Experian plc

Hello, everybody, and welcome to our FY24 results presentation. I'm joined, as usual, by Lloyd. He'll run through the financials after my initial overview. And also on the call today is Craig Boundy, our Chief Operating Officer. And Craig will join us for the Q&A segment of the call. We're very pleased with how we performed in FY24. The strength and diversity of our portfolio, as well as contributions from newer products, allowed us to navigate difficult underlying conditions and end the year with impressive organic growth and a strong finish in Q4. We've also made good strategic progress with further expansion into new verticals, some important acquisitions, excellent progress in client NPS and employee engagement scores, and material progress in our technology transformation. The progress we've made in FY24 builds on work done over many years to create new paths for growth. It's allowed us to deliver strong results whilst investing for growth and in transforming our technology estate. Looking ahead to FY25 and beyond, we expect to continue to drive strong top line growth while gradually benefiting from a normalizing credit environment. We also expect to improve our margin trajectories through a combination of technology efficiencies, productivity efficiencies, and operating leverage, and Lloyd will provide additional details on our financial assumptions later on. So overall, our performance in recent years demonstrates our strategies working well, and FY24 was further evidence of good progress. Now going into a bit more detail, FY24 was at the top end of our guidance range at 6% organic growth, and in this macro environment, that's a very good result, and it demonstrates the resilience of our business and how well we've executed strategically. Q4 organic growth was 8% to take us to 6% for the year, At all regions and segments delivered organic revenue growth for the year with both North America and the UK strengthening as the year closed. By business segment, consumer services led the way with organic revenue growth of 7% despite a very difficult backdrop for marketplaces. Acquisitions and FX took total revenue growth to 8%. Underlying EBIT margins progressed by 10 basis points to constant currency and we delivered an 8% uplift in benchmark EPS. Cash conversion was 97%, also very good, and so our financial position remains very strong. So very good progress all around. Now let me briefly comment on some of the more significant developments during the year as we've made some great progress in many areas. The insurance marketplace in North America consumer services progressed really well. We're very confident this is on track to be a very large vertical for us. Sticking with consumer services, we grew free consumer memberships to over 180 million globally, exceeding the targets we set ourselves a few years ago. And it's been a good year for new client wins and retention, with competitive wins in all major geographies, solid performance across all business lines, and very good growth in some of our larger verticals, such as health and automotive, and some newer ones, such as verifications. We continue to invest heavily in our products. This year, we made material progress developing our unified platform and further expanding the Ascend suite of products. Over the last few years, we've invested heavily also to build out a comprehensive product portfolio in Brazil, and we've seen continuing great success in FY24, with strong growth in particular in fraud and ID, agribusiness, SME, and consumer. We also completed a number of acquisitions, recently signing an agreement to acquire Ilion in Australia, as well as infills in health, data quality, and also in Brazil. And we've done more to strengthen our foundations, We progressed our NPS with clients for a fifth year in a row, and we're again ranked as a top employer and certified as a great place to work in 24 countries. And we've made great progress with cloud-native technology infrastructure and new generative AI investments. It is also a year where we again demonstrated the strength and breadth of our business. We continue to grow despite major credit downturns, including this period in which rates rose rapidly, and our track record demonstrates that the business can deliver good growth even in difficult circumstances. In fact, in each successive down cycle, we've bottomed out at a higher level of organic growth, which reflects the shift of the business over time with better products positioned in higher growth areas. Today, we're a broad-based data, analytics, and software company operating across many industries. That's changed the drivers of our growth, and our compound growth rates since FY19 illustrate the point. So while the environment remains a slight headwind, we expect to deliver another good year of growth in FY25 and for the medium term as we're outlining today. Our strategy should by now be very familiar to you. We have leading B2B and B2C businesses which increasingly drive synergies between them. And let me highlight a few of the key developments in FY24. We've added to our data assets. It's a big factor in competitive wins, particularly in the UK. and the predictive uplift we deliver from superior data is very material. Apple is now furnishing us with buy now, pay later data, and will be first to market with this in the US. And we expanded the data coverage in North America verifications, client count has also grown, and we also have the largest verifications database in the UK with coverage of 82% of the population. We continue to invest across a broad portfolio of best-in-class B2B products, As I mentioned earlier, this year we made great progress in Unified Platform, which allows customers to integrate more of our products quickly and cost-effectively. This is having an impact on the size and duration of contracts we win with clients. A good example is a strategic partnership we closed this year with a UK lender, which is the largest deal we've ever closed in the UK. And the Ascend platform is just one of our products, but it continues to drive growth with expanded use cases and functionality. and we started to embed Gen-I natural language interfaces into our analytical software, as well as in the unified platform. We have several large verticals where we continue to see very good long-term growth opportunities. Many of these opportunities are created by taking core experience capabilities and applying them to under-penetrated use cases in these verticals, and automotive and health being very good examples of this over many years. In healthcare, the way of HD acquisition has further strengthened our product suite, leveraging AI machine learning to find eligible insurance coverage, and it's another step in our strategy to simplify the healthcare experience. We've consistently demonstrated the ability to leverage large consumer membership bases to enter new categories and achieve scale quickly, and this remains a significant growth opportunity for us. The most important development this year is the progress we've made in insurance. The revenue contribution has grown rapidly. We've improved the consumer experience and widened the choice of providers on the platform, and this will be a substantial revenue stream for us going forward. We also expect to unlock new revenue opportunities and drive higher engagement using generative AI, and in February we launched our GenAI Natural Language Assistant to help our members get more personalized interactions and credit offers. There remain significant growth opportunities available to us by addressing more client jobs to be done, We have deep client relationships, but despite the breadth and strength of our portfolio, there are still many areas of client lifecycle where we're under-penetrated. This chart shows all the things clients need to do to onboard, manage, and provide value to their customers, and all of these are areas where clients spend significant amounts of money, and many represent opportunities for us to either sell new products or sell more products across the lifecycle. Best-in-class data is crucial at every stage, but alone it's not enough to meet all client needs. Better analytics to drive more accurate insights, cost-effective software solutions to improve workflow efficiency are all needed to enhance productivity, improve customer service, and run businesses efficiently. You often hear companies discussing singular customer view as their ultimate objective. This has been very difficult for many to achieve, largely because most of these systems they use to do all these processes outlined here are disjointed, and that's why we believe we have a significant opportunity. Ultimately, with Experian, they can consolidate their business with a single supplier, taking out a lot of costs and risk and displacing inefficient spend. And we're already seeing this play out in the UK example I cited earlier is a good example of this. Another previously referenced example is Ascend Marketing, where we secured a major win with a top five card issuer, which was actually a competitive takeaway from a direct mail company. We've had more wins of this nature, and it's the same concept. Financial services marketing is crucially dependent on credit data. By adding relevant analytics and workflow products on top of our data, we expand into an area of client spend previously inaccessible to Experian. With the best products and the broadest product set increasingly unified, we have a lot of white space for us to move deeper into areas like decisioning, analytics, fraud, and new data sets, and as well as to provide new services to consumers, which opens up new areas of customer spend and contributes to the TAM highlighted of $150 billion. Now, we have been executing against all of this. We've seen membership expansion, new business wins, many new products, and deeper penetration of higher growth verticals. For example, revenue from recently introduced products of around 1.5 billion, a growing percentage of B2B clients that take multiple solutions across software analytics and fraud, a huge installed base of consumer members with a growing number of those highly engaged, with many now contributing data to Experian, and a portfolio that is much more diversified with growth opportunities across an expanding number of vertical segments. Over the medium term, we expect to continue to deliver strong organic growth from the combination of economic recovery, continued expansion of our business through product and vertical opportunities, plus elevated consumer growth. Our commitment to investment in new products and solutions is unchanged, and it's a key component of our strategy, as is our commitment to drive deeper engagement around a widening range of membership offers. In fact, we would expect investment to increase the percentage of the overall total. However, the cloud transformation and enhanced productivity will allow us to achieve that while also improving margin delivery and reducing our overall CapEx sales ratio. And we're at this point because several of our strategic initiatives have been successful and are now contributing to enhanced operating leverage, and we expect enhanced benefits from technology transformation and other productivity initiatives to play a part going forward. On top of this, we've started to see better opportunities to put inorganic capital to work at more attractive valuations in targets which fit our strategy and provided they meet our strict financial criteria. And Lloyd will run through all of this in more detail shortly. So let's now turn to our FY24 regional performance, starting with North America, where we delivered organic revenue growth of 5%, a good outcome in a tough macro environment, which was driven by a number of factors. Portfolio diversity helped with good contributions from consumer services, health, also, and verifications. And while like-for-like volumes in credit services have been weak, we've been able to grow through the combination of new client wins and expansion into new market segments. For example, core CIBI grew 4% when mortgages excluded. This was driven by ascend, clarity, and verifications. Ascend contributed strongly again. An important example of the types of opportunities we are seeing is a top 10 neobank, where we cross-sell Ascend, core bureau services, and marketplace, providing this client with the ability to consume data, build models on Ascend, and deploy seamlessly into our marketplace. And we have a strong roadmap of new product introductions in FY25, which add to our growth. It was also a good year for employer service and verifications, which onboarded over 400 new client logos across the two businesses, including a number of the top five US mortgage lenders. We didn't see a lot of change in the credit environment currently. Supply of unsecured credit is still tight, although the pace of tightening has slowed, with delinquencies expected to rise modestly, and client sentiment is still variable across the sectors. Our other verticals performed well. Auto had a very good year, up 8%. There's an inventory buildup in the U.S. car industry, and dealers are working to incentivize and stimulate the market. We've been beneficiaries of this. We have a range of products to address these needs, using experienced marketing data and solutions to help build audiences and target customers. Targeting delivered growth of 5%, primarily driven by our digital advertising and buying-selling platforms, and new client integrations for our digital identity graph. And this helped offset some overall softness in the market. Health had a great year with a record year for bookings. We again achieved the best in class ranking, which we're very proud of. New products like AI Advantage, which predicts which claims will be denied by insurance companies and helps to reduce denials, have extended our product suite and given us new ways to address client needs. And I'm very pleased to say that our Wave HD acquisition is going very well and has already driven a lot of new client wins. North American consumer services grew 6% organically, a good result and market leading in our industry peer group. Premium revenue was a good source of stability for us this year. We've enhanced the value of our premium packages with new features like bill negotiation and subscription cancellation, helping members to identify potential savings and stay financially healthy. Growth in premium also helped us to fuel investment across the portfolio. In the credit marketplace, while the overall market was tough in FY24, we continued to onboard new clients to experience Activate, an important differentiator which leverages our Ascend technology, and has helped us to outperform on a relative basis. There are active conversations with clients for reentry into the market, and as this market recovers, we expect to be very strongly positioned and we should see strong growth. The insurance marketplace had a very good year and has reached an inflection point Revenue in Q4 more than doubled year on year. We've added the top three national carrier to offerings in 47 states, and we expect more carriers to list products in the marketplace as market conditions improve. As a result, policies sold have increased substantially. Part of solutions had good client wins this year, particularly for data breach services. And taken together, the investments we've made in North America have more than offset the subdued credit conditions, We're very well positioned to sustain our current performance and would expect the future rebounds and current credit conditions to add to this. Moving to Latin America, we had a great year, up 13% organically. Growth was 16% at constant rates when acquisition contributions are included. Margins progressed strongly, helped by increased scale in consumer services. We've successfully added revenue in new business areas and we've outperformed the market substantially. We extended our lead in credit and risk through the successful implementation of our positive data analytics scores and software products. Our fraud solutions performed very well, helped by a series of infill acquisitions, which have helped build our capabilities in areas such as biometrics and device intelligence. Our strategy is to fully integrate positive data analytics with fraud, decisioning, and new alternative data assets, as well as consumer permission data. And our breadth of capabilities in these areas is unsurpassed in Brazil, with growth opportunities across both large client categories and small and medium-sized enterprises. This year, we did, in fact, see strong growth in both strategic clients, and we delivered a strong performance in SME, the agribusiness, and the agribusiness more than doubled in size. It's been a great year, too, for consumer services, which delivered organic revenue growth of 26%. and now has revenue in excess of $200 million. Today, we have Brazil's third most downloaded app, and we're creating a comprehensive offering where we provide consumers financial information, help them better understand their credit scores, compare prices, apply for credit, offer identity monitoring, and renegotiate their debts, all with an increasingly personalized journey. We've also steadily built up a new payments capability, which consolidates consumer debt overdue, utility bills, and current bills in one place. And the result is a diversifying revenue model with very strong growth in total payment volume. Of our large geographies, the UK has probably faced the weakest macro environment and yet delivered 2% organic revenue growth overall. B2B organic revenue growth was 3% and was sustained by a strong run of new business wins, with the strongest performance coming in Core Consumer Bureau, which significantly outperformed a weak credit issuance market. This continued throughout the year and culminated in Q4 with the largest deal we ever secured in the UK. Growth was enabled through superior data and end-to-end solutions involving multiple products, including consumer services. Some customers have started to test the market in areas like credit card lending, but overall B2B credit volumes are still muted. But with products like Ascend and Verifications now live in market and strong new business win rates, we feel good about the UK B2B position. Consumer Services was one of our fastest growing UK business in Q4 and ended the year on a much stronger trajectory to deliver 1% growth overall for the year. We've introduced improvements to the consumer experience, we've added to our marketplace lender panel, and this has resulted in stabilization for the premium service and recovery laterally in marketplace. We were the most downloaded app in our category in Q4, and this positions as well as we enter FY25. EMEA and Asia-Pacific organic revenue growth sense really good outcome. Margins also progressed, although we still have much room for further expansion here. Key geographies like Australia, India, and Italy contributed strongly, helped by our many initiatives and new product introductions. The quality of growth has also improved with stronger performances in our bureaus, lower dependency on one-off software contracts, and more progress towards a higher level of recurring revenue. After the year-end, we signed an agreement to acquire Illion, a very complementary bureau asset which will boost our presence in Australia and New Zealand. It's a great fit for us. The combination gives us practically the full portfolio of Experian B2B assets and will create a stronger entity. And once this acquisition completes, Australia will become our fourth largest geography, in keeping with our strategy to focus on markets where we have a clear path to scale. So overall, a good year of progress in EMEA and Asia Pacific. So with that, I'm gonna hand over to Lloyd to take you through the financials. Great, thanks Brian, and good morning everyone.

As you've seen, we delivered strong financial results in FY24, finishing the year at the top of our guidance range. For the full year, organic revenue was up 6%, With acquisitions and FX each adding 1%, total revenue growth at actual rates was 8%. We grew EBIT margins by 10 basis points, with benchmark EBIT up by 7% at constant rates and 8% at actual rates. EBIT growth converted well into EPS growth, up 7% at constant rates and 8% at actual rates. Operating cash flow was $1.9 billion with 97% cash conversion. And we continue to deliver our growth with high returns on capital employed, increasing this year to 17%. And we've announced a full year dividend of 58.5 cents, up 7% on the prior year. And finally, we ended the year very strongly financed, with our net debt to EBITDA leveraged at 1.7 times, with 2.4 billion of undrawn committed facilities. As you've heard from Brian, despite soft lending markets, the strength of our portfolio innovation delivery then we delivered at the top end of our range, and with growth firming as the year progressed, despite little improvement in lending volumes in the market. Organic growth in Q4 improved to 8%, supported by double-digit growth in Latin America, and in the UK, consumer services and strengthening in North America B2B. Turning now to the FY24 Q4 regional growth trends, North America organic revenue growth strengthened to 7% in Q4. The Bureau excluding mortgage profiles grew 8% in a quarter. Ascend growth accelerated to 25% as our integrated propositions continued to gain traction. Continued demand for our alternative lending proposition helped Clarity Services deliver double-digit growth in Q4 as the employment market in the U.S. remained resilient. and lending trends continue to be subdued with similar patterns to previous quarters. U.S. mortgage profile revenue grew 11% on volume declines of 21%, with a difference principally coming from the pass-through of the most recent FICO price increase. Automotive grew well at 6% as the business delivers growth in areas like marketing and value recovery. As a reminder, our auto businesses diversified well with the core auto credit less than half of the overall North America auto revenue. Growth in targeting strengthened to 6% as demand for our digital solutions continued to outweigh headwinds from lower retail activity and legacy product retirements. Platform growth and new integrations doubled the size of our agency and social clients across the year. Health growth was consistent at 7%. following good growth across our patient access claims and coverage discovery propositions. Across the year, innovation and new product revenue continue to contribute well. Decision analytics improved to 4% growth due to strength across software and fraud and ID, as there were a number of multi-year renewals with key financial services partners. North America consumer grew well at 6% for the quarter, Our partner solutions business grew double digits following a number of data breach deals. Membership grew 3% as more consumers made use of recently launched financial health features, in particular supporting account subscription management. In Q4, our insurance marketplace more than doubled compared to last year, and we ended the year with very strong policy growth. Credit marketplace declined with volumes lower due to lenders' tighter criteria. Latin America delivered 13% growth, and we continue to bundle our products and services into one combined B2B proposition as we become an embedded technology partner for our clients with an ever more integrated platform. Organic B2B growth in Latin America was 12% for Q4, up from 10% growth in Q3. Our strategy of growing into adjacent verticals like identity and fraud is starting to contribute more meaningfully. Consumer services. remained strong with growth of 19% in the quarter and for the year delivered revenue of $225 million. Limpinomi grew over 20% in the quarter and has more than doubled in three years. Consumers in Brazil resolved more than $14.5 billion in debt through Limpinomi during the year. Our payments proposition delivered strong growth in the quarter also as we continue to increase the volume of transactions on our digital platform. The UK&I delivered good growth of 5% up from 3% in Q3. Within the Bureau, we continued to grow well in Q4, with strong growth in Ascend as we made key deliveries during the quarter. Across the year, lending volumes for the whole of the market were down around 2% to 3%, compared to our 3% growth in total B2B. The outperformance coming from innovation and key client wins. Decisioning grew 3% in Q4, following strong software growth from key deals for power curve originations and collections. Consumer services delivered double-digit growth at 11%. Marketplace grew over 20% due to a number of factors, including more targeted advertising campaigns, greater personalization, more pre-approved offers from lenders, and a softer comparator due to the mini-budget impacts in the prior year. Membership also grew mid-single digits. EMEA and Asia Pacific delivered 6% growth in Q4. Data growth increased to 8% across Southern Europe and South Africa, which was partially offset by a one-off software deal last year in South Africa. Turning now to EBIT margin, where we delivered 10 basis points of margin expansion. The North America margin was 20 basis points lower than last year. Softness in B2B lending volumes weighed on B2B margin, which was partially offset by consumer services margin expansion, as we continued to benefit from the scale and diversity of the consumer businesses, despite the tighter lending environment. Margins were stable or improved across our other geographies at constant currency, in particular benefiting in Brazil from the scaling of our consumer platform. Looking at B2B and consumer services segments, we saw good margin expansion in the consumer businesses. as the increasing scale and diversity of our membership engagements continue to benefit margin. All regions grew margins, with Latin American margin growing strongly as scale continues to drive profitability. And this continues the trend of consumer services margin developing with scale that we have seen over the last five years, when consumer services margin have expanded around 400 basis points. On the B2B side, as we mentioned earlier, lower volumes in are lending volume products were a headwind during this year. Turning now to EPS, where we delivered growth of 8% at actual rates and 7% at constant FX. EBIT grew 7%, following good revenue growth and margin expansion. This translated to EPS growth as a modest headwind on interest from acquisitions made during the year was offset by a lower tax rate. Our average interest rate during the year was 3.2%, as we continue to benefit from the long-forward fixing program we initiated when global interest rates were low. FX was a 1% tailwind to EPS. And looking across the last two years, when lending volumes in our markets have been weak, we've grown our EPS by 17%. Taking a look at our usual reconciliation to statutory results, our benchmark profit before tax grew 7% at actual FX rates, driven by the strong revenue performance and margin expansion. Acquisition-related expenses decreased slightly to $41 million. There was a 4 million increase in the fair value of contingent consideration on prior acquisitions. We made a profit of $5 million on the disposal of some small EMEA and Asia-Pacific businesses. Statutory PBT before non-cash items was therefore up 16%. Amortization of acquisition intangibles was broadly flat at $193 million. And with non-cash refinancing remeasurements broadly neutral, statute of profit before tax was $1551 million, up 32%. So now taking a look at cash flow and return on capital employed, where FY24 was a record year. We delivered $1.9 billion of operating cash flow. at a conversion of 97 percent and continue to generate very strong financial returns, with return on capital employed increasing to 17 percent. Now, moving on to our FY25 modeling considerations, which relate to our ongoing activities and does not include any acquisitions that have not yet completed and where timing is uncertain. And we'll update our guidance as appropriate as we complete an acquisition. We expect 6% to 8% organic revenue growth for the full year. We expect less than 1% contribution from completed acquisitions on revenue. We expect to deliver good margin progression of 30 to 50 basis points at constant currency. Based on current FX rates, we expect FX to be between neutral and a 1% headwind to both revenue and EBIT growth. We expect net interest for the year be between $135 and $140 million. The benchmark tax rate is expected to be between 26 and 27%. The weighted average number of shares is expected to be in the region of $914 million for the year. CapEx is expected to be around 9% of revenue. We expect cash flow conversion to be over 90% for the year ahead. And we've announced a share buyback program of up to $150 million to be completed by June 2025. Over the past five years, despite some challenging global backdrops, we've strengthened and diversified the business. We've delivered over $2 billion of additional revenue, growing at a compound average growth rate of 8%. And this has been delivered at increasing group margins, achieving our 10 to 30 basis points range on average over the period. Strong capital discipline and fixing our debt has allowed us to convert this EBIT growth into earnings at an 8% CAGR, generating strong returns on capital. And as mentioned earlier, we've been very cash-generative, growing 8% compound to $1.9 billion in FY24. So with that backdrop, as you've heard from Brian, we're updating our medium-term outlook as the strength of our strategic execution at breadth continues to enhance our opportunities for scaled value creation. So turning to our margin outlook. Over recent years, we've delivered our margin guidance of 10 to 30 basis points per year. Over that time, we've delivered margin progression within our framework, despite a number of headwinds, thanks to our strong execution in delivering underlying operating leverage. As we progressed our broad mainframe and cloud migration program, P&L technology and dual running costs have increased over the last few years. The current softness in core lending markets has also been a temporary headwind to group margin during this period through the mix of revenue growth. We've also been investing in scaling growth initiatives, such as our verifications in both North America and the UK and I, as well as many consumer innovations, such as payments in Brazil and the insurance marketplace and enhanced subscription services in North America. As we look ahead over the medium term, we expect our disciplined operational execution to continue to generate underlying operating leverage. We'll also continue to invest broadly in our innovation engine. And we now expect some of the headwinds of the last few years to reverse, as technology and cloud migration costs in the US and Brazil materially completes by the end of FY26. And we start to see margin benefits from cloud productivity and improved scaling. Lending volumes will return over the medium term, having a positive mix impact for the group, and our consumer platforms will continue to generate scaling returns as we leverage our powerful relationships with over 180 million consumers. With this backdrop, we're increasing our medium-term outlook for margin to 30 to 50 basic points per annum of EBIT margin progression. We continue to invest strongly behind innovation and growth, and we'll continue to guide annually our modeling considerations, depending on the particular profile of investment opportunities, returns, and acquisitions we see in the business. Turning now to capital investment. As we've discussed in recent years, we've been progressing our technology transformation, and we've now reached an important stage of the program. In the US and Brazil, we've made significant progress. We're in the final stages of mainframe transitions And we're now accelerating the migration of our hosted servers into the cloud. We expect to be materially complete on our transition to cloud in the US and Brazil by the end of FY26, with 85% to 95% of our non-health processing in the cloud by then. And in the UK and EMEA and Asia Pacific, we also expect to be in the 45% to 50% range for cloud processing in the next two years. So as we approach being materially complete in our cloud migration, we'll see a number of financial benefits, including a reduction in our CapEx to sales ratio. As our migration spend and infrastructure CapEx trends down, we expect our overall CapEx to sales ratio to reduce by around 2% over the medium term. And we'll, of course, continue to invest strongly behind value creation and innovation opportunities. So bringing all this together, here's our medium-term financial outlook. As you've heard, we've delivered robust growth despite significant external headwinds, and we expect this to continue. As economic markets improve, we expect to deliver high single-digit organic growth, and our long-term ambition remains to generate scaled opportunities to ultimately enhance the group's growth potential into double-digit organic growth. As I mentioned, we now expect to deliver growth at good margin progression for the group as a whole, sustainably 30 to 50 basis points per annum. And our capital investment will trend down over the medium term to a cash spend of around 7% of revenue. And finally, with our strong financial position in cash flow, we have the opportunity to grow the contribution from reinvesting our cash generation in value-adding acquisitions, generating high returns on capital, and retaining a highly disciplined approach. With that, I'll hand you back to Brian. Great. Thanks, Lloyd.

So in closing, FY24 was a good year. We made a lot of strategic progress. We delivered well financially, and again showed resilience of our business. And we expect another good year in FY25. Our prime focus remains on driving growth, and we continue to invest successfully behind a range of initiatives. As Lloyd has outlined, we've completed a lot of transformation work in recent years, and now to the point where the majority of our technology transformation will complete over the next two-year period. and that will give us the opportunity to enhance productivity, reduce dual run costs, and lower capital intensity. So coupled with this, we do expect credit cycle headwinds eventually to turn into tailwinds, and taking together these factors will drive strong performance over the medium term. So with that, I'm now going to hand you back to the operator for your questions, for which we will be joined by Craig Boundy. Operator, over to you.