Good day, and thank you for standing by. Welcome to Humm Group HY 2024 Results Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To reserve your question, please press star one one again. To ask your question or comment on the web, please type your question in the box located on the left-hand side of the screen. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Stuart Grimshaw, Chief Executive Officer of Humm Group. Please go ahead. Good morning, and thank you for joining us today as we release the first half results for financial year 2024. My name is Stuart Grimshaw, and I'm the Chief Executive Officer of Humm Group. Also joining me today is Adrian Fisk, Chief Financial Officer, and Dave Grevler, Head of Investor Relations. On slide 2, you will see the agenda for today, and Adrian and I will walk you through the slides. Turning to slide 4, the first half presented many challenges, which we'll touch upon through this presentation. However, it was pleasing to see the continued strengthening of the balance sheet. We increased our receivables by 23% to AUD 4.7 billion, and our gearing ratio stood at a relatively conservative 11.3%. Unrestricted cash also increased to AUD 159 million from AUD 112 million at the same time last year. The balance sheet position was supported by another strong credit performance, with group net loss to average net receivables of 1.68%, down from 1.95% at the same time as last year, highlighted by low loss levels of 0.5% net loss to average net receivables in the commercial business. We continue to focus on cost efficiency, with a further AUD 7.5 million of costs removed in the first half, taking the total costs actively removed from the business to AUD 26.1 million since first half 2023. From this base, we were able to return a normalized profit of AUD 28.1 million, which was down AUD 10.4 million or 27% from the same time last year. As you will see in the following slides, the dramatic increase in interest rates and credit spreads had a material impact on the company's results, and to achieve the result we have is very credible. In line with our guidance in regards to the dividend payout ratio and the decline in normalized profit, the board have declared a dividend of AUD 0.75 per share. Additionally, during the first half, we purchased around 20.9 million shares, or around 4% of outstanding shares, to satisfy our on-market buyback and long-term incentive programs. Turning now to slide 5, where we see the impact that the increased interest expense had on the profitability of the group. In broad numbers, the increase in gross income from a 23% increase in receivables was eroded from the 88% increase in interest expense, the net effect being a relatively flat net operating income line to that of the prior corresponding period. Operating expenses were held below inflation, and we saw a slight tick-up in credit losses as the portfolio grew. While the normalized profit number of AUD 28.1 million was a 27% decline on the prior corresponding period, management has responded to this pressure by effective use of hedging to minimize the whole impact of interest rate increases, increasing the interest rates and fees on our products where possible, and implementing cost reduction programs in the business. These initiatives recovered around 55% of the interest expense increase relating to the base rate and credit spread increases. Adrian will expand on these points later in the presentation. Turning to slide 6 now, we've made no secret that we're very much about growth, but at the right price and the right time. We still have work to do in rebuilding foundations, particularly in the consumer business. However, we feel that with the recent capital markets dislocation, the company is well positioned to maximize the opportunities that we will see over the coming period. In particular, in commercial, we've been singly focused on the infrastructural assets in our growth, and by doing so have developed excellent relationships with the broker community. We'll seek to further leverage these relationships into new verticals, for example, with the medical and dental industries, to expand our offering. We're also not servicing many areas of rural Australia that we should, and we'll be increasing our business development activities into these regions. With consumer, the consumer business is one that has taken a lot of our focus as we rebuild and refocus the team around the customer. We continue to remove excess costs associated with products that no longer resonate with the customer. However, we will reinvest some of these savings into a new personal loan product in Australia that will be soft launched in this upcoming half year, with a refocus on the Q brand in New Zealand. We have a very successful card brand in New Zealand, being the Q brand, which has lost its focus as we promoted the humm brand for point-of-sale purchase plans in New Zealand. As we have shut that offering down, the focus of our business around the Q brand in New Zealand makes a lot of sense. We are seen as a strong competitor brand to the major banks in this space and currently the second largest card issuer in New Zealand, reaching 33.6% of new cards issued in November 2023. Finally, we're live in Canada, where we're starting to grow volumes in the verticals that we are consistently focused on, being medical, health, automotive, and veterinarian. We're using the same IT platform that will be launching the personal loan product in Australia, so this is a good trial for that launch. Ireland is also returning positive profit numbers, and this trend is expected to continue. In addition to the customer-focused initiatives, we're investing resources to stabilize the technology platform, and we're seeing the benefits from the migration of our card platform to AWS, as well as the ancillary benefits in credit decisioning and time to cash for our customers as we remove manual processes. Adrian will later touch on the funding platform that we've developed and the advantages it provides to us as we continue to grow our portfolio. Turning now to slide 8, the commercial business continues terrific trajectory in growth, recording a normalized net profit after tax of AUD 21.6 million, which is 12% up on the prior corresponding period. Its receivable balance now sits at AUD 2.7 billion, which is a 39% improvement on the same time as last year. Gross income from these balances was up 56% to AUD 132.8 million, an increase of AUD 47.5 million. However, this gross was offset to a large degree by the increase in interest expense, which grew by 111% or AUD 41.2 million. The resultant net effect was to have net operating income grow by 13%. Continued cost efficiency carried this through to a 12% improvement in normalized cash profit after tax. Some of the increase in interest expense was due to an increased leveraging of the portfolio, which, while increasing the interest expense, saw the ROE of the business improve from 18.9% to 25.2%. Also, as management has taken action to further offset the interest expense challenges, the front-book NIM has increased to 5.1%, which is 100 basis points higher than the overall portfolio NIM. On slide 9, supporting the strong growth of the commercial portfolio has been a conservative approach to credit. This has been evidenced over the last periods and continues with a net loss to average net receivables of just 0.5%. As we can see on this slide, the risk profiles provide comfort from a diversification perspective, the largest sector exposures being to logistics at 36% and civil engineering at 30% of the portfolio. Equal state exposures in New South Wales, Victoria, and Queensland at around 25% each, and consistent and stable customer origination grading profile evidencing a well-performing portfolio. Turning now to the consumer business on slide 11, our consumer business comprises three units, being New Zealand cards, Australian cards, and point-of-sale payment plans. The normalized cash profit after tax for consumer of AUD 6.5 million was down 66% or AUD 12.7 million from the prior corresponding period. Gross income was actually up 7% from AUD 155.1 million to AUD 165.9 million. However, this AUD 10.8 million improvement was well and truly overtaken by a AUD 20.5 million increase in interest expense. The gross income growth was driven by a 6% increase in receivables to AUD 1.95 billion and a volume growth of 13% in continuing products to AUD 1.15 billion. The net loss to average net receivables remained at 3.3%, which was a solid performance in the current economic environment. We also continue to review the cost platforms we operate on, and this has delivered AUD 26.1 million in savings since first half 2023, which has supported reinvestment into customer-facing roles, has covered inflationary pressures seen across all cost lines in the business. We continue to focus on optimizing the profitability through improved unit economics and a targeted review of product geography and merchants. We're investing in our international businesses that provide optionality and opportunity for future growth, and we look to meet our customers' needs through new products such as the personal loan product we'll be soft launching in this half year. Turning now to the individual business performances on slide 12, New Zealand cards experienced a volume uplift of 13%, representing AUD 432 million in new volume. This is credited to a 4.6% growth in receivables to AUD 634.5 million, which flowed through to a 7% improvement in gross income over the prior corresponding period. Offsetting this growth was a 45% increase in interest expense, which was a greater increase than the marginal improvement of the gross income line, affecting a net operating income reduction of 9% to AUD 37.3 million. Normalized net profit after tax of AUD 7.8 million was down 38% on the prior corresponding period, primarily due to the interest expense impact, while credit charges remained relatively flat year-on-year. There was a slight tick-up on expenses as we refocused the New Zealand business as a standalone customer business revolving around the Q brand. Australian cards' volumes were down 5% on the prior corresponding period to AUD 254 million as a result of exiting unprofitable merchant relationships, tightening of credit settings at origination, and a lower marketing spend as we sought to rebuild the portfolio. Average receivables were also down by 2% on the prior corresponding period to AUD 429 million, also impacted by the run-off of legacy product receivables. Gross income was up 10% on the prior corresponding period to AUD 41.9 million, and this was supported by material reduction and origination costs of 47% or AUD 2.6 million, resulting in a net operating income improvement of 19% to AUD 28.1 million. While interest expense was up 22% to AUD 10.9 million, it was not sufficient to erode the benefits of the reduction in origination costs. Operating expenses remained flat with the previous year, while the net loss to average net receivables increased over the prior year. It remains at historically consistent levels. The normalized net profit after tax was up 37% to AUD 3.7 million. Point-of-sale purchase plans saw volumes decrease by 15% due to the lower volumes recorded in Little Things, following the closure of BPAY and the repositioning of Little Things as a companion product to our core Big Things product. Continuing products increased by 25% year-on-year to AUD 461.5 million, with Humm AU volumes up 19% and Ireland and Canada growing 49%. The strategy of rationalizing our product portfolio and exiting unprofitable merchants resulted in volumes for the suspended products of low transactional value reducing by 78% to AUD 50.9 million. Notwithstanding this mixed volume picture, receivables were up 11% to AUD 885 million, driving a gross income growth of 5% or AUD 2.8 million, which was more than offset by a 109% or AUD 12.8 million increase in interest expense. While expense growth was controlled to a 4% increase, the credit and impairment charge was down 8% to AUD 12.7 million. This, however, was still not sufficient to offset the material increase in interest expense, with the business losing AUD 5 million on a normalized basis against a AUD 4 million normalized net profit at the same time last year. Turning now to slide 13 and the priorities for each of the businesses' period ahead, there is a mix of what I would term refocus and rebuild through each of them, and I will highlight a few of the more pertinent priorities. With New Zealand cards, there is a strong focus on the rebuild of the Q brand to further strengthen what is already a strong market position. We're reviewing the economics of the co-branded portfolio to ensure that profit opportunities are both understood and availed of, and we're reviewing merchant economics to eliminate or rebalance currently unprofitable relationships. In Cards Australia, we'll seek to further deepen our volume growth from the travel industry. This is a major user of the long-term interest-free option, and we see the benefits of this product attribute reflected in our profit and loss around 12 months after origination. We're also looking to selectively take advantage of pricing opportunities the market allows us to and improve the penetration of our cards product with the merchants we have and also expand into other verticals where possible. For the point-of-sale payment plan, we are focusing on the larger ticket purchases with the effective closure of Little Things this month. We're undertaking a complete review of all merchants to ensure we have the profitability at a level that meets our return criteria. We'll be looking to increase our share of the merchant service fee where appropriate. We're transitioning the lower-returning merchants to the new personal loan product where the merchant service fee outcomes are insufficient to meet our hurdle returns, and we'll monitor and manage the Canadian businesses to start drive volumes in a measured and balanced way. I'll now pass over to Adrian. Thanks, Stuart. Good morning. I'm here to discuss the financial performance of Humm Group for the half year ended 31 December 2023. Consistent with the last 12 months, we continue to adopt the metric normalized cash profit to better reflect the underlying performance of the business. It removes material, infrequent items that do not reflect the future earnings, non-cash items such as AASB 9 provisions, which are required by accounting standards, and depreciation. Further, we have excluded cash and PAT losses in our suspended products, which are in run-off, and equated to AUD 8.2 million, down from AUD 32.2 million in the prior full year. The board and management consider normalized cash profit as the best measure of our ongoing earnings and long-term performance as we navigate this phase. We have reported a normalized cash profit of AUD 28.1 million for the half year to December 2023, which compares to AUD 38.5 million in the prior comparative period. Gross income was up 24% to AUD 298.7 million, predominantly resulting from the growth in receivables across commercial and consumer businesses, which are now at a record AUD 4.7 billion. This line also benefits from interest income increases from pricing initiatives throughout the last year. Gross income was negatively affected from reduced fees attached to suspended products of AUD 2.8 million and lower prepayment by our customers in commercial of AUD 2.2 million due to the higher interest rate environment. Origination costs are lower as we target this line for cost savings across the business, including credit decisioning and historical business development arrangements. Net operating income was flat over the period, resulting from interest rate increases that was discussed by Stuart, and I will cover this in more detail on the next slide. There has been an AUD 3 million increase in net losses, which is pleasing given the growth in receivables, resulting in a net loss to ANR of 1.68%, a reduction of 27 basis points compared to PCP. From a cost perspective, we continue to drive efficiencies in our business, and we've seen an additional AUD 7.5 million in savings across marketing, people, and procurement activities, and I'll cover costs in more detail on the latter slide. On capital management activities, the directors have determined that Humm will continue to pay dividends and set out a fully franked interim dividend of AUD 0.75 per share or 3/4 of a cent per share. Our dividend policy remains consistent with the prior year, and we aim to pay dividends on 30%-40% of free cash flow, which equals normalized cash profit adjusted for CapEx, working capital and growth. Consistent with the prior period, our investors will be able to exercise Humm Group's Dividend Reinvestment Plan. Following our announcement of the full year of a share buyback of 10 million shares alongside an on-market purchase of shares related to executive equity plans, I can confirm that as of last Friday, we have bought back 9.6 million shares under the buyback and 11.3 million shares in the executive equity plan. We consider that these capital management activities appropriately balance our investment in growing receivables with activities to deliver returns to shareholders. On slide 16, as Stuart mentioned at the beginning of the presentation, Humm, like all non-bank financial institutions, have been affected by the unprecedented rise in interest rates and credit spreads that began in early 2022. The interest rate expense walk on the left-hand side is a simplified version and indicative of the changes that we have seen in our portfolio over the last 12 months. You can see that the interest rate expense increased AUD 61.8 million when compared to the prior comparative period. Of this, AUD 32 million is explained by increases in new receivables, which increased interest income by AUD 62 million. The increase in base rates or BBSW, which have moved from 2.66% to 4.41%, has affected interest rate expense by AUD 27.7 million. The increase in credit spreads, which on average were 50 basis points over the period, increased interest expense by AUD 8 million. I note that while we hedge base rates, we are unable to hedge credit spreads. Critically, Humm has consciously decided to improve the capital efficiency of our portfolio by increasing mezzanine in both the commercial and POS PP businesses. This strategy increased interest expense by AUD 4 million and has partially enabled us to increase our cash to AUD 159 million to support future growth in receivables. It has also contributed to the improvement in return on equity on the commercial business from 18.9% to 25.2%. We have a sophisticated hedging program to manage interest rate risk on the backbook, which is over 90% hedged in our fixed rate books and sub-50% hedged in our floating rate books. The number here of AUD 10 million is the net effect of hedging period on period, and the actual benefit that actually flowed through the period from our hedging activity was AUD 22 million. Note that the other factor that is important in management's activities to manage these external factors is repricing by the business during the period. On the right-hand side, we have two yield curves. The black is from 30 June 2023, and the orange is current around mid-February. On average, Humm hedges at the three-year part of the curve given our asset profile. You can see that the market is already expecting reductions in interest rates at the three-year part of the curve of 34 basis points, which, as Stuart mentioned, along with pricing changes, has improved our frontbook NIM of around 100 basis points in recent months. Humm aims to expand margins in our frontbook yields as we seek to hold asset pricing on new originations and benefit from lower cost of funds as base rates begin to normalize. On slide 17, the executive team is committed to a long-term program of efficiency and cost removal across the business. The commercial business continues to have a strong cost-to-income ratio at 33.1% and demonstrates operational leverage to enable the business to grow gross income by AUD 47.5 million, while costs annually grew AUD 2.5 million. We've continued to refine our operating model with new technology introduced into New Zealand, leading to efficiencies that will yield benefits in the second half. Consumer and our back office functions continue to be the focus of cost efficiency as we refocus and rebuild this consumer business. As set out in the walk, the Humm Group executive team have made good progress in our cost-out initiatives and have delivered a further AUD 7.5 million in savings this half, which equates to AUD 26.1 million since the program began in the first half of FY 2023. These savings have helped us manage inflationary pressures and allow the group to continue to invest in customer-facing capability. Putting aside the reductions in depreciation changes, we have delivered reductions in marketing that were directed to smaller transaction suspended products as we rebuild the POS PP business. We've lowered our people costs, reducing headcount by 42 in the last six months. These FTE reductions have been offset by investments in executive talent and customer-facing staff in Australia and New Zealand. Our people costs are also affected by an increase of AUD 2.3 million attached to executive share plan incentives. Professional and outsourced operations have also increased due to higher legal fees, collections, and repo fees. In the last six months, the group has conducted a detailed procurement review across the business, which will lead to additional savings. We've booked an onerous contract of AUD 4 million attached to technology not required to support the POS PP strategy. We've had insurance cost reductions, communication savings across statement, SMS, and mail, origination costs such as credit checks and valuation recovery services, and also technology savings in infrastructure. Consistent with our clarity on investment, we have tightened CapEx costs over the last six months to AUD 7.5 million. This continuous efficiency program at Humm will yield benefits. On slide 18, our credit performance continues to demonstrate resilience in this market with a net loss to ANR of 1.68% for the group, a direct result of the strength in our credit team and actions taken at the start of this cycle to manage losses. Across our portfolio, we note low losses, arrears, and hardships. Specifically, our 30-days arrears was flat at 1.9%. We recognize that we live in uncertain times in both the consumer and commercial sectors and are keenly focused on the early credit indicators. We have been successful with our collection strategy and debt sale programs over the last 12 months, which have seen material improvements in recoveries. Commercial continues to demonstrate low losses, showing resilience in the SME sector with continued good recoveries in the second-hand equipment market. I note that our net loss to ANR ratio for commercial benefits from high growth in receivables increases the denominator, and we anticipate that this ratio will normalize over time around the 1% level. We are currently provided at 2% for this portfolio and so well covered. In consumer, while cost of living pressures continue to affect individuals, we are not seeing material, unexplained changes in arrears or hardships across the portfolio. POS PP has seen an improvement in its net loss to ANR ratio from the exit of suspended products and Little Things merchants, which had higher loss rates. The large transactions portfolio has been stable with a 3% net loss to ANR, noting that late-stage arrears are falling due to tightening of credit settings in the last six months. AU cards net loss to ANR ratio has increased from 2.6% to 4.1%, and this is a function of a very low loss ratio in FY 2022 attached to an additional debt sale. With operational collections and credit scoring changes, we anticipate this to normalize under 4%. NZ cards has maintained a net loss to ANR ratio of around 3% for the last three periods with arrears below FY 2023 level and hardships low in this portfolio. On slide 19, we consider that Humm has a sophisticated and diversified funding platform with a long history in our key products and markets. This means we have a strong support from financial institutions, both local and offshore, along with a diversified pool of investors. We have continued to execute transactions over the last 18 months in challenging markets, allowing us to maintain growth in this market. In fact, Humm executed a record AUD 1.8 billion in asset-backed securities in the last six-month period in both private placements and public market transactions. As of 31 December, we had AUD 159.4 million in unrestricted cash, which provides a foundation for growth. This cash balance was achieved while continuing to grow assets, pay down AUD 15 million of our corporate debt facility, and execute our buyback and share purchase plan of AUD 5.6 million. We achieved this cash balance through increasing the mezzanine in our warehouses and term deals. This has increased cash, removed the need to raise capital to grow while equity markets have been challenged. Our leverage ratio of 11.3% is prudent and the direct result of this additional mezz investment has led to increased efficiency in our commercial business that has increased our ROE in commercial. While the introduction of mezz across our warehouses is largely complete, we'll continue to explore options to drive growth in our business without need to raise capital. Our objective of our capital strategy on slide 20 is to balance growth and returns to shareholders. To date, we have grown our balance sheet to a record AUD 4.7 billion prudently while maintaining credit losses at 1.68%. We have a conservative net tangible asset ratio to receivables of 11.6%. We also have the capacity to pay dividends at AUD 0.75 cents per share with a payout ratio between 30%-40% of free cash flow. Further at 30 June, we decided to buy back 10 million of shares and purchased shares associated with the employee share equity plan. We consider that these actions, along with our focus on the customer, unit economics, capital, and cost out, will deliver enhanced long-term share value. Thank you for your time, and I will now hand back to Stuart to close our presentation. Thanks, Adrian. Turning to slide 22. For the second half of this financial year, we will continue to build a strong balance sheet that will drive shareholder value improvements and provide the platform for future growth. We expect credit performance to continue to be well maintained, and we'll remain focused on achieving cost efficiencies throughout this period. With the realignment of the business into customer and geographical segments, we're seeing improvements in our understanding of the customer's requirements. This will bring a renewed focus on the construct of our customer value proposition. The output from a renewed customer value proposition should bring opportunities that we can execute on with a strong balance sheet to support. At the end of the day, it's about profitable growth, and the execution of the above initiatives will enable consistently robust shareholder returns. Thank you, everyone. Now we'll open it up for questions. Thank you, sir. As a reminder to ask a question, you will need to press star one one on your telephone and wait for your name to be announced. To rejoin your question, please press star one one again. To ask a question or comment on the web, please type your question in the box located on the left-hand side of the screen. Please stand by while we compile the Q&A roster. I'm showing no questions in the phone lines at this time. Thank you. Thank you very much. We've had a couple of questions come through on the webcast. The first question for Stuart, I guess. Stuart, have you considered splitting off the commercial and consumer businesses? This report clearly highlights the strengths of commercial whilst this appears to be a weakness in the consumer part. Yeah, no. It's a good question. Commercial has performed very strongly since 2019 when Rob Wright was put in charge of commercial. And if you put your mind back to 2019, the commercial business was actually in a mess. It wasn't performing well, had large losses. And Rob was able to turn the business around to now be a real force in the asset finance industry with taking Rob out of the commercial business and put him in charge of the Australian consumer business where we see the need to be refocusing such as we did with the commercial business in 2019. And we'll be looking to Rob to reinvigorate that part of the business. Historically, we have had very good returns from the consumer franchise. So with Rob at the helm, we're fairly confident that that will be achieved under his leadership and guidance. But we're also pragmatic that we do have to watch it closely and make sure the capital allocation reflects the returns. Thank you, Stuart. The second question here, I guess, for Adrian. On the share buyback, how many shares have been bought back to date? Do you have that split between LTI and the share buyback? And will you be continuing and extending the buyback given the cash available? Yeah, thank you. So I can confirm that as of last Friday, we had bought back and canceled 9.6 million shares under the buyback. Then the share plan has purchased 11.3 million shares under the share purchase plan. We are continuing with the buyback as discussed at the end of last year. Great. There's one more question that has come through the chat, and that's relating to the normalized profit to statutory profit. Can you articulate some of those differences and when you think they'll become more closely aligned? Yes. So our objective, obviously, is to get the statutory profit and the normalized profit to start to align. There's two areas where they won't align. It's really in the non-cash items, which is depreciation and these AASB 9 provisions. Just as a reminder, as we're growing, our receivables are quite significantly required to book the provisions. So those numbers in a high-growth environment are quite significant. So those non-cash items of depreciation and AASB 9 will always be there. But our goal at this stage is then to reduce the one-off items. And so in there, we have some impairment and some onerous contracts that have been booked in the period of about AUD 7 million. And we also have our suspended products of AUD 8.2 million that we've removed as well, noting that we had AUD 32.2 million at the full year last year. And so we've reduced that down to about AUD 8.2 million. We're expecting that to come off by the end of this year. Our receivables and our suspended products are down to about AUD 1 million. And we're expecting to shut down those products. It's lasted probably a bit longer than I anticipated. And that will then enable us to switch off technology costs and remove additional costs attached to those suspended products. But our goal is to really try and line up our normalized profit to the cash profit. Thanks, Adrian. Two more questions have come through, and then we'll wrap it up for the day. Second last question is, how far are you through the cost-cutting exercise? And what can you expect into H2 from both a cost out and profit to stakeholders? As we sort of mentioned in the presentation, cost efficiencies are actually part of the everyday life of businesses now, particularly with the different interest rate environment that we're in where being fit is actually a critical success factor for us. We don't give guidance on profit or the cost out scenario we have in the past. But as this is part of the ordinary life that we live in, what we want to do is ensure that our cost growth is substantially less than our revenue growth. Thank you, Stuart. Final question for the day. Can you provide some color as to the volume trends for the start of the second half of FY 2024? In New Zealand, we've seen a slight tick up in the cards portfolio, which is quite typical after the Christmas period. And we started to see the revolve rate tick up. In December, there was quite a large payoff in the New Zealand cards business. Commercial volumes still retain their strength. We actually had a record number of applications two days ago for the commercial business. Australian cards have maintained its position, and it's still early to see what's really happening out of the point-of- sale purchase plan. Great. Thank you, Stuart. Those are all the questions for today. Handing back to the moderator to wrap it up. I'll hand it back to Stuart. Thank you. At this time, I'd like to turn the call back over to Stuart Grimshaw, Chief Executive Officer of Humm Group for closing remarks. Thanks, everyone, for the attendance today. We look forward to talking to you over the next period. Thank you very much. Thank you. That concludes today's conference call. Thank you for attending. You may all disconnect.