Thank you for standing by, and welcome to the Pacific Smiles Group full-year results briefing. All participants are on 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. Phil McKenzie, Chief Executive Officer and Managing Director. Please go ahead. Good morning, everyone. Thank you for joining us today for the Pacific Smiles full-year results presentation. I'm Phil McKenzie, the Chief Executive Officer and Managing Director, and with me is Matthew Cordingley, our Chief Financial Officer. Together, we'll be taking you through the presentation that we posted on the ASX earlier this morning. We will be updating you today on the performance for the full year of FY 2021. To grow and improve as our business has, in an environment where the fundamentals of doing business have been disrupted regularly, is a testament to the determination and the resilience of our people, above all. Our mission was helped by the addition of several key people to the Pacific Smiles team. During the past year, we've welcomed Dr. Scott Kalniz as a Non-Executive Director to the Pacific Smiles board. Dr. Kalniz brings his extensive international clinical experience as well as a deep commercial knowledge, having founded and held executive roles in two significant U.S. dental service organizations. We also appointed Matthew Cordingley to the position of Chief Financial Officer in April. Matthew previously held the position of Head of Mergers and Acquisitions at Healius Limited, an ASX-listed healthcare company with revenues of approximately AUD 1.6 billion. I'd also like to thank Allanna Ryan for her considerable contribution over the past six years, and we wish her all the best in her new endeavors. As we continue to grow and invest in top-tier talent, we're also streamlining the experience for dentists, establishing the Professional Services Team by unifying several departments within the organization to solely focus on the success of our core customers, the dentists. In July, we appointed Daniel Lawrence to lead this department. Daniel comes to us with experience in the healthcare sector, having worked in the industry for over 20 years, and most recently with nib for the past four years. As part of this change, Dr. Alison Hughes has made the decision to formally step down from the executive leadership team and will now focus on dentists by supporting dentist education and driving clinical excellence. It is incredibly valuable to add executives of Daniel's and Matt's caliber to the Pacific Smiles leadership team, and to retain our founder as a considerable influence inside the organization strengthens our legacy as a dental service organization. Now to the presentation. I'll provide a business overview before Matthew discusses our financial results in more detail, and I'll finish today by reviewing our growth plans and outlook. We will be happy to take questions at the end of the presentation. Turning to slide three, our true purpose is to improve the oral health of all Australians to the world's best. This is the simple yet significant belief which all our people align to as a dental service organization. How we achieve this is in the form of three value propositions. For dentists, it is that they are respected and know that we're there for them to enable their professional excellence. For our patients, it is that they can trust us collectively as the local experts. They are our priority. We are here for them and their families. For Pacific Smiles Group team members, it is that they matter and that the work they do makes a difference, and we support it. Let's move to slide four, which lists the key financial highlights for the 12 months to 30 June 2021. The key features of the results are as follows. Patient fees across the Pacific Smiles Dental Center network are AUD 240.8 million, which is up 29.3% on the prior year. The two-year compound annual growth rate is 13.4%. Same-center growth was 26%. The two-year average, 10.8%. EBITDA underlying at AUD 23.1 million was up 40.8% on the prior year. The two-year compound annual growth rate is up 20.4%. The full-year underlying NPAT was AUD 14 million, up 72.8% on the prior year result. There's a total of 109 dental centres now, up 15.9% on the prior year. No final dividend declared as we look to maximize our financial flexibility for when trading conditions normalize. Turning now to slide five. The first chart is our patient fees and number of centres. The second chart is our EBITDA underlying. The two charts provide a historical performance context over 12 years. In this period, we've grown the number of dental centres from 25 to 109, with patient fees increasing each year, with the exception of FY 2020, which was significantly impacted by COVID-19. The EBITDA graph shows a similar growth pattern, reaching AUD 33.1 million for the FY 2021 year. Now on to slide six. We'll review the operational highlights for the full year. Pacific Smiles Group opened 15 new dental centres in FY 2021, all inside of shopping centres. Yes, despite lockdowns and shut borders, we opened 15 new centres, including our 100th in Bondi. In New South Wales, those locations were Pacific Smiles Dental, Glendale, Wollongong, Stockland Greenhills, Lane Cove, Raymond Terrace, Bondi Junction, Ballina, Lismore, Ashfield, Hurstville, and Ashfield. In Queensland, we opened Victoria Point, Cleveland, and Newstead. In Victoria, we opened in Taylors Lakes. Across the Pacific Smiles existing and new center network, we added 35 new dental chairs, taking the total number of chairs for FY 2021 to 84. With the HBF Dental chairs included, the total takes us to over 100 chairs for the financial year. As part of our managed services agreement with HBF, we entered Western Australian market with three new HBF Dental centres. Also, positive, in fact, it was fantastic, PSG ended the FY 2021 year with over 700 dentists choosing to practice with us and delivering nearly 1 million appointments that again achieved an annual Net Promoter Score of over 80%. We again welcomed a record number of graduate dentists to the business, with 26 commencing in the Insight Graduate Program for FY 2021. These graduates will be supported by our bespoke development program, one which includes internal mentorship from our experienced dentists. The graduate program in its current form was established in 2017, and we've seen over 90 graduates now pass through the program. A wonderful testimony to both our graduates and our dentists. At Pacific Smiles, our people are the cornerstone, and our staff retention reflects that. I'm particularly pleased to report our staff retention rate remains better than 80%. Of equal importance is the retention of our associate dentists, which remains above 90% on an annualized basis. These professionals continue to choose our service and facilities primarily as a result of the clinical autonomy and utmost respect, appointment book fulfillment, our commitment to training and development, and of course, our industry-leading facilities. Turning to slide seven. We have positive news to overlay these challenging times. Our business processes, systems, and protocols for dentists and patients has enabled us to navigate the COVID restrictions better than most. While lockdowns and restrictions of practice occurred across all regions, Victoria was obviously impacted the most. We met the challenges of COVID-19 in several ways. We strengthened our relationship with suppliers so we could secure critical provisions of personal protective equipment. We activated training sessions for dentists and employees focused on skills and leadership with a particular focus on resilience and wellbeing. Our centres had to be ready to meet demand when restrictions were lifted, and our readiness allowed us to achieve nearly 1 million attended appointments for FY 2021. Our targeted marketing campaigns facilitated the reactivation of existing and lapsed patients. Our message around accessibility, particularly on the provision of emergency care during lockdowns, also proved critical and most effective. Overall, the safety of our patients, staff, and dentists is paramount, and we'll continue to do what it takes to keep our dentist people and patients safe. We strongly support the COVID vaccination program, and we support our staff with paid time off for both testing and vaccination. I'll now hand over to Matthew to take you through the financials. Thanks, Phil. It's a privilege to be joining you and the audience, delivering my first set of results for Pacific Smiles. Slide nine presents our summary income statement for FY 2021 and the comparable period. Our FY 2021 results are expressed on an underlying basis, which excludes various one-off items, including aborted ventures, asset impairment, severance, and executive LTI. As in the prior financial year and consistent with our half-year presentation, the underlying results shown here excludes the impact of AASB 16 leases. In order to assist the understanding of our results on a pre- and post-AASB 16 basis, we have provided the following information in the appendix. A detailed reconciliation of underlying to statutory figures for the year and a summary income statement, balance sheet, and cash flow statement for FY 2021 and FY 2020 restated to reflect the result including AASB 16. Group revenue for FY 2021 was AUD 153.2 million, up 27% on the previous financial year. An exceptional result in the year, which while not as heavily affected by COVID-19 restrictions as in 2020, continued to be intermittently impacted. Same-center patient fees increased by 26% for the year on the back of strong appointment growth, in part reflecting the realization of pent-up demand in the first half of the year post the first wave of COVID-19 restrictions in FY 2020. We experienced an improvement in the average fees per appointment due to an increase in the incidence towards more complex treatments. We opened 15 new centres in FY 2021, which performed in line with our expectations other than the material impacts associated with COVID-19 restrictions. Underlying EBITDA grew 40.8% to AUD 33.1 million, and underlying NPAT increased by 72.8% to AUD 14 million. I'll turn to slide 10. This shows a breakdown of the key drivers of EBITDA growth in FY 2021. Same centres contributed an additional AUD 11.7 million in the year compared to AUD 1.1 million in the prior year. The strong performance here was delivered through an increase in practitioner hours. The centres benefited from high patient demand and targeted marketing campaigns reactivating patients, as well as improvement in average fees per appointment with an increase in the provision of high-value services. The FY 2020 new centres performed in line with the expectations, contributing an additional half a million dollars in the year. During the year, the 15 new centres opened, eight were in the first half and seven in the second half. The first year drag from which impacted EBITDA by AUD 1.7 million. It's important to note that the EBITDA contribution is impacted by the timing of the individual center openings as they move from losses to profit over the first 12 months of operation. Field support costs increased due to additional positions to support the network growth. Corporate costs increased with provision for annual bonus relating to FY 2021, and continued investment in business technology to support scalability and expansion of the business. The approximate benefit of JobKeeper for the year, net of COVID-19 related impacts, was AUD 3.1 million. The JobKeeper initiative allowed us to continue to service patients across communities and support employees in COVID-19 restricted centres. Our entitlement to the JobKeeper program ceased on the 30th of September 2020. Moving us to slide 11, which shows the breakdown of the key drivers of the EBITDA margin. The EBITDA to patient fee margin increased 110 basis points to 13.7% in FY 2021, driven by an increase in average fee per appointment and margin expansion as centres ramp up to maturity and leverage our fixed cost base. Same-center margins expanded by 90 basis points for the year, reflecting strong patient fee growth, efficiencies achieved through higher labor utilization, and margin expansion as centres ramp to maturity. The margin retraced somewhat in the second half of the year as volumes stabilized to a more normal trajectory. The center mix impact presented on this page highlights the impact of new centres opened in recent years, which generate lower margins in the early years after opening compared to mature centres. Our continued acceleration of the rollout of new dental centres has a net dilutive impact on the margin in the short term, as a proportion of newer, less mature centres in the center mix increases. JobKeeper benefits have offset COVID-19 related impacts during FY21, and we've experienced restrictions throughout the year, impacting appointments and performance, including the second wave shutdown in Victoria in the first half and then further restrictions imposed in February and May, Queensland in early January and March, and in Greater Sydney in late June. Corporate costs have increased by 10 basis points as a percentage of patient fees. It's important to note that the business has not added material headcount to the support office in FY 2021. Rather, the increase is due chiefly to the provision of a staff bonus for the year, where there were no bonuses in the prior year, and continued investment in technology that will materially enhance the company's ability to scale as growth accelerates. Moving to slide 12. FY 2021 operating cash flow was AUD 30.9 million compared to the prior corresponding period of AUD 20.6 million, driven by the growth in EBITDA. There was also a favorable working capital movement compared to the prior year, which included JobKeeper receipts due from the prior year. Cash conversion remains strong at 121% for the period. As a reminder, we define cash conversion as operating cash flow, excluding financing and tax, divided by statutory EBITDA, excluding AASB 16. Capital expenditure for the year was higher at AUD 25.5 million compared to AUD 10 million in 2020. The increase was driven by accumulated investment in new centres, technology, and center improvements. No final dividend has been declared for FY 2021, and we will elaborate on this when we discuss the outlook. Consistent with previous years, we continue to focus on prudent cash management into FY 2021, resulting in minimal debt of AUD 1 million drawn from available debt facilities of AUD 40 million at 30 June 2021. Borrowings decreased due to the pay down of debt from free cash flow and a March capital raising, where we raised AUD 15 million via an institutional placement and share purchase plan. Overall, the balance sheet reflects a well-funded position with ample liquidity. It's important to note that the impact of AASB 16 leases is excluded from the presented balance sheet but is included in the appendix of this presentation. I'll now hand back over to Phil to discuss the business review and the outlook. Thank you, Matthew. Turning to slide 14. At Pacific Smiles, we're working towards more sustainable solutions to reduce operational costs and generate better health and wellbeing outcomes for dentists, staff, and patients. We're beginning out on our journey as a sustainable organization with some of the following project objectives. Multi-faceted recycling platform. Safe destruction of data. Engaging suppliers that uphold ethical social practices. Conscious water and energy consumption. Improved material selection. At PSG, we take pride in being Australia's leading DSO and improving the oral health of all Australians to the world's best. We care about our dentists, our patients, and our employees. This is why we're fully committed to investing in a sustainable future for all our Pacific Smiles families and communities. Turning to slide 15. Our goal of more than 250 centres, 800 chairs is clear and on track, and we have an intended market share objective of not less than 5%, along with the EBITDA to patient fees target of +15%. In addition, we have an incremental opportunity in Western Australia through our partnership with HBF. As a reminder, HBF has approximately 50% market share in Western Australia, and we size the total dental market opportunity there at approximately AUD 1 billion. Under network growth, we'll continue to add new dental centres by selecting the right sites, engaging high-caliber dentists and employing quality staff and a whole team focused on reducing the time to profitability. Operational excellence is fundamental to margin expansion. Ensuring we have the right people in the right place at the right time for patient supply/demand matching allows dentists to maximize productivity. Our focus on culture is to ensure our most important resource, our people, are operating together under a common framework. The Pacific Smiles way, which leverages our culture playbook, where we unify, adapt, and play to win as a team. At Pacific Smiles Group, we're always exploring new initiatives for the business. We continue to roll out the digital scanners in our dental centres, investigating new opportunities and new geographies, and continue our partnership with HBF. A proven valuable information for Pacific Smiles has been the engaging and guiding of shopping center traffic into our traditional dental care centres via our SmilesCare Kiosks. As COVID lockdowns continue to impact our business, we'll remain focused on making the right long-term decisions for the business. In particular, it is our goal to emerge from these COVID disruptions stronger than we went in. Slide 16 details the opportunity for growth from the existing centres. A significant proportion of our portfolio is considered immature, with 28% of our centres being less than three years old. Growth in existing centres is evolving with intelligent marketing initiatives to attract both new patients and to continually re-engage our existing patients with the commitment of a superior patient experience in-center and between appointments to generate repeat attendances and positive word of mouth across the community. Currently, 85% of our available surgeries are commissioned, and we have 80 available surgeries to commission to meet future demand as we continue to grow our market share. Turning to slide 17. Slide 17 details new center metrics for new dental centres and shopping centres. At Pacific Smiles, we pride ourselves on pre-marketing campaigns. Setting our new centres up for success with these marketing initiatives, we target new openings with a goal of 400+ pre-booked appointments and then a further 1,500 appointments in the first six months of operation. Our most recent center at Coomera in Queensland opened with over 650 pre-booked appointments. Our strategy to roll out three chairs installed at the time of opening with a capacity for a total of five operational surgeries gives us the opportunity to capture growth as it arises. On average, we achieve profitability within the first nine to 12 months of operation and earn capital investment payback approximately five years into the life of the center. Slide 18, we list our FY 2021 accomplishments. I'm very proud to share some of these accomplishments with you. I'd like to acknowledge that all of the people have worked tirelessly with great pride and commitment to deliver exceptional results under what really is a tough set of circumstances over the past year. Pacific Smiles continues to improve our standardization and modernization of new center rollouts. We're providing our dentists and employees with leadership and educational opportunities to allow them to perform to their full potential. We opened 15 new centres and two HBF centres. The innovation for our patients and dentists with the opening of further kiosks and the continued rollout of oral scanners. We're continually improving the stability of our IT network with equipment upgrades combined with the movement to cloud-based products and the maturity of our cybersecurity platform. Turning to the outlook on slide 19. Given the continued uncertainty created by the restrictions impacting our activities and centres caused by COVID-19, we're unable to provide earnings guidance for FY 2022 at this time. We can give you the following trading update. All centres remain open. Of the 110 centres in the PSG network, there are currently 77 centres operating under lockdown restrictions. Currently, those centres are on average trading at 40% of their normal volumes. Performance to date for FY 2022 as of the 14th of August 2021 is seen. Total patient fees of AUD 23.7 million, representing a 20.2% decline year-on-year. On a same-center basis, this is 24.4% fee decline year-on-year. Subsequent to the December month end, PSG will disclose our total patient fee growth and same-center patient fee growth for the prior month until such time as operating and trading conditions stabilize. We do have a strong balance sheet with available funds of AUD 47 million at 31 July, providing prudent protection against continued interference caused by the current experience of cycling in and out of COVID restrictions across our network. The board has elected not to declare a final dividend in light of the continued uncertainty and outlook caused by COVID-related restrictions. The objective of the company is to preserve capital in order to re-accelerate our rollout when the environment stabilizes. We plan to resume our dividend following the interim results, assuming trading conditions have normalized at that time. We will maintain our focus on long-term growth objectives and continue with our new center rollout strategy. We now expect to roll out 10-15 new centres in FY 2022. We will also add three new HBF Dental centres. Our expectation is that when the COVID-related disruptions subside, we will resume plans to open more than 20 centres per annum. If I could leave you with one message, it's that we're very confident that we will emerge out of COVID-19 stronger than when we went in. We're focused on putting the pieces in place to maximize our opportunity when the COVID disruptions subside. In closing, on behalf of the executive leadership team, I again want to say thank you to all the Pacific Smiles teams, whether they're the field-based leaders, the dedicated folks out in our center operations, or those equally dedicated people working in our support center. Your efforts and energy under these trying COVID circumstances is incredibly important and, as always, very much appreciated. I'd also like to thank the board for their continued support over the past year. Their collective experience and pragmatism has helped us navigate through the various COVID-related challenges. At the same time, to the dentists who choose to practice at Pacific Smiles, I'd also like to say thank you. The trust and respect they give us by choosing to operate their practice in our network is what drives our commitment to growth and the delivery of our true purpose. We are building on our momentum and are excited to further extend our position as the leading dentist services organization in Australia. I'd now like to hand over to the operator to take any questions. 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're on a speakerphone, please pick up the handset to ask a question. The first question comes from Shane Storey with Wilsons. Please go ahead. Thanks very much. Good morning, everyone. If I could concentrate first on the centres that are impacted by the various lockdowns right at the moment, please. You called out the impact you're seeing there in volume, do you have any way of mitigating the costs that you're exposed to in delivering that service at this time? I guess all we're trying to think about is just how the margin and cash preservation sort of works through the period that we're sitting in right now. Thanks. Hi, Shane. Thanks for the question. Yes, we called out the 77 centres and obviously recognized the volume at 40%, and you can see the overall impact on fees. The work that we're doing as a team at the moment is to right-size staffing to match the demand of dentists choosing to provide services under these complex times. Very thoughtful work being done to right-size that in conjunction with enabling the staff to access government subsidies. Absolute specific numbers I can't give you at this time. Obviously, we're seeing a moving feast with things changing, restrictions shifting in various markets. We're working diligently across New South Wales and Victoria right now. I can see that this is probably a major thing that sort of has you just holding back a little bit there on the accelerated rollout until the conditions improve. In understanding that piece, maybe you could comment on how the eight practices that you started, say, in the prior period in the first half of 2021, how they've developed. I guess I'm trying to think about the extent to which those centres might offset neither the start-up costs that you're encountering from the new practices you've got planned for this half. Then as a second one on that, are you relatively agnostic about If you had a site that's planned for a region that's impacted, I mean, are you going ahead with that? Or are you just choosing jurisdictions and timings to sort of avoid the worst of it? Fair question. The centres that we opened in the second half of FY 2021 performed to expectation. In fact, I was pleased and delighted that we could open such a great cohort of centres to contribute to Pacific Smiles Group. As evidenced, we are moving to profitability within that nine to 12 month range. We opened Coomera, our first center in the first half of FY 2022. Obviously, I'm delighted with the 650+ pre-booked appointments, which obviously stand at very good stead to rise to profitability positively. We do have other centres that are set to go. Pursuant to lockdown conditions, these too will be opened. At the moment, we are not incurring a rental cost on any of those sites. We're working sensibly and thoughtfully with landlords. The most important thing is we comply with the public health orders in those various lockdown LGAs. Thanks. Finally from me. Apologies, I missed the number. I know just a minute ago, you sort of spelled out how many of the centres under the HBF exercise you're planning to open this year. Maybe if you could repeat that, and then also if you could share some commentary around how the first cohorts that you began in FY 2021, how they've tracked. Thanks. Yeah, absolutely. We opened three in the last financial or two with one opening on the 6th of July based on lockdowns in Western Australia. We have three trading today. We have a further three planned for this financial year with Karrinyup and Carousel. I'm sure I'm not supposed to say the Y there, Karrinyup and Carousel are destined to open in the very near future. We're particularly pleased with the partnership with HBF. They continue to be pragmatic, professional partners, those centres are ramping very appropriately for the membership base. Obviously, we don't disclose the details as they are HBF's centres, we're very proud to have a managed services agreement with them. We look forward to continue opening the three centres this year and more into the future as restrictions allow. Thanks a lot. Thanks for that. Look forward to it. Cheers. Thanks, Shane. Today, your next question comes from Tanushree Jain with Bell Potter Securities. Please go ahead. Hi, Phil and Matt. Thanks for taking my question. Just to repeat from, I guess, a follow-up from Shane's question on HBF, can you confirm that including the three that you're planning for FY 2022, you're committed at this point for six HBF centres in total? Well, there's a relationship that I think you will have heard John Van Der Wielen, the Chief Executive Officer of HBF refer to of not less than 15. We've opened three. We've certainly committed to the next three, and an ongoing dialogue as to where and when the others may open. Yes, most definitely we're committed to three in FY 2022. Great. Just with the three that have opened, can you perhaps talk about how many chairs on average are there in each of these centres? On average, call it eight chairs per center. We've got a wonderful collection of dentists that have joined us and more continuing to do so. The centres are ramping very nicely. We do tours through the centres for dentists seeking to join. Pacific Smiles is building a fantastic relationship with the Western Australia ADA, or Australian Dental Association. The partnership with the university is accelerating, and we'll be looking to add graduates to the program this year. There's a real blueprint from the east that is nicely taking shape in the west. Great. Just on the new PSG centres, one has been opened, as you called out, in FY 2022. Can you elaborate on how many at this point have you committed to already for FY 2022 apart from this one? I've given the broad guidance of 10- 15. We can certainly satisfy the demand with the relationships that we've got with the shopping centres at this stage. I'm not in a position to disclose today the absolute numbers. I think you understand we've certainly got a great growth trajectory and excellent partnerships in place that would see us more than be able to deliver to that 10- 15, and ongoing when things resume normal transmission, that ramp to +20 is very achievable. Right. Just on the corporate costs, including the bonuses, it's tracking at about 6.8% margins. Are we seeing any further growth there? Well, I'll let Matt dovetail in, obviously right now, our cost management is a primary focus, Tanu. Given the top-line trading conditions, I'm sure you can appreciate that we're working thoughtfully to manage that. I'll let Matt add some flavor. Yeah. It's a complicated time, Tanu, but I appreciate your question. By virtue of the fact that we're cycling in and out and trying to manage workforce, margin management is obviously a key focus of the management team at the moment. What I would say is that we are still, at the top line, growing at the rate which we've grown previously. We are not adding massive or any real incremental costs at the corporate services level, at the DCS level at this point in time. Okay. Then just with the COVID lockdown, are you seeing any increase in, I guess, the consumable supplies, expenses, et cetera? I mean, is it getting harder or more costlier? We took a great approach after learning from last time, and one of our key suppliers, Henry Schein, have been a fantastic partner to us. We've secured positive control of our personal protective equipment and key consumables. At this stage, we have no concerns around that at all. Right. Just a last question on the CapEx. Out of the AUD 25.5 million, you've provided a breakup, which also included tech upgrades, scanners in center refurbishment, apart from just the adding of chairs and opening a few centres. Is there anything in that which you think will not complete in FY 2022? Well, I think, Tanu, I mean, what we're going to be very focused on in terms of capital expenditure going into FY 2022 is we want to preserve a very stable balance sheet, and I don't think we'll be spending anything that isn't value accretive in FY 2023. I think, in terms of center refurbishments, we will have a close eye on spending discretionary money, if I could put it that way. Mm-hmm. I mean, is the scanner expense done, or do you have to buy more scanners as well for FY 2022? Scanners, we're going to be putting a hold on for the time being, Tanu. Tanu, we're looking at all capital expenditure. I think Matt just called out refurbishment scanners. Given that a number of our centres are impacted at the moment, they're still set as part of the March plan, but we'll just defer those things until we get a little clearer air post the COVID restrictions. Yeah. That's exactly what I was going to ask you. Thank you. Thanks, Tanu. 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. Your next question comes from James Giles with Morgan Stanley. Please go ahead. Hi, guys. Thanks for taking my questions. On a similar vein, for the rollout for 2022, you've flagged 10- 15 new centres as the target. How many of those sites are you committed to, and how many are with an estimate based on what trading conditions look like at the time? Hi, Shane. Thanks for the question. James. James. Shane was first. We'll take James now. James, thanks for the question. We're in discussions with landlords all the time, so we're in discussions on multiple sites, multiple locations up and down the eastern seaboard and obviously into the west as well with HBF. Right now, the guidance of 10-15 is very reasonable and very achievable. Moreover, it's about timing those to match the rise in restrictions. Ultimately, I can give you every confidence that we have more than enough sites to resume our preferred cadence of greater than 20 centres per annum once this thing lifts. Got it. Okay. Then given some color on how the top line is trending and what performance has been like and how that relates to lockdowns. I know it's a moving piece, is there any color you can give in terms of how we should think about a level for break even on a center-by-center basis in terms of decline or revenue per month? No, I think it's a bit complicated at the moment, James. You know our new center metrics, how we point that out in the deck. I think it would be remiss of us to try and guide the market at the moment, just when there is so much noise and movement. What I can give you a flavor on, though, James, and for everybody on the line. This is something that we've been through before, these vast impacting restrictions, and maybe not on the scale with the timeframe. We do know we can rise. Our team in marketing is in direct contact with the patients in a bespoke fashion so that we can rebook. We will see a rise. Our professional services division is talking to the dentists all the time, to make sure that they too are ready for the return. We see that there's a sensible building demand, that will see us able to stand this thing up really nicely again. Got it. I guess the other thing is we have seen this pent-up demand come back in a big way previously, post-lockdown. Are there any timelines that we should have in our mind when private health benefits might roll over, and people might miss the deadline to use their free dental? How have private health partners behaved on that front? I think there's a risk if we're in lockdown at the end of December, that pent-up demand doesn't come back. Look, I can't speak to the current thinking, but I can tell you what we observed in the past. They've been particularly positive for their member bases, allowing extensions so these things can roll over. We certainly saw the demand, and the pressures through June last year, and through December last year. We were able to manage with the patients, in a really positive format. As I said, I can't speak or speculate as to what the health funds will do, but I would suggest that past behavior as any indication, I think it will be positive for members and ultimately for service providers. Got it. That's great. I appreciate the help. Cheers. Thanks, James. Thank you. Your next question comes from Michael Gerges with Ord Minnett. Please go ahead. Good morning, and thank you. Can you hear me clearly? Yes, we can. Hello, Michael. Yeah, good day. Yeah, good day. Just a few questions from me, if that's okay, please. Just the first one, just want to focus a little bit on the cash side of things. Given that employee costs are 30% of the expenses, and rentals are about 7% thereabout. Are you implementing any strategies there in terms of perhaps a reduction of those costs? Meaning, are those employee costs, should we think of those as fairly fixed over the half, and are you seeing any sort of rental relief as well, please? Yeah, fair question, Michael. We're working diligently with all our staff, especially in those affected centres, to encourage access to government subsidy where hours are reduced in answer with dentists' willingness to provide services. Yes, there is reduction activity to the benefit of the business, and to the protection of the employee. That's happening across the group and being reviewed all the time. With regard to landlords, we had obviously a great exercise that we embarked on last time we went through a lockdown phase. We will embark on the same program now that we're seeing various government mandates come out to landlords in Victoria and New South Wales. We have a positive growth mindset. Last time we used that as our vehicle to not only ramp up when we were unable to effectively trade, but to look to the future. Michael, we'll be seeking combinations of deferrals, abatements, and looking to the future, with regard to new sites in a really sensible partnership fashion. Okay, great. Sort of interpreting that as abate. That's a forward-looking thing as opposed to no benefits thus far. Is that right? It's a forward-looking thing, yes. Yeah. Okay. Can you give us a sense of perhaps if you can at this point, just a guidance in terms of what you're thinking from a maintenance cash perspective over the year? Difficult to articulate right now, and I'm not going to put Matt on the spot at this moment. I think that's a fair question given the impact on cash flow. I know Matt and I have got a series of meetings with a number of investors coming up. We'll do the work around that so we're ready to have a more meaningful discussion on it. I think it's a really fair question, and we'll come back to you. Okay, thank you. Just a final one, just on the year-to-date performance just in terms of patient fees of 23.7 million. Just a sense there in terms of perhaps, so sort of July and then maybe the start of August, given the concentration of centres in and amongst the Hunter region, which will probably be operating a little bit freer than what we're experiencing here in Central Sydney. Are you able to give us a sense as to how much of that 23.7 million is sort of attributable to the Hunter centres? Hard to be specific, but I can give you a couple other data points that might help. When trading without COVID, I would suggest that there is not a structural issue, a patient attendance issue, or a dentist attraction issue. The moving feast that is COVID and its restrictions and various lockdowns, difficult for us to predict. We have every confidence that the Hunter, Central Sydney, and the various other regions will rise to their applicable pre-COVID levels and, ultimately, if I have my way, stronger as well. I have every confidence, Michael. Great. Okay. No worries. Thank you, gentlemen. Thanks for your time. Thanks, man. Thanks, Michael. Thank you. Once again, if you wish to ask a question, please press star one. Your next question is a follow-up from Tanushree Jain with Bell Potter Securities. Please go ahead. Hi. Thanks for taking my follow-up. Just on the trading levels here, which you called out that you're seeing 40% of your volumes, essentially. Can you perhaps just talk a little bit about, I guess, what level of services are being provided? Are all of these 77 centres basically deferring all non-essential services at this point? There's quite a complicated series of commentary to dentists around what services can be provided. Essentially, it is all things that cannot be deferred. It's urgent and emergency care and anything that would see a detrimental impact on a patient should it not be dealt with or treated. With our dentists, they're working with our center leadership teams to triage all patients before attendance in order to maximize the opportunity for patients to be seen, but also to preserve safety and to comply with all the regulations. That's a really positive body of work that's occurring. Some areas may see restrictions lessen in time to come, and then we will most definitely be ready to get back to full prev care and all the normal aspects of dental trading. Great. Thank you. Thank you. Your next question comes from Daniel [O'Leary], Private Investor. Please go ahead. Hi, gents. Thanks for your presentation today. I just had a question around new store rollouts and in regards to dental arrangements with landlords. Are you seeing potentially favorable arrangements due to COVID-19 impacts on demand and store rollouts? Thanks, Daniel. Fair question. Yes, we certainly saw last time that we went through this lockdown experience, that a number of smaller players in the retail world created vacancies that we could capitalize on inside shopping centres that we're particularly interested in. We obviously have a large and forward-looking network plan, and we believe that we'll be able to have constructive conversations to secure new and better sites ongoing, and to have sensible dialogue around preserving the cash flow situation that we've got with regard to existing sites. Those relationships mean a lot. Thanks for that insight. Just one more question. In regards to patient booking systems, how have you been tracking bookings through either online or in-app or potentially even how patients are being acquired, if it's word of mouth, if it's just in your store location, or if it's from marketing materials? Yeah. A fair question. We work with a standardized platform across all of the Pacific Smiles Dental centres. That gives us insight to not only pre-bookings but existing patient bookings, what recalls we have pending. We've got a comprehensive understanding as to patients that are unable to attend at the moment for various lockdown situations, what their status of care is, and obviously, we'll be able to feed that into our booking system, relevant to the situation ending. I feel that we've got a comprehensive view. Excellent response. Thank you both for your time today. Thanks, Dan. Thank you. There are no further questions at this time. I'll now hand back to Mr. McKenzie for closing remarks. Just want to thank everybody for their time today, and I wish you all the best. Good morning.