in particular, are dealer acquisitions a big part of your good growth guidance? And then third one, maybe for Will, you know, good EBITDA and good NPAT growth. I guess, you know, after interest D&A accelerate, I would've thought NPAT growth might have been a little bit higher. You know, can you talk a little bit around, you know, what's driving this? Is it higher D&A or CapEx or otherwise, please? And what we're seeing in private, we've seen volumes have been a touch soft, but yield's been. We've been able to maintain yield. IO's been an important contributor. We've introduced a number of different initiatives to get the flow between private sell and into the offer, what we call One Sell. You've probably seen that if you've had a look at the private sell functionality. So that's been an important driver. What we're doing in IO around the bottom end and the top end of the market as Cam talked to in the presentation, we're doing a lot of work around there. We see a lot of opportunity, especially at the top end. Dave, do you want to talk to Darren? Yeah, sure, Cam. Well, just in terms of the drivers of FY 2025, you know, so Premium Select, obviously, we've spoken about that. So, you know, clearly that's volume driven. Our media business, so, you know, OEM penetration as well as, you know, finance and insurance and, and, you know, getting into those types of spaces. From a private standpoint, we're introducing our fourth package, so we'll, we'll do that probably towards the end of this half. And, you know, which is really just an opportunity to, to buy something with a lot more bells and whistles, essentially for more money, which would be good. And, and in terms of finally, I mean, like, we're not, we're not that reliant, you know, in terms of customer growth, it's, it's immaterial in terms of, you know, FY 2025, so. And then just on your final question, just around the translation to net profit. I think, you know, translation from revenue to EBITDA to net profit is... Now, we would expect to be relatively similar just because, you know, the two biggest lines below EBITDA, which are depreciation, amortization, and tax, you know, largely grow in line with revenue and earnings. So not unexpected that you would have similar guidance at that level. And then obviously from an interest perspective, you know, debt is at a similar level to what it was last year, and interest rates haven't moved. So I think that's, that's sort of, you know, expected in terms of that similar translation. Makes sense. Thank you, guys. Your next question comes from Lucy Huang with UBS. Please go ahead. Morning, Cam, Will, and team. I've got just three quick ones. So firstly, just wanted to elaborate a bit more on the dealer side in TI, particularly on the RV segment, given inventories have still remained quite soft, and I guess 25% for now looks quite softish in terms of the start. Have we seen much dealer churn as a result? And I guess, are you expecting to grow underlying RV dealer adds into next year at this point? So look, you know, in a tough time, the RV market has held up really well for the business. So, you know, we didn't grow, but we didn't shrink, essentially. So, so look, we, you know, we're, we're continuing to work with people, we're continuing to chase white space, and yeah, I mean, I, I expect more of the same. Okay? So it's, it's probably where I'll summarize that. Yeah. And then just a bit more color on the trucks vertical as well. I think, feedback has been that maybe competitive landscape, your competitors probably stepped up a bit more on the marketing side. So just wondering what you're seeing, in the trucks vertical at the moment in terms of competition. Yeah, sure. So like TI had a really strong 24, so, you know, that was the largest contributor to our customer growth, which was pleasing. So up over 3,000 customers now, which is nice. You know, good strong inventory position, doing some really strong work on search. And, you know, in terms of Sandhills and Truck Paper, yeah, they have, they have stepped up their advertising, but so have we, and, you know, that's one of the things that we'll be investing in in the FY 2025 year, as well as, you know, the second half of this year. And, you know, it's neck and neck from a, you know, from a similar perspective as to, as to visits. So yeah, in good position there and, expect to keep-