Good morning, and welcome to Money3's results call for the financial year 2021. On the call today from the company, we have Managing Director, Scott Baldwin, and Chief Financial Officer, Siva Subramani. The format of today's call will be Scott and Siva will go through the investor presentation released on the ASX this morning. Shortly thereafter, we'll host a Q&A segment, which you can ask a question via the Q&A button at the bottom of the screen. I'll now hand it over to Scott and Siva to get started. Thanks very much. Thank you for the introduction, Simon. Thank you shareholders and other interested parties for taking the time to listen to Siva and I today. We will step through the PowerPoint presentation, which is on the screen or available on the ASX. Just the highlights of last year. I won't go through them individually, but as you can see, very strong set of results there. Loan book growth has been exceptional. If you look at that 38.5% growth, 23% of that was organic growth, and the rest was acquired through the two acquisitions we made. Very happy with the two businesses that we bought. One of them being General Motors Finance Australia, which is traded as Holden Financial Services. That's been a great acquisition. It was a loan book that we acquired. AUD 23 million of receivables purchased for AUD 17 million. Think of that there'll be AUD 6 million of revenue that comes off that book over a roughly two year period. The other acquisition we made is the Automotive Financial Services business, based in Sydney and Brisbane. A great business there. It wasn't originating loans when we acquired the business, so it was a little bit of a slow start. As you will see from the media release, they have had an exceptional turnaround from January through to June, increasing their monthly originations four fold over that period of time, and we believe that we're in a very strong position that that will continue to grow. Just another point we're making here is about our debt funding. Subsequent to these results here, you would've seen that we announced that a major Australian bank doubled the facility for supporting the business as well. That business of Automotive Financial Services has very good momentum for strong growth over the course of this year and is well-funded through the increase of that major bank facility that we've got for it. If investors are looking for a bit of a blueprint of how we are going to or how we think that should play out over time, the amazing results that you'll see coming through this pack from Go Car Finance is a good proxy for how we think the AFS business will perform over time. If you look at that, in the last 12 months, the Go Car Finance book has had over 90% growth. It's a big chunk of that group growth over the last 12 months and has very much benefited from a strong economy in New Zealand. Net profit after tax, well that's an exceptional result from my point of view. That's after taking into consideration the one-off items of the Fortress expense being amortized earlier than it otherwise would've been this year, and some one-off costs in result of the acquisitions that we've done. One of the big call-outs for this year has been the fact that we have secured three banks to fund the business on a go-forward basis. Currently, as of June 30th, there was over AUD 170 million of funds available for the business, supported by four banks, and three of those have joined us since the Credit Suisse announcement in November. We expect earnings per share and return on equity to continue to grow over the course of this year as a result of lifting our leverage. Just the final point on this page, the board has seen fit to declare a AUD 0.07 fully franked dividend, which will be paid in the next couple of months, and brings the full year to AUD 0.10. Moving forward, Money3, the group, has three business units. Money3, the legacy business, very much focused on consumer loans and has had very strong momentum in terms of its growth, particularly since Easter. We see that continuing to grow. Queensland not being in lockdown has been great for our business. I know they've just come out. We've had strong demand. Interestingly, we still had good originations out of the New South Wales state, even though that they've been in lockdown. That has been positive. You should expect good growth in Money3 for its consumer loan business. AFS is our other Australian business. AFS also introduces a near-prime consumer segment to the group, which we are able to leverage some of our existing distribution to really grow that business. You've got broadened distribution as well as Money3's strong balance sheet supporting that business to grow. We're delighted that post June 30, we also had that announcement about doubling the bank facility supporting the AFS business. It's very well poised for growth. We're very happy with how that's going. Certainly the standout for the last 12 months has been the Go Car Finance business in New Zealand, which is also a consumer loans business. Very similar to Australia, as you will see in the release notes, we think Go Car Finance has worked so well, particularly because of the cultural similarities between the two businesses. It has worked very well for our group. One thing that's been core for Money3 for some time now, as you can see, is building strong, profitable growth. As you've seen from the media release, we expect that to continue, in excess of 20%. We expect all of these metrics, as well as net profit, to continue to grow over 20% in the next 12 months. We're very confident. What gives us that confidence going into this year is the fact that our loan book has exceeded AUD 600 million at the start of the year. A lot of Money3's revenue profile comes from work done in past years and going in with that strong growth in the business. Remember, we posted a 38.5% growth in that loan book over the course of the 12 months, and the lion's share of that growth was organic growth, which was the momentum that we've seen, particularly in the second half. Expect that to continue. This is a snapshot of our loan book to give you an idea of what our business looks like. We currently have over 63,000 loans in our business. Most of our loans are secured by a vehicle, and as you can see, predominantly a car. As you can see with the 51,000 vehicles there. There are some other asset types that we fund. One of the things that the AFS business will bring strong growth in is the commercial ute type asset, van, and caravan. They're particularly strong in those segments. You can see that we now have 500 commercial loans. Just to give investors a flavor for what a commercial loan is, it's typically a ute, a car, or a van used for commercial purposes, typically for a small business. We see quite a lot of people applying for those business loans for that vehicle to support their business in one way, for small business in one way or another. We currently have 12,500 personal loans in the business, and we expect that to also be a growth segment for the business. Today, it predominantly focuses on repairs and maintenance for the vehicle, and it's generally returning customers applying for that product. Money3 has had a long history of profitability, but anyone that's followed the story for some time will know that in the last five years in particular, we've tried to transform the business into a focused auto finance provider. We sit here today having funded over AUD 2 billion worth of vehicles on that journey. We know that this year will exceed AUD 1 billion of revenue. That's not for these 12 months, but over our journey, we've now grown the business that we have got over AUD 1 billion of revenue out of financing vehicles. Currently have over 60,000 active customers. One of the core strengths of this business is our customer care team and our collections ability. Unlike some other companies, we don't outsource that. It's well known that we participate in a wide variety of credit quality, in terms of client applications, and our strength in our customer care team gives us really strong cash flows, really constant communication with our customers, and an ability to be very flexible. Over 170,000 vehicles funded by the group over the last five years since we've really transformed and repositioned the business back towards automotive lending. Our financial performance for the year. I'd like to think that many people on the call think these are outstanding numbers. There's been a lot of hard work and dedication from the team in order to produce these results. A couple of standouts that I'm sure you're aware of, impairment and credit losses are at record lows. That was principally as a result of very strong incoming cash flow from clients. The loan book had a period of subdued growth, but it was predominantly due to the fact that we were writing more business, but customers were paying beyond their usual payment schedules. We find that today. Its standout is very much, the higher the credit quality, the more likely a client is to pay early. At this point in time, we find that, on average, five or six year loan is only going for two or three years because people are paying in excess of their schedule, which is driving up that revenue and driving down impairment losses. We do expect that to normalize a little bit over the next 12 months, but at this point, looking at July's numbers, we still sit ahead of the norm in terms of our incoming cash flows and our low bad debts. Expenses grew a little bit faster than revenue, but that's principally because we expensed all of the acquisition costs of the two businesses, a little over AUD 1 million, and we accelerated the expense of the Fortress facilities because it was planned to be expensed over the course of this year as well. We brought all of that into last year. Average loan book is up significantly, and as you can see with the 38% versus 32% here, a lot of the growth did come into the second half. Puts us in a very strong position to go into FY 2022, though, because we have a large base of receivables that we know is going to form the bulk of the revenue that we will achieve this year. There's been many announcements this year, since November, in regard to our diversified plan and our strategy to have more than one bank funding the group. We've taken a conscious decision as a business that we think the right strategy is not to be tied to one lender. To have multiple banks funding the group. Today, we have four banks funding the Money3 group, two in New Zealand and two in Australia. That is all the debt funding that the business has today. Currently has AUD 130 million of headroom. Some slight difference in numbers between here and the front page. I'm just calling out that this is a snapshot as of today's date or as of yesterday when Siva put that together to reflect the increase in the major Australian bank facility that happened after June 30th. Increasing leverage within our business is what's going to drive our return on equity. Currently sitting at 13% today. We've highlighted that we expect that to get towards 15% over the course of this year. As that leverage continues to lift across the business, our return on equity will continue to grow as we move towards AUD 1 billion. We'd like to point to the fact that we have secured three banks to fund the group over the course of the last 12 months. It's this participation from banks that gives us a lot of confidence that we can continue to leverage up our business over the next 24 months in order to get to our AUD 1 billion of receivables, which we think is very achievable without any additional equity from what we've got today to continue to grow the business. We've got the right momentum. We've got the right partners from banks to continue to increase their leverage over time. We have improving credit quality within our business, which is allowing us to lift the leverage over time in the group to continue to grow to that AUD 1 billion without any additional equity. Credit quality, one of the most common questions that Siva and I have received from investors over the course of the year, how is the business performing? As you can see there, credit quality has continued to improve. You should think of strong and good as being all those loans in the old world you possibly would have said are down to 30 days in arrears. Think strong and good. They are customers that are performing well and performing to expectation within our business. They have grown over the last 12 months. The strong call-out I wanted to make here is the yellow, the credit impaired, which is negligible within our business today. The loan book has never been in better shape than it is today. With the addition of the AFS business who has very minimal arrears and losses, we expect this to continue to show improvement over the course of this year. Very happy with that. The other thing that I'm sure is on people's lips is, how does this impact our impairment provision? I know our accounts have just come out today, and you'll need some time to digest those. You'll see that the impairment provision has declined over the course of the year by about almost 2% reduction in provisions across the portfolio. A lot of what we took up as additional impairment provision last year has been absorbed within the business this year against the growth. If you were looking at that P&L slide before where we saw minimal expenses in impairment and bad debt, that is because from an absolute point of view, our impairment provisions have only grown 10%, where our loan book has grown 40%. A lot of that additional provision has been absorbed by the book growing, and no P&L expense as the business has grown. In terms of operations for our business, I'll start with Go Car Finance. We acquired that a little over two and a half years ago. It has been exceptionally strong fit culturally within the business. Our approach to customers and the design of the business has been very similar. They have benefited from Money3's strong balance sheet, but also a few strategic things that we've done in regard to opening up new channels within New Zealand. Principally, the Go Car Finance business was a finance company directed directly to dealers. Since acquisition, we've launched a direct business, which if you think of that as being a website, taking online applications, as well as an ability for customers to come back directly. Also a broker channel in New Zealand has been launched as well. Both of those are still in their infancy today, but growing volume. As you can see, we're very happy with how that's gone. three fold increase since acquisition and up 90% this year in terms of its growth over the last 12 months. 50% increase on revenues over the last 12 months. New Zealand has been in a very strong position. It's managed the COVID pandemic well. There has been good supply of vehicles. Certainly seeing some pressure, but not to the same extent of what we see in Australia. We are expecting a very strong result out of Go Car yet again this year. Calling out that a lot of the really good things that we've learnt and done out of Go Car, we're applying that same methodology to the AFS business. It was acquired in January this year. It was a subdued start as they relaunched their business after being turned off for some nine months. We're delighted that from January through to June, we grew those monthly originations by some 400%. It starts FY 2022 with very strong monthly momentum, riding north of AUD 6 million a month of loans, and we expect that to continue to grow from there. Just to call out again, we've doubled the warehouse facility that supports that business, so there's no impediment to the AFS business continuing to grow. The Money3 business, our legacy business, principally since Easter, but certainly in the second half, has had a lot of strong growth coming back into the business. Over the last six months, we have refinanced what was the Fortress facility. Credit Suisse are now funding that business. It's very well-funded. Lots of headroom in that facility and plenty of support for it to continue to grow. I'm expecting strong organic growth out of the Money3 business over the course of this year. If the opportunity presents with similar loan books, there may be an acquisition like we've seen with the GMFA business. The very strong customer care team is roughly one person supporting that whole loan book today. If we can roll that into that business and leverage our customer care teams, it will give us an incremental uplift on profitability there as well. That's our three business units that we have at this point in time. Cash advanced. As you can see, very strong growth in the second half in Australia and very strong growth pretty much since the last lockdown New Zealand had was sort of that July, August period last year. They've had a very strong year. Little over 26,000 loans were financed in the last 12 months. A lot of that growth, you will see, has occurred in the second half, which is why it's grown about a bit over 10%, but it would look like a lot more if it was over the whole 12 months. We're expecting to see good lending volumes continuing to grow well beyond that AUD 340. With all three businesses having a strong month, we will originate between AUD 40 million-AUD 50 million a month going forward from here. There is some good momentum in the business. Next slide, please. Cash collections continue to be strong. We would expect this to plateau a little bit, because a lot of the cash collection is beyond the schedule that people are entering into. We'd be quite comfortable with that. It would drive loan book growth, and we charge an interest on the outstanding balance of a loan. We're very happy with where cash collected is. Cash collected at these levels is driving improvement in the quality of our loan book. As I was saying before, we continue to see through the month of July that cash sits beyond the schedule for a customer to repay. What I'm saying there is customers are still paying in advance to their original loan contract, which is quite positive and testament to the credit quality of the book. Some of the investment that we've been making in technology across the business in Australia and New Zealand has principally been around pushing the interaction to the business with all three of our businesses through a handheld device. These two technologies are being rolled out for our Go Car and Money3 business. Once they are established platforms, they will roll out to the AFS business. What we see with our transport solution that we run in New Zealand is that through your mobile device, a lot more notifications coming through to you to help people manage the life cycle of their car so that they know when to arrange a service for their car. For any of the Kiwis on the call, they know when their warrant of fitness, which is basically the annual roadworthy certificate. They also can, with a tap of a button, find a local service center and book that in through the app without needing to go and do that somewhere else. Trying to bring a lot more customer service back to the client around the life cycle cost of a car, and also creating an online way for that customer to communicate things like rescheduling, or other payment questions that they may have. If we move to the Money3 business, you can see here, this is our online portal that we have for customers. Moving all of this to work across all handheld devices, whether they be Android or iPhone. It's creating a very simple process for customers to reapply for a loan, reschedule their payments. It's giving them visibility of when their next payment is due. It's giving them the ability to chat with the business. Just to close out the outlook, what we're seeing within the industry is ever so slightly improving vehicle supply as we go on. We're not seeing the rapid increase in used vehicle pricing that we saw last year. It has stabilized, and we're seeing it sort of plateau. We're seeing a lot of volume of customers coming into the space. There's definitely, post Royal Commission, been a continual retreat from the provision of automotive and asset finance by banks, by large banks, and that is very much favoring the whole sector. Typically, we are seeing 10% or 20% growth in demand every month on previous years for customers looking for loans. From a company point of view, we expect to continue our diversification strategy. Build out our three distribution channels to the business and to leverage them across all three of our business units. That's the broker channel, the direct or online channel, and the direct-to-dealer channel. Having those support all three of our business units is accelerating our growth. We are leveraging technology, particularly around the online direct-to-business application channel for customers, because it's making it easier for customers to reapply for a loan and lifting the number of customers coming back to us for a second and third loan. A big focus this year in New Zealand will be expanding the distribution throughout all of New Zealand for the Go Car Finance product. Just to finalize, as we've said in the media release, strong momentum in the business, driving revenue and profitability over the course of this year. We expect our loan book to be in that range of AUD 760 - AUD 810 given the momentum we're seeing in the business today. We are very well-funded with four banks funding the business, all with the ability to lend us more over time as and when we need it. We expect the business to move towards a 15% return on equity. I will pause now for questions. Great. Thanks, Scott. First questions come from Jonathon Higgins at Shaw and Partners. It's a three-part question. What are the targets for M&A across Australia? Are you seeing more opportunities? Our efforts are split between two lines of thinking. Asset purchases like you saw us do with the Holden book. We're actively looking for other businesses that have chosen not to continue in the provision of the space. We will roll them in, probably into the Money3 customer care team and collect those. We are actively looking for businesses and loan books that have vehicles, whether they're consumer or commercial, but vehicles that's in a space that we understand to acquire. The second part of the strategy is look for businesses that can either give us an additional distribution strategy or an additional product that we don't have today. That's basically our two strategies for looking for businesses to acquire. Great. You're not talking towards capital returns just yet, but no significant franking balance and discount to peers and flexible balance sheet. Do you have any thoughts here? As you can see, we've lifted the dividend. The board is in constant conversation about that. It's a growing balance, but it's not a large balance. It's something that we think having healthy dividends is one way to deal with that. As it gets bigger over time, it makes it easier to look at some of the other ways to deal with that franking balance. I think the message we have today is we plan to pay a healthy dividend, as you've seen, AUD 0.07 this time. That will slow some of the growth of that franking credit. We don't see it as being a priority to come up with any special mechanism to deal with that just yet. Great. Thanks. Final question from John O. Can you call out the actual one-off costs? I might let Siva speak to that. Thanks, Scott. Just to sort of highlight before I go into the splits, if we had normalized it for all the one-off or non-cash cost, NPAT would be roughly AUD 41 million. There are a few things to consider in the breakup. As Scott mentioned, we had roughly AUD 1 million in acquisition cost. Fortress, because we had refinanced and some of those borrowing costs had to be brought forward. That's roughly AUD 2 million. We had ESS employee share scheme type cost in the business. That's around AUD 1 million. We did have a lot of investment in the technology front, both from a remote working point of view as well as some of the features that Scott mentioned about. That's roughly AUD 1.5 million totaling to AUD 4.5 less JobKeeper of AUD 2 million that would go the other way around, which if a tax effect would roughly be AUD 2 million on top of what we had presented as statutory NPAT. Thank you. Thanks, Siva. Next question. Second half EBITDA and NPAT was steady with the first half, yet loan book increased AUD 474 million to AUD 601 million. Why wasn't the second half quite a bit higher? A lot of that is to do with those one-off costs coming through in the second half. Both acquisitions settled in January, those one-off costs Siva we're talking about were principally taken up in the second half. The other thing too is when you originate the loan, there is a number of one-off costs, whether it's labor or bureau searches or other costs that run through the P&L. You take all the costs initially, and then after the loan settles, you've then got a period of time where the revenue comes off. The benefit of that AUD 600 million does very much start to come through from July because those loans have now written and settled. When you have a peak period of time of high origination, it does push your origination costs up. It's a combination of there's no revenue for settling a loan. Revenue starts to come as cash comes in. We don't recognize any revenue up front on our loans. We only recognize that as the customer starts to repay. You can settle a lot of loans in June, for example, and there'd be zero revenue, all cost. Then as the cash starts to come in the following month, the revenue starts to come back out. Hope that answers that question. Great. Thanks, Scott. Next question, how much do you expect to be able to grow your loan book, i.e., with AUD 130 million available debt is less than the forecast loan book growth? Yeah, no, we're very comfortable with that. Most of our facilities today, we sit at about 50% leverage. We're estimating over the course of this year to get to 60% leverage. We think that leverage can continue to grow closer to 70% in years to come. We haven't negotiated those facilities with banks at this time because there's line fees associated with them, and we are confident that we will be able to increase our debt facilities over time as needed in order to continue to grow the business, from AUD 600 million- AUD 1 billion. Thanks, Scott. How many years do you think it'll take until your return on equity is closer to 20%? Look, there's a number of factors that make that not the easiest question to answer given the current COVID situation. If investors were sitting there thinking that in the next 18-36 months the business will hit that AUD 1 billion, because it's the year after we go past that 20% return is likely. Great. Thanks, Scott. Final question was, what's your current book value? At June 30, it was AUD 601. It has continued to grow, through the course of July, around AUD 615, AUD 616 is where it was at the end of July. Okay, thanks, Scott. Next question from Adam was, could you give us an idea of the geographical split of the current loan book? What's the split between states? Look, our largest state is Queensland, followed by If we think of New Zealand as being, I don't want to say state, but Queensland and New Zealand are our two biggest geographies that we originate business in. Siva, I might have to ask you between the split between New South Wales and Victoria, it is fairly evenly split between New South and Victoria. New South Wales currently writing more per month. The actual split, Siva, if you know off the top of your head? Yeah, I'm happy to answer that question, Scott. I think if you're taking Australia, the rough splits would be 40% in Queensland being the highest, followed by New South Wales, probably around closer to the 30 mark, and Victoria following that, just above 20, and the rest is split between the rest of the territories and other states. Great. Thanks, Siva. Next question from Mark. Is the one-off economic outlook provision that was taken in FY 2020 and added back on the underlying NPAT being fed back into the underlying NPAT in FY 2021 by enabling lower upfront provisioning? We have absorbed a portion of it, not all of it. The rest of it will be absorbed over the course of this financial year. If you think of it like this, the way Siva and his team have created a model is that it looks at the last 12 months' experience, and then that forms a predictor with other factors like unemployment that he puts into the model to predict the future bad debt, which hence comes out with a percentage. There's a bit of art and science to provisioning. What we do know is that bad debts have declined over the course of the next 12 months. The direction of our provisioning is down because of improving credit quality. We will absorb all of that one-off AUD 10 million over the course of this year. How investors should think about it is, there will be an impairment line that starts to come through, but it won't be the full amount as a result of continuing to improve credit quality. Great. Thanks. Next question from Chris. Great result on collections. Money3 collected AUD 193 million in the second half. What would be a reasonable number to expect in FY 2022? Each business has a different collection profile. I'm not going to put a number on it here other than to say we would expect collections to go up, but not in line with the growth of the book. Collections we anticipate to start to plateau, if you're looking at the curve, over time back to actual payment schedules. What I'm trying to say is collections have grown in excess of the book as a result of stimulus and lack of other places for clients to spend their money. One of the features of the Money3 product in particular is that there is no penalty, no upfront fee for early payout, which has incentivized customers to pay early. We expect that initiative and that activity to start to decline over the course of this year. Thanks, Scott. Next question, what support do you provide to the watchlist clients, currently around 14%, to ensure that they do not become negative? A lot of those clients are saying to us, "Due to current circumstances, I'm unable to make my full commitment." What we try and do is keep those people paying at least 50% of their monthly commitment to the loan. If they're unable to pay between 50% and 100% of the scheduled payment, we'll have conversations with them around disposing of the asset, which has actually been very easy to do in the current market, considering asset prices are inflated and demand is quite strong. Hence why you can see that watchlist declining because of a strong economy at this point in time. Thanks, Scott. Another question from Chris. Even if you collect AUD 100 million per quarter and you're originating 40-50 per month now and expecting growth in FY 2022, doesn't that make the loan book forecast growth of AUD 760 million-AUD 810 million conservative? We have put numbers out there that we think we'll be able to achieve, given some of the uncertainty in the environment. We're confident of having a very strong year this year. We see when lockdowns come to an end that the demand comes back very strongly, and there is pent-up demand within the system because of delivery of vehicles. We certainly expect to be at the upper end, at this point in time, of what we're saying to you. That is over AUD 800 million. That's where we're aiming for as a business. All right. Thanks, Scott. Can you talk about the experience so far in originating non-passenger vehicle assets? Other peers in the past have got into trouble in this space. How are you doing things differently? Look, if you look at that slide we put down explaining what those vehicles are, we actually have had a long history of funding caravans. We have a very low bad debt profile on those assets. I think it comes down to a strict criteria of who you're lending to, and it's more so than the asset itself. When we look at some of those alternate assets, we are more conservative with who we're lending to. If it's a business, you're often lending it to someone that has other assets as well. If I could characterize by saying a lot of those other assets are going to higher credit quality applicants than, say, a car. Based on the portfolio, they have performed well. Thanks, Scott. Last question. Can you talk about the competitive environment in New Zealand, which previously you said some players were out of the market, and discuss the Australian competitive environment? I feel like we have benefited in New Zealand by having a strong balance sheet and having that improving credit quality has given confidence to the banks funding the group. There is definitely competition in New Zealand, as we would see it here in Australia. We have very good relationships with our dealer partners in New Zealand that have favored us, because through the last 18 months we've had a very consistent message that we will fund good credit quality applicants. In New Zealand, we've had some significant growth on top of that dealer relationship, principally because we have created some partnerships with the dealers that are selling the Mahindra brand. We have had quite a bit of business come in from Mahindra. We've done a lot of things with them from a technology and a relationship point of view to try and be the preferred partner in that relationship. At this point in time, that is succeeding. There is competition in New Zealand. We just think our execution and our strong balance sheet has favored us over the last 12 months there in particular. If I look in Australia, we also see a very strong competitive environment, more so in the AFS product than the Money3 product. We don't see that abating, and we've delivered a 400% growth there because we're not trying to grow at all costs, and we're not trying to be everything to everyone. We are very focused on having strong, profitable growth across the business, which we think we can achieve, and I think that's evidenced by 400% growth over the first six months in that business. We'll continue to look for partnerships where we can leverage our technology, where we can lever online, that takes it out of a competitive situation where it's just on price alone, because that is a strong theme from some competitors at this point in time. We've taken a strategic decision not to be in a race to just be the cheapest in the market. We want to provide the best service to our clients in the market, and that's why we think we've got a very strong amount or a large number of people returning for a second loan. I just see that last question there. The model is roughly 1,000 clients per person in the customer care team. Every time we add 1,000 clients to the business, so we've got roughly 60, 65 people in that team today. If we grow that to 100,000 clients, we would expect that to grow to a team of roughly 100. Roughly 1,000 clients per person in the customer care team managing the ongoing communication with those clients. Great. Thanks, Scott. That concludes the Q&A segment. I might hand it back to you for closing remarks. No, thank you, Simon. Thank you everyone for taking your time today. Just to close, many of you know that we've been on a journey of transformation. The last 12 months, I think, has been exceptional. We start this year with four bank partners funding the business, all of them with very big balance sheets that continue to increase our leverage. We see that as a key part of our business, growing its loan book from AUD 600 million-AUD 1 billion through leverage rather than through additional capital raising. We're very confident in that. As you can see from the numbers, our strategy of three distribution channels, so not just tied to one for customers to apply to, has meant that all avenues in our business are getting more applications than they were in 2019. We think we have the right strategy to grow our business in terms of customers applying for a loan, and we have the right funding partners now and diversified funding for multiple banks, so that should there be a change in sentiment for any reason, that we're not reliant on one partner. With those things in mind, I think Money3 is going to have a very strong year this year, and we would encourage investors to stay the course and expect another year like you've seen in the last five of returns at all levels of profit and revenue above 20% over the course of this year. Thank you.