Thank you for standing by, and welcome to the Seven West Media first half FY24 results. All participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr. James Warburton, Chief Executive Officer. Please go ahead. 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 results for the first half of the 2024 financial year. I'm James Warburton, Managing Director and Chief Executive Officer of Seven West Media, and joining me is our Chief Financial Officer and incoming MD and CEO, Jeff Howard. As you know, we are transitioning the leadership of Seven West Media on or before June 30 this year. Today, we'll take you through our results, our key priorities, and then provide you with a trading update. After the presentation, we'll take questions from investors and analysts. Our aim is to be Australia's most connected new sport and entertainment brand. We will do that by delivering on our four key objectives, which we have detailed in previous presentations. The first half of FY2024 saw the continued disciplined execution of our strategy with growth in audience and revenue share, tight management of costs, and continued investment for the future. Our total television audience increased during the half as our content strategy delivered in terms of increased audiences. This audience growth underpinned revenue share growth in the first half, ensuring Seven outperformed in a challenged market. We delivered a total television revenue share of 41% in the half, which represented an increase of 1.7 share points and made Seven number one in terms of revenue share. The total television advertising market declined 9.1% in the period, with Q2 softer than expected and impacting results in the first half. Costs were in line with expectations, with FY2024 cost investments weighted to the first half to help improve our audience and revenue share. We are implementing a two-year AUD 60 million cost-out program in response to the market weakness. As a result, FY24 cost growth will be held at 1%-2%. We've demonstrated consistently this cost-out program may be resized as we respond to further challenges in the market outlook. During the half, we refinanced our group debt facility for four years. Net debt as of 31st December was AUD 257 million, and broadly in line with debt at June 30. Leverage of 1.3 times reflects the ARN Media investment of AUD 67 million and lower earnings, and is within our target range of 1-1.5 times. On the industry front, we've seen positive progress in the key regulatory areas of the prominence of free TV services on connected television sets and the anti-siphoning regime, and in audience measurement with the launch of VOZ. Our investment in ARN Media, which was announced in November last year, aligns with our strategic pillar of partnering for growth with existing and longstanding commercial partners. I'll now hand over to Jeff to take you through the financial results in more detail. Thank you, James, and good morning, everyone. Total group revenue and other income of AUD 775 million was down 5% against the first half 2023 result. Revenue for the year was impacted by softer market conditions, one-off events, as well as the prior year, including an additional week. While total TV share was up 1.7 share points, equivalent to AUD 26 million, market decline of 9.1% had a AUD 50 million underlying impact in the half. WAN had a very good first half with revenue growth of 3.6% year-over-year. Operating expenses before depreciation and amortization were AUD 651 million. Costs were in line with expectations, up 7% compared to the same time last year. This was driven by the Q2 content investment we flagged last August and inflationary pressures, which for the half were slightly higher than our longer-term trend. As a result, EBITDA before significant items was down 40% to AUD 124 million. Depreciation and amortization decreased to AUD 18 million for the year. The reduction mainly relates to prime intangibles, now largely amortized. Significant item expense before tax of AUD 8 million was recorded in the period. Underlying net profit after tax, excluding significant items, was AUD 63 million, 49% lower than the same time last year. As mentioned, the total TV market declined 9.1% in the period. The metro market declined 13%. Regional was down 5.5%, while BVOD was up 12.5%. The market softened post our November AGM. The impact was approximately AUD 10 million up to the end of December. This market decline is inconsistent with an improved audience outcome, with Seven delivering actual audience growth and not just share across broadcast and BVOD during the period, in four of seven months so far in FY24, and against five of our tentpoles plus cricket over the last 12 months. Pleasingly, we have seen audiences growing across linear and 7plus for the half year, including a 2.2% increase in linear audiences and 36% minutes growth from younger demos on 7plus. Having set ourselves a target of greater than 40% share, Seven outperformed during the half with a total TV revenue share of 41%. Share growth was achieved across each month of the half year. As we head into Q3, traditionally our toughest quarter and the smallest revenue quarter by market size, we remain confident in further revenue share growth with Australian Idol leading our 2024 content lineup and audiences up mid-single digits year-on-year. Seven's costs in the first half tracked in line with expectations and were reflective of the content investment into the second quarter and slightly higher than normal inflation. We have implemented the cost-out initiatives, and as a result, the second half will see a 4% reduction year-on-year, pulling back FY2024 year-on-year cost growth to between 1% and 2%. Over in the West, management remains focused on its strategy of holding the line on print, reducing costs, and turbocharging WAN's digital opportunity. From a digital perspective, growth in audiences and the launch of new digital products saw a unique monthly audience of 4.4 million, up 18.5% in the past year. Advertising market conditions remain mixed, with strength in retail trade and the travel sector, while motoring and government spend have seen weakness. The West's revenue was up 4% in the first half on reported basis, despite the extra trading week in the corresponding half last year. The West has been capitalizing on commercial print opportunities due to the closure of competitor printing facilities, which are driving revenue and cost growth at a positive margin. Seven West Media reported a statutory profit after tax of AUD 54 million and basic earnings per share of AUD 0.035. Excluding significant items, earnings per share was AUD 0.041. Significant items pre-tax of AUD 8 million relate to Project Phoenix, fair value losses recognized on the ARN investment, redundancy, and restructure costs. These have been partially offset by a gain recognized on a change in expected term on one of the group's property leases. The ARN investment is strategically important to the group, with the fair value loss noted above reflecting changes in share price both at and since acquisition as required under the accounting standards. In line with the revised presentation at June 2023, we have presented the cash flow table for the first half to highlight the recurring, temporary, and capital items impacting cash flow in the half. Working capital represents normal movements in typical items such as accounts receivable and payable, program work in progress, deferred income. It also includes approximately AUD 7 million of non-cash vendor contract utilized during the year. We have split the net tax refund in the half of AUD 11 million into two components, the first half FY24 related payments of AUD 17 million, and a refund of AUD 24 million received on the lodgment of the FY23 tax return. The balance of the recurring cash flows include net finance costs, CapEx, and lease payments. After these outflows, Seven generated cash before temporary and capital items of AUD 69 million in the first half. Temporary and capital items include onerous contract payments. We are now in the last year of the old cricket deal, with the onerous provision having a AUD 38 million impact for FY24. This should reduce to approximately AUD 2 million per annum after FY24. Project Phoenix is nearing completion and will be launched during calendar 2024, with forecast costs of AUD 20 million expected for financial 2024. We spent AUD 7 million on the share buyback program and in refinancing the group's debt facilities in the half. We finished the year with net debt of AUD 257 million, an increase of AUD 8 million from June 2023, and leverage of 1.3x. Excluding the impact of the ARN investment, reported leverage would have been 1x. Maintaining sensible leverage remains a key focus. We have determined to keep the dividend on hold given prevailing market conditions. This will be reviewed again in future reporting periods. Costs continue to be a focus for the group, with FY24 cost guidance in line with the revised cost guidance announced at the FY23 AGM of AUD 1.23 billion-AUD 1.24 billion, representing year-on-year cost growth of 1%-2%. To provide additional detail, we have split the full year costs in the chart into the first half and second half components. This demonstrates the expected cost decline in the second half compared to the previous two years, as well as to show the weighting of the cost investment into the first half. At the AGM in November, we announced a cost-out program of AUD 60 million, with AUD 25 million to benefit FY24. These benefits are included in the second half forecasts. We will revisit this program if the advertising market remains weak across the remainder of 2024. We will act decisively to respond to any further challenges that arise. Excluding the impact to the World Cup, SWIM's two-year cost growth is expected to be approximately 1.5% per annum based on the midpoint of the revised FY24 forecast. I'll now hand back to James to take you through the next part of the presentation. Thanks, Jeff. After nearly five years leading Seven West Media, I'm proud to say that the business is set up for the future. A future that sees the total television industry set to regain revenue share from other media, and Seven share within that. Our ambition has been to build Australia's leading media business. That ambition remains our absolute focus and is underpinned by a number of key activities. Our focus on the regulatory framework for free-to-air television, that is, prominence and anti-siphoning, will strengthen the television industry and Seven's position. Solid progress is being made, and I commend the industry for working together in this very important area. At the same time, VOZ will change the power and currency of total television. Capturing real-time national reach and frequency data across broadcast and all streaming is allowing advertisers to target audiences and maximize ROI. This will drive money back into total television and into Seven. Premium video content is growing audiences, and that will underpin total television's share of the ad market and Seven's total television revenue share within that. Our major sport rights are locked in through to 2031, and the AFL and Cricket All Digital rights from FY25 will be a BVOD audience and revenue game-changer. Our deals are good deals, not ones that deliver a sugar hit for a couple of weeks and require a huge amount of effort for no financial reward. We do not have onerous contracts going forward. We're investing in the 7plus platform and the new Phoenix trading platform to deliver the best user experience and enable Seven to lead converged audience trading in the market. Our cost discipline will deliver operating leverage, and as we did in the latter part of 2023, we will act decisively to reduce costs in the event of a protracted soft market. We've previously discussed our expectation that the fragmented traditional media market will consolidate into a smaller number of scale players. That consolidation is now underway, and we've taken a position in ARN Media. Combined, these activities are targeting outcomes that will benefit Seven now and into the future. Primarily, as the economy improves and VOZ becomes currency, we remain confident that the television market will stabilize and recover, and Seven's market share puts us in a strong position to capture a much greater upside than the last downturn recovery cycle. These actions and benefits then provide the platform to create options for future growth. The monthly reports under the VOZ audience measurement system are now live and continue to show the ever-increasing reach of the free-to-air segment. Across linear and BVOD, total television reached 23.8 million people in January 2024. That's an increase of 4.2% compared to the year prior, while Seven grew its reach by 2.9% to 17.1 million people. Together with our increased reach, the VOZ system also shows an increase in average audiences during January, with Seven's audience growth of 10.1%, outpacing the free-to-air market of 3.9%. No matter what the naysayers claim, VOZ is clearly demonstrating that free-to-air viewing is growing, driven by the two biggest networks, and people are spending longer watching our content across multiple screens. This will drive advertising dollars back to TV. We're also turning our mind to the commercialization of the use of our content in the production of generative AI. We're exploring avenues through direct engagement with the digital platforms while also considering regulatory options, including seeking copyright reform or a solution under competition law. Many of you would have seen and heard us talk about this slide over the past 12 months. It shows how the total television advertising market has moved each calendar year since 1993 as far back as we have calendar year data. The data shows that fairly consistently, the total television market recovers strongly after periods of downturn. We expect that a similar recovery will occur post the current rates tightening cycle and are ensuring Seven is well-positioned to benefit when it does. Our content strategy is clearly driving audience growth in both terms of linear television and BVOD. This growth is driving revenue share gains for Seven, especially as the market recovers. Including January, we have delivered audience growth in four of seven months of FY24. SAS Australia, Farmer Wants a Wife, Dancing With the Stars, and MKR all grew their audiences year-on-year. While relatively early in its season, I'm pleased to now add Australian Idol to the list of tentpoles that have grown audience year-on-year. The AFL Grand Final saw a remarkable 22% increase in its television audience. Across the summer months, we saw audience growth for both Test Cricket and BBL. Our cricket is extremely well-positioned, with digital rights for 7plus starting later this year and two massive summers coming: Australia versus India Tests in 2024/2025 and the Ashes in 2025/2026. What we've clearly seen with 7plus is that live streaming is delivering new audiences, and those new audiences can be monetized. We've seen that with major events such as the AFL Grand Final, the Test Cricket Championship, and, of course, the FIFA Women's World Cup, the FIFA Women's World Cup delivered extraordinary numbers on 7plus, with the Matildas semifinal against England becoming the most streamed event ever in Australia. At the same time, our tentpole programs such as The Voice, MKR, and others delivered a strong 36% increase in live minutes watched on 7plus year-on-year. News is a critically important part of our content on both linear and 7plus, and we're seeing good growth in viewing of our news and digital platforms. As mentioned before, the AFL and cricket digital rights will start kicking in towards the end of this calendar year. Together, they will generate more than 4 billion minutes of content a year on 7plus. We expect them to lift 7plus's share of BVOD viewing to more than 45%, positioning Seven for significant revenue upside in a growing premium digital video market. Our Phoenix converged advertising platform is on track to launch in calendar year 2024, and it will drive further growth. Phoenix is the future of effective total television audience trading, driven by market-leading technology with partners including Salesforce, LiveRamp, and Databricks. Phoenix will give our clients the ability to buy seamlessly and on a converged basis nationally across metro, regional, and BVOD. For us, it will drive dynamic revenue yield optimization and improve our inventory utilization. It also further proves the effectiveness of total television advertising and gives us better access to SMEs and other new revenue markets. I'll hand back to Jeff to provide the trading update. From a trading perspective, as we head into 2024, pleasingly, after the Q3 FY23 market declined by 11% and against the 9% decline in the first half of 2024, we are starting to see this moderate in Q3. After a solid first half up 12.5%, we expect the BVOD market will grow a double digits into the second half and beyond. At this stage, Q4 is too early to call; however, we are expecting further moderation in decline compared to Q3 2024. We expect Seven will grow share in the second half. We are maintaining our forecast share at greater than 40% for the full year. From a cost perspective, the full AUD 25 million of FY24 benefits have been secured. As a result, second half costs will be circa 4% or AUD 20 million-AUD 25 million lower than the second half 2023, and full year cost growth is expected to be held at 1%-2%. To repeat it again, what we noted earlier, while we are delighted with the audience and share outcomes being delivered, we will act decisively to further reduce costs in the event of a protracted soft market. That concludes the presentation. Thank you for your time, and we are happy to take your questions. Before we do that, though, a quick thank you to James on behalf of all my colleagues at Seven West Media, and I'm sure on behalf of many on the call today. Seven West Media is a fundamentally better business today than it was in August 2019 when James returned to lead the business. We are optimistic about SWIM's future and wish you all the best as you embark on your next adventure. Thank you. In 2024. Pardon me. Participants are reminded that they will be able to ask one question. If you wish to ask further questions, please rejoin the queue. Your first question comes from Entcho Raykovski from E&P. Please go ahead. Good morning, Jeff. Evening guys. Good. Morning, James. Morning, Jeff. And James, if I can just echo those comments, best of luck for whatever you're up to next. With that, into my question, I'm just interested if you can give us the sense of what BVOD growth you did for the first half relative to that market growth of 12.5%. And where is BVOD share now when you take that into account, and what can you achieve post the AFL cricket digital rights once they kick in in September? And sorry, just to finish, I'll try and wrap it all into one. And how does the Olympics on 9 potentially affect the BVOD share in 2025? Obviously, that'll be a property which will attract a lot of interest. So how do you, I guess, offset that and the attraction which it will have? Thank you. Thanks, Entcho. There's sort of a little bit of an anomaly around sort of an extra week. But when you look at the like-for-like numbers, the BVOD market grew 12.5% and Seven grew 16% from a BVOD perspective. We grew our minutes by 36%, and we're performing extremely strongly on VOD. I think when you look at the numbers and we have put these out at a couple of conferences we spoke at, but we're expecting on today's numbers about 4 billion minutes and sort of that 4-5 share points. And so if you actually think about our 41% share, which is the leading share position in the market, we're winning metro share. We're winning regional share quite convincingly. And BVOD share is the share that sort of where we're a very clear number two. We believe that our BVOD strength with 52 weeks of those minutes coming will sort of take us to potentially sort of the leading position. And obviously, the Olympics is a one-off. No doubt the streaming numbers will be huge. But as we said in our presentation, we're not after sugar hits and massive loss makers. We're after profitable rights and rights that drive 52 weeks of the year. So I think that's a very important part of our strategy. Thank you. Your next question comes from Lucy Huang from UBS. Please go ahead. Thanks, James and Jeff. And likewise, all the best, James, for your next adventure. My question is also on BVOD, just a more higher-level question. I think we're starting to see platforms like Netflix, for example, talking about focusing more aggressively on their version of the ad tier moving forward. Just wondering if you can provide some thoughts over the medium term. How do you think this could all play out, and what could this mean for BVOD? Is this more competition that you're expecting in the market? Thanks. Well, thanks, Lucy. I think the first thing, most importantly, is obviously the launch of VOZ and VOZ streaming. And I'm sure that will get a lot of attention through sort of the roadshows. And so what we're doing for the first time, essentially, is measuring 16 million connected devices across sort of 63 different demographics and putting that out every single morning, which is without a shadow of a doubt a global first from that perspective. And there's a really interesting stat that came out of the UK. BARB did an established survey on Netflix, and it showed that 65% of homes, 18.8 million homes, had Netflix. The ad tier was available in 1.45 million homes. So if you use those numbers and extrapolate that to Australia, that means that the entire ad tier on Netflix is 300,000 available people to watch at any one time. And obviously, they're not all going to watch at the same time. So I think what it does is it increases the focus on premium video. And our BVOD platforms collectively, sort of between the networks and what we're doing with VOZ streaming, means we'll be directly comparable. So we welcome sort of that comparison. And for our ability to actually compete in a converged platform and specifically against the digital giants and obviously the streaming platforms, will just show that we absolutely sort of smash them from a reach and from a scale point of view. And of course, it's all addressable and very important advertising for our clients. Thank you. Your next question comes from Darren Leung from Macquarie. Please go ahead. Morning, guys. I'd just like to start as well with congratulations, James, and good luck for your next role. My question was just in relation to capital management. You've obviously done well on the balance sheet in the last few years. Can you talk a little bit about capital allocation and is any further M&A or venture investments, obviously, a few going on, is it contingent on improving as markets, or do you think the balance sheet is strong enough now for you to participate? Hi, Darren. Here we go. In terms of the balance sheet, we think it's in a pretty good place. I mean, 1.3%, we're still in that 1-1.5 times range that we've always talked about. When you take out the ARN holding, it's down to 1 level, so it's at the bottom end of the range. In terms of the big M&A, I think we've shown over the last 4 years that we've been pretty patient with the opportunities that we've looked at. We wait for the great opportunities to come along and for opportunities that create value for shareholders. Prime was a very good example of that. With ventures, we sort of look at it a little bit differently. There's opportunity to put some cash in as well as chase the opportunity that comes with supporting the investors with marketing and contracts. So we'll continue to look for those opportunities. There haven't been any new ones in the half other than the ARN investment, obviously. But we're certainly looking at a few at the moment that we'll consider as long as they meet the criteria that we've got for investing in them. Thank you. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. Your next question comes from Jamie Liskowski from Goldman Sachs. Please go ahead. Morning, guys. Thanks, James and Jeff, for the questions. Good luck with your next endeavor, James. Just on the comment around revisiting the cost base, this ad market remaining weak, could you give us a sense of how weak ad markets would need to be for this lookover and any more color on the pacing of ad markets you were seeing in Q3? Thank you. Yeah. I mean, I think the comments that you've seen through the presentation are pretty clear around the fact that we've continually and consistently acted to the conditions in front of us. And we've been pretty one of our core strategy pillars is optimizing the core. And you'll see us continue to do that and squeeze as hard as we possibly can. That's probably the major focus. Jeff can probably add a little bit to that. Ad markets, we've given the guidance that you've seen through the trading update around markets moderating. We feel pretty good about Q4. There seems to be a pretty big lineup of a number of categories, particularly around automotive, banking, and finance, that seem to be trying to sort of restart their markets, which have started to sort of slow down. I think where we sit in terms of interest rates and what may happen, have they peaked, where do we go from here, I think any form of positivity in the market will bring money back to our sector. We're always the first to go and the first to come back. And I think the other point is VOZ. As VOZ becomes currency through the back end of this year into 2025, we're growing audiences. So we had this massive spike through COVID, and then we had almost a 20% decline over two years. And now the top two networks, we represent 80% of linear and 85% of digital. And we'll be 90%-95% of those relative markets. And we are growing audiences. And that is really good for advertisers that obviously look for to return on investment. Anything to add, Jeffrey, on that? You've covered it. Thank you. There are no further questions at this time. I'll now hand back to Mr. Warburton for closing remarks. Well, thank you, everyone, today for joining us. We look forward to seeing you through our roadshow in Sydney, Melbourne, in the coming days. Thanks very much.