Hello, and welcome to the Pacific Smiles Group full-year results presentation call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star one on your telephone keypad. If you would like to withdraw your question, again, press star one. I will now turn the conference over to Phil McKenzie, Chief Executive Officer and Managing Director. Please go ahead. Good morning. As noted, I'm Phil McKenzie, Chief Executive Officer and Managing Director of Pacific Smiles, and I'm joined today by Matthew Cordingley, our Chief Financial Officer. To start, Pacific Smiles would like to begin by acknowledging the traditional owners of country throughout Australia and recognize their continuing connection to lands, waters, and communities. Pacific Smiles Group pay our respect to Aboriginal and Torres Strait Islander cultures and to elders past, present, and emerging. I turn now to our agenda on Slide 4. Together, we'll be taking you through the presentation that we posted to the ASX earlier this morning, detailing the company's results for the financial year 2023, as well as providing an update on the financial year 2024 performance to date. Throughout financial year 2023, we saw the welcome return of many of our patients to our dental centers, who were effectively prevented from seeing their dentist for a period due to the COVID-19 pandemic and related restrictions. This increase in patient attendance, along with our efforts to maximize operational efficiencies, has driven significantly improved operating and financial performance during FY 2023. In the second half of the financial year, Pacific Smiles saw a 17% increase in patient fees versus the previous corresponding period. Significant improvements to operational efficiency and affected our labor productivity in centers meant this translated to a 138 increase in underlying EBITDA for the second half versus the second half of 2022. Pacific Smiles is committed to an ongoing process of board renewal, and in May this year, we announced the appointment of two new non-executive directors to the board, Ms. Jodi Leonard and Mr. Steven Rubic. Jodi brings over 30 years of experience in various marketing roles at firms, including as CMO of GE Capital, while Steven has over 30 years of experience in senior leadership roles, most recently as Chief Executive Officer of private healthcare provider Healthscope. Board renewal has been a focus for Pacific Smiles, and these additions to the board further build our expertise in key areas. Hilton Brett resigned from the board effective 30 June 2023. I, the board and the broader Pacific Smiles family, would like to extend our gratitude to Hilton for his service to our company over the past five years. Hilton was a guiding force for the growth of Pacific Smiles, and his counsel will be missed. However, his legacy will continue to endure, given his investment in the development of our model and mentorship of the company's executives. We wish him all the very best. Moving into the presentation now, I'll provide a general business overview and highlights of our results for the 12 months to 30 June 2023. Matt will then discuss the financial results in more detail, and I'll finish with an update on the business into FY 2024 and some key focus areas and opportunities for the business in the year ahead. Matt and I will, of course, be happy to take questions at the end of the presentation. Turning to Slide 6. Today's results can be seen through the lens of five key interrelated elements that have combined to put Pacific Smiles on a strong footing with a foundation for continued growth. These are, number one, strong top-line growth, with patient fees growing almost 20% over FY 2022, with appointment volumes rising 16.1%. Importantly, growth was observed across all center cohorts. Two, greater operating efficiency, with the business achieving substantial improvements in labor productivity alongside a reduction in cancellation rates. Three, improving utilization. As centers continue to mature, it's a genuine opportunity for further growth. Four, expanded profitability, with the EBITDA margin expanding to 8.9% in FY 2023 on a combination of strong revenue growth and return of labor efficiency to pre-pandemic levels and continued performance to cohort profitability. Finally, number 5, significant deleveraging, with strong cash generation allowing Pacific Smiles to significantly reduce debt, which has resulted in a net cash position of AUD 9.6 million at year-end. In addition, the business resumed dividend payments. These five elements together leave us well-positioned to self-fund for future growth. Turning to Slide 7, I'll now detail the key operational highlights for the year. Key operational metrics all continued to trend positively as we moved past the pandemic. We now have 130 dental centers, plus eight HBF Dental centers, 545 dental chairs in Pacific Smiles centers, more than 60 chairs in HBF Dental centers, and over 900 dentists practicing with us. The number of new dental centers was deliberately moderated over the past year following the accelerated rate of expansion we undertook in prior years. With these centers, cohorts being bedded down and generating continued improvement in performance. We also installed 17 new chairs from a combination of these new centers and from in-filling chairs in existing centers. After accounting for the reduction in chairs from center consolidation and the exclusion of non-fee-generating training chairs from current year numbers, we ended with an overall increase of 11 chairs. Practitioners continued to choose Pacific Smiles in pleasing numbers, reflecting the attractive and flexible offering that our organization affords.... As detailed in our Investor Day in May, these professionals continue to choose our services and facilities as we offer something quite unique, including clinical autonomy, autonomy, with dentists choosing how they wish to practice. A broad range of business and clinical support services, including the provision of trained dental assistants, patient marketing, and IT support, full books of patients, flexibility in working hours, and consistency of facilities and patient records across the group. Despite the various impacts of COVID-19, we continue to report high levels of dentists and employee retention. The staff-to-practitioner ratio is the ratio of total staff hours worked within our dental centers to dentist hours worked. As such, it provides a useful representation of our operating efficiency, which is clearly continuing to normalize and now approaching pre-pandemic levels. We will talk about this in more detail shortly. Finally, patient Net Promoter Score remains at a very high level, which we're particularly proud of. This evidences the great work at a center level and reflects our commitment to excellence. Turning to slide eight. As a result of the operational achievements just discussed, Pacific Smiles generated strong financial returns over the past 12 months. This has allowed the business to resume dividend payments to shareholders and also significantly deleveraged our balance sheet. Patient fees increased by 19.5% over the prior year to AUD 270.5 million, while patient fees on a same center basis grew by 14.9%, as we see patients continue to return to the dentist. Improvements in operating efficiency I just touched on, have contributed to an underlying EBITDA more than doubling to AUD 24.1 million for the year, which flowed on a strong uplift in free cash flow. Free cash flow of AUD 16.9 million in FY23 represented a complete reversal of the free cash outflow of AUD 16.7 million reported in FY22, and drove a similar swing in net cash to AUD 9.6 million at the end of June, compared to a net debt figure of AUD 6.7 million in the previous corresponding period. Importantly, this improved financial position has allowed us to resume dividend payments, with a final dividend declared of AUD 0.0227 per share. The final dividend reflects a payout ratio for full year 2023 at the top end of board-approved dividend policy range of 70%-100% of underlying net profit after tax. We are a business that's amply capitalized, which provides significant financial flexibility to grow across all our underlying pillars, which we will reflect on and discuss in more detail later in the presentation. Turning now to slide 9. As can be seen in the top chart, patient fees have now seen three sequential halves of growth. Strong appointment volume, a moderation in patient cancellation rates, and improved practitioner average hourly rates combined to drive a 19.5% increase in patient fees across the financial year to AUD 270.5 million. Trading conditions have materially improved, although patient cancellations remain slightly elevated compared to pre-pandemic levels. We have worked to offset this by enhancing our patient confirmation and rebooking process. Patients experience a bespoke confirmation and communication journey with Pacific Smiles, which keeps them updated with contemporary information on their oral health and upcoming appointments. It's important to note that both total and same-center patient fee growth has continued to trend positively into FY 2024 across all cohorts. Underlying EBITDA more than doubled to AUD 24.1 million on higher revenue, with improved operational efficiency, as seen with the improved staff-to-practitioner ratio and other labor and rostering improvements. Labor efficiency levels are now broadly in line with pre-pandemic levels, with streamlined in-center operations and more efficient training and onboarding, and increased appointments driving margin improvement. Staff turnover continues to decline, improving financial outcomes, center operating stability, and dentist experience. It is worth noting that our centers have become significantly more efficient as they grow their patient base, which should drive further improvement in financial performance. Turning now to the successful continuation and expansion of our partnership with HBF, under a managed services agreement to build and run dental centers for HBF in Western Australia. As a reminder, our contract with HBF is to build and operate HBF Dental centers on their behalf. HBF put up the capital and Pacific Smiles runs the centers. It's a mutually beneficial arrangement for both Pacific Smiles and HBF. For Pacific Smiles, it's accretive and capital-light model. Two full financial years into its existence, HBF Dental continues to make pleasing progress and grow a meaningful presence in the Western Australian dental market. The HBF Dental network finished FY 2023 with eight centers, including two new centers delivered this year at Belmont and Floreat. There was material growth in appointment volumes and the number of practitioners working in HBF Dental Centers in FY 2023, evidencing the success of the Pacific Smiles light model in a new market. This is no more greatly evidenced by the patient net promoter scores achieved of 84, which is up on the prior year and rapidly approaching the levels achieved by Pacific Smiles on the East Coast. Turning to slide 11 now, which provides a breakdown of our center cohorts, grouped by the period in which they opened. Two of the key metrics we look at are average patient fee per center and average utilization per center. In terms of average patient fees per center, overall performance continues to improve. All of the cohorts are now well ahead of FY 2020 levels. Average patient fees rose year on year across all cohorts during FY 2023, with the performance of each broadly in line with management's expectations. We see further capacity for growth across key cohorts, especially the newer ones that are still in their ramp-up phase. The growth trajectory of these was significantly interrupted during the FY 2020-2023 period, and are now returning to their typical growth trajectory. Another key metric we use when looking at the performance of each of our cohorts is utilization, which measures the activity relative to the total effective capacity of each dentist's chair. While utilization has improved across the newer cohorts, it remains down on average across all centers as we emerge from the pandemic period. This embedded capacity, especially within our more mature centers, is a clear opportunity for further profitable growth that does not require material CapEx. An additional 19 chairs were added to the two oldest cohorts during FY 2021 on the back of strong rebound from the initial pandemic after lockdowns ending. New patient growth and practitioner attraction to these centers is a critical focus for Pacific Smiles to build utilization back to historic levels. These two cohorts also contain the bulk of our CBD locations, which have been affected by reduced foot traffic and the modern hybrid working arrangements. Slide 12 provides some context and data on the efficiency of our cohorts. Our improvement in the staff-to-practitioner ratio continues, with this metric a representation of Pacific Smiles' operating efficiency. The ratio rose during COVID-19 due to the inefficiencies caused by high appointment cancellation rates and the withdrawal of services by practitioners that could not be completely offset. New center openings also impacted this ratio, as they typically operate at a higher ratio after opening. Operational vigilance, especially in the second half, as we stabilize rostering to productive practitioner hours, has brought this ratio back down. It is important to balance operational efficiency with the appropriate level of support for dentists. I'll now hand over to Matthew, who'll take you through the financial results. Thanks, Phil, and good morning, everyone. On Slide 14, we can see the summary of the income statement, and I'd remind everyone that these results are expressed on an underlying basis, which excludes the impact of the AASB 16 lease accounting standard. Full reconciliations between statutory reported and underlying financials can be found in the appendix. The key points to highlight on this slide are the revenue increase, 18.5% to AUD 165.3 million on improved patient and practitioner volumes, with the previous financial year impacted by COVID-19. The reasons underpinning this increase have been well covered by Phil already. Our corporate overhead margin as a percentage of patient fees fell to 6.9%, with strong management focus on prudent support cost levels, given the moderation of new center growth. Underlying EBITDA increased 113.3% to AUD 24.1 million on revenue growth and a return to center labor efficiency to pre-pandemic levels, and our group underlying margin was significant. Depreciation and amortization expense increased 8.4%. This increase is primarily due to capital expenditure on new centers in FY 2022, now having cycled through a full 12-month period in financial year 2023. Pacific Smiles made an underlying net profit after tax of AUD 4.5 million for the year. Given the return to profitability, Pacific Smiles has resumed the payment of dividends, as we had previously indicated we would. A fully franked final dividend of AUD 0.0227 per share has been declared. On the Slide 15, in the earnings bridge, which depicts movements in both underlying EBITDA and underlying EBITDA margin from FY 2022 to 2023. Same-center underlying EBITDA margin expansion in second half 2023 was driven by improvements in revenue and labor efficiency. The FY 2022 new center cohort saw continued underlying EBITDA improvement as centers mature and volumes increase in line with the return to their ramp profile. The FY 2023 new center cohort registered start-up underlying EBITDA losses from 4 new centers opened during the year, and this is customary. As I alluded to on the previous page, corporate costs declined 1.2% as a proportion of patient fees, driven by prudent management of general support office costs, despite material one-off costs associated with the Growth 2022 Employee Conference, which was an important event for the organization post the pandemic, bringing together all of our field leadership for the first time in 3 years. Furthermore, there was a reduction in capitalized support labor costs compared to prior years due to the moderation of new center growth. Turning now to our cash flow on Slide 16. Reflecting the strong financial profile of the group over the past year, Pacific Smiles has registered a significant increase in operating cash flow. We benefited from a AUD 5.8 million tax refund for carry-back tax losses pursuant to losses incurred during the pandemic. Our investing cash flow more than halved over the period, including a AUD 9.8 million reduction in new center investment to AUD 3.9 million. I'll touch on other capital expenditures shortly. Financing cash outflows of AUD 10.1 million largely reflects the partial repayment of AUD 9.5 million in debt, along with the resumption of dividend payments at the first half results. The overall impact of this is a AUD 16.3 million improvement in net cash from an end of FY 2022 net debt position of AUD 6.7 million. Our ending net cash position is AUD 9.6 million. This leaves the company in an extremely strong financial position, and we have substantial capital management flexibility going forward. Turning to Slide 17, this provides some further color on the cash flow splits across each of the halves in FY 2023. Normalizing for the AUD 5.8 million tax refund in the second half, operating cash flow rose 70% in half-on-half terms on the back of continued improvement in top-line performance and strong cost control as the financial year progressed.... As I mentioned, financing cash outflow of AUD 10.1 million, largely reflected debt repayment. Turning to Slide 18 now. New center growth was deliberately moderated in FY 2023, following the large investment in new centers in the preceding two financial years. Lower capital expenditure on relocations, expansions, refurbishments, and new chairs is primarily a reflection of the increased investment that was undertaken in the prior year. Replacement of in-center equipment was higher in FY 2023, and this can be put down to the increasing size and scale of Pacific Smiles' asset base. It's also due to general equipment aging variances that will see the rate of CapEx vary from year to year in this category. The AUD 1.6 million spent on scanning equipment relates to the finalization of the rollout of the 3D scanners to dentists. These are a great tool for dentists, and their adoption and use across our network is continuing and leads to both better patient and practitioner experience. Turning on to Slide 19 and a brief review of the of the balance sheet. Total cash on hand, as I mentioned, increased AUD 6.8 million to AUD 18.6 million, reflecting the significant improvement in operating cash flow and improved CapEx throughout the year. Our total borrowings at year-end stood at AUD 9 million, and the term of our debt facility is to September 2025. Property, plant equipment declined AUD 6.9 million on the slower rollout of new centers, combined with depreciation and amortization running higher than the rate of maintenance CapEx we incur. Provisions increased AUD 4.4 million on revised assumptions underpinning the makegood provisions required to be carried against our total portfolio of leases. This reflected the current economic climate, higher interest rates, and an update to the expected restoration cost per square meter. Phil, I'll hand back to you now. Thanks, Matt. Turning now to Slide 21. The sector dynamics have more broadly remained positive for Pacific Smiles, with a key recent trend in the unwinding of the COVID-related backlogs. Looking further ahead, there are several demand factors underpinning the favorable outlook for the group. Firstly, the aging population growth in Australia, where demand for dental services are highest among the elderly. Secondly, private health insurance participation rates, which appear to be broadly holding up, notwithstanding the current economic climate and increased cost of living being experienced by many Australians. The incentives to remain in private health insurance are still strong. Third, the access to preferred provider agreements. These agreements, which regulate the contract between the dentist and the insurer, are important as insurers promote dentist locations within their preferred provider network. Pacific Smiles dentists have access to a broad spectrum of PPAs. Fourth, the Child Dental Benefits Scheme, which provides government-funded support for eligible children to access dental care, and finally, the rise in demand for cosmetic dentistry. The dental services industry remains highly fragmented and is dominated by numerous small and independent practitioners. This fragmentation leaves significant scope for growth, and Pacific Smiles is well-positioned to capture a share of this growth. Finally, we believe that dental service organizations such as Pacific Smiles, will grow in popularity as a destination for dentists to practice. Post-COVID, it's become evident that the risks and complexity that practitioners take on running their own business has grown, and the cost of establishing and running them is increasing. Pacific Smiles offers a safe harbor for dentists who simply wanna be a great dentist and to focus on increasing their skills and scope of practice. Turning to Slide 22. Pacific Smiles is a growth business that draws from three key areas to increase our scale and profitability. First, we continue to drive same-center patient fee growth from our more mature centers. This growth is underpinned by a combination of service, mix uplift, and productivity improvements as practitioners develop and upskill. Second, growth is sourced from the maturation of newer centers as they ramp up. Typically, our new centers are built with 5 surgeries to house 5 dental chairs. We commission 3 surgeries with 3 chairs upon opening of a new center, and as the center grows with more patients and more practitioners, we add the 2 remaining chairs to fill capacity and meet demand. Over time, the overall mix of mature versus immature centers increases, and we grow the top line and scale efficiency. Finally, we continue to build more new centers. The rate of investment in new centers will always reflect the range of factors such as suitable site demographics and availability, overall business performance, and the capacity of the organization to grow at a particular rate, along with prevailing economic conditions more generally. In FY 2023, Pacific Smiles made the deliberate and considered decision to slow the rate of new center growth, given the significant investments that were made in FY 2021 and FY 2022, and the impact the pandemic had on their typical ramp profile. The rate of investment in future will continue to be measured against the factors I just outlined. However, what remains unchanged is the company's goal over the long term to grow to over 250 centers with more than 800 chairs, take a 5% market share, and return EBITDA margins after corporate overheads to more than 15%. Greenfield new center rollout is the foundation of our growth proposition and has been since the company's formation. It is unique to the Australian landscape and, in our view, provides a highly attractive proposition to practitioners and patients that will underpin long-term shareholder value creation. Moving to Slide 22. At Pacific Smiles, we grow our business and that of the dentists who choose to practice with us by connecting with patients. Attracting new patients is core to our proposition for dentists and is unique to the service offering we now provide inside shopping centers, which is convenience-based for the patient and the patient's family. Supplementing the convenience proposition, Pacific Smiles has recently deployed a new Love Letters: I Love My Dentist marketing campaign. The campaign aims to keep Pacific Smiles top of mind with potential new patients via our expanded distribution channels and category entry points. This campaign drove 4% month-on-month new patient growth in July 2023. Finally, now turning to an update on our performance post-year-end and an outlook for FY 2024. As of the close of trading yesterday, Pacific Smiles had generated patient fees of AUD 43.2 million, a 14.1% increase in patient fees year-on-year, and a 13.1% increase in same-center patient fees. This level of growth is pleasing, especially against the backdrop of a higher inflationary environment in FY 2024, which is counteracting our top-line growth. Of note is the Fair Work Commission's wage determination of a 5.75% increase to Modern awards, which will result in higher labor costs for Pacific Smiles this year relative to FY 2022. In terms of new center growth, Pacific Smiles is planning to build 5 new centers in the second half of the FY 2024 financial year. We believe this to be a reasonable, sensible rate of investment in the current climate. Pleased as we are with this performance, given the prevailing uncertainty and the outlook for economic conditions, we're not providing FY 2024 guidance at this time. The present high cost of living and the recent increases in interest rates may impact on future demand for dental services, although it's important to note that the vast majority of Pacific Smiles patients hold private health insurance. An update on first quarter trading will be provided at the annual general meeting to be held in November. In closing, this marks my final results announcement to the market as the leader of Pacific Smiles. During the past five years, we've proudly integrated over 750 dentists into our Pacific Smiles Group service centers. Over 2,000 dedicated staff members have chosen PSG as a stepping stone in their career paths. In this time, we've and have performed admirably under often novel and trying circumstances. Together, we've successfully facilitated over 4 million appointments, all in alignment with our mission to enhance the oral health of every Australian to the highest global standard. Guiding this group has been an exceptional privilege, and I'm honored to have positively steered a business that significantly impacts the health and well-being of numerous local communities across Australia. The support of the current board and previous directors has been significant and is appreciated. The dedicated management team, both present and past, have made the delivery of results and the journey of growth a genuine pleasure. I wish them all the very best and every success. I also want to acknowledge the fact that the company and its shareholders could not have a more capable executive than Paul Robertson to steer the ship through this leadership transition. What Paul doesn't know about Pacific Smiles is not worth knowing. He's held the roles of both Chief Operating Officer and Chief Commercial Officer since 2008. Finally, on behalf of the executive leadership team, I want to say thank you to the entire Pacific Smiles team for their dedication and commitment through this exciting period of renewal. Your effort, energy, and support of the company's strategy and what we're working together to achieve is incredibly important and very much appreciated. To the dentists who choose to practice at Pacific Smiles, I'd also like to say sincerely 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'd now like to hand back to the operator for any questions you might have. Thank you. If you have a question, please press star one on your telephone keypad. If you wish to remove yourself from the queue, simply press star one again. One moment for your first question. Your first question comes from the line of Melissa Benson of Wilsons. Your line is open. Good morning, Phil and Matt. Thanks for taking my question. The first one was just on the latent capacity within the network. So if we think about, you've got those 5 new centers predicted for the second half. So if we maybe think of those still as around 15 new chairs, you know, what proportion of your current centers have kind of got spare capacity? And, you know, is adding another 5 chairs or so across that cohort kind of realistic? I think it's important to note that every center continues to have capacity, and we see that as an important part of continuing to produce value from those centers. Remember, we place centers in relevant geographic locations to support different communities. While we have a hub-and-spoke approach in an effort to best utilize the resources of other Pacific Smiles centers, we think that this moderated five-center approach for this year is the right thing to do, and we actually relish the existing capacity along with new, to continue to work with marketing and bring more patients in. So we think it's a good thing. Great, and maybe just one other quick one for me. Just on the failure to attend rates. So, you know, where are those kind of sitting in, in July and August, as we're looking at FY 2024? And you mentioned, you know, they're still a little bit above kind of pre-COVID, but I mean, how do they compare to kind of second half 2023, and have you kind of got a stabilization? Obviously, recognizing that's hard to know, but- Yeah. Yeah, hi, Melissa, it's Matt. Yeah, so they're only just mid above what they were, pre-COVID, and they have come down again. Cancellation rates right on any particular day at the moment is sort of anywhere between 10% and 11%, and they were maybe a fraction lower pre-COVID, but that's where they are now, and we're pretty happy with that. When you take into account the confirmation journey that we called out in the, in the, the summary earlier, net-net, you're probably close to where you were pre-COVID anyway. ... Okay, excellent. Thank you so much. Your next question comes from the line of, Craig Wong Pan of Royal Bank of Canada. Your line is open. Thanks, and good morning. Just on the performance year to date, I was wondering if you could provide any comments about how that compares by like, region or states? Sure, Craig. So they're all states, all regions, all cohorts are up. I won't comment specifically on the relativity between all of them, but I can confirm every single cohort is performing higher than it was this time last year. Okay. I guess, is the region still kind of outperforming the metro, given the kind of work from home dynamics? Yes. Yeah. And then just thinking about kind of margins into FY 2024, did that Fair Work increase in the modern awards occur from the first of July? And if so, could you help us think about what the sort of margin was in the year-to-date period so we can kind of think about FY 2024? Yeah, I mean, it was a 5.75% increase. It was effective from 1 July. It's cycling through most of our field workforce, Craig. I mean, if you think about- I mean, what you need to look at is obviously what the labor cost is for the organization last year, and probably reflect the uplift across that into FY 2024, and that'll give you margin outworking. Okay. And then my next question is just around kind of the mix of dental work, the kind of proportion of kind of higher value dental work compared to the more routine work. I mean, could you talk about how that trend has been tracking? Yeah, I think it's fair to say the mix hasn't changed remarkably. We're still seeing the predominance being preventive care. But as our practitioners become further skilled, as our teams at a center level continue to convert a greater number of treatment plans into actual treatment, we are seeing the benefit of that. So it's an important part of our capacity management and price growth strategy to just continue to shift that mix. Do you expect that could potentially be a tailwind for the balance of the fiscal year, like, as you get sort of more of that high-value work coming through? Or, or do you think that could still be delayed for the next, I don't know, 6 or 12 months? I think it's difficult to predict what's gonna happen in that particular place, but what I can tell you is that we see it as an important strategic long-term focus and a very important tactical execution, playing at a center level. Thanks. And then my last question is just around kind of dentist hours worked. I think during fiscal 2023 or sort of from COVID and then just kinda after the effects of that, kind of have washed through a little bit, the kind of hours worked or kind of pulled back a bit. I mean, is that has that been changing in like the second half 2023 period or into the fiscal 2024 year to date period? No, we've talked probably in different periods about how through the COVID period there was a withdrawal of services. We would suggest that it's stabilized back at pre-pandemic levels. We would suggest that an atypical dentist is working 20-22 hours a week, and we flag no change or difference at this time. Okay, thank you. Thanks, Craig. Again, if you would like to ask a question, press star and the number one on your telephone keypad. Your next question comes from the line of James Bales of Morgan Stanley. Your line is open. Oh, hi, guys. Thanks for taking my questions. Apologies if any of these have been answered, but, firstly on FY 2024 CapEx, should we take the sort of, numbers from, slide 18 as a guide, adjusting for new centers as what we should be thinking for next year? Yes, sir. Okay, perfect. Then on corporate overhead margin expectations, there's obviously a few moving parts there with some strong comps and hopefully some operating leverage, but also some big cost increases. How should we be thinking about that for 2024? So there's a couple of things. Obviously, the denominator effect impacts the corporate overhead margin, James, as we continue to grow. And what I would say is we're not continuing to grow costs or headcount against that expected growth in FY 2024. With 5 new centers, we can operate within the bandwidth that we currently have as a support office to support that level of growth and the existing growth in the business. There is inflationary effects that are going through the business, which will impact the corporate overhead margin as well, but I would expect corporate overhead margin to improve in FY 2024 relative to FY 2023. Okay, great. And then you called out some really strong comps for July and also called out some pretty incredible traction with that marketing campaign. How sustainable are the comps, given the sort of newness of that campaign and how effective it was in those first few weeks? Is that trajectory something that we can extrapolate? This is the first time in a long time that we've done a campaign like this. James, we're very pleased to be able to go above the line and set markets to have it as a contributor, as we said, to the convenience factor of being in a shopping center. We felt it important to share some initial insights. We'll be watching it thoughtfully over the next period, and I'm sure that we'll give a more thorough update on an investment like that and having an ambassador as such when we come out with our first quarter numbers. James, the other important point to note there, we're cycling against some slightly weaker comps at the beginning of FY 2023. So not to dampen the good news, but you'll remember in FY 2023, we'd expected to come out of the gate a little bit harder than we actually did in that first quarter. So the comps looks very strong against that quarter. So whilst pleasing, you need to take that into account. Great. That's helpful color. Thank you. There are no further questions at this time. I will now turn the call back to Phil McKenzie for closing remarks. Thank you, everybody, for your time today. Thank you very much for listening. We look forward to seeing many of you on the road, and, as always, reach out to our investor line if you'd like, more discussion. Thanks very much. All the best. This concludes today's conference call. You may now disconnect.