Thank you for standing by, and welcome to the CSR full year results briefing. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Andree Taylor. Please go ahead. Good morning, everyone. I'd like to welcome you or to thank you for joining us today for CSR's results for the year ended 31st of March 2023. Today, we have a few members of our executive team here for the presentation and Q&A at the end. I'll hand over to CSR's Managing Director and CEO, Julie Coates, to introduce the team on the call. Thanks, Andree, and good morning, everyone. Before we go through the agenda today, I want to introduce some of our team members who are joining us. As many of you know, we announced in March that our CFO, David Fallu, will be leaving CSR in a few months to take up the CFO role at BlueScope Steel. David's done a fantastic job over the last six years as CFO as well as more recently leading our property and aluminum teams. I'd like to thank David for all his work at CSR, and I wish him all the very best. The search process for a new CFO is progressing well, and we look forward to updating you on that in due course. Also with us today is Paul Dalton, the EGM for Interior Systems, and Sara Lom, CSR's Group Financial Controller. Looking at the agenda on slide three. I'll kick off with an overview of our financial results as well as our safety performance and sustainability agenda. David will then run through our financials in more detail and talk to property and aluminum. I'll then cover off the performance of building products and update you on the progress of our strategy before opening it up to questions. Before getting into the results, I wanted to highlight some key themes across our building products business. The first is how well the business has performed for our customers. While we continue to operate in a high demand environment, our select teams delivered a great result by ensuring we optimized our factory operations and distribution channels to get product to customers in what was a dynamic market environment. We're now two years into our work on supply chain, which has supported our ability to capture the strong demand opportunity as well as manage the complexity of the current market. We have managed the inflationary environment very well with a clear focus on pricing discipline as well as ongoing cost control. This has led to another strong financial and operational performance over the past year. Let's turn to the overview of our results on slide five. You can see on the slide, we've achieved a really good result for the year. Our group revenue and EBIT were both up 13%. This was driven by a great result in building products and property, with revenue up 14% and EBIT up 20%, which I'll go through in a bit, in detail a bit later. NPAT before significant items was up 17% and EPS up 18%. The board have declared a final dividend of AUD 0.20 per share fully franked, which is up from AUD 0.18. We've also purchased AUD 36 million in the share buyback announced at the end of June. Our strong earnings performance as well as balance sheet is supporting our ability to pay attractive returns to shareholders as well as continue to invest in the business to support future performance. On slide six, before talking through the financial results in more detail, I wanted to talk about our safety performance. Over the past year, we've continued our work on addressing high consequence risk, which is leading to a reduction in these incidents across the business. We are also continuing to improve the quality of our risk reduction plans. We've increased our focus on training for newer employees and for contractors, particularly in supply and install. The rollout of our Never Walk Past program is continuing with this work being led by our operational and safety leaders to help all of us build a mindset to never walk past an unsafe act or condition. Turning to sustainability on slide sevenn. We are now in our third year of progressing our 20/30 sustainability targets. We're seeing good improvement in reducing our emissions and energy use, and it was confirmed by an independent review during the year that we are on track. We're also progressing a more comprehensive sustainability framework outlined on the right side of this slide, which will include the refinement of our current goals, and we will develop additional targets and metrics. This work will be finalized over the next few months and integrated into our sustainability strategy for the year. You'll see on slide eight, we've captured our progress across all of our sustainability targets with this work being supported by further investment during the year. Projects, including the AUD 23 million investment to increase stucco capacity at Gyprock's Wetherill Park, will drive a significant reduction in gas and electricity and increase our recycled board capacity. Importantly, these investments are not only good from an environmental impact perspective, but they also deliver returns above our internal investment hurdle and offer very compelling benefits in capacity, cost improvement, and safety. Turning to slide nine, which summarizes the EBIT performance across our three divisions. In building products, we delivered a 14% increase in revenue and 20% increase in EBIT. The team have worked hard to deliver for our customers in a high demand but disrupted market, while also managing our costs and optimizing capacity. In property, the AUD 72 million in earnings this year reflects completion of a number of transactions, including the next tranche at Horsley Park and the sale of the site at Warner in Queensland. This was the highest result in property over the last 15 years and highlights the value of our property assets and the strength and depth of CSR's property team to leverage the value of these assets to deliver complex transactions with long lead times. We have an additional AUD 102 million in property earnings already contracted over the next two years. We also have a number of major projects underway, as well as work across our network optimization strategy, which will extend this pipeline over the next 10 years and beyond. In aluminum, we delivered AUD 8 million in EBIT as we managed a sharp increase in raw material costs, including coke and pitch, which reached historic highs during the year. The market remains challenging for aluminum in the year ahead, the team's done a good job to secure higher hedge pricing to support a return to profit in M25 and increasing in the following years based on current cost assumptions. I'll now hand over to David Fallu to talk more about our financial performance, property, and aluminum before I cover our building products result in more detail. Thanks, Julie. Good morning, everyone. Looking at our results for the year, slide 11 summarizes our financial performance. In terms of revenue, it was up 13% for the full year to AUD 2.6 billion. As we'll talk to in greater detail, building products revenue reflects a combination of good activity into end markets and pricing discipline. Aluminum revenue also improved with high metal pricing. We remain focused on managing our costs with SG&A improving as a% of sale and in real terms was well below inflation. A record-building products performance combined with the improved property result delivered the increase in group earnings. Aluminum's earnings were impacted by raw material cost volatility, particularly across coke and pitch costs. Overall, EBIT before significant items of AUD 330 million was up 13%, and our net profit before significant items was up 17% to AUD 225 million. Statutory net profit after tax of AUD 219 million was down 19%, with last year incorporating the benefit of AUD 86 million in carry forward tax losses. In terms of cash flow, on slide 12, our working capital balance increased in the year with almost half of this due to an increase in debtor value from strong building product sales. Debtor performance has been diligently managed by the team through the year, and pleasingly, debtor days have been maintained at pre-COVID levels. An increase in building products inventory ensured stock availability to meet our customer needs and also reflected higher input costs. With the operating environment normalizing post-COVID, a clear focus for the team is now leveraging our planning processes to appropriately manage inventory requirements for the year ahead. Property also delivered a strong cash flow performance with proceeds of AUD 140 million collected during the year. We also saw the unwind of prior period hedging prepayments. Our strong financial position continues to support investment in our business and ongoing capital management, including the share buyback and payment of shareholder dividends. In terms of CapEx on slide 13, this increased in the year as the environment to execute capital projects improved from prior periods. Over the past few years, delays relating to COVID restrictions and overseas supply chain disruptions have impacted our ability to execute on major projects. We expect to see some catch-up in CapEx spend this year with a number of important projects now underway. These projects focus on efficiency, sustainability benefits, along with lowering production costs. Property capital expenditure of approximately AUD 50 million this year will support the pipeline of work for both contractors and future projects. Rehabilitation and development works continue across a range of projects, including Horsley Park, Darra, Schofields, and Badgerys Creek. Looking at dividends for the period on slide 14, we have declared a final dividend of AUD 0.20 per share, fully franked. As we have noted in the past, we'll continue to distribute franking credits as they are generated. This will likely mean the M24 interim dividend will be partially franked. The payout at the top end of our range is reflective of our performance this year with a strong result for our building products and property businesses. We've completed AUD 36 million in the share buyback during the year. This demonstrates how we are in a position to invest and grow our business while continuing to support ongoing shareholder returns. Slide 16 sets out how the team's great work continues to translate into results. Our EBIT for the year of AUD 72 million was delivered across a number of transactions, including the next tranche of Horsley Park and the sale of Warner. We remain on track to deliver the contracted Horsley Park transactions and have sought expressions of interest in relation to our Darra site, including the consideration of sale or a joint venture. The team will continue to progress rehabilitation at other key sites in support of future property transactions. The significant value of our property assets, currently valued on an as is basis of AUD 1.5 billion, provides an opportunity for the team to build the pipeline of property earnings into the future. Our immediate property pipeline is set out on slide 17. You can see that we are continuing to progress a number of property projects. At Schofields, we're in the final stages of zoning for a residential site, while at Badgerys Creek, work is progressing on the rehabilitation of the site to assist development planning. As mentioned, the team is progressing an expression of interest process, which we're working hard to conclude in M24. Consistent with prior years, there remains the potential for additional opportunistic property sales arising from our ongoing footprint optimization. Turning to aluminum on slide 19. You can see from the results for the year, the environment for Australia's melters continues to be challenging, particularly from an operational and input cost perspective. Whilst the benefit of higher aluminum prices saw revenue up 12% to AUD 780 million, this is not enough to offset the higher cost experience during the year. Of particular note were the substantial increases in carbon-based input costs. Coke and pitch rose to historically high levels, with costs up AUD 54 million compared to last year. Whilst we remain in a volatile period, we have seen some recent relief in these raw material costs. The results also included inflation on electricity costs and a step-up in gas costs, in addition to the benefit of energy compensation payments for the interruption to energy supply for Tomago in the first half. Combining these factors, overall, aluminum EBIT finished at AUD 8 million for the year. Turning to our hedge position and outlook on page 20. You can see the opportunity to extend our longer-term hedge position, at increasingly favorable pricing to support earnings, has continued through the half. While cost volatility and unpredictability in energy and raw materials does make forecasting challenging at this early stage of the year, the best estimate for M24 is a loss in the range of AUD 5 million-AUD 15 million. I would add that this excludes the benefit of net royalty income, which was a net AUD 13 million in M23. We don't forecast these payments given their unpredictable nature. The aluminum team continue to be focused on managing the areas they can to support profitability. The expansion of our hedge position has improved pricing out to M27, should see aluminum return to profit in M25 and increasing in the following years. This earnings profile is critically important to enable us to conclude the assessment of transitioning Tomago's energy supply to a competitively positioned renewable load by 2029. I'll now pass back to Julie for the review of building products and outlook, and will be here for questions at the end. Thanks. Thanks, David Fallu. Turning to building products on slide 22. Clearly, this was a strong result with revenue growth across all of our businesses. Our 14% revenue growth highlights the benefits of strong availability across all of our products and good volume growth in both Gyprock and Hebel. The team have really managed the business well in a period of high demand, supporting our customers who are managing dynamic conditions to deliver their project time pipeline. As I just highlighted, this slide really helps to bring together the depth and breadth of CSR's unique position in the Australian market with the quality and range of products and brands, and our ability to serve customers with multiple products through our range of channels, including direct to builders, resellers and retailers, for all key components in the life cycle of their build. Looking at the result in more detail on slide 23, you can see both EBIT and EBIT margin were up strongly. Earnings benefited from pricing discipline, operational performance, and cost management. Costs benefited from the ongoing work we've been doing around operational efficiencies and incremental investments in manufacturing assets and plant consolidation, which has improved productivity and efficiency. Our margin reflects not only our discipline in managing inflation and cost, but also the work over the years to deliver greater margin resilience through the cycle. We are also pleased to report an improvement in return on funds employed, which continues to be very strong and now sits at 31%. Moving to slide 24, which provides data on the market we are operating in. As expected, the cycling of home builder demand has led to lower housing commencements compared to last year. Importantly, the detached market pipeline remains at historically very high levels, as you can see on the chart on the bottom left. As is well-known, delays have extended build times as the construction market continues to navigate a range of issues across supply chain delays and labor shortages. What is highlighted on these graphs is that the detached market pipeline continues to be strong as commencements exceed completions. Housing demand will of course also be supported by growth in net overseas migration. Turning to slide 25. CSR has almost half of our exposure to segments in the non-detached market. When looking at these segments, medium density is holding up well and high-rise activity has picked up. The outlook for the non-resi market remains positive, with approvals supporting a large pipeline of activity. I'll talk more about this when we look at customer solutions in a minute. Importantly for CSR, we have exposure across all of these markets and a business that is adaptable to end market demand. Now turning to our strategy on slide 26. The work we've undertaken on strategy has helped the business capture the current market opportunity. We are more responsive to demand, unlocking incremental volume and providing good visibility on costs to manage inflation through pricing discipline. Our transport management system has really helped us get products to customers when the broader transport market across the country has been challenged. The continued execution of our strategy will not only support our ability to drive growth over time, it will also enable us to improve the resilience of the business so we deliver better performance through the cycle. We continue to be focused on ensuring we deliver our results while making the investments required to drive improvement for future growth. I'll now talk to the performance of each of our key business units in building products. Overall revenue for Interior Systems grew 14%, which reflected the team's ability to deliver across the diverse end markets it serves. Continued revenue and volume growth in Gyprock reflects the strength of the brand and position in the market, as well as the really good execution by Paul Dalton and the Gyprock team. We're seeing the benefits of improved pricing discipline and product innovation come through with Gyprock as we continue to invest in the business. Price innovation, including the recent launch of Gyprock EC08 Extreme, is helping to create more opportunities in the non-resi market, and this is also driving a higher value product mix, supporting revenue and margin. We also grew earnings in commercial interiors, reflecting both the pickup in commercial activity as well as share growth in interior finishes. Moving to our priorities for this year. We're on track with our AUD 23 million investment at Wetherill Park that will deliver improved productivity and an incremental improvement in capacity as well as important sustainability benefits. This project is due for completion later this year. We are continuing to consolidate our leadership position in Gyprock with ongoing product innovation, and we see an opportunity for more investment in the network. We're also leveraging our relationships we have with key customers through Gyprock to support growth in other Interior Systems products for large commercial projects. Now moving to Masonry & Insulation on slide 29. We delivered 9% revenue growth reflecting strong price management across the business. We were really pleased with this result, especially as PGH and Monier have been operating in a market where there are shortages of trade labor. Bradford is performing very well, capturing strong demand in the market and leveraging its leading position as a domestic manufacturer. Improved forecasting of higher energy, raw material, and labor costs, coupled with a focus on price discipline, contributed to strong earnings growth in Bradford. Now on slide 30. We see clear opportunities to leverage our strong brand and market position in Bradford in the growing insulation market that will be underpinned by the NCC 2022 adoption and more focus on energy efficiency in the building sector. We have completed the 10% capacity expansion at Bradford site at Brendale, that will also deliver a significant reduction in water use at the plant. We see more opportunities in the non-resi market. We are able to leverage our work in project tracking, where we are identifying more projects with more CSR solutions. Bradford is a key part of that offer. PGH is much better positioned today following several key changes over the past few years, including the recently completed investment at Oxley that enables us to focus on optimizing profitability through the cycle. Moving on to slide 31. In Construction Systems, we delivered revenue growth of 22%, reflecting strong growth in Hebel and Cemintel and good price discipline to offset increases in key input costs. We're really starting to see the benefits of diversification as we build a greater share of the external cladding market in housing for both Hebel and Cemintel. Hebel continues to gain adoption through the faster build times and larger installer base, while Cemintel continues to increase share in non-detached markets, particularly in the school sector, where Cemintel's bare stud and surround pre-finished panels are proving an attractive offer to that market. Improved earnings in Hebel and Cemintel reflected market share gains as well as improved factory performance and cost discipline. Looking at our priorities this year on slide 32. Hebel continues to be really well placed to increase share across all segments in the market and has capacity to double volumes over the medium term to support demand. Our focus continues to be on growth in housing and apartment activity and implementing the next level of product enhancements, including more panel profiles and surface finishes. These innovations help to bring down the installed cost of Hebel and increase its adoption in the market. It's really an exciting time for Construction Systems, with increasing requirements on sustainability and availability, which is aligned to Hebel, Cemintel, and AFS as they provide faster and much more versatile options for customers. Turning to slide 33. We've made really good progress across our key initiatives in customer solutions. This includes providing leading technical support for our customers with two new digital tools launched in this year, which are backed by our technical teams providing compliance and energy efficiency support during all phases of the build. Project tracking is also a major initiative which is part of our strategy to increase diversification across segments, particularly in the commercial market, and we've highlighted this more in more detail on the next slide. On slide 34, you can see how project tracking is identifying a significant increase in work over the next two years in key sectors, including hospitals, education and apartments. What this means for us is the opportunity to bring more of our products and systems to more projects with better visibility and planning. Our work in the education sector is a good example, where we have completed a number of school projects in the last year, which featured Cemintel on the external facades with our acoustic insulation solutions in Bradford and Gyprock wall and ceiling systems, delivering a fully integrated and compliant solution for the build. Moving on to slide 35, which looks at supply chain in more detail. Our strategy is based on six key pieces of work, which is consistent with what we've said over the last three years and we, and which we continue to focus on. Our work to improve transport efficiency has been timely given freight costs and shortages. We've also improved our visibility on cost inflation inputs coming through the system and have much better pricing discipline across the business, which you've seen in the result. We've also developed our integrated planning work, which David mentioned earlier. This is linked to our project tracking work, so we can ensure that our operational planning will meet the demand from upcoming projects. Our investment continues to progress broadly within our existing OpEx profile. We see many more benefits to come over future years. We'll see the financial net benefit coming through from the M25. Our work on supply chain is focused on driving CSR-wide benefits across key areas, including enabling us to be more responsive to demand, driving better outcomes for our customers, and delivering improved sustainability from a more efficient transport network. Now in summary on slide 37. As you can see, we have delivered a strong result while making good progress on our strategy. This is making us more responsive to demand and driving growth and resilience in the business as we continue to adapt to changes in end markets. This is demonstrated in our track record of margin management. We are able to do this as we are in a very strong financial position, which is supporting our strategy while also providing the opportunity to improve shareholder returns. Finally, let's look at the outlook for the year ahead on slide 38. We've made a strong start to the year with the pipeline of detached housing projects under construction at historically high levels. CSR's focused execution into end markets and pricing discipline to manage inflationary cost pressures continues to support revenues. We are closely monitoring the factors influencing market dynamics and will manage the business accordingly. Activity in the apartment market is improving as more projects have commenced this year, while non-residential activity is remaining strong, supported by a large pipeline of approvals. The business is well diversified across brands, market segments and the build process with a product portfolio that is adaptable to end market demand. CSR's strategy is focused on providing a platform for growth and resilience to deliver improved performance through the cycle. Incremental investments we have made have improved manufacturing productivity, the variability of the cost base and responsiveness to customer demand. In property, the M24 will include $44 million in contracted earnings for the next tranche at Horsley Park, with an additional $58 million in contracted earnings in the M25. Work continues on major projects at Darra, Schofields and Badgerys Creek. In aluminum, as noted earlier, while cost volatility and unpredictability in energy and raw materials makes forecasting challenging, at this early stage in the year, the best estimate for M24 is a loss in the range of $5 million-$15 million. Aluminum is expected to return to profit in the M25 and increasing in the following years due to higher hedge pricing based on current cost assumptions. With that, for everyone on the line, I'll now open it up to questions. Thank you. 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 Niraj Shah from Goldman Sachs. Please go ahead. Good morning. Just a couple from me. You noted, debtor days are now in line with, sort of pre-COVID levels, though they have ticked up a little bit year on year. I was just interested in general commentary around what you're seeing in terms of the health of your customer base, what you're tracking, and how you can respond if you need to. Yes. Thanks, Niraj, for the question. Obviously we have a broad customer base and, you know, which includes builders, it includes retailers and resellers, as I said. Obviously builders are a really important part of that customer group, and debtor days are broadly in line with what we were seeing pre-COVID, and we continue to manage and monitor that really closely. I might just hand to Sara Lom to give you a bit more color on that. Yeah, thanks, Niraj. Appreciate the question. Just following on from Julie's comments there, I'd probably just add, we do have a really robust credit control process in place. We are working with our customers closely. We monitor our debtor performance closely. In addition, in the lead-up to year-end, we obviously did take a look at our debtor provision and have increased that. Overall, we're happy with where we sit. Probably also worth noting that the, you know, the provision we have at the moment is the highest we've had in the last 20 years. As I say, overall comfortable with the level of provisioning there and working very closely to monitor our debtors on a regular basis. Thanks, appreciate the color. Just secondly, a quick one. Just in terms of the 14% Building Products revenue, performance, are you able to give us a sense of the price versus the volume drivers of that? Yeah, sure. Look, in that 14%, the majority of it was in price. As we said, we're pretty disciplined about passing on cost inflation as it came through and making sure that we were ahead of the curve in relation to that. There was some in volume, and I'd call out Gyprock and Hebel as part of that. They saw a growth in volume, and I think I mentioned that in the presentation. Most of it was in price. Please go ahead. Morning, Julie, David, and team. Julie, just continuing on the Building Products theme, can you give us an idea of what your channel is actually telling you along, around how long that pipeline's lasting now, given the strong? Yeah start to the period? We've seen the momentum from YEM 23 kind of continue into YEM 24. Look, we're really aware, Lee, that there's a lot of noise in this space, right? We try and deal in the facts and deal with the market that's in front of us, and we're busy as completions are still below commencements, we're still seeing that strong pipeline. I might just hand to Paul to give you a bit of a flavor because he's been out talking to customers with respect to your question. Thanks, Julie. Look, yeah, I've been spending a lot of time getting out around and across the country and seeing our customers and getting a sense of where they're at. I think there are a couple of themes that come through that is that, you know, and as Julie touched on, a diverse customer base from our trades, and I'll talk particularly to Gyprock and our plasterers, but also through our trade retail network, distributors, and direct. We're seeing that there's still, you know, strong confidence in the pipeline of work for us for the next 6 months or so. Whilst, and some are more confident, and it sort of varies from, you know, metro to regional and across the states. For us, we're working hard to make sure that we just stay close to customers and are as responsive to demand as we get. They've all adapted their businesses and I believe very prudent in the way they approach. I'd probably say that they're all as their customer confidence picks up and returns, they're ready to go and start to really have a strong go after that. I mean, that's really good color. Thank you. On the margin piece, Julie or Paul, like, I mean, you talk to pricing discipline, margin resilience. If volumes do come off and input costs remain elevated, are you confident you can still raise price in that environment to offset that input cost pressure? We stay quite alive to the input cost pressure as to your question, Lee. As you've seen, we've been able to pass on cost to cover inflation in the current environment. We'll continue to get the benefit of that in this coming year, as you would expect. We continue to look at how we manage margin both from a price but also a cost point of view. As we've reported, our SG&A was very well managed and at an absolute level, increased less than inflation, as David said. Obviously there's a few levers for us to pull. Price is one, cost is another, and then operating efficiencies is another, depending on what happens with demand. You know, I think Paul and the team have demonstrated a great capability to be able to reduce shifts, reduce overtime, and align to the market demand that we're playing into. I don't know, Paul, if you want to add anything to that in terms of how you're thinking about that. Yeah, sure, Julie. I think if I touch on price to start, I think we've, you know, the team's done a great job in recovering costs, and it's a combination of really good systems on disciplined process, and we'll continue to do that as we go forward. If as inflation occurs, we'll deal with it through that process. From a cost perspective within, say, the plants in Gyprock, our focus is very much around a continuous improvement mindset and looking at, you know, how do we, you know, reduce waste and scrap. That's a key one for us to focus on with, you know, reducing our unplanned downtime and making sure we just keep growing our incremental productivity as well. Another key part for us, which sort of touches on both cost and sustainability, is making sure we continue to look at our recipes and make sure that we reduce our water content as much as we can because that has a direct impact on our energy costs and drawing out our board. Thanks, Paul. Thanks. Sorry, maybe if I just draw those together in one final question. Pricing discipline, margins holding up, like you've done slightly below 15% margin for the year. You've got, you know, almost 100 basis points in the second half improvement year-on-year, the backlogs lasting six months. Like, I understand that you don't want to give quantitative guidance for Building Products, but can you give us any kind of color directionally on, like, how those pieces kind of work? Will it be up or down in 2024 and 2023? Yeah, I think, just to go back to the backlog, I'd probably say that the pipeline could extend beyond six months in what we're seeing. Obviously, we're mindful of the approvals, but commencements still are ahead of completion, that will continue to feed into the pipeline. We see that kind of being quite strong right through this calendar year. I think Paul's comment was more about what the builders are seeing, that's been reported more what the builders are seeing, which has been reported more broadly. Look, I think in combination, we will continue to manage margin, right? We're obviously, at this point in the cycle, we're starting off a very high level, and we will look to, you know, continue to deliver a strong margin performance regardless of what happens over the next 12 to 18 months. Excellent. Bringing together all the points you make, Lee. Excellent. Thank you. Appreciate that, Julie. Thank you. Thank you. Your next question comes from Peter Steyn from Macquarie. Please go ahead. Hi, Julie. Thanks very much for your for your time to you and the team. Sorry, I'm gonna come at this from a slightly different angle, to thinking about operating leverage in the respective building product businesses and how you'd be exposed to differential volume outcomes across the three segments. Could you talk to us a little bit about the balance in those three markets, noting your comments on non-res and multi-res versus detached, and how operating leverage then plays through those businesses to support some of the assertions you're making around margins? Yeah. I think, what's important obviously from a operating leverage point of view, is that we maintain volume through the factories as much as we can. The work that we've done to diversify the business and get visibility of large projects in the commercial sector, as that sector, to your question, Peter, as that kind of segment starts to really ramp up, it's really important in terms of our ability to manage margin. Having said that, we have reduced our fixed cost base over the last couple of years. The work we did on, you know, reorganizing the business and taking costs out, we've held on to a lot of that cost. Obviously, we've invested some of that back into our customer solutions and supply chain strategy. We've continued to look at how we can be more efficient, both at a fixed cost level but also looking for productivity improvements on an ongoing basis within the factories. We're, you know, obviously, if volume drops, margin management becomes a little more challenging, but we're starting off a much higher base with a business that's very different to where it was through the last downturn in the cycle. You know, we now have 100% ownership of the PGH Bricks business. As a result of that, we've consolidated a lot of that production, which has meant we're more efficient in that business, and that is our biggest fixed cost business. We no longer have Viridian. That was the biggest fixed cost business that we divested, obviously, in 2019. I think our operating leverage is in a much better position than it's been before at this point, as we, you know, move forward into the market that we're heading into, that we're, you know, not necessarily forecasting what that will look like, but we think we're in really good shape to be able to manage the margin whatever happens. It's a pretty long answer. Thank you. It's a pretty long answer, Peter. Is there anything you wanna follow up on? Oh, it was probably a long question. That's all good. Thanks, Julie. First off, a slightly different one. Your assumptions around net overseas migration, how do you think about the speed with which that delivers? Yeah. -demand to your business? It's a really good question 'cause obviously net overseas migration is at record levels, right? I think it's 400,000 they're forecasting for this year. Obviously for the detached housing market, there's a lag before those migrants are necessarily looking for a detached home. In the meantime, they need to live somewhere. That's why we think it's been important for us to be able to pivot into the medium res, high res areas because, you know, no one's saying there's a shortage. There's an oversupply, I should say, of housing. For us that will probably hit the apartment, you know, the build-to-rent part of the market for us a bit sooner than the detached housing market. Historically, as I understand, it's kinda been 18 months to two years for detached housing. We think, you know, it's we've always said, and on this call over a number of years, we've kinda had this conversation around will net overseas... Will there be a bridge with the current demand to net overseas migration? I think, you know, that question and comment is still valid. Yep. Got it. Thanks, Julie. I'll leave it there. Appreciate it. Thanks, Peter. Thank you. Your next question comes from Simon Thackray from Jefferies. Please go ahead. Thanks very much. Simon, we can't hear you. Simon, we can't hear you. I don't know what's happened there. Can you hear me now? Yes, we can. Thanks, Simon. Oh, great. Sorry about that. I think my headphones just died. Thanks very much for taking the questions. First up, David, thanks very much for all your assistance as CFO, and best of luck with the new gig, starting at BlueScope. Thanks, mate. Appreciate it. Couple of questions. Pleasure, pleasure, mate. Just I'll start with you actually on aluminum. You've there was a AUD 16 million root benefit in the first half, and then that's now net AUD 13 for the full year. I'm not sure how these payments work. I thought they were compensation payments. How do we get a negative AUD 3 in the second half? Yeah. As part of that, there's effectively compensation charges that industry pay for to offset that. That's Tomago's share of it. So we have a net receipt, and then there's effectively a net payment to AEMO, which we've accrued for in the second half. That was some of the uncertainty we referred to in recognizing it in the first half. Right. Got that. Thanks. Sorry, bit of a dumb admin one to start with. Let's go to the balance sheet. You've got in CapEx for AUD 170. Appreciating you won't be there to oversee this, David Fallu, CapEx at AUD 170, you're paying out in this half at the top end of the range for the divvy. There's AUD 64 or so left on the buyback. Where do you expect net cash is gonna be at, say, the or net debt at the end of the first half? Now, I appreciate inventory positions should align from the investment that you've got there at FY23, but, it's feeling pretty toppy in terms of uses of cash, and given your capital management, where do we expect net debt or net cash to be? Yes. I guess maybe the first point I'd make, Simon is, you know, we're obviously opportunistic in the approach that we take to the buyback. You know, and we'll balance that against internal and external opportunities that we see as well. You know, we've had a period where there's been, you know, CapEx that we'd like to have spent that we haven't in prior periods, and there'll be a catch-up for that perspective. I think the, you know, the remaining balance of the buyback will effectively be something that we can flex depending on the speed at which we can execute through, you know, the balance of both our property works, which are... Yeah ...you know, to fund proceeds through contracted sales, which obviously then becomes kind of net funding from that perspective. You know, I won't give a forecast cash position for the half- Yeah It's fair to say we've got a range of levers there, you know, depending on the speed at which we're executing both sales of property and CapEx. Yeah. And talking of property, Dave, just looking at the property sales and I mean, you've given the contracted guidance for EBIT for, pardon me, AUD 44 million. What I note on slide 17, you've put Barra in there for earnings potentially in 2024. Maybe if we can get some sense of how that's gonna work. I thought that was part of the develop and retain strategy, Barra. Why is it in that slide? How meaningful is that meant to be in 2024? Is there cash associated with Barra in 2024? Yeah. I guess, just to clarify, you're absolutely right. Our contracted sales for M24, you know, I guess the way I would describe it is as contracted earnings as opposed to guidance, and we've got the opportunity to add to that. We've currently got an expression of interest out in relation to the Darra site. That'll give us the option to review both sale or, you know, retention in the form of a joint venture. I guess to the extent that we were to conclude a sale, you know, or joint venture, you know, that would result in earnings in M24. In terms of, you know, meaningfulness, you know, at the property investor day that we did, the, you know, the strategic nature of the Darra site, it's 20 hectares, very tight industrial supply, really well located. You don't see a lot of sales because of the scarcity, but, you know, over the last, in the prior year, you've seen sales at sort of the $400-$500 a square meter rate. You know, even post construction costs, you could see it's got the opportunity for, you know, a meaningful contribution. Ultimately, the level of earnings and the cash flow will be dependent on the, you know, the deal that we agreed as we progress that EOI to conclusion. Right. Just based on that indication in slide 17, you're suggesting that'll be this year? That's this fiscal year that we're in. Working hard to conclude that in the M24. That's right. Okay, that's great. Then maybe, Julie, just one for you. You know, I have seen a couple of cycles, unfortunately. Where we are, I mean, guys have done a great job in terms of margin management, and I take all the points you're making. You know, we're seeing builders going bust every day. That may not be flowing through to you yet, but you seem to be talking quite confidently about holding on to quite a lot of the margin. I mean, I guess, you know, picking up on Peter's questioning and even Lee's before that, we're trying to reconcile, I guess, your, what feels like your confidence in the outlook against what the market is telling us. I mean, how... Well, what sort of scenario planning have you done for the business as we sort of move through this half? Yeah, look, I'm aware, Simon, of, you know, the differing views of how the market's gonna play out over the next 12 months, let's say 12- 18 months. We deal with what's in front of us, and we deal in the facts. We've tried to outline some of those for you today in relation to why we are confident about the future. That goes to, first of all, the pipeline, the pipeline that we're currently trading into for detached housing, the pipeline as it relates to other segments in non-res and in medium to high density housing as well. We've got a business that is well set up to serve all of those segments, we're pretty confident about that. I think the team has demonstrated their ability to manage margin. I think both through price and price discipline and cost management and cost discipline and the changes that we've made in the organization over the last five years, I think have been quite important in setting us up to be able to outperform what it, you know, whatever the cycle is in relation to that. That's why I'm probably confident is the right word, but also very aware of the factors in what has been a pretty dynamic environment, and we expect that that will continue, right? Mm. The other thing I'd point to is the work that we've done on strategy to set us up for the future, I think has been really timely, because the benefits from a supply chain perspective should start to come through in a more material way from M25. Also the work we've done in customer solutions sets us up really well, as we've, you know, endeavored to outline today for some of those more commercial projects, which are not insignificant in number or size or our ability to provide product systems into those projects. All right, Julie. Thank you. Appreciate that. Probably let the next person have a go. Thank you. Thank you. Your next question comes from Sam Seow from Citi. Please go ahead. Good morning, guys. Thanks for taking my question. You had a pretty strong second half there in Construction Systems. It almost looked like 27% sequential growth. I assume that's all Hebel. As we think about how your margin may unwind in the future, can you talk about the economics of, you know, cannibalizing your brick portfolio with Hebel and how that should show in the Building Products margin? It's not all in Hebel. Just so your first assumption, I'll just provide a bit of clarity on that. There was quite a bit in that revenue number that was also related to Cemintel, but the majority is Hebel. That is true because it's a bigger part of the business. Hebel is an alternative for bricks more broadly, not just for our bricks business. You know, net-net, we're better off if houses are being cladded in Hebel rather than bricks, and so that's a strategy that we continue to deploy and is getting some traction, largely because of the speed of build times and the lack of trade labor in order to install bricks more broadly. Our bricks business continues to be an important and large part of our portfolio, and we imagine it will continue to be so for some time. Albeit having said that, which is kind of at the heart of your question, Sam, if the bricks volume starts to drop at an area, that means that we need to think about what's the right optimal network for that business. We will do that as we have done previously. You know, we shut Barra in 2019. We shut Horsley Park in 2021. We continue to look at optimizing that network for the very reason you highlight. Maybe, Sam Seow, just as an add, also strategically, that transition of volume from bricks to Hebel is beneficial from a operational leverage perspective because, you know, bricks is a 24/7 process, bigger fixed cost steps in that business. You know, as we see volume coming off from an activity perspective, Hebel's, you know, modular manufacturing, so you've got shift structures. You can, you know, turn the factory off for the, you know, if you don't need to run 24/7. It does provide you with more cost levers as well to manage a downturn. Got it. Better margins. Yeah. No margin damage from the transfer and then more levers to play with if volume changes. Too easy. I think, I mean, when you stuck with your property, you know, AUD 1.5 billion valuation, can you just give us a rough idea of how much of that would be capital gains or maybe how much tax you'd have to pay if you sold it, like as is today? Yeah. The way I would describe it firstly is, depending on what's capital and what's revenue, you will determine, you know, the amount. The further you take it along through to development, there is the potential that it moves from a capital holding to development. A large number of the projects that we've done, you know, we've sold typically after rezoning and rehabilitation, and you don't normally turn into. That sort of means that it's typically a just a sale of the land on capital account. In terms of remaining tax balances, we've got approximately another AUD 300 million of carry forward tax losses to go before we would be recording capital gains as income to be taxed. Okay. Okay. Then maybe just a quick question on the backlog coming from a different angle. You've got, I guess, a diversified product portfolio across the build cycle. As you look at your orders and in particular, I guess, the types of products that are elevated at the moment, do you have a feel for what stage the housing construction, I guess, backlog is at? I think that the answer to that is, the data we've provided on the pipeline, that plays into predominantly, you know, our plasterboard business, our insulation bricks in detached housing. We continue to just ensure that we supply the products in line with the pipeline that's at high demand. You know, I'm not sure if I've answered your question, but I don't know if you wanna have another go at it? Yeah. I might add a crack at insulation race ahead. I think that's actually also consistent with how we've seen builders executing in the market. Rather than racing through the pipeline that's in front of them, I think because of the challenges with labor, an elevated cost environment, they're trying to work through that in a very efficient way. Whilst we've previously seen peaks of about 125,000 completions in the detached market, we're still seeing it at levels below that. I think that's reflective of builders working through it in a without sort of racing ahead. You know, in kind of my sort of layman's example, some a builder that would have been doing, you know, 1,100 homes at that sort of peak, they're probably doing, you know, 950 today. Okay. There's no skew. I guess the other way to think about it, there's no skew in the products you're providing, like early stage or late stage. No. Haven't seen that change yet, and it's reflective, I think of the end markets continuing to work through their pipeline at a steady pace, which is good for us. Yeah. Okay. Perfect. Thanks. Thank you. Your next question comes from Lisa Huynh from JP Morgan. Please go ahead. Hi. Morning. I just had a question. I guess destocking is a bit of an unknown that tends to play out from time to time. Can you just comment on just inventory in your various channels and where you think it stands today? Yes. Thanks, Lisa. Yeah, we're aware that others reported destocking as a, as a challenge for their business. It's not something that's relevant to us, and it's not something that we've seen in any of our customers, given the type of customers that we play into, which is for some others, it's more about resellers and it's less so in our business. In terms of our inventory and, we've kind of built inventory over the past little while as a way to ensure that we could supply to customers, when and where they needed the product. It's been a pretty busy market. As we move forward and we start to move into more of a BAU, we'll continue to manage inventory more in line with that BAU. Destocking of our customers has not been an issue for us at all. Yeah, it tends to happen more in the retail channel, I guess. You're not seeing any risks from that perspective? No. Sure. I've got a second question. Lisa. Sorry, go ahead. Main nature of our product going through retail, you know, the big volume one is passport, you know, through Gyprock. And we haven't seen that as a feature in that SKU. Okay. Sure. No, that's helpful, David. Thanks. Just while I've got you, David, API Newcastle coal prices are off. Can you just talk about, you know, whether that should flow through as a benefit at some stage, how that compares to, you know, the price you kind of get set by AGL? Yeah. Look, that, you know. Thanks for waiting until now, Lisa. Look, the cost dynamic has obviously proved to be a really challenging one for us to manage. I guess, you know, our focus has been to try and lock in as high a top line as possible over as long a period as possible to give as much support to manage that. I think the, you know, the volatility we saw in the results you're seeing was primarily around coke and pitch. You know, we have to be alive to the dynamics around coal as well. The reality is the coal price index, whilst it's relevant, the bigger materiality for us is what the, what AGL has actually procured and the deliver cost of coal to Bayswater, with Level closing. That's something that we receive from them, on a quarterly basis. I think, you know, my only view would be that there's continues to be volatility in that space as well. Whilst I'd hope that we're saying there's some degree of mean reversion in costs, it's not something that we've factored into materially, in our views moving forward at this point until we have more confidence in that. Sure. The big part of that is, you know, around coke and pitch. Yeah. Is just, you know, is that volatility of price kind of persisting to where we are today? We've, it has been, but we've recently seen improvement in costing out of China. I'd caution that, you know, that's, you know, we're one month into the year. You know, we buy. There's not an ability to contract long-term across our coke and pitch requirements. You know, we'd be ultimately what's in front of us on a spot basis at a cost level. Okay, sure. That's helpful. Thanks for that. I'll leave it there. Thanks, Lisa. Thank you. Your next question comes from Brook Campbell-Crawford from Barrenjoey. Please go ahead. Yeah. Hi. Thanks for taking my question. Can you just talk through Schofields, where you're at with the rezoning there? I think it's the expectation, was it to come through pretty shortly, but if you can give a few comments on that. Also, what are your CapEx expectations for stage 1, just to develop the land to a point where you could build houses on it? Yep. In terms of the rezoning piece, which I think is probably the most important, obviously, with the change in government at a New South Wales level, all of that work is with the new minister. You know, the priority of the new government is similar to the priority of the old government in this space, which is around availability of land to support housing supply. My expectation would be that you would see that rezoning outcome during the course of this year, which is why we've got the sort of the development opportunity into M25. Ultimately lead the first stage, how we go about the process for that development will depend on the approach. We've done the vast bulk of the rehabilitation works for stage 1, and so it would just be, you know, our civil and infrastructure works to conclude that site should we take that site to full development ourselves. Thanks. I just went on plasterboard, clearly, very significant price increases been announced to the market from your business in February. I think it was sort of mid-teens or higher. Can you just confirm if that's sort of fully flowing through now to your customers? Do we need to think about any offsets there? Just given, I guess, the magnitude of it looks like it could drive pretty significant earnings and margin expansion in the first half of FY 2024. Thanks. I might kick off and then hand to Paul on that question, Brock, if that's okay. We've talked about the discipline, the pricing discipline that Paul and the team have driven. Yes, we did put through a price increase earlier in the year of the in the order that you suggest, which was pretty in line with what had been delivered into the market more broadly. It wasn't out of line with what the market both did and absorbed and we think that will continue to stick. I might hand to Paul just to talk about what the details on that. Thanks, Julie. Look, I think while we're in discussions with customers and a range of people in the market, we're not seeing anything other than the adoption of the price increase or any leakage at this stage. We expect that that will continue to support our year 2024 margin as well moving forward. Just so we're clear on that. Yeah. Absolutely, any comments on the rate of inflation you're seeing in that business, if it's sort of teens or more price, how does that compare maybe to your cost inflation you're seeing? What we've been able to do in this market is recover inflation. We've demonstrated that now over a number of halves, particularly in the plasterboard business, and we would continue to expect to be able to, even in a, you know, even if it's a less demand market, to be able to recover cost. We will continue to look at that. Our normal cadence of a price increase is March, April. We haven't been on a normal cadence since I've been here. We would expect that we would continue, you know, we'd revert to that cadence in more business as usual market conditions. Okay. You're seeing inflation and sort of look towards those price increases. That sounds quite out of it. I would've thought you'd be seeing more sort of single-digit type inflation. Yes. It in. Look, if you look at way, if you have a look at the two kind of key inputs for us in, it's labor and energy across the board, right? Labor, there's been some inflation. We've managed to have wage increases in the order of about 4% both across our factories and our salaried employees. In addition to that, our energy costs. Energy doesn't look to be reducing any time soon, but we are able to pass on those costs into, you know, into the market and recover that in our margins. We've done a lot of work to make sure that we contract gas in a way that is, we get reliability of supply at market competitive rates, and we've been able to achieve that through to 2026-2027. We continue to focus on hedging as it relates to electricity, and so we're pretty focused on that. The other key one is raw materials, but again, we're able to pass that on as a part of our normal price increases. Great. Thank you. Thank you. Your next question comes from Shaurya Visen from Bank of America. Please go ahead. Hey, Julie, David. Morning, and thank you for taking my question. Julie, first one perhaps is for you. Just curious on your comments on Cemintel, right? Where you talk about market share gains. You've spoken about it in the past too. I'm just curious, is that a case of the overall market for fiber cement growing? Or you think that you're gaining market share from your key competitor? I have one more, but I'll go there, yeah. Yeah. I'll answer that one. Just so I was clear, I didn't talk about market share gain in Cemintel. I talked about revenue growth in Cemintel. I think that's important, and I think given the challenges of some of other cladding materials, actually the fiber cement market is potentially growing and our major competitor and us will kind of benefit from that from a revenue perspective. I think that's important to kind of correct. Sorry, what was your follow-on question? Sure. That. Thanks for that. The next one is on New Zealand. I'm just as curious, could you give us some sense on what you're seeing on the demand side in New Zealand? Any comments on an absolute basis or relative to Australia would be helpful. Thank you. New Zealand has obviously had some more challenging lead indicators on the detached housing side, but New Zealand is a very small part of our overall business, which is why we don't spend a lot of time talking about it in this presentation. We are mindful of what's, you know, what's happening in that market. They're seeing a sharper downturn where we haven't seen that yet here in Australia. Thanks, Julie. Thank you. Thank you. Your next question comes from Keith Chau from MST Marquee. Please go ahead. Good morning, Julie and team. First question on price increase profile for CY 2023 and into CY 2024. Julie, you talked about, you know, price increases doing the heavy lifting for revenue growth. Obviously price increases announced for this year. Can you give us a sense of, you know, across the portfolio, what you're expecting your weighted average price increase realization to be for year 2024, please? The first thing I'd say is, Price increases is not necessarily doing the heavy lifting. It's not how we think about price increases. We use as a way to recover costs and cost inflation, and we've been really successful at doing that. In a high demand market, we're able to do that and a little bit more, and that's what we've delivered on. I think I've touched on the price increase that we... and I think it's well-known, the price increase that went through earlier this year. Depending on what happens with inflation, we would look to ensure that we recover costs through the course of CY 2023, as you say. Certainly, our normal cadence into CY 2024 would be in the first quarter as it has normally been at BAU. You know, I think I'd keep my answer to that kind of level, Keith, because I think, you know, we'll respond to the cost increases and inflation, as we move through the year as we have demonstrated we will do. At least for this year, if I'm interpreting it correctly, there is a chance for out of cycle price increases to come through this year before reverting back to BAU first of March, you know, post-CY 2023, is what I hear? In the event it was required, yes. We would continue to drive efficiencies and recover costs where we can as a first step, which we've also demonstrated our ability to do. If we need to increase our prices because of an impost on cost, we will do it. Okay. Thank you. Just to follow on, I know, you know, publicly, you've talked about raising prices ahead of cost resets. There's a bit of a mismatch in timing between price increases and when your, you know, some of your key costs contracts actually do reset. As I understand it, I think there's some gas and electricity contracts coming up, so, you know, price has been put through the market ahead of those cost increases. Can you give us a sense of, A, when those contracts actually reset, so the timing of cost resets? Secondly, the potential scope of uplift in costs that the business will have to absorb. Yeah. Look, in terms of energy, I might let David talk to the detail on that 'cause it's quite a detailed question. We are contracted to come off that in the timeframe that you talk about, and we were mindful of that when we were setting our price increases. It wasn't just energy that drove that. As I said, obviously, labor, raw materials, was also important, I think also been well reported across the market. David, I might let you talk to the specifics of the energy contract. Yeah. Keith, we try and get at least 12 months visibility for the reason of being able to provide that, you know, A, to have the ability to manage it, and B, to provide that notice to our customers so they can manage that as well. Within, in terms of sort of the timing gap that you referred to, you know, that will be coming in in the fourth quarter of this year, where we'll kind of move, you know, one of our tenors of gas to a new contract. The sort of pricing increases that you're seeing within the gas market is quite variable. Based on what we're rolling off and rolling to in that particular scenario, you'll be seeing an increase of approximately 50% in our in that particular tranche of gas costs for the fourth quarter. Thanks, David. Are you able to give an AUD number as to what the headwind's gonna be for, you know, those contract resets, at the end of, I think you said fourth quarter of this year, so it'll be, you know, into the second half of FY 2024? Yeah. Ultimately, the reason why, you know, if we're talking about 50% increase, in the cost of gas for one tranche, there are other tranches in there and also electricity to consider as well. The cost impact. Yeah is likely to be reasonably significant, ultimately. There is, and it's not. You're right. You know, energy remains a reasonably significant component of spend. You know, we have about between 4- 4.5 PJ of gas, and it's obviously not all of that that's coming up in the fourth quarter. We're at different pricing levels. It won't be the same percentage increase across each of the tranches that come off. You know, I probably won't go just to the dollar values within each of the individual contracts as we're currently still in the market, tendering for supply. Fair enough. Maybe if I just ask a question from a bit more of a simple perspective. Let's just say, you know, hypothetically, volumes stay where they are. With the price increase profile that you've got in the market at the moment, volumes did stay flat and nothing changed from a product mix perspective, could you maintain margins going into FY 2024? Yes. Okay. Excellent. Thanks very much. Thank you. Your next question comes from James Sousidis from Jarden. Please go ahead. Hi. I just wanted to follow up on an earlier question around use of the balance sheet. One thing you called out when you're talking around cash flow was looking at potential bolt-on acquisitions. Just curious as to what sort of businesses you'd be targeting to add onto the business, and then also the appetite in terms of the size of a transaction you might be looking at. Thank you. Thank you. James, obviously our balance sheet is in a really strong position, which gives us some flexibility around acquisitions as they become available. In terms of, we have a number of, you know, strategic criteria that we look to in looking at opportunities, and obviously there's always opportunities in the market in relation to that. It's important for us that any bolt-on would either add to our brewing products portfolio and be important to our current customer base so that we could leverage the synergy that comes with putting more product through the channels, and that's really important to us. That's kind of the key criteria that we look at. Also from a manufacturing point of view, that it's a manufacturing process that we are very capable in, so long runs, mass products, low labor touch is really what we look to in terms of our acquisition. James, you still there? Yeah. Sorry. My mic, I think I had a similar issue with Simon, cut out. Yeah. No, that's helpful. I was just also curious, obviously David heading off shortly. Just curious if you've could give any color on how you might be looking to replace him, whether it's more of an internal or external search, how are you looking and how are you thinking about that? Thanks, James, for the question. Obviously when we announced David's resignation, we also announced that we had started a search process, and that search process is well underway, and we've got a number of capable executives that we're reviewing for the role. We look forward to be able to update you in the near term in relation to where we land in relation to that. You know, we'll do that at the appropriate time. Okay, great. Thank you. Thank you. There are no further questions at this time. I'll now hand back to Ms. Coates for closing remarks. Thanks, everyone. It's been a long session, thanks, everyone, for your time. I know you're all really busy. Just to add to the last comment around David, I'd just like to take this opportunity to also recognize the fact that this is David's last results announcement. He and I, this is our eighth. It's been a good partnership over that period of time, and I just wanna thank David for that on all of your behalf. In summing up, what I'd like to say is I'm really pleased to be able to deliver the results to you today on behalf of the broader team, who continue to be focused on delivering for our customers, in what is a pretty volatile and high-demand market. We also, at the same time, are executing on our strategy so that we can, really shore up our performance for the future and continue to grow into the future. Again, thanks for your time and your interest and all your questions. Really appreciate it. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.