Good morning, everyone. My name is Scott Didier, and I'm the Group CEO of Johns Lyng Group. I'm proud to be able to present our excellent interim FY 23 financial results. I'm joined today by Australian CEO, Nick Carnell; Lindsay Barber, who is our Group Chief Operating Officer; Adrian Gleeson, Executive Director of Investor and Business Relations; our Group CFO, Matthew Lunn; and Pip Turnbull, our Group Executive, responsible for business development. This presentation is also available online and contains comprehensive financial data and further commentary about our results, strategy, and outlook. As you'll see, our results are at record levels and the outlook is very strong. At the outset, I want to acknowledge the tireless work and extend the commitment of our staff. As an example, as our CAT division grows, our people are asked to respond quickly to emergencies. This is difficult, sensitive, and important work. These results are a credit to our employees who work entirely valued by the communities they assist. The first half of the 2023 financial year was a record financial performance for JLG. Our work in hand gives us confidence that the full-year results will also be a record. I'll elaborate on this later. On all financial measures, the company performed strongly. Revenue was up 71.2%, NPAT was up 82.6%, and EPS was up 87.8%. Importantly, the balance sheet, in spite of this stellar growth, is very strong. Cash conversion is at 100%. Net assets at AUD 373 million. Cash on hand of AUD 83 million means we have resources to continue to match strategic bolt-on acquisitions without raising equity. The directors have declared an AUD 0.045 dividend per share, which is up 67%. We expect a 47% Payout ratio. Importantly, we expect strength in our governance regime with the board restructure, amended securities trading, and related party transactions policy. At all times, our guiding philosophy is simply apply and follow best practices. We are an ASX 200 company. Our governance and compliance procedures reflect this hard-earned and important position. Turning to our Australian business. Our insurance building and restoration services, commercial building services, and commercial construction businesses make up what we term our business as usual activities. BAU was up 62.1%. EBITDA was up 62.9%. Our key clients are the major insurers and carriers. During the period we saw contract re-renewals with QBE, Allianz, CommInsure, IAG, and RACQ. These are major contracts, and it's pleasing that we are a trusted partner of these companies. What this means is that we have confidence going forward and our work with these insurers will continue to grow, and that there will be growing a unique style nature to these earnings as they become more predictable. As you know, we have focused much attention on the strata market in Australia. I've explained previously why we see this business as such a key growth market. From JLG's perspective, strata is a consolidation play whereby we can extract economies of scale from strategic bolt-on acquisitions and leverage vertical and horizontal adjacencies from our existing portfolio of businesses and from acquisitions. In the period, we acquired North Shore Strata Management and Acton Strata Management. We have identified further acquisition targets. We also acquired A1 Estimates, which expands JLG's insurance repair estimating category. This business will service both RB and RS, BAU, and CAT segments of our business. Turning now to the CAT segment. CAT revenue was up 178.9% to AUD 186.1 million, and EBITDA contribution was up 180.2% to AUD 21.3 million. These are outstanding results. They exemplify two interrelated themes. One being the quality of JLG's work, which positions us as a trusted partner with communities, insurers, and governments, and in turn generates more opportunities. Two, being our competitive advantage and IP, which creates a victorious circle of knowledge. With every event we work on, we enhance our service protocols and deliverables, and it gives us confidence that we continue to be a preferred supplier in the CAT recovery and disaster management market. I wanna make some general comments and observations about the CAT division and the nature of its earnings. At JLG, we've always been very careful in discussing CAT and the earnings profile this division delivers. CAT work, by its nature, is unpredictable, but we now have a multi-year experience profile in this market with many data points, and these are our observations. CAT events are increasing in frequency and intensity. Recovery and reconstruction work is larger in scale, budget, and longer in duration in these events, and these events are becoming multi-period and multi-year events from a JLG perspective. The business has a more sustainable and visible earnings profile which allows us to appropriately resource this division, which creates operational efficiencies. Our other observation is that the key customers stakeholders in these events, being insurers and governments, federal, state, and local, are looking for trusted counterparties to assist and complete work. I'm pleased to report that we are gaining a very strong position in this market. Our ability to render assistance and mobilize resources makes JLG the preferred partner when dealing with CAT events. First half 23 saw carryover work from the Southeast Queensland and Northern New South Wales flood events from February 2022. JLG provided services, including MakeSafe restoration and reconstruction, much of which has a mitigation and reduced aspect and provides immediate and long-term value to communities being serviced. We anticipate our work in the northern rivers will continue well into FY 24. Additionally, we continue to assist communities in Victoria, New South Wales, and Tasmania, which were affected by flooding in October 2022. CAT events are indeed unpredictable, as we expand our geographical footprint and grow our relationships with insurers and governments. We anticipate that this segment will grow substantially in the periods to come. For the first time, we highlight the contribution of Reconstruction Experts in the U.S. We acquired RE a little over a year ago. Qualitatively, the acquisition has been outstanding. Culturally, the fit has worked better than we could have hoped for. For instance, in October 2022, Hurricane Ian made landfall in Florida and continued to affect communities up the east coast of the USA. ARE was able to render practical assistance, including emergency water and MakeSafe services as a precursor to longer-term rebuild program now in progress. We continue to explore business opportunities associated with JLG's other service lines such as MakeSafe and Express Builders that will further develop ARE's offering revenue and profitability. Qualitatively, ARE remained an excellent contribution to the revenue contribution and in AUD 116.2 million and EBITDA of AUD 13.6 million, implying a margin of approximately 12% which is consistent with our Modeling and expectations. Let me finish by giving you an update on our strategic direction and priorities for providing updated guidance in FY 2023. We have identified four growth pillars at JLG: IB&RS, CYDA, disaster management, and the USA. There are dedicated slides in our results presentation that expand on the growth strategy of each of these pillars. I want to highlight what I see as the key initiatives and how we are organizing our business so that we can underwrite the future revenue prospects of JLG. As I mentioned previously, our aim is to not only grow the quantum of earnings we generate in these segments, but more importantly, the regulatory and predictability of these earnings. In the IB&RS pillar, we do this by deepening the wonderful relationships we have with our insurance clients. By becoming a trusted partner who delivers on time, high-quality, and appropriate price work, we retain and expand our position on insurance panels. This is aided by our continuous product and service innovation. For instance, our Emergency Broker Response product has been a game changer with a 100% take-up. With this product, we get on-site quickly, and we create a safe environment. This is an excellent outcome for the affected protected insured customers, but often means the cost of the work is mitigated by our early intervention. It is a win-win for customers, insurers, and JLG. In Australia, we will continue to benefit from the economics of scale that consolidation brings. There are 2.9 strata lots nationally, and JLG is the second-largest player with a 3% market share. We also have service adjacencies whereby we can retain a high proportion of work generated in-house at a very good margin. In the CAT management segment, we have created a new business line, Disaster Management Recovery, with a dedicated management team. This business has been established to service government contracts. Increasingly, the recovery and reconstruction work associated with large CAT events is being managed by government and semi-government entities. This work is important and at times sensitive. We are dealing with communities in distress. Disaster Management Recovery has been established to coordinate this complex work. We have completed work in Queensland, New South Wales, Victoria, and Tasmania, and expect announcements regarding more government work to be made shortly. Importantly, we are building proprietary intellectual property about how to execute these projects. This is value that accrues to the business and builds a moat around the business model for a competitive perspective. We are cementing our relations with government and semi-government counterparties, which means that when there is a CAT event, we can mobilize resources to assist communities quickly and efficiently. We're also seeing increased work in this sector stemming from ongoing resilience and mitigation projects that are being commissioned as communities and governments think to the future the potential of more CAT events. At the full year, I said that in the U.S. we are making haste slowly. I'll amend that slightly to say that we are making haste quickly, but very, very carefully. We have a full plate of opportunities, have identified some acquisition targets, and continue to explore how we can leverage the Pre-existing thematic U.S. business and complement our risk model. We are very excited about what we have achieved to date, and we are very excited about the future prospects of the U.S. business. In closing, I'm delighted to provide the following updated financial guidance. Forecast revenue for FY 23 is now at AUD 1.146 billion, which means an 11.2% increase in our previous guidance. FY 23 EBITDA is now forecast to be AUD 111.1 million, which is an increase of 5.5% over the previously advised guidance. Thank you for your interest and support of JLG, and thank you for taking the time to join us for this morning's briefing. Nick, Lindsay, Matt, Pip, Adrian, and I would be happy to take any questions you may have. Thank you so much, Scott. If anybody would like to ask a question, please press star 1 on your phone now to raise your hand and be placed in the queue. Thank you. Our first question is from William Park at Citi. Go ahead, please, William. Hi. Thanks for taking my question. Can we just touch on when you talked about the increasing severity and frequency of CAT events, and you provided some color around FY23. Could you sort of provide some color around just the profile that you'd sort of expect in FY24? Are you suggesting from your commentary that you're expecting the contributions from CAT events to step up, from this point forward? Thank you. I think the contributions from CAT events we are dealing with right now, the overhangs from the New South Wales and Queensland floods, the Tasmanian floods and the Victorian floods. We've got a massive overhang to deal with over the next, you know, 2 years at least. The work we did for governments in the disaster recovery for all the CAT events, that work was primarily strip out, clean out and dry out. Not a lot of reconstruction. It really is a first task is you've gotta mitigate the water so it doesn't generate mould and hazardous contents, et cetera. If you can think of how large they were, that CAT event, those tidy ups on those CAT events, but there's no rebuild or very little rebuild in those. That's why we know the CAT event work that's to come is really substantial. I think also, Scott, from a financial perspective, hi, it's Matt speaking. From a financial perspective, as always, we do not forecast for CAT events. Our CAT forecast is exclusively contracted work in hand. At the go to start of the financial year, when we put out our FY23 original forecast for the FY22 result, the original forecast was AUD 100.5 million CAT revenue. From this first half alone, we've delivered AUD 186.1 million. Accordingly, we've upgraded our CAT forecast revenue by AUD 140 million, so it now stands at AUD 240.5 million, which implies contracted work in hand in the second half of AUD 54.4 million. What I can tell you is that number's growing all the time. Thanks for that. While we are on the topic of CAT, I don't know how material this will be. I'd imagine it's sort of somewhat immaterial for now, but any sort of upside from what's happened in New Zealand in recent weeks? It's Nick Carnell here, William. Seeing significant upside there, and it's, we've been in New Zealand for about 6 or 7 months now. Tip with Joshua Barnes has connected heavily with clients over those couple of months. We had a team established there for that period, and since this event's occurred, we've seen significant registration volumes, and we're supporting clients on the basis that there'll be long-term contracts and opportunities there as well. This has been a real milestone for our establishment in New Zealand. Our intent was to always have a strong BAU business there, but that's been accelerated by the events of the last month. Thank you. Just one last one from me. I've noticed on the Reconstruction Experts website, you guys are looking to hire a business development manager in Nashville, Tennessee. Just on that, have you made any sort of meaningful progress? I appreciate that you've already got a presence in that region through Steamatic, just wanted to understand how you're tracking with expansion beyond sort of organic growth. We're looking for M&A opportunity in Nashville, but we're really primarily focused probably building it out organically. Hence, we're looking for a head of BD in Nashville. To be honest, I checked in last week. They had some people to interview last week. I haven't spoken to them this week to see how they're going with filling that position. Thank you very much. No worries. Thank you. Our next question is from Elijah Moore from CLSA. Go ahead, please, Elijah. Good morning, guys. Congrats on the results. Just a couple from me. Maybe if we could just drill into the guidance a little bit, particularly around BAU. If I'm looking at BAU on a first half, second half split, it looks like you're sort of guiding to be broadly flat. I understand that commercial construction is going backwards a little bit, so with some of the acquisitions and the growth in the US, it might have been a little bit higher. Can you maybe break down your expectations in BAU on an Australian basis for IBRS and US? Thanks, Elijah. It's Matt speaking. I think, you know, as always, we're pretty conservative with our second half BAU guidance. I think what you can see on the forecast side, if you go to the presentation there, is very strong, you know, forecast year-on-year underlying organic growth. BAU revenue, excluding acquisitions and commercial construction for the full year is forecast to be AUD 556.3 million revenue. That's up almost 12% on FY22 or AUD 57.4 million. As you'd expect, the lion's share of that growth is coming from IBRS. I think what I can say at this stage is we're being pretty conservative in terms of the second half BAU growth assumptions. No problem. With the commercial construction segment, that's obviously a bit of a drag on FY23. You've got AUD 10 million in the outlook. How should we think about that for FY24 going and onwards? Is this business gonna be significantly wound down by the end of the financial year where it won't be as much of a drag? Yeah. We're running all the jobs out. Apologies. Sorry. We're running all the jobs out and we close out the jobs. I think we'll have most of them done by June. Might be carryover of 3 jobs there. Then we'll just wind down of that division and only focus on lines of insurance work. Yep, understood. Maybe just one last one on U.S. Thanks for the detail on the revenue and the EBITDA there. Can you give us an update on the rollout of the sort of the MakeSafe and Express Builders over in the U.S., and how much are they contributing to the performance? Yes. Sorry, Elijah. Yeah. In terms of the launch of the new services, the large equity is going really well. We've launched Express in Colorado, Texas, and Florida, and also MakeSafe in Florida off the back of the hurricane hit in. Those services have been launched. You know, we're recruiting great management at the moment, but in terms of the first half contribution, it's minimal. The most important thing is we now have established those entities and they are generating some revenue which will grow exponentially going forward. I think the other part to that, Matt, is that sort of growth, strategy. We've got targets over every quarter for organic, openings of offices and it again comes down to our business partners. Again, what we spoke early days about, it's a similar blueprint we use here in Australia, that Scotty spent time implementing and educating, RE on, that they're on that, they're on that pathway now. Perfect. I'll pass it on. Thanks, guys. Thank you. Thanks a lot. Bye. Thank you. Our next question is from David Meehan from Moelis Australia. Go ahead please, David. Good morning. Just hoping you could quantify perhaps how your pipeline of quoted work outstanding has moved over the last 6 months. You mentioned the contract of work on hand earlier, maybe how some of the quoted work outstanding at an earlier phase of the pipeline has moved may be helpful. I think I made reference to this at the full year. Our quoted pipeline at the moment's about AUD 550 million. Again, that work has been quantified, is in the system, and awaiting an outcome. That's here in Australia. The pipeline, which is what we've used in the past to describe the opportunity we see in the U.S. through RE, is AUD 1.3 billion at the moment. Right? They're the two probably headline numbers around the opportunity we're seeing. Some of the government contracts that we're doing, sort of even sit outside of that. Some of that, especially the work we're doing in Victoria at the moment, that continues to grow. To expand on Scott's point earlier, the time for that to mature will be even more meaningful through FY 2024 as well. That's still sitting outside and that's moved from maybe 2 to 3 tranches of work to 7 or 8 tranches of work now with different scopes opening up. There's a lot of work that's been quantified, and as we always say, that it will take time to drop in to work in hand. Thanks very much. Thank you. Our next question is from Kieran Harris. Go ahead please, Kieran. Thanks, Kieran. You're now unmuted. Go ahead. From E&P, sorry. I think it's Julian Mulcahy here. You did sign in. Just a few questions on the CAT revenue. Did any of that AUD 186 million include the US number or that's purely the Australian business? There's about AUD 6 million of CAT revenue generated from the U.S., about AUD 1 million or so from Steamatic Drilling and the balance from Reconstruction Experts. In terms of second half contribution from Reconstruction Experts, in the CAT segment, we'd expect at least that in the second half, but it could be significantly more based on what we're doing at the moment. Right. The AUD 116 in the presentation says the RE number. That's RE, that's AUD 116 including AUD 6 of CAT? Correct. That's right. Right. Okay, cool. It was such a strong beat on what was expected on the sort of CAT side. I get that, you know, you've won these government contracts. Is there been any sort of change in how it's recognized? Like, will the government pay you more up front than you'd normally on normal transactions? No, look, I mean, the cash flow dynamics are similar. You know, for certain components of the government work that they will prepay. For example, we've built a temporary accommodation village, so part of the higher charge is prepaid, but obviously under the account expense, we defer that revenue and profit and we'll recognize it once it's earned. That's immaterial in the context of the rest of the revenue we've delivered. It's sort of very similar to the rest of the BAU business. Right. Okay. With the RE profit result, you said it was sort of in line with what you expected, but it looked a bit, you know, lighter in terms of margin relative to when you bought it. Is it just a first half, second half sort of timing thing, or is this the new sort of run rate margin on that business? No, look, I think, you know, for the first time being for the next few years, as we expand and grow, you know, we are investing in a few additional overheads to facilitate that growth. You know, the full year when we kind of qualitatively spoke around the forecast for RE, we've said, you know, in the range of AUD 200 million-AUD 230 million revenue on about a 12% margin. You know, acknowledging that is a little bit lower than the historical numbers we'd put out there at the time of the deal. As we build that new service line and, you know, put some more overheads on to facilitate that growth, I think that 12% margin is pretty sustainable going forward. Right. Okay. Just finally, what was the sort of contribution from Strata, in terms of you doing the work that you've got your foot on through the management business? Yeah. Just a couple of soundbites on the Strata business, Julian. First half of 2023, we delivered about AUD 48.5 million revenue. That's up 15% on the prior period, obviously being first half 2022. Strata Management, so the core business of buy and build, we delivered AUD 27.7 million revenue. That was up 9.1%. It's a very strong growth in that Strata Management space, which obviously is lower, organic growth traditionally. Strata Building Services, you know, grew 24% period on period to AUD 20.8 million revenue contribution for this first half. Right. Just one final question. Your minorities was up quite a bit, I just assume that a lot of that related to the extra CAT work. It's part of the extra CAT work. You know, in absolute dollar value terms. You know, there's also an additional contribution from Reconstruction Experts and the business partners now in the US. As a percentage of profit, it's actually reduced with the buyout of Trevor Bright as well. Cool. Thanks, guys. Pleasure. Thank you. Thank you. Our next question is from Russell Gill at JP Morgan. Go ahead please, Russell. You're now unmuted. Hi, guys. Just a handful of questions. Just following on from the CAT. I guess the message you're giving us that you're, I guess, a bit more confident in the outlook and to some degree, forecasting this line of business going forward. Can I just delve into some of the trends that you're seeing? You're obviously seeing a bit of switch from or some increased government work coming through. Can you possibly think going forward in the years ahead whether you see the government growth or go against growth in government related CAT work increasing relative to the commercial sector and how you see that playing out? I think, Russell, strategically, we've, we sort of set a strategy five years ago to improve the standards of the work that was done on behalf of government in this space. That we're the natural provider of that work. It's only because of our investment in communities, and that goes back to our BAU organic expansions into these areas that we can provide those services. To your point around forecast, we've still said to be that it's very challenging to forecast CAT and to quantify even the work we've got on right now. Yes, we're feeling confident about there's a hangover that goes into FY 2024, but anything beyond that is still, you know, very unknown. I feel resist the temptation to try and put a number out there into the new financial year, and we're gonna stick to what's worked for us in the past in contracted work only. We've remained really diligent on our BAU organic growth, which is upsiding CAT. Now, that's for our IB&RS state that allows the capability to go and sell into government like we have with the disaster management space. Now, the scope of work we do is very different for government, and that's why we've got a specialized team that do it. We're continuing to work very closely with the three states that we're working with at the moment, hopefully a fourth very soon. In time, it'll be our intent to have some strategic alignment federal across the country with, which how these events are responded to. While I've got you, Nick, just on other trends you're seeing in the CAT work, I mean, clearly the revenue you're booking is up a lot. There's obviously a huge amount of CAT work out there, but the last sort of year and a half, you're seeing, I guess, a lack of raw materials, access to labor, some challenges in that. Are you seeing any changes around the insurance sector, around cash settlement of claims and therefore what doesn't hit you guys? No, I think the, probably the numbers speak that a little bit, Russell. I mean, the, you know, the speed at which we're getting through the work, no significant change to cash settlement trends at all. I think if anything, what we've seen in the results and what we will continue to see is some of the innovative solutions we've provided to both insurers and to government. This isn't even work that, you know, has been pushed to us. We've really over the last 3 or 4 years, designed solutions that have given us access to these types of outcomes. I think things like temporary accommodation, units, the facilities we're providing for customers that are displaced, these are things that we've designed and we're working closely with government counterparties to implement. Yeah, no significant change to what we've known historically. Okay. Great. Thanks. Matt, just on the cash flow, I mean, the operating cash flow result was unbelievably good. I was given always under the impression that if you get a big uplift in CAT work, it probably is a temporary working capital drag. We seem to see the other way around, like your receivables has dropped. Is there some one-off things in there or am I reading it wrong regarding the operating cash flow? No, look, I mean, this is foreshadowed at the full year result, Russell. I'm sure you remember that the second half of 2022 was temporarily suppressed. That was basically driven by a massive increase in accrued income, which followed a massive increase in job volume. An entirely positive phenomenon driving a temporary suppression in cash flow. What I said at the full year result was that I expect the balance sheet to normalize in the first half of 2023, which is exactly what's happened. We've seen a reduction in net working capital of about AUD 10 million-AUD 11 million, and that's driven a very strong cash conversion for me, a bit down to about 120%. You know, going forward in a, in a normal, if there's such a thing as normal environment, you know, cash conversion for me, a bit down should be between 90 and 100%. We're an asset light business. There's no, you know, working capital drive on cash flow per se. When we get these big spikes in volume, we do have to scale up. We have to mobilize resources. We have to increase capacity, and that temporarily suppresses cash flow. Again, the balance sheet ultimately releases that cash, and we've seen that in this first half. Okay. Which I completely understand is just the significant uplift in your CAT revenue this half. Essentially you're saying all the mobilization occurred in May, June, rather than any additional mobilization this half. That's exactly right. Yeah, that ultimately happened in the second quarter of 2022. Now we're operating at a consistent volume. While I've got you, Matt, just on the commercial construction business, Are you taking all the medicine this year? Should this business in 2024 onwards be not a drag on the profitability for the group based on how you're seeing things? Absolutely. I mean, look, under the accounting standards, we recognize all the forecast losses immediately, which we've done based on the information available at the time, hence the AUD 5 million loss in this first half. Going forward for the second half, we're still carrying a large overhead base. You know, we've got some 50 odd staff in that business continuing to perform that work. Hence the second half forecast a bit of a similar loss to the third half. As the guys said, you know, once we get through this financial year, the vast majority of that work will be complete and we will not be doing more traditional commercial construction work going forwards. Great. Last question, just Scott, on the U.S., apologies if I've missed this before. Just on the margin from the RE business at 12%, how are you thinking that in that business? That 12% margin, do you see upside risk to this or is the revenue opportunity across a different mix of work, I guess, a bigger driver of that business rather than the margin? I think the revenue will certainly increase and the margin, I think it's conservative at 12%. We're investing a lot in the growth over there at the moment. We wanna roll out fairly quickly and we're investing in that. The traditional work they do right now in multifamily housing, it actually carries a higher margin. We're using a little bit of that for expansion. Then it'll be maintainable. I think it, you know, take that 12% is very conservative, but I think we can roll that and have consistency with that, with our other products coming in. Great. Thanks, guys. Thank you. Thank you. We don't have any further questions in the queue. Thanks very much, everyone. No, one more. Michael. One more, Michael. Okay. Michael Paese, Goldman Sachs. Go ahead, please. Hi, yes. Thanks, Scott, and team. Thanks. Just on the AUD 186 million cap, could you just give us a sense of how much was insurance versus government? Sorry. Ask the question again. Sorry, Michael. You did it through government. Oh, sorry. The AUD 186 million cap booked in the period, how much was government versus insurance company work? Can we come back to you with that offline, Mike? Is that all right? With just… Yep, no problems. Just thinking sort of more strategically longer term, if you roll back 3 to 5 years, of the addressable market in cap? Do you know what sort of% roughly you'd be doing now versus what you were doing 3 to 5 years ago? No, no. We can't. I mean, we could probably dig it out, spend some time doing it. Mm-hmm. What I can say is... Sure. Go back five or six years ago, go back eight to 10 years ago, we would have struggled to really facilitate a cap all around Australia. You know, we didn't have the offices, we didn't have the footprint going back sort of six, seven, eight years ago. What Nick (Aminzi) and Josh and the team has implemented is offices all around Australia where we have local presence, local tradesmen, local relationships. We can and we do respond quicker than anybody. Giving a live example of that, the insurance companies ask and request that everybody submit a cap plan when they put their submissions in their RFPs. They ask for a cap plan. Most people will say they can do a national cap plan. The fact is, and reality is, that nobody can service a full cap plan, a full national cap plan, except for Johns Lyng because we have 39 offices around Australia. Our nearest competition has 3 offices. Now, some on their website will say they've got six, seven offices, but some are considering a man working from home in Wagga Wagga an office. That's not an office. Yeah, to answer your question, Michael, our footprint to cover cap is real. Our insurance customers understand and they know it's real because of how we respond and also how our costs don't escalate compared to our competitors because of local presence. I think also what's important, Scott, was we've accessed a new subset, a new subsegment of the cat market. We did that in July 2021 when we were first awarded the Victorian government contract through BRV, Bushfire Recovery Victoria. Prior to that, we didn't do any CAT related work at all for government itself. We've actually accessed a whole new subsegment of the market, Michael. Yeah, I know. Thanks, Scott. Thanks, Matt. Appreciate the call. Thanks, Michael. Thank you. We have no further questions in the queue. Thank you very much, everyone, for your support. Thank you. Thank you.