Hello, good morning, everyone. I'm Will. I'm the Founder and CEO of Deliveroo. Thank you for joining us today for this morning's presentation of our full year 2022 results. Before we get into the results, though, I am very excited to say that we're joined by our new CFO, Scilla Grimble. She joined our business last month. We've mentioned her a few times. Really excited for her to partner with me on this journey. We also have our VP of Investor Relations, David Hancock, with us. He's been on the last few calls. I wanna take this opportunity to thank him for his contributions as interim CFO before Scilla joined us a month ago or so. Thank you very much, David. Now let's get into what we're gonna discuss today. What we're gonna do is we're gonna start with a brief overview of the year before we run through some of the progress we made in 2022, some of the details on the progress. Scilla will take you through the financial results in more detail. We'll set out our guidance for 2023. I'll come back for a quick summary, and then we will get into Q&A. Let's get started. Overall, I'm really proud of the team's performance in 2022. It was certainly intense. We had a really difficult, hard macro environment here in the U.K. and Europe. We've had high inflation. We've had a war in the Ukraine. We had political unease in the U.K. Secondly, this is the first year out of COVID restrictions fully for almost all of our markets. In that context, I think we've delivered a very good set of results. A few key takeaways from me. One, we've made excellent progress on our path to profitability. We delivered positive adjusted EBITDA in the H2 of 2022. That's well ahead of schedule. We said we would do this in H2 2023 or H1 2024. Well ahead of schedule. We're really proud of this. Really, this is the result of great execution by the team on initiatives that we chatted about to all of you previously. For example, this is optimization of consumer fees. This is efficiency gains in our rider network. This is better targeting of marketing spend. I think we made a lot of progress on this in 2022, but we did this at the same time as we strengthened our consumer value proposition, and we've executed well on the hyperlocal strategy. The combination of both led to market share gains in key markets. I'm gonna deep dive into a few topics on the CVP and hyperlocal strategy. Hope you, hope you all will enjoy that. Alongside the progress and profitability, we delivered a good year of growth. We had gross profit up 30%. We had revenue up 14%. We had GTV up 9% year on year or 7% in constant currency. I think this is a very good outcome given the difficult consumer environment. On the balance sheet side, we ended with GBP 1 billion of net cash, and today we announced a further share buyback of GBP 50 million. Scilla will touch on that in her section. Finally, we've set out our guidance for 2023. We expect GTV to be low to mid-single digits in constant currency, with Q1 broadly flat and growth improving throughout the year. From a profitability perspective, we expect adjusted EBITDA to continue to improve. We expect a range of GBP 20 million-GBP 50 million with a weighting towards the H2. Let us now look at some of our progress throughout the year on the strategic and operational side. First, I want to start by reminding all of you of our operating framework. 10 years ago, I started this business in Chelsea in London. I guess that means it's our 10th year birthday. It's our 10th year anniversary of starting this business, so happy birthday, Deliveroo. Back to the analyst presentation. Being in one neighborhood meant that everything was viewed through a hyperlocal lens. Now, 10 years on, we're in 10 different markets. We're in thousands of different neighborhoods, but we still look at our business through a hyperlocal lens. That is how we run our business. 'Cause at the end of the day, network effects for this business are very, very strong on the neighborhood level. They're not that strong on the national level, or they're pretty weak, I'd say, and there's definitely almost no network effects internationally. What this means is our core strategy has been the same. We wanna focus on neighborhoods first with the greatest profit pool potential. We wanna win them neighborhood by neighborhood and then move on to others. Our business, after all, is an aggregation of neighborhood markets. What does this actually mean in practice? It means we need to build the best consumer value proposition in neighborhoods that we operate in, and I'll come on to talk about CVP in the next slide. Having the best and most differentiated CVP in each neighborhood leads to more hyperlocal market share, which leads to more riders, it leads to more consumers and merchants, and ultimately higher profitability than competitors in that area. This is due to, A, order density. That's gonna benefit logistics costs. B, pricing power with consumers and merchants. That benefits revenues. C, more marketing efficiency, which should benefit overheads. When it comes to profitability, these hyperlocal network effects are key to driving higher gross profit. In this business, profit pool potential is a function of local population density. Not necessarily size of city, but the density is important. Affluence is important. Merchant supply, so independent merchant supply is important. Also, our market share, how we're doing there. Neighborhoods that are more affluent, have more independent merchants and are denser tend to have a higher profit pool potential. Focusing on neighborhoods focusing first on these neighborhoods that have the greatest profit pool potential is important. That's the high level strategic framework. We think about this business, both with a hyperlocal approach and a focus on that hyperlocal CVP. Ultimately, that CVP will drive growth and will drive market share gains and eventually profitability. Then what we've done on the right side of this page here, we've also listed out some of the more specific levers we've had to drive profitability with. We set these out at our prelim results this time last year. These are some of the specific levers we have to drive profitability. We set those out last year, and we made great progress on several of these levers in 22. We'll come back to talk specifically about them in a few slides' time. First, let me go into more detail on the CVP. As I said on the last slide, it's really the CVP of a neighborhood that actually matters. That's ultimately how we win these neighborhoods. Our business is, you can think about it, is obviously a collection of neighborhoods, and this sort of roll-up of each neighborhood CVP rolls up to our overall CVP. I'm gonna sort of abstract a little bit and talk about at a macro level what we've done to improve the CVP. We're not gonna go into every pillar of the CVP. Availability and brand love are critical, but ultimately, we'd be here all day if we went into details on all of them. Let me start with selection at first. We ended 2022 with 158,000 restaurant sites live on the platform. That's up 22% from the end of 2021. We launched McDonald's. We launched Caffè Nero in the U.K. Internationally, we spent a lot of our efforts in 2021 signing up the big brands. 2022 was a year of bolstering our independent supply. On the grocery side, we expanded selection to 18,000 partner sites live at the end of 2022. That's up 64% from the end of 2021. We expanded our partnerships in the U.K. and Ireland with Waitrose, Sainsbury's, Co-op. We launched with Asda. Internationally, we continue to roll out with key partners such as Carrefour in France, Italy, and Belgium, Casino and Picard in France, Esselunga in Italy, and PARKnSHOP in Hong Kong. Also, we have continued to invest in a measured rollout of Hop and Hop as-a-service sites. It's really not just about, you know, this number of restaurants or grocers we have on the platform. We've worked really hard filling in some selection gaps, so we've added a lot more vegan options in the app. We've made them easier to find, for instance. The next pillar, consumer experience. Really what I think about on this pillar is how did we do on any given order, from the in-app experience, so how do we do on search, discovery, reorder, to the order tracking page, to the actual delivery? Were we fast enough? Were we accurate on the timings and the items? How was the packaging? If something went wrong, did we fix it? One area we've made a lot of transformational improvements is in grocery. We're gonna deep dive into some of those specific things that we've done to improve that offering for both grocers as well as consumers. I won't go into too much of it here, but it is a huge part of our CVP, and it affects all five pillars here. When we started the grocery vertical three, four years ago, we launched with Co-op, 300 SKUs. We just basically used our restaurant interface to make that happen, so it was very clunky. There were a lot of operational problems. You know, three, four years on, actually, I'd say in the last 12 months, 12-18 months, there's a complete step change as a result of both transformational work and incremental steps. In aggregate, the consumer experience is just night and day from where we started, so we're really proud of that. I also have in here transactional to emotional, and that is part of the consumer experience as well. I've talked about wanting to take Deliveroo beyond the functional to really capture the passion and emotion of our consumers and merchants. I think we're really at the beginning here, but a couple of cool features we launched last year, we have long-form customer reviews. We have some video content from merchants, and that's available in only certain neighborhoods. Let me just talk about the reviews a lot. Believe it or not, before Deliveroo, I used to be a giant Yelp fan. I was a Yelp Elite member. I was Yelp Elite 11 and 12, in fact. I used to absolutely love leaving reviews and reading them in detail. I think our new review features, it gives you rich details of what our users think, about our different merchants. I have used it to discover a lot of new places. The video side's a bit less developed, I'd say. We're only live in a few neighborhoods. One of them happens to be where I live in London. What we're doing here is effectively enabling merchants or FMCG partners to record short videos telling their story. It can be about a dish, or it can be about the history of their restaurant. These are, they're sort of like a Stories function in our app. I think it's gonna be pretty engaging for consumers. Now, I'm also gonna talk about service. Now service is part of this consumer experience box here. It is a critical part of the consumer experience and something I care about personally a ton. I think we've done very, very well. It is absolutely a point of differentiation. I think the food delivery industry has not yet cracked the problem: how do we consistently deliver a great end-to-end delivery experience each time? It is a very difficult problem to solve given you've got a three-sided marketplace, and there's a bunch of operational complexity, but it's a giant opportunity and one we are going after in 2023 to make sure that we really, really up our game on the end-to-end delivery side. Finally on this page, we're going to talk about price value for a second. Value's going to have a different meaning for each consumer. It's our job to ensure that we're providing consumers access to our service at a variety of different price points. This is even more important given what's going on with cost of living in many of our markets. We're working actively with grocers to match in-store prices. We're going to flag this in the app for our consumers to see. With restaurant partners, we're helping them tailor their menus to balance popularity and also mitigating cost inflation. We've extended our Deliveroo Plus collaboration with Amazon in the U.K. We've expanded to add France, Italy, and the UAE. This is a continuation of what we did in the U.K. We offer Prime customers free Deliveroo Plus subscriptions for one year, so they don't pay any delivery fee on orders above a minimum value, I think the take-up on that's been very, very strong, as we've talked about before. There's something else too. We're also helping consumers access rewards from their favorite restaurants. For example, if you order from selected restaurants for the third time, you get a GBP 8 discount. Okay. That takes us through consumer value prop. Now let's deep dive on grocery. All right, let's deep dive on progress on grocery. I mentioned that we've made major steps in improving our grocery offering in 2022. Let's start with Range. We initially launched this Co-op partnership with 300 SKUs. We quickly increased that to 2,000-3,000 in our, in our regular offering. Now we are offering SKUs up to 10,000, and the results have been encouraging. We've seen a 5%-10% increase in basket sizes, we've seen a 6% reduction in amended orders, we've seen an increase in substitutions as there's more to substitute with. Then we're also piloting some, I would call them more finely grained menus. We have these subcategories now that this really helps browsability. It's basically adding a sublayer to the current aisle shopping tiles in the app. You can see here, instead of just browsing for fruit, you can browse for raspberries, you can browse for citrus fruits, and so you can get a bit more granular, just like if you're in the baby category, you can go into nappies as well, right? Just adding more layers on. We've seen positive initial results in the number of items added to baskets per session and the percentage of categories viewed per session, which is pretty encouraging. Another area where we've been making big advances is driving value in this grocery segment, which is under that price value CVP pillar. Cost living crisis is having a huge impact on consumer spending power, so offering good value is critical. We've been working with our grocery partners to drive more value for the consumer. We were the first to offer in-store price matching with Morrisons for selected items. We've rolled this out with some other partners as well. One thing that was pretty amazing for me was in the first in-store price match campaign with Morrisons, we delivered a more than 20% increase in order volume once we rolled that out, and this is something that benefits the grocers and consumers as well as us. There's also more to come, you'll see. We're going to be improving, you know, different offers from grocers, so mechanics such as three for the price of two or buy one, get one with a% off. We want to make sure we merchandise this well. We wanna make sure that customers get the confidence they're not missing out on deals on Deliveroo versus going into physical stores. Another thing that has been, I think, really, really powerful and relatively new, these are the two areas I mentioned at prelims last year as something we were building and trialing. This is our substitutions feature and our dedicated picking app. Here's a quick update on each. Our substitutions technology is now live in over 5,500 sites globally. There's a number of notable partners that are using this. It allows consumers to update unavailable item settings to either substitute with the best available item, remove unavailable items, or cancel the entire order if they don't have one thing you want. You can kind of see. You can see how that looks on the left side of that screenshot. Our APIs enable our grocer partners to see which of these options the consumer has selected to amend the order in real time, and you can see that on the right side there. That's what the grocer would see on the right and what the consumer would see on the left. This means that customers are hopefully not disappointed because they're offered an alternative that they've selected. For grocers that have this tech, they're able to generate additional revenue and increase customer satisfaction. I'd say the thing I'm most excited about on the grocery side, or one of the things I'm most excited about in our core grocery business is we have been rolling out a dedicated picking app for our partners. There's this scanning tool within the app that allows pickers to scan items as they pick them. It reduces picking accuracy errors. It increases availability updates as well. It's all integrated. We're live with a number of partners. We're gonna roll this out to many more partners through 2023. The initial results are very, very significant. We have seen pick time reduced by 22 seconds per unique item, which is huge, and we think this could drive significant labor savings for our partners, but also an incredibly improved consumer experience as order accuracy should be much higher and deliveries should be executed faster. Of course, there's Hop. We continue to roll out with Hop. That's our Deliveroo o perated dark store model. And during 2022, we saw the pressures of in this industry. We saw a lot of the pure play quick commerce guys have some difficulties as funding has dried up. We've seen players merging. For us, we've always believed in Hop. We believe that it is a great part of the CVP. It belongs on a platform with, you know, with a wider network, so with pre-existing consumers, with a lot of merchants and lower cost deliveries. We have made really significant advancements in profitability of HOP. We're very confident of its role in our marketplace. Excited about the progress we've made there as well. All right, I wanted to talk a bit about an example of what we mean by hyperlocal, and I'm gonna use Italy as a case study. Let's just give you a little bit of history of food delivery in Italy. Historically, it really only was a restaurant fulfilled delivery market. There was one major international player. They launched in, I believe, 2011. And food. Delivery itself, I don't think it was a major part of the culture. When we launched in 15, there were not that many sort of mid to high quality restaurants on offer for delivery. In a country that is food obsessed, while certainly we wanted to change that. Now, today, I would say the food delivery market is still under-penetrated versus, you know, I would say places like the U.K, and internet penetration in Italy itself is significantly lower than other Western European countries. We do see a lot of growth just occurring I think, as the market matures. Now, as a country, you have major cities like Milan and Rome, but it's such a local place. You have hundreds of moderately sized towns and cities. They all have varying density, culture, and identities. 65% of the Italian population live outside the big cities. Also the penetration rates vary. You're close to 20% in the north, less than 5% in the center and south. A lot of regional variances as well. I think what our point is here is it's been really important to have a tailored strategy. We've had to look at things zone by zone, neighborhood by neighborhood, and our strategy has been consistent, as I talked about. Focus on areas where we see the greatest profit pool potential first and win them zone by zone. Today, we're the number one player in Italy. We really are very, very strong in Northern Italy, and particularly in Milan and Lombardia. We have 65% of the population coverage in Italy. That's the highest amongst any players, utilizing logistics. We've done this whilst we improve profitability. Italy is adjusted EBITDA profitable before allocation of central costs. The success is due to this hyperlocal approach and the team that have executed it. Let me talk a little bit about how we've done it. We entered this market by initially launching in Milan in 2015, Rome in 2016. We've been building up strong positions in these major cities. As we were growing quickly in these cities, we also wanted to build a sustainable model across the whole country by focusing on smaller but dense neighborhoods as well as these large cities. At the beginning of 2018, we started partnering with a major international food brand. This allowed us to expand into smaller towns and cities across Italy. At that time, our competitors were just focused on the big cities like Milan and Rome. We launched in the likes of Piacenza. This is something, an area where our competitors weren't launching. This is a smaller city south of Milan. It's got less than 200,000 inhabitants. It's a quite an affluent area, and the cost of living is lower than Milan. That combination definitely benefited our unit economics. For whatever reason, our competitors didn't really see the opportunity, and our team was busy at work and spending time in Piacenza to develop a competitive edge. I would also argue that Piacenza was where we developed our playbook. Over time, we systemized and institutionalized that playbook, but Piacenza was really where it was born. We began building the best CVP at the hyperlocal level. We signed up a mix of well-known casual dining and QSR restaurants, spent a ton of time cultivating the local gems. We balanced this portfolio both with exclusive accounts and non-exclusive accounts. What we started doing is just using data on sales, on marketing and our operational KPIs. We continuously identified areas of improvements week by week. Whether that's a neighborhood in Piacenza needed, more riders or we were missing a certain cuisine in a certain neighborhood, you know, we were on the ground executing, and I think that experience really allowed us to use data to identify our issues, allowed us to fix input metrics to solve for outputs. I think, you know, doing it in that first kind of mid-sized city really was a big learning. Piacenza is one example of how we differentiated our CVP at a neighborhood level, right? We've done this in a lot of places. I think it's also worthwhile calling out grocery. We've offered grocery with Carrefour, CONAD, and DESPAR. We work exclusively with Esselunga as well. They partner with our Hop service. We've added butchers, cheesemongers, and bakers. These are more profitable than large grocers. We're effectively adding the same strategy, and so grocery is just part of this hyperlocal strategy. I'd say that, you know, overall, this Piacenza story was repeated, you know, hundreds of times across Italy, and I think we've made huge progress. This is a testament to Matteo, our GM in Italy and his team. You know, we've transformed this market from one that was, you know, it was restaurant fulfilled, it was very small to, I think, a dynamic, diverse market now where it really is becoming a way of life in many parts of Italy, and we're proud to have done this. We've gained market share consistently to get to where we are now, but we do this through hyperlocal focus, and we are the market leader in Italy now. I want to just thank the team for what they've done. We're excited about the future of the market. We're excited about other markets where we can replicate this as well. All right, quick update on riders. I've talked a lot about how they value flexible self-employed work. Through 2022, our rider attraction and retention rates were quite high despite the labor markets being strong in many of these markets. Satisfaction itself has remained strong. It is at 83% that are satisfied or very satisfied in the Q4. I think we have both qualitative and quantitative proof that people value this work. I also believe that engagements with trade unions is important, and I want to mention two examples. In May, we signed a first partnership of its kind. We signed a partnership with the GMB Union, the third largest union in the U.K. The agreement explicitly recognizes riders as self-employed, but also provides real benefits for riders. In France, we are participating in a social dialogue. These are government-led negotiations between platforms and unions designed to improve the working conditions of riders without calling into question their self-employed status. If we talk about regulation for a second, in Europe, we have this ongoing debate about the Platform Work Directive. This continues. I talked about this on our Q4 call. Discussions are ongoing at the parliament and council level. There doesn't appear to be a clear timetable for final agreement. It's worth remembering, however, though the original proposals by the Commission were broadly in line with the way we're currently thinking or, sorry, our current operating model, and we think core elements of these proposals are likely to remain in place. We like other platforms, we will be engaged with regulatory bodies as well, and this is the case in a few markets. In France, we're participating in a constructive dialogue with social security bodies in relation to an ongoing investigation concerning engagement with riders. In the Netherlands, although we've exited, we have ongoing litigation concerning rider status as well. All right, just wanna wrap up here. I wanted to bring this back to what we achieved in 2022. We continue to grow this business in what has been a difficult consumer environment. We've balanced this with excellent progress and profitability. We've reached adjusted EBITDA profitability well ahead of schedule. I wanna just congratulate the Deliveroo team for executing really well. We've achieved a lot in 2022. Obviously we are executing in 2023, and there's a lot more to do. At the prelims, we called out a bunch of levers that we had at our disposal. Now some of these are listed on the right-hand side here of the slide. I'm not gonna talk about all of them, but let's pick a few. Let's talk about consumer fees. We have ensured consumer fees appropriately reflect delivery distance. We've adjusted the balance between delivery fee and service fees. We also, you know, have been educating consumers what additional services and benefits they're getting to justify those higher fees. We've been pretty paranoid about, you know, the fee optimization. We've run multiple experiments for a long period of time to get a decent sense of the impact before rolling these changes out widely. This has been a big driver in our progression in 2022. While I think there's more optimization to come, I think we're being quite thoughtful about the cost of living crisis and so that's gonna be obviously, you know, front of mind for us. Secondly, let's talk about advertising revenue. There've been a lot of questions and we haven't really given, you know, a specific answer. We plan to do that today. This year, we saw the first real contribution from our nascent advertising business. Growing this revenue and profit stream obviously is gonna be a multi-year effort, we've got an encouraging start. We've had advertising revenue reaching 60 basis points of GTV in Q4 2022, that's an annualized run rate of 40 million GBP or so. It's worth noting at this stage, this is almost entirely from the restaurant side of the business. These are sponsored position, the sponsored positioning ads that you can see in the app. That's high-vis carousels, that's search results, things like that. We also launched during the year a new platform enabling FMCG partners and other companies to advertise their products, that's still in its infancy, but you can see that on some carousels, but also on the rider tracking screen. We expect this to become a more material contributor in 2023, but, you know, it definitely, I would say by the Q4 last year was contributing. Lastly, I wanna comment on the actions we've taken on overhead costs in 2023. You will have seen we announced a redundancy program in February, which could see around 9% of colleagues leave the business. Let me explain a bit more about this. In recent years, we grew our headcount very quickly. There's really two reasons behind that. One, in 2020, we had a significant headcount reduction, and this was related to the to a U.K. antitrust investigation, which placed us in a very, very precarious cash position. That was resolved by August 2020. Secondly, at the same time, COVID became a real tailwind, and we wanted to take advantage of that through 2020 and 2021. I, and I think we hired too many people too fast. I think we got a bit carried away with some of this. Now if we look at our business, we're not seeing the same growth. We've exited some markets, and we need to look very hard at ourselves to become more efficient. This is not an option. To counter this, we started taking action during 2020. Midway through the year, we implemented a pause on all non-tech hiring. We raised the bar for adding new tech headcount. We stopped backfilling roles when people left the business. Towards the end of the year, it was obvious that we had to do more. This led to the redundancy process we commenced last month. I wanna say this is not some sort of short-term reaction to a challenging macro or stock market. The objective of this process is to deliver a permanent shift towards increased efficiency, reduced friction in decision making, increased speed of decision making, and also cost savings. Hopefully through all of this becomes a better place and more enjoyable place for employees to work as well, and that we can solve consumers' problems faster and more comprehensively. I firmly believe these actions will help us achieve that. Scilla will talk about the financial impact later on, but I wanted to address this upfront. As difficult as this decision was, it really is the right thing to do for the business. To conclude, we said we would improve profitability by acting on the levers I've mentioned. We've delivered on that in 2022. This gives us confidence we can again deliver in 2023 and beyond. You can see on the slide, we still have levers to pull to help drive both growth and profitability as well. Now I'm gonna hand over to Scilla. She's gonna take us through the financials. Thanks. Thanks, Will. Morning everyone. Let me start by saying how delighted I was to join Deliveroo a few weeks ago, and that I'm looking forward to talking and meeting with you all over the coming months. Before we turn to the numbers, I want to highlight that all the P&L metrics I'll cover are for continuing operations, unless stated otherwise on the slide. That means excluding Australia and the Netherlands, which we exited in November 2022, and Spain, which we exited in November 2021. All cash flow and balance sheet metrics, though, will include all operations. Let's look at some of our key financial metrics. As Will said, 2022 was a strong year. Starting with GTV, we grew 9% or 7% in constant currency. This was driven by a combination of growth in orders and higher GTV per order, both from item-level price inflation and optimization of consumer fees. Revenue growth outpaced GTV growth, up 14% year-over-year, driven by the expansion of revenue take rate. This uplift in revenue, alongside efficiencies in the rider network, saw gross profit increase 30% to GBP 643 million. Adjusted EBITDA was a loss of GBP 45 million, an improvement of GBP 55 million year-over-year. We reached adjusted EBITDA profitability in H2, though, with a result of GBP 7 million. This was a key milestone for us, reached well ahead of expectations, and a good foundation on which to continue to improve profitability in 2023 and beyond. We're conscious though that adjusted EBITDA is not true profitability and are focused on reaching sustainable profitability and cash generation. On the slide, you therefore see a free cash flow measure. In 2022, this was an outflow of GBP 243 million, although this includes a few one-off cash outflows, which I'll come onto. Again, the shape is important, with an outflow of GBP 169 million in the H1, improving to an outflow of GBP 74 million in the second. Significant progress on profitability, an improving cash profile, and we ended the year with GBP 1 billion of net cash, which leaves us well positioned to capitalize on the opportunities ahead of us. In recognition of these factors, we've today announced a further share buyback of GBP 50 million. I'll update you more fully on our approach to capital allocation with the interim results. Before we delve into the detail of the P&L, I want to take a quick look at the shape of the performance over the last year. On the left, you can see the encouraging shape of several of our metrics, with orders up 5%, GTV up 9%, revenue up 14%, and gross profit up 30%. Of course, the ability to drive value through the P&L is critical, particularly at a time when the top line is facing consumer headwinds. We'll look at each of these in a bit more detail shortly. On the right-hand side, you can see the shape of our profitability improvements. Since H2 2021, we've improved gross profit margin by 250 basis points from 7.6% to 10.1% in H2 2022. Adjusted EBITDA margins improved even more, nearly 300 basis points over that same period from -2.7% to +0.2%. Let's now look at how we've achieved this. Starting with our top line metrics, as I said earlier, revenue growth of 14% outpaced GTV growth due to the expansion of revenue take rate. We've delivered this through pulling the levers we described with prelims last year, namely our consumer fees and the start of scaling our higher margin advertising revenue stream. Will's already touched on these earlier. I won't dwell on them. While it's not a specific lever that we pulled ourselves, we also saw an increase in commission revenue from higher GTV per order, which was largely as a result of item level price inflation, clearly something our merchants control rather than us. I also want to highlight the shape of performance through the year. As you can see on the right-hand side, Q1 saw strong order growth of 19%, in part boosted by Omicron related COVID restrictions. Gradually, order growth slowed to 4% in Q2, 2% in Q3, and -2% in Q4, as consumer headwinds increased in many of our markets, in large part due to inflationary pressures. However, inflation, alongside the levers we've pulled on consumer fees, meant GTV growth held up better than orders, as you can see in the top right-hand chart. The bottom chart splits this growth by segment. We saw broadly similar shape in UKI and international growth rates, although this separated somewhat in H2. That reflects some tougher COVID comps for international and as we touched on at our Q4 call, some overall market weakness in certain markets. These Q4 trends have continued into the start of this year. We expect GTV growth to be broadly flat in Q1 in constant currency, reflecting consumer headwinds and that Omicron related comp I mentioned. However, GTV and revenue growth should improve through the year as we deliver on our plans and the comparison base eases, and I'll come back to guidance shortly. Moving on to gross profit. We've been really pleased with the progress here with an increase of 30% to GBP 643 million. We saw improvements in both geographic segments. International saw particularly strong growth, up 44%, which reflects a combination of a comparatively weak H2 2021, as well as the good progress we've made driving forward profitability across our international markets in 2022. Full year group gross profit margin was up 150 basis points to 9.4%, increasing through the year from 8.7% in H1 to 10.1% in H2. This reflects the revenue take rate improvement as well as efficiencies in the rider network. We rolled out new meal prep time models that have further reduced rider wait time at restaurants. We've worked to better balance supply and demand in the network. We've also aimed to capture efficiencies from order stacking without degrading the consumer experience. All that's enabled cost of sales per order to remain broadly stable at GBP 4.50 per order, compared to GBP 4.40 per order in 2021, despite rider wage cost headwinds in a number of markets. Stronger take rate and effective management of cost of sales has created leverage in gross profit, driving the margin expansion. Good progress in 2022, although we'll be very thoughtful about how much further we'll pull some of these levers in 2023. For example, as Will said earlier, we're very mindful of the current cost of living crisis as we think about consumer fees. We do expect the contribution from our ad revenue stream to grow. On to marketing and overheads, where costs grew 16% to GBP 688 million, although spend did fall slightly in H2 from H1. Marketing costs were down year-over-year, reflecting more targeted marketing investments, particularly in H2, in light of the weaker consumer environment. You can see marketing drop from GBP 127 million in the H1 to GBP 88 million in the second. Overhead costs increased year-over-year, mainly due to growth in our technology team. This investment supported a number of the improvements we've seen across the P&L. For example, the consumer fee optimization and the scaling of our advertising platform. Cost control became an increasing focus as we moved through the year, and this has continued into 2023 with the announcement of a redundancy process that Will touched upon earlier. This could see around 9% of our colleagues leave the business after consultations are completed during Q2. As with all companies, we will be impacted by wage inflation, which is currently running at about 6% in the U.K., where the majority of our employees are based. Given the timing of redundancy consultations, wage inflation and the shape of overhead growth in 2022, we expect limited absolute reduction in people costs full year 2023 on full year 2022. If we look at this for H2 2023 compared with H2 2022, we do expect to see a clear reduction. Moving on to adjusted EBITDA, I've already covered the progress we've made to reach a positive adjusted EBITDA in H2. What I want to focus on here is the right-hand side of the page that shows the significant improvements we've made in both geographic segments. The UKI has grown adjusted EBITDA from GBP 91 million in 2021 to GBP 158 million in 2022, taking margin from 2.6% to 4.1%. If you did allocate central costs on a percentage of GTV basis, the UKI would be profitable, which clearly shows the strength of this business. The international segments made an even bigger improvement, moving from negative GBP 28 million to positive GBP 48 million. Within this, every market improved profits. As we said before, adjusted EBITDA is just a milestone on the way to true profitability and cash generation. On the next slide, I want to take you through the cash flow. We continue to have a very healthy balance sheet and are well capitalized to go after the opportunities in front of us. We closed 2022 with net cash of GBP 1 billion, about GBP 300 million lower than the prior year. Looking at the key elements of cash flow, starting with adjusted EBITDA, here you see a GBP 71 million loss as it includes the GBP 26 million adjusted EBITDA loss from discontinued operations. Looking ahead, as we've said, we expect adjusted EBITDA to be in the range of GBP 20 million-GBP 50 million for 2023. A significant positive swing for our cash flow in the year ahead. We spent GBP 80 million on capital items, GBP 50 million on capitalized development costs, largely projects developed by our internal tech team, and GBP 30 million on CapEx, which reflects the rollout of our Editions and hub sites. In 2023, CapEx will be lower given the slower pace of rollout of Editions. We also had an outflow from working capital and exceptional items of GBP 85 million. We said at interims that GBP 40 million of the working capital movement was a one-off outflow due to timing of employee tax and social security payments for share awards related to the IPO. There were also some significant cash outflows in respect of exceptionals, which account for the rest of that GBP 85 million outflow. The major items here were costs related to Australia, the Netherlands, and Spain, as well as smaller amounts related to legal settlements and some other restructuring costs. Excluding these factors, you can see the underlying movement was minimal. Cash interest is next. Not overly material in 2022 at a GBP 11 million inflow, albeit H2 skewed given the rate environment. We expect interest income in the region of GBP 30 million-GBP 40 million for 2023. Finally, we had the cash outflow from the share buyback. Of the GBP 75 million program announced last year, we completed GBP 66 million in 2022, with the remaining GBP 9 million falling into January 2023. I expect a further share purchase program of GBP 50 million announced today to commence shortly and be completed during 2023. To round that off, we expect to materially improve our cash flow in 2023. Finally, to guidance. We enter the year in a strong position, and we'll look to find the right balance between growth and profitability during 2023 and beyond. We're guiding to GTV growth in constant currency for the year to be low to mid-single digits, and we expect GTV growth in Q1 to be broadly flat, with growth improving through the year as we deliver on our plans and the comparison base eases. We expect adjusted EBITDA to improve and be in the range of GBP 20 million-GBP 50 million, weighted to the H2. Despite macro uncertainties, our record over the last year gives us confidence of delivery in this range. With that, I'll hand you back to Will to wrap up. All right, Scilla. Thank you. To conclude very briefly, so against this difficult market backdrop, business performed really well in 2022. We have delivered on our own break-even targets well ahead of schedule. We reached adjusted EBITDA profitability in the second half of 2022, well ahead of schedule. As I said, we continue to grow the business in challenging market conditions. We've done this while we continue to improve our CVP and gain share in key markets. Thank you all for listening, and looking forward to the Q&A. Operator, over to you. Thanks. If you wish to ask a question, please press star followed by one on your telephone keypad. If you change your mind and wish to remove your question, please press star followed by two. When preparing to ask your question, please ensure your phone is unmuted locally. To confirm, that's star followed by one on your telephone keypad. In the interest of time, please limit yourself to a maximum of two questions. The first question comes from Andrew Ross of Barclays. Great. Good morning, everyone. Welcome, Scilla. I've got two. First one is on advertising. Thank you for giving that disclosure of the 60 basis point run rate in Q4. Just like to ask what you think that number might be in 2023. Now that the FMCG platform is up and running, whether you may wanna be more specific on the long-term ambition for how big advertising could be. The second one is just to complete the free cash flow bridge below the EBITDA guidance. I see you've already given some helpful comments there on CapEx, working capital, and interest. If I could press you on any cash exceptionals this year and how we should think about stock-based comp. Thank you. Hey, Andrew. How you doing? Will here. Hi. Could you go on mute? I just hear some... Thank you. Thanks very much. On advertising, I'll take this one, and then Scilla, if you don't mind talking about the free cash flow question. As we said, in Q4, we got the 60 basis points of GTV. For the overall year, it's gonna be obviously a bit lower than that as we scale that up during the course of this year. On 2023, we're not guiding precisely on what ads is gonna be, but I can say that we expect it to go grow very strongly. We expect it to be accretive to the GP margin, all those things being equal. I guess the other thing I'd say is, as I said, on the presentation, this was almost 100% restaurant ads. We launched our FMCG initiative in the H2. That's picking up. I guess if I put all this together, really restaurants is still early, as we just ramp that up from the beginning of the year. FMCG was sort of nonexistent in Q4. Putting all of that together, you know, we're really excited about the opportunity long term, and we do expect this to be a much bigger part of the business in 2023 than in 2022, but we're not guiding to specifically what that looks like. Okay. Andrew, just in relation to your question on free cash flow bridge below, EBITDA. In terms of the cash exceptional, with the exception of the redundancy costs, I would expect that those obviously were still in consultation, but I'd expect them to be sort of high single digit GBP millions. There's nothing else at this stage to flag in terms of utilization of any of the, of any of the P&L charges. Can I just double check your question on share-based comp? I'm presuming that's a P&L question rather than a cash question. Right. Yes. I guess just thinking about, I know it's not technically a cash item, but it's something that investors are focused on. I'm keen to get the P&L number. Thanks. Sure. I mean, I think the thing to think about is just the number that we disclosed for 2022. The GBP 69 million round numbers. In the RNS, we do detail that that includes, that's share-based payments and accrued national insurance. Just because of what's happened year-on-year, exit 2021 versus exit 2022 in terms of our share price, we did get a fairly significant release of the national insurance accrual, you know, in the region of about GBP 15 million. If you kind of adjust back for that in terms of 2022, that gives you, I think, a good starting point for the charge for 2023. Thank you. The next question is from Andrew Gwynn of BNP Paribas Exane. Hi, good morning. Welcome as well. Yeah, first question actually, is capital-orientated. But actually talking about the capital allocation, you said you will save that conversation until the interims, so maybe just a couple of hints as to what the topics for discussion might be. The second, obviously, I mean, certainly myself, I've been concerned about a bit of a race to the bottom over the years within the food delivery sector, particularly around choice. Do you think that we're now sort of through that? You obviously a lot of focus here on grocery, and my understanding is grocery is more difficult to make profitable, certainly at EBITDA level. Do you think we're now sort of where we need to be from a choice perspective, and then specifically around the QSRs? Thank you very much. Scilla, you're everyone's favorite question? Yeah. Capital allocation. I'll answer the second one. I will. Morning and thanks for the welcome. I'm not, you know... I've only been here a few weeks, so, as I said, we'll come back and talk about capital allocation more fully at interims. It'll be no surprise, I think in terms of the things that, you know, you would expect me to cover in terms of, you know, how we think about spending and, you know, upping the shareholders' capital both in terms of, you know, sort of, how we're thinking about organic options, and what that means in terms of Cap structure. Then Andrew, how you doing? Will here. I just wanted to maybe better understand your question a bit. Is your question, are there more restaurants and merchants to add to the platform in the long run? Is your question something around competition? I apologize that wasn't crystal clear. Yeah. No need for apologies. More, more in the sense of obviously the industry has added more and more choice, and the risk on some of that choice has been, in many cases, very low or even negative gross profit, and they're particularly about the sort of QSRs being added to the platform. Do you think that now the industry and delivery specifically, you're at a place where the choice is broadly where you want it? You know, we shouldn't expect significant changes, you know, lots more, say, McDonald's in the mix. I think we and other players are mostly working with all the major QSRs at this stage. I don't really see that changing. I think on the grocery side, you know, we're pretty well penetrated in the U.K. with major grocers, but you know, we added Asda last year. You know, we're gonna add, probably a few other people. I think internationally though, certainly, you know, that's more of a opportunity for us to add more merchants. I would say that, you know, on sort of the grocery profitability side, yeah, no question, groceries are not a 70%, 75% gross margin business, so it's quite different. However, I guess the way we sort of operate is what do we think consumers are willing to pay to get, you know, a GBP 30 basket in 20 to 25 minutes, right? There's always gonna be this trade-off between unit profitability and TAM, and navigating that in the right way is something that, you know, we've been trying to figure out for some time. I think what we mentioned, and David, correct me if I'm wrong, I think this was at the half year in 2021. Yep. We said, gross profit per order in the U.K. was GBP 2.40, I think in restaurants and GBP 2.10 in grocery. Yeah. You know, that I don't know exactly what it is today. I don't think it's like remarkably different, but certainly, that may impact obviously the size of the prize, right? We're gonna be, you know, trying out a lot of different things to see what that ideal balance between unit profitability and TAM is. I think we've made a bunch of progress on that over the last year. Okay, great. Thank you very much. The next question is from Joseph Barnet-Lamb of Credit Suisse. Excellent. Thank you. Once again, welcome, Scilla. Two questions from me. I guess the first one, with regards to low to mid single digit% GTV growth, can you just quantify what that actually means numerically, to you guys? With regards to phasing of growth through the year, you said sort of Q1 flat. If you can help us understand your working assumptions, the scale of improvement in Q2, that would be great. The second question, obviously we've seen that, you know, cost of sales per order has remained broadly stable with GTV rising. It sort of feels very simplistically like general inflation was an FY 2022 phenomenon and wage inflation is an FY 2023 phenomenon. You've spoken about wage inflation within sort of central costs. Could you give some color on how you view COGS per order into FY 2023? Is there any risk that you could need to raise that effectively to secure riders? Thank you. Thank you. Scilla, do you wanna take the first one and the second one, and I'll jump in a bit as well on the second one. Sure. Hi, Joe. Nice to hear you again. Low to mid single digits. Look, I mean... The reason why we gave sort of phraseology rather than specific numbers is, you know, it feels a little bit artificially precise given in, you know, in these markets to give a numbers range. I think, you know, from a straw poll, so to speak, around the table, you know, low would be, you know, in our view, sort of one-three. You know, mid would be three-seven, and high would be seven-nine. I think you can kind of therefore get a sense of what we were meaning in terms of low to mid. I think your second question was in relation to what we were seeing in Q1? Well, as I think you said Q1 was gonna be flat. If you could give us any narrative around sort of how you expect the uplift in Q2 to look like. Any color you can give. I'm probably not going to give you a whole load of color more beyond what we said within the presentation. A couple of things, you know, to bear in mind as we highlighted in terms of Q1. We're comping a very high COVID related Q1 2022, you know, particularly at the beginning of that year. What, you know, what I've said, you know, in the presentation was that what we're seeing in Q1 really is a continuation of some of the trends we saw in Q4 in relation to the sort of, you know, order volume, order value mix, and also, you know, the UKI holding up a bit stronger than international and, you know, we've given some color in Q4 in relation to that international piece. As we go through the year in terms of that, it ratchets up, if you like, within the range in terms of the GTV guidance from flat to, you know, the low to mid-single digits. That's a combination of things that we're continuing to do ourselves as, you know, as Will described, and that comp base easing as we go through the year. And then just upon your question around cost of goods sold and also overheads. The way I sort of think about it is the cost of goods sold line we can influence very heavily through driving more efficiencies in the rider network. What does that actually mean? That means less time on a single order for riders, the ability for them to do more orders in an hour, just driving out inefficiencies in that system. So, you know, by keeping that number flat last year, you know, we thought that was a pretty good achievement. Do we sort of expect, you know, further sort of gains on that? I think we will be watching wage inflation obviously very closely. At the same time, we're pretty confident that we can drive more efficiencies throughout the year. I guess, you know, those two things just sort of counteract each other. Excellent. Thank you very much. The next question is from William Woods of Bernstein. Hi there. Good morning and welcome to. Two questions. The first one is just on the bottom end or on the EBITDA guidance. Obviously at the bottom end it suggests limited margin improvement from H2, and the midpoint only suggests 20 or 30 basis points or something. Are you finding it much more difficult to push towards profitability in the Q1 of this year, or are you slowing down the push to profits? The second question is just again on free cash flow. Should we expect free cash flow breakeven in H2 2023? Thanks. I think they're probably both for me, William, although, I'm sure, Will will chip in hand over. Look, in terms of that range of, you know, 20 to 50, I mean, I think the first thing is to point out that, you know, we're obviously confident in our own plans as I'm hoping is coming across in terms of the presentation on our responses, and therefore we're, you know, we're confident in that, in that range of guidance, given. Obviously, you know, we don't operate in a, in a vacuum. You know, that range also reflects, you know, the guidance that we've given in relation to GTV guidance and, you know, and obviously as we go through the year and we'll see how consumer confidence and the inflation mix play out. Sorry, I'm not going to give you probably a half on half split in relation to cash flow profile. I think it's fair to say if you know, given the guidance that I gave on the, on the cash flow bridge, hopefully that was sort of helpful. I can see that if you were at the top end of the range, you might get in terms of our guidance on EBITDA, you might get to and interesting, you might get to a place where you're thinking that free cash flow for the full year was broadly negative, and clearly if you were at the midpoint of that range- Positive. Sorry. Yeah. Sorry broadly flat. Thank you. Yes. No. If you were at the midpoint of that range, you'd be slightly negative. Understood. Thank you. The next question is from Chris Johnen of HSBC. Yes. Good morning, everyone, and thanks for taking the time to answer a couple of questions. First, a broader one, with respect to the sort of return to more normal growth. I mean, obviously, the sector has had a bit of a, let's call it COVID super bump, for lack of a better word. On top a lot of other things changed, right? With the increased focus on profitability, the minimum order values have sort of rationalized. Overall unit economics are more rational at a level where they should be, but it's come at the expense of growth. I was just, you know, just curious on your thinking as to when this will be done? You know, is the end of 2023, you know, the end of the, let's say, distortions for variety of reasons, whether it's comms or cost of living crisis, just to pick your brain on that. I'd also be curious to hear if you have any views as to how the cohorts have changed. You know, whether it's easier to read past cohorts now or, you know, whether this will take more time. Second question, I'll be curious to hear... I mean, you've commented on Italy, but I'd also be curious to hear whether there's any other updates in respect to, you know, markets where you think you lost or won market share in 2022? Thanks. Yeah. I will, I think, take these. I think, yeah, you're asking the question I'm asking myself all the time, which is, you know, when growth will return. I strongly think that this has been very linked to inflationary pressures, the slowdown in growth. Obviously, some of, you know, some of this was decisions we've made on our own, the industry, so i.e., you know, optimizing on the fees, things like that. The overall food inflation numbers are just huge still, right? You know, in the U.K., I think we're at 18% still. In France are up above 15% now. Until that really subsides, 'cause keep in mind, we don't set our prices on our platform, our restaurant partners do. Very frequently, you know, you'll see restaurant partners mark up prices on top of the increases they put through their in-house menus. When you're in a situation like that, yes, of course, there's things we can do. We work with certain partners to demonstrate value to customers. You know, we offer, you know, certain discounts on certain days to help with, you know, certain types of customers. We're pretty targeted about that. Overall, if menu prices on the online platforms are above 20%, 25% higher than they were a year ago, that is just a difficulty for demand, especially if wage growth hasn't kept at pace, right? For me, the biggest thing is, hopefully the inflationary cycle will subside at some point. I mean, we have positive sort of signals on that. Once that happens, I think we're back in more of a normalized growth pattern. Certainly, I hope so, but I do believe that that is the case. I do believe it's really is cost of living driven. Then I think your second question was really around what are we seeing in different markets. I guess maybe point out a few. France is a market where we gained a quite a decent amount of share in 2022. I would flag that overall France, the French market has been less strong than we would have liked. That is a market issue. I think one of the things that has been pretty interesting to me about France is if we actually just look at the physical grocery industry in France, you know, you're seeing a pretty tough time. France, additionally, the French consumer has been accustomed to about -1% to -2% deflation in groceries since 2012. Now that number's up to 15%, 16%. That's happened over the course of 2022. When you have, you know, a as dramatic a change as that, I think it impacts the market. From a share perspective, it's fine, but certainly, you know, we hope inflationary pressures reduce. I would also call out that France sort of lagged other countries in terms of the rate of inflation, and so you're kind of seeing a lot of this stuff hit throughout, you know, 2022 and 2023. Hope that helps. Thank you very much. The next question is from Luke Holbrook of Morgan Stanley. Good morning, everyone. Just a couple, if I may. Just the first, I'm noticing the press release that you put out this morning, you'd mentioned the 4% plus adjusted EBITDA margin target for 2026. Just really trying to work out the levers to getting there, what the market's missing in terms of does that come out of a higher gross profit margin than the market's currently expecting. Then just secondly, on exceptional items that are around GBP 70 million last year, just trying to understand how much of that is we should consider recurring in nature, maybe into 2023, 2024, and I'll leave it there. Thanks. David, do you wanna take the first question on long-term EBITDA? Yep, sure. I think that the levers, our view on that is still same as this time last year when we set out that path to profitability and listed out the levers. Some of those being above gross profit in terms of the consumer fees, which obviously we made good progress on in 2022. The advertising revenue and some of the cost of sales levers being some of the strongest levers above gross profit, and then below gross profit on improving our marketing efficiency and driving leverage on the overhead side. I think the progress we made in 2022, as I said, was skewed to things like the consumer fees. We think there is still plenty more opportunity to go across the other levers. Indeed, even on consumer fees, I think there is more that we can do, but we want to be very thoughtful about that in 2023, given the cost of living pressures. Maybe just in terms of overhead leverage, clearly in a weaker top-line environment, you get a bit less natural leverage of controlling those costs as the top line grows. You need to work a little bit harder to drive that efficiency, hence the actions that we announced in terms of redundancies in the announcement in February. I do think that over this period out to 2026, as we described, we think there is more to go across the levers that we enumerated. In terms of what the market is missing, I think it's fair to say that as an industry, historically, maybe the guidance that people are given in the longer term moves to the right over time. I can understand why there is some reluctance maybe to put these things all into numbers at the moment. We feel very confident about the levers we have in our control and our ability to deliver against them. Got it. Thanks. Luke, just on your second question in relation to exceptional. Yes, you know, total exceptionals in the year of GBP 92, but, you know, GBP 22 of those related to our exit from market. In respect to the remaining GBP 70, I mean, you can see in the notes, you know, some of it was restructuring, but most of it related to legal and regulatory costs. You know, if you look in the provisions note, you can see that increase in provisions. Probably nothing more to say on that. In terms of the go forward, when I was replying to Andrew earlier, we will have the cost associated with the redundancy program. I expect those to be in the high single digits. Just for clarity, they will be taken as an exceptional charge. The rest by its nature is quite difficult to guide on, right? Because, you know, exceptional costs are one-off. Hopefully that's helpful. Yeah, that's fine. We'll make our assumptions. Thanks. The next question is from Georgios Pilakoutas of Numis. Thanks. Morning. First one, just getting back to order growth, what's the image of kind of the upper end or lower end of your GTV guidance perhaps touch on category spend versus market share and just how you think inflation is going to play through the year and how that's going to impact AOV versus orders? Second one is on central costs. Are you able to quantify the reduction from the central headcount re-reduction? I thought to kind of perhaps touch on India. Is that kind of ramping up? Is there any kind of meaningful savings to touch on there? Does that come into central costs or into more divisional operating costs? Then a quick third one if that's okay, is just can you discuss the pace of the buyback that you're expecting, to kind of mindful of where the share price and cash position is? Scil, I think these are for you. I think India was you. Okay. That's fine. Happy to do it. Okay. George, I'm gonna try and step through these. You may need to refresh my memory as I'm going through. I think the first one really was in relation to the shape of the GTV guidance, kind of, you know, through the year, and the sort of component parts within that. You know, I think we've covered off what we've seen so far in terms of Q1. You know, you're also, you know, very well aware in terms of the shape of the comps last year. There is that which is pushing through in terms of why I would expect it to improve during the course of the year. On top of that, as we've been saying, you know, we will be continuing to deliver on our plans. Improving CVP, further city sprints, you know, expansion of grocery as Will's talked about. As we do more of that, of course, you know, that will continue to drive more benefits as we go through the year. It's quite difficult to call out exactly the mix as we go through the year on, you know, inflation versus AV because, you know, frankly, I'm not sure I'd be in this chair if I had the perfect visibility on how inflation was going to play out. You know, as Will sort of touched on, you know, we're continuing to see some of that, you know, some of that inflation come through in markets, particularly in France. To some extent you'll get the, you know, the elasticity offset if one is hotter, than we're anticipating. That's probably all I'm going to say in terms of shape of GTV. I think your next question was then, in relation to costs in particular and I think people costs as we went through the year. Is that right? Yeah. Yeah. I'm, again, I'm sorry, I'm gonna have to take you back a little bit in terms of history to get some understanding of the shape. You know, as Will's touched on in response to one of the questions and I touched on, remember that we've effectively post the CMA review, we invested back, you know, into people. Off the back of that meant that the shape of 2021 was lower in the first, sorry, the shape of 2022 was lower in the H1 and ramps up into the H2. You know, the right way to judge full year 2023 before any actions is effectively an annualized H2 cost. What we've also said is, you know, obviously the consultation impacts, you know, from the end really of Q2, so we get the benefit of that more in the H2. We've got wage inflation running at about 6%, but we've also not been, you know, sort of, sitting on our hands and we've been, you know, taking advantage of natural attrition and all the things that you expect us to do in relation to, you know, closing vacancies and so on. What I'm basically saying, George, in a long-winded way maybe, is to think about it in terms of the exit rates for 2023 versus the exit rates for 2022. I think you should expect, you know, low double-digit run rate saving from the redundancy and vacancies, but partly offset by wage inflation. Low double-digit in% terms. I n terms of the reduction. Yeah. Sorry.%. Yeah. Yeah. George, just the question on India. I had a chance to go to India for the first time last week and spend a bunch of time with our developers there. Yeah, I was incredibly impressed with their passion and capability. This is our, you know, obviously it's an investment for us in Hyderabad. I think what we're trying to figure out is how do people in India work best with embedded teams in the U.K.? Spending a lot of time figuring that out. I think as a sort of global technology company having, you know, having devs in different markets is pretty common. Spent a bunch of time just, you know, kind of trying to build our brand out there where we don't have a consumer presence. You know, I'm quite bullish about the people that we've met out there and their capabilities and their ability to contribute to our teams here. Finally, in terms of the pace of buyback. You know, obviously we announced a GBP 75 million program with the interims last year, and we concluded that with, you know, in January. I think that gives you a reasonable proxy, George, in terms of, you know, the pace with which we're able to execute these things. Thank you. The next question is from Giles Thorne of Jefferies. Thank you. My first question's on grocery and Hop. You made the point in the prepared materials that the synergies of operating a dark store alongside a food delivery platform are significant. Is there any more color you could give or any metrics you could share that would bring that to life? Given you spoke about these synergies, but having a more measured rollout, aren't you inclined to push a bit harder, especially as some of the pure play dark store operators are currently retrenching? Secondly- Yeah. Oh, sorry. Sorry, Will. I'll get them, I'll get them both out. Secondly, I guess it's a similar nature question around your attitude towards competition, but this time in advertising. You've spoken about scaling it. You've spoken about the contribution that could come from FMCG. I'd be interested to hear what conditions, under what conditions you would be inclined to selectively weaponize some of those income streams in markets where your peers have been a lot slower to the punch on the FMCG side of things, and there's an opportunity for you to take share in food delivery. Or is this just gonna be rigidly allocated towards hitting your profitability targets? Thanks. Yeah. Maybe I'll take the second one first. I think the way, you know, we think about it is gonna be a balance of profitability and growth. There are gonna be some markets where we're pushing, you know, harder on growth, and then there's gonna be some markets where we're more focused on profitability. You know, I would say the ads revenue stream is just one of those things we look at. We look at rider costs, we look at commission levels, we look at our consumer fees. I think we're really excited about the ads product because it's incremental and it's obviously drops down to the bottom line. I wouldn't say, you know, it changes our attitude towards competition. It's just another thing that we look at. If I look back, you know, Deliveroo's been around for 10 years now. What we have to work with today is pretty different than what we had 10 years ago. I think our strategy is still the same. Let's develop the best CVP in neighborhoods and let's gain market share there and then let's press profitability. I don't think that's gonna change, but this is definitely, you know, something else that we think drives meaningful contribution to the bottom line. Then on sort of the Hop product. I'm just trying to think, when did we launch the first one? I guess it's been over a year. I think at this point it was probably Q4 2021. What have we learned? We learned that we can make money on it, right? I think that's the critical thing. I don't think anyone had any doubts about the customer experience. That was always gonna be good. We've just been optimizing, both on the forecasting side, on the purchasing side, on how we lay out the stores, working with our partners to just get a better experience. I'd say it's a really, really big part of our CVP in areas where we have high market share, in areas where we can drive a lot of order density, it makes complete sense. I think your question on does it belong in a platform or a standalone? Yeah, I mean, my view is pretty simple. I don't know that I have a lot of metrics to back it up because I don't know the metrics of my competitors, but I'm pretty sure I can do deliveries cheaper than standalone players. I'm pretty sure I have a bigger customer base. I'm pretty sure I can negotiate perhaps better deals with grocers, you know? I put all that together, and I really don't have a great sense of people's operational capabilities. That I don't know. I'm pretty proud of what we've done. I think the team's great here. I put all that together, I definitely think about that as an advantage over the pure play guys. Why not push a bit harder against them, Will? I think we are still, you know, we will build more stores, but we gotta make money from them, right? I think the bar for making money has gone up a lot. The bar for return on investment quickly has gone up a lot. You know, we're not immune to that, and that is something, you know, that doesn't just apply to Hop, it applies to our marketing spend, applies to, you know, the developers we hire, applies to everything we do, right? That's, that's no different. That's great. Thank you very much. The final question is from Marcus Diebel of J.P. Morgan. Hi, everyone. Two questions from my side. The first one is on the U.K. Will, could you talk maybe a bit more about the competition here? I know it's an ongoing topic, but it's interesting. I mean, when you look at one competitor, Uber Eats, they seem to gain some share on both orders and GMV. I mean, is that from your assessment right? Secondly, given their kind of like focus on vouchering still, what does it mean for your expense line and also your marketing line? The second question, very simple. Could you talk a bit more about white label? I mean, we have been following this since the IPO, if you can just share some light on how customer acquisition is going in that segment, that would be very interesting. Thank you. Yeah, I mean, I'd say, Marcus, I'm probably not gonna dive too deep into hyper-granular competitive dynamics, but what I would say is that, you know, we've got competitors around the world. You know, and sometimes people push harder, sometimes people push less. I don't really get too concerned about sort of, you know, kind of a short-term market share shift. I think we in the U.K. gained significant amounts of market share in 2022. There's times when that's higher, there's times when that's lower. As I look into 2023, I think we've done an outstanding job on the share side in the U.K. It's just one of those things that's in the back of my head as opposed to sort of, reacting to short-term movements. I think what we're focused on is long-term CVP. Yeah, you can always change dynamics with some vouchering and things like that. Certainly in a cost living crisis, you know, some of that stuff will maybe stick more than others. So we do some of that as well, right? It's not like we don't do that. I think the important thing is that we've got a really big long-term plan for the U.K. market, and Carlo's leading that. I think the team and him have done an outstanding job throughout 2022 and 2023. Yes, it is a competitive market. Overall, I'd say, you know, I don't think that it's more competitive than it has been. It's just sometimes you have some players pushing harder, and sometimes that ceases. It's, it's a bit erratic, right? I think that's kind of my view on the U.K. Sorry, what was the second question, Marcus? No, just the second is on white label. Yeah. Oh, okay. Just to see the developments. We have been kind of like obviously, following this since the IPO. Just would be interesting to hear, did you, not by name obviously, but did you add larger ones, smaller ones? Are customers moving towards white label, established customers? That would be quite interesting, what the mix of that is. Yeah. Thank you. Yeah, I, you know, I wouldn't say white label is a huge part of our business. I would say that we have added large enterprise customers. That's basically who we're working with. You know, some of the biggest chains internationally we do work with. I think what we've found though is customers still, I think, wanna transact through our marketplace. We offer more choice. You know, they've got their own benefits on our platform, and we wanna do this as a service for our partners, and we've been building, you know, better product for it. No, I wouldn't say it's, you know, it's something that, like I would call out as a giant part of our business today. Okay, perfect. This concludes our question and answer session. I'd like to turn the conference back over to Mr. Shu for any closing remarks. I just wanna welcome Scilla to the team. I guess that's probably the thing I wanna say the most. I look forward to partnering with Scilla. Also I wanna thank the Deliveroo team for a great 2022. I think we've demonstrated, I think we've given proof to a lot of the initiatives that we talked about last year, and we're making good progress. Obviously, you know, things aren't the easiest in the economy or the financial markets, but, you know, we're really optimistic about what we can do in 2023 and beyond. Thank you very much, and we'll all talk soon. Ladies and gentlemen, this concludes today's conference. Thank you for joining. You may now disconnect.