Flutter Entertainment plc

Good morning and thank you for joining Jonathan and I for this call. Hopefully you've all had a chance to watch our presentation this morning, which provides an overview of why the business is well positioned for future growth and details of our 2022 performance. Before we get to questions, I'd just like to touch on a couple of items. As announced in mid-February, we've commenced a consultation with our shareholders in relation to an additional US listing. We outlined in the announcement the numerous long-term strategic as well as capital markets benefits this could yield. One point to emphasise is should we proceed with the additional listing, it would not change where we are headquartered, domiciled or the taxes we pay. Early feedback from shareholders has been supportive and we will be meeting many more of our shareholders over the coming weeks. At the end of that process, we'll announce the results of the shareholder consultation and until that point, there is very little extra we can say. Turning to our 2022 performance, we delivered another strong year. Our US business is going from strength to strength, and our advantages are compounding with each new state opening. The recent launches of Maryland and Ohio have been our best yet, providing even greater conviction on positive EBITDA for the full year 2023. Outside of the US, the business carries good momentum into 2023. In the UK and I, the product improvements and efficiency initiatives delivered throughout the year resulted in a strong Q4. Our Australian player volumes remain high as the H2 COVID frequency benefit unwound and we saw increased competitive intensity in Q4. In international, our consolidate and invest markets is living strong growth and now make up 76% of the division. The division is at a growth inflection point, and when combined with the U.S. profitability in 2023, will transform the earnings profile of the business. And with that, I'd like to hand it over to Judith for questions.

The first question is coming from Ed Young of Morgan Stanley. Please go ahead.

Good morning. Both questions on the U.S., if it's okay. The first is you gave some detail in the presentation around the cadence of U.S. EBITDA. I wonder if you could do the same for revenue, if that's okay. If I look at previous years, Q4 sort of sets a baseline for the following year, and then there's a step up in Q4 with the seasonality of the business. Is it reasonable to expect the seasonality of the cadence of this year's revenue will look similar to previous years, or are there any other extra considerations we should be thinking about? And then the second one is on paybacks. On slide 26, you're talking to below 12-month paybacks, given what appears to be more improvement in the way you're doing your state launches and state openings. So I'm guessing that's deeper initial investment, quicker payback, as you spoke about historically. You're talking about below 18 months back at the CMD. So is that a change that we can think about for this year or ongoing? And how does iGaming share increases play into that? your thought process around paybacks. Thanks.