YouGov plc

Well, good morning, everyone, and welcome to YouGov's H1FY24 presentation. I'm Steve Hatch, the CEO here at YouGov, and I'm going to be joined in a second by Alex McIntosh. And just for that, I've got a big thank you to our panelists. As ever, you saw a few examples of them, the people that enable us to really build brilliant products and help us fulfill our mission. If we could go to the agenda slide, please. So across the next hour, in addition to Q&A, I'll be covering financial and operational highlights, giving an update on the priority progress that I set out at the end of the FY23 presentation back in October. I'm then going to give an update on the transformative acquisition that we have in having the great colleagues and the business of CPS, the Consumer Panel Survey Business, joining YouGov at the beginning of January. Alex McIntosh, our CFO, is going to be taking us through a financial review and then I'll summarize and then we'll go straight open into questions. Thanks again for joining us this morning. So our kind of highlights kind of looking across this half year, which has been a pretty busy one for the organization on many levels. So from a financial perspective, these numbers obviously inclusive of the CPS acquisition, we saw 143 million just over in revenue, kind of 9% reported, 2% on an underlying basis. And I'll talk a little bit more to that in a second. Operating profit of just under 30 million at 27.9 at a 19% margin. 23% reported, 4% underlying with the significant kind of investments we've made in this first half of the year to set us up well, and an adjusted EPS of 20.4, so 4% reported there. I'm going to go into more detail into these things throughout the course of this morning, but to see the investments that we've made in our products, and particularly our optimization of our behavioral products and some innovation in our core flagship data products and services, making sure that we're investing appropriately into our panel to meet client demand. And that demand is increasing ever more kind of day after day and using our platform basis to increase our member engagement, the vitality of our community of panelists, the interests that we have in our public platform. And I'll put out a couple of highlights we've had already so far in this half on that and then where we're seeing kind of growth of new advertisers in our self uh tool um from a people perspective one of the big highlights has been the appointment of a new chief commercial officer uh i'll be candid i expected this when i came into it to be an external uh um appointment um however i'm delighted that uh tom fisher has been appointed as our Chief Commercial Officer. Tom is somebody with over 30 years of experience in market research, and latterly, within his time at YouGov, has been the driving force behind our technology sector and our technology sector growth. So very highly skilled individual in our sector, very, very commercially sharp, and has also been one of the key drivers through behind some of our product innovations. So delighted to have Tom enrolled, and we're really seeing the impact that he is making. And then the most transformative moment in you guys history in recent memory, which is the completion of the acquisition of CPS and I'll touch into more detail. And whilst a smaller acquisition, the significant technology advantage that KnowledgeHound has brought to us, both of those occurring at the beginning of the year. So that's our overall summary. Looking at how the year has been flighted and a thought into the second half as well, here are kind of numbers that we saw in 22, 23, and now as we are into, we're into 24, and we had a pretty significant comp year on year, against kind of particularly the increase that we saw in the technology sector, making, as we've always said, our year will be back-weighted and that's, proven to be the case against a 30% increase that we saw on the previous years. Good news around that particular is we've increasingly seen not only resilience, but also increased growth in our technology sector. So that momentum story is continuing quite consistently. We're also in a position now that we have 75% of our booked revenue for the entirety of the year, which, again, gives us that ability to maintain a momentum. And I kind of thought it's fast into the second half. That's somewhat ahead of what we'd normally expect to see at this point in the year. Well, kind of previous years, that would have been somewhere around kind of the high, the high 60s. Last year, that was 68%. And you'd have heard me talk as well at different points, either this presentation kind of back in October about the need that I saw for increased commercial rigour, not just in Tom's appointment, but overall in the organisation. And what we saw when I came into the business was we were seeing a reduction, a slowdown in our revenue in the second half of FY23. Obviously, that's something that I wanted to correct. And we've seen that occur within the first half of the year with increased sales momentum. So our sales number within Q1 of this year was minus 1%. And we've seen that move significantly, a 13 point spread. from Q1 into Q2 with 12% kind of sales growth into Q2. So again, seeing the momentum, some of this is related to some of the economic backdrop, but I think we also gotta be very open and realistic that some of this was directly within our control. So it's great to see that kind of improvements that we're seeing both sales and forward-looking revenue security with the appointments of new people in place, new people in positions and new processes brought into play. And I'll touch on those in a second as well. And just to remind everyone, what are the moats in this business? What are the things that make the overall proposition of YouGov so compelling? Well, there are many, but if we had to boil them down to three, they would be these. The fact that we have a zero party palace relationship. the the long-standing kind of data um capabilities that we have are built on our panelists and how their willingness to openly share in a very transparent way um their information uh with us now of course that's always been valuable data that's becoming increasingly important in the era of zero cookies which we are about to enter but also in the era of kind of ai and ml there's great kind of data capabilities again i'll touch on those as well our brand, our brand recognition, and our brand reputation. How being one of the few public-facing organizations in our sector, we have a very strong B2C as well as a B2B brand, and how that creates a great flywheel for our organization in enabling us to recruit panelists at a substantially lower level and pricing than we see kind of more widely in the market, but also customers as well. And then thirdly, the kind of capabilities on product and technology innovation. Again, back in October, I talked about how I had a good understanding of the products and the data quality kind of coming into the company. What I didn't have as good an understanding is the very strong technology capability in the organization, and particularly the kind of strength in machine learning and data science. And all of these things make the kind of YouGov proposition so incredibly strong and robust. And it's combining these things together that in our third strategic plan, we look to build this virtuous circle of what we call the YouGov platform. So our public platform where anybody with an internet connection anywhere in the world is able to access millions and millions of data points for free to be able to make more informed decisions. So just enjoy engaging into the conversation and the point of debate. That enables us to expand our public data, our member platform, so the community, as they call themselves, of our members that feel that sense of participation in the wider debate in the world. And of course, having great rewards that they get from being members of the YouGov panel. and a higher platform. So increasingly, we're seeing our clients access our services through a kind of digital first environment and new clients coming to us as we scale up on our data services piece, our self-serve tools. And when we were looking at the beginning of the year, kind of back in October, I highlighted five areas of focus for us over FY24, five priorities and five opportunities. Panel quality and then maintaining and increasing that, the bedrock of what the YouGov proposition is. Product innovation that's fueled kind of YouGov success in the past and continuation of that. A new one, a commercial rigor, a doubling down on our US expansion and the opportunity that represents that. and the continuing build of that flywheel that I just described of the YouGov platform. And to update you on the progress that we've made in the past six months, it's been a pretty busy one for the team. So I just say again, huge thanks to them for all of the effort and work that they've shown since I joined. on panel quality um for those aren't following the industry as uh that closely there's certainly been an absolute wake-up call across the sector around panel quality and panelists quality uh and whether there is a and how legitimate kind of palettes and therefore how accurate and real the results of those panelists have been um this is unquestionably a tailwind for us as an organization. And we've taken a definitive market leading position on panel quality and panel integrity. For those of you interested, I encourage you to take a look at the white paper that we issued back in November, which outlines ugub's approach to maintaining panel quality and data integrity and we believe this is this is market leading combined with multiple techniques to ensure that the data that we're sharing and the panelists that we have are represent are real and representative and again we believe that the industry will benefit from adopting many of those approaches as industry standards and we've also looked to increase our key markets and our key demographics And there are some demographics that we genuinely cannot keep up with the client demand that we see. So increasing our areas, particularly in young men or underrepresented groups in the US. Back earlier in the year, we discussed and we predicted that whilst at this point we hadn't seen panel quality and panel integrity become a big focus of client requests, We predicted that it will be, and that's proven to be the case. It is very unusual now for clients wanting to really understand at a deep level, panel integrity and the techniques and the processes that you have in place to provide that. So again, seeing that widely feature in RFP just shows the benefit as well as being able to access and continue to invest in these areas. And of course, that all helps us build great products. On product innovation, we have launched our first innovation on our core brand index product called Sector View. In essence, giving customers much deeper insight into their specific category. We're starting in the US with autos. We'll roll more categories out initially in the US and then other markets as we go throughout the year as well. We launched our first AI-focused client product, AIQOL Explorer, a way of combining together all of the qualitative comments that the businesses get at the end of their surveys, processed through live language models, to enable them to access what are the key insights and the kind of key interests, taking something that was a curious but not particularly kind of that useful aspect because the large number of volume of inputs for information, but what's actually the kind of insight within them. AI Cloud Explorer answers that problem. We're already seeing kind of great traction from clients already. Expansion of our YouGov behavioral, including YouGov Safe going out into nine more markets. And we have an app store approval awaiting on our mobile app development there. Again, kind of taken those into more user friendly, more frictionless ways of people sharing their data. And in addition, the acquisition of KnowledgeHound has enabled us to do two things at speed. One is introduce the AI technique of vector search into our crunch database. And Vector Search is a particular AI technique that's suitable for large-scale databases to build and create very accessible rapid associations and insights. And in addition, we're using the kind of great capabilities and talent and the knowledge of our team to refresh the overall user interface and user experience for our core data products. Something that I think was a little overdue for us and something that I'm really glad we're now focusing on now. On commercial rigor, I've already mentioned Tom's appointment. It's kind of great to see that. We've also realigned ourselves into more joined up teams that are regionally focused. That's one of the reasons why we've been able to see that step change in momentum of the minus one to the plus 12 quarter on quarter in our sales. We've introduced new technologies to sharpen our focus and help us understand our win-loss rates in much more granular detail and follow-up. We've signed our largest ever deal as YouGov with a multinational media agency. Using YouGov's data is underpinning for their operating model and enabling them to develop new products alongside ours. And we're beginning to see the first kind of green shoots of the cross-sell with our CPS colleagues. And it perhaps wasn't the largest kind of sale that we ever had, but to have a kind of first omnibus survey from a previous kind of CPS client, it was a milestone for the company. And we're continuing to see large scale interest on YouGov's Insight products coming from CPS clients. And on the US, I'm very pleased to see that technology continues to be a kind of growth sector for us. I think that has countered somewhat to what we're seeing in the rest of the rest of the industry. The elections are beginning to build momentum for us. perhaps unsurprisingly, but it is true, we're now at a position where our YouGov politics team in the US have had, to date, about the totality of their revenues that they would have seen in the previous year. So we're really beginning to see that ramp as we run up into November. And to do that, we're making sure that we're increasing our panel capability uh to be ready for this kind of us uh us expansion in fact our kind of active um panel uh capability in the us is up 15 year on year so really really strengthening up um into this core area where we know our kind of growth where we want our growth momentum to continue and in fact even though it's our largest geography already uh we expect a single country i should say we expect that The U.S., we predict that the U.S. will also be our largest growth area when we get to the end of FY20. And then finally, on platform, we see significant upticks on the engagement in our in our public platforms just last couple of weeks in the UK. Whenever we see kind of you got mentioned in the wider kind of news media, which saw one hundred and forty five percent spike in visits to our public platform. which also included 40,000 people reading the very technically deep article on MRP, which is the machine learning technique. So the appetite clearly out there for really understanding well is very, very high. And of course, it has the advantage of us fulfilling our public mission enabling us to acquire panelists through an organic source, and it raises our public profile. They bring more clients to become aware of YouGov, something particularly in the US we know is a great advantage to us. We've seen increases in our member engagement on our member platform, and their satisfaction levels is just shy of the 87% goal that we've set ourselves for the year already. So good to see that be maintained. And on our self-serve tool, we've 150 new advertisers coming to the tool. Still early days here, still kind of relatively kind of small spell compared to the rest of the movement, but we are seeing a double digit kind of increase in our revenues there. But some more work to do as we continue on self-serve journey. But within that, and I've touched it only just once in this slide already, the most significant kind of moment for us in quite some time, which is the successful completion and the joining of our near 1,000 colleagues in CPS into the YouGov family. an update on where we are on that position. You've clearly seen kind of, you know, the kind of financial outputs of that successful acquisition already, but there are much, much more of this to come. For those that kind of snapshot of what CPS is, and just to pull back for a second, you know, the strategic rationale, if we were to, there are many, many reasons why this acquisition fitted so well with YouGov strategy, but if we're boiling it down into one thing, It's the power of combining YouGov's attitudinal data, how people think and feel with the incredible deep capabilities that CPS has in people's behavioral capability, what people are buying and bringing these together into a single unit. This is what the market is demanding and increasingly expecting. People understand the power of data. but they want that data to be more joined up than ever before in order to be actionable. So understanding not only what people are thinking and feeling, but what they're buying and why it's an incredible, incredible, powerful position. And in of itself, the CPS business is quite an extraordinary kind of organization with a level of scale I've found increasingly as well, professionalism that isn't matched by anyone. So very glad to kind of have that team at the beginning of that journey. Also very pleased to say that the integration is progressing very well. The things that we thought were true turned out to be very, very much the case. The quality of the panel, the kind of strength of the team, and perhaps kind of one of the pieces that is often kind of understated in either integrations, whether that's through carve outs or through acquisitions is the importance of understanding the culture of the organizations and making sure that we have a kind of mutual respect as we develop this kind of joint process together. And there's no doubt that that's been a very kind of reassuring and great process, as well as bringing some new insights. For example, on the product client spectrum, YouGov is a very product-centric organization. CPS historically has been a very client-centric organization, how they drive their innovation. So bringing both those compatible skills together, I think is no doubt going to make improvements for both parts of the organization. So lots of work done up until up until February. More work to do. But by the end of the year, we expect to be in a very, very strong place. Also working directly with Alex Partners. the consultants to help us develop jointly our new target operating model and bring those kind of synergies across the organizations as well as the opportunities for us to build brand new innovative products to help disrupt the market in a way that we know YouGov does very, very well. And to get some sense of timeline, YouGov CPS joined. great moment in kind of Nuremberg earlier in the year. We've concluded that kind of getting to know each other phase, collaborating on kind of quick wins and developing our kind of early commercial strategy. We'll be launching in the middle of this calendar year and across kind of into kind of Q1 and Q2 of our year. the future business in its entirety, and then we really get to build new great things together. So overall, I'm just very, very pleased to report that every single expectation we had has been met and seated on this, and that is progressing very well to date. Now, what this does mean is it gives us that moment to revise our strategic growth plan. Our organic, original strategic target, our SP3, again, that's our third strategic plan, was a target in the midterm of 500 million in revenue and to increase our operating profit margin to 25%. Now we have full ownership and understanding of the CPS business, pleased to revise, to raise that target to maintaining that 25% kind of ambitious and kind of strong 25% operating profit margin goal, but increasing our midterm three to five year revenue goal by an additional 150 million from 500 million to 650. So thank you. It's been a very busy year, and the first half of the company, we set ourselves up very strongly for the remaining half of the year. Now over to Alex for the full detail on the financial review. Thanks, Alex.

Thank you, Steve. Good morning, everybody. We have flagged this for a few reporting cycles now, but this financial year, we are changing our divisional reporting structure to reflect how we now organize the group internally. Clearly, we also now have a significant addition to the group in CPS, which Steve has just updated on. So we'll now be looking at the group within three segments. We've got data products, research, and CPS. Just a point on CPS. Yeah, we are very much cognizant. This is a high quality assets. This is a carve out that's coming out from a much larger group. And so the first year will be really careful and careful work around making sure we've we've adequately separated the group. We will be under TSA transfer service agreements with JFK for the provision of some services. for up to 12 months. So we will be running it as a standalone division, certainly for the next 12 months, but as Steve highlighted, you'll start to see some of the synergy benefits coming through fairly quickly because of the work that Alex Partners is doing. Just as a reminder, data products, this includes the majority of the products we had previously in the definition of this, it's brand index, it's our behavioral products in SAFe, it's profiles. In research, this is what was the old data services and custom segments brought together. There's a few things that have moved between what were incubators before. It's not 1 plus 1, but it's nearly there. Really, this is to bring together those two teams, which had been run as very separate entities, separate divisions previously, now coming together to really help service our clients in a more comprehensive way. As Steve mentioned, there's been some tough macro, but also some of the things within our control in terms of improving our performance going into the second half. It has been a challenging macro environment. We're very pleased to be reporting growth on an underlying basis. A lot of that is driven by some good work that the custom teams are doing, particularly in the UK. That's the positives. One of the things that has been difficult, and Steve has already gone through that explanation, quite a difficult comparative period in the prior year to do with technology clients, spending quite a lot in our November and December 2022, which is our half one 2023. We have seen a slowdown in growth in data products in part driven by just a lack of focus and commercial rigor that we've been mentioning. We used to have dedicated sales teams who would be driving data product sales. It's now in the portfolio of sales teams. So there has been a little bit of not as core focus as we've had in the past. We've made some remedial actions around that. But I think it is fair to say this is one area, particularly new clients coming on, we are seeing clients take longer to make decisions. We are seeing some non-renewals in December where clients are saying, this wasn't nice to have. That has been a little bit of a shift. We haven't seen that kind of behaviour before in the past. I think where we're very pleased is our core clients that have been long-term subscribers continue to have this data very embedded into their workflow. And we have seen strong renewals from tenured clients. Pleased to see renewals are picking up into the new year. We are seeing budgets improving slightly with our clients. It's still early for the majority of our clients to have a 1st of January year-end. A huge focus for us will be increasing our sales into the second half, driven by the launch of SectorView, which is a version of Brand Index that allows clients to buy a package of Brand Index, and we seek to use that as a way of also getting into larger subscriptions. The research division, and just to remind you, this is in part data services where it's fast, tactical work, and custom research, which is long-term strategic projects. Really what we're seeing is the mix has continued to shift in the types of projects clients are doing. We're seeing an increasing amount of opportunity to pitch for large custom trackers. where clients are looking for high quality data, understanding where that provenance comes from. Very important for them, particularly as the industry is having quality issues around panel. But what we aren't seeing is a return to that fast turnaround work. That is an area where clients seem to be not spending money on discretionary projects. So the growth here is primarily driven by what is traditionally our custom business. I'm very pleased to see the UK is driving a lot of that growth. Testament to fantastic performance from the team here in the UK. The US is stable, but that is beginning to pick up as we come into the tail end of Q2. And that is in part because of the different comparisons with the technology clients. and cps is now in our numbers yeah we closed the deal on the 9th of january so this is 20 odd days of revenue that we have in a group so obviously no trends to draw from yet um but we're very pleased to have closed closed the deal early in the year and really been able to kick kick off the calendar year with great momentum and a lot of um fantastic collaboration that's already happening now that we own the asset You'll see in our sector splits, we've seen an increase in technology spend. We had pointed this out in October when we came out with our four-year results. We have seen an increased opportunity across all of our big tech clients, and we're pleased to see that spend is continuing. We've also seen some progress in our media agencies, our agency group. Just as a reminder, the revenue that we generate from agencies is not directly linked to marketing activities. This is a lot of subscriptions, which are long-term contracts. And whether their clients are slowing spend or increasing spend doesn't affect their decision to keep using our products. But we have seen some of our agencies actually expand, going into new countries. And as Steve mentioned, we have a very large holding company that has signed a substantial contract with us, which includes a combination of data products and custom trackers. We've had a couple of lowlights in our sectors. Esports and gaming are two sectors where we've seen our clients go through reorganization, a little bit like what we had seen in the year before with technology clients, but through COVID, they just extended themselves a little bit too much. So there's a bit of softness in those two sectors, but we continue to be very well diversified across a number of sectors. Just to preempt some questions, given the majority of our polling work will probably happen at the second half of the calendar year, we're not seeing an uptick in our polling revenue yet. In these numbers, and it's unlikely it will be a significant contributor in the second half, but it's definitely gonna be useful in building our brand and building momentum going into FY25. We're pleased to report an increase in profit margin due to bringing in the CPS business. Important to note, the CPS division is a very high quality asset, very cash generative and operates at a very high margin. That is masking some underlying margin decrease in our core business. in part due to a little bit of gross margin pressure. We've had some pricing pressure around data products. We've also had to use a little bit more external sample in a couple of countries where we're running big trackers for clients. Ordinarily, that would have been absorbed easily within the revenue growth, but this sort of the slowing down of our data products businesses meant we're not able to absorb as much of that as we would have liked. We're also capitalizing less. We have increased the amount of development spend we are incurring. We are capitalizing less as a proportion of the overall technology spend. Obviously, that has an impact on OpEx. That's just a shift from that, from balance sheet to the P&L. And we have increased headcount in the period, in part to reflect increasing investment in products. and making sure that we're building for sustainable growth into the next financial years. And so with a sort of slowdown in revenue growth in the first half, that's obviously impacted the overall margins for the first half. But obviously we expect to see that improving in the second half of the new building. Good cash generation for the period. And we end the period with 53.4 million pounds of cash in the bank compared to 41.4 million last year. We have spent a considerable amount of money on deal fees to get the CPS acquisition completed. And so when we're looking at our cash conversion, we're adding that back into normalizing it. There's been a small decrease in overall cash conversion from 87% to 81%. In part, that's to do with lower revenue mix coming from data products growth. As a reminder, if you're not familiar, data products, we typically invoice upfront and so it has a very good cash generation profile. We'll obviously seek to increase that cash conversion ratio as we focus more on data products in the second half. For the half, we have kept CapEx broadly flat, but you've seen there's a shift in the amount of money we're spending on panel augmentation. That's decreased down to 3.4M compared to 4.8M last year, but we are spending more on technology. Now, in part, some of that technology spent is helping reduce our panel acquisition costs, in part making the platform much easier for people to join organically, really driving more around retention, We're seeing some of the benefits of technology investment reducing our requirement to spend as much money on external panel building. As part of the CPS acquisition, we took out a loan with an RCF and the details of this, the group has a 280 million euro facility that is signed. We have currently drawn down 216 million pounds. So our net debt amount is 162.7. We are going to try to deliver our operating during that's our arguing ratio by half a turn every year we're currently at 1.6 times even dot and we've given you a profile of what our um repayments are underneath um but clearly we are we are fairly comfortable in in servicing this debt that is new for you guys we haven't had this level before and we are comfortably under our um our covenants for interest uh cover and um gearing And just to recap, it has been a very busy year. We've had a slow start, as Steve points out, but the order book is looking very robust. I want to make this point again. Our growth rate in Q2 in sales was 12%, having been flat or slight decline in Q1. That's coming from a number of areas, but it is continuing to be. Our large tech clients that are meeting the floor on that, and it is, I make the point, we're getting invited to pitch for ever increasingly larger custom research projects, which have a tracking component, which for us have a great margin profile. So I feel really confident going into the second half of the year, still a lot to do. We were very busy with the CPS acquisition. but really pleased to report that's also trading in line with expectation. Huge thank you to the CPS team. Very difficult to be going through, uncertainty of a carve out, running a sales process, but still delivering on the business and a huge testament to their skills and be able to handle quite a lot of ambiguity throughout that sale process. But most importantly, continue to support clients and support the teams. and so as we expected we will see a back-end weighted uh full year where we see um growth in our revenue coming through in the second half as we um as we consolidate on a lot of momentum that has been building over the last three months in terms of the balance sheet and we will continue to be prudent in where we invest and we are seeking to um um improve margins and we would like to keep strong cash balances that's very important and we want to make sure that we still have optionality and looking for opportunities that are in the market particularly with acquisitions that could continue to drive our strategic objectives and also we would be looking to pay down debt in a very rapid fashion as well. and at this moment in time we will be keeping our capex broadly in line with in fy24 compared to fy23 but make that point we've had a little bit of a shift spending more on technology and we've made this point in the past the more that we invest in technology the more that that helps drive our future revenue growth and so we will continue to be highly cash generative and i make this point again i'm looking to deliver our hearing ratio by half a turn each year

So thank you for sticking with us so far, looking forward to answering your questions in a second, but just to summarize where we are, there's been significant kind of progress on our five pillar operational priorities in the first half of the year. And we've had, all the success we could have expected to have from the CPS integration. And that's trading, as Alex said, very well, truly resilient, brilliant team there. And it's great to have them as part of Vue.gov. Of course, we also have the knowledge acquisition, which has brought technology capability and talent capability into the organization, enabling us to advance our AI capabilities and improve our overall UX. Alex just mentioned, but we've got a very strong forward-looking revenue commitments ahead of where we were this year by, at this point last year, by some five to six points. And that good to see that step change that's occurring, but we're being laser focused. continuing to really kind of push that commercial rigour and very pleased to announce our revised target now as a combined entity increasing our mid-range revenue objective from half a billion to the 650 million over the next three to five years lots of work to do but lots of work done and to Just to conclude, a reminder of what really makes this company so impressive and so special. It is a great product that we build based on the brilliance of the panelists that we have, an aspect of our organization that's becoming increasingly valued to clients. and enabling us to really drive our platform, our public platform within the election cycle that's rapidly taking hold across the world, our member platform enabling them to have greater engagement and understanding of the work that they're providing, and our client platform enabling them to access our services more digitally. And of course, from the heart of this, the brilliant YouGovers that are here. I'd just like to end by saying an enormous thank you to them for all of their hard work in this first half of the year, my first half in the company. And yeah, we've got a lot of work to do over the next six months as well. But yeah, couldn't want to be doing it with a better team than we have now. So thank you. And I think, well, we'll go over to Hannah and your questions. Thanks, Hannah.