Thank you for standing by, and welcome to the Jumbo Interactive half-year results briefing. 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 may press the star key followed by the number one on your telephone keypad. I would now like to turn the conference over to Mr. Veverka, CEO. Please go ahead. Good morning, everyone, and welcome. Let me begin by acknowledging the traditional owners of the land on which we meet and pay our respects to all elders, past and present. Today I'm joined by our CFO, Jatin Khosla, to present our first half 2024 financial results. Turning to the key highlights for the half. While first-half lottery retailing TTV was 3% lower than the PCP, which was a tough comp and included $ 160 million record Powerball, revenue was up 11.5%, mainly due to the pricing changes implemented in May 2023. The first half also saw record TTV from non-TLC products as we gained traction in this area. SaaS continues to perform well and it was great to see Lotterywest achieve an 18% TTV growth, which doesn't include the recent $ 200 million Powerball. I'm pleased with the momentum we've achieved in Gatherwell as it returned to growth and achieved six consecutive months of record ticket sales. In Canada, we appointed Marina Avisar to the role of Stride President in December. Marina brings a strong technical, product, and transformational background and has over 20 years of experience across many technology organizations. The cost line benefited from lower marketing costs in the period but was more than offset by continued investment in automation, AI, and data analytics capabilities. The balance sheet remains in good shape and provides flexibility to drive further growth. We also took advantage of some market dislocation and bought back around $ 600,000 worth of shares. Moving to the numbers, group TTV and revenue were up 16% and 18%, while underlying EBITDA and NPATA increased 16% and 15%, respectively. First half 2024 benefited from a six-month contribution from Starvale relative to only two months in the PCP. The lower underlying EBITDA margin of 47.6% primarily reflects the step-up in the service fee paid to the Lottery Corporation and the lower margin profile of the other businesses. Free cash flow was up 24%, and the board declared an interim fully-franked dividend of $ 0.27 per share, up 17% on the PCP. Moving on to lottery retailing. Online sales of lottery tickets increased 120 basis points to 39.6%. It is pleasing to see a resumption in growth post-COVID. There were 28 Powerball and Oz Lotto large jackpots in the first half, with the average value per jackpot down 14% to $ 35.7 million. Unfortunately, after the $ 100 million Powerball in August 2023, Powerball did not exceed $ 60 million for the remainder of the half. Having said that, it was pleasing to see Oz Lotto jackpot to $ 90 million on Boxing Day, its highest level in over a decade. This was our best-ever Oz Lotto draw. Moving to the next slide. This is our usual chart showing our track record of delivering consistent growth. The lower number of new and active players and cost per lead were purely a function of the jackpot environment compared to the PCP. However, the second half got off to a great start with a $ 200 million Powerball. The light blue bar on the right-hand side shows the impact after only six weeks. Moving to SaaS, where active players and TTV were up 17% and 16%, respectively. On Lotterywest, the channel continues to perform in line with our expectations with 18% growth versus the PCP. We're pleased to extend the Lotterywest SaaS agreement for another four years from November 2023 and continue our jointly funded marketing program. While we anticipated Lotterywest to issue an RFP for their central gaming system by now, our understanding is Lotterywest are in the process of finalizing the RFP framework, but we are unclear of the exact timing of its release. Looking ahead, we have observed increased activity across the domestic lottery ecosystem, which is encouraging. Moving to Managed Services, which principally includes the contributions from Gatherwell, Stride, and Starvale. This segment has grown from approximately $ 2 million in revenue in FY 2020 to over $ 23 million on a pro forma basis in FY 2023. The businesses we have bought are generally well-established, founder-led, or family-run businesses that have long-standing relationships with their charity clients and a healthy number of active players. While we expect these businesses to continue to grow at mid- to high single-digit rates over the short term, we see a significant long-term opportunity based on digitization, our ability to leverage our lottery platform to meet our clients' needs, leveraging our lottery management expertise, in particular our ability to grow lottery programs, new propositions supporting both client-owned and jumbo lottery programs, revamping the U.K. operating model including clearer accountabilities for business performance, and bolt-on acquisitions to drive scale and access new clients and/or capabilities. I'll now hand over to Jatin to take you through the financials. Thanks, Mike, and good morning, everyone. Starting with the usual EBITDA waterfall, where underlying EBITDA excluding the contribution from Starvale was up 11.1%. Starvale completed on 1 November 2022, and hence the PCP only recorded a two-month contribution. The main driver of the increase was the strong revenue uplift in lottery retailing, partially offset by the step-up in the TLC service fee and higher operating expenses. Stride EBITDA was approximately $ 1.1 million lower than the PCP and a drag on the overall margin. I'll cover the Stride performance in more detail later in my presentation. The underlying EBITDA margin, including the contribution from Starvale, was 47.6%. Turning to the segments and starting with lottery retailing. Overall TTV was down 3% on the PCP as a result of the relatively unfavorable jackpot run and strong comp, which included the $ 160 million Powerball. Pleasingly, charity TTV was up strongly given our focus on this channel and the launch of new products. Despite lower overall TTV, revenue increased 11.5%, reflecting the benefit of pricing changes announced in May 2023 and the higher charity contribution. The 33.7% increase in EBITDA reflects strong revenue growth and lower marketing expenses, partially offset by the step-up in the TLC service fee. Moving to SaaS, where TTV and external revenue was up 16% and 14.4%, respectively. The slightly lower revenue margin reflects the revised license fee structures under the extended Mater and Lotterywest SaaS agreements. The EBITDA margin fell to 60.5%, mainly due to the lower intersegment fee from lottery retailing due to a contraction in TTV and higher employee and technology costs. Moving on to managed services, which reflects a full six-month contribution from Starvale relative to only two months in the PCP. Pleasingly, Gatherwell EBITDA was up 36.6%, reflecting good operating leverage following management actions to sharpen focus and right-size the business. The Stride result was disappointing, with EBITDA down significantly on the PCP. The main drivers of the shortfall reflect a $ 620,000 media expense accrual that relates to an FY 2023 client campaign that should have been expensed in the prior year in line with the revenue recognized. It's worth noting that the Stride's second and final earnout has been adjusted to reflect this item, and as a result, $ 714,000 of the estimated earnout was released and recognized as a fair value gain in the P&L. This benefit, however, is removed in calculating the group's underlying EBITDA. There was a further $ 280,,000 relating to audit and compliance and software development expenses. Adjusting for the media expense would result in EBITDA of around $ 1.1 million and an EBITDA margin of 26%. Starvale's performance was in line with our expectations, noting there is some seasonality in the business, with December reflecting the peak in activity due to a number of Christmas draws. The managed services performance also benefited from positive FX translation effects, and I've included the equivalent numbers in local currency in the appendix. Moving now to OpEx. Underlying OpEx excluding the contribution from Starvale increased 4.4%, with higher employee and technology costs partially offset by lower marketing and corporate costs. The increase in employee costs reflects a combination of, firstly, a slightly higher headcount versus the PCP, secondly, the effect of higher salaries from annual pay increases and new or replacement roles at a higher rate, and finally, a higher STI accrual. Technology costs are up 69% on the PCP but only 25% on 2H2023. The higher spend mainly reflects increased license fees and investment in data management and analytics tools, as well as the higher software development spend I mentioned in Stride. Corporate costs were lower, mainly due to lower share-based payments, reflecting determination of some long-term incentive schemes, which did not vest, and the release of reserves in relation to forfeited rights. Going forward, we do expect FY 2024 headcount to be modestly higher while we continue to invest in our engineering, product, and growth teams, including Mike's AI initiatives. Turning now to the balance sheet, where we have restated the 30th of June 2023 numbers to reflect the final acquisition accounting for Starvale. We continue to maintain a strong position, underpinned by the organic cash generation of the business. The board has declared an interim fully-franked dividend of $ 0.27 per share. This reflects a dividend payout ratio of 84.3% of statutory NPATA at the top end of our targeted range. As of 31 December, we have purchased $ 3.2 million worth of shares as part of our ongoing share buyback. We will maintain a disciplined approach to the buyback, with the timing and number of shares to be purchased dependent on the prevailing share price and alternative capital deployment opportunities. Finally, turning to our usual cash flow waterfall, where the cash-generative profile of the business is clearly evident with a free cash flow of $ 31.7 million and greater than 100% cash conversion. The overall cash balance benefited from the timing of large jackpots, in particular the $ 90 million Oz Lotto on Boxing Day and the fact that our payments to TLC are paid in arrears. Even adjusting for this timing effect, cash conversion remains above 100%. On the right-hand side of the chart, on a pro forma basis, I've shown the impact of the interim dividend payment, which will be paid on 15 March, as well as the additional $ 45.5 million of undrawn debt facilities. I'll now hand back to Mike. Thanks, Jatin, and congratulations on your full appointment as CFO. In conclusion, first half 2024 adds yet another important marker to our strong track record of revenue, earnings, and cash generation, allowing us to deliver a strong $ 0.27 per share fully-franked interim dividend, up 17% on the PCP. The $ 200 million Powerball earlier this month has given our second half and the full year a tremendous boost, not only in ticket sales but also active customers and new customer sign-ups were at record levels. These new customers will be key to making sure it's not just a short spike but a longer, more sustained sales bump. While the ticket sales were impressive, I stopped short of calling it a success. The unprecedented customer traffic did cause some capacity issues in the final hour of the draw, breaking our five-year streak of no capacity issues. The issue was quickly diagnosed to settings in our database layer, which has since been fixed. However, there just wasn't enough time in the final hour to reboot the servers. While this is disappointing from a customer's point of view, we acted quickly and refunded affected customers. This was equivalent to approximately 2% of the sales for the draw. So while the overall result was certainly impressive, it could have been better, and our team is motivated and ready for the next $ 200 million draw. Turning to the outlook for FY 2024, which is unchanged from what we said in August. We expect lottery retailing marketing costs to be at the higher end of our 1.5%-2% range of TTV for the full year, depending on jackpots. For example, we were well above this range in the first two months of this calendar year when we saw the record $ 200 million Powerball and marketing was very active. As I have said before, we are comfortable investing aggressively when jackpots are favorable, given the revenue and cost dynamics of new players. The important point to note is, given we typically recover our acquisition spend around the five to six month mark, we won't see the full benefit of this spend in FY 2024. As the service fee will now stay constant until 2030, we are focused on generating strong operating leverage while also lifting our investment in product innovation and marketing and initiatives such as Daily Winners and Splash for Good. Relative to FY 2023, we continue to expect a higher lottery retailing revenue margin following the price changes implemented in May, subject to jackpots and portfolio mix. Looking at our acquisitions in aggregate, we continue to target mid to high single-digit revenue growth on a like-for-like basis, with continued investment to integrate and drive growth. The long-term goal is to progressively introduce technologies to leverage the active player base and improve the yield per player. At the group level, and excluding the impact of incentives, we expect to see revenue growth outpace operating expense growth, leading to an underlying group EBITDA margin in the range of 48%-50%. This is despite the step-up in the TLC service fee. Jumbo is a capital-light, high-cash-generative business with strong free cash flow generation. We have a good pipeline of M&A supported by a strong balance sheet and debt capacity. Finally, we will remain disciplined around the execution of the on-market share buyback, balancing shareholder returns, and our growth strategy. I just wanted to quickly recap on our trajectory over the last few years and how we continue to diversify our business. In five years, we have almost tripled the revenue of the group, added new revenue streams in SaaS and managed services, equivalent to 23% of group revenue. We've broadened our focus from purely government lotteries to government and charity lotteries, with the latter now representing just over 20% of group revenue. We've broadened our footprint globally, with almost 20% of revenue coming from overseas. We've reduced our dependency on TLC, with 26% of the group revenue stemming from non-TLC products. We do remain focused on growing lottery retailing with our main partner, TLC, but also diversifying with the goal of making our nascent businesses rival that of lottery retailing. Finally, I'm excited to share our latest initiatives to boost player engagement and retention in lottery retailing. We believe there's huge opportunity to evolve our value proposition and build on the ease of use, convenience, and exceptional player experience that Oz Lotteries is known for. Our customers consistently tell us they want to win. In response, we've launched the Daily Winners Loyalty Program exclusive to Oz Lotteries. Our goal with this program is simple: to provide our players with the excitement of a chance to win every single day of the year. And while it's still early days, the feedback on the program has been very encouraging. Another initiative, Splash for Good, stands as a pioneering venture in the market. This innovative feature triggers new draws when a current draw sells out or concludes, ensuring multiple daily draws, each with a guaranteed winner. On the day of the $ 200 million Powerball, for example, we ran 24 draws. The mechanics mean participants can win a $ 500 prize while contributing to a good cause. In just a few short months, Splash for Good raised around $ 250,000 for our pilot charity partner. These programs are key to keeping player engagement high during low jackpot weeks, which benefits both TLC and charity game sales. With that, that ends my presentation. I'll now hand over for questions. Thank you. If you wish to ask a question, please press star 1 on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star 2. If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Ben Wilson at Wilsons Advisory. Thank you, and congratulations, guys, on a strong result. I just have two questions. Firstly, relating to active player numbers, it looks like you picked up around 82,000 new players in the run-up to the $ 200 million Powerball draw, which is encouraging. Just wondering if you can comment on what your player acquisition looked like in the $ 90 million Oz Lotto run and whether those new sign-ups have largely stayed as active players since then. Yeah. So the $ 90 million Oz Lotto was our biggest Oz Lotto draw, and it worked extremely well from our customer acquisition point of view. And considering that that happened on Boxing Day and the $ 200 million only happened a month or two months later, those active players went on to play the $ 200 million. So yeah, the Oz Lotto was very strong with acquiring new customers. As I've mentioned before, we do tend to perform quite well with Oz Lotto because of our name Oz Lotteries, especially with Google searches, and it's certainly helped us this time round. Thanks, Mike. The second question relates to the managed services segment. It was great to see TTV and revenue growth sort of firing back up there. Just a couple of questions on Stride. Firstly, well done on receiving the Ontario approval. Just wondering what the client acquisition pipeline looks like in that province. And then second part is just on returns. The revenue margin did decline a little bit, a couple of percentage points with Stride, and obviously a bit of noise around the expense line. Just wondering what we can expect on the revenue margin going forward. And with the great investment you're looking to make there, when we can expect our returns to sort of roughly EBITDA margins of 40%, if so. Yeah, Ben, I'll take the first part of your question. You're right. We did a lot of work through the financial year in getting all of our approvals in Ontario, the biggest province in Canada. So all the heavy lifting has been done. We now then have to go after the clients, and we weren't able to start until we actually had all the approvals in place. We have just participated in an RFI, which we expect an RFP to come out pretty soon, and the pipeline's slowly building. We do have high hopes for the province. Marina, the president that we've appointed there, actually lives in Ontario, so this is a pretty good head start. So we're pretty confident about it, but the deal cycle does tend to be pretty long with lotteries. It takes a while before the large organizations come to the market, but they are keen to diversify into new suppliers such as us. So over the medium term, we're quite confident the Ontario will help us out quite a bit. Yeah, Ben, I might just jump in on the numbers. So look, I mean, clearly, it was disappointing EBITDA results. And as you mentioned, there's some noise in the numbers. I'd expect the revenue margin to be broadly similar to what, plus-minus a few basis points. But on the EBITDA margin, I will expect a slight improvement, just given the way some of the timing of the revenue and key campaigns run, but will still be below what we reported at the full year, which I think was around 36%. So around 30% level is probably where I'm thinking, a slight improvement from 1H but still below FY 2023. I might just add on Stride. It's not uncommon that these businesses do hit a bit of turbulence as they come under our management. We certainly saw that with Gatherwell. But given enough time, we managed to get in there, and we've turned Gatherwell round, and we expect to do the same with Stride. Thanks for taking my questions, guys. The next question is from David Fabris of Macquarie. Please go ahead. Hi, Mike. Hi, Jatin. Look, first question, just the outlook comments with lottery retailing marketing cost as a percentage of TTV. I heard Mike's prepared remarks, but to be clear, should we be skewing this to the high end of the range, so around 2% in FY 2024 given the spend that you've done in the first six weeks of the second half? Yeah, I think that is right. Obviously, it depends on what jackpots do between now and the end of June. If there's not a lot of jackpots, then it will trend down. But I think that would be an abnormal case. Even just an average run of jackpots between now and the end of June will bring us in at the top end of that 1.5%-2% range. Okay. And then I guess as we think about the number into FY 2025, should we kind of be plugging in 1.75% as the base case and flex that depending on jackpots, or should we start at the 1.5% number and flex depending on jackpots? I think the midpoint of the range is reasonable, David. Okay, clear. And then look, just on M&A, I feel like we've been teased for a while around a possible transaction. I can see in the deck today, you've disclosed due process very clearly. Are you able to talk about the M&A pipeline and how you're seeing things and any potential transactions, for example? Yeah, point taken, David. I know it's taken a bit longer than even I would have liked, but that's how it goes in these markets. We're dealing with founder-led family businesses that generate quite a bit of cash. So from a founder's point of view, that they're sitting on cash-generated businesses, there's no hurry to let it go, but they understand the long-term implications if they don't. So look, all I can say is we're still working on it extremely hard. It does take up a lot of my time. We make sure we've got to get the right fit. We've got to make sure that we learn from the first three and that the next ones are an improvement. We certainly have learned from the first few ones. You've probably noticed in the results somewhere that there has been spend in this arena, so we have been active. Yeah, look, that's all I can say. We're trying very hard, and we do expect something to come out of it, but very hard to put a timeframe around it. No, I got it. I appreciate it. And look, one last question from me. Can you just remind us of the skew of your lottery retailing business to the lottery products? I'm just wondering, with the launch of Weekday Windfall, which includes Friday Lottery in May by the Lottery Corporation, do you expect to get any benefit from that, or are you kind of more skewed to the jackpot products? Hi, David. It's Jatin. So obviously skewed more towards the jackpot products. If you look at the big three games, that's roughly 90% of our portfolio. Looking at Monday, Wednesday Lotto, that's about 3% of the portfolio. So not overly material in the scheme of things, but hopefully incremental going into 2025. Got it. Thank you very much. Next question is from Rohan Gallagher at Jarden. Mike, Jatin, good morning. Jatin, congratulations on your full appointment. Question in relation to the lotteries. What have you seen regards the customer retention following the Powerball price increase? In other words, have you seen any degradation post that, and is there possibilities of further flex going forward with Oz Lotto, for example? Rohan, thank you. Thank you for your good wishes. So we have put a slide in the presentation, I think, that shows effectively the regression that you're talking about on the 20 million Powerballs. Look, what I'll say was it's been pretty healthy, probably up until November. We did see some slight degradation in December, and we attribute that to the stronger Oz Lotto run. So I think where we're at at the moment is we saw about a 1.6% regression in ticket sales. I would say that was probably flat to slightly positive up until November, and then we had that weaker December because of Oz Lotto. So more or less in line with our expectations. Thanks, Jatin. You mentioned sometimes the margin can skew because of product mix. Can you just sort of comment around the profitability of the respective jackpots versus the sort of group average, Oz Lotto, Powerball, obviously, the major culprits? Yeah, I think we've said that obviously, Powerball and Oz Lotto are some of our lower-margin games. And what we saw in the first half is Powerball and Oz Lotto were a significant part of the portfolio, probably a bit more than it was in FY 2023 and also first half 2023. So if you look at the Oz Lotteries performance, the margin's around the 22.4% level, which is exactly where I thought it would be just given the lower-margin profile of Oz Lotto and Powerball. Where we got the kicker was on the charity side. So you would have seen that's grown about 40%. We've got some new products in there. Obviously, charities performed better for us as well. And the margin's in the low 30s over there. So that's what really drove that 22.7% overall lottery retailing margin. That's terrific. Thank you very much. Next question is from Rohan Sundram at MST Financial. Thank you. Hi, Mike. And Jatin, just a couple from me. Firstly, just going back to that question on customer retention, especially during the post the $ 200 million draw, was there anything that surprised you around the retention? And thank you for the disclosure on that slide 19. I just was keen to understand, how does the retention compare to what you've seen in previous mega-jackpot runs or mega-jackpots? Thanks. Maybe a little bit too early to conclusively comment, but look, it wasn't ideal that the Powerball got stuck at the $ 4 million levels for, I think, it was three weeks. But I do know it has kicked on after that. So we'll be trying to reactivate a lot of those players that we got in during the $ 200 million one. But this is exactly why we're trying to come up with innovations like the Splash for Good and things like that, which keep people interested. And yeah, $ 500 is not the same as 200 million, but it does give that bit of a winning feeling, keeps people engaged, and we're seeing people do that. So really, we just have to see how the jackpots go, say, over the next month or two. Ideally, a nice good run in one of the games would be ideal just to reactivate some of those players. But failing that, I think we're sort of quickly building on tools that we've in our own arsenal that we can use to keep them active. Okay. Thanks, Mike. When the Friday Lotto product is launched in May, will you have immediate access to resale that, or is there a time lag? No, we'll have immediate access to that. We've been working on it already. Perfect. Thanks, Mike. Next question is from James Bales at Morgan Stanley. Hi, guys. So I just wanted to understand a bit more about your expectations for the Stride business within managed services. So you have called out some moving parts there, but there was a massive differential in TTV growth versus revenue. What is your expectation for that TTV growth profile, the take rate, and how that flows through into profitability going forward? Yeah, James, it's Jatin over here. So look, like I said to Ben, I think we're expecting a modest improvement in the second half, and that's really driven by the timing of key initiatives, so revenue initiatives. But look, there has been some cost that's gone into that business. I talked about some compliance costs and some software development costs. I do expect the revenue margin to be similar to where we are at the first half, but I am hoping that, given the way some of the campaigns fall, we will see a slight uptick in the EBITDA margin. So 25%, I agree, is obviously disappointing. But if you adjust for that one-off item that I spoke about, which is immediate expense accrual, you immediately get that's a $ 600,000 benefit that would come through, but clearly, that will still impact the full year. I expect the EBITDA margin for the full year to be in that 25%-30% EBITDA range. Okay. And should we expect that the operating expenses run rate of $ 2 million for the half is what the go-forward cadence should look like? Yeah, I think so. Like I said, there might be a little bit more cost that goes in there. We're making some changes in that business. Mike mentioned we've got Marina who's joined, and there will be a few changes, maybe some additional resources that go into that business, so a slight uptick perhaps on the employee cost side of things. Okay, got it. And then maybe just on the SaaS side, can you help us understand the reason for the lower take rate there and why the step up in OpEx and what should be extrapolated there in the second half? Yeah, so there are a couple. I mean, there's a few factors over there. I guess from a TTV perspective, the first half is probably a good proxy for the second half. There's a little bit of timing in there, withdrawals for key clients like Mater and Endeavour. I do expect some pressure on that revenue margin. So 4.4% is what we reported. I think it'll be slightly lower than that for two main reasons. One, you'll know the Lotterywest extension that we announced back end of last year. There's a slightly slower take rate over there. I think it's 8% up to $ 35 million and then 9% above. And also, we've seen some really strong growth in Mater. And as we announced when we did the renewal, there's a new tiered structure over there that benefits from the scale of Mater. So there'll be some downside pressure. So I'd expect that 4.4% margin to come in a little bit lower at the full year, just given those dynamics. And then the other factor, I guess I mean, keep in mind, the intersegment fee was lower for SaaS given the contraction in lottery retailing TTV. So that was a drag on the overall margin. But we did see higher employee costs and technology costs in that segment. So the employee costs mainly relate to additional people that I talked about. And then the tech costs, I think we mentioned on the call as well, data management, analytics, and also some AI expenditure. So that's what's driving that reduction in the EBITDA margin. Okay, got it. And then maybe one more question on some of the retention among your customer base. So with these new initiatives that you've got in terms of Daily Winners and Splash for Good, the customers that have taken up either of those products, are you able to help us understand the retention differential you're seeing and the average change in spend from those cohorts versus the rest of the base? Yeah, look, the Daily Winners is more of a loyalty program, and we are seeing some numbers that indicate that people that sign up to that, and it's free to sign up, do, on average, spend a lot more than those that don't. So it is indicating increased activity. The Splash for Good game is actually a purchased game. It costs $ 2 to buy. And so it's a lot easier to manage the benefit or to see the benefit on that. And look, it's only been in the market for a few short months, but again, that's showing some pretty early signs. So really, with those two, and we've got some more ideas as well brewing in the background, if these continue to perform well, then we may even expand them out a bit further as time goes on. Great. Thanks, guys. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. There are no further questions at this time. I'll now hand back to Mr. Veverka for closing remarks. Thanks, everybody, for your time. That concludes the presentation. Any questions, please don't hesitate to contact us. Thank you all. All right. That concludes our conference for today. Thank you for participating. You may now disconnect.