Good day, and thank you for standing by. Welcome to Southern Cross Austereo's half-year results conference call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, SCA's CEO, John Kelly. Please go ahead. Good morning, and welcome to Southern Cross Austereo's results presentation for the half-year ended 31 December 2024. I would like to acknowledge the Gadigal of the Eora Nation, traditional custodians of the land on which we meet today, and pay my respects to their elders past and present. I extend that respect to Aboriginal and Torres Strait Islander peoples here today. I am John Kelly, CEO of SCA, and I'm joined today by our newly appointed Chief Financial Officer, Toby Potter. Toby has been with SCA for over 10 years in various finance and transformation roles and provides a comprehensive and compelling skill set to assist myself and our leadership team in continuing our growth journey and improving shareholder returns. Toby takes over from Tim Young, who left SCA on 31 January, and I would like to take this opportunity to thank Tim for his significant contribution to the company during his time with us. We will hear from Toby shortly with a detailed overview of our financial performance, and at the end of our presentation, Toby and I will be happy to answer your questions. I'll first give you an overview of our results and achievements for the first half, and in doing so, I draw your attention to the usual disclaimer. SCA has delivered a strong result for the first half of FY 2025, and we have excellent momentum as we progress through the second half of the year. Through hard work and commitment from our people, I am delighted to say that we have delivered on our transformation strategy, with continued operating momentum translating to improved financial performance across all key metrics. The strong operating momentum from the second half of FY 2024 continued into the first half of FY 2025, and we are now dominant in the audience that matters in our core metro, regional radio, and digital audio markets. Our focus on executing our transformation strategy and meeting our key commitments, namely revenue growth, cost and capital discipline, and listener profitability, has translated to improved financial performance, with EBITDA growth of 47% on the back of 5% growth in audio revenue. We have also continued to exercise cost and capital discipline with non-revenue-related costs in our continuing audio operations declining by AUD 5 million or 3.2%, with the recent completion of additional cost-out initiatives providing a further optimized audio operating model. LiSTNR continues its upward trajectory and is now in profit-making territory with market-leading revenue growth of 42%, contributing to an improvement of AUD 9 million in earnings for the half. The positive impact from the unwinding of working capital, in addition to ongoing declines in CapEx, has resulted in a reduction in net debt, with leverage now down to 1.58 times, with further reduction through improved cash flows by 30th June 2025. Turning now to Slide 4, which sets out the key financial aspects of today's half-year results. We have achieved strong audio earnings growth in the first half, underpinned by continued cost discipline and a strong growth in digital audio. We provided highlights in this slide from the half-year 2025 result for our continuing operations, being audio, excluding television and non-recurring items, where our revenue was AUD 209.7 million, up 5%. Our strong focus on cost management resulted in a 3% reduction in non-revenue-related or NRR costs to AUD 135.4 million. Our EBITDA was AUD 31.2 million, up AUD 10 million or 47%. Our NPAT was AUD 3.6 million compared to a AUD 2.2 million loss in H1 FY 2024. Our digital audio EBITDA was AUD 0.1 million, and this compares to a loss of AUD 8.6 million in H1 FY 2024. As previously flagged, the board has decided to not declare an interim dividend as the group prioritizes debt reduction. At the bottom of the slide, we have included our HY 2025 earnings, including the discontinued TV segment. Toby will walk you through reported to continuing operations results in his presentation shortly. Turning to Slide 5, this slide sets out some key high-level operating and financial headlines from our HY 2025 results and the positive traction we have delivered against each of our key commitments. SCA's LiSTNR is Australia's best digital audio business. It is the largest and fastest growing local operator in the fastest growing segment in Australian media. It continues to grow the category, and importantly, it delivered positive EBITDA for the first half. Our LiSTNR AdTech Hub is market-leading and provides us with a competitive advantage. It is driving superior commercial returns through premium CPMs, empowering our sales teams to generate improved returns from programmatic advertising. It is worth highlighting that 62% of Q2 revenue incorporated the LiSTNR AdTech Hub, further improving the value to our business partners. The SCA team remains focused on cost and capital discipline. Again, we have delivered lower NRR costs and CapEx this half. Toby will cover our cost and capital discipline performance in more detail in his presentation shortly. SCA is leading Australian audio. We have three key audience pillars where we provide compelling content to the audiences that matter. Firstly, we have the metro radio 25-54 demographic, which we unquestionably and unequivocally dominate nationally, leading the audience share of the critical and lucrative 25-54 demographic for 28 consecutive national metro radio surveys. Beyond the capital cities, SCA reaches 70% of all regional Australians. Thirdly, we have the known and addressable audience by our digital offering through our owned and operated LiSTNR ecosystem. Moving to Slide 6, SCA is all about audio. As we successfully execute our strategy, this strategy is delivering growth and improved financial performance, which you can see in today's results. We remain focused on building the audiences that matter, the metro 25-54 audience, and our unparalleled regional scale and reach and monetization of those audiences. Our regional radio network is over twice the size of our nearest competitor. LiSTNR is Australia's best digital audio business with scale, capability, strong revenue growth, and profitability. It continues to grow users, up over 2.2 million signed up now, and importantly, it continues to grow profitability, achieving positive EBITDA this half. Moving to Slide 7, audio is in growth with audience at scale and broadcast revenues resilience being supplemented by the best in market growth in digital revenues. The Sea of Audio will continue to rise, and the collaboration of the industry participants as led ably by CRA will benefit all parties. Moving to Slide 8, our digital audio business achieved EBITDA profitability in the first half, up an impressive AUD 8.7 million on the prior comparative period. Our trailing last 12 months' revenues were AUD 42 million, which is a 48% increase on the comparative period. I would like to highlight that this market-leading increase in digital audio revenues coincides with a period where SCA has also increased its metro radio revenues and market share. Put simply, there is no cannibalization effect. Furthermore, SCA has also continued to drive and grow the CRA digital audio market as our first half revenues were up 42%, with the broader digital audio market up 30%. We remain confident as to the opportunity to maintain our strong digital audio revenue growth through further improvements in our AdTech Hub and improving our ease of trade capability to allow us to compete head-to-head with the global digital tech platforms. Slide 9 shows the LiSTNR addressable signed up users since June 2021. We now have over 2.2 million signed up users, with over half of them actively engaged on a monthly basis. We have achieved this in four years, and we continue to grow this base each and every week. Importantly, monthly listening hours on the LiSTNR platform continue to grow strongly, up from 2.9 million in July 2023 to over five million in the current period. Slide 10 highlights our metro radio national leadership and the core buying demographics of women, men, and total people aged 25 to 54, which covers more than 70% of all agency briefs received. It shows that our lead grew in the first half with average 25 to 54 audience share growing 0.9 percentage points year- on- year to 27.6%. We achieved a particular dominance through the winter sporting months where our audience share was up 1.4 percentage points, and this was achieved on a reduced content cost base. This strong market position continues to provide our sales teams with a point of focus and differentiation and a compelling platform for continued share growth into the second half of FY 2025 and beyond. As the right-hand chart demonstrates, SCA has grown in metro radio revenue share in all but one month in calendar year 2024, and there is further opportunity for further share growth. Moving to Slide 11, SCA regional Hit and Triple M networks combined with our representative partner networks has unrivaled scale and reach. Boomtown represents the 10 million Australians living in regional Australia. SCA owned and represented broadcast network accounts for over 70% of the Boomtown regional radio audience, with twice the 25-54 audience demographic reach of our nearest competitor. Scale is the audience that matters in regional Australia, and we have the largest and most comprehensive network of regional stations, connecting advertisers to 133 stations in 73 markets, accessing 3.74 million listeners. I'll now hand over to Toby to take us through the half-year 2025 financial results in more detail. Thank you, John, and good morning, everyone. In my presentation today, I will be focusing on our continuing operations, our cost-out performance, and further reductions in our net debt. I will also talk to the TV divestment, including related exit costs and non-recurring items. Before I do that, over the next few slides, I will present our results on a reported basis, with TV reported as discontinued operations. I will then step you through a walk from our reported results to the consolidated operating result through to the underlying results of our continuing operations, which comprises audio and corporate. For complete transparency, we've provided various reconciliations to our reported results in the appendix to today's presentation. If you have any questions about those items, I'd be pleased to deal with those at the end or offline. Let's now move to Slide 13. With the net profit after tax from the TV segment reported as discontinued operations, our group revenue was up AUD 10.6 million or 5% to AUD 209.7 million. Total expenses were up AUD 5.9 million or 3% to AUD 185.6 million. Reported EBITDA was AUD 24.1 million, up AUD 4.7 million or 25% from the prior corresponding period, and reported NPAT was AUD 3.2 million, up 5.5% from the prior corresponding period. The first half reported results include non-recurring costs of AUD 7.1 million in comparison to AUD 1.9 million in the prior corresponding period. These non-recurring costs relate to the restructure of our operating model and deliver ongoing cost savings in excess of AUD 20 million per annum. The discontinued TV operations include AUD 0.8 million in operating net profit after tax from the TV segment and a net AUD 3.8 million gain relating to the divestment of our TV assets. A summary P&L from our discontinued TV segment is included in the appendices on Slide 30. Moving to Slide 14, there are lots of columns on this slide. Let me take you through the detail. We will walk from our reported result through to the result from our continuing operations. Working from left to right, column one is our reported result that I just ran through on the previous slide, which includes the NPAT from TV reported as discontinued operations. Column two reconsolidates the TV segment into the P&L, and further details on the performance of our TV segment are included in the appendices on Slide 30. Column three sets out the non-recurring items that relate to the divestment of television. These consist of transaction costs, resultant redundancy costs, and a net AUD 3.8 million gain relating to the divestment of our TV assets. Column four shows the audio and corporate non-recurring items of AUD 7.1 million that I ran through on the previous slide and the related tax impact. The total of columns one through four gives us the consolidated operating result excluding non-recurring items. To arrive at our continuing operations comprised of audio and corporate, we deduct the results of our discontinued TV segment, which is column six. I appreciate that there is a little bit to digest there. I'm happy to take your questions during Q&A or offline after the call. For the remaining slides in my presentation, I will be focused on the results of our continuing operations excluding non-recurring items. Moving to Slide 15, here we have set out our half-year result for continuing operations excluding non-recurring items. Revenue was up AUD 10.6 million or 5% to AUD 209.7 million, driven by growth in both digital audio and broadcast radio. Total expenses were flat at AUD 178.5 million. This was despite inflationary pressures and reflects the embedded cost discipline and effective cost management that remain an ongoing focus for the business. Non-revenue-related costs were down AUD 4.5 million or 3.2% to AUD 135.4 million. Commissions and growth of integrated audio campaigns has driven increases in revenue-related costs, up from 19% of revenue in H1 FY 2024 to 20.5% of revenue in H1 FY 2025. Corporate costs were AUD 14.6 million, up AUD 1.7 million on the prior corresponding period, and this reflects the impact of contracted price increases and higher provisions for variable remuneration, which has increased in line with business performance. Further detail on corporate costs is included in the appendices on Slide 31. EBITDA from continuing operations was AUD 31.2 million, up AUD 10 million or 47% from the prior corresponding period. Depreciation and amortization was AUD 15.9 million, up AUD 1.4 million, and this reflects the changing nature of SCA's asset base as investments in the LiSTNR platform are amortized over a three-year period. Depreciation and amortization is expected to reduce in line with CapEx on a go-forward basis. Net finance costs were AUD 10 million, up AUD 0.6 million, reflecting the non-cash write-off of establishment fees relating to the previous debt facility. Net profit after tax for continuing operations was AUD 3.6 million, up AUD 5.9 million on the prior corresponding period loss of AUD 2.2 million. Moving now to broadcast radio on Slide 16. Broadcast radio revenue increased by AUD 4 million, up 2.2% to AUD 187.6 million. Metro radio revenue increased by AUD 3 million, driven by strong share gains, with SCA growing revenue share to 27.6% in the first half of FY 2025, up from 26.7% in the prior corresponding period. This share gain was largely driven from agencies, with agency revenue up 4.3%. You can see this increase in agency-related advertising revenue for H1 FY 2025 from the bottom left-hand bar chart. Regional radio revenues were flat, with strong national growth from government and automotive sectors offsetting local revenues that were impacted by a weak retail SME market. Despite ongoing inflationary pressure, total expenses were up modestly to AUD 141.8 million, with ongoing discipline and effective cost management reducing non-revenue-related costs, which were down AUD 2.1 million or 2% to AUD 104.4 million. Revenue-related costs grew by AUD 3.1 million or 9.2% to AUD 37.4 million, and this was due to higher commission payments and the cost of integrated audio advertising campaigns, which have assisted in driving revenue and share growth. Broadcast radio EBITDA was AUD 46 million, up 7.1% or AUD 3 million, with a margin of 24.4%, up 1.2 percentage points from the prior corresponding period. Moving to Slide 17 that covers our digital audio results. As you heard from John, digital audio continued its strong operating momentum from FY 2024 into the first half of FY 2025, achieving positive EBITDA for the half. Digital revenue increased by an impressive 42% or AUD 6.5 million to AUD 22.1 million, driven by strong growth in owned in-stream and podcast revenue and our market-leading ad tech capabilities, which continue to grow our share of the market. On the cost side, our continued focus on cost discipline and effective cost management resulted in a reduction in overall expenses, down 8.7% to AUD 22 million. Non-revenue-related costs were down 20% or AUD 4.1 million, reflecting the benefits of increased scale and reduced marketing requirement. H1 FY 2025 digital audio EBITDA was AUD 0.1 million, reflecting a AUD 9 million improvement versus the prior corresponding period. We'll now move to SCA's cash flow on Slide 18. Net cash from operations was up AUD 10 million to AUD 30.5 million for the first half. This strong growth was driven by improvements in operating results and strong cash collection profile. Free cash flow of AUD 24.4 million was up AUD 13.9 million, reflecting a planned reduction in net CapEx investment, down AUD 4.4 million to AUD 2.2 million, with gross CapEx reduced from AUD 11.7 million to AUD 4.8 million. Net financing payments of AUD 6.8 million were flat versus the prior corresponding period, and tax payments were AUD 2.9 million higher due to the timing of tax refunds. Operating cash conversion increased to 115.9% from 70.4%, reflecting stronger operating cash from operations, the positive unwinding of working capital from a higher June 2024 receivables balance, and tighter control on the timing of payables. Noting that the seasonality of revenue profile favors first half conversion, it is estimated that the full-year cash conversion will be in the range of 75% to 85% of EBITDA. The impact of no FY 2024 final dividend was AUD 5.3 million versus the prior corresponding period, as the group focuses on reducing debt. Moving now to debt and capital management on Slide 19. Our improved cash conversion in the first half has resulted in a reduction in net debt down to AUD 93 million from AUD 108 million at the end of FY 2024. Leverage at December 2024 was down to 1.58 times, with further reductions expected for improved cash flows by June 2025. Pleasingly, as we announced on 13 December last year, we successfully refinanced our AUD 160 million syndicated debt facility with no change to key financial covenants, and this facility provides the group with sufficient operating headroom. The new facility was drawn to AUD 118 million at December 2024 and matures in January 2028. Moving to Slide 20. You have heard throughout our presentation today about our embedded cost discipline and effective cost management. This slide sets out the impact of inflation and cost out initiatives from H1 FY 2023 to H1 FY 2024 through to H1 FY 2025. A strong focus on cost discipline has contributed AUD 10.2 million to the first half EBITDA result. Importantly, ongoing cost management remains a key priority, and full-year non-revenue-related costs are forecasted to be less than AUD 270 million. With our TV exit, we'll minimize future stranded costs, with the representation of local TV sales driving a circa AUD 6 million cost increase in audio. This will be offset by incremental revenue from Network 10. Moving to Slide 21. Over the last five years, we committed to an extensive CapEx program to digitize the business. This program has included building the flexibility and resilience of our integrated networks, which has enabled efficiency gains in our operating model. With investment in ad tech, digitization, and centralization of SCA's audio operations now complete, our CapEx program is continuing to reduce, with CapEx in H1 FY 2025 of AUD 4.8 million down from AUD 11.7 million in the prior corresponding period and on track to be less than AUD 10 million for FY 2025. It's worth noting that capital investment in core broadcast is minimal, with capital-intensive functions such as transmission outsourced to third parties. The majority of our capital investment expenditure is focused on delivering revenue and earnings growth, and changes to our operating model efficiency have led to minimal maintenance CapEx. I will now hand back to John. Thanks, Toby, and moving to Slide 22. Our TV exit is close to completion. As we announced on the 17th of December, we divested our three ACT TV assets to Network 10, with expected cash proceeds of AUD 15 million-AUD 20 million payable over the next five years. With all regulatory approval received, the sale to Network 10 will complete on the 1st of March 2025. This morning, we announced the signing of a binding term sheet for the sale of the remainder of our TV assets to Australian Digital Holdings for overall cash proceeds of AUD 6.4 million, of which AUD 3.8 million relates to upfront cash consideration and a further AUD 2.6 million to be received through the provision of transitional services arrangements. We expect the total estimated cash consideration from the sale of our television assets to be in the range of AUD 19 million-AUD 24 million, and this represents a multiple of four to five times the forecasted FY 2025 pro forma TV EBITDA. We expect the transaction to complete in the coming weeks. Slide 24 sets out our expectations for FY 2025 and beyond. Audio revenues continue to pace well into H2 FY 2025 and are expected to be 6% ahead of the prior year for Q3 FY 2025. With strong digital audio momentum continuing, LiSTNR is forecast to be profitable for FY 2025, which will have been achieved in four years since 2021, which is a remarkable achievement for any business, let alone a digital media startup. We also expect double-digit revenue growth for LiSTNR to continue into FY26. With further second half cost out activities now complete, we expect to now deliver an FY 2025 non-revenue-related cost base below AUD 270 million, with CapEx forecast to be below AUD 10 million for FY 2025. We also expect the FY26 NRR cost base to be below AUD 270 million and CapEx at circa AUD 10 million. Our leverage ratio at December has reduced to 1.58 times, with further reduction by June 2025 through improved cash flows. In summary and in closing, the SCA team is focused on accelerating shareholder value through monetizing the benefits of our fully digitized audio strategy and by delivering operational efficiency through meaningful and permanent cost reductions. The entire SCA team is re-energized by the delivery of our consecutive half-yearly improvement in our operating and financial performance. Our focus remains on further improving the positive operating momentum within SCA to drive improved results and returns for all SCA stakeholders. That concludes our presentation. As Toby mentioned earlier, the presentation includes an appendix with additional details for you to consider, including a reconciliation to our reported results. Toby and I will now be happy to take any questions that you may have. I will now hand back to our operator to facilitate the Q&A. Thank you. Thank you. We will now conduct the question and answer session. As a reminder to ask the question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Brian Han with Morningstar. Your line is open. Thanks. Your guiding non-revenue-related cost to be below 270. Can I just confirm 270 was also the cost base in FY 2024 on an equivalent basis? That's correct, Brian. Okay. How would corporate cost change with our TV going forward? Look, I think as the business changes, we're looking to keep corporate costs as well as every other part of our business under control, and I would expect corporate costs also to be at least the same or lower in future years. That's our intent. Clearly, with the sale of the TV business, we're a smaller business, so we need to adjust our cost base, all parts of our business, particularly in the corporate area, to meet that need. In essence, for this year, the cost out initiatives will basically act to offset all natural inflation in the cost base. Is that the way to look at it? Yeah. Look, I think what we've tried to do during the year, which we spoke about last year at the end of our FY 2025 results and again in our AGM, is that we've been very active in the cost out front during the first half and in recent weeks in relation to actually putting in place the cost initiatives to have the certainty with the statements we've made in the outlook statement around cost base moving forward. To be clear, we're saying it's going to be lower than the AUD 270 million of this year on a normalized basis. We're very confident in that because those activities have been completed. Thank you. Can you talk about the shape of your digital radio cost base going forward, as in the circa AUD 32 million, AUD 33 million annualized non-revenue-related cost base there? Is that the sustainable level going forward, or would it need to step up to maintain top-line growth? Look, I look at it slightly differently. We should look at a margin business of sort of 25% on a sustainable basis. When we look at that business, clearly, it has higher non-revenue-related cost in relation to some of our podcast revenue share deals. In relation to the standard cost, we're clearly investing in the business. If we can keep that cost base to CPI and make the offsetting changes in broadcast, that's what we would like to achieve. At the end of the day, LiSTNR digital audio is our growth engine, and we won't be restricting the investment in that, but assume CPI for that part of the business in terms of just non-revenue-related costs. The 25% margin that you were talking about, is that benchmarked against something? It's benchmarked, I think, when you look at some of the larger players, SiriusXM, Wondery, and some of the different aspects of some of the global. I think that's best in class sort of EBITDA margins. We would hope that we've only been going for four years, but we would hope that as time continues, we continue to grow the top line at a strong double digit with cost control. We would hope to approach that in the coming years. Yes. Okay. Thank you. Thanks, Brian. Thank you. Please stand by for our next question. Our next question comes from the line of Charlie Kingston with King Capital. Your line is open. Thank you. Just a few questions, please. Firstly, around the balance sheet, on paying down some of that debt and the free cash that you're generating, but I'm just trying to get a sense of what level you would be comfortable with. When do you expect those TV payments? I think at the presentation, you've said over five years, but just trying to get a pro forma sense of where your net debt will be. At what stage are you comfortable, and do you think you can start to resume dividends or return some of that free cash flow to shareholders, please? Yeah. Look, net debt as you know is about AUD 93 million. Clearly, from a leverage viewpoint, we've stated we've improved quite significantly in terms of our leverage from 1.87 times for a year to 1.58 times debt to EBITDA in terms of the banking covenant ratio. We expect further improvement as we approach the FY 2025 result. In terms of what target we would require, I think the clear intent of the board, with the support of our major shareholders, is to continue to reduce debt through the use of our free cash flow. I would hope in the coming period we'll be reassessing the return to a more normal dividend payment ratio. At this point in time, we're fully focused on getting our gearing back below to a more sustainable level. Okay. Now, it's a minor point, but just on the free cash flow, I think your categorization is before net financing costs. Is that correct? I would have thought, obviously, that's a real cost, and you can't repay debt before that or dividends. When you look at free cash flow, is it after net financing costs and tax, or? Yeah. Thanks, Charlie. We look at the net cash from operations before the financing costs. Okay. It's just a strange way of looking at it because it's a real cost. Anyway, and then just on the cost out opportunity, I suppose it was asked previously, but I think on the run rate, your corporate cost is around about AUD 30 million. Correct me if I'm wrong, but I think that's circa three times the level of your listed peer ARN. Just hoping to get a sense without TV and going forward. Is that too large? Is there an opportunity there to reduce costs? Because I would have thought that's a lot easier to take costs from corporate compared to revenue-related costs, etc., please. Look, I think the way to look at it, I mean, what ARN or other people put in corporate costs versus what we put in corporate costs is obviously a question for them. I think the way we look at it will be all about audio very shortly. We'll be happy to compare our overall EBITDA margins, free cash flow, and every other measure against any other competitor. I think the cost out we have done has been across all parts of our business. I repeat, it's cost out activities, which is complete, not planned to be complete. We've been working on this for the last two years. We've had significant cost out, and we'll continue to look at optimizing our business. No, I look at the entirety of our audio business, and I think on any measure, we'll stack up against any domestic or global peers. Thank you. Lastly, around your comment, driving shareholder value, I think we've got around about AUD 180 million of franking credits on the balance sheet, and that's above our market cap today. I know it's hard to extract those or return those to shareholders. Is that something you are investigating to hopefully return those to shareholders? Clearly, the prospect of consolidation has been an ongoing theme within radio and your register, clearly. Maybe just a comment on if you are still—maybe not, but is there a prospect of consolidation to create shareholder value? Is there any prospect that you're investigating to potentially release some of those franking credits or just shareholder value in general? Because I suppose at AUD 0.64, notwithstanding the recent bounce in the share price, it's still miles below historical levels. Just appreciate your thoughts on how we can continue to get the share price reflecting some of that value, please. Yeah. Look, Charlie, a lot of net questions. I guess the result, we're very pleased with it. We're very pleased with the momentum we've got going into the full year. We expect to deliver very strong results for FY 2025. As I said, that momentum really started in the second half of FY 2024. We're pleased with our progress. In relation to the whole consolidation question, we are absolutely believers, like many of our media peers in Australia, that consolidation is both required and inevitable. We think that will provide opportunities for all the media operators. We clearly think we're the best-in-class audio company in Australia. If either a domestic or international operator wants to buy a best-in-class audio company, we're here. Does that provide opportunities for us to utilize and benefit from those franking credits and some restructure, perhaps? We clearly have that benefit moving forward. Yeah, I think it's not our primary focus for franking credits, but I can see that's an asset that could be utilized and accessed in future years. Thank you. That's all from me. Thanks, Charlie. Thank you. As a reminder, ladies and gentlemen, that's star one one to ask the question. I'm showing no further questions in the queue. Thank you all for your questions. This concludes the Q&A session. I would now like to turn the conference back to CEO John Kelly for closing remarks. Thank you, Tawanda. I appreciate that and appreciate everyone for joining the call. We look forward to speaking with you in the coming days, and thank you for your support. Goodbye. Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.