Hi, good morning, everyone. My name is Scott Didier. I'm the Group Chief Executive Officer of the Johns Lyng Group. Thank you for taking the time to join us on what I know is a busy day of announcements. Before I start on the review of the 2022 results and outlook, I'd like to introduce you to my fellow executives joining me on today's call. Lindsay Barber, Group Chief Operating Officer. Nick Carnell, Chief Executive Officer of Australian Business. Matthew Lunn, Group Chief Financial Officer. Adrian Gleeson, Executive Director of Investment Business Relationships. Pip Turnbull, Executive Director of Business Development and Marketing, and Gemma Sholl, Senior Executive Assistant to Lindsay, Matt, and John. Once we've concluded the briefing, we'll be happy to answer any questions. Firstly, I'm very proud to report that FY 2022 was another record year for JLG. On all key metrics, we achieved record results. Group revenue of AUD 895 million was 57.5% ahead of last year, and the Group EBITDA and NPAT results grew 58.9% and 40.1% respectively. With a 59% payout ratio, we increased dividends to our shareholders for the full year by 14% to AUD 0.057 per share. These are excellent results by any standards, and before I delve into the drivers, I wanna acknowledge the efforts of all of our business partners and employees, who like many in the community, have worked tirelessly in these challenging times. FY 2022 reinforced that Johns Lyng is a defensive growth company. Our business model has successfully weathered the twin storms of inflationary pressure and supply constraints that have affected many businesses. I'm pleased to report that the early part of FY 2023 has seen a continuation of these positive trends for JLG, and I'll talk more about that on the outlook later. Our organic growth strategy is unchanged and focuses on geographical expansion, new client and contract wins, and diversification into complementary adjacencies. The strata and broker segments remain a key focus, and we see enormous potential in JLG in both markets. Our CAT business continues to grow. The unpredictable nature of these events makes forecasts difficult, but it is a fact that 2022 saw the largest claim numbers on record and that the Southeast Queensland, New South Wales floods are the largest CAT, the largest catastrophe on the Insurance Council of Australia's record. Where prudent and financially beneficial, we will make bolt-on acquisitions, and our strong balance sheet and ample liquidity will allow us to remain agile when the opportunities arise. The significant acquisition of Reconstruction Experts in the U.S. provides Johns Lyng with a beachhead in the market where we see enormous potential for our model. Again, I will provide more detail on this later. Our core business comprises of insurance building and restoration services. Insurance building and restoration services grew 67% at the EBITDA level. BAU EBITDA growth within this segment of 61.9% demonstrates that our core business is growing strongly. During the year, we gained new clients and had contract extensions with groups such as CHU, Suncorp, Honey Insurance, Blue Zebra, and Steadfast Claims Solutions. To service the requirements of the new business growth, we opened offices in Launceston, Echuca, Byron Bay, Coffs Harbour, Wollongong, and Bairnsdale. Although the rationale of expanding our geographic footprint is always about supporting our BAU growth opportunities, it undoubtedly provides us with the best platform in Australia to respond to CAT events when they may occur. CAT EBITDA grew 88.1% during the year. On the thirteenth of March, we were honored to be awarded AUD 142 million contract by the New South Wales government to manage its property assessment and demolition program following the February floods. Having the capability and resources to work successfully with government at all levels is an important differentiator for Johns Lyng, and we promptly enacted our CAT plan and distributed our significant resources to the impacted areas. We are proud of our long history in supporting Australian communities to rebuild following natural disasters, and we look forward to continuing to work with the New South Wales government and those impacted to recover from this truly devastating event. As I previously described, our expansion into strata services is at the core of our growth strategy. By organic growth and acquisition, we have a solid base to leverage further growth. For example, there are more than 2.9 million strata units nationally with an insured value of approximately AUD 1.2 trillion, and our Bright & Duggan division currently services approximately 89,000 of those units. We are very excited about this opportunity, and we also see multiple cross-sell opportunities with our other business lines. As you would know, the construction sector in Australia has faced challenging times in FY 2022. Our commercial building services division performed strongly with EBITA up 50.6%. This was partly attributable to post-COVID-19 recovery and the sales rebound of delayed projects. Our commercial construction unit was not immune to the underlying inflationary factors that have significantly affected the building industry. Although revenue grew strongly, the business recorded a small loss at the EBITA level. As we expect these inflationary forces to prevail for some time, we are repositioning this business on a large loss insurance works and other contracts at a cost plus or construction management model. During the year, we made a significant and highly strategic acquisition in the U.S. On the first of January, we acquired Reconstruction Experts, headquartered in Denver, Colorado. We paid $144 million, and there are some earn-out provisions associated with this deal. The acquisition provided JLG with a profitable, earnings accretive, and established on-ramp to the US market, where we believe we can leverage our core competencies in IB&RS and Steamatic USA business. Reconstruction Experts' primary customer base is homeowner associations, which are the US equivalent of the Australian strata managers. The US is a large market with significant organic growth opportunities. We'll also leverage our adjacencies from our existing US business thematically and from both commercial and geographic perspective. We also see opportunities in the CAT market. For context, in 2021, there were 20 CAT events of greater than $1 billion in magnitude. Most importantly, we have acquired an outstanding management team whose cultural values strongly align with those of JLG. I've been with them for the last 4 months to oversee the cultural alignment and ensure that every benefit can be extracted. As I said, this acquisition was earnings accretive from day one. We will make haste slowly and carefully, but we are very excited about this development opportunity, and I look forward to talking with you more about that in the future. Before I go into the outlook and forecast for FY 2023, I'd like to spend some time looking at our financial position. At our core, we are a physically conservative company. When we acquired Reconstruction Experts, we did so via an equity capital raising of AUD 230 million. At the time, we stated that although our balance sheet was strong, we had significant undrawn debt facilities. We wanted to make a prudent approach to funding this acquisition. With other smaller bolt-on acquisitions, we have significant cash or credit to act and complete these deals effectively and quickly. Earnings accretive acquisitions are the key element of our business growth, and we have a well-honed playbook when it comes to execution and integration for these deals. Our year-end balance sheet is strong. We have net assets of AUD 333 million, net cash of AUD 21.7 million, and undrawn revolving credit facilities of more than AUD 50 million. This is ample to fund our organic growth and bolt-on M&A activity. I've already spoken in some depth about Reconstruction Experts. I'll now turn to our other recent acquisitions that will expand our footprint and increase our capacity to service our BAU and CAT segments strategically and geographically. Earlier in the financial year, we acquired Unitech Building Services in that way. Unitech is a well-developed insurance business that dovetails synergistically with our existing IB&RS business. We also acquired 60% interest in Steamatic Australia, which consolidates our position as a leader in restoration services and is a natural progression of the acquisition of Steamatic global franchise in FY 2019. This provides us with the global ownership of the Steamatic brand, and we'll use that position to focus on growing Steamatic globally and Precision Laser Cleaning. As with many acquisitions, we make sure that the cultural alignment is maintained. Oliver Threlfall retains 41% equity ownership of Steamatic Australia, and with his management team, will coordinate the international strategy of Steamatic. Steamatic US has 50 locations nationally, including significant exposure in Colorado, California, Texas, and Florida, where Reconstruction Experts has a strong footprint. We're very excited by the opportunities that exist around these businesses from a geographic and customer perspective. Lastly, on the acquisition front, we have acquired Trevor Bright's 44.5 equity in Bright & Duggan, as announced last week, for AUD 25.6 million in cash and shares. This business leads and is pivotal to our strata growth strategy. Bright & Duggan completed several bolt-on acquisitions during the year, including Change Strata Management, Structure Building Management, Shift Facilities Management, and BrisBay Strata Management. As I described earlier, the market for strata title building management and restoration services in Australia is very large. It's highly fragmented, and we believe that a range of services will provide JLG with outstanding growth and synergistic benefits in the years ahead. The buyout of Trevor Bright's 44.5% interest in Bright & Duggan coincides with his retirement. I would like to acknowledge Trevor's outstanding contribution to the strata industry in Australia, to Bright & Duggan, and by extension, to Johns Lyng. Trevor's cultural legacy will be maintained as Chris Duggan, the Managing Director, and his management team remain in place. In recognition of the importance of the CAT category for JLG, we launched JLG Disaster Management in FY 2022. I spoke earlier about how this allowed us to win significant work with the New South Wales government. Strategically, with the business, we aim to service and assist state and local governments with major event preparation, response, and resilience initiatives. This dedicated business will be able to draw upon the group-wide resource of JLG efficiently and productively to assist Australian communities when CAT events occur. We are well-placed for another record in 2023. We're already seeing the impact of the ramp-up in job volumes from contract wins. I can tell you the first six or seven weeks of the new financial year have been extremely strong. We're enjoying the benefits of deeper market penetration. Sorry. We are enjoying the benefits of the deeper market penetration we have in Western Australia, South Australia, the Northern Territory, and Tasmania. The rollout and further integration of services in the strata vertical is showing strong growth with potential for more. Although our early days, Reconstruction Experts has demonstrated that the financial and strategic logic for that acquisition is extremely strong. I'm pleased to provide the following guidance for the market. At this stage, we are forecasting total group revenue of AUD 1.03 billion for FY 2023, which is a growth of 15.2% over FY 2022. Of this BAU revenue is forecast to be AUD 930.4 million, which is a growth of 27.4% or 10.1% excluding FY 2022 acquisitions. At the EBITDA level, we are forecasting 26% growth to AUD 105.3 million. Looking at the BAU base, this translates into 43.3% growth to AUD 93 million or 28 per- 28.4%, excluding FY 2022 acquisitions. I'm very excited about the prospects for JLG in FY 2023 and beyond. We have a full plate of opportunities to work on, and no doubt we'll see many interesting opportunities this year. Again, I wanna thank the JLG team for their tireless efforts, and I wanna thank everyone on the call for your time and interest. I, along with my executive team, would be delighted to answer any questions you may have. Thank you, and welcome to the Q&A session. If you would like to queue for a question, you can do so by pressing star one on your telephone keypad. If you have already pressed star one, please do not press it again as you're already in the queue. As our queue assembles, we'll start by opening the Q&A with our first question by Piers Flanagan from Barrenjoey. Please go ahead, Piers. Morning, all. Thanks for your time. Just a couple from me, if I can. Maybe just firstly on the performance of RE over the second half, are you able just talk to the contribution to the broader group? Hi, Piers. It's Matt Lunn speaking. We're not breaking out the US as a separate segment yet. At some point in the future, we'll take that under consideration, but at this stage, we're not required to break it out as a separate segment, so we won't be disclosing that specifically. No, that makes sense. Maybe just on that then, looking at 2023 guidance, if we look at sort of the headline BAU revenue and then excluding acquisitions, sort of the difference is about AUD 280-odd million. Is that primarily related to then, yeah, RE and then some of the other acquisitions that you've made this year? Is that the best way to think about that? Exactly right. That revenue differential that you just mentioned of just over AUD 280 million, that's the aggregate of Reconstruction Experts, which is, of course, the lion's share, but also those other acquisitions we've consummated in FY 2022 being Steamatic, Unitec, and then the four strata bolt-on acquisitions. Sure. Just on the uplift in the Bright & Duggan ownership, are you able to talk about the earnings profile of that business? Also within the non-controlling interest line, sort of what percentage would relate to Bright & Duggan? Just trying to think of the change going into FY 2023 now that you've got majority ownership. Yeah. I think probably the first point to make is that, you know, we always historically consolidated Bright & Duggan, so we always, you know, consolidated 100% of revenue and EBITDA. The fundamental change with the buyout of Trevor Bright's 44.5% minority equity interest will be a reduction in the non-controlling interest charge in the P&L. On a pro forma basis for FY 2022, that would have decreased by about AUD 2.5 million. On that basis, its earnings accretive of about 6% or so. Great. Just a final one on the cash collection, and I know there's a slide in the presentation pack. Are you able to just talk through what you've seen over the last six or so weeks post-balance date in terms of invoicing and collections? Yeah, absolutely. I mean, for context, you know, Johns Lyng is a highly cash generative business. You know, as we've demonstrated over the last kind of 5+ years since IPO, ordinarily we would expect cash conversion from EBITDA to be between 80%-100%. In fact, we delivered almost 100% cash conversion from EBITDA in the first half of 2022. The situation in the second half is, you know, ironically exactly the same as the situation in the second half of 2021. We're obviously responding to unprecedented job volumes as a result of the various events that we're responding to. You know, the biggest one is obviously the Southeast Queensland and Northern New South Wales floods. We've obviously incurred upfront costs which have, one, suppressed the margin in the second half, but two, we've incurred those costs. That's compounded by the fact that the balance sheet has temporarily absorbed about AUD 30 million worth of cash into working capital, and you can see that in the numbers. Accrued income is increased by about AUD 30 million between the first half and second half. Obviously, accrued income is income that's earned, but it's not billed. Now, importantly, this represents thousands of jobs, so there's no concentration risk or credit risk per se. Effectively, we've incurred costs from subcontractors we haven't yet invoiced the client. That balance at year-end, at the thirtieth of June, that accrued income has been invoiced. It has since been received. Obviously, you know, we're continuing to operate with elevated levels of working capital. While cash conversion has reversed to a more normal level, the balance sheet won't actually release that AUD 30 million worth of cash until the job volumes return to normal towards the back end of the CAP. Sure, that makes sense. That's helpful. Thanks, guys. Thanks, Piers. Thank you, Piers. Our next question comes through from Elijah Mayr from CLSA. Please go ahead, Elijah. Good. Good morning, guys. Thanks for the questions. Just a couple from me. Maybe just starting on the Strata business. Are you able to break out contribution of that in FY 2022 and maybe just talking to sort of management fees and contribution to call out work? I mean, historical bit, we have given a bit more color on the Strata Services business. I think what I can say is, Elijah, you know, it's been a very strong year for Johns Lyng Strata Services. You know, in aggregate, we delivered about AUD 90 million worth of revenue in that segment, which is very strong. That represents growth on FY 2021 of about 21%. You know, Johns Lyng Strata Services includes Strata Management, which is the core business of Bright & Duggan, and also Strata Building Services. Strata Management contributes about AUD 51.4 million revenue, which is just over 23% year-on-year. Strata Building Services contributed about AUD 38.3 million revenue, which when you strip out CAT, we delivered about AUD 31.1 million revenue, which is growth of 62%. Very, very strong underlying organic growth in the Strata Building Services component year-on-year. Maybe just with the Bright & Duggan taking the remaining part of that business, is there any changes, I guess, operationally or strategically for Johns Lyng now that you do own 100% of the business? You know, I think now we own the majority, we're looking at the management team that we'll go forward with. There'll be some key announcements. We've spoken around one in particular over the last couple of months. Those will materialize over the next few months. We're excited about some of the appointments we'll make over the next six months, which again, along with our partnership model, give us more flexibility to be able to tie these people in longer term. Yep. Maybe just lastly, just on maybe some comments on the pipeline for acquisitions and then maybe specifically talking to the U.S., and if you're seeing any sort of specific challenges or differences there when you're looking for acquisition candidates versus what you've done here in Australia? No, they're very much the same. We've got the same disciplines in what we look for in the U.S. as what we've done in Australia. It's really all about ongoing management, young motivated partners that we can go forward with, and the cultural alignment is key to us. You know, somewhat challenging to find all those, but that's what we look for, and we don't deviate from that. Thanks for the questions. All right. Thank you. Thank you. Before we announce our next question from Michael, just a reminder to our audience, if you'd like to queue for a question, please press star one on your telephone keypad to join the queue. Michael Peet from Goldman Sachs, your line's now open. Michael, please go ahead. Oh, hi, Scott and team. Just on, Reconstruction Experts, just could you make a comment on how the pipeline and order book's gone since acquisition? Just trying to get a sense of, how that's building. Yeah, it's building. It's very good. I've got to say, we've had some really good wins, and they're up. I don't know if you've got the exact numbers there, Matt, on sales received, but they're flowing at the moment. Mike? Yeah, I think probably just in terms of a bit of color around Reconstruction Experts. You know, I think at the time of acquisition, you know, we released a very detailed presentation, which kind of gave some color around the backlog in the pipeline. You know, if we reference numbers at September 2021, which was the date of the data release back then, you know, backlog was $115 million. As of today, you know, backlog is $168 million. Backlog is contracted work. You know, 50% of that is scoped backlog. The scope's agreed. That's expected to be delivered over the next 6-9 months. The other half, you know, 50%, $84 million or so is unscoped backlog. We're still defining the scope there, but that's again expected to be delivered over the next 12-15 months. The important takeaway there is that the backlog, which is the contracted work in hand, has increased by about 46% since our last detailed announcement around Reconstruction. If I could put it into a bit of layman's term there, Michael, just coming back on Friday morning, after spending four months there. They're absolutely on fire. Morale's up. They're all up and about, and it's just a buzz. They're really going well. I guess we've got a fair bit of inflation globally, and I imagine they're seeing it as well. How, I mean, I guess that business does have a little bit more fixed cost contracts, you know, for the work it's doing. Are you comfortable that margin is gonna be maintained, or what sort of expectation have you got there? Well, margins will be maintained, no problem. They're writing into their contracts, and they have done for some time, that inflationary costs will be passed on. They're de-risked. They're pretty very quick to move on de-risking their contracts. Pretty happy and comfortable. They're very, they're really impressive. They really are. just to maybe switch to Australia, just on the CAT registrations with the recent, the larger sort of CAT events we had back earlier this calendar year. How is that progressing? Has there been sort of still delays in actually getting to assess work? also maybe if you can make some comments on the New South Wales Government contract and how much of that AUD 142 has sort of been utilized to date. Yeah. I'll take that one, Michael. I think it, the first part of your question in relation to being able to get to jobs, we're probably over the hump of that now. It's all around the phases of a response initiative. Obviously, that response in relation to make safe and restoration. We're over the large hump of that now in registrations. Again, we're at record levels as we've already spoken about. We've still got about just over AUD 300 million worth of quoted work outstanding we haven't got answers on yet. Again, talking around pipeline, that's sitting with insurers to get responses to. That's in a really healthy position allowing us some work to flow through into the next quarter as we get responses to that. The New South Wales Government program, and again, the scope of that initially was quite specific in relation to assessment and demolition programs. Now, as we've been involved with the New South Wales Government, that's expanding to three tranches of work. Not only are we doing an assessment program, it's been renamed now to what we call FPAP, which is Flood Property Assessment Program. You know, we've gone out, and we've completed just over 5,500 active registrations. We've completed 3,400 of those assessments so far. And that's equated in only 17 demolitions so far, which is again, a huge pipeline for this financial year as individuals opt in to that demolition. The next component's what they've titled Disaster Relief Grants. That allows for people that qualify under a means-tested qualification to receive support from the government. That means that instead of going to temporary accommodation, we're going into a, what we call a make safe plus. We'd make two rooms habitable for them to stay in as opposed to going into temporary accommodation, so they can stay on their property. Of those, there's been about 1,000 opt-in registrations, and we've received about 290 approvals so far. We're still working through it. That's only come out more recently. We're supporting the government with the development of some temporary accommodation sites up in the region as well. It got tangled in the new portfolios of work, and we're still seeing that there's a huge opportunity. We expect to be there for at least 2-3 years, working through not only the government response, but also the insurance responses required in the region. That's great. Thanks, Nick. Thanks, Scott and Martin. Welcome. Thank you, Michael. Our last question comes through from Nick Kritikos from Timbersoo. Please go ahead, Nick. G'day, guys. Congratulations on another great performance this year. We've come to expect that from Johns Lyng, I guess, every year, and you continue to deliver. Thanks very much to everybody in the team for that great performance. Scott, you've been in America now for four months. Culturally, how have you found the difference when we took over Reconstruction Experts, how have you felt culturally the difference between the way they operate and how we operate in Australia? Thanks, Nick. I've got to say that the cultural alignment is, we thought it was good, but it it's exceeded my expectations having been over there for four months. Our partnership model is received a lot quicker over there in a sense that when we find out our upcoming partners here in Australia, it's a bit of an education process. But over there, I don't know, through their college programs or their education over there, they really are on board very quickly to understanding it. They're finding other partnerships over there, which is great. Yeah, the cultural alignment and just the fact that they're self-motivated and the executive team of Rich Whitten, Alison Kronebusch, Mike Barclay, their culture is just permeates through the whole organization. Now, we always say good people hang with good people. Well, over there, it comes from the executives up there. They really are first class, and they employ and harvest first-class people. Yeah, I couldn't be happier with the motivation, the self-motivation of the people over there and the fact they've embraced the integration so well because they just believe in it has been really great. I haven't had to try and explain too much. I haven't had to hard selling on our partnership model at all. They just get it, and they've embraced it. It's been great. Looking from Colorado into the rest of America, you can see a lot of opportunities there. I know, typical Johns Lyng, you're gonna be fussy about, you know, who you bring on board. But what are you seeing over there? Are you seeing, you know, in layman's terms, as far as opportunities, I think this is the thing that a lot of people are gonna get excited about, what are you seeing looking over the horizon from Colorado that you couldn't see from Australia? I just think the opportunity is far greater than what I thought, to be honest. I knew it was good. I knew there was great opportunity there. The way we've been received over there has been excellent. You know, they all work off a pricing model called Xactimate. You're not pricing work over there. You work off the insurance company's rates. It's really that relationship building and deliverables and, you know, rolling out our Australian deliverables and Australian KPIs to the brokers I met with and insurance companies I met with, they're blown away. They're saying, "Great. Bring it on. You know, thank you for delivering this to us and becoming one of our partners." It's been received really well. Far greater than I thought. I thought we'd be received well, but we've been received super well. Thanks very much. That's the end of my question. Thanks, Nick. Thank you, Nick. Our next question comes through from Sean Kirwan from MLS. Please go ahead, Sean. Your line's open. Hi, everyone. Congrats again on a strong result. Thanks for taking the question. I've just only got one. Kat, you've got a table in there that, you know, shows clearly the actual delivered revenue for all the years are multiples of your starting forecasts. I know your forecast only has contracted work. Can you maybe just comment on the capacity of that business now, you know, just given some of the well-documented challenges that we're seeing in the market? Yeah, well, I think, obviously, to reiterate, we only do forecast for contracted work. Well, that CAT number does extend over a number of events and does include the New South Wales government programs. As I outlined earlier, that has gone into new portfolios of work. Again, still a lot to quantify into that number. The ability is to continue to deliver that work. Over the last 6 months, we opened a Byron Bay office to allow us to service that region in a meaningful way. That now has 60 people working out of it. We've been able to employ locally in that region as well. We have people housed in that region for the next 2-3 years as we expect to be there for that long. We've onboarded around the country an additional 2,000 trades. You know, we've spoken for a while about having 8,000 trades nationally. That's just over 10,000 now. That goes hand in hand with the portfolios of work we're completing in the regions. Also, when we open a new office, we surround ourselves with trades that are loyal to that office as well. So as part of the organic geographical expansion into the five new office locations, that's come with trades surrounding it as well. So I think we're well placed to not only deliver the work in hand we've got, but as that quoted work, that pipeline of 300+ that we've got in quote at the moment comes to maturity, we'll have the trade base there to deliver as well. Got it. Thank you. Sean. Thank you, Sean. We'll give the audience one final moment to queue for a question with star one on your telephone keypad. This is your last and final chance to queue for a question with star one on your telephone keypad. Our next question comes through from Brett from Perpetual. Please go ahead, Brett. Thanks. It's Brett Le Mesurier from Perpetual. I was interested in the increasing proportion of your profit that's paid to the minorities. Can you talk about the factors that are leading to that? Yeah. I think in terms of the percentage of profits paid to minorities, what we're really talking about is the non-controlling interest expense in the profit and loss account. Obviously, this is a function of the percentage equity owned in subsidiaries by business partners. You know, if you look at our core business, it's been reasonably stable, you know, over the last few years since IPO. What we have done during the course of FY 2022 and also with the Bright & Duggan acquisition was we made acquisitions with larger percentages of minorities. For example, with Steamatic, we acquired 60%. Oliver Threlfall, the founder and managing director, retained 40%. Same situation with Unitech. We acquired 60%. The founders and directors, Anthony and Deb Gore, retained 40%, et cetera, et cetera. It's really a function of the acquisitions that have just pushed up that non-controlling interest charge as a percentage for financial year. We own it outright. That's exactly right, Scott. We do. Going forwards into next year, what you'll see is that percentage reduce with the acquisition of Reconstruction Experts. There's a management team at Reconstruction Experts will own 10% in Johns Lyng USA. Obviously Reconstruction Experts will be a large contributor to the overall result for next year, but the non-controlling interest will only be 10%. On a blended basis it will average down next year, if that makes sense. Sure. With their reduced interest, what other impacts is that gonna have on your business? The interest is derived from dividends they receive. We look at what dividends the potential partners will receive and if they're meaningful at 10%, then that's quite okay. If they're meaningful at 2.5%, that's quite okay too. If they're not meaningful at a small percentage rate, then we'll lift them up. We just adjust that up and down, staying within our 80-20 rule to make sure that the business partners have meaningful dividends. Okay. Thank you. Welcome. Thank you. As there are no further questions, I'll hand back over to Scott and the team for any further or closing remarks. I'd just like to thank everyone for their support and batten down the hatches. We have said we've been really busy FY 2022, but holy cow, what's coming and what we've got on at the moment, you know, we've never seen anything like it. It's really exciting. Just thanks everyone for your support. Thank you to Scott and the team for the presentation and thank you all for joining. That concludes our Johns Lyng Group Financial Year 2022 results call. All lines will disconnect.