Thank you for standing by, and welcome to the Domain full 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. In the interest of time, participants are requested to limit the number of questions to two per turn. If you have additional questions, you are welcome to rejoin the queue and will be able to ask further questions if time permits. I would now like to hand the conference over to Mr. Jason Pellegrino, Managing Director and Chief Executive Officer. Please go ahead. Good morning, and thank you for joining CFO Peter Williams and me for Domain's 2024 full 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 people today. For myself, I'm on the land of the Gadigal people of the Eora Nation. We'll begin today's call with an overview of the results and key metrics being delivered by our marketplace strategy. I will follow this with some commentary on the current trading environment and outlook. Pete will then run through our group financials, after which we will look forward to taking your questions. Domain's strong FY 2024 results reflect the efforts of more than 1,000 talented people at Domain, who are delivering on our marketplace strategy by building and releasing great solutions. Most pleasingly, our key assets of unique data, quality audiences, and product innovation have delivered only on Domain experiences that provide real benefits to consumers, agents, and enterprise customers. This has underpinned strong growth in depth revenue, audience, and listings, with the property market returning to a more normal environment. New listings growth improved each quarter of the year, led by the Sydney and Melbourne markets. Looking forward, this success has strengthened our resolve to vigorously compete and accelerate the benefits we deliver to customers. We are increasing investment into our technology platforms while retaining our track record of disciplined productivity improvement across the business. Turning to the group trading performance. Domain delivered revenue of AUD 391.1 million, up 13%. Expenses of AUD 254.1 million, up 7%. EBITDA of AUD 137.1 million, up 26%, and EBIT of AUD 92.7 million, up 32%. Net profit attributable to members of the company was AUD 49.4 million, and earnings per share were AUD 0.078 for continuing businesses. Adjusted net profit attributable to members of the company, which removes the impact of non-cash amortization from acquisitions, was AUD 56.4 million, up 24%, and earnings per share of AUD 0.089, also up 24%. A fully franked dividend of AUD 0.04 has been declared, bringing the full-year dividend to AUD 0.06 in line with last year. Domain's FY 2024 revenue increase of 13% saw an acceleration in the second half as the market recovered from a very challenging environment experienced from Q2 to Q4 in FY 2023. Residential revenue increased 19%, underpinned by strong growth in depth revenue. Media, Developers and Commercial increased 8%, a solid performance given the ongoing challenges in the developer market. Agent Solutions declined 6%, with solid subscription trends across the business, offset by lower gross revenues at Realbase's AIM product. Domain Insight increased 8%. The Consumer Solutions segment reflects the exit from Domain Home Loans. Together, these businesses delivered digital revenue growth of 14% and EBITDA growth of 27%. Print revenue is 1% higher, with lower print EBITDA reflecting higher costs. Group revenue growth of 13% and continued cost discipline saw group EBITDA margins expand to 35% and core digital margins increase to 45.8%. At Domain, we are creating a powerful property ecosystem to more effectively serve our consumers, agents, and enterprise customers and inspire confidence in life's property decisions. Our marketplace strategy builds on the strength of our core listings business, with additional solutions and rich data that can deliver unique and differentiated only on Domain experiences for all our customers. This approach supports a powerful flywheel to further strengthen core listings, deliver future scale, and future-proof the business. Domain's core listing business is delivering competitive products that really work and benefit vendors, agents, and buyers. Domain's data shows that on average, nationally, a AUD 1 million property sold for AUD 36,600 more when Domain was added to the schedule alongside our nearest competitor. This shows why Domain is an essential part of every marketing schedule. Over the past 12 months, we have attracted more vendors, buyers, and agents to the Domain platform. Domain's relative national sales listings coverage returned to historical levels, with June 2024 listings coverage exceeding the pre-price increase levels of June 2023. It's been pleasing to see the results of our sales efforts translating into strong growth in the fourth quarter, and the year-on-year listings growth ahead of our major competitor in June and July 2024. We achieved a significant 10% year-on-year growth in Domain Group's unique audience, benefiting from our focus on product innovation and increased value to buyers. The results of these efforts are demonstrated in the 18% uplift in average revenue per listing we delivered in FY 2024, which reflects agents taking up our most valuable premium products in record numbers. We continue to diversify revenue and expand our unique data and assets. Our key data asset, the single view of property, delivered a 2.5 times uplift in available data points by optimizing and combining sources from Domain and third-party providers. There was a 31% increase in data completeness, which supported a 9% year-on-year growth in organic traffic to Domain. By making our latest automated valuation model from Insight Data Solutions available within Pricefinder, we were able to deliver a step change in coverage and accuracy of price estimates, increasing to more than 90% of residential properties in Australia. We've extended this experience to consumers this month, transforming the quality of our consumer research experience. In addition, diversifying through ancillary solutions saw a strong year-on-year growth at Real Time Agent and Domain Media, which increased revenue 37% and 52%, respectively. We delivered only on Domain experiences that accelerate our marketplace growth. During FY 2024, we created a number of differentiated user experiences that will support core listings and speed up marketplace growth. As part of our FY 2025 price change, we launched Audience Boost, a social media amplification product that automatically and efficiently extends all depth sale listings across a variety of digital channels. This market-first differentiated value proposition combines AIM's proprietary hard-to-replicate technology platform with Domain listing marketing solutions to provide significant value to agents and vendors. We're excited by the early results from Audience Boost, with results that are consistent with our tests in FY 2024. We are delivering an average uplift of around 30% in views per listing across all depth products in July. Even more pleasing is the particular success we're seeing in our less mature, expanding, and emerging markets, where the uplift is even greater. Our partnership with Nine provides another source of only-on-Domain experiences. Our collaboration on audience growth, data enrichment, and product development provides valuable support to our ambitions to scale and differentiate. With support from Nine, we launched an always-on marketing platform to reach a vast, differentiated, and engaged audience across many channels. This supported our audience growth during the year, and we are excited by what we will achieve in FY 2025 as we scale the impact of this collaboration. We continue to see ongoing benefits from Domain's high-profile placements and integrations across Nine's media assets, which help underpin organic and direct traffic to our sites. We see significant opportunities to leverage the power of AI to accelerate the speed of Domain's marketplace growth. Our substantial investment in machine learning and AI commenced in FY 2017, and is embedded as central to our marketplace strategy. We are becoming an increasingly AI-first business, with benefits that include internal efficiency, improved data quality, stronger and differentiated products, and more engaged users. In order to leverage these benefits at scale, we are strengthening the foundations of our marketplace for the long term, with investment in three priority areas of platforms, personalization, and privacy cybersecurity. This investment supports our aspirations to scale and become a much larger business. We are already seeing tangible impacts on the performance of our marketplace. In platforms, we are investing in the modernization of our tech stack to standardize and simplify products, and significantly increase the velocity of our product enhancements. During the year, we were able to deliver some product releases up to 3 times faster than previously. In addition, we completed the first stage of the simplification and automation of our booking and billing systems to support new bundling solutions and the timeliness and efficiency of price changes. In personalization, we have deployed technology that enables personalization at scale and substantially boosts the quality of the user experience. During the year, we deployed a valuable AI-driven segmentation tool that allowed us to better understand and respond to the needs of more than 7 million consumers and agents. Personalization has become embedded in how the business builds product experiences and communicates with customers. In privacy and cybersecurity, we are strengthening the appropriate practices in relation to consumer data that will support new opportunities to generate revenue in the future. During the year, we successfully delivered the first stage of our roadmap to strengthen our cybersecurity protocols. The adoption of robust ESG practices is an important element of inspiring confidence in life's property decisions and delivering only on Domain experiences. Recent examples include our second Sustainability and Property Research Report and an inaugural Future Housing Forum that connected government and the industry to discuss the risk to Australian homes from perils such as flood, bushfire, and coastal erosion. Turning now to the detail of the results and the key drivers of Domain's revenue. Residential revenue increased 19%, with depth as a percentage of total revenue at 91% for the year. Earlier, I spoke to the strong performance of Domain Group's unique audience, which has benefited from our focus on product innovation and investment in data and personalization. We also delivered a 10% year-on-year increase in Domain Residential's unique audience in the fourth quarter, outperforming the growth of the property category and our major competitor. In addition, we achieved consistent growth in four consecutive quarters. At the same time, we are creating meaningful brand value, with Domain recognized as the biggest brand mover in February, based on YouGov's monthly survey. National for sale listings increased 3% for the year, with a significant improvement experienced over the four quarters. Average revenue per listing increased 18% year-on-year, supported by product innovation, with the launch of our Platinum Edge add-on to depth contracts. The controllable elements of price and depth were 14% higher, benefiting from double-digit price increases and another strong year of upgrades and new depth contracts. The market turnaround from FY 2023 to 2024 is shown in this chart, with an improved performance from the first quarter. Sydney and Melbourne led the market up, as is typically the case. Other markets remain challenged from a volume perspective, although revenue per listing saw strong outperformance due to higher price increases. This is clearly reflected in the performance of Domain's micro-market segments, with substantial increases in our expanding and emerging markets, even as volumes have significantly lagged our established markets. The performance of the resi business in FY 2024 benefited from ongoing product and commercial innovation. Our reimagined map search prioritizes a more efficient and effective user experience, providing market transparency for property seekers and greater agent branding opportunities. The investment in our technology platforms that I described earlier is enabling the acceleration of these innovative new features. Our FY 2024 price review included the launch of Platinum Edge, which has achieved impressive take-up rates. We saw continued adoption of the product following its July 2023 launch. By year-end, the number of customers on Platinum Edge had almost doubled from the initial take-up. Our FY 2025 price review included Audience Boost, which utilized AIM's proprietary and hard-to-replicate technology platform to automatically extend listings across a variety of digital channels. During FY 2024, national depth penetration reached a new high, with growth in every state apart from Western Australia. In line with our targeted commercial strategies, New South Wales delivered an impressive uplift in Platinum penetration, while Victoria achieved a significant expansion in Gold and Silver as we upgraded customers from free to depth. The slight decline in depth penetration in Western Australia was accompanied by a greater than 40% uplift in average revenue per listing. Turning to media, developers and commercial, revenue increased 8%, reflecting a strong growth in media, solid performance from Commercial Real Estate, and lower developer revenue. Media revenue increased 52% year-on-year, significantly outperforming the broader display advertising market. The business is leveraging Domain's high-quality consumer audiences and is providing clients with customized data insights as a result of a successful partnership with Domain Insight. Commercial Real Estate delivered solid revenue growth of 18% year-on-year, benefiting from listings growth across sale and lease and new depth contract adoption. Half two growth moderated versus half one, reflecting the price increases which took effect from FY 2023, half two. The developer's business continued to experience a challenging market backdrop of high construction and funding costs, with revenue declining year-on-year. New project approvals have reduced significantly, although there has been some offset from an increase in project duration. In Agent Solutions, revenue reduced 6% year-on-year, with solid subscription trends across the business, offset by lower revenue from Realbase's AIM product. Pricefinder Agent benefited from technology investment and new product integration with IDS, with higher title search revenue and stable subscription revenue. Real Time Agent delivered a 37% uplift in revenue, with ongoing subscriber momentum and a recovery in market volume supporting contract revenue growth. Realbase's core campaign management system delivered strong revenue growth, benefiting from the listings recovery in Sydney and Melbourne. However, this performance was offset by lower revenues from AIM, with lower attachment rates reflecting cost of living pressures in Australia and New Zealand. During the year, LeadScope's AI-driven predictive tool progressed from beta to monetization, with revenues delivering ahead of target. Domain Insight revenue increased 8% year-on-year. Revenue benefited from the implementation phase of Western Australia's Land Information Authority contract with IDS. In addition, automated valuation model revenues were higher, reflecting success in acquiring new financial clients and an increased share of revenue from existing clients. Pricefinder non-agent revenues were lower as a result of the strategic decision to terminate a data sharing agreement with a competitor. We believe that Domain's proprietary data can deliver substantially greater value within our own marketplace. In Consumer Solutions, we finalized the exit from Domain Home Loans joint venture, which is treated as a discontinued operation. The full financial impact of this exit is included in the FY 2024 accounts. With a highly engaged and growing consumer base, we have already onboarded new banking partners and are optimistic about the future opportunities that will support a profitable contribution to our marketplace. The detail of DHL's contribution to discontinued operations is outlined on the slide. Print revenues increased 1%, reflecting the improved listings environment in the high-value inner Sydney and Melbourne suburbs, where many of Domain's flagship print publications circulate. Bundling of print with Domain Social Boost social media product also provided a benefit. Print continues to deliver a large and high-quality audience with limited overlap with digital. Average issue readership of 1.2 million increased 6% year-on-year, with audience quality reflected in likelihood to purchase. Turning now to the trading update. Trading in July has experienced ongoing growth, with new for-sale listings up 4% year-on-year on a like-for-like basis. Growth rates in Sydney and Melbourne have moderated from the very strong FY 2024 performance, with improving momentum in other states. FY 2025 costs are expected to increase in the high single- to low double-digit percentage range from the FY 2024 expense base, excluding discontinued operations of AUD 254.1 million, reflecting the ongoing investment to drive growth opportunities from Domain's marketplace. Domain expects stable EBITDA margins in FY 2025, balancing the confidence to invest in the ongoing growth of the business with continuing efforts to drive productivity. I'll now hand over to Peter 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, discontinued operations, and adjusted for amortization of acquired intangibles. Starting at the lines below EBITDA. Depreciation and amortization expense of AUD 44.4 million increased from AUD 38.3 million in the prior year due to the high amortization of software costs arising from increased product development. The AUD 9.9 million net profit adjustment reflects the non-cash amortization from acquisitions. We expect FY 2025 D&A expense to increase around AUD 3 million, largely due to the expansion of our office footprint in FY 2025. Net finance costs of AUD 12.4 million increased from AUD 10.7 million in FY 2023, reflecting higher average net debt and the market-wide increases in interest rates. We expect FY 2025 interest expense to remain largely in line with FY 2024. Tax expense of AUD 23 million is an effective tax rate of 29%. For FY 2025, we expect the tax rate to be between 28% and 30%, in line with historic averages. Net profit attributable to non-controlling interests, NCI, of AUD 8 million reflects the share of profits or loss attributable to the agent ownership models. NCI increased from AUD 6 million in the prior year due to higher core digital profit. Slide 34 provides a reconciliation of statutory to trading performance for FY 23. Slide 35 provides the detail of Domain's cost structure and a reconciliation of statutory to trading expenses. Trading expenses of AUD 254.1 million increased 7% year-on-year. Staff costs, which make up around half our expense base, increased 9% on a continuing basis, reflecting a combination of wage inflation and higher employee incentives aligned to improve performance. Production and distribution costs remained flat year-on-year. Marketing and sponsorship costs increased by 13%, with increased investment in our spring marketing campaign. Software and communication expenses grew 27% due to investment in marketing technology and cybersecurity, along with increased costs in line with inflation. Other costs decreased 15%, reflecting tight cost control on discretionary spending. As Jason mentioned earlier, our cost expectations for FY 2025 are for high single- to low double-digit% growth from the FY 2024 cost base of AUD 254 million. The key drivers of that increase are outlined on this slide. Foundational investment is being undertaken to support our aspirations to scale and become a much larger business. The uplift in marketing investment relates to the launch of Audience Boost and will be reflected in production costs in FY 2025. Other costs include the impact of inflation on our cost base, offset by our focus on driving greater productivity. CapEx as a percentage of group revenue, excluding office fit-out, increased to around 9% in FY 2024, and we expect this to remain stable in FY 2025. Including office fit-out, we expect FY 2025 CapEx as a percentage of revenue to be 11%. Slide 37 provides an overview of significant items, which amounted to an AUD 6.1 million expense net of tax. Restructuring charges of AUD 4.1 million largely relate to technology and platform transformation. Loss from remeasurement of contingent consideration of AUD 1 million primarily relates to the acquisition of Insight Data Solutions. Costs related to mergers and acquisitions of AUD 1.8 million largely reflect the integration of Realbase. Impairment of AUD 1 million relates to the write-down of historical assets no longer in use. Turning to cash flow. FY 2024 cash from trading was AUD 117.4 million, which increased significantly from AUD 66.2 million in FY 2023. The cash income tax payment of AUD 8.1 million reduced year-on-year, despite higher statutory EBITDA, due to the receipt of tax refunds related to FY 2023. Investment in PP&E and software of AUD 37.1 million increased year-on-year, supporting investment in the key priority areas. For FY 2025, CapEx is expected to be around AUD 47 million, including office fit out. During FY 2024, we repaid AUD 32.4 million in net borrowings. Total dividends paid of AUD 42.2 million were in line with the prior year, reflecting a stable dividend per share. Domain finished FY 2024 with a cash balance of AUD 33.8 million. Slide 39 provides an overview of Domain's debt facilities. As of June 2024, the facility was drawn down to AUD 185 million, a AUD 35 million reduction versus June 2023. Domain's debt facilities extend out to December 2025 and December 2026, with respectively 61% and 39% of total maturities. Domain's balance sheet at June 2024 is in strong shape, ending the period with net debt of AUD 150.8 million, compared with AUD 185.8 million at June 2023. This represents a leverage ratio of 1.10x, an improvement from 1.71x in FY 2023. With that, I'll hand back to Jason for some closing remarks. Thanks, Pete. During FY 2024, Domain delivered strong results and demonstrated pleasing progress with our marketplace strategy, laying the groundwork for the year ahead. Our strong performance in average revenue per listing and audience has supported core listings growth. Domain's relative listings coverage has recovered to exceed pre-price increase levels, with encouraging listings growth outperformance in June and July. Looking forward to FY 2025, we expect to benefit from a stable market environment with listing volumes growth in the low single-digit range. Our price increases across depth listings average 8%, following our July 2024 price review, and we've seen continued positive trends in depth uptake. The significant enhancements to Domain's datasets and strong growth of the RTA and media businesses have expanded our unique data and assets and diversified revenue. Looking forward to FY 2025, we expect to leverage our enhanced datasets to improve the consumer experience in areas such as price transparency and research, helping to build loyalty to support continued organic traffic growth. Finally, during FY 2024, the development of Audience Boost and our partnership with Nine have progressed our ability to deliver only on Domain experiences. Looking forward to FY 2025, we will build on Audience Boost's extensions to all depth listings, which benefits agents and vendors and drives valuable incremental audiences to Domain's core. This will be further boosted through the scaling of the Always On marketing platform, established in partnership with Nine last year. We look forward to delivering on the significant opportunities that lie ahead for Domain. Thank you for your attention, and I'll now 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. Participants are limited to asking two questions per turn. If you have additional questions, you are welcome to rejoin the queue. Time permitting, you'll be able to ask further questions. Your first question comes from Eric Choi with Barrenjoey. Hey, good morning, team. Thanks for the questions. So my first one, just on the implied revenue outlook for FY 2025, it's probably a little bit better than I expected, and I know part of that is maybe listings. You're assuming that they're up slightly. But I'm just wondering if there's anything else lumpy in there. I mean, I'm thinking about that WA IDS contract. We were sort of thinking that might have been a AUD 4 million per annum contract. Looks like you saw a AUD 1 million benefit in 2024. So just wondering if that ramps up further in FY 2025, or if there's anything else lumpy to call out? And then just a second question. Could you just clarify how much geo mix benefited your FY 2024 resi growth, and whether you've assumed some of that unwinds in FY 2025? Thank you. Sure, Eric. So just on the forward-looking, it's really about the resi business, so the WA Landgate contract, for example, actually, that's gonna be a little bit of a bump as we move from the implementation revenues that we've been recognizing through implementation through to the deployment of the actual contract on an ongoing basis. That will happen at the back end of the year. We've broken the back on the actual product implementation, so we've recognized the majority of the implementation revenue already. So actually, in FY 2025, the contribution on an accounting basis for that contract will be slightly lower. So really, the expectations on revenue just are underpinned by, you know, a depth, sorry, a 8% price increase, which is locked in a, you know, what we think is, a really strong take up so far of depth products, and particularly supported by the excitement around Audience Boost. And we expect to see further depth uptake as those performance numbers around Audience Boost really start to sort of resonate across the market. In terms of geo mix, it was high single-digit tailwind this year. We do expect that to moderate into next year. What I would say, I think the story about geo mix is less about FY 2024 versus 2025, is just understanding why it was so high in FY 2024. And really, what we're seeing in 2025, in expectation is, we're seeing the market start to normalize back to normal levels of volatility. So the reason why we had a large single-digit tailwind in FY 2024 is because we had a large single-digit headwind in the prior year, and going through. What we're seeing Sydney and Melbourne from a listing volume is performing well. They are slightly above the last 5 years, sort of listing volume averages by sort of single, low single-digit percentages. So we don't see anything materially decelerating Sydney or Melbourne. They're tracking along well, and we're seeing, you know, the early signs of a positive spring across those markets. We will see, and we are seeing already, significantly underperforming markets, particularly Queensland, in FY 2024, turn around and accelerate. You're seeing the same patterns that we've seen elsewhere. Price growth substantially running ahead of the market in Queensland, and that will, that's sort of front-running listings growth, and so the listings performance is improving. FY 2024 was significantly below the five-year average in Queensland, and we expect that to sort of move up towards the five-year average. So overall, we do see, you know, the likelihood of a listings headwind in FY 2025, but it's going to be at the sort of lower end of the single-digit percentage basis. Obviously, we don't have any control over this or any aspects, but that's sort of our expectations. That's really helpful, Peter. I'll leave it at that. Thank you. Yeah, you've been blocked from e veryone, everyone's gonna have to recalibrate from their three questions down to two. I'll put on record, that's not, that's not us. Your next question comes from Annabelle Lee with Goldman Sachs. Morning, Jason and Peter. Thanks for taking questions. I've got two. Firstly, on commercial and developer, are there any pricing tailwinds we should think about into 2025? And just from a volume perspective, REA had a chart highlighting improving trends in developer project launches through 2024. I think the outlook, the volume outlook would be better into 2025? So we do do pricing across both of those, and they will have an impact. We saw a significant price increase in commercial in the prior year, and we'll do another price rise through this year, so nothing sort of material there. Look, developers, I'm sort of getting a little bit tired of coming in and saying how, you know, this is another poor year in the developer market, but there's nothing that I would say that would be surprising to what you're seeing out there. It's costly, it's expensive to build product. There is less and less coming into the market, and it's having implications on rental availability and sales. So we are seeing that start to stabilize, but stabilize at the bottom end of what is a normal, you know, active developer range. We do have some pockets of activity, the Gold Coast, for example, or premium developments, so high, high price point developments. We do expect that over time with, you know, we're seeing moderation in building costs and a lot more government support and government focus on what's needed to open up the supply pipeline, has been positive for sort of the developer segment in the, in FY 2025 and beyond. Okay, great. Just on the listings coverage chart in the pack, can you talk about what's driving the volatility in that number? Appreciate it comes down following the price rises, but just as surprised to see it come back in May, for example. If you could just help us understand what's going on there. Look, there is, because there are listings that hit our platform every single day. There are differences in the number of business days versus weekends in a specific month. There are timings of public holidays, a whole range of different things. And so, you know, this is not a number that actually makes sense, looking at a snapshot of a week or even a month. It's the trend over a period of time that we actually look for. The team's done an amazing job at sort of really focusing on making sure that we optimize and sort of maximize the number of listings on our platforms, and over the course of the last year, you've seen that increase. So as a snapshot, last year, we put through some of the largest yield increases that we have ever seen across some of our markets, particularly expanding and emerging. We saw a listings impact earlier on in the year, and we've been able to sort of recover that all the way through the year. In fact, in June and July, we're actually tracking ahead of market in terms of total listings hitting the platform, and August is looking really positive as well. So overall, a really strong outcome on listings, and we're really pleased with the results. Thanks. I'll leave it there. Your next question comes from Siraj Ahmed with Citigroup. Morning. So just the first question. Jason, you're talking about, you know, Audience Boost driving pretty good depth uptake. So should we be thinking controllably this, stronger than your sort of 12% or potentially even stronger than the 15% that you delivered, last year? And the second question, your guidance for low single digits growth for listings, should we be thinking, you know, growth in the first half, second half of the year is a bit higher, so a decline in the second half? Just need to understand how you assumed it. Thanks. Yeah, I'll answer that second one first, as that's quite simple. Yeah, absolutely phasing, 'cause growth in listings improved at a market level, you know, in the last current year. As you track that, you'll see that, you'll see that sort of, you know, the comparables become more challenging as you go through. And that's that breaks down at a geo level as well. In terms of controllable yield, look, we're really quite confident about next year. We've got an 8% price rise that we've put through. We've seen depth and premium products, Platinum Edge, being taken up at record rates, and we're seeing some really strong results. Look, they're results we expected. They are results we saw when we bought Realbase and the quality of the platform. They are results we saw last year when we tested in markets like Victoria or the ACT, and they're results over every single depth listing in July, had an audience boost attached to it, and it's performing incredibly well. So a 30% uplift in views per listing. You know, we're out there competing, and we're competing vigorously. We're improving the outcomes and the quality of the products we're delivering to vendors and agents. Even more impressively and pleasingly, those numbers are outperforming the national average in areas like our expanding and emerging markets across the country, particularly in Queensland and Victoria. So look, that bodes well for not only the depth upgrades that we've seen through the recent contracting and pricing range, but what we saw last year was continued upgrades over the course of the last 12 months. So we doubled the number of Platinum Edge customers over the course of the calendar of our fiscal year. So it wasn't just a one-off sort of contracting upgrade. We continue to upgrade people through the year. So look, I think we are, we're continuing to hold to our sort of controllable yield or, you know, controllable element growth of 12% through the cycle. You know, over the last five years, we've delivered controllable yield growth of 11% over a five-year average. That includes, you know, probably three years in that cycle of challenging environments, of, you know, of Royal Commission, COVID, and then fast-rising interest rates. So to deliver so close to our through the cycle target over the last five years gives us confidence that next year is that's the right target to sort of aim for. Average revenue per yield per listing is slightly under our controllable yield target, only because you have some some decrease 'cause of subscription revenue, which decreases over time. But you know, you're talking over the last five years, our average revenue per listing has grown at a bit over 10% year-on-year, and we think that that's the sort of keeping that into double-digit and delivering a sort of a revenue growth double-digit business is absolutely our aim, and we think you know, that's our targets for next year. Can I just clarify? It sounds like for controllable, you need to see a few more months. You're expecting more upgrades to come because of Audience Boost. That's what we saw. That, um That's definitely what we saw last year. Yeah. Look, that's the pattern we see every year. So you see, you see that coming through. It depends on the geography that those upgrades come from and the yields that they deliver, but that's definitely the case. It's not. This is not a one-off, we lock in contract upgrades, and we just, you know, ride that for the year. We're out there, you know, continuously upgrading customers. That's a pattern we saw last year, and that's our expectation for this year, and that's definitely the targets we're setting our sales teams. Okay. Thank you. Your next question comes from Entcho Raykovski with E&P. Hi, Enzo. Morning, Jason. Morning, Jason. Morning, Peter. Morning. So, I think my two questions might be related, but, first I may not, I'll wait for the answer. So, it looks like controllable yield or the controllable elements of price and depth, that growth seemed to slow down in Q4. So, because it was 14% for the full year and then 15% for the first nine months. I appreciate there might be some rounding, so but it, rough math looks to be about 10%-11% in Q4. Can you confirm that's the number, and I suppose why the slowdown into the last quarter? And then the second question: on slide 16, the resi depth like-for-like revenue growth in Q4 was only 2% higher than Q3. But if I look at the gray line, so listings growth, that's obviously really jumped up. Looks to be up more than about 10%, the delta. I'm just wondering, why wasn't there a greater benefit to resi depth revenue in Q4 from those listings? Yeah, if you could give us some color, that'd be great. Thank you. Yeah, they are related. And they relate to the sort of the listings volume chart over the course of the year. So, you know, remember that if I go back to the sort of half-year results and sort of results around the AGM last year, when we did our quarterly updates, we spoke to the decline in sort of relative listings being largely, you know, non-depth listings, listings that just weren't having a yield impact, for example. As those listings have come back very, very strongly over the second half, you know, back to levels and total listings that are above where we started the year, you are having a sort of a dilutionary effect on average revenue per listing because the denominator is coming back, and they're not delivering into the top. I would say you're also having sort of, you know, a probably an inflationary impact in the first half. So it's, it's, there's nothing in terms of trends other than, other than the sort of out, you know, the outperformance and listings growth in the last couple months and, you know, driving those listings back to the platform, and particularly those listings that were not, not on a depth basis. That's, that's fundamentally the shift. There's nothing else to it. Okay, got it. And is that, is that correct to say it's 10%-11% controllable yield growth in Q4? Let's let me just check through in terms of that number, just on a call. We don't really break out effectively, but it's basically around the right slightly higher than that. Yeah, the higher Slightly higher than that. The higher end. What'd you say? 10 to 11? Yeah, it's 11 and a bit. Yeah. Going through, yep. 11 and a bit. Okay, got it. And I mean, there'll be a natural t o be honest, there's no way to verify this, but I'm sure you'll get the question over the next few days that, are you, are you actually discounting in order to get those listings Not at all. back on the site? Yeah. And not at all. And you would see, it largely is, there was a series of sort of actions then taken by sales teams, some of which were going through, some of which was just normal reactions to the, the scale of the price increases that go through. We see this every year. So, you know, we've gone through that aspect, and you're not seeing it flow through really any of the, the yield numbers that flow through at all. Okay, thank you. Your next question comes from Lucy Huang with UBS. Thanks, Jason and Peter. I have two questions. Firstly, on just the July, like-for-like, 4% growth in listings. I know it's early days in August, but just wondering if you can give us a bit of color as to how early August is trading? I'd appreciate you mentioning that August listings are also off to a pretty strong start. So maybe if I can ask that one too. Thanks. Look, it's, it's always a challenging ask at this annual results to really talk about listings, because we are probably two to three weeks away from the significant spring lift. And it's only when you get into September, that you can really start to build confidence about what's going through. What I would say is, the early signs are quite positive. You know, you know, consistency in Sydney and Melbourne. We're seeing Queensland improve, overall. And maybe the best way I could actually sort of describe it is, the six weeks of trading year to date, the growth in listings volumes is exactly the same as the July number, you know, roughly 4%. So that's, that's probably the best indicator. As to, you know, what happens at the back end of August, we will see. But look, it's really pleasing, and it's good to see that listings growth drive and continued sort of strength in Sydney and Melbourne, though moderating from, you know, a very, very high levels in the prior year. Yes. No, that makes sense. And then just my second question, sorry, it's a bit more granular. So, you mentioned controllable yield across the business for this year was 14%, and I think if we look at resi depth growth, it was up about 25%. But then average listing, average revenue per listing was about 18%. So just in terms of, like, the GM mix, like, when I back calculate, it looks like it's maybe 4, and maybe there's a bit of another 4 percentage points in deferral, or is all of that 4 + 4 the GM mix benefit? Deferral was slightly lower than that. It was sort of -2, around there. The swing is just w e did see a negative headwind from subscription revenue, a decline. And that is a function of just the really significant uplift we saw in depth over the year. We saw the biggest single year uplift in depth contracts that we've ever seen. And that's extraordinary, given the yield growth, the pricing growth that went through. Lucy, where you're seeing that flow through in the numbers, if you look at our percentage of revenue that we generate from subscriptions, that's laid out in the pack. If I go back five years when, you know, when Domain was sort of listed as a, as a separate entity, around 17%-18% of revenue, total revenue or, you know, resi revenue, was subscription. In FY 2023, that had declined over time as we've upgraded people to depth to 13%. Over 2024, that 13% dropped to 9%. So you've seen a really material drop, and that is just purely a, you know, the vast majority of that sort of decline to go through, is because more and more people have stepped off our subscription products and into our depth products on a, on a national basis. So those numbers are broadly right. The only thing you'd have to insert there is a sort of the gap to, you know, moving deferral from what you said, down to -2, is an additional headwind from subscription revenue decline. Yep. Wonderful. No, that makes sense. Thank you. Your next question comes from Dan Leung with Macquarie. Morning, guys. Hi, Dan. Thanks for the opportunity. Hello. I'll just go at two as well, and then I'll ask them upfront. Just following from Andrew's question, just in relation to listings, can you give us a feel for, like, obviously the reported listings number for FY 2024 is 3%, but maybe to avoid any doubt. Is there a difference between paid listings and, you know, any free listings that you're providing versus total? So that's the first question. And then the second one was just on depth. So I might have missed it earlier, but in the depth chart, Victoria and Tasmania, Gold and Silver has done pretty well. Just any commentary you can provide here in terms of what's changed in the strategy, please? Yep. Listings, there's no difference. 3%'s a total listing volume that comes across both what we call subscription or free listings and paid listings, so that's the overall. No, no variance through there. You know, what we did say is, where we did see listings sort of drop off the platform, the vast majority of them were free listings, and though they've all sort of come back, overall, so... And actually come back, and we've gone ahead of where we started the year. And so, you know, we have a really sustainable platform with a really strong moat. There's reasons that agents and vendors across the country turn to Domain t hey turn to Domain, and they turn to our major competitor, because there's differentiated audiences, and they're products that work. Ultimately, you know, if you're on Domain, you on average are selling your property for AUD 36,000 more than on an average property than if you're not on Domain. So that's the reason why there is such a strong sort of economic moat. Look, that structure plays out globally. There is a reason why there is a sort of a duopoly or a two-player structure in every single developed market, and incredibly stable over time. So you know, that you're seeing that play out in listing volumes. So any sort of short-term impact on listing volumes, I think this year has proved that it's, you know, it is exactly that. It's short term. It's cyclical, and it can be addressed. And again, these are complex marketplaces to run. You focus on one metric, and, you know, another metric can actually sort of move, and then you've sort of got to be balancing multiple plates at the same time. That complexity of doing that is the reason why it is so difficult for other players, and, you know, to come in and actually sort of unbalance or really breach that competitive moat from the two major players in every single market. So that's the sort of answer on the listings perspective. If I talk about depth in Victoria and Tasmania, look, actually, if you look at that entire chart, the outcomes reflect our commercial strategies and how we incentivize our sales teams. So in Victoria and Tasmania, absolutely, we're focused on actually different, diversifying our depth base beyond our traditional heartlands of inner Melbourne. You know, and actually sort of very inner Melbourne and premium inner Melbourne, to really cover all of Victoria and Tasmania. And so our sales teams have been deeply focused on, you know, getting people off, free and subscription, and up to the first and second tier of our depth products. That provides our pipeline for future year upgrades to Platinum and Platinum Edge. We've seen that play out really, really well. So in terms of the contract upgrades for 2025, we've seen a lot of, you know, Silver and Gold, customers who've moved on to that in, in those markets, start to explore and take up Platinum and Platinum Edge, and particularly supported by the strength of the proposition around Audience Boost. You know, the value uplift that you're getting via, from Audience Boost in a Platinum Edge, you know, this year is extraordinary. And so, you know, that's sales strategy has worked out. If I go to every other market, WA or New South Wales, again, we have differentiated sales strategies. In WA, in the last year, it's really been about driving yield, to sort of offset the significant performance that we've driven in prior years, where we have kept prices in that market quite flat. And so you've seen a significant yield increase and a flattening to a slight decline in depth penetration, but we expect that to sort of increase, and improve over the course of FY 2025. No, it makes sense. Thank you, thank you, Jason. Thanks, Dan. Your next question comes from Roger Samways with Jefferies Australia. Well, hi, morning, all. Two questions as well. First one, so you're getting to margins to be stable in FY 2025. So how much of, of that is due to the variable cost from Audience Boost? So if listings are better than, low single digit, growth, can you or, or can we expect any margin expansion in, in, in the near future? Second question is on Realbase. Given that Audience Boost is used in technology, should we expect, Realbase's revenue to be stronger in FY 2025? Thanks. I think Pete will answer the Yeah. sort of our approach to investment and discipline. Yeah. Just to start off, Roger, I think that we're going here to stable margins for next year. So we've guided to the high single digits to low single digits on the cost side. And that really reflects our investment in foundational areas that we've covered off. So the platforms, how do we drive growth and scale? And personalization, how do we improve user experience? And then, you know, and also in privacy and cyber, with some new legislation coming in there. The other, the next biggest aspect of that cost growth is really coming through from Audience Boost. So we're making that investment in Audience Boost, which is going to, you know, drive audience growth in the next year. And so that's another kind of core pillar of our investment for next year. And I guess the last pillar of that investment is really how are we being disciplined in addressing the rest of our cost base? So really just trying to limit that to inflation, you know, to inflation, even though we are seeing, you know, higher than inflation costs across technology, and how do we balance that across the rest of our our cost base? So if you just take that stable margins guidance with the with the cost guidance that we're providing, I think that leads you to a a revenue assumption. In terms of your second question, our marketplace strategy is all about, in our ancillary businesses, getting access to new data and unique data platforms and customers, which we can then use to drive incremental growth in our core listings business. So the outcome of that from the way we recognize revenue is, Audience Boost revenue, as it's bundled with and driving greater uptake in our depth products and greater performance in our depth products, will be recognized in our core listings business. There'll still be a line in our Agent Solutions business, which is our sort of traditional AIM product. That is, a product that's sold to agents that drives traffic to their own website. And so it's not part of our core listings business, and that'll flow through there. But the vast majority of the really material uplift in the contribution from that product will be recognized in the core listings business. Okay, got it. Thank you. Your next question comes from Tom Beadle with Jarden. Hi, thanks for the opportunity to ask questions. Just, I guess, my first one just is on the volume outlook. Yeah, you're obviously assuming low single digit growth there, which is marginally better than your competitor, which is assuming flat. I guess, I'm keen to understand the logic behind that. You know, are you assuming that you can take a bit of share, particularly in your emerging and expanding markets? Or is it just that you're simply taking a marginally better view of the market? Just, the second question just relates to costs. I know a few people have asked on costs, but, and, and I think that slide on the drivers was helpful. I guess what I'm trying to understand is that those ex-FY 2025 expense drivers, just in the context that your cost growth in FY 2024 came in at only 7%, and you've only recently guided to the top end of high single digits recently. So, you know, are there any costs that might have been deferred into 2025 that are driving part of that growth? Thanks. Tom, I'll answer the first one, and then Pete can sort of talk about the cost profile, 2024 into 2025. So, it's really, really difficult to answer that because we have no insight into how the assumptions and the forecasting of how others forecast the market. So we are just looking at it as we view. And look, I think your assumption is right. If those numbers play out exactly as forecast on both, you know, players in the market, which is highly unlikely that everyone gets it exactly right, you know, that share change would actually happen. But it's really, really difficult to sort of to comment on that, because I just don't have insight into what's what the core drivers or assumptions that are made, other than the ones we are making. Yeah, just on the cost question, Tom. There's no deferral of costs into FY 2025. We did demonstrate some real discipline in the back half of this year, particularly around our contractor and consulting costs. But even then, that didn't impact the delivery of our product innovation and our ability to bring markets to products. So just pleased with the outcome on cost for FY 2024, but no deferral into FY 2025. No problem. Great. Thank you. Your next question comes from Fraser McLeish with MST Marquee. Great, thanks. Hi, Jason, hi, Pete. I just wanted to ask one, a wee bit of granularity on Audience Boost, just because it is such an important product for you. I think you said Audience Boost was attached to all depth listings, but can you just explain how you will drive customers up through the depth tiers using Audience Boost? What, you know, what Audience Boost do you get in the different tiers that's, you know, that's adding value for you to, and to upgrade the depth? Thanks. Yeah. So each tier, as you move up the depth, you get a substantially larger sort of quality product. So we'll be driving more views as you work, as you move up the platform. So for example, Platinum Edge will have a product or an Audience Boost contribution that will deliver significantly more views than Platinum and more than Gold and more than Silver. It's not only the volume of the strategies in which we're deploying, it's also the breadth of the platforms that you have access to. So, you know, Platinum Edge will have access to the broadest range of platforms across social, search, Nine audience. Whereas, you know, the Silver or the bottom end of depths might have a restricted range of platforms. So, you know, if you're an agent that wants to, you know, to participate and demonstrate the property that you are representing is available and engaging with audiences across the broadest range of platforms available, using the, you know, the most impactful data and targeting personalization capabilities that Domain has, using the sort of most powerful sort of AI segmentation and personalization approaches, then, you know, you wanna be on Platinum Edge. The product works, and the product is delivering significantly more. So that 30% uplift is the average across all of our depth tiers. Obviously, we'll have, you know, different results as you move across those different depth tiers and across different geographies. Great, thanks. That does conclude our question and answer session. I'll now hand back to Mr. Pellegrino for closing remarks. Thank you, everyone. Really appreciate all the questions and the depth of the questions. We're really pleased with a really, really strong year. You know, revenue increase of 13%, net profit increase of 28%, you know, very strong depth. Fundamentally, it's about the 1,000+ Domain employees who have been absolutely focused on our marketplace strategy and delivering products that work. We're able to deliver those numbers because our products work, and our products are attracting more agents, more vendors and their listings, and more seekers to our platform. Over time, that's delivering on our strategy. Overall, look forward to seeing you over the next couple of days. Thanks for joining.