Thank you for standing by, and welcome to the Corporate Travel Management, CTM, Full Year Results conference call. All participants are in a listen-only mode. There will be a presentation which will run for a little over half an hour, 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 Mr. Jamie Pherous, Managing Director. Please go ahead. Thank you, Darcy, and good morning, everybody. My name is Jamie Pherous and I'm the MD of CTM. I'm also joined this morning by Cale Bennett, the Chief Financial Officer for CTM. We are pleased to be presenting CTM's full year results for FY2021. Just on the first slide, as you can see, the logo building is in fact our headquarters in the U.S.A. It will become clear as we walk through this presentation that our recovery is underway. Central to that recovery, of course, is our North American business. Now if we can go to slide five, where we go to our FY2021 highlights. As you will see through this presentation, CTM has had a rapid return to underlying EBITDA profitability in the fourth quarter with North America, Europe, and the ANZ regions all profitable. Most surprising was the momentum in the U.S.A. Given this momentum has continued into the new financial year, CTM is targeting a return to dividends in CY2022. Secondly, CTM is most exposed to regions with the strongest revenue recovery momentum and advanced vaccine rollouts. This is a theme we will return to several times in this presentation because CTM is disproportionately exposed to North America and Europe, with currently near 80% of our revenues derived from these regions. Essentially, our largest regions that have the most impact on performance are recovering the fastest. Thirdly, the environment is conducive to CTM market share gains or organic growth. Our value proposition of service, proprietary technology, and ROI is more relevant than it's ever been before in this very complex environment. Our enhanced reputation this cycle is leading to material client wins. This is clearly evidenced in revenue recovery rates that are clearly above all corporate public recovery metrics in all the markets we operate in, which we'll touch on shortly. Fourthly, we retain a very strong balance sheet. We've got zero debt, AUD 99 million of cash. As a result, we have reduced our unused credit facility. This shows the confidence we have our recovery is in fact underway. Lastly, we remind you that CTM is a much bigger business post-COVID. Rather than diluting shareholders' wealth through capital raises through this crisis, we were the first to make a material acquisition early in the cycle, and as we will show you, this is bringing long-term material benefits to the company. We believe we're now the fourth largest TMC in the world, and upon full revenue recovery, the business is expected to increase EBITDA by 57% above our record EBITDA profit in calendar 2019 of AUD 150 million. As a result, there is material post-EPS accretion to shareholders upon this full revenue recovery. Now let's move to slide six, where we graphically illustrate the rapid return of profitability. Throughout this presentation, we'll focus on financial quarters to better illustrate the momentum in the business, which is pretty clear on this chart. As you can see on the left-hand chart, we're showing revenue for FY2021. We delivered fourth quarter revenues of AUD 74 million, which is a 42% uplift on the previous Q3 revenue number. This uplift was led by North America and Europe. When including Travel and Transport into our pro forma 2019 baseline, 4 Q revenues average over 41% of pro forma 2019 levels throughout the fourth quarter. If we move to the right-hand side chart, you can see that this revenue increase translated really well to our bottom line. The revenue jumped, we turned a three-quarter loss of AUD 5.5 million into a AUD 13.6 million profit in Q4. What makes this all the more special is that we inherited a AUD 6 million quarterly loss when we acquired T&T in late October last year. Let's not forget that. That just makes this result really good. North America is making the largest impact on revenue and EBITDA. It's through a combination of increased activity, the synergies, and the CTM model delivering in that region that is getting results for CTM. Let's go on to slide seven now. As you can see, our largest regions have the most momentum and impact on FY 2023 performance. Let me explain very clearly why. There's a bit on this chart to go through on this slide. Firstly, let me explain the left-hand side chart. This chart graphically represents pro forma calendar 2019 group monthly revenue, including Travel and Transport. We have always shared with the market that our key metric is revenue growth and EBITDA to revenue conversion. TTV in this market is meaningless if we cannot derive revenue from TTV, and this is where the rubber hits the road. At CTM, our whole business focus is on how we bring back the business to support full revenue in both a sustainable and profitable manner while supporting our value proposition. As you can see, a full recovery on this chart is equivalent to AUD 60 million of revenue per month or AUD 720 million per annum, subject to fluctuations in foreign exchange, of course. What's happening on this chart? The blue shaded area represents the monthly revenue recovery by region that has already occurred based upon the fourth quarter averages. As you can see, the monthly North American revenue recovery in value is larger than all the other regions combined. Secondly, the green shaded area represents what is still left to recover by region to get to full recovery. Again, the recovery potential in North America is greater than all regions combined. The takeaway here is three key points that this graph highlights. Firstly, it's very evident, isn't it? That our largest regions by far are North America and then Europe. Combined, they represent 72% of our pro forma FY 2019 revenues and have the largest impact to incremental revenue recovery. We look at ANZ being an ANZ-listed company and what's happening here with border closures. The reality is, as you can see from this chart, the impact of border closures in Australia is not incrementally material to group performance in FY 2022. You can see at the moment the recovery is AUD 4 million of the total there in revenue. Looking at this chart, if, for example, ANZ revenue declines from AUD 4 million a month to, say, AUD 3.5 million a month, there is minimal group impact. In fact, if we updated this chart for July post-year-end, we would find that North America and Europe's recovery, the blue area, continues to grow at many multiples over the size of any impact from ANZ. That's important to note. Secondly, North America and Europe have the most incremental opportunity to group recovery given they are the most vaccinated and opening up the fastest. That's represented by the green. Just to stop for a moment, our largest regions that have the most impact on performance are recovering the fastest. Thirdly, if we go to the right-hand side here now, we've set forward realistic catalysts for further revenue recovery that we think are all in play. By this, we mean they are either opened, quickly recovering, or expected to open up imminently. We've listed the top five catalysts for recovery in value order in it for FY 2022. Again, keeping with the theme, most importantly, four of the top five are in North America and Europe, where we happen to be the largest. The first one is U.S.A. Domestic. That's the largest incremental upside, and clearly that is already underway. Secondly is U.K. domestic, being the second largest opportunity and is already underway. Just going back to that chart, although the chart suggests there's only another AUD 4 million per month of revenue required to recover to full COVID levels for Europe, this is a little misleading given the recovery so far has mostly been clients that CTM did not service in CY2019, i.e., we've had a lot of new client wins that weren't there in CY2019. The domestic recovery upside is greater than it appears on this chart. The next two, Transatlantic Intra-Europe travel, are large segments at CTM and lucrative segments of CTM. Both already opened or expected to open imminently. Essentially, they're in play as well. Those top four are all realistic revenue opportunities that are either already occurring or opening imminently. ANZ domestic is fifth, with a full domestic recovery potentially generating a total of AUD 7 million revenue a month. Currently we're doing AUD 4 million a month when you look at the average of the fourth quarter. This just reiterates that the ANZ incremental domestic growth will not make or break our FY 2022 performance. This top five, the whole top five would, at full recovery, generate approximately 80% of our pro forma revenue or roughly AUD 48 million a month in revenue. Again, you'll note ANZ and Asia International do not even appear as they are unlikely to contribute any meaningful way in FY 2022. In summary, our largest regions are North America, then Europe. They are also the regions recovering the fastest. They have the most impact on FY 2022 recovery. All in all, 80% of our pre-COVID revenue is in fact in play. At CTM, we're not waiting around for ANZ and Asia to open up international borders to be successful in FY 2022. That's an important point to leave you with. If we can move to slide eight. On slide eight, we lay out our trajectory to become a significantly larger business than pre-COVID. This slide demonstrates why CTM will be much bigger following the acquisition of Travel and Transport in October 8 last year. To explain this slide, the two charts represent revenue on the left-hand side, pro forma revenue, and underlying EBITDA, comparing three points in time. The first point is the actual CTM CY 2019 performance, which is the dark shaded bar. Secondly, the light shaded bar, light blue, is a run rate of where we are today, which is the fourth quarter annualized. The green is what a full recovery in revenue and the resulting profitability will look like. As you can see, CY2019 was a record year for CTM, where we delivered AUD 459 million of revenue and an underlying EBITDA of AUD 150 million. If we come to our current run rate, we derive an annual run rate of AUD 296 million in revenue and EBITDA of over AUD 54 million per annum at the moment. Because of the combination of Travel and Transport, you will see that fourth quarter annualized revenue is only 36% behind CTM's CY2019 record result. Thirdly, based upon pro forma revenues, a recovery, as we said on the last slide, of AUD 60 million revenue per month, which equates to AUD 720 million of revenue per annum, will deliver an underlying EBITDA of up to AUD 235 million, which is 57% higher than our record profit pre-COVID. Looking at these charts, there's three takeaways. Firstly, we are a much larger business than pre-COVID post-recovery because of the strategic acquisition we made through the COVID cycle. In fact, we're 57% larger at the EBITDA level. Secondly, we do believe we can return a similar pre-COVID revenue to EBITDA margins. To explain the recovery in EBITDA on the slide, on the right-hand side in the green, AUD 209 million represents the FX adjusted expectations that we outlined at the time of acquisition of Travel and Transport at full recovery. The extra AUD 26 million shaded is a combination of executing cost-out across the entire group through this cycle. Further synergy realization with T&T, plus several years of automation enhancements, giving us the confidence that the target of AUD 235 million at full revenue recovery is realistic. Thirdly, CTM is organically growing through this cycle. As we have said several times through this cycle, we don't yet know the impact of international travel from COVID. When it comes to domestic, we see no evidence of significant structural impacts from COVID. Even if there is, our organic growth is more than offsetting any impact, if there is such an impact. Let me point to data that demonstrates organic growth is occurring through the cycle. Given examples there of New Zealand and China, which are two countries in our portfolio that are essentially back to near 100% domestic, of course, still have their borders closed internationally. On that basis, we should be trading at around 80% of pre-COVID TTV at market when taking into account zero international travel out of these two regions. This is not the case. July TTV performance has China trading at 113% of pre-COVID and New Zealand at 163% of pre-COVID. In fact, New Zealand activity has remained above 150% of pre-COVID activity throughout the entire calendar year. Very clearly, this points to evidence that CTM is gaining market share and organically growing in these specific markets. This growth is occurring in all our other regions too. As you will see when we go around the grounds in the coming regional slides, revenue recovery is running higher than all public corporate recovery data in all markets we operate in. This reinforces organic growth through the CTM business. Let's now turn to slide nine. We'll go through the regional performance, and we'll start now with slide 10, the group overview. As I said earlier, it makes most sense in this year to break the second half into quarters. What we present on all the regional slides is our first half results and the second half broke into the third and fourth quarters in order to highlight the momentum. We have circled fourth quarter results to highlight the recovery in regions where it was a significant step up. In summary, at group level, whilst you can see CTM made an underlying EBITDA loss for the year of AUD 7.2 million on roughly AUD 200 million of revenue. CTM derived an underlying EBITDA at group level in the second half of AUD 8.1 million on revenues of just slightly over AUD 126 million. It was clearly the fourth quarter momentum that was significant, with the fourth quarter turnaround delivering an underlying EBITDA of AUD 13.6 million versus previous quarter loss of AUD 5.5 million. This momentum is continuing into FY 2022. I am pleased to report that July 2021 revenue, for the month was the highest since COVID. As a result of our return to profitability, we retain the strong liquidity that we've managed throughout the COVID period. As we said before, AUD 99 million in cash, no debt. As a result, we feel comfortable enough to reduce our unused credit facility as we do not expect to use it. Let's talk to each region. Let's go to slide 11, North America. Again, on this slide, we highlight the turnaround from Q3 to Q4, where revenue grew over 47% from between those two quarters, allowing us to convert a Q3 loss of AUD 7 million into a AUD 5.1 million profit in Q4. This presents a AUD 12.1 million profit turnaround in that one quarter, and that's the key driver of our fourth quarter result. Again, I want to reinforce it through the combination of Travel and Transport. We inherited a AUD 6 million quarterly loss at the time. This turnaround makes it really special for us. Again, I just want to report on a few things here. Fourth quarter revenue recovery through the entire fourth quarter averaged over 40% of pro forma 2019 revenue levels, well above public data on the U.S. corporate recovery, reinforcing organic growth since calendar 2019 in this region. Then in terms of outlook, this fourth quarter momentum is continuing into July. Typically, we see corporate activity decline by around 25% in July and August versus June, due to it being summer vacation in the Northern Hemisphere. July revenue was in fact higher than June, a bullish sign of continued recovery. July domestic revenue recovery was over 60% of CY 2019 pro forma domestic revenue as well. This rate of recovery is also above public statements of corporate recovery. Most pleasingly, the region continues to lead the group in new business wins as well. In fact, it has all calendar year. We typically see a strong seasonal second half skew, which we expect to be even more pronounced this year due to the impact of accelerated domestic and transatlantic opening up during this half. As you can appreciate, as that builds over three or four months, it will become much more meaningful in the second half. That's U.S. Let's now move to slide 12, Europe. As with the U.S.A., we've highlighted the full Q rebound, where the revenue recovery averaged 62% of pre-COVID revenue throughout full Q, materially above all public market data on U.K. and E.U. recovery rates. Due to the very high levels of automation and software logistics revenue streams, the fourth quarter delivered revenue of AUD 18.6 million and an underlying EBITDA of AUD 9.7 million. As a result, Europe delivered a AUD 10.1 million underlying EBITDA profit for FY 2021, an outstanding result in a market that was predominantly closed throughout the year. Earlier, I talked to our value proposition and its high relevance in this environment. Two things are really critical for success in this COVID environment. The first is the demand for expert service that can get people through closed borders. Secondly, having locally developed proprietary technology developed in region that can quickly adapt to a changing COVID environment. We believe we're the only company that has both these levers in high quality. As a result, we've clearly won more than our fair share of essential travel clients, some logistics clients using our software, in fact, plus some short and longer-term projects since COVID started in early 2020. Some of the projects were high volume but very low margin work that I can tell you very clearly would not be commercially viable nor profitable without our own automation, our can-do attitude, and our end-to-end software capability. Our team has been working 24/7 for most of this half, in fact. Their dedication to our clients and to find solutions for our clients through these closed border scenarios was truly impressive and above and beyond the call. This is important that I call that out. Despite the stellar performance in the second half, the actual business-as-usual client recovery in the second half was mostly nonexistent, and it didn't contribute much at all to the second half result. As you may be aware, the U.K. was in fact in full lockdown for most of this half. When we look forward at the months ahead, domestic BAU travel is recovering quickly since the U.K. has opened up fully in June. U.K. Domestic is a very large and highly automated segment of our business, and hence a very important contributor to future recovery. I just want to point out that some of the project work will fall away as international borders fully open. This also means that the rest of the travel recovery in the U.K. and Europe can occur. We think one will offset the other as we go through the year. Irrespective, we expect that the E.U. region, along with North America, to lead the way to recovery. Again, just like the U.S.A., we think we'll see a much heavier seasonal 2H skew for the same reasons. Again, we'll see accelerated domestic opening up this summer, combined with the eventual entry of Europe and transatlantic opening up. If we give that a few months to build up, we expect that to be very meaningful in the second half of the year. Now if we can move on to slide 13, Australia and New Zealand. Again, ANZ is a highly sophisticated business in our HQ. Again, this was profitable throughout the year despite the really difficult rolling border lockdowns that we've experienced. Just want to point out the 4Q decline in profit is a direct impact of a combination of a number of factors. Regular rolling lockdowns, no government assistance through these lockdowns, and re-employment by CTM for an expected recovery that have been significantly interrupted. We know how important up-to-date information and good expert service is through this COVID environment, particularly as people recommence travel. In ANZ, for a fleeting moment, we saw domestic Australian activity return to 85% of pre-COVID levels. To manage this recovery, we reemployed heavily for the future, and really pleasing that we welcome back many staff we had to let go last year. The unspoken reality is Australia relies on the Sydney corridor as the economic lifeblood of the East Coast, whether we like it or not. The fact is, when Sydney is closed for air travel, the entire nation suffers. For example, an open Queensland or Victoria is of low consequence to CTM if no one's going to accept flights to and from Sydney. There is as yet no government support that takes account of this nationwide issue facing the travel industry either. As a result, this is our most difficult region to manage at both a business level and, more importantly, at a human level. We are coming up to an unprecedented 18 months of domestic travel restrictions with no deadline or end in sight and have hundreds of staff and their livelihoods to balance against regional sustainability through, of course, no fault of their own. We are doing our best, and despite this, we still remain very confident of a sustainable and profitable business upon a full domestic recovery. The big question is not if, but the real question is when. Just again, to show the resilience and strength of this business, both June and July were profitable, albeit small. In both those months, we had times where all states were closed down. Again, as I stated earlier, there's no evidence of a significant structural impact from COVID. New Zealand's been running above 150% versus pre-COVID throughout the entire calendar year and to date, and that's including July as well. That tells you it's a full market recovery, plus we are still having market share growth since COVID. Now if we can move on to slide 14, Asia. The trading environment remains challenging given it's a large international market, of course. The full year recovery to 17% of pre-COVID revenues is still well above Hong Kong and Singapore market averages in corporate travel. As we flagged, the governments removed support packages in March despite no activity recovering in these regions. As a result, we had to reduce our headcount by approximately 200 staff to adjust. Again, a very difficult situation for our teams in these regions to endure. In terms of outlook, we expect to remain marginally loss-making. However, we are winning new business at the highest rates in history for the region. Secondly, competitors continue to either close down or depart the region. We really think we can gain a lot of market share upon recovery if we take a long-term view. If we can now go to the T&T acquisition update. We will move forward to slide 15 and then on to 16. What this slide shows is a high-level two-year plan. There are a couple of quick takeaways. The team has achieved a real lot in a short space of time, but largely thanks to the COVID downtime, particularly November to March. The second thing we're really pleased to announce, that we do expect to be a fully integrated business by July 2022, which we think is a great achievement for such a big business. What we've got left to do is pretty much typical. The first thing is it's consolidation of back-end systems, which of course, are not client-impacting. Secondly, it's transitioning legacy clients onto the much-improved CTM tech suite, which is a great benefit to both current and future clients. In fact, we are really buoyed by the progress in the client rollout, but also the take-up of our Lightning proprietary booking tool by both legacy T&T clients and new clients to CTM. As a result, there are more synergies to come as these large projects come to completion. Now if we come onto slide 17, the group financial summary, I now want to hand over to Cale Bennett, our Global CFO, to talk through a high-level financial summary. Thanks, Jamie. Good morning, everyone. If we can turn to slide 18, the group profit and loss. FY 2021 was a year of two distinct halves. Cost-cutting in FY 2020, followed by continued discipline throughout FY 2021, and then rapid recovery in the Northern Hemisphere in the fourth quarter, drove an underlying EBITDA loss of just AUD 7.2 million for the year. The underlying net loss after tax for the year was AUD 32.3 million, down from a net profit after tax of AUD 28.4 million in FY 2020. The fourth quarter momentum we take into FY 2022 is encouraging, and we remain hyper-focused on the balance between cost management and service for our clients as our revenue recovers. We've outlined D&A expectations for FY 2022 of AUD 41.5 million. There's no material change expected from FY 2021's total of AUD 40.9 million. We've also separated our client intangibles to assist the analysts on the call. We note here that we received government grants of AUD 18.4 million in FY 2021. Most of the grants passed through to staff costs, and they were materially finalized in March 2021. Onto slide 19, non-recurring costs. Non-recurring costs in FY 2021 overwhelmingly related to the T&T acquisition, consisting of both acquisition costs and the integration costs, which together totaled AUD 19.6 million of the AUD 24 million total non-recurring costs. With T&T integration costs, we expect another AUD 6 million in FY 2022 to complete the integration. This will bring our total expected integration costs up to just over AUD 18 million, which we acknowledge is higher than the AUD 13.7 million we indicated at the transaction outset. There are two drivers of this increase in costs. Firstly, as the integration synergies, but this will require additional investment. Given a positive ROI, we are going to go after these opportunities. Secondly, office lockouts and impeded travel have slowed some of the integration work we wanted to do on the back-end systems, as it has not been physically possible to make adequate headway with our collaboration in the office. We will be carrying some support people for longer than expected to ensure that we get the integration done right and eliminate any legacy technical and operational debt. The COVID impact costs of AUD 2.5 Million relate to the Asia downsize in March that Jamie spoke to earlier. As we have previously indicated, government support helped us keep people in quiet times, but we will adjust our cost base to reflect the market activity where that support is no longer provided. Moving on to slide 20, the balance sheet. Year-on-year cash has increased by AUD 6.2 million, although that doesn't do justice to the activity throughout the year. Finishing the year with AUD 99 million in cash, however, does speak to the strength of our balance sheet. The increase in receivables and payables have been as expected, given the rapid recovery in the fourth quarter and the nature of the customers contributing to that recovery. Tight balance sheet management has ensured we have not utilized our debt facility since we repaid it in FY 2020. Given the strength of our balance sheet with AUD 99 million in cash at year-end, and based on our liquidity modeling through to recovery, we have reduced our funding facility, providing immediate financial savings. Our current liquidity is more than sufficient to manage through to full recovery. Bank guarantees have fallen 64% during the year to AUD 19.6 million. Due to management actions in second half 2021, the bank guarantee requirements under which we operate have changed, ensuring it is unlikely we will return to historic levels when we are fully recovered. On to slide 21, the cash flow. Operating cash flow was primarily impacted by timing and a rewind of high-quality clients on credit terms growing quickly in the fourth quarter. We do expect this to flatten over time and normalize. We expect CapEx to remain around our long-term averages at approximately AUD 20 million per year. We are focused on maintaining market leadership of our proprietary software. We note the addition of T&T won't lead to a net aggregate increase in CapEx in and of itself, and most of our IT expenses remain an expense in the P&L. On to slide 23, and I'm going to hand back to Jamie now to talk about the FY 2022 outlook. Thanks, Cale. Just looking at the guidance activity. Given the uncertainty of government decisions on border restrictions and travel supply, CTM is not in a position to offer FY 2022 profit guidance. Given the business recovery is underway, we are targeting a return of dividend payments in CY 2022 and outlined below our key expectations to help the market. The first quarter. We expect continuing positive underlying EBITDA, noting the first quarter is typically our softest quarter because of Northern Hemisphere summer vacation. Just to remind you, July and August are typically the quietest months of the year for corporate travel in Europe, North America, and Asia. Despite this, July revenue was a group record post-COVID, a positive sign of continued momentum for us. The second quarter, we expect a building underlying EBITDA, particularly as North America and U.K. Europe return to offices after summer vacation in September. For many customers, it'll be the first time they've been back to the office in 18 months. We go through to the second half. We expect a stronger than normal seasonal profit skew. At CTM, our typical seasonal skew is 67% weighted to the second half in profits. Now also with the run rate of Travel and Transport as well, we'll expect that to get bigger, but further again because of the next three points. Firstly, we expect North America and U.K. Domestic to recover rapidly post-summer vacation as client returns to offices in September. Also, the lucrative transatlantic and inter-Europe travel will be open as well and sometime in this half, both ways. By the time they get going, it usually takes three or four months to build up. We'd expect that into the second half we'll get a full six-month impact of those outcomes. Secondly, when it comes to ANZ, we expect and we hope vaccinations will allow for a more predictable and sustainable strong AU domestic environment in the second half of 2022. That's why we think it's going to be a much greater skew than normal. Lastly, acquisition opportunities. We are continuing to assess niche opportunities that support our global strategy. Let me end this presentation by saying our dance card is full. Now, I'll hand it back over to Darcy for Q&A. 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. We do ask that you please be mindful of time and limit to no more than a few questions per person. Your first question comes from Quinn Pierson from Credit Suisse. Please go ahead. Hi. Good morning. Thanks for your time. Maybe just firstly, is there anything you can talk us through regarding new customer wins? You've mentioned that a few times throughout the call and sounds like some good win rates. Can you just talk us through how much, I guess, your net new customer wins would annualize to? In reference to, I guess, the AUD 720 million of pro forma revenue, kind of how much additional we might be able to look for from new wins annualizing? Thanks. Quinn, firstly, we don't talk about clients or the value. I think the value is misleading because we could win a client that says it's worth AUD 10 million that's not trading. I think it's a little misleading to say that. What we are doing, we're letting our numbers do the talking. Rather than making claims, you can see that with all the public data that we're clearly doing better than market in the corporate sphere. Look, we know leisure in some markets is back to 100% or greater, and we can see that as well. We've got small pockets of that here and there, but we know our corporate data in all regions is above market. There's enough public data to suggest that. It's just not our policy, but we'll let our numbers do the talking. I hope you understand that. We wouldn't be saying it if we weren't winning it. Understood. Maybe just secondly, you mentioned that July trading is staying strong. Particularly in the U.S. where we're seeing data coming off in the U.S. in July and into August off of Delta concerns. Fairness, it does look like corporate data is holding up better. I guess your data seems to suggest stronger than market continuance into July and August. Is there anything you can kind of connect the dots or bridge for us to kind of understand why your data seems to be holding up better than the market? I think it's a combination of things we've won. Also, secondly, I think it's a bit like what happened back in Australia back in December going into summer. Finally, it opened up. I think people tried to get some things done in June and certainly July. Look, we've seen this enough now. Even with Delta, we've seen here and there slow pullbacks for two or four weeks through this cycle. We saw it back in the U.S. in February as well. Importantly for us, August is a dead month for corporate anyway. If it's going to do it then, it's going to do it then. Look, we're speaking to enough customers that know that they've got to get back on the road to win business, to get their people together. Some good data metrics like forwards on conferences, meetings, incentives are as strong as they would ever been in our history. We still think it's not going to be linear, is it? We feel pretty comfortable that things continue to grow. July was just, it surprised us as well because it should have gone backwards on June just because of seasonality alone. We'll just have to see how the year pans out. We're really focusing on September, right? September, everyone comes back is when it should be. September, October is what we're really looking forward to because, again, it is summer vacation, right? Corporates are on holidays. People are on holidays. Let me tell you that. As one of the CEOs said to us, "If my staff are traveling to Cancun, I don't see why they can't come back to the office and travel for me." That's how we're looking at things. Thanks. Just lastly for me, I think you said that you expect the full group business to be at similar margins as CTM was pre the Travel and Transport acquisition. I guess that's a bit over a 33% EBITDA margin. I just wanted to confirm I heard that right. Your expectation is post synergy, post integration. It's actually 32.7%. We're just saying, the trade-off is that we know when we acquired T&T, there was a dilution margin. At the same time, we talked about the synergies we've created through that acquisition. We've said very clearly on this call that there's more there. We're making bigger investments because now that we're in under the hood, we can see more. We've also said that the whole business has taken cost out, a lot of that will be permanent. We've also talked about greater automation over the business over the last two years. When markets do recover, we're seeing very solid revenue per FTE metrics that are larger than we were pre-COVID. That's why we're saying that. We'll see where it goes. I've said before, the hardest thing I don't think the investment community appreciates is how hard it is to bring a business back. That's where we're focusing all our energy. We're way through survival, and I think that's put us in a very good position. We've got a very good framework, and we've been managing that. If you remember, our revenue was all the way back to AUD 4 million, AUD 5 million at one stage a month there. It's more than five-fold, and it's getting bigger and bigger. The way we've been managing the business and our expectations have proofed up the whole way through this cycle. It gives us a lot of confidence in the way and the structure we put in to manage the business. I feel like it's helped give you that scale when it comes to getting on the tender panels of the-. Yeah. No doubt. I think if you go back to our strategy, and we've been strategic for 10 years. We said we wanted to get to the right scale in North America, and we always felt that over AUD 2 billion at the time. Well, now we're clearly well on a recovery anyway. We're well over that, and there is no doubt. There is no doubt that we're on the radar. It's taken us a long time, but we certainly are. I think that's holding up in terms of the client wins we're talking to, just how we can leverage the scale of the business, the buying power of the business. These are all little upsides that we're seeing. Also you can see in the recovery rates, too. There's enough public data of what corporate's doing over there, and we're beating that data, which means we're obviously winning market share. We started to see this in early calendar 2020 as we flagged, if you go back. There's no doubt, particularly this calendar year, they're going well. The team are a great team. They've got all the tools to win business, and they're leveraging that. There's some comments from American Express suggesting they thought that the smaller corporates, SMEs, were coming back a lot quicker. The larger corporate would come back eventually, but it's just not yet. Would you concur with those comments based on what you're seeing in your business? Depends on the industry. I think for Amex GBT, the real big guys that have a lot of governance about people and what they can and can't do would be slow. We don't have many clients over AUD 100 million, right? Yeah. I think the other guys tend to be moving a little quicker. Yeah, that would be our view, too. It's very industry-focused as well. There's certain industries that are still slower than others. We have some clients spending over 100% of pre-COVID. There's no doubt about that. They're what I call the goers that understand that going to see clients is how you're going to win customers. There's a real sense of urgency in the open markets, too, that it's all about growth, and travel and growth are highly correlated. Last one. Just in the annual report, like I know it's audited. I was just surprised to see a lack of any related party transactions in relation to you or Sophie, given the Travel and Transport divesting and the deal done there. Well, they're both independent directors. What kind of transactions were you expecting to see there? Oh, I thought there might've been a listing of, yeah, a breakdown saying, "Look, we used Morgans to raise equity. We used Allens for the consulting or the legal services when we done the T&T acquisition." Was that a consideration? No. No, it wasn't. Thanks for the question. Okay. Thanks, guys. Thank you. Your next question comes from Sam Teeger from Citi. Please go ahead. Well, hey, guys. Thanks for taking the call. Maybe just on page six, that kind of rapid return in underlying profitability, just noticing the AUD 22 million increase in revenue pretty much dropped to the bottom line or the EBITDA line, at least. Could you perhaps maybe give us an understanding or a rule of thumb on how costs will come back, I guess, into FY 2022, and I guess the operating leverage we can expect? Yeah. It's a good question. If you go back in time, we always said because we had a lower fixed cost base than our peers, we could carry a lot more staff for a recovery. As we've said over and over and over, recovering's hard, right? Sometimes things come back this fast. Not many businesses can cope. We always carried more people, so we had capacity. What we saw in that Q4 was a soaking up of that capacity. I think from here on in, if you go backwards, it's not linear. If you draw a line from where we are today in run rates, particularly if you go to more of a slide eight view, and you draw out how that annualize will get back to that full recovery EBITDA, it says much about the sort of incremental dollars. Every AUD of revenue, there'll be an incremental AUD dropping to the bottom line. Clearly, most of our fixed costs are complete, so it's all variable costs now. We need a strong incremental profit drop from every new AUD of revenue. I hope that makes sense. Again, we've modeled this before. We've been modeling this. I just want to stress that again. We've gone all the way back. I've even forgotten now. I try to forget about the past, but I think we're down to AUD 2 million a month or AUD 4 million or AUD 5 million a month of revenue. All the way through, we've been modeling the same model, and it's been proofing up really well. We've put a bit of fat in that for things that don't go right. Clearly, it won't be linear. Sometimes when it's going really fast in recovery, we're going to employ more travel agents ahead of the curve. In some other areas where we've got very high automation or we've got capacity, like we've still got a lot of capacity in Asia, we've got the high automation in the U.K. for domestic. We might see that be ahead of the curve in terms of the way it drops the profit. We've done a lot of modeling. We've had a bit of downtime in the last 12 months to do this properly, and we're comfortable with what we're trying to achieve. Sure. Maybe just to clarify, I guess, with Domestic coming back and the high levels of automation, you'd expect more operating leverage. I guess when International comes back, higher touch customers, is that when you'll probably see more linear? Is that how to think about it? Somewhat. I wish it was that simple. It just depends, because we're getting stops and starts, right? Another example is ANZ. We employed a lot of people for a recovery that never happened. It's heartbreaking. You're going to have that sort of handbrake on the whole group as well, albeit it's not a big weighting. I think we'll talk to it as we do things, and we'll try to explain the upside or the downside and why. You can see that we've certainly laid out a path that we think is good. Cool. Thanks. That's a big color. Also, could you give us a quick round the GMs to help us understand what the activity levels are in terms of bookings as a percentage of FY 2019? Maybe where you think the corporate recovery data is at? Yeah. Look, we wouldn't be saying it will be July domestic, or sorry, July revenue is higher than June, and it just shouldn't happen. That tells you the momentum that we saw in the business. I say it shouldn't have happened because Europe and North America in summer vacation, and it's like in Australia. Christmas and January drop back from November. It's just how it works. We're seeing good momentum. We're watching all this closely. Obviously things have come off a little in ANZ. Again, if you go back to that slide seven, it's not going to make or break us, right? It's really about North America and Europe, and we're buoyed by both. Look, we're watching the Delta strain carefully, but we've seen this before. It might slow things down for a month or so or just make people think a little bit more. Things have opened in those two regions. Corporate hasn't done anything for a long time. There's a real sense of urgency to get things moving again. We feel pretty comfortable we're on a trajectory, and that trajectory's been going really. It's all about vaccinations, right? Once you get to that number, we've seen it since February. It's been fairly steady through February, March, and beyond. Sure. Just to understand, I guess, your market share. Could we use maybe like TTV as a proxy of, I guess, activity levels? Is there something you'd caveat that with- Yeah. ...in terms of transaction sizes and? TTV doesn't work much anymore because what you're seeing, as you can appreciate, you're seeing so many bookings and cancellations and moving. Revenue is really more the activity of the business. I know no one else will talk revenue. They probably don't want to talk revenue because a lot of people would rely on supplier revenues to make money. This again just proves up our model over time. The revenue is really good; I'm sure you guys will look deeper into our revenue mix. You can see there's not much variable revenue or volume-based revenue, which again, is a really good sign because it's going to come back. We're doing these sort of numbers and outcomes without any growth overrides, which I think is a good sign. We're going to talk revenue because at the end of the day, revenue minus cost equals profit. TTV doesn't do much. That's the way we're going to speak because, look, the way we're setting this business up very clearly is we are managing the business to service the recovery, and that's the whole business globally. All our leaders are all chimed into that process. We'll be talking to it the same way as we talk to our management team. Cool. Just quickly, if I may, one more. Just wanted to confirm something, an off-the-cuff comment you said before. That you don't have many customers above AUD 100 mil? Yeah. I guess that part of the market's recovering the quickest? No. Because you maybe- I wouldn't say the ones above the AUD 100 million. I think the ones above AUD 100 million are probably not recovering the quickest, to be honest with you, in terms of the big corporates. Look, we've got a mix and match of clients. We have some big clients, long term when things are recovered, that's the way we like it to be. I think our numbers sort of speak. Don't underestimate that we've obviously won a lot of business through the cycle as well for this to happen. Great. Thanks. Thank you. Thank you. Your next question comes from Wei-Weng Chen from JP Morgan. Please go ahead. Hi, guys. Just a couple of questions from [audio distortion]. Also in the U.S., just wanted to confirm that what we're seeing is your bread-and-butter corporate travel revenue. There's no projects in there as well that might roll off, right? Yeah, no, both good questions. In what we can do, and we've said this before, an online booking tool can't do things in isolation when borders are closed. It needs a lot of expertise. Nor can a call center. I think the fact we've got our own technology that we've adapted for some customers, the answer is yes. We're seeing that without a doubt, not just in that region, but globally. 1Q 2022, you're guiding to positive underlying EBIT. Just wanted to clarify the expectation that this will be higher or lower than 4Q? The integration cost was- Two things. Firstly, we don't know where I would've guided. Obviously, normally July and August are slow. We still think September's gonna really tell us where we're at. There's enough opportunity through this year. ... Just, I guess the integration costs. You just said that they are linked to- What we're thinking across the whole group. It's a combination of a few things. Look, through this all, we've always been a curious company that's very opportunistic and we've approached that with that same methodology with Travel and Transport. Just a few ones. Just trying to understand where some of the revenue lines, you expect them to go in through the government grant income, AUD 18 million FY 2021. What should we expect there? Sale of inventory was AUD 10 million. Is there an expectation for 2022? They're pretty much nothing at the moment. They pretty much stopped in March. Relating to a legacy part of the T&T business we acquired. When you put the two numbers together, you'll find it's extremely low margin. As I said, it's a bit of a legacy. I wouldn't expect too much. Yeah. Just finally on the licensing revenue, is that from Tramada or can you run through that, please? Yeah, there's a number of a different sort of has increased the line enough that we've now disaggregated it. You can see in the notes that it's some of the legacy Radius business, and Tramada make up. Morning, Jamie. Hi, John. In the sector and the, I guess, consolidation opportunities. A lot's gone on, sort of been quite aggressive there in terms of their approach and obviously in terms of scale players, there's not a lot sort of linking about that. Is there sort of some mopping up still to do? Is on things to go or how do you think we should think about your approach to that moving forward? I think all of the above. There's still things to do out there, and I think in certain markets, people are on their knees as well, as you could appreciate. We're still thinking things that make strategic sense and it's still a corner plank of what we wanna do. Some will be opportunistic, some make good strategic sense, and as I said, our dance card's pretty full. You can pretty much accept that anything that's material that comes to market comes across our desk. We're very fussy and so we should be. I think anything that's gonna go out there, we're having a good look at things all the time. Does that answer your question? It does. Thanks, Jamie. Yeah, thanks, John. Thank you. There are no further questions at this time. Thanks for listening, and again, we're around the next few days on road show. Please feel free to reach out and contact us.