Thank you for standing by and Welcome to the Pacific Smiles Group Full-Ye ar Results Briefing. All participants are in a listen-only mode. There will be a presentation followed by a Q&A 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 Phil McKenzie, CEO and Managing Director. Please go ahead. Good morning, everyone. I'm Phil McKenzie, Chief Executive Officer of Pacific Smiles and I'm joined today by Matthew Cordingley, our Chief Financial Officer. Together, we'll be taking you through the presentation that we posted on the ASX earlier this morning, outlining the company's performance for the financial year ended 30th of June 2022. This includes a review of the company's business performance, along with an update on our growth and strategy, as well as an outlook for the year ahead. Clearly, FY 2022 was a difficult year for the healthcare industry and for Pacific Smiles. We're a business that relies on face-to-face contact between dentists practicing in our centers and their patients. COVID-related lockdowns, restrictions, and illness had a significant impact on our ability to see patients and maximize revenue from the network and infrastructure that we've steadily built over many years. The lockdowns in part of New South Wales and Victoria extended well into October 2021. The subsequent emergence from lockdowns saw a very strong rebound in performance the following month in November. However, with the emergence of the COVID-19 Omicron variant in December, combined with the government's decision to largely allow the population to self-regulate their movement in communities, the business experienced a different form of disruption. This was manifested in COVID-related illness, leading to a material increase in practitioner absences and patient appointment cancellations. Notwithstanding, all our centers remained open during the pandemic to support the dentists who wanted to provide oral care services to their patients. This decision to keep our centers open impacted our ability to manage costs in proportion to the impact of the pandemic on our top line. We are a business with a fixed level of cost, which is reflected in the results we're presenting this morning. However, it's worth noting that our operating cost structure positions the company to generate strong returns in the future as demand returns and conditions stabilize. There are signs that the worst of the pandemic, as it affects our business, is behind us. Volumes towards the end of FY 2022 and the early part of the current year have improved. This gives us reason to be optimistic that we're on the path to returning to pre-pandemic levels of activity. Before we present the results, I wanna acknowledge the appointment of Andrew Knott last February as the newest addition to the Pacific Smiles board. Andrew is a highly experienced marketing executive who has served in senior marketing roles in Australia, Asia and the United States. His experience is valuable to the board as we continue to execute on our growth strategy. I'd also like to acknowledge the recent exciting changes in the executive leadership team at Pacific Smiles that reflect our investment in talent and culture and buttress our long-term growth strategy. The recent appointments were Mr. Paul Robertson to Chief Commercial Officer, Ciara Rocks moves to the Chief Operating Officer, Louise Hayes to Executive General Manager of People and Culture, and Alice Telford to Executive General Manager of Marketing. Importantly, these appointments represent a positive representation of the gender diversity in our key leadership positions. Moving into the presentation now, I'll provide a general business overview and highlights of the results. Matt will discuss the results in more detail, and I'll finish with an update on the growth strategy and outlook. As always, we're happy to take questions at the end of the presentation. Turning to Slide 3, those of you who have been following the Pacific Smiles story closely would well know our stated true purpose is to improve the oral health of all Australians to world's best. There are three value pillars that underpin this purpose. Firstly, we respect the dentists that choose to partner with us, manage, and grow their practice. It is important that they know we'll support them in every way in delivering professional dental care. Secondly, our patients. We appreciate and value their trust in us as their local dental experts. Their dental health is our priority. Thirdly, our team members. They matter. Without them, we can't deliver the services to our dentists and through them, care to our patients. Their work is important, and it makes a difference. These core values continue to guide everything we do. Turning to Slide 4, I'll start with the key points of the full-year result. As I mentioned, the COVID-related disruptions had a significant impact on the ability of our dental centers to operate at capacity during most of FY 2022, and that's evident here. Patient fees for the year were AUD 226.4 million, which is down 6% on the prior year. This was driven by a 10.1% decline in same-center patient fees and a lag in the growth we customarily see from our new centers. Underlying EBITDA was down 65.9% to AUD 11.3 million for the year, and the company recorded an underlying net loss of AUD 3.2 million in FY 2022. I would note that the FY 2021 EBITDA included AUD 3.1 million in net JobKeeper that was not repeated in FY 2022. We have expanded our dental center network by 19 to 127 locations for the full financial year 2022 and excluding the HBF-owned centers. These new centers are all high-quality locations, well-positioned within our broader network. Unfortunately, we had to make the difficult decision to permanently close our center at Lismore following the devastating floods in that region. Pursuant to that closure, we were able to consolidate our Northern Rivers operations into our Ballina center, such that our staff could remain employed and dentists able to treat their patients. The pace of further network expansion will be sensibly managed in FY 2023 as we focus on adding capacity in existing centers. I'll go into that in more detail later. Given this result and the unique operating challenges, we felt it prudent not to declare an interim dividend or final dividend for FY 2022. Despite the difficult year, our network and our business is very well-positioned to benefit from the increased demand for dental services as Australia emerges from the worst of the pandemic. Turning to Slide 5, we can see here the impact of COVID-19 on fees and earnings. As I mentioned earlier, the decline in total patient fees was driven by the decline in same-center fees and the lag in growth of our new centers due to restrictions and illness that negatively impacted patient attendance. Our underlying EBITDA was down significantly on the prior year. The impact on our earnings was amplified by the impact of two conscious decisions we made to keep all our centers open throughout the pandemic and the continued investment in network growth with the opening of 19 new centers. Why did we make these two important decisions? Firstly, in keeping all centers open, we were mindful of the impact that temporary closures or materially reduced operations would have on our ability to retain staff and dentists. It was vital that we positioned the business to be able to meet the inevitable increase in demand once the impact of the pandemic waned. That would have been otherwise a significant opportunity lost. Secondly, we chose to invest in new centers based on the quality of sites we were being offered by landlords. We have a proven model and high conviction in the returns it generates for investors. While we acknowledge the lag in earnings caused by opening these centers into a challenging operating environment, we believe that history demonstrates they will generate attractive long-term returns for our shareholders. We've kept the market continually appraised of our trading during 2022, and it is evident that our volumes are on a trajectory that is gradually returning to pre-pandemic levels. We do not forecast the same surge or pent-up levels of demand we've seen in previous post hard lockdowns earlier in the pandemic, but rather a steadier rate of growth and margin expansion. Turning to Slide 6 and a summary of operations. We've opened 19 new centers during the year, 13 in New South Wales, 4 in Victoria, and 2 in Queensland. The new openings were supported by our tried and tested pre-booking campaigns, and forward bookings were strong for each one of the new openings, including several records. It's a credit to the team that we were able to deliver these 19 centers among the disruptions caused by COVID to normal construction, fit out, and timelines, and all at a reduced capital construction cost relative to prior years. As well as our own centers, we added 4 new HBF Dental Centres to the network, taking the total of these to 6 centers by the financial year-end. We operate these centers under a managed service agreement with HBF, an important corporate partner for Pacific Smiles. As well as opening new centers, adding to the volume of dental chairs and operation across our established network gives us the capacity to service growth and demand at a lower incremental cost. For the full year, we've added 72 new dental chairs, including 15 in existing centers, taking us to 534 dental chairs commissioned across the network by the end of the year. This number excludes chairs in the HBF Dental Centres, the three chairs in Lismore, New South Wales, the two in Phillip ACT that were no longer operating as at the period end. By the end of the year, we had more than 850 dentists practicing from the Pacific Smiles Dental Centres, with a retention rate in FY 2022 above 85%. This particularly pleasing result, given the disruptions we've faced, and it's a testament to the decision that was made by the company to keep all centers open and provide the opportunity for our dentists to continue to practice. The patient experience at a Pacific Smiles Dental Centre is a critical measure of our ability to retain our patients and support dentists. We received a net promoter score of more than 85 in FY 2022, a very pleasing result during a trying time. Our employee retention rate is just over 75%, slightly down on the prior year, but also supports the decision to keep all our centres open through the pandemic in 2022. We offer all our employees a long-term vocation, advancement opportunities, and a career pathway that engenders loyalty to PSG. Our employees matter to us. I'll now hand over to Matthew to take you through the financial results in more detail. Thanks, Phil, and good morning, everyone. Turning to Slide 8 in the summary income statement. I'd just remind everyone that these results are expressed on an underlying basis, excluding the impact of AASB 16 leases. The underlying FY 2022 result excludes the impacts of one-off severance payments, the executive LTI plan, and costs associated with the closure of our flood-impacted Lismore center, which is net of insurance recoveries. In FY 2021, the result excluded the Everything Dentists asset impairment, severances, and executive long-term incentive plans. As always, we've included in the appendix reconciliations of the underlying statutory results. Group revenue for FY 2023 was down 8.9% to AUD 139.5 million, and that's directly linked to the decline in patient fees. We did see same positive same-center year-on-year growth in November 2021, after the lockdowns lifted and before the Omicron outbreaks commenced in December, and then again in May and June of the year as demand started to increase and business interference stabilized. Phil referred earlier to the impact of our fixed cost base and the decisions we made as a business that saw the reduction in revenue largely dropped straight down to our earnings in FY 2022. It's also important to remember that there was AUD 3.1 million in JobKeeper benefit to EBITDA in FY 2021 that was absent in the FY 2022 result and exacerbated earnings drag from opening new centers into a COVID environment over the last two years. The other item I draw your attention to in the income statement is the AUD 3.1 million increase in depreciation and amortization charge. That reflects the accelerated rollout of centers in FY 2021 and FY 2022, and also the investment in modern technology that contributes to productivity opportunities via a single patient record and also safeguards the stability and security of our information systems and patient information. On to Slide 9 in the EBITDA bridge, which depicts movements year-on-year on both the dollar and margin basis. These charts show the drivers of the movement in both underlying EBITDA and the EBITDA margin between FY 2021 and FY 2022. COVID impact is most evident in the 10.1% decline in same center fees, which affected EBITDA value and compressed the EBITDA margin. Outside of these impacts, the one-off contribution of JobKeeper in FY 2021 had the biggest impact on the comparison. FY 2021 new centers and margins dragged for longer than what is normally observed in the trajectory of our new center performance. We characterize this drag as a delay in the expected ramp in earnings. I'd remind investors of what Phil mentioned earlier, which is that we believe these centers will generate our customary shareholder returns over time. Start-up losses from new centers were greater in FY 2022 when we opened 19 new centers versus the 15 in FY 2021. Contributing factor here is that we opened the majority of those new centers later in the financial year. Pleasingly, corporate costs were flat compared to FY 2021. However, on a lower fee basis, there was a disproportionate negative impact on margin. Turning to Slide 10 now and the cash flow and balance sheet. Net of disposals, capital expenditure was AUD 22.8 million for the year. The most significant items here were new centers at AUD 13.7 million, technology upgrades at AUD 3 and a half million, and relocation and expansion of centers at AUD 3.1 million. We also invested in center refurbishments, replacement of surgical equipment, and chair uplifts. The 19 new centers opened in FY 2022 drove a net increase in property, plant, and equipment. The increase in other current assets primarily related to a AUD 2.4 million tax receivable balance due to the losses incurred in FY 2022. Borrowings of AUD 17 and a half million were drawn down in FY 2022, which funded our 19 new centers. Cash at year-end is AUD 11.8 million, which combined with AUD 21 and a half million dollars of debt headroom under our debt facility, underpins comfortable liquidity for Pacific Smiles. As we previously disclosed, Pacific Smiles completed the extension of our AUD 40 million debt facility with CBA for a further 3 years on better terms, and we remain well within our financial covenants. I'll hand back to Phil now to take you through the remainder of the presentation. Thanks, Matt. We'll turn now to Slide 12, where I wanna touch on the initiatives underway to ensure ESG principles are embedded throughout Pacific Smiles. We are a purpose-driven organization. As I said at the outset, our goal is to improve the oral health of all Australians to world's best. We also want to ensure that our business reflects community expectations around commitments to sound environmental management, social equity, and good governance. On the environmental front, we've committed that 25% of our energy purchased via direct contracts with energy retailers will be from renewable sources for three-quarters of the FY 2023 year, with the new contracts taking effect from 1 October 2022. We're also in the process of transitioning our main supply of dental consumables to FSC-certified packaging, which is more recyclable. Also, a drive to paperless invoicing and patient forms will reduce paper consumption by more than 100,000 sheets, according to our estimates. Inclusion and diversity is an important focus. Among other initiatives, we've recently introduced AI technology to help eliminate bias from candidate screenings. On governance, we continue to review and update our corporate policies and procedures to guide appropriate behaviors and build transparency through our board subcommittees. I'd now like to go to Slide 13 and speak to the company's priorities over the medium to long term, coming out of a very unusual few years. As difficult as the past two years have been in the face of unique challenges and disruptions, this has not altered our long-term goals. Our long-term strategic goals are underpinned by a strategy centered on culture, operational excellence, same-center growth, innovation, and network growth. Culture underpins every successful enterprise. For Pacific Smiles, it ensures our people share our purpose, enjoy what they do, and operate together as a seamless unit. A positive culture will translate to strong dentist, patient, and employee experiences, and ultimately, accretive shareholder returns. We regularly measure our performance through NPS scores, and they remain very positive, as we outlined earlier. We've also recently made changes to our executive team that realigns talent with the opportunities the company has to capitalize on the investment it's made over the last 2-3 years. While PSG has endured a very challenging period during the pandemic, the hard decisions we've made sticking to our business model in spite of short-term impacts positions us to move forward strongly. A recent survey by the Australian Dental Association found that two-thirds of Australian adults had not visited a dentist in the past two years. With many dentist visits deferred during the pandemic, our investment in practitioner and employee retention, combined with the latent growth potential in our new centers, has uniquely positioned us to capture new patients and re-engage with existing patients who have deferred treatments during the pandemic. Innovation and technology investment is important in the attraction and retention of dentists and patients. In FY 2023, we'll be completing the rollout of our upgraded 3D scanners, delivering on our promise to dentists to support them in their practice with the latest technology. While the focus in FY 2023 will be on driving returns from core assets, we're expecting a renewed focus on innovation from FY 2024 onwards. Our long-term growth target remains intact. We'll continue to add new dental centers, position them in the right areas to maximize efficiencies and economies of scale, capitalizing on market opportunities at a rate that aligns with sensible management of our balance sheet and use of capital. To Slide 14 and some commentary on network growth as it applies to same centers. This slide illustrates the potential for growth from existing centers. As I mentioned, nearly one-third of our centers are less than three years old, which we classify internally as immature. That is a significant opportunity for us, the growing patient fee and EBITDA contributions from immature centers that are expected to accrue to PSG over the coming years. I make the observation that as of 30th June, 17% of surgeries were yet to be commissioned across the network with chairs. There is significant untapped capacity within our existing centers, 112 surgeries to be precise. The outlook to chairs is a cost-effective and highly accretive way to add capacity where growth and demand warrants it and identifying opportunities to commission these new chairs will be a continued focus for us in FY 2023. Turning now to Slide 15, which shows the incremental growth in patient fees, EBITDA and EBITDA margin that we would normally expect from new centers as they mature to 5 years and beyond, and how this trajectory has been affected by COVID in recent years. Clearly, the performance of new centers has been softer than we would expect, given that many of them opened in the disruptions of restrictions and lockdowns. The bottom left table shows that new centers typically generate AUD 2.5 million in fees and a half a million in EBITDA after 5 years of opening. Centers typically open with 3 chairs and capacity to extend that to 5, which we aim to have done by year 5. We target profitability between 9 and 12 months of opening and for the CapEx investment in each new center to be paid back within 5 years. There is a comprehensive and diligent piece of work attached to any new center, starting with pre-marketing campaigns to generate forward bookings prior to opening. Centers that opened in FY 2022 have performed better in the first year of operation than similar cohorts in previous years as our marketing campaigns have improved and matured. We're now regularly seeing more than 500 appointments booked prior to a new center opening. Turning to Slide 16, I'd like to update you on the managed service agreement we have in place with HBF in Western Australia. HBF is the largest health fund in Western Australia and is a fixture in that state's healthcare landscape. HBF's market share, as quoted in their 2021 annual report, is at 7.3%. We've now opened 4 new HBF Dental centers in FY 2023, taking the total number of these centers to 6, with 46 dentists practicing. HBF Dental provided over 10,000 appointments and the NPS reached almost 80 for FY 2022. The new centers performed strongly. All were typically booked out 6 weeks in advance. All HBF Dental centers have state-of-the-art facilities with top-of-the-line ergonomic and functional surgery chairs, 3D imaging and scanners. These are all important features for our dentists, along with clinical autonomy and appointment book fulfillment. HBF dentists are included in our Pacific Smiles Graduate Development programs and have access to online learning, leadership and mentoring programs. Turning to Slide 17 now. I think it's important to highlight to investors the opportunity that Pacific Smiles has as we head into FY 2023 to grow shareholder returns. There really are six key pillars that underpin this opportunity. Firstly, our considered investment in new centers over the last two years have been in high-quality locations that are complementary to our existing network, which generates operating efficiency for us. Secondly, it's evident that many Australians, some of whom are Pacific Smiles patients and many who are not, have not been to the dentist during the pandemic. This is an opportunity for Pacific Smiles to capture the expected increase in demand for dental services going forward and to increase our market share. We've already touched on the investment we've made into the retention of our staff and practitioners. This investment will allow Pacific Smiles to be able to service that expected increase in demand as patients commence a return to their usual dental appointment patterns. Building on the retention of staff and practitioners is the reality that this has created capacity within our centers and operating structure to see higher volumes of patients without materially increasing cost. This is the opportunity for margin recapture and growth. The maintenance of the health and stability of relationships with our key long-term partners has been fundamental to ensuring the collective well-being of all stakeholders in Pacific Smiles. Across our key suppliers, partner health funds, landlords, builders, HBF in Western Australia and our financing counterparty, they are relationships that will ensure Pacific Smiles should continue to grow and deliver shareholder returns. Finally, Pacific Smiles has now completed a 2-year period of significant investment in our infrastructure and IT systems. This investment will lead to the streamlining and simplification of many of our processes and create efficiencies for the business. Enhancements in practitioner and patient experience will be evident following the delivery of a single patient record and investments in modern equipment such as 3D scanners. Slide 18. On this slide, our final slide, I'd like to offer some insight into our FY 2023 investment expectations in new centers and forecast patient fees and EBITDA. As you know, we withdrew guidance in late 2021 in light of the unstable trading conditions. As of today, Pacific Smiles has generated patient fees of AUD 32.9 million, a 35.3% increase in patient fees year-on-year, and a 28.4% increase in same-center fees. Our guidance for FY 2023 is for patient fees to be in the range of AUD 270-AUD 285 million and underlying EBITDA to be between AUD 24 million and AUD 27 million. This guidance assumes that there is no increase in disruption or business interruption due to COVID-19 and above what is being currently experienced by the business. Should these conditions materially change, then we will continue to update the market accordingly. In respect to network growth, we're planning to open 5 new Pacific Smiles centers and 2 new HBF Dental centers in FY 2023. Finally, I'd like to confirm that it is the company's intention to reinstate dividends in FY 2023 in accordance with the current board policy and subject to prevailing trading conditions. In closing, on behalf of the executive leadership team, I'd like to say thank you to the entire Pacific Smiles team for their dedication and commitment through a very challenging period. Your efforts and energy is incredibly important and very much appreciated. To the dentists who practice at Pacific Smiles, I'd also like to say thank you. We value the trust you place in us by choosing to operate in our network and appreciate your contribution to delivering on our true purpose. I hope today's update has given you a comprehensive insight into our business. Matt and I are of course happy to take your questions now, and I'm handing over to Travis to manage. 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 then two. If you're using a speakerphone, please pick up the handset to ask your question. The first question today comes from Hayden Liu from Evans & Partners. Please go ahead. Oh, hi, Phil and Matthew. Thanks for taking my question. Maybe firstly, just wanted to understand the underlying assumptions around 2023 guidance. Phil, you called out obviously expecting improvements in patient fee performance and volumes, but maybe on the cost side of things. We saw employee costs and consumables sort of step up in that second half. I guess how much of this increase are you carrying into the 2023 EBITDA guidance of AUD 24 million-AUD 27 million? Thanks. Yeah. Thanks, Hayden. I'll let Matt expand on it. Needless to say, we are expecting with the sensibly increasing patient volumes to improve our patient fee line. We have very stringent views on cost, and I'll let Matt give you a little more flavor for that. Yeah. Go, Hayden. I think you're asking sort of how much is gonna drag into FY 2023. There will be some, no doubt. By and large, that's because the expected ramp in volume and fees in FY 2023 won't be as robust as what we saw in FY 2021 when we came out of that hard lockdown period. We put down 34 centers in the last two years, and they've opened into a COVID environment. There is an efficiency in those new centers, but it will improve at a steady cadence throughout the year. We won't be fully efficient by year-end. That'll continue into FY 2024. Right. Gotcha. I guess no meaningful impact, sort of, meaningful improvement, is sort of assumed there. I mean, just trying to. To be clear, there will be improvement. We won't get back to full efficiency by the end of the financial year, though, and I think that's you can see that in the margin implied in the guidance. Yes. Gotcha. Great. Thanks. 'Cause I was just trying to get to, maybe on the consumable side of things, how much of that is transitory versus non-transitory, maybe over the longer term? Yeah. Consumables are typically around 5% of patient fees. They're fully variable, so they shift in line with volume. The second half increase you probably saw was relative to stocking up new centers. We built a lot of new centers in the second half of FY 2022, so as they're stocked, that probably just increased the consumable percentage. We'd expect them to normalize in FY 2023, especially given the guidance around new center development. Okay. Great. Thanks for that. Maybe just on the new centers. It seems you've sort of dialed back the pace of the rollout from 25 centers in 2023. I know the presentation sort of called out rollouts sort of balanced against profitability. But I guess on a go-forward basis, is it fair to say we should expect this level of rollout at least in the next few years? Or do you sort of anticipate going back to the pace of openings that we've seen in the last two years that you just sort of alluded to, Matt? Yeah. For sure. We see the deployment of capital as an absolute privilege. As long as it's in line with our growth expectation and the support of the board for sensible shareholder returns, we would like to see our growth profile of new centers step back up to what we've been able to deliver. We're really excited for that to return. Right. Gotcha. Yeah, because I noticed the long-term target of greater than AUD 2.50 is still sort of intact. I assume you still see the opportunity out there, but it's just a matter of dialing back in the near term that you sort of wanna get back to that level over time. Is that correct? Unwaveringly, we see the potential in the market, and we see the opportunity to deliver on our long-term objectives. Great. Thanks. Maybe just lastly, on the HBF side of things, how is that sort of performing versus your expectations to date? Yeah, we're delighted with the partnership and very pleased with the new centers that are on the ground. The dentists are enjoying the experience, the patients are enjoying the experience, and I'm very proud of what we've been able to develop in that very important state. Going well and developing continuously. Great. Thanks for that, Phil and Matthew. Thanks, Hayden Liu. Cheers. Thank you. The next question comes from Melissa Benson from Wilsons. Please go ahead. Morning, Phil and Matt. Thanks for taking my question. I just wanted to see, kind of playing devil's advocate, if it turns out that the kind of trading conditions did remain kind of choppy and challenging for the next, say, two years, is there anything in the cost structure that you could change to kind of recapture some of the margin if it wasn't all just reliant on patient volumes? Hey, Melissa, thanks for the question. I think implied underlying and all of our model is that there is at some point when the growth does stop, perhaps over that 250, a release of margin as the business stabilizes and we get past this so-called immaturity stage. Right now, we're not there, and right now, we as an executive team and the board would be loath to be deterred from our growth plan. We just need to navigate these choppy conditions and make the very best of sensible decisions. Yes, but at this stage, we're holding the line with a growth being a growth business. Yeah, definitely. Understood. One other question is just around the network more generally, I guess. I mean, are you still seeing kind of impacts isolated to certain states or certain areas, or is it kind of across the entire network? I guess, is there any way you'd call out as being particularly weak? I wouldn't suggest that anywhere is particularly weak, but one of the interesting challenges is the amount of, members of the public that now choose not to report. Therefore, it's difficult to track, what's going on in any particular state and what I would call a macro factor. I can share that all of our regional teams, all of our center leader teams work diligently to follow up on patients each day, and that together with appointment book management, care and respect for dentists, everybody's doing the very best that they can. No worries. Just maybe one quick final one from me is, you spoke about there might be about two-thirds of Australian adults who might not have gone to the dentist in the past two years. I mean, how does that kind of look versus your existing patient book? Is that kind of aligned? I guess, what are you kind of actively doing to go and capture that market share versus, say, competitors? Is it new advertising campaigns ramping up what you're doing? Yeah. A couple of things. The first and most important is care of our existing patient base. We've got sophisticated data management tools and for looking after our database. We've got multiple methods of encouraging repeat attendance, and there's a sophisticated group of people that work on that for us continuously, ensuring patients attend a couple of times a year. There's the avenue of accessing both walk-in patients, but also campaigns above the line, and primarily through digital services in order to draw new patients in. That's where we never sleep. We've got a team of people and great partners that are continuing to work on that. A couple of things that have always been a cornerstone for us, the ability to see emergency patients at any time, and we have sections in our books blocked off every day to cater to those unexpected moments in patients' lives. Also, speaking to people where they live as the local dentist and the trusted local dental expert, that's where we live and that's where we make it happen. It's as much about the local teams, and that's a point of differentiation for us. Thank you so much. Once again, to ask a question, please press star one on your phone. The next question comes from James Bales from Morgan Stanley. Please go ahead. Hi, guys. A couple of questions from me. Firstly, it looks like, comps have been strong early, but that's cycling some very weak comps same time last year. Maybe you could give us some color in terms of what you're seeing in forward bookings for the next six weeks and how that run rate over the Q1 compares to what's baked into the guidance range on patient fees. Yeah. James, thanks for the question. I'll start and let Matt round us out. Sage observation, yes, it was a turbulent time these last couple of years that are the comparative. What we're seeing is not the same what I would call ramp back post the hard lockdowns. We're seeing a steady return from patients, and equally a steady return of practitioners from illness. We're seeing a relatively stable environment, yet in a somewhat unpredictable conditions. We've got sensible ramp profiles for center performance, and this has been thought through in the construct of the range for our guidance. I would suggest that over time, we'll continue to tighten that range, particularly at the AGM. Equally, should any disruption occur, we'll seek to make sure that you're properly and fully informed. Yeah, James, just to add to that, we've got a pretty good line of sight on the next six weeks of bookings in the business. It's been fairly stable for the last few months now. The complication is obviously the non-attendance of patients if they're ill or practitioners if they're unwell as well, so the withdrawal of services. UTA, FTA, unable to attend or fail to attend is running at around about, I'll call it 13% at the moment, which is higher than what we normally see, which is closer to sort of high single digit or 10%. So it's a complication. We kept the patients in the books, they just get deferred. To the second part of your question around how that's rolled into the guidance for the rest of the year. Look, there certainly we expect escalation in volumes over the course of the Q2, Q3 and Q4 beyond what we've got in the Q1. That's what you see there. That is to be expected as patient demand returns. We've obviously got some seasonality with winter at the moment. There is a lot of illness around. As the weather starts to warm up, we would expect those cancellation rates to diminish. As Phil alluded to earlier in the presentation, people just attendance patterns starting to return to normal, and that's really what's baked into the forecast for the year. Great. Just on our thinking on the cash, it looks like you guys are sort of slowing the rollout, preserving a little more cash. When we think about CapEx for FY 2023, is it fair to take the CapEx number ex rollout for FY 2022 and think of that as a similar sort of number plus the 5 centers that will be added in FY 2023? Yeah. Not far. We will spend a little bit less on IT CapEx this year, though, James. I called out earlier that we'd reached the end of a two-year investment period there. The investment in IT CapEx into FY 2023 will be lower, probably by about half. Okay. Got it. You guys only added 15 chairs to your existing centers. That seems to be very high return on invested capital type investment. In a year when you've got a lot less center rollout going on, what is the plan for building out additional chairs in your existing centers? Yeah. Great call-out, James. That really is underpinning much of our thinking. As the demand increases and requires additional chairs, that's where we'll deploy sensibly our capital to allow us to increase capacity and cater to demand. As we said, 112 surgeries have got that opportunity. James, just adding to that, I mean, you'll remember in FY 2021, I think we added around about 35 new chairs into centers during a very high period of demand, and obviously a lot less in FY 2022. We were pretty stringent around the deployment of capital on new chairs relative to a practitioner being available to see a patient. So if we didn't have that criteria met, we decided not to drop a chair in, which is why you got the pullback. We'd expect it to increase on that in hopefully in FY 2023, but I'd be surprised if we got back to the FY 2021 levels just because that was such a surge period in the business after the what I call COVID one. If conditions are better than we expect, we'll certainly look to deploy more chairs into centers because, as you point out, it's very accretive. Got it. Maybe one last one. The maturity profile of recent cohorts, you called out the difference of pre-COVID versus COVID. Do you see the COVID cohorts as permanently impaired, delayed, or temporary delayed with some sort of catch up back to a normal profile? Temporary delay with a catch up to normal profile. Temporary delay, I would characterize as between 12-18 months. Great. Thanks, guys. Thanks, James. Thank you once again. To ask a question, please press star one on your phone. We'll pause to allow parties to enter the queue. At this time, we're showing no further questions. I'll hand the conference back to Phil McKenzie for any closing remarks. Thank you. Ladies and gentlemen, thanks for your time today. As there are no further questions, we'll end the call, and we'll speak to you all again soon. All the best. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.