Thank you for standing by, and welcome to the Domain half-year results. 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, Managing Director and Chief Executive Officer. Please go ahead. Good morning, thank you for joining CFO Rob Doyle and me for Domain's 2023 half-year results briefing. I'd like to start off today by acknowledging the traditional custodians of country throughout Australia and their connections 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'm on the land of the Gadigal people of the Eora Nation. This is the agenda we'll be following today. I'll begin with an overview of the result and an update on the progress we are making in executing our marketplace strategy. I'll provide some commentary on the current trading environment and the outlook for the second half of FY23. Rob will provide an overview of group financials. At the end of our prepared remarks, we'll be happy to take your questions. You'll be aware that this is Rob's final conference call with Domain. We wish him well for the next chapter in his career. The challenges of the current property environment would be well known to all of you, given the dramatic change in global inflation and geopolitical risk, and the impact of nine interest rate increases in nine months. Domain has weathered major events over the past four years, including the Royal Commission and COVID. It's telling that the scale of the listings declines during the latest December quarter eclipsed both of these events. Along with unprecedented listings reduction was the largest mixed headwind we have seen for a considerable period, with Sydney and Melbourne falling at around double the rate of the market average. In response to the rapid change in market environment, we have taken a disciplined and thoughtful approach to cost. Despite these challenging current circumstances, we remain optimistic about the longer term prospects for the market, with upsides from the return of immigration, encouraging auction clearance rates, and increasing attraction to investors of rising rental yields. On Domain's platforms, we are seeing improved buyer inquiry and open for inspection activity. We are navigating this short-term volatility while remaining focused on driving our marketplace strategy and positioning Domain to fully benefit when listings return. The comparison of Domain's first half results with the prior corresponding period is impacted by the timing of the JobKeeper grant repayment in the first half of FY22, along with expenses from Zipline, our voluntary employee program undertaken during the early stages of the COVID pandemic. Rob will provide more detail later in the presentation. We've included two summary tables of the FY23 first half results in order to provide transparency on the underlying performance of the business. The trading as reported table includes the JobKeeper repayment and Zipline expenses in the FY22 first half, while these are excluded from the ongoing results table. For FY23 first half, Domain delivered revenue of AUD 186.6 million, up 6%. Expenses of AUD 137.3 million, up 20% on a reported basis, and 29% on an ongoing basis, including the AUD 13.4 million impact from acquisitions. EBITDA of AUD 49.3 million, down 19% on a reported basis, and 28% on an ongoing basis. Trading EBIT of AUD 30.7 million, down 31%. Net profit was AUD 15.9 million. Earnings per share were AUD 0.025. A fully franked interim dividend of AUD 0.02 has been declared in line with last year. Slide 6 outlines the segment results on a trading basis. I'll turn to the ongoing results on the following slide in order to illustrate the underlying performance of the business. Domain's 6% revenue uplift reflected the impact of the very challenging Q2 listings environment and the contribution from acquisitions. Residential revenue was slightly lower. Total yield growth of 9% largely offset a 9.5% listings decline. Media developers and commercial declined 3%, a solid result in the circumstances. Agent Solutions increased 173% with 6% underlying revenue growth, together with the contribution of the Realbase acquisition undertaken in April 2022. Domain Insights, our rebranded property data solutions business, increased 28% with 12% underlying revenue growth and the contribution of the IDS acquisition for the full period. Together, these businesses delivered core digital revenue growth of 8% and ongoing EBITDA decline of 14%. Consumer Solutions revenue was down 3%, outperforming a weak lending environment, with EBITDA losses increasing to AUD 3.7 million on higher investment. Total digital revenue increased 8% and ongoing EBITDA declined 17%. Print revenues declined 16%, reflecting the listings environment and 1 less publication date, with EBITDA impacted by higher printing unit costs. Domain's property marketplace strategy builds on our mission to inspire confidence in life's property decisions. Notwithstanding current market conditions, Domain solutions are driving an impressive Better Together progress across our property marketplace. Some of the signs of progress during the first half are outlined on this slide. In our core listings business, we delivered a 6% higher controllable residential yield on a like for like basis. Pleasingly, in the first half, we have successfully launched our new Social Boost All tier, offering extended reach to our Platinum customers. The strong attachment rates we achieved provided an additional 3% yield growth during the half. Despite the market environment, we delivered a 38% year-on-year uplift in new and upgraded depth contracts, with national depth penetration reaching a new peak. In Agent Solutions, we saw continued strong momentum at RealTime Agent with 21% revenue growth and improved performance from Pricefinder's Agent subscribers. We are accelerating the strategic integration of the Realbase acquisition with benefits of scale and increased coverage. In Consumer Solutions, Domain Home Loans, 5% increase in settlements and 6% uplift in submissions outperformed a soft lending market. The business maximized refinance activity to offset lower new home loan applications. Domain Insights is leveraging its quality data set with a new AVM model, driving a doubling of client numbers and successful pilots of its propensity to sell banking product. The investment in a single view of property has seen a significant increase in listings completeness at Home Price Guide. These strategic marketplace achievements in a challenging environment are testament to the quality of Domain's team and its commitment to building a fundamentally better business. We are firmly committed to progressing our marketplace strategy to deliver significant scale that Domain has the potential to achieve. Over the past four years, at each phase of Domain's strategic journey, we have responded with the appropriate mix of investment for the future and cost discipline. Our view of this balance has recalibrated in recent months, reflecting the very rapid change in the operating environment in Q2. As has always been the case, our decisions have been deeply considered. We are focused on a detailed assessment of our discretionary cost base, as well as reassessing the returns from our investments in a materially changed market circumstances. Rob will provide some additional detail later in the presentation. In August, we talked about our commitment to a small number of foundational investments to scale the business. We have responded to the current environment by reassessing the scope and phasing of that investment. Our priorities remain in three key areas: platforms, personalization, and privacy. In platforms, we are modernizing our technology to enable greater leverage of our data through AI and machine learning. An example of this is reducing the time to ingest property data from weeks and months to just hours. This investment provides tremendous opportunity to reimagine and revolutionize the user experience in the future. Through greater personalization, we are looking to create insights that empower consumers and drive deeper engagement to really meet their needs. During the first half, we saw a 92% uplift in the number of consumers interacting with our personalized marketing. Recent events have reinforced that privacy, appropriate data governance, and cybersecurity are critical areas for organizations to prioritize in order to provide transparency and build and retain consumer trust. Before we look at the results in more detail, I'd like to briefly outline our ongoing commitment to our ESG initiatives. With each of the three pillars, we continue to address and mitigate Domain's material risks. In the environment pillar, we are working on a strategy to achieve long-term carbon neutrality. In social, we are committed to maintaining Domain's market leading position in diversity and inclusion, having signed up to the 40:40 Vision. As I discussed earlier with the governance pillar, we are undertaking investment to strengthen our data security and privacy. Turning now to the details of the results and the key drivers of Domain's revenue. Residential revenue was slightly lower, with higher controllable yield, plus the new Social Boost All tier offsetting a 9.5% listings decline. I mentioned earlier that the December quarter listings decline was worse than during COVID and the depths of the Royal Commission, and you can see this illustrated on the slide. Our first half controllable yield of 6% matched the level we saw in FY20 when the market was affected by both of these major events. In addition, we have delivered an incremental 3% yield from new product innovation, bundling the new Social Boost All product with platinum listings from the first half. It's pleasing that despite the market backdrop, we have been proactive in launching new products that have resonated with our customers. Building on increased insights we have gained from Realbase has allowed us to drive upsell and deliver additional depth revenue. Given the success and recent nature of this initiative, we'll be reviewing how we provide insights into our controllable yield performance in the future. It should be noted that the combined 9% yield performance comes off an exceptionally high base in the first half of FY22, when controllable yield increased to 19% as the market recovered from the COVID lockdowns. We also saw the positive impact of revenue deferrals more than offset by the significant drag from market mix for a net negative impact of around 2% for the half. The history on this slide shows a wide range of controllable yield outcomes, reflective of the extreme levels of volatility we have navigated. We continue to expect that on average, we can deliver increases in controllable yield of 12% through the cycle. Our customized micro market approach is a strategic differentiator, which has supported impressive gains in Domain's depth penetrations across all states. The exceptionally difficult Q2 listings environment in Sydney and Melbourne is illustrated on the slide. Despite that, we delivered encouraging strategic progress. We drove a 38% uplift in new and upgraded depth contracts with only a minor impact from product downgrades. We are very well positioned to benefit once the listing environment recovers. Our less penetrated expanding and emerging markets delivered particularly encouraging progress with higher depth penetration and increased revenue per listing. In Victoria, depth penetration increased 17% despite the challenged inner Melbourne market, and Queensland delivered a 25% uplift. The impressive launch of our Social Boost All tier is reflected in the pleasing attachment rates to platinum listings, reflecting our ability to deliver new products in all market conditions. During the first half, overall depth penetration continued to expand despite the listing softness in Sydney and Melbourne. The disproportionate declines in highly penetrated inner Sydney and Melbourne suburbs drove the marginal declines in platinum penetration in New South Wales and Victoria from last year's exceptionally high base. The strong performance in our expanding and emerging markets is reflected in the significant gains in gold and silver tiers in Victoria and all tiers in Queensland, South Australia, and WA. Domain's focus on delivering quality audiences continues to deliver pleasing progress. According to a YouGov survey, our targeted investment in brand has achieved a 62% year-on-year uplift in brand preference in relation to purchase intent versus unchanged results for our competitor. Our quality and high intent audiences are more likely than the national average and those of our competitor to be planning to buy a property in the next 12 months. The long-term gains we have achieved in marketing efficiency and inquiries per listing increase the value we deliver to agents. Turning to Media, Developers, and Commercial. Revenue declined 3%, a credible performance in the context of the weak market backdrop. As with Residential, these three verticals experienced a material change in the operating environment between Q1 and Q2. We were able to achieve a pleasing degree of resilience. Rising interest rates and construction costs weighed on the Developers' performance. An increase in project duration provided some offset. Commercial real estate delivered a stable revenue performance benefiting from continued growth in depth penetration and higher sale outcomes offsetting a weak leasing market. Media also delivered a stable revenue contribution, outperforming the broader digital advertising market, which saw negative impacts from macroeconomic factors. In Agent Solutions, revenue increased 173%, including the contribution from Realbase since its acquisition in April. On an underlying basis, revenue increased 6%. Pricefinder delivered a resilient subscription performance, benefiting from a 6% uplift in customers and the rollout of a new CMA tool. Transaction revenue from title searches saw negative impacts from lower listing volumes. RealTime Agent continued to deliver very strong subscription revenue growth, benefiting from an expanded geographic footprint and high levels of agent engagement. Despite the market conditions, transaction revenue from contracts also increased, reflecting broader agent adoption. Realbase delivered strong underlying subscription revenue growth benefiting from increased adoption of Engage. Transaction revenue was impacted by Realbase's exposure to Sydney and Melbourne, which experienced the disproportionate impact I outlined earlier. Realbase is building on the opportunities to expand its footprint, while at the same time, we are accelerating the platform integration with Domain. Realbase is continuing to migrate clients from its legacy Campaigntrack platform to Realhub with associated efficiency and cost-saving opportunities. Engage continues to grow strongly, and we have completed the first stage of its integration with RealTime Agent. While social media product AIM has been more impacted by market conditions, we see opportunities for AIM to leverage Domain's highly successful Social Boost product as we integrate our sales teams. Down the track, we see exciting opportunities to leverage Realbase's valuable marketing insights to deliver integrated data and analytic solutions. Turning now to our LeadScope product, which I've spoken about on previous calls. LeadScope is a valuable agent prospecting tool which works with agent CRMs to predict which properties are likely to list in the next 12 months. We have developed LeadScope in close collaboration with early adopters and following extensive industry consultation and testing, it is now market ready. LeadScope's flexible subscription-based model has already been adopted by a major franchise. We expect to continue scale up in FY 24. Domain Insights revenue increased 28% with solid underlying growth of 12% from Pricefinder and APM, and the full six-month contribution from the Insight Data Solutions business we acquired in mid-October 2021. Pricefinder non-agent performance was similar to the Pricefinder agent performance I outlined earlier, with higher subscriptions revenue and title search transactions impacted by market conditions. APM delivered stable valuations contribution and strong growth in research products, benefiting from the progress of paid pilots of our propensity to sell model with leading banks. We are seeing very good results in lengthening lead times of listing predictions, providing banks with increased opportunity to nurture and retain clients. IDS is delivering significant momentum in AVM financial client wins, doubling the number of Domain Insights clients with revenue benefits to come in H2. In the government sector, IDS remains close to securing the next value of general contract, and the New South Wales government has gone to market sooner than originally expected. In August, I spoke about our innovative single view of property, which establishes Domain Insights as a center of excellence that we can leverage across the Domain marketplace. The single view of property is an example of our commitment to invest in modern technology solutions, which will drive long-term benefits across the business. We are materially improving the quality and efficiency of our data. During the first half, we delivered a 10% uplift in property data completeness across more than 14 million properties on Home Price Guide. Consumer Solutions revenue declined 3%, outperforming the downturn in the home lending market impacted by interest rates. DHL delivered a 5% uplift in settlements and 6% increase in submissions, with strong refinance activity providing an offset to lower new loan applications. The business continues to leverage exceptional customer reviews. The increased EBITDA loss reflects ongoing investment in marketing and broker headcount. We recently launched an innovative consumer experience, which helps potential buyers determine their borrowing power with a unique map-based tool. This product has landed very well, driving significant positive customer feedback. This is also providing great benefits to our brokers, enabling them to support customers in choosing properties which they can afford. Tools such as these are moving consumers down the funnel into discoverability and transactions and driving increasingly qualified leads. Print revenues declined 16% year-on-year, outperforming a challenging publishing and listings environment. Year-on-year comparisons were impacted by the exceptional strength of the prior year, which supported an extra publication date. Print EBITDA declined, reflecting the difficult revenue environment and higher print costs. Print continues to deliver strategic value. As illustrated on this slide, print delivers unique audiences with very little overlap with our digital audiences. Turning now to the trading update. Trading in January 2023 reflects the continuation of the challenging market environment experienced in FY23 Q2. Domain's success in signing new and upgraded depth contracts provides significant upside once market conditions stabilize. The results of Domain's transformation to date underpin our confidence to continue to pursue our marketplace strategy while retaining our disciplined investment approach. FY23 costs are expected to be in the range of AUD 250 million-AUD 255 million, consistent with the guidance provided to the market in December 2022. Remaining committed to longer-term margin expansion, we continue to anticipate that FY23 EBITDA margins will see a low single-digit percentage point reduction versus FY22 on an ongoing cost basis. I'll now hand over to Rob to run through the financials. Thanks, Jason. Thanks everyone for joining the call today. Slide 35 provides a reconciliation of the statutory 4D to Domain's trading performance, excluding significant items. I'll run through the significant items later in the presentation. Starting at the items below the EBITDA line, depreciation and amortization expense of AUD 18.6 million increased from AUD 16.4 million in the prior year. We expect the second half expense to be in line with the first half. Net finance cost of AUD 5.3 million increased from AUD 3.3 million in the FY22 first half, reflecting higher average net debt and the market-wide increases in interest rates. We expect H2 interest expense to be slightly higher than H1. Tax expense of AUD 7.5 million is an effective tax rate of 28.7%. For the full year, we expect a tax rate in the 30% range. Net profit attributable to non-controlling interests or NCI of AUD 2 million reflects the share of profits or loss attributable to the agent ownership models and other consolidated non-wholly owned entities. NCI reduced slightly versus the prior year due to higher losses at Consumer Solutions. Further details contained in appendix 1. Slide 36 provides a reconciliation of statutory to trading performance for FY22H1. Slide 37 provides the detail of Domain's cost structure and a reconciliation of statutory to trading expenses and ongoing expenses. Trading expenses, excluding significant items of AUD 137.3 million, increased 20% on a reported basis. On an ongoing basis, which excludes JobKeeper and Zipline, expenses increased 29% year-on-year. Staff costs increased 27%, reflecting the flow through of FY22 second half hiring, increased headcount from acquisitions, and pay increases. Production and distribution costs increased 37% with the inclusion of the Realbase acquisition, impact from the Social Boost acceleration, and higher print and digital production expenses. Promotion costs increased 21%, reflecting last year's depressed base, investment in digital marketing and sponsorship, and the scaling up of our marketing technology investment. Software and communications expenses grew 26% due to acquisitions and higher cloud technology costs. Other costs increased 42%, reflecting the return of post-COVID in-person events, higher contracting and recruitment costs, and the impact of acquisitions. This chart outlines Domain's cost base for the past five half-year periods. As we guided to at the AGM in November, FY23 H1 costs experienced a material year-on-year and half-on-half uplift due to the AUD 13.4 million impact from acquisitions and the depressed nature of the prior year cost base, which incorporated COVID austerity measures. The first half also saw the full period impact of post-COVID hiring. Looking forward to the second half, we expect a similar impact from acquisitions as in the first half. As we announced in December, we have implemented cost savings initiatives which we expect to deliver benefits of AUD 15 million-AUD 20 million in the second half. As a result, we expect materially lower second half costs versus the first half, as well as year-on-year declines. Slide 39 provides an overview of significant items which amounted to a AUD 1.5 million expense net of tax. Restructuring and redundancy costs of AUD 3.3 million relate to the cost savings initiatives announced in December. The impairment loss of AUD 0.6 million reflects the write-off of intangible assets in dormant entities. M&A transaction costs of AUD 0.6 million were associated with the Realbase transaction. The gain on contingent consideration payable of AUD 2.1 million relates to Insight Data Solutions and a true-up of the final contingent consideration payable on the CView acquisition. Turning to cash flow on slide 40. H1 FY23 cash from trading was AUD 42 million, slightly down from AUD 44 million last year. The cash tax payment of AUD 13 million was in line with the prior year. Investment in PPE and software of AUD 14.8 million increased from AUD 8.4 million in the prior period due to higher R&D, the impact of the Realbase and IDS acquisitions, and minor fit-out costs and equipment purchases. For the full year, we expect CapEx in the high AUD 20 million range. The net borrowings repayment of AUD 13.2 million during H1 reflected the efficient use of cash to minimize interest expense in a rising interest rate environment. The net cash payment for share purchase was minimal compared with the AUD 30.8 million undertaken in FY22H1, which included share issuance associated with Zipline and long-term executive incentive schemes. Domain finished H1 with a cash balance of AUD 31.7 million. Slide 41 provides an overview of Domain's debt facilities. As at December 2022, the facility was drawn down to AUD 205 million compared with AUD 220 million in June. Domain's debt facility maturities extend out to FY26 and FY27. Domain's balance sheet at December 2022 is in strong shape, ending the period with net debt of AUD 172.5 million, compared with AUD 151.5 million at June 2022. This represents a leverage ratio of 1.6 times. With that, I'll hand back to Jason for some closing remarks. Following a challenging first half, I'd like to finish off with some thoughts on the longer term prospects for Domain, about which I remain very excited. While this has been a difficult period for listings with a decline that was very sharp and very sudden, history has shown that we can be confident that these listings have not disappeared. It is only a matter of time for confidence to recover and support the inevitable bounce back in market listings. Our total controllable yield, including Social Boost All, of 9%, was below our long run target of 12% through the cycle. As we've always said, and as history has shown, controllable yield will expand and contract in line with major market movements. We are very confident in the outlook for depth penetration, especially given we have increased our national depth penetration half-on-half and year-on-year. Operating costs in the first half increased 29% with the full period impact of additional acquisition expenses, catch-up from COVID period austerity, and investment in our growth initiatives. With the adjustments that we have made to the cost base and the reducing impact of acquisition-related expenses, we're expecting half two costs to reduce materially from half one, and also to reduce year-on-year. We are strongly positioned to continue to deliver the appropriate balance of investment and cost discipline to support our long-term commitment to margin expansion. While Realbase has felt the effect of listings pressure in Inner Sydney and Melbourne, it is strongly positioned to benefit when listings return, and we remain very excited about the valuable contribution it can make to our marketplace strategy. Thanks for your attention, everyone. I'll now hand back to the operator for Q&A. Thank you. If you wish to ask a question, please press star then one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star then two. If you are on a speakerphone, please pick up the handset to ask a question. The first question today comes from Eric Choi from Barrenjoey. Please go ahead. Good day, guys. Hey, nice slight beat on the EBITDA as well, Rob, for your last result. It's a good one. Thank you. I had. Out of the bang. Hey, I had three. I'll just fire them all off. Sure. The first one, just on price increases, is it still the plan to go with price increase in July? REA is pretty upbeat on doing a healthy price increase. I'm wondering if you guys are similarly upbeat or do you think you might need to go a bit softer than REA as the number two? My second question is just on January listings. I guess you said January momentum similar to second QFY '23, but I'm just wondering if that listings decline has improved. If you won't give us a number, like REA told us they're doing 9% listing declines in January. Can you at least tell us if it's similar or if it's worse? Just last one on Realbase. Wonder if you can give us any more color on like the transactional proportion of the revenues versus the subscription. I mean, I'm obviously asking 'cause I just wanna get a sense of like how much leverage there is in that business once conditions improve. Thanks. Perfect. Let me just get through those price increase. We are upbeat as well. We've seen in the context of the most challenging half that we've seen for listings as far back as we can look, you know, we're talking about comparing to COVID lockdowns and Royal Commission. We have achieved, you know, really strong product uptake of our core depth listing products and seen a really exciting launch of a new tier of products that extends beyond the listing platform. Our ability to achieve that within the context of a challenging environment sort of underpins the fact that, you know, we are upbeat and our intention is still to look at sort of our annual price review mid-year. It's consistent. From a listings momentum, I think the phrasing of that was just to say that the challenges that are weighing down listings fundamentally go to the confidence of vendors to bring their properties to market. It is not an interest, a total interest rate level. It is about the speed of change and their confidence of predicting future changes. We've seen interest rate environments in the past, you know, where we've had mortgage rates north of 7% and very high and healthy transaction volumes. What's really impacted over the last half, particularly, is the rate and pace of change was unexpected. Normalization occurs when... not when we hit the peak when, or interest rates even start declining, but when there's confidence that people can predict within a margin of error and can set their budgets confidently to make some of these decisions. Buyer side, buyer activity is strong and our platform's really healthy. Attendance at open home inspection rates, for example, remain strong. Into January, that listing, that environment hasn't changed. We have seen a tick up in sort of, if you look at month-on-month or year-on-year or the trends in listing volumes, particularly Sydney and Melbourne have improved from what were Q2. November and December were particularly dire, that's strong. The underlying momentum, the confidence is still not there. It will return. I just can't. We do know it will return. We don't leave listing volumes month-on-month. What that listings to be, you know, it materials. When you look at it, we look at that most drives our business is relative market share and absolute market share. Of all listings that come to market, what proportion of those does Domain get? Of all listings that come to market, what proportion does Domain get that our competitor or competitive sets also get? Over we track that on an incredibly granular level, and we haven't seen any sort of real material shift. In fact, over the course of the last 12 months, we've seen sort of on a relative basis, you know, it tracking up as we've taken some activities to work through that. There hasn't been any material change. On the Realbase question, Eric, I can pick that up. It's kind of an 80/20, so skewed towards... That market impact, particularly in Sydney and Melbourne, is weighing on Realbase at the moment, as we said. As you say, when the market recovers, you will expect to see some leverage, quite significant leverage through the Realbase business. Yeah. I would think about that business in three parts. There's the traditional sort of legacy business which is the campaign management platform, that's the product that covers, you know, close to 50% of all listings in the market. That's the product that has, you know, really broad-based and a lengthy history. The majority of revenue in that analytics around that, and that's something that Domain can bring to the table to optimize that over time. That business absolutely has been impacted by the decline in listing volumes. Just to be clear, it's more closely aligned with the listing volume declines we're seeing in Sydney and Melbourne because it is an expensive product. It delivers real value, but it has a higher penetration in the largest agencies out there, and they disproportionately sort of are located in Sydney and Melbourne. The listing volume impact is closer to that mid to high teens decline that we're seeing in Sydney and Melbourne rather than the 9% average that we're seeing. The Engage product is a small but fast-scaling subscription business, that's all on subscriptions. It's gaining great traction. We're seeing great growth and revenue growth in that quarter, but it's of a small base. But we're attracted by the future of that product and its integration in with RealTime Agent and Pricefinder, particularly. The third product is AIM, which is a social media extension product. The interesting thing we've seen with that product, if I contrast the performance of that product, it is absolutely a per listing fee. Where it differs from Social Boost, which has seen great growth over the half, is it's a listing transaction fee that agents decide on a listing by listings basis. There is no annual contract or contracting on that versus Social Boost, where we have the benefit of bundling and contracting within our depth model that Domain brings to market. You know, whilst we have seen a negative impact on AIM because of the listing volume declines, particularly in Sydney and Melbourne, we're actually excited about our ability and part of the underlying acquisition thesis that we have to bring some of those products within a total bundling strategy that Domain has. You always give us heaps of color, and that's really useful. I was just wondering, just wanna follow up on that January listings point. The reason why I ask is, as analysts, we're all really bad at forecasting listings, obviously. I would have thought, like, the PCP comps get harder in March and June. I was just wondering if we could just grab the January listings number, so we can sort of use that as a baseline and then maybe assume something potentially worse than that, just so we kind of set our second half 2023 expectations properly. We haven't actually released or we don't sort of talk about that externally in terms of doing that. I share your pain in the difficulty in predicting the actual listings environment, Eric. You know, it's a really big driver of our business and sort of we have to make estimates of going through. What I would say is if you look at the prior comparable period, there is a softening of the comps as we go through into Q3 and then Q4, particularly the back end of Q4. The back end of that Q4, you know, gets harder again, and then it gets easier. There's a little bit of volatility. We're, you know, the last 4 years or so, we're pretty used to volatility. I would say actually a bigger driver of what's going to drive the total performance rather than the comparable periods because is going to be confidence. It's going to be confidence that when you start to get that signal, that people are confident that these interest rate rises are not going to surprise to the upside. There is an expectation of the overall curve or, you know, there's going to be a consistent increase that will start to land. Yes, there is strong comps in the next half. Nowhere near as strong as the comps we saw in Q2. That Q2 bounce back from COVID lockdowns was extraordinary. We're starting to get back to more natural sort of cyclical comps going forward. Thanks, team. The next question comes from Ben Rada Martin with Goldman Sachs. Please go ahead. Morning, guys. Thanks very much for the questions today. I just had two, if that's all right. The first one just on controllable yield. You obviously started disclosing the contribution of Social Boost. Just wondering if that's now included when you think about your through the cycle controllable yield target of 12%. Maybe just on kind of an add-on to that, kind of interested if you could talk on how controllable yield may have looked in January and February versus what you printed in the half. The second question is just on cost out. Obviously a bit of a change there. Maybe just worth touching on what the kind of major buckets were and potentially the geographic split. You know, obviously your 2 key states being Victoria and New South Wales. Interested in maybe how costs have changed there versus some of your other regions. Thanks. Sure. Ben, controllable yield, We sort of flagged that we're sort of reviewing the sort of our assumptions. You know, it's something we take seriously. We don't, we don't like changing that, you know, frequently because, you know, we're really conscious of the gaming aspect, and we wanna get it right. What Social Boost is, we've launched that product during the half. The fundamental change to it is any extension product that we've previously sold has not been contracted or within depth. It's just been a transactional add-on. We've never included that in controllable yield. That's always been add-on revenue. The fundamental change that happened during the half is, this is where we've got the big lift in that product, is we've actually bundled that Social Boost with platinum contracts. We're providing that next step beyond Platinum. Platinum plus Social Boost All, it's a higher combined bundle price for that product, and agents and vendors get materially more reach for their investment, 'cause the reach moves beyond our platforms and listing platforms out onto a range of, you know, digital platforms that are out there. The nature of it is it is depth, it is contracted, and so it will be sort of, you know, included and incorporated going forward. We will sort of note what that difference is. In this update, we just didn't want to make that big sort of step to go through. We wanted to flag and signal and be transparent about how that sort of moves forward. If I look at the strategy that underpins that, a lot of that has come from the Realbase acquisition, as we've been able to start looking at, okay, what are the pools of what are the pools of vendor paid advertising that are out there? What are the attractive pools? It's probably just signaled and supported an increased focus on our listings value and what we deliver and how much further we can sort of push that, but also a range of other products that are out there that agents are finding valuable at scale. You know, it is important that that is part of, and it was always going to be part of our controllable yield target. The reason why we are comfortable is we think we can deliver 12% through the cycle, which includes price, which includes, you know, depth, growth, and uptake, and that includes core listing products as well as ongoing drumbeat of innovation and product development that will underpin that growth going forward. We won't be standing still. The market around us is not standing still, and we'll continue to provide value to our customers. In terms of January and February, the yield performance has improved from what we saw in November and December. Notwithstanding November and December are incredibly challenging months, both from a listings environment, also a comp perspective, but we have seen improvements in January and February. All things, you know, being equal, we are hoping and, you know, working through that at some point through this quarter, we'll see a material change in confidence, at some point during the calendar 2023, material change in confidence, and we'll see that bounce back in listings that we've seen in previous cycles over the last 4 years when confidence returns. With costs, I think Rob can cover that. Yeah, sure. I'll walk you through the sort of major components and what we anticipate for the second half. I mean, clearly the staff cost is the biggest component of the cost base, and we've made a reduction of around 70 FTE through the back end of the first half and obviously the run rate will flow through in full into the second half. The other area is marketing costs. Traditionally the first half tends to be a heavier marketing spend period than the second half, and we certainly expect marketing costs to reduce somewhat in the second half as well. Some of that's really just taking account of the market conditions and looking at the return that we get on some of those investments. Other costs, so the sort of more discretionary pieces, as you'd expect, we're controlling those extremely tightly, so we'd expect that to reduce second half versus first half. On the flip side, production costs, I talked in my section around the unit costs in the print business have increased some inflationary pressures there around sort of printing and paper. Also the digital production cost we expect to be slightly higher just given the strength of the uptake of the Social Boost All product in particular, which obviously has production costs attached. Finally, just on the IT costs, we expect that to be kind of flat to slightly up in the second half. Obviously sort of utilization costs, as we grow the business, obviously focusing very carefully on optimization and anything we can do from a procurement perspective. As I say, the bulk of the reduction second half will be staff costs, marketing and the more discretionary areas. And I- Sorry, just finally on your question about geography, it's not really that relevant to I guess the cost reductions that we've done. It's really been across the board that we've looked at where we can sort of find savings. It's not specifically targeted at New South Wales and Vic. It's not really how the business is configured. Awesome. Thanks. The next question comes from Siraj Ahmed with Citi. Please go ahead. Siraj, your line is open. Hi, Jason and Rob. Hi, Siraj. Yeah, hi there. Yeah, just three questions from me as well. Just on the first one, I'll ask them in order if that's okay. Just first one, in terms of the full year guidance that you're implying based on your margin guidance, right, in terms of revenue, this does imply that second half revenue is up on first half. I mean, just keen to understand how you're thinking with that bridge from 1H, especially if listings are weaker or, yeah, just keen to understand that bridge, please. Yep, it, yep. What we do have is a couple of things that work through. If you look historically through the cycle in our core listings business, there is a pretty decent balance through the year. You know, there's a usually a small skew to the first half because of the strength of spring versus autumn, but it's, you know, it's a very low single-digit percentage difference. It might be anywhere from 50 over the halves to 52, 48. It's small. We think because of the, you know, the material, lack of strength in, over that spring cycle, you know, the shock and awe of the interest rate increases, this is not gonna be a year where revenue in that resi is skewed to the first half. I think where that bridge and sort of increase is a couple of things that hit. Firstly, the acquisitions coming through and the revenue, stepping through that. Also, we have seen a material step up in depth contract, growth in our core business and total contract growth in our Agent Solutions business. We'll enter the second half with more agents, on either higher or new contracts with us, and that underpins, you know, that revenue growth in that second half. The. I break that down with acquisitions plus the underlying performance of the business that may be clouded in that first half because of the listings environment, you know, hitting our sort of numbers in the second half. Just sort of thing, that does sort of imply that listings would be sort of similar or maybe slightly worse than one edge. Is that the way you're thinking? We're not making any sort of superhuman calls. Sure. On a massive change around in listings environment, overall, because whilst I'm confident that is going to happen, and this is the thing that we sort of have really learnt over the last four years, and I would just underline, these listings don't disappear. It's just timing. At some point, the vendors across Australia are going to start to sort of resume their confidence levels and bring their properties to market. I just can't predict whether that is going to be, you know, May, June or October. Yeah. Yeah. We're taking a pretty conservative view of our expectations of listings in the second half. Yeah, that's quite clear. I guess moving on to some controllable factors. The cost discussion that we just had, if you look at, I mean, second half is AUD 115 million of cost. I know there's some seasonality there, but if you annualize that, you're entering at FY 24, AUD 230. Just keen to understand how you're thinking about this. I mean, these headcount reductions are not temporary, I would think, but just how are you thinking about budget and stuff into next year? Uh. As you accelerate spend and things turn around, as you said, in calendar 2023. Yeah. I'll get Rob to sort of talk about some of the components of the cost to go through. What I would say is we've been very disciplined and purposeful. You know, and are incredibly confident about the long run opportunity at Domain and the potential for this business to scale. We started the year sort of being really clear that this is a step change year. We made really strong progress with a number of acquisitions to, you know, take big strides towards our ambition of scale. We spoke about, you know, a material, you know, AUD 10 million-AUD 15 million investment in technology platforms that was necessary to underpin and support that growth. Sort of a high single-digit increase in sort of the remaining cost base was what we flagged at the beginning of the year, given the environment and the context of our business and our confidence. Circumstances change, and it's correct to go back and reassess all of the assumptions that you made, particularly with regard to sort of return on investment, both short-term and long-term, when circumstances change, particularly when they change at the quantum that we saw and the speed at which we saw. We've done that, and we've taken a range of costs out of the business where we don't think we're going to deliver that return that we previously thought we were. Some of that is in headcount, and that's a material sort of component. I wouldn't see that as variable, to be fair. You know, that is headcount that has actually left the business or roles that have been closed down. Over time, where that headcount was to return, it would relate to specific business cases or investment cases that go through, but there's no temporary reduction in headcount that sort of returns on a variable basis. Other costs, you know, things like incentives, marketing expenditure, you know, sort of sales incentives and the, and the like, where you don't get the ROI from that in the current environment. As listings return, some of that will return, absolutely. Got it. Last one, just on price increase. The confidence is quite clear, but just in terms of quantum, should we think it's better than the 7%-8% that you put through this year? Any color on that? That's not something I'd actually want to flag at this point in time. We're confident that. Got it. We're confident that we're confident that between the value we're delivering, the material increase in contract take-up and depth that we've seen, and the product innovation pipeline that has hit over the last six months and will continue to hit over the next period, we're confident that we'll be in a good position. I, you know, it's just, it's incredibly competitively sensitive. Sure. Okay. Thanks, Jason. The next question comes from Elise Kennedy with Jarden. Please go ahead. Thanks for the questions. I've got three here. First one, I wanted to ask about that LeadScope product, if you can give any early indicators of the willingness of agents to take that up, any details around the subscription and just clarifying if it's similar to Social Boost, as an add-on. Just on Social Boost, again, on that, if you're willing to talk to any of the take-up across the portfolio. The last one I just had was around print. If there's any opportunities for further strategic relationships or cuts, against the backdrop of the cost environment. I'll step through that. LeadScope, it's a product we've been working on for a while. We've seen and we said commercialization was coming, and commercialization is. We're seeing some value in terms of people, you know, costs being included in depth contracts and particularly, you know, stepping up into Platinum and that being a value add. We're also seeing direct monetization where people, we've had one large national franchise chain take up a sort of an enterprise level subscription to that product. It is, the performance of that product is improving, you know, month in, month out as we get feedback into our AI models and the agents are seeing real value, particularly in a market where listings are scarce. That's really quite positive. In terms of Social Boost, the take-up rates have actually surprised us to the positive and the speed. We know we've got a great product. It actually outperforms other products out into the market in terms of what it delivers and the reach it delivers for the efficiency. That is really about our ability to use our data and our high intent signals to find audience beyond Domain's platforms, and that's been taken up. Social is a material part of total vendor budgets and at least Elise Kennedy, I know I've seen you've done some research around that and you sort of noted that and I would agree with you on terms of that. The advantage for portals is, and the advantage for Domain specifically is we're able to port our high intent data and targeting, and a lot of the work we've been doing on products like LeadScope, for example, over to those platforms and find audiences much more efficiently than those platforms can find themselves. Finally around print. Print is a valuable source of incremental audience. You know, you've seen in the back, it's a different audience set to what's in digital platforms. It is, you know, structurally impacted over time, and we recognize that and we're doing a range of things, and we've been pretty successful over time to variabilize that cost base. A big part of the difference or the sort of EBITDA impact has been in the comparable period, there was an extra publication that go through there. We've absorbed the cost input, the inflationary impact on the input materials, but we're doing all the sort of work we can to figure out how we sort of, you know, improve and continue to improve distribution, for example. Great. Thanks, Jason. This concludes our question and answer session. I'll now hand the conference back over to Rob for closing remarks. I think we probably leave this one to Jason, actually. Rob, this is your last one, so I think I'll leave it to you. Oh, look, thanks everyone on the call for all their support over the years. It's been a fantastic experience and, I'm sure we'll cross paths in the future. Yeah, thank you all. Thank you, Rob. Thanks, all.