Good morning. On behalf of my board and all the team at Uniti, welcome to the H1 FY 2022 results presentation of Uniti Group. A half year where we have once again increased all key metrics or measures of performance in absolute terms. In every reporting period since listing, Uniti has grown on comparative past reporting periods, and once again in this half. The highlight is this growth is all organic, with no acquisitions in the half just completed. The good news is, with the growth achieved in our contracted business, this will continue in the future. The reason for this expected continued growth is also we've established the platform. The other reason, clarity of strategy to build the platform to continued competitive advantage. The clarity, in the first two years of Uniti's acquisition in February 2019, we undertook acquisitions with a clearly defined goal, a clarity of strategy. Acquire FTTP network businesses competing with nbn, and Infrastructure- as- a-S ervice businesses with high margin and high cash generation to support FTTP growth. By the end of 2020, having acquired OptiComm and Velocity and a CPaaS foothold, combined with a functional separation undertaking to retail across our owned infra, we called no M&A at the end of 2020 to CY 2021. It was time to bed down, prove the clarity of strategy. The CY 2021 focus was on integration and simplification, produce the organic growth, set the platform. The start of CY 2022, the platform is now set. We are primed for growth. We see three areas supported by the platform for growth. Organic. We will stick to our core FTTP business. Win the right to build the network, and fill it full of revenue. New markets. Take the model to alternative property asset classes. We've started, and we are now active in those markets. Inorganic. We are now ready to consider strategic and aligned asset acquisitions to our platform. There are identified assets of interest under evaluation today. But most importantly, we will not stray from this clarity of strategy. Win, build, fill core infrastructure. Next slide, please. Maybe the next slide. Now to the half year results. They are pretty much the same as past reporting periods, only the numbers are larger as we continue to grow. Organic annuity growth has been proven in this last half. EBITDA underlying AUD 70.5 million, 2.4 x the prior corresponding period, a nearly 10% increase half- on- half with $5 million less construction revenue in the half just completed. There is no change in the revenue model. The East Coast lockdowns impacted completion of timing of some construction. There was no change to overall commencement of construction, with simply delays in construction revenue shifting to future periods. That was mainly experienced in Q2, in the second quarter of the last half, when construction was ceased in New South Wales and Victoria. Notwithstanding the delay and deferral of construction revenue, we are on track to hit FY 2022 consensus of AUD 140 million in EBITDA. That is supported by recurring revenue now being greater than 90% of total revenue. Recurring revenue for the last half was 85.6%, and at OptiComm, prior to acquisition, it was less than 60%. The benefits of our contracted book and the long-term annuity revenue is now starting to flow through the P&L. In CY 2021, evidence of our organic growth, EBITDA was 30% up on the pro forma EBITDA of the acquisitions we acquired up to the end of 2020. That's an EBITDA for CY 2021 of AUD 135 million, notwithstanding the deferral in construction revenue. The half was highlighted once again by expanding margins. H1 FY 2022 gross margin 80%, up on 79% in the last half. EBITDA margin 64%, up from 62% in the last half. This margin expansion protects our business against the macro inflationary trends we are now seeing emerge. That is because of speed demands. Speed demands driving revenue increases. Free cash generation has continued, and we have increased our investment in growth CapEx. Operating free cash flow 56% of underlying EBITDA. CapEx in the half increased 22% on the prior half, yet maintenance CapEx remains minimal, a feature of fiber networks. The growth in CapEx equals future growth in earnings and importantly, long-term annuity recurring revenue. During the half, we've spent AUD 5.3 million on expanding our backhaul and in commencing the investment in the migration of the Velocity network. Excluding that from the period, free cash flow was at 64% of EBITDA and slightly ahead of the prior half. During the period, notwithstanding the investment in growth CapEx to create the long-term annuity earnings, we've been able to reduce debt to AUD 172 million, to net leverage of 1.2x our annualized H1 FY 2022 EBITDA. We now have strong cash generation and a very strong balance sheet, and that will support the three growth pillars that I mentioned previously. In the half, growth on growth continued. Our contracted premises increased by 51,000, increasing our total premises to 618,000. For the calendar year 2021, that's 114,000 premises that we secured to be built in the future. The revenue model remains stable throughout the half. The signed build business builds annuity revenue and the skew to SDU with greater than 80% of the premises signed is skewed to a sector that is higher margin, higher penetration and exclusive infrastructure. That trend aligns to what we saw in the property market. Today we've got the platform for growth. Uniti now has a presence in market. Our brand is known, it is well-recognized, and we are positioned to continue to grow, and we are securing long-term partnerships repetitively. Next slide, please. This slide evidences the growth on growth continuum. Increasing annuity revenue and increasing earnings margins equals long-term operating leverage. That is, that will continue, supported by the contracted business that we have today and continue to acquire. 11% increase in recurring revenue in H1 FY 2022 on the previous half H2 FY 2021. That increase in recurring revenue and the dominance of recurring revenue, combined with the growth in margins, secures for shareholders long-term earnings growth. As I mentioned, our free cash flow for the half was 56% of underlying EBITDA. Adjusting for the investment we made in Velocity and in building backhaul networks, the free cash flow is actually AUD 44.8 million greater than the prior half. The investments in Velocity and the investments in backhaul produce a stable and low-cost base to improve margins, and Velocity brings great revenue opportunities and margin improvement in the future. Next slide, please. Why is this the case? Why are we getting growth on growth and predicting that well into the future? We're a simple business with a simple strategy, and we are playing in the right market. This is not a complex business. We have two products: data connectivity or broadband on fiber sold wholesale or retail, and Platform-as-a-Service generating great margins and very strong cash flow. Infrastructure-as-a-service. It's not complex technology. There is no complex code. There is no significant investment required in the technology. It is an essential utility operated with competitive advantage, predominantly exclusive network. We will stick to this simple business and simple strategy of win, build and fill, albeit in adjacent markets as we expand. Next slide, please. I think this chart says it all. Increasing recurring revenue with an increase in margin equals great absolute returns. A strong market position plus contracted business continuing to grow will produce this growth on growth into the future. I think it says it all. Next slide, please. During the last half, we did move to further simplification of our business, and there's a bit more to do in CY 2022. And we will be messaging some of this simplification later this year. During the half, we moved to two segments. Why? The CPaaS, the former CPaaS wholesale and enterprise business activity, is closely aligned to our fiber wholesale activity. There is similarity in wholesalers, and as we enter adjacent markets, there is similarity in enterprises. The margins are similar and the cash generation is just as strong. It made sense to combine those business units into one business unit as we pursue this growth on growth strategy. Secondly, inside our CPaaS business was the small business called Call Dynamics. It has an ARPU of about AUD 45 per month. It looks like a consumer base. It is ideally suited to be integrated into our Consumer & Small Business business. We've undertaken this for simplicity, but also so that we can focus on growth. We are well advanced now, near complete in integration and this simplification, with a couple of small measures to be undertaken later this calendar year. Next slide, please. Our contracted order book. This is what produces the growth on growth. The growth in the SDU sector is one of the pleasing facts of the half just gone. The SDU sector is the most profitable segment. It's exclusive infrastructure. The speeds demanded in SDU or Single Dwelling Unit market is much higher than in the MDU or Multi-Dwelling Unit market. The construction revenue is continuing, the penetration is higher, and 80% of the growth in our book has been in this segment, and there has been no change in the revenue model. What this contracted book does is it locks in long-term annuity earnings for shareholders. To give you an example, just say on the two hundred and ninety-two thousand premises at our current RP and our current greenfield blended penetration of 77.5% active premises, it's approximately AUD 150 million dollars in revenue per annum in this book. That's annuity revenue. At the current 64% EBITDA margin, is nearly AUD 100 million dollars worth of EBITDA in the book. 55% is earmarked to be delivered in the next five years, and that excludes construction revenue. That's how we will continue to achieve growth on growth. Next slide, please. One of the most pleasing aspects of the business is how quickly we've moved to recurring revenue dominating our P&L. Construction revenue, while it's still there, it's diminishing in materiality. While we've had a deferral of AUD 5 million in this half, it will still come back. The recurring revenue will now dominate. It will dominate at that very high margin. Why? Because we've built the platform with fixed costs, growing, increasing gross margins. The investment in the infrastructure, the continued investment in infrastructure, the growth in the CapEx will continue that growth, and it exemplifies the quality of fiber. This is the go-to technology. This is the technology that produces the margins and the cash generation that we're seeing. Why? One of the biggest contributing factors is the demand for speed. In the last calendar year, we saw our AVC ARPU increase 10% by people demanding higher speeds. We do see inflationary increases in the coming calendar year and in 2023, FY 2023 and 2024 beyond. With the platform and the stable cost base, it'll contribute to margin improvement and growth in earnings. Our locked-in annuity revenue in the contract book will bring long-term earnings accretion for shareholders. We are in a fantastic position for the future. Next slide, please. We have increased our investment in growth. We have strong operating cash flow margins from a low risk, small wholesale customer base. Despite our increased investment in CapEx, our free cash flow still remains at 56% of underlying EBITDA. If you consider the investment that started in Velocity and increasing investment in backhaul growth CapEx increased AUD 1.8 million in the half on the prior half, and we spent AUD 3.5 million on Velocity in the half. Before those investments, those very conscious investments that protect margins and will grow our business in the future, our free cash flow would have been AUD 44.8 million compared to AUD 44 million in the last half. That equates to 64%. What I love about our business, low maintenance CapEx, and it's a feature of fiber infrastructure, AUD 600,000 in the half. The construction revenue is still there and the cash margins are there, so we have the ability to continue to invest in our growth. We can fund our growth on growth. Also, we can reduce our debt, enabling the cash management considerations that we've talked about. It can also support our expansion into other asset property classes. We're being dragged into those classes by the great relationships we are forming with developers. It will be the same model, FTTP networks. Next slide, please. We're continuing to grow the book. In the half just gone, 51,000 new contracted premises on top of 64,000 in the prior half. 114,000 contracted premises in the last calendar year. When we acquired OptiComm in June 2020, there were 150,000 contracted premises in their book. Today, we have 292,000. We are continuing to grow. The relationships we're forming, the strategic partnerships, we expect this growth to continue. Our secure premises now are greater than 618,000 when you include Velocity. Velocity's on track. Soft launch in July 2022. The standout of the book is the skew to the SDU market, which I've just described to you, the benefit of the earnings in that space. We have had short-term delays in housing completions, particularly in the second quarter of the last half. That's delays in completions. What we've seen in the last half is growth in starts, investment approvals. We've seen delays in completions, meaning realization of construction revenue and the initiation of billing of recurring revenue. Next slide, please. I'll now pass to Darryl Inns, our CFO, to talk you through the financials of our results for H1. Thanks, Mick, and good morning, everyone. As Mick has pointed out, we are presenting another set of results with strong organic growth without any benefits from acquisitions. Slide 13, please. Slide 13 shows our consolidated profit and loss for the first half of FY 2022. Revenue grew by 98% period- on- period to AUD 109.5 million. Underlying EBITDA grew 140% to AUD 70.5 million, compared to AUD 29.3 million last period. Importantly, the half -on -half growth was solid, increasing underlying EBITDA by 10%. Recurring revenue now makes up 91% of the total revenue, which was 86% in the last half, protecting us from the fluctuations of the one-off construction revenue. In comparison, the OptiComm revenue, recurring revenue was just 58% of the total revenue in their last reporting period prior to the Uniti acquisition. Construction revenue has reduced to AUD 10.3 million when you compare it to last half of AUD 15 million. This is mainly due to the slowdown in completions that have occurred in the half. The revenue is not lost, but deferred to future periods when the completions occur. The deferred construction revenue shows just how important the recurring revenue dominating our total revenue at high margins is. The growth in gross profit margin of 80% and underlying EBITDA margin of 64% as a percentage of revenue, both increasing on the last half and expanding at a greater rate than revenue. This demonstrates operating leverage through the business. Operating leverage to revenue growth will continue to increase as new premises are activated. FY 2021 underlying EBITDA totals AUD 135 million, an increase of approximately 30% on the last calendar year, CY 2020 pro forma underlying EBITDA, delivered solely due to organic growth and integration of the businesses. Underlying NPAT, AUD 40.9 million, up 136% period- on- period and over 13% when compared to last half. Underlying NPAT excludes share-based expenses, also excludes the customer contract amortization for the period, post applying a 30% tax rate to normalize the result. The EPS calculation from the H1 underlying NPAT figure has grown 86% to AUD 0.06 period- on- period, notwithstanding the issue of shares in relation to the acquisitions and options exercised. Next slide, please. Our segment reporting has changed to better reflect our own infrastructure and platforms, as Mick has said. Fone Dynamics and 1300 Australia, formerly in the CPaaS segment, have been allocated to the Fiber Infrastructure segment to become Wholesale, Enterprise & Infrastructure that are known as the WEI segment. Consumer & Small Business also now includes the Fone Dynamics revenue stream, along with Fuze, Harbour, and Uniti Wireless. Fone Dynamics still has access to the CPaaS infrastructure, but the customer base more resembles a consumer customer with an ARPU of circa AUD 45. Each segment has experienced growth at the top and bottom lines, period-on-period and half-on-half. WEI maintained the high gross margins that you would expect of 85% and underlying EBITDA of 77%. Intercompany charges from WEI to the C&SB business unit total AUD 14.2 million for the half, bringing the consolidated gross margin to 80% of revenue. Corporate costs relate to corporate services and overheads for the group functions and have reduced half- on- half. Underlying EBITDA less CapEx for WEI is 53% of revenue, where over 95% of our capital is deployed. Next slide, please. Slide 15 shows our balance sheet, and it shows a strong cash position and fixed asset base with modest gearing of 1.2 x net debt to annualized first half of EBITDA of AUD 141 million. Cash at bank of AUD 50.9 million has benefited from strong operating cash flows within the period of AUD 65 million. Property, plant and equipment now at AUD 255 million, increased by AUD 18 million for the period due to further investment in fiber deployed for the half after depreciation. A net debt of AUD 172 million as at December represents gearing at 1.2 x, and strong cash generation will further assist the reduction of debt on the balance sheet for future periods. The third consideration is in relation to the Velocity acquisition. During the first half, the final deferred payment for the LBNCo acquisition was paid for AUD 2.5 million. In January 2022, the first of the deferred consideration installments for Velocity was paid of AUD 6.7 million. Our net assets now total AUD 860 million. Next slide, please. Our operating cash for the period was AUD 65.4 million, strongly aligning to the underlying EBITDA at 93% and highlighting the quality of our combined customer base and the strong business fundamentals. With CapEx spend of AUD 25.9 million for the period, mainly on the deployment of fiber infrastructure, the operating free cash flow is at AUD 39.5 million or 56% of underlying EBITDA. After taking into account interest and tax, the net operating free cash flow was AUD 36.4 million. Working capital was affected from a change in terms for the Velocity monthly payment, extending out by one month, along with improved payment terms for one supplier in particular, reducing payment terms in return for rate reductions. The investing activities relate to the payment of the deferred consideration for LBNCo, AUD 2.5 million, and stamp duty paid on the Velocity and OptiComm acquisitions. During the period, we paid down AUD 40 million of the loan contained within the financing activity lines. We also received cash in the business from board and management exercising share options in the business. Net effect is an outflow of AUD 31 million for the financing activities. We're now utilizing the carry forward tax losses created mainly from the accelerated depreciation deductions, utilizing AUD 39 million in this half, with AUD 66 million remaining on the balance sheet, as at December 2021, which we will utilize in the second half of FY 2022 and partially in the FY 2023 year, resulting in no cash tax to be paid in this financial year. Go to the next slide. Our total CapEx paid for the year was AUD 23.6 million, of which AUD 23 million or 98% was growth CapEx, including Velocity. 98% of the growth CapEx was invested in the deployment of fiber networks in the WEI business unit. We have started the work on the Velocity rollout in this half, spending AUD 3.5 million on this project. We've also this period broken out the backhaul and work in progress on this slide to illustrate the investment that we're now making in backhaul to the sites we are constructing, along with the work in progress and head-in work that is being spent. Work in progress has risen this half above the normal levels due to the lower completions in the period, but with the strong levels of construction still being maintained. This aggregation network CapEx, which includes the headend and backhaul, contributes to reductions in future CapEx as scale increases in our deployed network. During the previous half and this half, we have long-term orders placed for materials and equipment for the business as usual deployments, as well as the Velocity rollout to protect the timing of construction and revenue. Next slide, please. During the half, the net debt reduced by AUD 36.5 million to AUD 171.8 million. This is due to the strong cash generation of the business, which is expected to continue into the future. We're also benefiting from the cash boost from the carry forward tax losses, which will not see us pay tax in the FY 2022 year. As a result, Uniti has the ability to further reduce borrowings very quickly. We'll utilize the tax through capital management programs, such as the share buyback that we've alerted the market to, or through other asset acquisitions opportunities if they do arise. Our franking credit balance remains at AUD 34 million, and our leverage ratio, calculated on annualized underlying EBITDA for each period, has reduced to 1.2x from 1.6x in June and 4.36x in December 2020. I'll now hand back to you, Mick. Thanks, Darryl. Next slide, please. Our contracted book very important fuels our long-term growth, and we are filling this book continually through the great relationships that we're building in market. The most valuable comparison is the amount of contracted and in-construction premises we have at the moment is 292,000. Now, that has grown from 150,000 that was acquired within the in OptiComm when we announced the acquisition in June 2020. The other noticeable fact is we are increasing our activation, where there was a slight increase in the activation rate across all of these three market segments. We are now turning our focus to speed. Speed has produced our ARPU growth. Our AVC ARPU growth is 10% in the last 12 months. It is the differentiator of fiber networks, and we will continue to invest in growth CapEx to deliver speed and to expand our network to produce the long-term annuity revenue that this business is capable of. Speed is our secret. Our ability to continue to invest in speed and grow revenue on the back of that CapEx, and the CapEx being closely aligned to the revenue growth, is a core strategy for our business in the future. We expect penetration to further increase as we see borders opening and immigration returning to Australia. Next slide, please. We are in a very favorable position today. The property market. Investment in property, in particular greenfield housing, is continuing. Starts are continuing. Recent statistics announced by Mirvac, Lendlease, Housing Industry Association, all of the reporting agencies indicate continued investment in the growth in housing. In addition, governments are now working hard on affordable housing for Australia, and new property models are emerging. Build to rent is a new property market that all the majors are investing in, and it is a segment of the market that we are ideally placed to participate in. Governments are developing policies to encourage home ownership, to encourage investment in new homes. Population growth is expected to return in FY 2023, and we do expect recovery in the MDU market. For the last calendar year, we've seen a very strong detached housing or single dwelling unit market and a falling MDU market in terms of completions and activations. The return of immigration is indicating a return to growth in the MDU space. Just yesterday, Lendlease, our largest customer, announced a 90% increase in presales in H1 FY 2022 in the MDU space. There are green shoots throughout the property market, if we can only get completions accelerating. Lifestyle changes is driving our business. It is our point of difference. It is our technology advantage. The fact that we operate fiber networks, as the increased demand for speed is satisfied by fiber. These lifestyle changes are driving our growth on growth. Just yesterday, when Telstra and TPG announced their asset sharing arrangement, a quote from the two CEOs was, "The need for this is driven by the," and I'll quote them exactly, "the consumer's insatiable demand for speed and data." We have the network that satisfies that insatiable demand. Broadband is now an essential commodity, and we have the best means of delivering that essential commodity. Furthermore, our technology is low maintenance, producing high margins and long-term annuity revenue, and predominantly on exclusive infra, positions us ideally for the future. It is a long life asset with near infinite capacity, albeit it needs investment to upgrade speeds. Unlike a wireless and cellular networks, it is uncontended with superior speeds. You would see all of the plans that cellular wireless broadband providers are offering now. There's qualifications on the limitation of the amount of services that can be activated on the assets that are deployed in situ. Our core infrastructure investment is also defensive as we move into changing economic cycles. Our infrastructure is attractive to investors. The platform is ideally suited for organic and inorganic growth. Organic growth, expanding in greenfields housing, but also taking the same business model to other property asset classes, which is happening today. This asset we are able to innovate across. It is the reason we are primed for growth. Most importantly, we are not a traditional telco operating in a crowded market where it's difficult to raise prices. We are an infra operator that delivers infrastructure for telecommunications providers to retail across. We have the ability to react to economic conditions and move prices. Speed is enabling us to do that. The demand for speed is seeing our ARPUs grow. It is seeing natural inflation. The anticipated new nbn pricing appears it will produce continued inflationary increases in prices. The fact we own the infrastructure enables us to behave in an elastic manner to the economy. Lastly, sustainable innovation. Our network supports sustainable innovation property precincts. It is the core input into smart cities, into smart buildings, and into supporting the smart applications that drives better environmental outcomes. Fiber is far more ESG compliant than any other technology delivering broadband, with recent studies in New Zealand determining that fiber networks consume 6x-7x less energy than a cellular network. We become attractive to ethical investors. Next slide, please. The integration largely complete. There's a minor number of services we need to migrate off legacy infra, and that's services with our own RSP. We are ready to accelerate growth, and we are now planning for that growth. We're now planning for future speed demands to stay ahead of competitive technology. That will be supported by increased revenues and increased growth in RSPs. We have the platform now to undertake expansion, the three growth pillars we talked about, organic, new markets, and inorganic. We are looking at a couple of assets of interest. We can continue to invest in backhaul and headends that lowers our long-term cost and future CapEx demands, and we can fund the growth on growth. The strong balance sheet, the revenue producing significant earnings, and high cash can support that growth. The other most attractive thing is we are now moving to long-term recurring annuity revenues, low risk, exclusive infrastructure, highly demanded infrastructure, delivering essential commodities, defensive, but elastic to pricing, to inflation impacts and to any increases in our cost inputs. Importantly, we are an infrastructure company that enables the delivery of telecommunications products, and as a result, we deliver these outstanding earnings. We are somewhat mature now. Our Uniti brand and presence is established. The relationships are being formed, and this is dragging us into other equity, other property asset classes contributing to growth. Lastly, we have the team in place. We have a proven board and management. We've invested in an established executive team, and we're ready to grow. We will build on this team as we deliver the growth in the future. Next slide, please. Might leave it there and take questions. Thank you. If you wish to ask a question via the phones, please press star one and wait for your name to be announced. On the webcast, you can type your question into the Ask a Question box and click Submit. The first phone question today comes from Kane Hannan from Goldman Sachs. Please go ahead. Hey, guys. I've got three questions. I might start them in turn, if that's okay. Mick, maybe just starting with the outlook comments. You know, back in November, you talked about potentially exceeding consensus earnings. Just talk a bit more about what's changed since then. You know, I suppose what quantum of construction revenues you'd assumed back in November this year versus, I suppose, where you think that's gonna land now. Yeah. I think at this point in time, with the uncertainty, Kane, around the timing of completion revenue, we're able to say with certainty that we will hit the consensus of AUD 145. Whether we can beat that or not is a little bit out of our control, and we'll be subject to how completions progress, particularly over the last quarter of the financial year. We did have a slightly lower number than the AUD 5 million delta between this half and the last half in our forecasts in anticipating a bit of a slowdown in completions, but we didn't anticipate the total, the construction ceased in Victoria and New South Wales towards the end of September and through most of October. Borders opening, immigration returning, supply chain improving, hard to predict at this stage. We can say with a lot of certainty we will hit consensus. Whether we can beat it or not at this stage, you know, we'll have to wait and see how things unfold. Yeah. Do you think you could hit it, you know, if you did another AUD 10 million in construction revenue, or do you have more coming in, given we won't have the same sort of shutdowns as we had previously? We're pretty confident that we'll beat the 10 in the second half. Yeah. Perfect. Maybe secondly, just the inflationary trends you were talking about. Can you just give us a sense, I suppose, what impact that's having on your capital spend? I suppose if there's any offset in the contracted project revenues that are coming through. Just trying to understand how that flows through your business. Yeah. So far, so good. We haven't seen any significant cost increases. We were quite fortunate that we went out in lockdown. Fixed price supply of core electronics that go into our builds from vendors at the start of this financial year, because we ordered forward for Velocity and for our business, and we placed orders for nearly two years out. It's locked in price reductions, so we have price reductions in our unit electronic pricing. So far, our pit and pipe and our civils, which is the other key CapEx input, pricing hasn't moved yet, but there is a little bit of pressure there. We have moved payment terms. We have a slight decrease in working capital in the half, and that's because we did improve payment terms to keep a lid on prices with a couple of key suppliers. So far, we're not seeing any significant cost pressure. Hopefully that answers the question. Yeah, perfect. Just one last one. Just the comments you made, looking at a couple of assets of interest, any more color you can give there, you know, maybe around potential size? You know, whether you'd be. Would you perceive those transactions while this, you know, uncertainty around potential interest in your business is out there? We're just interested how that all plays out. Yeah, definitely. Definitely will proceed. Our strategy as a management team is we are very focused on CY 2023 and 2024, and we're building our strategies to there. We're not looking back and we're not looking over our shoulder at anyone who may have an interest in us. We're very clearly looking forward, and that is organic growth, growing our market share and aggressively growing that. The adjacent asset classes that are starting to emerge are very important. Assets that align to the core of our network that integrate into the platform very quickly. So access networks. So there's a couple on the horizon, some of which can be funded from existing cash reserves and debt facilities, and can be integrated quite quickly. You know, whether we look to larger opportunities, we're still working through. There are some assets that are of interest, and there are owners of assets looking to monetize. We'd like to be involved and at least have the opportunity to walk away. Yeah. Perfect. Thanks, Mick. Thank you. The next question comes from Fraser McLeish from MST Marquee. Please go ahead. Hi. Thanks a lot for the questions. From me, just, obviously you had a good number in terms of new contracted premises in the period. Just wondering, Mick, are you still getting the same kind of terms from developers in terms of what they're contributing to CapEx? Or are you finding you're maybe having to sort of give them slightly better deals in order to get them to commit? That's the first question. Just second on the capital management, you obviously talk about buybacks. I haven't heard you say anything on a dividend. Is there no intention? You could obviously pay a dividend quite easily now. Is there no real intention to pay a dividend? Thanks. Yeah. At this stage, no contemplation of a dividend, Fraser. In terms of the revenue model, no change in the revenue model, in particular in the SDU sector where we dominate. No change at all. There's been a couple of one-off movements in the MDU space, but the economics or the return that we've achieved by changing the model is unaltered. It's just been more advantageous to alter the pricing slightly, but the returns are maintained, particularly the cash payback and the IRR in both sectors. No competitive pressure at this stage. Sorry, can you just the model's changed slightly, are you saying? Sorry, I wasn't. Can you explain that, please? In the MDU space only. Sorry, what's happened there? What's changed? The cash payback remains the same, but inclusions or economic outcomes for the developer and you may have altered. Okay, thanks. The returns remain the same. Thank you. The next question comes from Chris Savage from Bell Potter. Please go ahead. Thanks. Morning, Mick. Morning, Daryl. Hey, Chris. Mick, what's going on with the buyback? Is there any reason why it hasn't started yet? No. When the shares fell a few days ago, we did contemplate, but it was too close to these results announcements that it was considered, "Well, we're on the eve of this. Let's put our results in market." Importantly, we are balancing a buyback against other uses of capital as well at this point in time. Is it on hold until you see what happens with these other potential acquisitions? I think we as a board will come together after today and reassess capital allocation, which is probably all I'd like to say at this stage. Just on those potential acquisitions, can I assume or can we assume they're in Australia only? Correct. You wouldn't have any interest in Vocus New Zealand, for instance? No. Just last question. In the last presentation you showed us you were taking some market share off nbn, but I didn't see an update on that one in this presentation. Has that trend continued in the first half of 2022? Yeah, I believe it is. It's difficult. nbn don't publish signed business. It's very difficult to get an accurate comparison. So we've erred on not saying too much there. I think the fact that we've picked up 114,000 premises in the last calendar year is probably, you know, we're getting the feeling that we are continuing to grow. nbn increased their ready to connect premises over the last half by 72,000. We signed 51,000. It's hard to do an accurate comparison of market share. Okay. All right. Thank you. Thank you. The next phone question comes from Ian Munro from Ord Minnett. Please go ahead. Good morning, Mick. Just interested in how you're seeing the trends in wholesale pricing over the half and perhaps, if you're able to share how Uniti are positioning in the AVC, CVC discussion, please? We mentioned in the deck that our AVC over the calendar year, CY 2021, grew 10%. That is driven by speed demands, and it's a natural inflationary increase in our pricing. Our CVC, excuse me, price per megabit is the same as nbn. Our CVC inclusions are slightly higher than nbn's. We did see a reduction in CVC overages as we came out of lockdown in December and January, the same as nbn has experienced, and it is being called out by the RSPs. Our wholesale rate cards remain unchanged at this point in time. Just with respect to potential CapEx into headend and backhaul expansion, can you perhaps give us a sense of the economics around that? You know, and you know, is it really driven by quality of service and perhaps some insights into potential payback periods as well? Thanks, Mick. Yeah. I think in terms of figuring for headend CapEx, your headend cost from a CapEx perspective is in a standard MDU building, let's say, AUD 20,000 for the headend, which you might put into building A. If building B is constructed next door, you could use the same headend, so you can halve your CapEx. The principle, you know, as you build more network, you can build more network. The same principle for backhaul. Once you've put backhaul into building A, you can then extend that backhaul into building B, and the cost to extend that backhaul is small. If you've invested in that backhaul when it's in the ground, the marginal cost for your backhaul is very low. That is the predominant cost in our cost of sales. Just reflecting on the quantum of backhaul investment, like if you looked at the backhaul requirements for Uniti on a as a whole, are you reviewing a high percentage of replacement? Or, like, can you give us a sense of the magnitude of what you're assessing? Yeah. We are reviewing every single purchase to backhaul link as the contract matures and considering buy versus build on every single one. It becomes a factor of paybacks. The other important element in this decision making is you can take a longer time horizon on this investment in backhaul because it is connected to a community where you have the long-term annuity revenue. This is not investment in backhaul on a three-year contract for one enterprise customer, which is the typical telco model. This is telco to a community where you've got the exclusive access network and therefore the underwritten wholesale revenue. That's the way we're looking at backhaul. We're not out building backhaul for short term contracts. We're out building backhaul that supports our long term annuity revenue. Every single purchase backhaul is now being reviewed. If you look at it in time, some years ago, the companies that we acquired didn't have the balance sheets or the cash generation to consider this. Today we do, and that's the statement, you know, I just made earlier. We will continue to invest in growth CapEx because it does deliver these long term earnings benefits to shareholders. The growth CapEx, we do expect to continue to increase, but underwritten by the revenue or the cost savings that it supports. Thanks, Mick. Thank you. Moving to webcast questions. We have a question from Tim Lawson, who would like to ask, are the factors that have delayed construction revenue clearing? Do any constraints remain? How much is in UWL versus third party control? Over what time period can you make up for the delays experienced in 1H 2022? Yeah. Tim, completion of construction is not in our control. It is dependent upon the developer completing the apartment building and then opening it for occupation. Normally they're pre-sold and we've connected every single premise, so at that point of time of completion and occupation, the revenue crystallizes quite quickly, including the construction revenue. In detached dwellings, housing estates, the network is put in place, the land is sold, and then we're waiting for the house to complete construction, and then we go back and connect the house. In both those events, we can't control completion of construction. We see early signs of improvement in the rate of construction coming through our construction book, coming from our project managers. Not enough to say to you, construction revenue on the second half will be, you know, AUD 5 million more than what it would've otherwise been. I just can't give you enough certainty to make a statement because it's not in our control. Thank you. Yeah, I've just got to say the one thing, the one comfort I can give you is that revenue is still contracted, and that construction is still being undertaken, and that revenue is contracted, and we will bill that revenue. It hasn't gone away. We will bill it. Thank you. The next webcast question, could you please recap on the business movements in the consolidation of business reporting segments? Apologies, missed the start of the call. Yeah. The background there is it's about our process of integration and simplification. Look through the lens of we are a simple business with a really simple strategy, and we are moving to make the business much simpler. In the previous CPaaS business, there were two businesses, one that focused on the enterprise space and also holding wholesaling our CPaaS platform. The targeted customers, the wholesale targeted customers included and includes RSPs of our network. It made sense for Fone Dynamics and 1300, the former Fone Dynamics and 1300 Australia to be part of our wholesale and enterprise infrastructure business. That Infrastructure- as- a-S ervice or the Communications Platform- as- a- Service to sit inside that infrastructure division. That CPaaS platform delivers the high margins and the cash gen. The other small business inside CPaaS was Call Dynamics, which trades under the brand Easy Inbound, and it resembles more a consumer customer. ARPU is in the mid-AUD 40, and it sells to small businesses, very small businesses, moms and dads, the types of businesses that our consumer business services. It made sense that that business would be more efficiently administered and taken to market as part of the consumer business. Whereas Fone Dynamics and 1300 Australia, targeting enterprises and wholesalers, was better sitting inside the wholesale and infrastructure business. Also in the path just completed, we did do an upgrade to the CPaaS platform and brought in a new software that will enhance our capability in market, enhance the ability to sell deeper into enterprises and to integrate more deeply into our enterprise and wholesale customers. That's better suited in the infrastructure business. That's the background for those changes, where they're best administered, taken to market and managed. Importantly, both businesses still sit on separate billing platforms and are separable. I'm not saying we're separating them. My comments that we have a few more things to do with simplification of our business in CY 2022 have nothing to do with any sort of intent in that regard. Nothing at all. Simplification has other implications. Those businesses are continuing to deliver strong earnings and great cash flows. Thank you. That does conclude the question-a nd- answer session. I'll hand back to Mr. Simmons for any closing remarks. Thank you. Thank you, everyone. I hope you enjoyed the insight into our operations and where they are now. We're very excited as a management team and board with the opportunity we've got to continue to grow this business, and what we've achieved and I look forward to seeing you next reporting season. Thank you.