Thank you for standing by, and welcome to the McMillan Shakespeare Limited full year results FY22 conference call. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr. Robert De Luca, Managing Director and CEO. Please go ahead. Thank you, Sari, and good morning, everyone. Welcome to our FY22 full year results presentation. My name is Rob De Luca, and I'm the CEO and Managing Director of the McMillan Shakespeare Group. I'm joined here today by our Chief Financial Officer, Ashley Conn. I would like to start by acknowledging the traditional custodians of the lands on which we meet and pay my respect to their elders past and present. I wanted to commence by saying that it's an exciting time to join McMillan Shakespeare. Firstly, the current labor market dynamics are highlighting the importance and need of a strong employee value proposition by employers to their employees through means like salary packaging, particularly in light of the rising cost of living. Secondly, the increasing value seen in plan management by participants in the National Disability Insurance Scheme being reflected in the increasing uptake as the scheme continues to expand. Thirdly, the increasing interest from our customers in reducing their transport-related emissions through transition to electric vehicles and how we best help them on this journey, particularly in light of the government's electric vehicle discount bill. As we move through the presentation, we'll be referring to the slides that were released with our results this morning. The financial information is unaudited and remains subject to change. We'll be happy to take questions at the conclusion of the presentation. Moving to slide two. I'd like to commence by touching on what I see as key highlights. Firstly, we were able to deliver strong financial performance for FY22 with increased revenue and profit underpinned by growth across many key metrics, which we will talk to this morning. Importantly, our performance was achieved in an operating environment impacted by the ongoing global motor vehicle supply constraints. Secondly, a focus on client engagement and the customer experience is driving increased business activity and momentum. Thirdly, we are taking action to simplify our business, including having exited our Davantage warranty business and CLM Fleet Management business. Fourthly, we have moved our FY22 dividend payout ratio to 100%, which is fully franked and in line with our revised dividend payout ratio of 70%-100% of NPATA. Finally, we have announced up to 10% off-market share buyback. We've moved to slide three we. Before I touch on the financial performance, I'd like to point out that we are using a term called normalized, which excludes the impact of our new warehouse funding facility Onboard Finance and excludes JobKeeper in the prior period being FY21. Ashley will cover this in more detail later. In FY22, normalized revenue increased by 9.2% to AUD 594.3 million, and normalized NPATA was up 16.5% to AUD 83.8 million for the period. Statutory NPAT increased 15.2% to AUD 70.3 million for the period. Our return on capital employed increased to 38.6% while our normalized EPS grew by 16.5%. Our final dividend was AUD 0.74 per share, bringing our total full year dividend to AUD 1.08 per share. Slide four. This slide highlights the outcomes of our customer focus and how this has translated into underlying growth across business segments and underpinned our Net Promoter Scores ranging between 51 and 53. Within our Group Remuneration Services segment, we had significant client wins, including the Victorian Department of Education and Training. During the period, we continued to invest in digital capabilities with attention to meeting the ever-increasing needs of our customers to improve how they engage with us and increasing distribution access. Our digital initiatives during FY22 included the introduction of new Maxxia and RemServ chatbots and a live chat experience, as well as enhancing our digital estimate platform. We also successfully launched our funding warehouse Onboard Finance, which Ashley will talk to in further detail. In our Plan and Support Services segment, we successfully completed the acquisition of Plan Tracker in July 2021. In FY22, we invested in our digital capabilities to provide our customers with tools to help navigate the NDIS, as well as making enhancements to our customer dashboards to encourage greater self-service. Our Asset Management Services segment performed well across all three businesses, namely Australia and New Zealand, the United Kingdom, and aggregation. With the net amount financed across the segment up 13.9% year-on-year. In our Australian and New Zealand Asset Management business, we simplified our branding across Australia and New Zealand, aimed at enhancing brand recognition and experience to businesses operating across both geographies. The period also saw the business take significant steps to educate and assist our customers to reduce their carbon footprint. As EVs become an increasingly important option for our customers over time, we will continue to enhance our capability, products, and services to support their transition. We move to slide five. I mentioned in my introduction about a number of key focus areas of the year, including simplifying our business and enhancing shareholder returns. I wanna spend a moment touching on these, as they are important in how we think about the business moving forward. Firstly, during the year, we created three segments to better reflect the group's capabilities, products, and markets in which they operate. These are GRS, PSS, and AMS. As previously mentioned, we divested the Davantage warranty business in September 2021, and the CLM fleet management business in May 2022. We will continue this process by exploring exit options for our remaining UK businesses in FY 2023. Secondly, we have announced a 100% dividend payout of normalized NPATA for FY 2022, with a new and revised dividend payout policy of 70%-100% of NPATA. Lastly, we've announced this morning an up to 10% off-market share buyback. Ashley will talk further to these capital management initiatives in a moment. On slide six, I'd like to talk about the progress that we've made in implementing our sustainability strategy. MMS developed our first group-level sustainability strategy in FY 2021 to guide our actions on how we make a positive impact on the environment and the communities in which we operate. FY 2022 was the first year of implementing this strategy, where we have focused on laying important foundations to implement impactful sustainability initiatives for the future. In FY 2021, we established a net zero carbon emissions target by 2030 for our direct operations. In pursuing this target, we have now converted all of our controllable sites in Australia to 100% green power contracts. We also began switching our company car fleet to electric vehicles, with 18% of the Australian fleet now transitioned to EVs. These initiatives contributed to a group achieving a 24% reduction in our greenhouse gas emissions compared to the previous financial year. Our brands, Maxxia, RemServ, and Interleasing, took significant steps to support and educate our customers in their transition to a low carbon future through the adoption of low and zero emissions vehicles. This has included customer education and promotion of electric vehicles through our marketing channels and undertaking EV trials with customers. During the year, we launched our Reflect Reconciliation Action Plan, which focused on creating better opportunities for First Nations Australians. Additionally, we introduced our accessibility and inclusion plan to make a further difference for our people and customers living with disability. The health and wellbeing of our people remained a key priority for the group during the period as our staff adapted well to hybrid working arrangements. We invested in supporting the mental health of our people and reignited our internal leadership programs that enabled our leaders to reconnect and collaborate in person. We also achieved a sustainable engagement score of 83% through our last survey. Now on to slide seven. We welcome the federal government's electric vehicle discount bill introduced into the parliament on the twenty-seventh of July, 2022, to exempt non-luxury zero and low emissions vehicles from fringe benefits tax. Under this proposed legislation, government has stated that for a vehicle of around AUD 50,000, it will save the employer up to AUD 9,000 a year. For individuals using a salary sacrifice arrangement to pay for the same model, their saving would be up to AUD 4,700 a year. Across our GRS business, we are well-positioned to assist our novated customers transition into EVs under this policy. While our Interleasing business looks forward to supporting organizations who have greater financial incentive to transition their fleet to EVs in line with their sustainability commitments. I'll now pass to Ashley. Thanks, Rob, and good morning to everyone. Once again, this year, we've included a group NPATA bridge that highlights a 9.2% improvement on normalized revenue at AUD 594.3 million. Normalized EBITDA up 7.2% to AUD 132.7 million. Normalized NPATA also increased by 16.5% to AUD 83.8 million. Normalized earnings per share of AUD 1.083 was up 16.5% as well. As Rob mentioned earlier, the financial results are on a normalized basis. Normalized refers to adjustments made for the negative earnings transition period for the implementation of the funding warehouse Onboard Finance. It normalizes for the warehouse's in-year operating and establishment costs and for an adjustment for commissions that would have otherwise been received in period had the sales been financed through a principal and agency funder, rather than through the warehouse. Normalized financials are stated for FY22 and FY21 for comparative purposes and are currently expected to be stated up to and including FY25. For FY21, normalizations only include an adjustment to remove the impact of JobKeeper. For clarity, for FY22, normalizations to NPATA was AUD 1.7 million. For EBIT, AUD 2.4 million. A reconciliation of NPAT to NPATA and to normalized NPATA is included in the appendix of this presentation. Moving to slide 10 and our balance sheet. Our balance sheet remains in good shape with a net cash position, excluding fleet funded debt, of AUD 151 million. The total debt to EBITDA dropped to 0.4 times compared to 0.5 this time last year. Gearing, group gearing decreased to 17%. Our interest coverage of 34.8 times. All of these have significant headroom to our covenants. In asset management, debt is now AUD 177 million, resulting in a gearing ratio of 66% of written down value of the fleet assets below our 80% bank covenant. Importantly, in August, McMillan entered into an agreement to obtain new five-year debt facilities totaling AUD 60 million to support working capital requirements. Moving on to slide 11 and cash flow. Cash flow here is split into our three segments, plus corporate and unallocated. The group generated free cash flow before fleet funding of AUD 127.6 million, a 155% NPATA cash conversion. Impacting cash flow, it is important to note that during the period, we benefited from the instant asset write-off and also received a cash payment in relation to a one-off transaction relating to revenue payable in the future that will be recognized in the future. Both of these positive impacts on cash flow will unwind in the future. Other elements of the cash flow include the capital expenditure of AUD 9.3 million. As flagged at the half, we transferred with the sale of the retail business in September 2021, and combined with cash transferred under the CLM's sale totaled AUD 22.4 million. Consequently, as a result of these sources and applications of funds, during the period, group cash on hand now sits at AUD 161 million. Moving to slide 12. An important milestone was achieved this year with the launch of our funding warehouse Onboard Finance. We established Onboard Finance to diversify funding sources and create an annuity income stream with a higher NPV per transaction. We commenced funding novated leases with Onboard in the fourth quarter of the year. In FY22, it funded AUD 1.5 million of leases. As mentioned, we are aiming to fund approximately 20% of our novated leases through Onboard, and we expect to achieve this run rate during FY23. It's important to note that in terms of the financial impact of the warehouse facility, it had a negative impact, as mentioned, of AUD 1.7 million on NPATA in FY22, and this is expected to increase to approximately AUD 11 million in FY23. Moving to slide 13. MMS considers its use of capital going forward, and we have decided that we will prioritize our cash flow as following. We will invest in the business through operating and capital expenditure for sustainable growth, to fund strategic acquisitions for deleveraging when required, then returns to shareholders primarily as franked, fully franked dividends, and then where surplus capital remains, consider share repurchases. In relation to the group's dividends, we've committed to a dividend payout policy that will return between 70%-100% of NPATA to shareholders via dividends. During the warehouse transition period, as mentioned earlier, currently expected to be FY2022 to FY2025, the NPATA used for the dividend policy will exclude the impact of the warehouse, so normalized NPATA will be used. Accordingly, our end of year dividend is AUD 0.74 per share, which brings the full year dividends to AUD 1.08 per share, which is a 100% payout ratio of normalized DPS. Please note that the final dividend will be payable post the completion of the off-market buyback, which I will now discuss. Turning to slide 14. Today, we have announced an off-market share buyback of up to 10% of our shares that will include a significant franked component. I would like to direct you to a separate announcement that has been made with the full details of the off-market buyback, and I would encourage shareholders to read carefully this document when considering if to participate. The benefits of the buyback include returning surplus capital to shareholders, including a significant franked component subject to ATO finalization. McMillan purchasing its shares back at a discount, improvements to EPS and return on equity, and the utilization of excess franking credits. There are a few highlights that I would like to outline including that we are targeting up to 10% of our shares on issue at a discount of between 10%-14% to the buyback price as it will be established in October. Subject to ATO confirmation, the buyback consideration is expected to be AUD 0.99 per share, capital component, with the remainder to be a franked dividend. Key dates include 2 September, being the last day that shares can be acquired to be eligible to participate. 21 October, being the date the tender closes. The 24th of October, an announcement of the buyback price and scale backs. The 30th of October, being the date the buyback will be completed. The 1st of November, being buyback proceeds will be dispatched to the successful participants. Importantly, the record date for the final dividend will be the 27th of October, and it will be paid on the 10th of November. I'd now like to hand back to Rob to discuss our segment operating performance. Thank you, Ashley. Now turning to slide 16 of the presentation and our GRS segment being our salary packaging and novated lease business. Total normalized revenue for FY 2022 for this segment grew by 2% on the previous period to AUD 206.6 million. Revenue performance was a reflection of increasing customer demand and activity with novated lease orders up 3%, salary packages up 3.8% and elevated yields. However, ongoing vehicle supply constraints resulted in lower ability to fulfill orders for sales during the financial year, resulting in a 90% increase in carryover on the prior period. Normalized NPATA decreased by 2.1% to AUD 48.4 million, which was a reflection of firstly the cost incurred for increased activity and engagement with customers caused by vehicle supply constraints. Secondly, the cost of increased orders largely incurred in FY 2022 period, with the associated revenue being approximately AUD 26 million to benefit future periods. On slide 17, our ongoing customer focus through investing in digital capabilities saw a 10% increase in novated lease sales leads via digital channels for the period. While recognizing the ongoing vehicle supply constraints, we were able to deliver novated lease new sales performance, which was ahead of that achieved in the passenger and SUV domestic new car sales market. Now moving to slide 18. Our newly created Plan and Support Services segment grew during FY 2022 with plan management and support coordination customer numbers up by 64% on FY 2021 to 25,876, outstripping the NDIS plan managed customer growth of 31% occurring across the scheme. This growth, in combination with our 20% increase in the hours of support coordination provided to participants over the period, helped to produce a 57.3% lift in segment revenue to AUD 41.3 million. As the NDIS continues to expand, we have continued to invest in the business in the areas of brand to continue to build awareness in targeted channels and support retention following the acquisition of Plan Tracker, business relationship managers to strengthen our industry relationships in an expanding market, systems to support a growing business and greater interface with the NDIA, and quality assurance to strengthen controls as the scheme continues to evolve. FY 2022 NPATA was up 21.4% on the prior period to AUD 6.6 million. The next three slides look at our Australian, New Zealand and UK asset management business and our retail financial services business being our aggregation business. On slide 19, our AMS ANZ segment recorded an 11.1% lift in revenue and delivered normalized NPATA growth of 19.6% to AUD 18 million. Through FY 2022, new business volumes continued to be negatively affected by delays in new vehicle supply. An increase in demand for quality used vehicles resulted in high yields through our wholesale and retail remarketing channels. The ongoing contraction of new vehicle supply also contributed to an increase in contract extensions, which increased the average duration and age of the fleet, as well as seeing our order book increase on the prior period. There was a 2.2% increase in written down value of assets under management. Now on to slide 20. You can see our UK asset management business achieved revenue growth of 28.4%. NPATA was GBP 8.5 million, which was up from GBP 1.4 million in FY 2021. The limited supply of new vehicles impacting our ANZ business also was experienced in the UK, with demand for used vehicles and in turn elevated used car prices and remarketing yields increasing markedly over the period. Off-balance sheet originations increased over the period with net amount financed of GBP 841 million, representing a 7.8% increase on FY 2021. Owing in part to the expansion of our sales network and the lifting of COVID-19 restrictions, together with the gradual improvement in business confidence. Through FY 2022, we continued to run down the existing on-balance sheet lease portfolio, which has seen the written down value reduce from AUD 51.9 million to AUD 23.3 million over the period. This portfolio is expected to continue to run down during the FY 2023 period. Now on to slide 21. Our aggregation business performed well with net amount finance increasing by 15.9% on FY 2021 to AUD 1.168 billion. Together with the higher asset prices, helped to deliver normalized NPATA of AUD 4 million, up 10% on the prior period. This result occurred against a backdrop of competitive market conditions and a shift in our business mix away from consumer to commercial lending. The strength of our lender panel has been a key contributor to the aggregation business success. This past year, we've made further additions. We now have almost twice as many as were available two years ago. I'd like to now turn to slide 23 to talk about our outlook. It is expected that FY 2023 is likely to see continuation of the current market conditions around vehicle supply, together with inflationary wage pressures and rising interest rates. Novated lease yields and end of lease income yields are anticipated to remain around current levels. While the business will maintain and benefit from its higher FY 2022 carryover revenue of approximately AUD 26 million. We also look forward to the federal government gaining passage through the parliament on its electric vehicle discount bill. We believe this will provide well-needed support to Australia's future adoption of low and zero emissions vehicles. Business momentum is expected to benefit from our ongoing focus on the customer experience through investments in digital and data analytics to support productivity gains in the future. Growth in our GRS segment through the onboarding of recent client wins achieved in FY 2022 are anticipated to provide further momentum into FY 2023, whilst we focus on upcoming tenders and ongoing client renewals. The new warehouse, Onboard Finance, will continue to be ramped up with the NPATA impact it's estimated to be approximately AUD 11 million for FY 2023. As mentioned, we will explore exit options for our remaining UK businesses whilst we also fully integrate the Plan Tracker business during the period. Where appropriate, explore similar other M&A opportunities in PSS. Finally, we will proceed with our disciplined approach to capital management and improving returns to our shareholders via the initiatives as outlined this morning. In closing, I wanna reiterate the strength of the underlying performance of the business across FY 2022, and I remain excited by the opportunity which lies ahead as we pursue long-term sustainable growth for the business. Finally, I wanna thank our loyal customers, the dedication of our people, and our committed shareholders for their support. Ash and I will now be happy to answer any questions you may have. Thank you. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you are on a speakerphone, please pick up the handset to ask your question. Your first question comes from Paul Buys from Citi. Please go ahead. Oh, morning, Rob, Ashley. Just, first one from me, please. Just in terms of, I guess, your novated lease orders, just curious to know if you've seen any impact, in the current environment from, consumer reaction to higher interest rates and the like, and whether or not, I mean, that order book has always been very sticky, whether or not that remains the case or if there's been some attrition in the order book. Thanks, Paul. Look, to date, we haven't seen any material impact of rising interest rates on our novated lease business. You know, it's difficult to say, you know, what that may look like in the future, but I think in part it probably reflects the mix of our business. When you think about our business, you know, about 26% of our novated lease book is government, and 58% related to health. So between these two big client bases, obviously, from an employer perspective, remained big areas of employment and greater certainty in the current environment. So we think that to a degree has helped, obviously, the position we've been seeing. Obviously, as interest rates continue to change in this dynamic market, we'll continue to monitor it, but to date, very little impact. Thank you. In terms of the outlook, I guess you were clear there on your expectation for novated yields as well as end of lease yields. You called out the AUD 26 million in carryover. Just to understand that. You expect to get some benefit from that carryover? I guess is part one to the question. Part two, and I know it's a little bit of a crystal ball question, but I mean, as things currently stand, do you think that that order book holds now or it starts to come down a bit, or indeed still grows from here? Just want to get an idea of how you see that playing out over the next 12 months. Yeah, thanks, Paul. Look, the last couple of months we're seeing a continuity of what we've seen in the prior months in terms of yields and order rates. You know, to what we can see at this stage that's continuing. In terms of that carryover, obviously, you know, 12 months ago, people would've had a certain view in terms of supply constraints and how that would've played out. At this stage, we're seeing, you know, that's obviously increased by 90% on where it was 12 months ago. We expect that to benefit our business, you know, in the future periods. Exactly when and how much I think is yet to be seen. Got it. Okay. Just on the warehouse, that was very useful clarity in terms of, you know, your expectations for the year ahead and calling out the separate impact. You mentioned it's gonna be effectively, you'll be calling stuff out for FY, you know, all the way through that FY 2025 period. Just given that, I just wanna understand if you can give any more color on kind of the dynamics. Would you expect the FY 2023 impact to be the maximum impact? As you start getting some return on those leases you've written coming forward, that impact is flat into, say, 2024 and then starts swinging the other way into 2025? Just wanted to get a little bit more, a bit more color, if you can, on kind of the shape of that trajectory over that 2022-2025 period. Hi, Paul. It's Ashley here. Yes, you're correct. I'd point to slide 12, where we've tried to give you some shape and profile of what we see the warehouse impact being to NPATA. To answer your question directly, FY 2023 will be the largest impact, and then we anticipate, because we anticipate in FY 2023 getting to our full run rate of 20% of our novated volume. Going forward, you know, there'll obviously be a contribution that'll come through from those leases that we've written, and we expect FY 2024 the impact to be smaller, and 2025 the smallest. From 26 onwards, you know, we're back to where it's a matter of fact, a positive contribution from the warehouse versus P&A. Going forward, we'll continue to grow and be positive. Biggest impact in FY 2023, Paul. Great. Thanks, guys. I'll leave that from me for now. Thank you. Thanks, Paul. Thank you. Your next question comes from Phillip Chippindale from Ord Minnett. Please go ahead. Hi guys. Thanks for your time. Just firstly on this warehouse facility, that AUD 11 million at the NPATA line, just from an EBITDA perspective, do we just gross that up by, you know, the full tax rate? Is there any sort of nuance around that? Maybe a question for Ashley. And then secondly, that 20% comment figure for FY 2023, when do you expect that will be achieved during the year? Is that the end of the year or will it be done relatively soon, perhaps in the first half? We haven't given specifically, you know, EBITDA outlook, but what you've said is, you know, is a fair assumption. In terms of the run rate, you know, we expect to hit that in FY 2023. It is ramping up, so the impact will be second half weighted is the way I describe it. It depends on, you know, how the rest of the year pans out in terms of, you know, vehicle supply as well. We haven't broken it down between the halves, but it's fair to say it will be second half weighted. Okay, thanks. Just turning to the UK, you've mentioned you're exploring various exit options there. You know, over the last few years you've had a couple of different reviews of that segment and considered various options. I guess, you know, what is it this time that we should maybe expect perhaps a different outcome here? Is it because the business is perhaps doing a little bit better in recent times? Yeah, just a little bit of color around that. Sure. Not a problem, Phil. It's Ashley here again. Why don't I take that? Just in relation to previously, you know, before COVID, it was announced that there was a process underway for the UK business that was paused, obviously through COVID to be able to manage the businesses. You know, the business is in particularly good shape. You know, given where the business is trading at the moment and the environment, you know, we're through the, you know, the COVID heavy periods, we believe that, you know, the business is in good footing and it's now time to recommence and thinking what our strategic, what our exit options might be there. We'll go through that process and look for the best option for those businesses. Thanks, Rob. That's all from me. Thank you. Your next question comes from Scott Hudson from MST. Please go ahead. Yeah, good morning, gentlemen. Just a couple of quick questions. Firstly, on the AUD 11 million NPATA impact, does that, I guess, incorporate the current supply conditions? Yes. Yes, Scott. Hi, it's Ashley here. Our working assumption through FY 23 is that there's just a continuation of the existing supply arrangements. We view vehicle supply as continuing to be constrained all the way through FY 23. Yes, there is embedded assumption of the current state in there. Can I understand, I think your previous guidance was sort of a AUD 4 to 5 million NPATA impact on that, on a first half basis. Can I just understand what's driving, I guess, the marginal uptick in that NPATA impact? We had some guidance out for FY 2022. We updated that outlook at the half, and it was a decrease back to AUD 2-3 million. It's ended up being AUD 1.7 million. The key driver of that was really first of all the time it took for the ASIC license approval to come through. It was just a function of time. There were no issues per se. There were no issues with the application, but we didn't want to commence writing until we had that in hand. That's the real principal driver of the difference. You know, vehicle supply hasn't definitely helped. I'd say that the key timing issue has been around receiving that license, which as we said, we got in the last quarter of the year. Okay, thanks. I guess just in terms of, sorry if you maybe might have answered this before. In terms of the order pipeline, have you seen any change to customer inquiry levels or orders post the recent interest rate increases? Thanks, Scott. It's Rob here again. No, as I mentioned earlier, not over the last couple of months. Something we monitor quite closely. The last few months have been fairly consistent with, you know, the last months of the last financial year. I think, from our business mix in terms of largely skewed towards government and health in terms from an employee perspective. We feel, there are areas that are obviously fairly well in demand at the moment. And so that, you know, plays to our favor a little bit. But obviously as interest rate market remains dynamic, we'll continue to monitor it as we move forward. I guess in terms of customer orders through FY 2023, you expect much change relative to 2022? I think as outlined in the presentation, we've seen a 3% increase last financial year. You know, the last few months at the start of the financial year, we continue to see that type of momentum, in line with what we've seen. That's kind of where we're at at the moment. I think it's very difficult to forward look too far given the dynamics of the vehicle supply-constrained market we've been operating within. Lastly, the margin drop through on that AUD 26 million carry over revenue, is that I guess we assume that that's effectively a 100% EBITDA margin? G'day, Scott. It's Ashley here. Yes, the cost of originating those orders were obviously incurred in period. You know, they now sit in the order book as sales. When they drop, there's very marginal cost. Very small marginal cost. So it pretty much drops through. You'd obviously have to tax effect it to get to NPATA. In terms of EBITDA, it should drop through. Just last one, Rob. In terms of the, I guess, non-organic growth opportunities across PSS, how are you thinking about that landscape through FY 2022? Yeah, Scott, as I mentioned earlier, it's certainly an area that we'll continue to monitor and prepared to participate in for the right assets, you know, strategic fit, cultural fit. In the market, we'd expect over time as the NDIA starts to mature to see further consolidation. Obviously we've been pleased with the acquisition of Plan Tracker and the performance of that business. As we integrate that into our common platform, then we feel we've got a really great platform for further growth, both organic and non-organic. Brilliant. Thank you very much. No problem. Thank you. Your next question comes from Chenny Wang from Morgan Stanley. Please go ahead. Hey. Morning, guys. Thanks for taking my questions. Maybe the first one, just to clarify the warehouse impact into next year. You know that AUD 11 million, should we be thinking about that as an incremental to that AUD 1.7 million you called out in FY 2022? Or is the number thinking into next year really an incremental 9.3, so the difference between the 11 and 1.7? Can I just clarify that to start off? Thanks. Yeah, Chenny. Yeah, Ashley here. You know, fair question. It's not. It's just AUD 11 million is the impact in FY 2023. You don't add it or subtract it from the AUD 1.7 million. It's just FY 2022 is AUD 1.7 million. FY 2023 we're saying is going to be, is gonna be AUD 11 million. Hopefully that's clear. Got it. Just in terms of that AUD 26 million in novated backlog, I'm just, I guess, wanting to get a sense of what the funding for that is. Like, should we be thinking about any warehouse mix in that or has there been a warehouse mix already assumed in it? Well, given that there's only very minimal warehouse volume that's been done so far. We've said that. It's early days, right? We're continuing to ramp up. We've only done AUD 1.5 million of volume through the warehouse. And as I said, our aim is to ramp up to 20%. You know, overall it's very small. It's embedded within that 26. Got it. Just one last one for me on the yield. I think in the presentation today, you called out yields being 1.7% above FY19 levels. I think our first half 2022, you guys were about 5% ahead on those yields. Firstly, is that right? Secondly, if so, can you just sort of help us understand the moving parts there? Yeah, Chenni, why don't I take that on? It's indexed back to FY 2019 in that chart. Overall, the difference is pretty much what has happened in years. I think what we're saying across the first and second half, yields have grown, and there's been good strength and good growth in the yields. Look, I think that's pretty. We don't have any other sort of information that we give around the halves, but it's been a good result across both halves. Got it. Thanks. That's it from me. Thank you. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. We will pause for a short moment to allow for questions registration. There are no further questions at this time. I'll now hand back to Mr. De Luca for closing remarks. Thanks, Sari, and thank you everyone for attending. In closing, wanna reiterate the strength of the underlying performance of the business across FY 2022, and I remain excited by the opportunity which lies ahead as we pursue long-term sustainable growth for the business. This closes our FY 2022 earnings call. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.