Ladies and gentlemen, good day and welcome to the Sky FY21 Annual Results Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Sophie Moloney. Please go ahead. Kia ora and good morning. My name is Sophie Moloney, I'm your CEO here at Sky. I'm joined this morning by Andrew Hirst, Sky's Interim CFO. For those of you watching online, I hope you just enjoyed that short reel with some of our cool content highlights for the year. We had hoped to be able to present from our studio, the current COVID lockdown has meant that we're here in voice only. Here's the game plan for today. I will shortly give you an overview of the highlights of FY 2021 before briefly recapping on our strategy. We'll look at our operational performance before I hand over to Andrew, who will guide you through our financials. We'll move to the guidance for the year ahead and give some more color on the outlook we've provided to the market today. As usual, there'll be an opportunity for Q&A. We look forward to taking your questions at the end of the presentation. Before we talk through the headline numbers, some context for the year. We drafted our annual report and this presentation at a time when fans right across the country were enthralled by the Tokyo Olympics. I lost count of the number of times it was referred to as a games like no other. It was a real privilege for Sky to be able to bring those incredible moments, be it a brilliant high or a devastating low, to homes, workplaces, and commercial outlets right across New Zealand. It was a particular privilege to connect families and friends of athletes with those incredibly poignant moments after all of that gut-wrenching training. That's the special role we play here at Sky, connecting Kiwis to the content that matters. I also reflect on the Olympics because we, too, had something of a year like no other. I'm very proud of the strong work of our team and the results we have achieved. To the headline numbers and 2021 at a glance. I'm pleased to report strong revenue, EBITDA, and NPAT that are slightly above our last guidance. These results are in part due to underlying operating improvements and in part from one-off items which we'll touch on shortly. Our successes in the year included securing strategically important rights, continuing to stabilize our valuable Sky Box space, and growing our streaming customer numbers. As I said at the interim, we can and must do better with FY 2022 being an inflection point for Sky. It is particularly pleasing to deliver on reduced operating costs, and in the coming period, you'll see us continuing this important trend, as well as returning to revenue growth. To our strategy. We are focused on what matters most, our customers. We're clear on our role and what makes Sky special. We connect to New Zealanders with the sport and entertainment they love in ways that work for them right across Aotearoa New Zealand. We're clear on what success looks like and how we're going to achieve it. Today, we'll give you an update on what we're doing in each of our four key focus areas, and I trust that throughout, you'll get a good sense of what we call our bedrock, rapid and sustained execution and being an efficient, adaptive, and profitable business. Moving to slide six. We set out our three-year targets for you at our Investor Day. We'll reference some of those targets during today's presentation. While this slide beautifully summarizes what we've achieved in FY21, in the interest of time, I won't dwell on those here and will instead touch on each area as we progress. I note, however, that the achievements this year set the foundation for Sky's continued turnaround. Turning now to operational performance, it's no surprise we're starting with what matters most, our customers. Turning to slide eight, I start by saying that I'm delighted that we serve 955,000 customers across New Zealand. That is an impressive customer base. We value our ongoing relationships with each of them. You'll see here that we talk about 16% growth in core customer numbers. Without being tricky, 12 months ago, we had a number of customers who had Lightbox bundled as part of a wholesale deal, and the underlying growth demonstrates a growth in paying subscriptions. Let's get to the valuable Sky Box numbers. We are firmly focused on stabilizing that base, and so the improvement in customer reduction from 5.4% in FY20 to 3.8% in FY21 is definitely the right trend to be seeing. Of course, the rapid growth in our streaming services is a source of pride for the Neon and Sky Sport Now teams who continue to do an excellent job of attracting new customers and engaging existing ones. Let's briefly take a look at the movement in the Sky Box base on slide nine. We report good news in both activations and disconnections. We've returned Sky Box activations to growth, up 15% from FY20. On the disconnections front, we've reduced these by six percent, continuing the positive trend of recent years. Both activations and churn are benefiting from the implementation of test and learn initiatives that are fueled by rich data insights. Yes, it's fair to say, we believe we're only just warming up on this front. On slide 10, our churn trends are also very encouraging. You'll see we provide data based on tenure as well as total churn. Total churn for the entire Sky Box base has continued the steady reduction we've been seeing over a number of years now, down to 12.2% from 12.6% a year ago, and from 15.3% at FY18, meaning an improvement of 20% in three years. The tenure chart focuses on direct customers. With the migration of reseller customers to a direct relationship with Sky, we've added them into the chart from December 2020 based on the length of their relationship with the Sky Box service. I note this simply because we weren't able to do it before now. We also know that the first year that a customer is with us is a critical time, and we've been working very hard to make sure we get the relationship off to a great start. We've been doing this with tailored communication, regular check-ins to ensure they're accessing the content that best suits their needs, and of course, by ensuring they know about Sky Go. We've had an impressive 31% improvement in year-one churn, so that strategy is paying off. It's also very pleasing to continue to report on our strong base of customers with more than 5 years of tenure, which now accounts for 74% of the total customer base. These customers are our quiet champions who love their Sky and the service we provide, and they represent a core strategic strength. Turning to the next slide. Part of the core value proposition moving forward is our new Sky Box experience. We told you at our Investor Day a couple of months ago that we would deliver a new Sky Box into customer homes in the middle of next year, and we're right on track to achieve this. We've had really strong feedback from existing and potential customers that tells us there's a compelling case for what we're developing, and we continue to use customer insights to inform our decisions. I'm really excited about the possibilities the new Sky Box presents. It will reinforce our role as the preferred content aggregator in the New Zealand market. It is a hybrid box offering our customers great functionality, a superb range of Sky content, and access to a range of apps all conveniently in one place with one remote. It's a critical next step in our strategy, and I look forward to sharing more with you soon. Our objective of adding value for our important Sky Box customer base is, of course, also supported by the rollout of Sky Broadband. It's broadband made for entertainment, offered at a special and highly competitive price for Sky Box customers with great service and quality to boot. I'm pleased to say our marketing strategy is hitting its marks and positive word of mouth is also beginning to build as the speed, coverage, and pricing is resonating. It's great to see the trust in our brand and reliability coming through with our loyal customer base. It is early days, so we won't be releasing customer numbers in this round. We're comfortable that we're on track with our targets, including the 3%-5% attach rate FY 2022. As I noted in my opening remarks, and as is set out on slide 13, we're also happy to report strong growth in streaming. We're adding new customers, and we're keeping them. We told you at Investor Day that the key metrics for streaming are engagement, tenure, and growth in customer numbers. Year-over-year engagement for Neon has lifted by 28%, and for Sky Sport Now by 15%. While we've seen a slight reduction in average tenure, the number of continuous months customers have been with us, this is actually due to our success in adding new customers throughout the year to grow the underlying customer base. That's delivered total streaming growth of 57%, including 39% for Neon since the merge, and 134% for Sky Sport Now. You'll see when we get to our targets that we expect continued growth. Turning now to slide 14 and our important commercial customers. First up, we do want to acknowledge the impact on many of our commercial customers due to the current COVID lockdown. Looking at FY 2021, despite challenges from border restrictions, we've seen gradual recovery, and Andrew will touch on this more later. All of our licensed premise customers are now on value-based tiered pricing, which means a more equitable playing field when it comes to valuing the revenue-generating opportunity our content provides to our licensed premise customers. We've had positive feedback from these customers about the approach, and the more tailored pricing also means an overall increase in ARPU for Sky. It's also opening up opportunities to add new customers in lower tiers. I'm proud to say that we've signed up around 80 new sports club customers now making the most of our high-quality sports content in their local communities. That moves us nicely on to our great content. You've been hearing about our content wins throughout the year. It's worth reflecting on what we've achieved in FY21, securing some strategically important deals, such as the NRL, the New Zealand Rugby League, ESPN, Discovery, Foxtel, NBCUniversal, and ViacomCBS, to name but a few. These are all significant multi-year content deals. Importantly, they demonstrate we continue to be an attractive partner and reinforce our preferred aggregator role. These partners recognize and value the ease with which we provide access to our significant customer base of high ARPU customers right across the country. Of course, we continue to be disciplined in our decision-making around rights, using rich customer insights to understand what customers value, as we demonstrated during our investor day. Before I hand over to Andrew, I want to touch on a very important priority, our people. Our focus on being a place where our crew are empowered to do their best work and to be themselves is very important to me. Some of you will be aware that we've had some challenging moments this year in that regard. I believe we are responding in the right way, and my team and I are absolutely committed to Sky being a place where everyone feels they belong and are able to do their best work. Our business is evolving, and we continue to make changes and transform the way we do things. We are making good headway in realigning our business to what matters most to our customers. We've also worked across the full Sky team to confirm our values of being yourself, making someone's day, and creating something amazing, which need to underpin everything that we do. I'll now hand over to Andrew to take you through Sky's financial performance. Thank you, Andrew. Thank you, Sophie, and good morning, everyone. As Sophie said at the top of the call, FY21 has certainly been a year like no other, and the events of the last week just serve to emphasize the ever-changing environment we're dealing with. As already highlighted, it was a very profitable year for Sky, and I'll take you through the numbers in a bit more detail to give you some insight into the various moving parts. As we signaled at our investor day in June, our FY21 results were at the top end or slightly above guidance. Revenue of NZD 711 million was towards the top end of guidance, while EBITDA of NZD 186 million and net profit after tax of NZD 47.5 million were both above. Revenue was down 4.7% year-on-year. Once we strip out the direct impact of COVID and other one-offs, the underlying revenue decline was only 3.6%. When compared to the 6.1% decline last year, you can see the progress we have made in stabilizing the revenue position. This will become more evident later when we come to talk about FY 2022 guidance, as we're budgeting revenue growth for the first time since 2016. Offsetting this 4.7% revenue decline, our underlying operating expenses were down by NZD 27 million or five percent, despite stepping into higher content costs in the second half of the year. This reflects permanent savings we've already locked into the underlying cost base, as well as further savings in content rights and production costs due to COVID. As with FY20, we again had a few one-off impacts this year, but these broadly offset each other with no net impact on earnings. We had NZD 10.8 million of non-recurring income from a gain on sale of OSB of NZD 5.8 million and another NZD 5 million relating to settling the RugbyPass earn-out on favorable terms and releasing content provisions where we exited rights commitments on better terms than originally expected. Offsetting this non-recurring income, we had NZD 10.3 million of one-off costs relating to content impairments and the mutually agreed exit of the former CEO. As a result, we delivered full year underlying EBITDA of NZD 185.9 million, which compares to NZD 192.4 million last year. This was a pleasing result given we did step into higher content costs in the second half of the year, most notably the new rugby deal that came into effect from the 1st of January. While the result was encouraging, as we look forward to FY22, there is more work underway to stabilize and then grow our Sky Box revenues to continue with the growth we've achieved in our streaming services and to lock in further permanent savings to our operating costs. Looking more closely at revenue. As has already been mentioned, our revenue was down 4.7% on last year, which is an improvement on the 6.1% decline in FY20. Once we strip out the direct impact of COVID and other one-off or structural impacts that I will talk about shortly, the underlying revenue decline was only 2.4%. I will cover off each of Sky Box streaming, commercial, and advertising revenues in a bit more detail on the next few slides. Turning firstly to our Sky Box revenue, which declined by nine percent in FY21, compared with an eight percent decline last year. As Sophie has mentioned, Sky Box subscribers continue to stabilize, with a decline of only 3.8% this year. Revenues were impacted by customer losses in FY20, which meant we started the year with a lower subscriber base, as well as a number of one-off or structural impacts that contributed to ARPU reducing by NZD 3.70 this year. These one-off factors caused half of that ARPU decline and included the migration of 34,000 reseller customers from Vodafone to being direct with Sky, which means we no longer recognize that revenue on a gross basis with an offsetting commission cost, and now revenues are recorded on a net basis. We also offered these migrating reseller customers a one-off first month free to align their billing cycles. Secondly, we saw lower sports penetration than normal for the first half of the year due to the COVID-impacted sporting calendar. Finally, we had fewer pay-per-view events this year, as well as reduced revenue following the discontinuation of the Skywatch magazine. Stripping out these one-off impacts, the underlying Sky Box revenue decline was 5.8%. The pleasing aspect is many of these one-offs were largely isolated to our first half. While some did have some run rate effect flow through the second half, the ARPU decline in the second half was much more muted. I also note that we've not increased our prices for Sky Box customers since April 2019. We would normally have rolled out an annual price increase to allow for the inflationary impact on our rights costs. We opted not to do so in what was already a challenging period for New Zealanders. Looking at our streaming revenues, which grew by 24% year-on-year. ARPU did reduce from NZD 20 to NZD 17 as a result of the continued change in the mix of our streaming customers, with high growth for Neon relative to other streaming products. ARPU actually fell to NZD 16 in the second half of FY20 following the acquisition of Lightbox. We've since seen it increase back up to NZD 17 this year, as we put through a price increase in May, and also increased the proportion of Neon customers that pay direct rather than through Spark at a wholesale rate. At the same time, we've also grown Sky Sport Now subscribers, which are packaged at a higher price point, and we were delighted to see Sky Sport Now hero'd throughout the recent Tokyo Olympics. Looking now at our commercial revenues, which were down NZD 3 million year on year. You can see from the chart on page 22 the impact that COVID had on the second half of last year and the first half of this year, as we provided discounts and suspensions to affected customers during the COVID period. You can also see the sign of recovery in the second half of the year, reflecting our licensed premise customers returning to normal billing in August 2020, and the impact of reducing accommodation provider discounts from November 2020. As Sophie mentioned, we also completed the rollout of our value-based tiered pricing model for licensed customers in February 2021. We expect to see continued recovery in the commercial space in FY22, with obviously we'll have to wait and see what impact the current lockdown situation brings. Turning to our advertising revenues, which were flat year-on-year. Like commercial, you can see from the chart the impact that COVID had on the first half of last year and the first half of this year, as well as the recovery in the second half of the year. Sky's market share was steady this year, and off the back of growth in the TV advertising market, revenue has largely returned to pre-COVID levels, other than the impact of a change in the arrangement with Discovery, which saw them take direct representation for advertising on their channels from February 2021. Turning to our costs. Total expenses reduced significantly, down by NZD 45 million, an 8% reduction, despite the step-up in our rugby deal in the second half of the year. Adjusting both years for the impact of one-off costs, the underlying reduction year-on-year was NZD 27 million, or five percent. The NZD 13 million reduction in programming costs reflects further savings on rights and production costs as a result of canceled or postponed events and reduced availability of entertainment content due to COVID. We also had permanent savings from the non-renewal of domestic cricket, as well as reductions in the cost base of RugbyPass. These COVID-related and permanent savings were partly offset by a NZD 25 million step-up, mainly related to the new rugby deal, as well as other sporting events such as Euro 2020 and the Lions tour. The NZD 14 million reduction across subscriber-related broadcast and infrastructure and other cost lines primarily relates to savings from the restructuring carried out in FY 2020, as well as a range of other cost-saving initiatives and streamlining of operations. The NZD 11 million reduction in depreciation is consistent with our transition to a lighter capital model. We expect to see this trend continuing, and we will also see the benefit of our new Optus deal kicking in from December 2021. As I noted earlier, one-off costs were NZD 10.3 million compared to NZD 28 million last year. On the next slide, we bridge the year-on-year movement in EBITDA. You'll see that we've firstly added back the one-off cost of NZD 28 million, so adjusting for these, our normalized EBITDA for FY 2020 was NZD 192 million. The direct impact of COVID was NZD 8 million, made up of lower commercial revenues, reduced sport penetration over and above normal seasonality, and the impact of lower acquisitions from March to June 2020 carrying into this year and reducing our opening subscriber base. On the cost side, the impact of COVID on the 2020 sporting calendar resulted in rights and production cost savings of NZD 18 million. We've now moved to a more normal, but by no means fully confirmed, sporting calendar for the rest of 2021 and into 2022. To the extent the calendar for sport continues to be affected, we would expect further savings relative to our contractual obligations. Our underlying subscription revenue was down NZD 29 million versus last year. This was mainly made up of a decline in Sky Box revenue of NZD 50 million, of which NZD 7 million was directly COVID related, offset by streaming growth of NZD 14 million. Once you remove the one-off and other structural changes that impacted our Sky Box revenues and ARPU that I talked about earlier, the underlying subscription revenue decline was NZD 20 million or three percent, versus the six percent decline we saw last year. As part of our ongoing efforts to create efficiencies that right-size the cost base, we've made a number of structural changes that resulted in permanent savings of NZD 37 million. This includes the full year impact of restructuring activities in FY20, and the other factors mentioned earlier, such as the non-renewable domestic cricket and the significant reduction in the cost base of RugbyPass. Finally, as I've already covered, we had non-recurring income of NZD 10.8 million, broadly offset by one-off costs of NZD 10.3 million. Looking at CapEx. Our FY21 CapEx of NZD 51 million represented 7.2% of revenue, compared to NZD 57 million or 7.6% of revenue last year. Both years were well within our long-term target of seven-nine percent of revenue. Sky Box installation CapEx increased compared to last year, from NZD 13 million to NZD 15 million, due to the high levels of new activations. Gross CapEx includes the launch of Sky Broadband with the investment in customer routers and mesh devices, as well as some initial spend on the development of a platform supporting the new set-top box. Our enhancement CapEx included upgrading our broadcast capabilities and digital streaming, as well as investment on personalization and customization capability. One final point on CapEx. The sale of OSB means we will avoid at least NZD 50 million in future CapEx spending over the next five years. In summary, our message on capital investment is that we continue to transition to a lighter capital model, re-weight our spend towards growth initiatives, and our preferred approach is to partner where it makes sense to do so. Looking now at cash flows. We were pleased with the level of free cash flow generated for the year of NZD 69 million, which compares to NZD 23 million in FY20. I note that for both these figures, we have excluded the movement in net working capital in order to get a like-for-like comparison. That's because we had the unusual situation where the cash on hand at June 2020 of NZD 111 million was inflated by a significant level of payables at that time relating to sports rights, where the values were still being negotiated at year-end through an equitable reduction process. Just to put that into context, this year we had a cash outflow of NZD 39 million relating to a reduction in these payables versus an inflow last year from an increase in payables of NZD 18 million. Cash outflows for interest, tax, CapEx, and lease payments were all in line with expectations in the prior year. Albeit, I note we had lower interest costs as a result of repaying our retail bonds, and tax payments were higher this year because we had one extra tax payment, which was delayed from FY 2020. On the 31st of March, we repaid our NZD 100 million of retail bonds out of cash reserves and also received the first NZD 7 million of proceeds from the sale of OSB, with the second installment of NZD 7 million during September 2021. As a result, we closed the year with NZD 35 million of cash. Together with our NZD 200 million undrawn debt facility, we have significant funding headroom going forward. As we turn now to guidance for FY 2022, it's important we caveat this with the continued uncertainty regarding the impacts of COVID, with the current lockdown situation only serving to highlight this point. Notwithstanding that, for the first time since 2016, we're expecting revenue growth in FY 2022, with guidance of NZD 715 million-NZD 745 million being above the NZD 711 million level this year. As we've already discussed, we do have a step up in our programming costs in FY22, which, together with the absence of the non-recurring income we had in FY21, means we will see a reduction in our EBITDA and net profit after tax. This means 2022 becomes an earnings inflection point, reflecting this new programming cost base before we generate revenue growth and further operating cost savings over the next two or three years. This is reflected in our EBITDA guidance for FY22 of NZD 115 million-NZD 130 million, and net profit after tax of NZD 17.5 million-NZD 27.5 million. In order to help you navigate through the noise of COVID and the various one-offs in both FY21 and FY22, as well as the step up in our programming costs, on the next slide, I'll take you through a high-level EBITDA bridge from FY21 to FY22. I would note that guidance excludes any impact from the potential sale of property. As you'll be aware, we're exploring options to maximize shareholder value through a possible sale of the three properties on our Mount Wellington site, with a corresponding leaseback of our main studio and technology facilities. This process has been delayed by the current lockdown as site tours have not been possible. We expect to be able to update the market by the time of our AGM in October. As we step into the lower level of earnings and cash flow generation in FY22, we expect to reinvest operating free cash flow into growth initiatives such as the new set-top box. However, the board continues to consider capital management options, including the potential for dividends in the context of our strong balance sheet, as well as options for the use of proceeds from any asset sales such as property. Finally from me, as I mentioned, we thought it'd be useful to provide a high-level bridge from FY21 to FY22. I note that as we've bridged to the midpoint of our NZD 115 million to NZD 130 million EBITDA range, many of the buckets here are also averages. The key things to take away from this slide are that the net impact of COVID is an NZD 11 million reduction. Next, we have NZD 15 million of net costs in FY22 that include one-off events such as the Tokyo Olympics. This was originally scheduled to occur in FY21, so the delay means it will now impact our FY22 result. The content renewals cost increase of NZD 39 million includes the full year impact of the new rugby deal, together with the impact of other recent and expected sport and entertainment renewals. Importantly, for the first time, our streaming revenue growth is expected to outstrip the decline in Sky Box revenue, reflecting the continued move to stabilizing our Sky Box subscriber base and the expectation of further growth in streaming. Together with the revenue from Sky Broadband and the continued recovery in commercial, this is a key factor behind the expectation that revenue will return to growth in FY22. We're expecting further permanent operating cost savings of NZD 5 million-NZD 10 million in FY22, although we will be reinvesting some of that in marketing investments to support growth in Sky Broadband and customer loyalty, retention, and acquisition initiatives in Sky Box. As I said before, our FY22 EBITDA guidance of NZD 115 million to NZD 130 million becomes an inflection point, fully reflecting our new programming cost base, as well as including NZD 15 million for costs for one-off sporting events. Before we see the full impact of revenue growth and further cost savings kicking in over the next two or three years. That was all I was proposing to cover on the financial results and outlook, but there will be a chance for you to ask any questions you might have shortly. I will now hand over to Sophie to wrap things up. Thanks, Andrew. To finish, on slide 31, we've repeated the three-year strategy targets we shared with you at our investor day. We've also added our one-year targets for FY 2022, so you can see the progress we expect to deliver in the year ahead. As we've mentioned, we're at the positive inflection point in Sky's transition, and these targets will allow you to track our progress in delivering on the revenue growth and cost reductions we have firmly in our sights. For this year, that includes revenue growth of up to NZD 35 million. It also includes further permanent operating cost reductions of NZD 5 million-NZD 10 million for this financial year, with additional permanent cost savings to be achieved in FY 2022 that we will see the benefit of in FY 2023 and beyond. Of course, we will deliver our new Sky Box within our CapEx envelope. As I said at the top of the presentation, we're clear on what success looks like and how we'll achieve it. We have a laser focus on executing brilliantly on our plan, and as I wrote in my annual report to shareholders, I'm hugely optimistic about the future for Sky and remain deeply determined to deliver for our customers, our partners, our crew, and thereby our investors. With that, we're now happy to take your questions. I'll hand back to the operator. Thank you, Sophie. Ladies and gentlemen, if you would like to ask a question, please signal by pressing star one on your telephone keypad. If you are using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. A voice prompt on the phone line will indicate when your line is open. Once again, please press star one to ask a question. We will pause for just a moment to allow everyone an opportunity to signal for questions. We will take our first question from Arie Dekker from Jarden. Your line is open. Please state your question. Good morning, thanks for the presentation. The first question was just in relation to the stabilization of revenues and just sort of what you're factoring in for Sky Box customers. I guess maybe the first way, part of tackling it is, there was a NZD 50 million decline in FY 2021. You've called out NZD 7 million, I think, related to COVID. How does that reconcile in your EBITDA bridge to the NZD 29 million decline in FY 2021? Is that net of streaming gains, is it? I'm happy to take that first, if you like. Andrew, you want to take that? I might get Gareth to jump in as well. Yeah. Go on. The NZD 7 million of the NZD 50 is obviously directly COVID related, Arie. There's also the impacts of the one-off and structural impacts that I talked about as well as part of that normalization, because obviously we had a bunch of other things that were unusual in FY 2022, FY 2021, sorry, around some of the migration impacts of the reseller from Vodafone to Sky and the other things that I called out there. The Sky Box decline in FY 2022 in the EBITDA bridge is NZD 16 million. Is that a revenue, midpoint revenue estimate for Sky Box decline revenues? What costs would be netted off the revenues to get that NZD 16 million EBITDA impact? That'd be a revenue number. Okay. Yeah. What you're saying is that, essentially, you're comfortable that, assuming it's a midpoint, somewhere between NZD 10 million-NZD 20 million of Sky Box decline in revenue ex broadband in FY 2022? Yep. Okay. That's obviously quite a marked reduction from sort of the circa NZD 50 million we've seen in the last few years. I guess the second half run rate on sub loss was, it's a big improvement on recent years, but it's still sort of, I think it was 11,000 or 12,000. What are the key drivers of sort of that more positive view in FY22? It's a combination of different things. Maybe if I can leap in. No, you go, Sophie. Yep. You go. Sorry. I was going to leap in and say, I do think, Arie, the stabilizing we're seeing, some of that is that we're getting to those very loyal customers. We talked about the 74% staying with us more than five years. It's also we're actually just getting better at our craft. Getting better at understanding what content matters and engaging with our customers in a much better way. I think the test and learn initiatives, which Corey talked about during our Investor Day, are really starting to show up, that 1st-year retention. As I said, we felt like, and as we talked to our Investor Day, we're only just getting started. We expect to see those benefits continuing and growing this financial. Andrew, did you have anything more salient to add on that one? I was just really going to call out, I suppose, that our churn run rates going and coming out of FY 2021 are actually pretty good, and a lot of it is driven by lower churn. Arie? All right. That's good. Yeah. Okay, no, thanks. That's all for that one for now. Then just on the costs, recognize that you've obviously already gone through and taken a decent amount of permanent costs out. You're sort of looking to do kind of, I guess, somewhere around half of the three-year target savings in FY22 in terms of further permanent cost savings. At what point will you sort of look through the business and, I guess, see if there's more opportunity, I guess, on that front? Because I guess, particularly around the programming costs, and I guess there's a bit more coming with the Rugby League. The overall cost base is very high, and that NZD 10 million-NZD 15 million, even as a percentage of, I guess, non-programming costs, isn't that high. Is there an opportunity to look at whether that three-year target could be extended and more cost savings found? Yeah. I'll leap in, Arie. I suppose the first thing to say, that's a minimum, and we obviously always want to make sure that we outperform. My response to that is, yes, we're going to be very focused. We're looking at everything that we're doing across the piece in terms of what we're producing, and it's all about what value does it drive to customers. I just reiterate that this is a minimum that we want to be achieving, and I'm obviously going to be pushing the team to outperform. Sure. Okay. In terms of the commentary around capital management, including dividends, I just want to differentiate, and we'll see if there's a differentiation in what you're saying between where you're at on the operating side of the business versus potential divestment proceeds. Obviously, there's the prospect that you could release a significant amount of cash out of property sale and what would be just a partial leaseback, given that you're only looking at leasing back Studio One. Are those comments at this point related to there potentially being capacity to release some money contingent on that exit? Or are you also saying that your confidence in the stabilization of the business, which is obviously subject to still a material drop in earnings this year, is driving your consideration of capital management and dividends? I think it's probably more of the former, Arie. We generated NZD 69 million of free cash on our result this year. We're looking at a lower level of earnings next year. Still with positive cash flow generation, it will be a lot lower. I think what we're signaling is the operating cash in the business or operating cash flows will be invested into growth.