Thank you for standing by, and welcome to the Seven West Media Full Year Results Conference Call and Webcast. All participants are in a listen only mode. There will be a presentation followed by a question and answer session. I would now like to hand the conference over to Managing Director and CEO, James Warburton, and Chief Financial Officer, Jeff Howard, after an acknowledgment of country. Seven West Media acknowledges the Gadigal people of the Eora Nation as the traditional custodians of the country we are meeting on today. We pay our respects to elders past and present, and extend that respect to all First Nations people present today. Good morning, everyone, and welcome to Seven West Media's full year financial results for 2022. I'm James Warburton, Managing Director and Chief Executive Officer of Seven West Media, and joining me today is our Chief Financial Officer, Jeff Howard. We'll take you through our results and the progress of our strategy and provide you with a trading update. After the presentation, we'll take questions from investors and analysts. The past year has seen Seven West Media emerge as one of the best performing and fastest growing companies in the Australian media sector. We're in the strongest financial position we've been in for over a decade, and we're well-placed to continue that growth and build on our leadership positions. These results represent the best Seven TV EBITDA result in 11 years, the best EBITDA result for West Australian Newspapers in five years, and our best group EBITDA result in six years. Seven is now the number one network nationally in audience share, and we've converted that into the number one position in revenue share. The diligent execution of our strategy over the past three years, the acquisition of the assets of the Prime Media Group, and the strong growth of 7plus have created the undisputed market leader in the national total television market. That is across capital cities, regional broadcast, and BVOD television. Our digital businesses, including 7plus, accounted for more than 40% of FY 2022 earnings, compared with just 2% four years ago. 7plus has outperformed the BVOD market, growing 57% year-on-year in a market that grew 47%. The EBITDA we have announced today of AUD 342 million is ahead of the guidance we gave in early May of between AUD 335 million and AUD 340 million. On 31st of December last year, we completed the acquisition of the Prime Media Group assets. As flagged at the February 2022 interim results, the board has assessed options regarding capital management during the second half. The significant improvement in our balance sheet over the past two years has enabled us to announce a share buyback to commence following the announcement of the FY 2022 results. The on-market buyback will be for up to 10% of issued capital and will be highly earnings accretive for Seven West Media shareholders. We will talk through the progress of our transformation strategy we started three years ago. The financial results announced today clearly demonstrate the dramatic transformation our company has been through since late 2019. Our content-led growth strategy and our revitalization of our entertainment content schedule, along with the ongoing success of our news, public affairs, and sport, have taken Seven to the number one position nationally in audience and revenue. From a television content point of view, we started 2022 in a much better position than in recent years. Our focus this year is to be more consistent in our entertainment schedule and to win. The Seven Network increased its share in every demographic during FY 2022. At the same time, 7plus has become the fastest growing platform in the BVOD market and now has more than 13 million registered verified users. We continue to explore our options in the subscription streaming market, and our discussions with potential content partners are ongoing. The transformation of our company has seen us implement the first phase of our investment in new dynamic trading platforms. We have also set up key commercial partnerships with the market leading organizations to create richer audience insights for our advertisers. Our business is leaner and working smarter, delivering more revenue and earnings from a smaller cost base. Costs have been reduced by AUD 200 million over the past three years, while at the same time, we've invested in content and on our digital platforms. The cost efficiency program we started in 2019 continues with a simple premise that every dollar we spend must generate a return. We will continue to invest in revenue-generating content and continue to ensure that everything we do makes sense financially. As mentioned earlier, digital earnings represent more than 40% of group earnings in FY 2022. Seven West Ventures has been reactivated over the past year and now has a portfolio value of approximately AUD 60 million, with several new contra investments in the pipeline. We've had a clear strategy of reducing debt and improving our balance sheet flexibility. Net debt now stands at AUD 256 million and represents 0.7 times leverage, including the Prime acquisition. The integration of Seven and Prime is fully underway, and the Prime brand has been retired. Cost synergies will be at the top end of the AUD 5 million-AUD 10 million guidance we gave when the acquisition was announced last year, and we're seeing positive results in terms of revenue synergies. In the 2021 calendar year, Seven returned to number one in TV for the first time in three years, while 7plus was number one in BVOD for the second year in a row. We've retained both those titles so far in 2022. In the 2022 financial year, Seven was the most watched television network nationally and in the capital cities, and we achieved strong growth in the key advertiser demographics of people aged 25-54 and 16-39. Seven was also a dominant number one in regional markets. In FY2022, we were number one in total people and 16-39s nationally and less than 1 percentage point away from being number one in 25-54s. Our content lineup for FY2023 is deep and strong. In addition to many returning hit programs across all genres, the 2022 Commonwealth Games on Seven and 7plus were very successful. 7plus was the number one BVOD platform in FY2022, with a 43.4% share. In terms of total television revenue, Seven was number one across the financial year with a 39.1% share. This clearly demonstrates our position as the undisputed leader in the national television market. The red area is Seven's metro audience share week by week since the first of January this year. The gray area sitting on top of the red shows the audience share uplift regional gives us. The blue line is Nine's national audience share, and the yellow line is Ten's share. The Prime transaction created a powerful national television, print, and digital company. Together, our businesses reach 91% of all Australians every month. Seven is the number one network nationally across total people and all key demographics. As stated in FY2022, we had a 39.1% share of total television revenue, including the Olympics, and our national sales proposition is gaining traction, particularly with premium sponsorships of our major tentpoles, sport, and unbeaten local news content across 20 different regions. Our ratings performance will underpin a national total television revenue share of 39% in FY2023, excluding the Olympics. For FY2024, we're targeting a 40% revenue share of the national total television market. Compared with FY2022, that represents approximately AUD 40 million of upside. We'll do that by leveraging Seven's data and trading platforms to maximize inventory, utilization, and management, which has already started. There is also a clear opportunity to drive greater premium integrated revenue at Prime. The rapid growth of the BVOD market is fueling the growth of the total television ad market. PwC's 2022 outlook report predicted the total television ad market will grow from AUD 3.7 billion in calendar 2021 to AUD 4.4 billion in calendar 2026. That represents a compound annual growth rate of 3.6%. The BVOD segment of total television is predicted to jump from AUD 359 million in 2021 to AUD 1.56 billion in 2026, a compound annual growth rate of 34%. This is a significant uplift compared to the same forecast this time last year, as the chart shows. This chart clearly demonstrates the dramatic growth in our digital earnings from AUD 6 million in FY2018 to AUD 139 million in FY2022. We are pivoting to growth markets. Our 7plus platform has been a key focus in recent years, and it's a remarkable success. It's the number one BVOD platform in Australia in terms of its share of viewing, and it has more than 13 million registered verified users. Since the acquisition of Prime, 7plus has seen a 60% jump in its number of regional users and a 100% increase in minutes watched in regional markets. The 13 million-plus users of 7plus are in an incredibly powerful marketing platform. When big data is overlaid, and in our case, 6 billion data points, marketers have a remarkable addressable medium, which delivers quality video with big data, all in a brand safe environment. We have very clear priorities and goals for 7digital in FY2023. The first issue centers on prominence. Before the federal election, the Labor Party committed to regulate prominence. Now it is in government, we're engaging, so it can be legislated as quickly as possible. Another important issue is the anti-siphoning list, which ensures all Australians have access to the sport they love for free. Our industry is engaging with the government to ensure the anti-siphoning list reflects changes in the way people are consuming television to prevent sports being locked behind subscription streaming services. Another key priority for 7plus is increasing engagement and consumption by its millions of registered users. New BVOD exclusive content is also being added to 7plus on a regular basis. We're also upgrading 7plus to better customize the content curation window based on user preferences and data. We're aiming for a 25% increase in engagement over the next two years. 7plus is a powerful platform for advertisers, and we're aiming to make it even more powerful with the CODE 7plus trading platform. CODE 7plus will maximize our inventory, utilization, and yield. The first phase of its introduction will be completed during this calendar year. The second phase will be completed in FY2025. Once complete, it will run across broadcast and digital and will simplify the buying process, support converged buying, optimize inventory by increasing availability, and drive greater revenue from improved yields. The total investment in CODE 7 is AUD 40 million, with an expected payback period post-implementation of 2.5 years. Turning to our cost outlook, given some of the major one-offs, including the Olympics and the acquisition of Prime Media Group's assets, we have again provided a cost bridge to guide investors and analysts on our cost outlook. Normalized costs in FY2022 were AUD 1.16 billion, taking into account one-off adjustments and the inclusion of the first half of Prime costs. Looking into FY2023, we expect inflation to be within the 1%-2% range that we've previously called out, despite the external market pressures. There has been a spike in paper costs, which has resulted in a material uplift for WAN in FY2023. However, we have identified a number of cost reductions, which implies a normalized FY2023 cost base of AUD 1.17 billion-AUD 1.19 billion. We do have a couple of one-offs and special events in the period, which means our reported costs will be in the range of AUD 1.2 billion-AUD 1.22 billion. The Commonwealth Games is self-explanatory as a special one-off event. The extra week in FY2023 is due to us realigning our financial year to report on the period 1 July to the end of 30 June going forward from FY2024. This will result in a one-off adjustment in FY2023, where we'll be reporting on 53 weeks. On slide 13, we provide a high-level net debt bridge from FY2021 to FY2022. The acquisition of Prime, associated transaction costs and new investments totaled AUD 108 million in the financial year. We generated AUD 342 million of EBITDA. However, this period, as we have previously flagged, would be impacted by the onerous provisions, particularly from the Olympics and cricket. Net debt for the period ended at AUD 256 million, 0.7 times net debt to EBITDA, and up AUD 16 million in the year. The significant improvement in our balance sheet over the past two years has enabled us to announce an on-market share buyback for up to 10% of the issued capital, which will be highly earnings accretive for Seven West Media shareholders. The on-market share buyback program will be conducted on an opportunistic basis over the coming 12 months. Should Seven West Media fully complete the proposed share buyback, leverage is forecast to remain within the group's target leverage range of between 1-1.5 times. The buyback will be funded out of existing debt facilities. The three-year strategy that started in late 2019 has significantly transformed our company, creating a much simpler, stronger, and more profitable total television, digital, and print business. Our top-line plan for the next three to five years is outlined on this slide, which draws together some of the things we have already mentioned. Put simply, our aim is to diversify and scale the business to reduce risk and to grow. We'll continue to build a more diversified media organization. We'll remain focused on being audience-led and digital first, powered by data and tech. We'll step up our focus on monetizing total television audiences, that is, across broadcast, digital, and including material non-advertising revenue such as subscription. Our low gearing gives us capacity for growth and capital management initiatives. We'll continue to invest in the business and focus on generating strong cash flows, while also investing to drive growth across the business and diversify the portfolio of assets. I'd now like to hand over to Jeff to talk you through our financial results in more detail. Thank you, James, and good morning, everyone. Total group revenue and other income of AUD 1.54 billion for the year was AUD 270 million, or 21% higher year-on-year. This reflects one-half contribution from the Prime Media Group assets and the impressive level of growth across all our operating markets, as well as share gains. Operating expenses, including depreciation and amortization, were AUD 1.23 billion, which includes AUD 33 million of D&A. Reported operating expenses excluding D&A were AUD 1.2 billion, which was at the midpoint of the guidance range. EBIT before significant items was up 35% to AUD 309 million. Underlying net profit after tax before significant items was AUD 201 million, 60% higher than the same period last year. Significant items before tax of AUD 10 million were recorded in the period. Slide 16 provides an overview of the performance of the Seven segment, which includes our broadcast and digital businesses, plus program sales earnings. In the 2022 financial year, Seven returned to the number one position in ratings and revenue and delivered its strongest financial results since the 2011 financial year. We've been calling out our focus on improving the ratings and revenue performance in the second half. I'm pleased to report we are seeing the benefits beginning to come through. Given the lag effect we have talked about, we would expect to see incremental gains in the second half of 2023 as we monetize our stronger ratings performance. All markets that we operate in performed strongly in the financial year, with BVOD the standout, up 47%. 7plus growth beat the market up 57% for the same period. Metro advertising share grew 2.7 percentage points in the year, and we think we're strongly positioned to hold 39% in 2023. Operating costs in the period were up 19.4%, which as outlined earlier include the first six months of consolidation of Prime Media Group assets and the costs associated with Tokyo Olympics and increased content investment as planned. EBITDA was up 39% to AUD 328 million, comprising of AUD 139 million digital EBITDA, up 129%, which exceed our previous target of AUD 130 million in the 2022 financial year. Seven's digital revenue and earnings also include the first full year contribution from the associated Google and Facebook digital platform news deals. Excluding digital, broadcast and program sales, EBITDA grew 8% year-on-year. Seven recorded AUD 39 million of earnings from program sales in the period, with this income source continuing to hold up well. WAN delivered its strongest EBITDA result since FY 2017, with digital growth, plus their contribution from the Google and Facebook deals, more than offsetting the decline in print. From an operational perspective, the trends remain similar. Digital audiences and subscription penetration are growing, while the company continues to focus on maximizing the profit from print. The retail advertising market continues to perform strongly, but travel, motor, and real estate have yet to recover to pre-pandemic levels. Revenue grew 4.4% to AUD 169 million. Operating costs increased 1.4%. However, after adjusting for temporary savings in the 2021 financial year, underlying operating costs were down 5%. WAN's EBITDA grew 18% to AUD 34 million in the financial year. Other and corporate costs have increased due to one-off savings in 2021 and the divestment of a number of assets. In the 2022 financial year, other and corporate costs reported an EBITDA loss of AUD 20 million. We believe these earnings set a more realistic expectation for this division going forward. On slide 18, we have the statutory group financial results and a reconciliation from EBIT before significant items. Seven West Media reported a statutory profit after tax of AUD 211 million and basic earnings per share of AUD 0.133. Excluding significant items, underlying earnings per share was AUD 0.127. Slide 19 shows group cash flow for the year. Seven West Media recorded operating cash flow of AUD 203 million for the year, which was marginally higher than the previous year. As previously discussed, this was the result of working capital outflows in the period, mainly due to Olympics and cricket onerous. We've outlined on the right-hand side of this slide, the future outflows associated with the onerous contracts, which eventually fall away to less than AUD 5 million in FY 2025. The onerous contract should have corresponding cash outflows in these future years. Other notable call-outs in the period include tax paid, which remains below P&L tax, but should normalize in the future years. CapEx was AUD 27 million versus guidance of AUD 40 million, which was due to slight delays in the news colocation project. We expect CapEx in 2023 to be circa AUD 40 million, which will include the full year of Prime CapEx. As flagged, the next investment installment in Project CODE 7plus will be made in FY2023 for approximately AUD 20 million. We expect this to be treated as a significant item for accounting purposes. Statutory net debt at the end of the period was AUD 256 million. I'll now hand it back to James to finish with a trading update. Thanks, Jeff. Turning to the trading update on slide 21. Our first quarter ad bookings are skewed due to the Tokyo Olympics last year, but we estimate the overall total television market is back 2%, excluding the Olympics, and 7% if you were to include it. Visibility into the second quarter is actually improving, which we believe may be due to tight inventory market last year and advertisers now looking to seek and secure placement. While still early, current total television forward bookings for the second quarter are positive year-on-year. These total television estimates include BVOD, which we expect to maintain robust earnings growth. Our ratings performance is expected to drive a TV ad revenue share of 39% in FY 2023. 7digital is on track for another year of strong revenue and earnings growth, and this will include consistent revenue contribution from the digital platform news revenue as in the FY2022 year. Our FY2023 group operating costs will be in the range of AUD 1.2 billion-AUD 1.22 billion. We will provide a further update on the market at our AGM in November this year. That concludes the presentation. Thank you for your time. Before we take questions, here is a preview of Farmer Wants a Wife for 2022. All you need is love. First, you've gotta find it. I'm in love with you. I'm in love with you, too. Nine marriages, 25 Aussie kids. Their love stories all began here. Last year's farmer, Andrew and Jess, are still madly in love. I guess she showed me what love is. Aw. Now, can our new farmers be just as lucky? Love is something I just can't live without. I wanna give my life to someone. Australia's favorite country girl, Samantha Armytage, is here to help our farmers along the way. I have been searching the country, and I found two more partners for each of you. I'm here to find the one. It's like a bit of a flutter in the chest. I don't think my legs have stopped shaking. This is that once in a lifetime opportunity. Finding true love would complete the whole package. This year, more than one farmer will find real love. Oh my gosh. I really am falling in love with you. This is the moment their lives will change forever. Potentially, I'm gonna see my future wife. I'd love for you to run away with me and start this next chapter of our lives together. Real Love is back. New Farmer Wants a Wife. Coming to Seven and 7plus. Thank you. If you wish to ask a question via the phone, you will need to press the star key followed by the number one on your telephone keypad. The first question comes from Darren Leung from Macquarie. Please go ahead. Good morning, guys. Thanks for the opportunity for asking questions, and congrats on a good result. I'd just add two on my end, please. One is just on that market share aspiration into FY 2023. So you've obviously had the Commonwealth Games so far this half. So I'm curious to understand you know how you're thinking about you know the path towards revenue market share gains, notwithstanding the good content base you've just shown us there. And then the second question is just in terms of your first quarter trading update. Can you give us a split as to what that looks like in SVOD versus BVOD, please? Sure. Thanks, Darren, for the questions. I think you know, from an overall market perspective, I think we've been very, very clear that you know, we've been building the schedule and building not only a total people leadership position, but building the demographics. When you look at us nationally, you know, essentially across the survey year in particular, we're leading in total people, we're leading in 25-54, and we're leading in 16-39. As per this result, you know, the Seven Network is gaining share and gaining share you know, quite impressively. Obviously, the Commonwealth Games really helped that to kick off the year from that perspective. I think you know, we really think about the business as one business. We're selling in a converged way, not only nationally, but also selling with BVOD. Obviously, as you saw in the PwC reports, you know, there's a pretty specific breakout between linear television and, you know, where it's heading and obviously the CAGR of 34%. I don't know if you can add any more flavor to that, Jeff. Yeah. In terms of market, Darren. Morning. SMI came out yesterday, had markets in metro down about 16%-17%, which I think a few people called out. Regional markets weren't anywhere near as bad as that. They were down sort of mid-singles, and then BVOD was lower than that again. Pretty diverse mix from a different segment perspective. You know, from our perspective, July numbers, you know, weren't that different to those. Thank you. The next question comes from Tom Beadle from UBS. Please go ahead. Hi, guys. Thanks for the opportunity to ask questions, and good results, and then just well done on positioning the business for growth going forward. Look, just firstly on current trading conditions. Just wondering if you could just give more color just on the ad market, please. You know, are there any advertiser categories worth calling out? And also, you know, I'd be interested to hear any feedback on how inflation might be impacting advertisers. Is there any evidence that advertisers might be pulling back to cut back on costs? Or are they actually continuing to advertise to maintain sales if they're passing costs on to their customers? And just a second question just around capital management. Obviously, that buyback's really good to see. Just wondering the reasons why that option was chosen and how should we think about capital management going forward? Thanks. Thanks. Thanks, Tom. Yeah, look, I think overall, it, you know, from an advertising market point of view, I think the reaction to, you know, what could have happened was probably a little bit overblown. You've got, you know, obviously the numbers there from that perspective. I think again, relatively, what we're seeing is an incredibly strong, you know, sort of focus forward in terms of Q2. Retail is very strong. All those primary drivers are free-to-air, you know, sort of a pretty strong, you know, sort of through that sector. We're seeing a lot come back in terms of tourism and travel, and travel's a little bit, you know, cyclical, depending on what the airlines do, but we're seeing very, very strong bookings coming through. You know, things like cruising getting back in, you know, all the government spending in terms of the destination stuff as well. Wagering's very strong. A lot of briefs around automotive, for the start of 2023 calendar as well. All the agency groups and all the conglomerates we speak to and, you know, they've all put out their individual, you know, I suppose, perspective on the market, have all indicated that they'll sort of be up year-on-year. Obviously Q2 in particular, as we said, grew by 1.5% last year, so it's a lower benchmark, but we think it's well, we're certainly trading from a positive perspective. Market's still six to eight weeks, you know, which is strong. I think you know, hopefully we can be in a position by the AGM to give you know, sort of a stronger level of guidance from that perspective. I think again, from a capital management you know, point of view, you know, obviously everything was discussed at the board level, and the directors felt that where our share price was trading, it was the best use of capital at this time. Of course, you know, all the other options you know, sort of remain in the kit bag, so to speak. We've said you know, quite consistently that we feel comfortable between 1 and 1.5 times in terms of leverage. Thank you. The next question comes from Entcho Raykovski with Credit Suisse. Please go ahead. Morning, James. Morning, Jeff. I had a couple as well. If I could first go to that revenue share target of 39% that you've got for FY 2023. I mean, at first glance, that appears pretty ambitious given you're comping the Olympics impact. I appreciate all the strategies that you've outlined, but I guess what's your level of comfort that you can get there? Does it depend on, I mean, how your competitors go obviously? Or do you think, you know, from speaking to agencies, you've got good support in being able to get to that target? Secondly, interested in your thoughts on the likely impact on the BVOD market, from a potential launch of ad-supported models by Disney+ and Netflix. You've spoken about prominence in the presentation, but how important do you think that is in maintaining your share of the market? Thank you. Thanks, N. Joe. You know, I think from an overall ad market perspective, I mean, very, very strong start to the fiscal year with the Commonwealth Games. You know, like the numbers were extremely impressive and obviously, we took a very large slice of the market through July and August. You know, again, I come back to the point that what we've got and what we've built is a superior unmatchable offer. You saw the graph that we put in the presentation that really shows that as a national proposition, we're the first place that clients wanna come and talk to, you know, from a specific reach point of view in terms of scale, and we're selling in a converged way like no other network. The sophistication of what we do in terms of our data offering, and as I said, leading the whole country, you know, is very, very strong. We've won 23 of the first 33 weeks of the year. We lead in all the major demographics, and so there is no reason, you know, not to, you know, be with the Seven Network. Obviously we've got a lot of new content coming, not only for the back end of this year, but also into next year as well. You know, we wouldn't have called out the share specifically, if we didn't, you know, believe that we could hit it. You know, it's a blend across metro markets, regional markets, where you know, everyone could see the history with Prime being extremely strong in those regional markets and of course, the BVOD market, as well. I think from a BVOD point of view, you know, there's a lot of work to be done by those people that say they're coming into the market. Really what we've called out consistently is that the AUD 2.5 billion AVOD market, which is dominated by YouTube, and our products, you know, and again, we've said at a conference recently, we have 1,871 new digital advertisers into our overall, you know, sort of BVOD market from that perspective. I think if the market grows, we'll be well placed to get an increasing share of that market, and I know the networks are all working together, on how we attack that future opportunity, from a BVOD perspective. Anything you want to add, Jeff? No, I think you've nailed that one. Okay. Thank you. Once again, to ask a question, please press star one on your phone. The next question comes from Ben Roden-Martin from Goldman Sachs. Please go ahead. Morning, James and Jeff. Thanks very much for the question today. I just had three, if that's okay. The first one was just on that Q2 bookings comment, you know, talking about how inventory's quite tight. Just wondering if you can maybe break out how far you are through that second quarter bookings. You know, and are there any kind of timing benefits to be aware of noting that you're talking the market is still around six to eight weeks? My next two are just around capital management. First is maybe just digging into the on-market buyback rationale again. Just noting you've got a pretty healthy franking balance. Just wondering why the preference was for an on-market buyback over maybe off-market or franked dividends. The third is just on, I guess, the free float implications for that. You know, free float sitting at 60% currently, you know, what kind of implications for the buyback will that have for free float? Thanks. Yeah, sure. Do you want to grab it? Bookings from a second quarter perspective, as James said, we're seeing visibility around six to eight weeks, so it's relatively early. October, we've got some better visibility obviously than November, December. Obviously November and first half December are the two biggest months of the year from a booking perspective. We are, you know, taking bookings in. It's not bad from a visibility perspective, hence why we were able to call out that sort of early second quarter sort of number. From a capital management perspective, you know, James has covered the rationale for why the buyback, so I won't go over that again. From a free float implication perspective, obviously, you know, SGH's major shareholder will need to work out what they wanna do from a buyback perspective, more a question for them. Obviously if they don't participate and we complete the buyback, then they would be increasing their hold and that would reduce the free float. Thank you. Once again, to ask a question, please press star one on your phone. The next question comes from Brian Han from Morningstar. Please go ahead. Gentlemen, two questions. Firstly, can you please confirm that within digital revenue, most of that AUD 30-odd million in non-BVOD revenue was from your digital platform news deals, and how much costs were attached to those revenues? Secondly, James, looking at Seven's linear TV versus BVOD, are there any advertising categories that uses BVOD much more than linear TV, or have they mostly been drawn to your total TV concept? Brian, I'll take the first one if that's okay. From a digital revenue perspective, the three key components in that bucket, obviously 7plus is one. 7NEWS.com.au revenue is in there as well, and that's been growing relatively well. Then the third piece is the Google and Facebook contribution started in FY 2022. The cost of that Google and Facebook revenue generation was relatively limited. We said right at the beginning that this was contribution from them that we saw as, you know, helping to pay for stuff that we were already spending, and we weren't throwing a whole bunch of money to generate that. We actually, that's how it ended up. Second one? Yeah. Look, I thanks, Brian. I think in terms of the BVOD market, effectively, it's opened up the entire AVOD market. You know, so we've talked before about, you know, sort of swimming in a new pool and this AUD 2.5 million dollar market, which is, you know, sort of dominated by YouTube. So the effectiveness of that has meant that we've attracted a lot of new clients. You know, I gave you the number previously. What's been really beneficial is how we're selling it from a conversion point of view. So what we're doing is looking at how we optimize our inventory and what the differential is for clients. So i.e., putting 10%-15% into BVOD, full addressability data overlays. What it's doing is either growing the pool, moving money around through a perspective. Similarly from a BVOD perspective, we are starting to see some clients that come into BVOD first, you know, start to make, additional, investment into television. You know, I can't stress enough, you know, like, you know, we are now a national proposition. You know, the Prime brand's been retired and Seven and 7plus are absolutely joined at the hip. What drives minutes is your tentpole shows and your cores, you know, like news and sport obviously. It's really driving engagement on that platform. The more people go to 7plus, you know, so as an example, with the Commonwealth Games, they find the new content, that we're putting onto 7plus and that drives your minutes and it continues to fuel, very, very strong, earnings growth. More importantly, it's much more effective for our clients. That, you know, that is, you know, something that is helping grow the category quite significantly. If the networks can work together on, you know, sort of common IDs and actually putting the BVOD market out in one line, that will be very, very strong. Lastly, VODs. You know, it actually goes into the post-analysis system from the first of January. You talk about de-duplicating reach and actually being able to plan it out properly. That is another really important point for this BVOD market and television, total television as we call it, from that perspective as well. Thank you. At this time, we're showing no further questions. I'll hand the conference back to James for any closing remarks. Well, thank you very much for your attendance today, and we look forward to seeing the vast majority of you on a roadshow over the next few days. Thank you.