Thank you for standing by, and welcome to the Domain Holdings Australia full-year results conference call. 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 Mr. Jason Pellegrino, Chief Executive Officer. Please go ahead. Good morning, everyone. Thank you for joining me and CFO Rob Doyle for Domain 2021 full-year results briefing. I'd like to start off today by acknowledging the traditional custodians of the country throughout Australia and their connection to land, sea, and community. We pay our respects to their elders, past and present, and extend that respect to all First Nations peoples today. For myself, I am on the land of the Gadigal people of the Eora Nation. We'll follow our usual agenda with an overview of the results and the progress it demonstrates in the implementation of our marketplace strategy. I'll provide an update on the current trading environment and outlook, after which Rob will take you through the group financials. We look forward to your questions at the end of our prepared remarks. Through the uncertainties of the past 1.5 years, Domain has maintained the pace of our business strategy evolution. The adoption of our marketplace model is designed to make our solutions work better together, expanding our addressable markets and delivering on our purpose to inspire confidence for all of life's property decisions. The actions we have taken have positioned Domain to take full advantage of an improving property market environment. The market listings recovery has combined with an expansion in Domain controllable yield to deliver accelerating revenue growth in the second half. While the market recovery was very welcome, it's been extraordinary for me to see the amazing efforts and outcomes that have been achieved by Domain's high-performing teams. For FY 2021, on a like-for-like basis, Domain delivered revenue of AUD 289.6 million, up 9.7%. Expenses of AUD 189 million, up 5.6%. EBITDA of AUD 100.6 million, up 19%, and EBIT of AUD 64.5 million, up 41.9%. Net profit was AUD 37.9 million, and earnings per share were AUD 0.065, with both increasing by 66%. During the year, new accounting changes were introduced to reclassify cloud-based software development costs into operating expenses, having previously been capitalized. This reduced FY 2021 reported EBITDA by AUD 1.4 million, and FY 2020 EBITDA has been restated by AUD 1.3 million. Excluding the impacts of this change, FY 2021 EBITDA is AUD 102 million. As a result of the increased confidence in the property market outlook and the robust performance of the business, the board has made the decision to repay grants received in FY 2021 from the federal government's JobKeeper scheme. This will reduce FY 2022 EBITDA by AUD 5.7 million. A final dividend of AUD 0.04 was declared. Turning to the segment results on slide six. Residential revenue increased around 21% on a reported basis and 20% like for like. Media, developers, and commercial revenue increased 7%. Agent and property data solutions revenue increased 8%. Together, these categories delivered core digital revenue, which increased 70% on a reported basis and 16% like to like. Core digital EBITDA increased 33% and 31% like to like. Consumer solutions revenue is stable and EBITDA losses increased to AUD 6.2 million on higher investment in Domain Home Loans. Total digital revenue increased 17% on a reported basis and 15% like to like. Print revenue declined 33%, and EBITDA was AUD 2.8 million. Corporate EBITDA loss widened to AUD 26 million due to AUD 8 million of additional costs related to D&O insurance and share-based payments. At the heart of Domain's marketplace strategy is our mantra of better together, an approach which maximizes the value of each of our solutions through close collaboration and leverages their differentiated strategic positioning. In core listings, we are investing in a suite of innovative and disruptive products like Early Access. Our flexible pricing model and targeted micro-market strategy supports accelerating yield growth. In agent solutions, our track record of trusted partnerships provides a unique platform to launch new products and services that are integrated into the agent workflow and are designed to help agents grow their businesses. In consumer solutions, our digital-first approach provides consumers with their preferred means of interaction, a preference that has only accelerated as a result of COVID. It also allows Domain to connect with consumers at the relevant stage of their property journey. Our property data solutions business has a multi-decade heritage of timely and accurate property data, supported by actionable insights for agents, consumers, and non-real estate clients. This slide highlights the progress we continue to make against our marketplace strategy. In our core listings business, we achieved 11% increase in controllable residential yield and record depth penetration, a 31% growth in core digital EBITDA on a like-for-like basis, and a record unique digital audience of more than 9 million. In agent solutions, we delivered a 157% increase in like-to-like revenue at Real Time Agent, an accelerating growth at MarketNow with agent adoption almost doubling in Q4, and full ownership of Homepass, providing a platform to accelerate product innovation. In consumer solutions, we achieved an increase in new accounts at Domain Home Loans of more than 33%, and a strong finish to the year with increased conversion and new management. In property data solutions, we significantly expanded the size of the LeadScope trial with strategic agent partners, continuing to deliver high prediction accuracy. We accelerated investment to grow data capability and launched a proprietary real-time demand indicator. Before I run through our results in more detail, I want to touch on our ESG journey at Domain. The pillars of our ESG approach and the material risks we have identified are outlined on this slide. They reflect our commitment to delivering sustainable value to all our stakeholders and the passion of our employees to contribute to the communities we serve. Through multiple COVID disruptions in recent times, Domain's culture and values have remained powerfully on display. Turning now to the details of the results and the key drivers of Domain's five revenue categories. Residential revenue increased 21% to AUD 195.3 million, with an acceleration in the second half, which increased 32%. Strong demand fueled an 11% recovery in listings from FY 2020's COVID-depressed lows. The highlight was an 11% increase in controllable yield, achieved despite the absence of the usual annual price increase in the second half. Domain continued to drive depth penetration, which reached record highs and supported a 22% depth revenue growth. The 11% increase in controllable yield reflects the powerful market dynamics underpinning Domain's business model, effective listings parity, and increased engagement with large, high-quality audiences. The volatility of the listings environment over the past three years is illustrated on this slide, with a very strong finish to FY 2021 as the market cycled the COVID lows a year ago. While the listings recovery is very welcome, I am particularly pleased with the increase in controllable yield, which links to the specific actions we have undertaken to drive this performance. The acceleration in controllable yield to 13% in the second half is even more impressive in the context of a strong Q3 last year and the absence of our usual price increase in January. A delayed price increase was successfully implemented in July. A key driver of our controllable yield is our targeted micro market strategy, which customizes our approach to price and depth for each market. As you can see on this slide, each of our market segments have seen strong growth in revenue per listing, as well as solid recovery in listing volumes. Volume growth was particularly strong in inner Sydney and inner Melbourne, with Melbourne bouncing back sharply after its extended lockdown. Audience growth was strong across all our markets, with Queensland delivering the highest year-on-year growth rate by state. Agent coverage improved with a higher number of depth contracts in every zone. In FY 2021, yield growth for all segments was skewed to depth, given the deferral of the price increase from January to July. In line with our strategy, established markets delivered the strongest price performance, while emerging markets delivered the strongest depth growth. Depth performance by state is outlined in slide 15, with an increase in every state to reach a new record. Increased Platinum penetration in New South Wales is particularly notable, given it is already at the highest level of all the states. We've seen tremendous momentum in depth penetration growth accompany the listings recovery in the second half. This has benefited every state with strong momentum in Victoria with the emergence from lockdown and exceptional performances in Queensland and W.A.. Domain delivers large, high-quality audiences, and in March, we reached a new record with a unique audience of 9.6 million across print and digital, up 23% year-on-year. Our unique digital audience of 9.3 million was an excellent outcome. Engagement metrics remain very high, with a 52% year-on-year increase in app launches and strong growth in listing views and inquiries. I've spoken previously about how our focus on quality, high-intent audiences is driving efficiencies in marketing spend, and this trend continued. We have seen a 55% increase in buyer inquiries, our most valuable audience interaction, while reducing the cost per inquiry by 25% year-on-year in the second half. Turning to media, developers, and commercial. Revenue increased 7% with a strong recovery in the second half across all three verticals. Media was the strongest performing business of the three, significantly outperforming the broader digital advertising market. Key drivers were a recovery in property-related advertising categories, supported by growth in Domain's quality audience. Developers delivered a solid revenue increase for the year, benefiting from demand from first home buyer and downsizer markets. The second half performance improved as Victoria emerged from its prolonged COVID shutdown. CRE revenue was modestly down year-on-year, with a significant improvement in the second half. While listing volumes continue to experience COVID impacts, depth penetration improves, benefiting from the flexible value-based pricing model. In agent and property data solutions, revenue increased 8.1%, benefiting from a strong second half recovery. Pricefinder and Homepass delivered strong second half gains from the prior period, which included COVID-related support initiatives to agents. Real Time Agent delivered ongoing momentum in new customer growth and expanded product uptake from existing customers. RTA's position within the agent journey is highlighted on this slide. The business is delivering strong momentum in its market-leading product suite, benefiting from Domain's national platform and speeding up agent adoption. On a like-for-like basis, RTA delivered a 78% uplift in paid subscribers and a 157% increase in revenue as agents increasingly subscribe for multiple products. RTA's reported revenue growth was even stronger, benefiting from a full-year of earnings contribution due to the timing of the acquisition in November 2019. We've also seen strong momentum at our new payments platform MarketNow, with active agents almost doubling in the fourth quarter compared with the third. We're excited by the opportunity for RTA to expand beyond products to deliver an agent platform that provides choice integrated into the agent workflow. This slide outlines the broad array of third-party products from technology partners that have already been integrated into the RTA platform. We see an opportunity for this to expand even further to add value to agents and vendors. Our product teams continue to support the agent journey with an ever-expanding set of tools to help grow their business. Consumer solutions revenue was stable year-on-year at AUD 5.5 million. Reported revenue trends were impacted by the conclusion of a lead generation arrangement with Domain Connections. Domain Home Loans' underlying revenue growth was 12%. DHL's key metrics on slide 26 highlight continued strength in new account creation, up 33% for the year, and increasing momentum in Q4 approvals and settlements. Improving fourth quarter conversion metrics, scaled-up headcount, and a new management team are expected to accelerate future performance. DHL continues to resonate strongly with consumers, retaining its market-leading customer review ratings. Our product teams continue to improve the user experience with a focus on improved integration and personalization to drive awareness and engagement beyond Domain's core offering. Print revenues declined 33%, reflecting a print pause during COVID, with a substantial second half recovery as publishing activities resumed. For the year, the mastheads published only 68% of their usual schedule. Cost reduction initiatives, together with print volume decline, supported a 27% year-on-year decline in expenses and the maintenance of EBITDA profitability. Print remains sustainable in premium markets due to the strategic value it delivers to agents from high-value passive audiences, as well as building agent profile and brand. Turning now to the current trading environment and outlook. In the FY 2022 year-to-date, national listings are slightly up on last year. While listing volumes have been impacted by lockdowns, particularly in Sydney, July continued to deliver strong national depth performance. We remain confident in the resilience of the market, as evidenced by consistent patterns of sharp rebound when restrictions ease. We will maintain our disciplined investment approach to accelerate our marketplace strategy while retaining a commitment to ongoing margin expansion. As a result of increased confidence in the property market outlook and the robust performance of our business, the board made the decision to repay grants received in FY 2021 from the federal government's JobKeeper scheme. This will be reflected in FY 2022 results. For FY 2022, ongoing costs are expected to increase in the high single-digit to low double-digit range from the FY 2021 ongoing expense base of AUD 195.5 million. This excludes the impact of JobKeeper repayment of AUD 5.7 million, which will be included in the FY 2022 trading expenses. I'll now hand over to Rob to run through the financials. Thanks, Jason, and thanks everyone for joining the call today. Slide 33 provides a reconciliation of the statutory 4E to Domain's trading performance, excluding significant items and disposals. I'll run through the significant items later in the presentation. Starting at the items below EBITDA, depreciation and amortization expense of AUD 36 million increased from AUD 38.3 million in FY 2020. Factors contributing to the decline include lower depreciation relating to leases and lower CapEx due to Zipline and JobKeeper. For FY 2022, depreciation and amortization expense is expected to be broadly in line with FY 2021. Net finance cost of AUD 6.7 million was in line with last year. Tax expense of AUD 17.7 million is an effective tax rate of 30.6%, and we expect a similar rate in FY 2022. Net profit attributable to non-controlling interests or NCI of AUD 2.3 million reflects the share of profits or loss attributable to the agent ownership models and other consolidated non-wholly owned entities. NCI was slightly lower than FY 2020 as a result of increased investment in consumer solutions. Further details contained in Appendix 1. Slide 34 provides the reconciliation of statutory to trading performance for FY 2020. Before we move to the detail of operating costs, I want to provide some additional context on how we're approaching investment in the business. Over the past three years, our investment strategy has supported our business strategy while responding to the challenging market conditions we've had to navigate. Our approach in Phase 1 was largely to simplify and optimize. This involved rationalization and restructuring of the expense base for the future needs of the business. At the half-year, I outlined how product and tech had more than doubled as a proportion of the cost base over the previous two years. Simplify and optimize also included portfolio rationalization, with the sale of businesses that are not aligned with our strategy for the future. Phase 1 also included early investment to innovate, with the acquisition of Real Time Agent. During Phase 2, we maintained our cost-based discipline, particularly during the COVID pandemic, while broadening our innovation agenda with investment across a range of new initiatives. Looking forward to FY 2022, we're looking to accelerate investment in innovation to support our marketplace ambitions. Moving on from the big picture, slide 36 provides the detail of Domain's cost structure and a reconciliation of statutory trading expenses, like-for-like, and ongoing expenses. Statutory expenses of AUD 200.5 million declined from FY 2020, which included COVID related impairment charges. Trading expenses, which exclude significant items and disposals, increased 5.9% to AUD 189 million, with investment increasing in the second half. Adjustments for acquisitions and JobKeeper saw expenses up 5.6% on a like-for-like basis to AUD 193.4 million. Given the impact of Domain's COVID response Zipline program, we've provided a further reconciliation to ongoing expenses, which include acquisitions. Adjusted for these items, ongoing expenses increased 5.6% to AUD 195.5 million. Turning now to the drivers of our trading expenses. Staff costs increased 20% due to increased headcounts and higher commissions and incentives due to improved performance. Production and distribution costs decreased 8%, largely due to the reduction in print costs resulting from the pause on print. Promotion costs were lower, reflecting the conclusion of our Cricket Australia sponsorship and a more focused and targeted spend. Our focus on high-quality audiences has significantly reduced our marketing cost per inquiry, as Jason outlined earlier. Software and communications expenses reduced 10% due to continued efficiencies. Other costs increased 11%, largely as a result of higher market-wide increases in D&O insurances. Slide 37 provides an overview of significant items. Restructuring charges of AUD 8.5 million largely relate to the implementation of new finance and billing systems, M&A activity, and costs relating to organizational restructuring. Gains on contingent consideration and sale of controlled entities of AUD 1.6 million largely relate to the sale of MyDesktop. Turning now to cash flow on slide 38. FY 2021 cash from trading was AUD 86.2 million. The increased cash tax payments versus the prior year are due to the timing of income and tax installments. Investment in PPE and software was AUD 17.7 million, slightly below FY 2020 due to the impact of Project Zipline on developer costs. We expect a higher rate of investment in FY 2022 as we accelerate our marketplace strategy. Net proceeds from disposals of AUD 4.5 million related to deferred consideration for MyDesktop and deferred payments for RP Data. Dividends paid reduced substantially versus the prior period, reflecting the absence of FY 2020 full-year and FY 2021 half-year dividends. Lease payments of AUD 8.7 million were in line with last year. The net cash inflow of AUD 28.7 million resulted in a year-end cash balance of AUD 94.2 million. Slide 39 provides an overview of Domain's debt facilities. In March, the additional bank facility of AUD 80 million undertaken as part of our COVID response was canceled. At June 2021, the remaining AUD 225 million facility was drawn down to AUD 173 million, unchanged from June 2020. Slide 40 shows the balance sheet of Domain Group as at June 2021. Domain has a strong balance sheet, ending the year with net debt of AUD 79 million, a decrease from AUD 105.8 million at June 2020. This represents a leverage ratio of 0.8 x, which has improved from 1.3 x at June 2020. With that, I'll hand back to Jason for some closing remarks. Thanks, Rob. The efforts of the entire Domain team are reflected in the results we have reported today. Their creativity and hard work have ensured the velocity of Domain's marketplace innovation has not skipped a beat in the face of ongoing COVID-19 related disruption. The strong FY 2021 performance and the resilience the business has displayed through periods of uncertainty demonstrate the potential for Domain as we evolve our business model to continue to inspire confidence for all of life's property decisions. With that, I'll hand back to the operator for Q&A. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Eric Choi of Barrenjoey. Please go ahead. Good morning, guys. Thanks very much for the questions. First one, someone's going to ask it, I guess the most topical question is, are you prepared to give your thoughts on the FY 2022 listings outlook? I guess if we see a scenario where listings catch up post-lockdown and maybe this election isn't as negative as some ones that we've seen previously. Do you think, Jason, it's still possible to see sort of a positive listings growth outcome in FY 2022? Second one, just on the cost, simple one for Rob. At the half, we were sort of guiding to AUD 205-ish maybe of cost for FY 2022, and maybe that sort of stepped up to sort of AUD 215-ish now. Just a simple question on what are the key items that are driving that difference. Just the last one, I hate to be the guy that asks about D&A, but it could be quite material for impact. I guess you guys did around AUD 16 million of D&A in the second half, probably reflecting some of that accounting change. Just wondering if we can annualize that amount into FY 2022, or are there sort of any other adjustments that we need to make? Thanks very much. Hi, Eric. Welcome back. I'll take the first one, and then Rob can sort of cover cost and D&A. Look, I think we've learned a lot over the last 18 months, and I think the pattern of behavior of what we've seen over those last 18 months will continue into FY 2022. What that means is it is incredibly difficult to predict week on week what listings are going to do or even month on month, but there are certain things that we actually are very confident about and that underlies our sort of view for FY 2022. Firstly, that listings do rebound very strongly as soon as restrictions are eased, and during periods of restrictions, listings do weaken. We've seen that even in the period of July and August. A great example is Melbourne. In July, there was a period in time where they were locked down for one week, open for another week, and then restrictions reinstated a week later. We saw that pattern of behavior, where listings were weak in week one and week three, and in between them, when restrictions were eased, they bounced back incredibly hard. This is not a toll road business. It's not that if we miss listings in July that they disappear forever. The vast majority of properties transacted in Australia are owner-occupied, so they're driven by not timing and not events and not pricing, but life events. What we're seeing and what we're hearing from agents is that people aren't so much canceling listings or canceling plans, but sort of when periods of restrictions on COVID are put in place, they're sort of delaying timing or pushing back timing. We're confident that that pattern of behavior over the last 18 months will happen going forward into FY 2022. As restrictions ease, the patterns of listings will bounce back. Demand is extraordinarily strong and remains extraordinarily strong across the country. A good example is our email inquiry growth. This financial year in Victoria is up 93% year-on-year. That's extraordinary. Last year wasn't sort of a poor performance. If you go across to New South Wales, in regional New South Wales, it's up close into the triple digits in terms of growth. Even in Sydney and Metro Sydney, where we're seeing lockdown restrictions, we're still seeing email inquiry growth in the mid-30% range. That demand is absolutely still there, together with low interest rates, high affordability, good access to credit. That just means that the demand is there to soak up the supply as it bounces back. While we can't predict listing volumes week on week or month on month, we have learned a lot over the last 18 months, and that confidence underlies our confidence in the market and some of the decisions we've made, for example, on dividend reinstatement, repayment of JobKeeper, for example. On the election, it's an interesting point. Elections do undoubtedly impact on listing volumes. You essentially lose a Saturday in a selling cycle, particularly when it happens in the autumn or spring selling cycle. I think the one thing that's fundamentally different about this next election than what we saw previously is there is nothing on the policy agenda horizon related to property. We have to go back to the last election and remember the significant policy agenda items related to property, particularly the cancellation or the view that a removal of negative gearing. Those policies that went through a really extended election period and a hard-fought election period, did have a detrimental impact in confidence in the property market, particularly with investors who are unsure what to do with impending changes on negative gearing. We don't see that policy platform and that policy agenda emerging for the next federal election. Yes, while we will lose the Saturday, we don't think that we'll have this extended election impact related to sort of policy implications. I'll pass on to Rob to talk through cost and D&A. Hi, Eric. Welcome back. On the cost piece, I think the AUD 205 that you referred to there was really a sort of exit run rate from FY 2021. The guidance that we give into FY 2022 and the sort of increase is really around investment in driving the marketplace strategy. Investing in new businesses, MarketNow is a good example, and some of the other sort of growth areas that form part of the marketplace strategy. We've got a sort of modest increase in staff numbers, plus a pay increase cycle towards the end of FY 2021. With the improving conditions in the market, we expect production costs to be higher than FY 2021, both in print, but also in the digital production costs, again linked to revenue growth in some of the products that have production costs related to them. A little bit of a volume increase in software cost, again, due to demand and sort of growth in the business. Then a little bit again of D&O insurance and other bits and pieces. Essentially, it's all around driving growth in the top line. As we've noted and made clear in the outlook statement, we do expect margin expansion. You should bear that in mind when looking at the sort of cost outlook in isolation. Just on the D&A situation. The couple of adjustments there that are sort of different to what we had in place when we started out the year. This new SaaS accounting guidance that came in in April has resulted in a reduction in depreciation in FY 2021 of AUD 2 million. We've also adjusted the comparative by AUD 2.9 million. That's backing out depreciation for items that had been previously treated as CapEx and are now expensed. The AASB 16 adjustment was about AUD 1 million lower in FY 2021 than FY 2020. That really talks to the sort of movement there. For FY 2022, we expect D&A to be at a similar level to FY 2021. Very helpful as always. Thank you. Thank you. Your next question comes from Kane Hannan of Goldman Sachs. Please go ahead. Morning, guys. Just three questions for you as well. Just on the margin expansion comments, just confirming that's specific with FY 2022 rather than more of a through the cycle comment. Does that include the impact of the JobKeeper repayment or is that excluding JobKeeper? Secondly, can you talk about how you see your developer revenues trending across FY 2022, given the COVID lockdowns in some of the key markets? Finally, just any comments you can make around your controllable yield growth, so year-to-date and how that's been tracking. Okay, Kane. Margin expansion for FY 2022. That comment is really around, we've built up a track record of being incredibly disciplined around our costs and matching our cost base and the control of that cost base to market circumstances. I think if you look through the patterns of the last two years, particularly the down markets and working through, you'd see that we've been very disciplined in the way we've actually addressed costs. We moved early, we moved hard to control costs early on, particularly through the Royal Commission period. That helped us through COVID. We did some innovative things like Zipline, for example, in that period to manage costs. We look forward, our commitment is to margin expansion on an underlying basis for all of FY 2022. Our expectation of the cost growth allows us to invest in this marketplace transition. This is important because we see extraordinary opportunities ahead of us. We not only want to deliver on the opportunities that sit in front of us, and we're doing that through softer than market growth in our core residential, core digital business, and particularly in debt. We're also investing in the opportunities in front of us. We're starting to see the benefits of that. If I look at our Real Time Agent business, for example, and its position in establishing an extraordinarily strong platform for our agents. Our client growth in that platform has grown significantly. What's even more impressive is the revenue growth has performed ahead of client growth, 157% growth in revenue. That means that customers are not only coming on and coming on strongly, but our existing customer bases are actually spending more on the platform and investing more, which is fantastic. Overall, that's really our point on sort of costs. We will manage costs to the market. We will deliver margin expansion. Look, our margin expansion, we see JobKeeper as a one-off, as a single sort of a cost that's sort of extraordinary. Our margin expansion excludes commitment to JobKeeper. Again, we have variability. We have the ability to manage it early on in the year, and we will do what's right to deliver what we need to this year as well to set this business up for success in the future. If I look at developer revenue in FY 2020, your second cost, we saw a really strong turnaround in performance in developer through FY 2021. I think you're starting to see a return of investors, that's absolutely the case. We see that in our finance business, in Domain Home Loans, in terms of submissions to lenders and applications. People searching for an appropriate place to invest capital in low-yielding environments elsewhere. Particularly in areas like Southeast Queensland, but also in the apartment markets in Sydney and Melbourne. Our research has shown that whilst the difference in house prices and unit prices have blown out to some of the largest we've seen through the COVID period, that has started to contract, and so units are starting to perform quite well. We expect that to continue to FY 2022. Very similarly to the patterns I spoke about. Yes, listings will come and go, and the restrictions will sort of impact on those listing volumes, but the bounce back happens when restrictions leave, and the demand on the demand side remains strong, access to credit remains strong. We see sort of an ongoing performance improvement in that developer business category, which has outperformed over FY 2021, and we are very excited to see what it will deliver in FY 2022. In terms of controllable yield, we've seen an interesting pattern over the last six weeks, the first six weeks of FY 2022, where listing volumes definitely have been impacted by COVID restrictions, particularly in Sydney. On a national basis, listing volumes are slightly up overall over those six weeks. Actually, the listing volumes performance has improved week on week over those six weeks. August, slightly better than July. In terms of controllable yield, the controllable yield that we delivered in July is actually up 15%. That is a continued acceleration. I go back, FY 2020, we delivered 6% controllable yield. In the first half of FY 2021, we delivered 9%. In the second half, we delivered 13%. For the year-to-date in July, it's 15%. Obviously, that will be impacted by ongoing COVID restrictions and lockdowns, but we're really pleased with that performance. It's been driven by great depth uptake. That 13% in the second half of last year was delivered without price increases. The 15%, obviously in the first half of this financial year, in the six weeks, we delivered with price increases, but that's still a really solid performance. When I step back, we still hold that the medium-term goal and the benchmark we set ourselves, and it's what's within our targets and our KPIs and our sales teams are incentivized on it, is the delivery of that 12% controllable yield growth through the cycle. Split between price and depth. I think the feature of the second half of FY 2021 has absolutely been the extraordinary performance on depth uptake, in the absence of price increase and ahead of market depth uptake, which has been fantastic. Thanks, Jason. That's great. Thank you. Your next question comes from Roger Samuel of Jefferies Australia. Please go ahead. Hi, morning, guys. I've got two questions. First one, how should we think about the controllable yield? Depth revenue increased by 22% for the year. Volume was up 11% and controllable yield was up 13%. Sorry, it was up 11% as well for the full-year. That implies that there's no geographic mix in that depth revenue. If I look at the CoreLogic data, it seems like Sydney and Melbourne listings went up in the fourth quarter. The second question is just around depreciation and claims for explaining why the depreciation went down in FY 2021. I noticed in your annual report as well that you changed the useful life for depreciation from up to six years to up to 13 years. Can you just confirm if that's the case and maybe that's the reason why also that the D&A went down? Thank you. Sure. I'll take the controllable yield and pass across to Rob for the D&A and useful life assessment on that. On controllable yield, 22% growth overall, 11% from volume and 11% from depth growth. There was a tailwind from market mix in terms of the performance in that time from Sydney and Melbourne markets, and they're better, but it was offset by things like deferrals and other impacts. For example, a rental decline overall and the rental markets performed particularly poorly over the last 6- 12 months and continues to perform poorly. Any sort of tailwind from market mix, which was quite slight, was actually offset by other impacts. The net impact overall was zero. That 11% controllable yield is a true controllable yield growth. It is mixed throughout the year, just to be clear. In the second half, we had no price increases. In the first half, we did have a price increase. That means on net, over the course of a year, about just over 8% of that controllable yield growth of 11% was driven by depth and around 2.5%-3% was driven by price. I will pass on to Rob for the D&A. Yeah. Thanks, Jason. There's nothing really to see there on that one. We have a range of different useful lives of obviously the different assets. As I said before, the main reason for the decline in D&A was simply the SaaS adjustment and the slight reduction in the AASB 16 adjustment. There's no major impact from useful economic lives. Okay, thanks. Thank you. Your next question comes from Tom Beadle of UBS. Please go ahead. Hi, guys. Thanks for the questions. I just had three, please. Maybe asking about controllable yield in another way, just in terms of the outlook for pricing. REA has obviously put up their prices by 8% in FY 2022 and up to 6% in FY 2023. How are you thinking about next calendar year's round of price increases? Just a follow-up question on your point about rent. Obviously, the rental market's been quite soft, can you quantify to what extent that was a drag on your revenues last year? Thirdly, just on your audiences, there was some nice growth there in FY 2021. On your measures, could you talk about where your audiences sit now versus REA across your main markets? Thanks. Let me get through those, Tom. In terms of controllable yield, and particularly your questions around price, we've seen a very positive response to the price increase that we put through in July. Actually, if we look at the July and into August and even look at the June impacts when we've sort of announced those price increases. If I look at contract upgrades, depth upgrades, churn, what's been incredible is June, July, August have all had sort of record months of people on depth contracts and increase in depth contracts through that price period. Probably the strongest performance we've seen through a price change, that I've seen in recent years. That has been really positively well received. We will look to our strategy on pricing over the course of the next 12 months. Our price increase effective the 1st of July, was around that 7%-8%, sort of in line with market around that. We will reflect our expectations or our current expectations is, again, if we look through the long-term, our goal of 12% controllable yield, our sort of longer midterm goal is 6% price increase through the cycle. Look, sometimes that will be higher, sometimes that will be lower, depending on market conditions. That sort of 6% is probably the medium-term sort of goal through there. If we see opportunity where we can actually step change or accelerate debt take up through trading off price, we do that. That's why we've outlined in our presentation that we don't look at this as a national basis, we look at this as micro markets. We've tried to explain that in a way that's digestible. We can't sort of sit there and show you the hundreds of micro markets that we have in the analysis we have, but we show you the three segments that they broadly break down, established markets, emerging markets, and expanding markets. Across all three of those, we are strategically tailoring our price strategy to match our depth expectations, the competitive dynamics, the pricing dynamics on a sort of a listing-by-listing basis. I think I can't explain exactly and I wouldn't want to explain exactly our sort of approach to price on every single price change that we actually move through. I think taking on board that 6% through the cycle over the foreseeable and that short to medium-term seems about right. If I look at rent roughly accounts for around about 10% of our revenue, sort of high single digits to 10%. Look, it has been badly impacted, but on that impact, it's going to have a fairly minor impact overall in sort of low single-digit impact on our overall numbers. Probably in the order of, broadly speaking, 2%-4%, depending on any sort of cycle, would be the drag that we would have on our sort of rental business going through, probably closer to the 2%. If I look at audience measures, we are really happy, not just by the quantum of the audience, but the quality of the audience that we're actually delivering. We're not sitting there hanging our hats and having targets on the total size of our audience. We're not in the business to deliver more tire kickers to our agents and waste their time. Our entire strategy with agents and our mission, and if you look at our agent solutions business, their mission is to allow today's agents to do tomorrow's tasks in half the time. Delivering more tire kickers doesn't help them do that. We're not focused on total audience. What we're focused on is delivering quality audience. Audience that inquires on property, audience that is ready to actually transact or list, and the like. Whilst we are delivering extraordinary growth, I think overall in our total audience, we're more proud and we're more focused on the inquiry volume growth that we're actually delivering and some of our most engaged audiences, particularly, for example, on the app. If I look at it on a national basis, it's nothing that you would sort of not expect. Our fastest-growing audience is in Queensland. We're growing audiences in sort of regional Victoria, outer Sydney, New South Wales, and we're continuing to see good growth in South Australia and W.A.. Great. Thank you. Thank you. Your next question comes from Paul Mason of E&P. Please go ahead. Hey, guys. Just three from me. Thanks. Just in terms of your reported volume growth versus your competitor, there's a bit of a gap, and I think you've answered this on prior calls, but if you could just refresh us on sort of your thoughts on why there's a difference in reported volume growth, but your listings are at parity. The second is just any thoughts you might be able to offer on whether you could look at returning to a December timing for price rises, given you've gone in July this year. Lastly, if you could maybe provide any updated thoughts on the potential for New South Wales or other states as well to transition towards a property tax regime from stamp duty. That'd be great. Thank you. Okay. Paul, let me step through. Look, we don't really have any insight into how other organizations calculate listing volumes. Particularly when there's high volatility or changes around the end of quarters and the end of halves or the end of years. We do see these differences and it comes down to how do you actually recognize listings. Is it when you receive it on your platform? Is it recognized through billing cycles? Is it recognized through when the listing is live? A whole range of different things. We do see slight differences. At the end of the day, I think it has to come back to revenue and irrespective on those listing movements. If I look at the competitive dynamics, I think we've reported slightly lower listings growth over FY 2021 and we're reporting higher listings growth probably for the first six weeks of FY 2022. That feels and looks like a timing issue around that. When you look to revenue, what I would say is we are delivering above-market revenue growth on whatever listings are available. We don't control listings, we don't control timing. We have, and we show in that pack, a position where we've got effective listings parity. Australia is not a market where property portals compete on differentiated listings. Access to listings, given the technology infrastructure and environment in Australia, is relatively easy. This is not a business where you differentiate on fundamentally having a different number of listings versus elsewhere. We focus our attention on delivery of yield and delivery of revenue against that. On those measures, I am really pleased with our performance, which is delivered above market over FY 2021, and that's our goal for FY 2022 as well. If I look at the potential for December price rises, we've had really positive feedback around the timing, sort of shift to July. I think it makes it easier for agents to process price rises in one batch rather than changing multiple times a year. Look, our strategy, and I've been very clear on this, is, if anything, this industry needs to move over time to more dynamic-based pricing. It's the way of the future. There is obviously a lot of steps to change that. It seems just theoretically crazy to me that, and I've said this before, that a listing at the heart of spring, when demand is there, is priced the same as a listing on Christmas Day when demand is not there. That doesn't seem to tie up with what you're seeing in terms of the progression and digitization of so many industries that are out there. It is something we're looking at. It's something that obviously we need to help and facilitate and deliver. We see it as a way of delivering more value to agents through that process. At the moment, we're pretty happy with the cycle we've got in place. We don't think whilst through the line increases 6% price and 6% depth is our controllable yield target. We do see the real opportunity to drive depth over the course of the next 12-24 months. Based on the pattern of momentum that we've got, the products that are in place, the momentum, the depth uptake that we've seen, that's where there is a real gap to the market. We're outperforming the market in terms of depth uptake. That's really where we're at. We haven't specifically made any decisions on December or July, but at the moment we sort of there's a look through an annual cycle on that basis. In terms of New South Wales and other states looking for stamp duty, we continue to have conversations, obviously, with a whole range of stakeholders, NSW Treasury, the government, various departments, and also in other states. What I would say is there is an ongoing and solid commitment to stamp duty reform in New South Wales. The timing of that, we were incredibly impressed with leading up to the half-year in terms of the progress of that moving along. Obviously, the Sydney COVID restrictions have delayed that somewhat. It's a complex change to move through. It requires really clear messaging to the electorate. It requires a comprehensive understanding of what it actually means. COVID makes that really difficult. It's not a great environment to deliver that on when actually focus and government focus and mindset is elsewhere at the moment. We do see the push behind it, the steadfast support for that to happen remains. It just really becomes a timing thing. As restrictions ease and we start to see a little bit of clear water ahead of us, particularly as vaccines rates start to move up and confidence around lockdowns and the ongoing role of lockdowns start to ease, my expectation is stamp duty accelerates back up the agenda again. Not only in New South Wales, an active discussion across multiple other states. Thanks a lot, guys. Thank you. Your next question comes from Fraser McLeish of MST Marquee. Please go ahead. Hey, Fraser. Hi, guys. Just congrats on the depth penetration growth, by the way. I think you've kind of broadly already answered this question in the last comment. I'll kind of ask it slightly. I'd imagine depth penetration was helped this year by the strong market conditions. Should we expect it to dip off a bit if market conditions change, or do you think that's a base that you can kind of continue to grow on? Another one just on the consumer solutions and putting a bit more investment in there. How do we think about the profile of losses or profits from that business going forward? Are the revenues gonna start coming through so that loss line goes down, or is it actually gonna go up as you put more investment in? Thanks. Okay. Stepping into depth. Yeah, it's true. I think if you look back over the last few years, you see this, what I call a progress tick effect, in really strong markets, there's an acceleration of depth growth and yield related to that depth growth, as the positive conditions allow agents to make positive and confident commitments, forward commitments into those contracts. As the market listings, volume and the conditions deteriorate, that confidence is not there yet. The product's still working, the value proposition is there. Depth continues to grow, but not at the sort of accelerated rates. The other impact you see is in poorer market conditions, there's more downgrades. It's a standard feature of all products across the market that there's a downgrade threshold embedded within the annual contract commitments. That, in poor markets, more of those downgrades are used. We've seen that really come off in the second half of the year and actually be significantly below the downgrades that have been used in, say, the year before that. I think it is wise. It's understandable to expect that sort of tempering, but it bounces back really, really quickly as soon as those listing volumes improve. Overall, there is a lot of confidence in the agent community. We're seeing a lot more this time than, say, we did last time around with the COVID lockdowns. There's real confidence that the listings don't disappear. Again, I go back to that comment, we're not a toll road. People don't choose not to sell now and then not to sell forever. We don't lose the opportunity. It becomes a timing thing, and agents have a lot more confidence that that's the pattern of behavior that they've seen consistently and the pattern of behavior that will happen going forward. I think I would still hold to that 12% through the cycle, that target being at some points will be above that, some points will be below that, but overall, that's sort of our target in terms of depth. I just look at July and August. There are significant lockdowns and restrictions happening in Sydney, and yet we've delivered 15% controllable yield growth over those six weeks. That will temper as now Melbourne is in lockdown and Sydney continues, but that is still a performance that I'm incredibly proud of. It's a performance that you can ask me a question on depth anytime because it's one that I like to talk about because it's one where we've set an ambitious target to grow ahead of the market, and it's something we're delivering on. In terms of consumer solutions, it is still a growing startup as a business. We've got a great product that has real product market fit based upon the feedback of our consumer group. It's a high-performing or high marked product by consumers and users, which is fantastic. In terms of where the cost profile comes from, we'll invest behind that business to grow and scale it, but we're doing it in a disciplined way. You won't see this enormous cost blowout in that business. You'll start to actually see some sort of EBITDA improvement or overall improvement in that business because we've done a lot of the investments, for example, in the broker network that had to be done up front to set that business up for success. The scaling and volumes improve going forward through that, allow us to build some improvement in the leverage going forward. Okay. Thank you. Thank you. Your next question comes from Entcho Raykovski of Credit Suisse. Please go ahead. Good morning, Jason. Morning, Rob. I've got a couple on the NCIs and one on PEXA. Firstly, I don't know if I'm getting too granular here, and this goes towards the consumer solutions answer, but can you give us any sort of expectations around the NCI outflows into FY 2022? I guess, should they be broadly similar to 2021? The reason why I ask the question is the outflow was lower than what I've been looking for, maybe the market had been looking for as well. Any sort of color would be useful. Secondly, related to that, what is your thinking around whether the agent equity model should remain in place longer term, given it contributes to NCIs? Obviously, you brought it back in Victoria. Are there plans to do something similar in Sydney in particular as well? Finally, on PEXA, just interested what the direct interest in PEXA would have given you that you can't get now through a contractual arrangement. Maybe a bit of a moot point, but obviously there was interest in having that direct equity interest, so color would be useful. Thank you. Hey, Entcho. I can take the NCI question if you like. There's a couple of moving parts in there. You sort of alluded to the joint ventures, particularly Domain Home Loans. Obviously, some increased losses there playing through into NCI and then offset by growing digital revenues in the agent ownership models in residential and CRE. I wouldn't see that changing enormously into next year. Those are the main drivers there. Okay. In terms of the agent ownership model, I think we've been quite vocal or quite transparent in our strategy as to wind them up over time. We've wound up the Victorian model as part of the separation, we'll be looking to do that as these equity end of their sort of useful life. It's not a model that features in the future of our business, to be frank. We're a technology business. We deliver value and services, and we want to actually deliver that and grow our business on that basis. I think that's just a strategic decision. As we go, I think we've created enormous value for our agents, and it's helped us support the growth of Domain for a number of years. We're pivoting and changing the approach for how we will actually grow the Domain business going forward. In terms of the direct interest in PEXA, it's a really interesting question. The short answer to that is there's nothing directly that we could achieve through the equity interest ownership as opposed to the commercial partnership, as long as everything lines up. There's a lot of questions and ifs and buts around that. Really, PEXA is an extraordinary business that has a very important place in the Australian property ecosystem, at the heart of that ecosystem. It's where all the major stakeholders in the property market come to meet at a point of transaction. Financial institutions, government, buyers, sellers, agents, conveyancers. That checkout experience is currently and will continue to be extraordinarily important. It's globally unique. There's nowhere else in the world where that exists on a national scale. My sense is that our sort of thesis was really around alignment, acceleration, value creation, and in partnering with the partner we did have, a future plan for that partnership with sort of investment in PEXA that included a number of specific initiatives that we continue to talk with the PEXA business about. There's nothing on paper that you couldn't deliver through a commercial partnership, and we continue to explore that, as well as exploring how we underpin the growth of our property data solutions business more extensively. I think we've shown confidence around our strategy, particularly around property data, and our willingness to invest. While we continue to work closely with PEXA on that partnership, we're also looking at other ways that we can actually expand, accelerate our capabilities, our value proposition, our revenue, and the sort of value of the property data business that Domain has. If I go back three years, data was a side business. We were an ad business. We were a classified business that sold ads against listings. Data was a sort of a nice ad tangent. Actually, as we move to this marketplace strategy, it's more than just words. This is why data is not sort of this nice little adjacency or nice side business that we've actually got. It's at the core of our business. Our ability to generate and create extraordinary value through that, I think is exciting, particularly as I start to see some of the businesses out there that are generating extraordinary value based upon their ability to ingest data, manage data, and deliver insights against that. Businesses like Quantium, who Woolworths has recognized the value of that business through increased investment and a valuation of AUD 1 billion. I think that that underpins the thesis. We're thinking about it really closely. PEXA is one pathway. It's not the only pathway. We've got sort of an alternate pathway through a commercial partnership. We continue to be excited by the opportunity that's in front of us in property data solutions plays. Okay. That's great. Thank you. Thank you. Your next question comes from Anthony Porto of Morgans Financial Limited. Please go ahead. Hey, guys. Thanks for the question. I guess just on the acquisition front, I mean, we've net debt today down to 0.8 x. I guess you've shown with PEXA, you are looking for opportunities. I guess what kind of areas would you see fit in that vein, does Domain Home Loans require kind of increased scale from where you see at the moment? Secondly, on Homepass, I understand, I appreciate it's early days since the launch, but are you seeing any measurable change in debt take up when customers use this financing option? Yeah. On our acquisition, look, I think if anything, the last six months has shown that we have the confidence to back our strategy. We've got supportive shareholders who are willing to back that strategy. We've got a supportive board for that ability, and we will do the right thing to create value for our shareholders. We are very disciplined about what we're looking at, that we're not looking to create a sort of a diversified industrial business or a conglomerate. We are building a marketplace. The investment opportunities, whether that's organic investment or M&A investment or partnerships, all have to go through a rigorous process of aligning with our marketplace strategy. Again, you pointed to a couple of them. One of them, which I've spoken about already, is property data solutions. The other is consumer solutions and loans. We have a great product in Domain Home Loans. Our ability to accelerate that, we will look at on a case-by-case basis. What we have done is we do want to actually accelerate the performance of that business or scale of that business. It's a great product. We actually have to put more customers through the funnel to experience that extraordinary experience. We will be looking at ways to do that. We brought on a new management team, and transition to the next phase of growth of that business, a very experienced management team in the space, and we're really excited and looking to what we can actually do. Again, our shareholders, our board sort of backs our confidence in our ability to deliver, but that'll only stay as long as we actually deliver against our targets and expectations. If I look at Homepass, we're really pleased with the performance since we bought out the sort of remainder of that. It's now a 100% owned business. Again, that's tied to our marketplace strategy. This is a core platform that we have to own 100% of because we need to integrate it deeply into our agent solutions platform. Open home inspections are probably the most important step of any sales journey for the vendor, for the agent, for the buyer. We've seen over the last 12 months, the impacts of COVID restrictions stopping property inspections has an extraordinarily higher impact on total volumes of sales listings versus where private inspections are allowed, for example. That open home inspection is probably the most important part of any step of any property sales journey. Homepass is the market-leading product that actually digitizes that journey, that supports agents, supports vendors, supports buyers through that process. We see it's evolving over time now that we're at 100% ownership. Going from what is the market leading or the largest scale open for inspection tool that's used in the Australian market, to something that is actually much more comprehensive and widely used, and becomes a core part of agents' ability to manage the property transaction right from the moment that a vendor wants their property appraised through to when the contract is signed. Sorry, Jason, I led you up the garden path there with some Homepass. I meant MarketNow. Okay. You got a great answer out of him accidentally. Yeah. Sorry about that. Yeah, there you go. On MarketNow, still very early days. We're learning a lot. As I said, quarter-on-quarter, the customer base doubled in the second operating quarter, where we are seeing great take-up of the product and feature set. That payment process is an incredibly complex and difficult piece. We're competing with people taking credit cards over the phone, credit card details being written on Post-it Notes, credit card details not being taken, and then actually then having to chase up payments later on. This is a platform that facilitates that, provides insights, provides data, provides analytics, provides customers with the ability to pay now, pay up front, pay later, however you actually want to transact. We see it increasingly becoming part of that core agent workflow. We're really pleased with the performance. It allows us to diversify our revenue streams away from just, again, just dominance of listing ads into what is more of a financial service and a support for agents and vendors. It becomes a platform that we can deliver a whole range of new services on going forward as well. Great. Thank you. Homepass is great. The next question comes from Elise Kennedy of Jarden. Please go ahead. Oh, hey, guys. Just a quick question from me because most of the others have been answered. On Queensland, you spoke to some of the price increases there. It seems as though it's still in that earlier market penetration stage. I'm just wondering how we should think about some of the markets like Queensland, South Australia, Western Australia, where you're still seemingly in that market penetration stage. Have you capped out and really now it's just about the price lever, or is there more runway to come? That just broke up at the end for me. Sorry. Was that question, have we capped out on the price lever in Queensland? More so on the market share. It's more now about price rather than market penetration. No, absolutely not. There's still a significant headroom in our ability to grow. If you look at depth penetration, for example, for us, there's a slide in there that shows New South Wales versus the other states. We don't think New South Wales is at a ceiling yet. If I look at the second half results, we're seeing extraordinary growth in depth, particularly in New South Wales, and you can see that in that slide. We're nowhere near being capped out. To be frank, Elise, that would be a wonderful problem to have if I could come up to one of these conferences and say, "Hey, we're capped out on depth and price." We've got a much larger business than what we've got now. We're a long way away from that, and so we're not even thinking about that. We're actually really focused on our market strategy, which is suburb by suburb, postcode by postcode, agency by agency, listing by listing. How do we perform, how do we optimize, how do we deliver value to our agents, our vendors and consumers, and how do we deliver value by creating a bigger and bigger business for our shareholders? Great. Thank you. Thank you. Your next question comes from Darren Leung of Macquarie. Please go ahead. Hi, guys. Just a very, very quick one from me. It was raised earlier, but just in relation to your cost base. You mentioned staff costs and insurance amongst a few of the key items. Should we think about your software costs as a recurring cost that we have into perpetuity? Will we actually end up seeing costs come down in, I suppose, outer years? Thanks. Yeah. Largely variable costs related to things like AWS hosting and some of those core software platforms that support the business. We've done a lot of good work, I think, to optimize those, and there are things we could do to make them as efficient as possible. It is a cost of doing business and will generally move in line with growth in demand for those types of services. What I would say is, I know there's a lot of questions on the call on costs, it's always a very, very delicate balance for any leadership team operating a growth business, particularly in the Australian market. We run a tight rope, but we are very disciplined, and we don't shy away from running that tight rope in that we are investing to build a growth business. We're transforming this business from a classifieds business to a marketplace. We are diversifying the revenue streams into areas where the TAMs, for example, is significantly larger than, for example, the TAM that's available just on our advertising and property advertising business. We have to do that. It's the right thing to do for our shareholders. At the same time, we have to do it in a disciplined way, and that's the tightrope we're walking, and we commit to that. We will do it in a way where year in, year out, we're looking to actually grow that margin and deliver a more valuable business to our stakeholders. We hold that balance dear to our heart as we set our targets, as we set our priorities for the year, is how do we deliver on the opportunity that sits in front of us, that can deliver rapid margin expansion, while at the same time using some of that to actually invest in the opportunities that sit ahead of us and create a much wider pool of opportunity for the Domain business. We've shown that discipline to manage our cost base half in, half out, through some of the toughest environments that the property market has experienced in decades. We'll continue to do that. We have that track record, and we'll continue to do that. We don't shy away from the fact that we want to grow to build a bigger and better business. Thank you. I think previously we had talked to a cost base of AUD 211 million, now it's about AUD 215 million. Is it fair to say that if you achieve your 12% plan and year target, we'll be looking at, just in order to maintain margin expansion, like a high single-digit reinvestment profile, sorry, high single-digit cost growth profile into the medium-term? I think that will vary based upon where the market circumstances are, the opportunities that sit in front of us, the type and style of investment. A good example is, we might try to step change the performance of the business by acquiring another business. The majority of what we've done over the last 12 months, for example, has been investing organically. That has a very different cost profile, investment profile. It's really difficult to answer that, sort of overall. What we will do is figure out what the right capital structure, what the right approach, what the right targets are for our business. The other thing I would say is, we are investing in organic product innovation, product development, and that is part of that cost base that sits above AUD 200 million. We don't have to radically increase, and we haven't increased the investment in delivering our core business, where we see margin expansion of that as a way to sort of fund our investment elsewhere. On the counterpoint to that, though, is we are seeing revenue growth from these investments. It's not our purpose of actually investing, sinking margin, for example, into these investments and not seeing a return. I point to Real Time Agent. This is a business that has grown its customer base in the 60% range and is growing revenue at 157%. That's a recent investment in innovation that has happened. Yes, the cost base with that has gone up because we've taken on the ability to do that. Real Time Agent are delivering real revenue growth. For FY 2022, that business will be profitable, which is extraordinary for a business of that really is only four or five years old in terms of its actual tenure and the scale at which it's moving across the country. I think that, yes, the costs were there, but there's also revenue that we'll actually deliver and start to deliver and start to scale as our business grows. That's good to hear. Thank you. There are no further questions at this time. I'll now hand back to Mr. Pellegrino for closing remarks. Thank you, everyone. I really appreciate the time. We're really pleased with the results that we've been able to deliver, the confidence that we have in our business and the confidence that we have in the patterns of listing volumes rebounding through post when COVID restrictions are eased. We think that that will continue to happen over FY 2022. Based upon that confidence and performance, we've reinstated our dividend. The board has made the decision to repay JobKeeper, we have a really positive setting looking into FY 2022. Obviously, we can't predict listing volume impacts, COVID restrictions, the duration of those restrictions, but through the cycle, we think we are building a incredibly strong, resilient business that is really driving those twin engines of delivering on the depth opportunity that sits in front of us ahead of market, as well as investing for the future opportunities that sit ahead of us, that will deliver increased revenue and deliver access to larger and larger markets and revenue diversification for Domain. With that, I will leave you, and thank you, and look forward to seeing you all at our next results. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.