Brilliant. Thank you, Jamie. Welcome, everybody. Appreciate everybody taking the time today. With me here in the room, I've got Ollie Farnsworth, our CFO, Steven Hall, our Deputy CFO, and Amir Ansari, Investor Relations and team of a number of other things in the business. Today should be very little new information that we share given the updates that were provided over recent weeks. I'll just note, one of the key questions that we probably get is around BGH Capital. We've had no news or contact with BGH Capital since the start of August, as you would expect. Let's dive into it. We'll go through the presentation at a reasonable pace and get into those questions that you're all keen to ask. Just looking at the executive summary, we continue to expect that we're at an inflection point in terms of earnings.
We recognize that the results to date are not where we want them to be. We also recognize that the underlying performance in our industry segment globally has not been where the industry wants to be. We stayed positive in what was considered a difficult year, where we think we've faced bottom-of-the-market conditions, and we saw an ongoing decline in global vehicle sales. Our balance sheet is in a very good position. We think we've passed debt peak and, pleasingly, had a year-end debt number under NZD 500 million. The dividend position we'll talk about a little bit more, but we see that as a positive reflection of confidence that we have in the future, as well as the understanding of the lower CapEx profile that we see in the coming years. Our strategic initiatives are well underway.
I'll talk about them very briefly later, and we continue to develop the business more broadly. Just looking at our results summary, again, obvious numbers, but of note from our perspective, still close to NZD 200 million of EBITDA, only marginally down on the prior year. Sale of services or rentals, in essence, now at just over 50% of the business. It's obviously been under that in recent years for all the reasons that we know, and it's now likely to grow from here as well. This is a key point because it reinforces the growth trajectory for THL and that it is rental-centric in its growth, and we're very positive about that outlook. Fleet at over eight and a half thousand at year-end provides us an opportunity to still maximize that growth moving forward.
If you look at the global snapshot, there is room to move from a rev path perspective, and we are expecting higher growth in rev path in FY 2026. Whilst ex-fleet sales remain key to the business, our expectations remain low for the rest of this calendar year, and we are seeing some signs in the market, but we're not banking on any immediate recovery in vehicle sales. Margins that have adjusted are reflective of those adjustments we expected in the business. We're happy with where they're sitting in general, and we expect them to remain around these levels, although retail margins do need to improve over time. We have seen a good clearance of the older stock, particularly in the Australian business, which has been particularly positive. Let's move forward to the return on funds employed page.
It's always been a key metric for THL , one that both management and the board remain closely focused on. FY 2025 was impacted by slower-than-expected vehicle sales and excess inventory that we held for most of the year. As you can see, New Zealand remains in a positive position, as does manufacturing and tourism, where our Australian business, which does include all segments, manufacturing, retail sales, and rentals, underperforming at 5%, and our northern hemisphere businesses, with essentially a loss in the way the EBITDA is calculated on this page, being substantially below expectations. The strategic initiatives are all about addressing those underperforming areas and addressing them at pace. Retail Australia, North America, and U.K./Ireland. From a dividend perspective, there may be some commentary around the dividend, and from a company perspective, maintaining a dividend, I don't think, was ever really in question.
The question is, where do you sit within the payout ratio? A reminder that our policy sits at 40% - 60%. If you look at that compared to pre-COVID, pre-COVID THL was 75% to 90%. The difference between hitting 40% and 50% this year is around NZD 0.01 per share. The banks have been happy with our approach, and the key for us is this should send a very clear message about our confidence in the balance sheet that we have, our confidence in debt reduction, and that we have passed the largest elements of the growth in fleet CapEx that has been required, and that we are past the point of the large one-off non-fleet CapEx, in particular the Waitomo here investment. The DRP, there's some really obvious reasons around the BGH situation, which make it very, very challenging to have a DRP at this point in time.
We've passed on that at this point. I'll move over to Ollie to talk us through the balance sheet and capital management.
Great. Thank you, Grant. Net debt closed at NZD 492 million, which has had favorable momentum over the past few months. We expect this to be peak debt and for our leverage to come down accordingly. Some of the key drivers for this were a moderation of fleet CapEx and improved inventory management, somewhat offset by a higher-than-normal non-fleet CapEx, which is not expected to reoccur at these levels. Of note, the first tranche of our syndicated bank facility comes up for renewal next August, and refinancing is underway and going well with our banking partners. I'll move us along to the operating cash flow slide. There are three key areas of influence on this, both in FY 2025 and key themes moving forward. Firstly, we have a lower fleet CapEx requirement. We feel like we can lift rev path without significant investment.
Secondly, inventory built up more than we would have liked, with slower-than-expected vehicle sales. This is close to righting itself, and you would have seen that correction occur in FY 2025. We have an expectation of improved earnings over the coming years. This all results in a better operating cash flow position for the business moving forward. This slide is just a reminder that we think about real depreciation rate as a key metric for longer-term performance of the business. It considers both the impact of purchase price and the impact of vehicle sales value. We've got a really high focus on our build and buy cost in all regions, which are a significant part of the strategic initiatives that Grant will talk through shortly. These initiatives create a cash saving that's realized through lower depreciation rates over the life of the vehicles.
Of note within the table is that the North American segment is where we have a higher cost of vehicles from the COVID period, and that's required a higher depreciation rate to be applied. With regional synergy plans and those vehicles phasing out, we expect it to return back towards historical levels. I'll pass back to Grant for some commentary on the divisions.
Thanks, Ollie. Brilliant. Let's quickly go through the New Zealand rentals and sales. The rentals growth continues. We've got currently a very strong positive outlook, which we've covered off in the last few releases, but we also still have plenty of room to move. We're still at the end of FY 2025, around 30% down on pre-COVID levels, and we expect our operating leverage to be better in the FY 2026 period as well. In this market, sales are still not where we want them to be, but we are certainly happy with our overall view of market share from a vehicle sales perspective, and we're confident that we've got the product range that's required in this environment.
In Australia, a similar situation from a rentals perspective, getting better and actually a more positive outlook than New Zealand at the moment, but also around that 30% down on pre-COVID levels, so some room to move. A reminder that this segment includes rentals, sales, and the Australian manufacturing business as well. The rev path opportunity also exists in Australia, and we see that utilization gain already, and we've got good plans for that to continue to improve throughout the year ahead. Some good site changes over the last 12 months and moving into this year as well, with a new site in Perth, a new site in Sydney not too far from opening, and some smaller changes in other areas as well.
Australia does have the ability in this business to be our leading rentals and sales business, and we hope that the current momentum continues and expect that we can deliver on that. Moving through to North America, we know well and truly that this is a market that's had a challenging operating environment in the last 12 months. The tariff impacts plagued the year, and the rental revenue was positive in Canada, was down, and as indicated previously in our commentary in the USA, which should be a timing issue. As we see right at the moment, we have seen some improvement in some weeks. Other weeks, we've seen some issues. People at the moment are still talking about price, are talking about the Trump factor more clearly, and they're also starting to talk a little bit about immigration.
We don't see any direct correlation to the immigration impacts to our core markets. However, it is interesting to note that it's gaining more media attention. The USA also is still well down on pre-COVID. Canada is in a better position, nearly flat with pre-COVID levels. The U.K. and Ireland we've talked about, and it was all really the FY 2025 story was one about the start of the year where we still had significant issues from a supply perspective, and we underperformed from a rental sales market. Operating costs have been reduced over time with some significant changes. For us, the size of this business and the road to a recovery is the one that is of the largest concern. That's why it has its own strategic initiative, and we have that business under review.
From an action manufacturing perspective, yes, it's been a tough market in that third-party revenue, and the profitability that goes with that as well. We have started to see some signs of recovery in that part of the market, but again, like you're seeing in a lot of New Zealand commentary, it's certainly nothing that you can bank at this point in time. The business itself, from an operating perspective, is still performing really well, and we still see some margin opportunities within the business. Tourism businesses, again, positive momentum, good operating leverage, and pushing us in the right direction that we want to be heading. From an industry trend perspective, if we move to that within the outlook slides, we continue to remain very positive about the broader tourism space on a global basis, noting that the USA sits slightly to one side in that conversation.
We do see, again, some green shoots from a vehicle sales perspective, but we remain subdued about the expectations in the coming 12 months. Anything that really starts to turn in that market, we'll see as upside from our broad expectations. When we look at FY 2026 on the next slide, no, we have not provided any guidance at this point in time for FY 2026. We think it's just too early to do so. Broadly speaking, as you know, in our growth roadmap, we have expectations that we will achieve the NZD 100 million within three to four years. This year in FY 2026, we'll see a step up in the cost-out plan. It'll see the capital discipline come to fruition with lower debt, and us really looking to leverage that rentals growth that exists whilst we remain cautious on sales.
From a strategic initiatives perspective, there's nothing significantly new to note at this point in time, but a reminder that the U.K. and Ireland are under a strategic review, and we are concerned about the amount of capital that we have tied up in that business delivering no return on funds employed. Australasian manufacturing needs to be able to find the right way for us to leverage the lower-cost operating model that we have in New Zealand. Some of that is location, some of that is process, some of that is materials, and some of that is equipment. Across all of that, we're in the process of determining the right way for us to be able to deliver those savings through into the Australian business. The Australian retail sales have had a significant reduction in inventory.
We've adjusted some of our brands and rationalized what we have from a product perspective. That's making that business a lot leaner. There are further steps to go to make sure that we substantially reduce that inventory in that business. Of course, North America, we remain heavily focused on delivering a 15% return on funds employed for that business. Now that we're in a tariff-free situation, we believe there's real potential for us to move forward at pace with the synergy goals and targets. In terms of the net profit after tax goal, that was announced as part of the growth roadmap, no change in our expectations here, no change in the core assumptions. What we have had in terms of feedback is really strong alignment between those assumptions. It's been well received.
The information that we've been provided is well received, and we look forward to delivering to these targets. In summary, I guess when we look at our industry, we see rental companies in Europe in particular that have gone into liquidation. We see manufacturers that have consolidated and dealerships that have been losing money or indeed even up to last weekend, going into liquidation in Australia. We haven't excelled at all. However, we have responded. We've reduced debt. We've adjusted our fleet lever, and we've grown market share where appropriate as well and set this business up for a better future. One where we have revenue up in our core rentals business and costs starting to come down. We're an operational business that's been through big waves of impacts: COVID, the merger, and the tariff and economic situation, all which have impacted the business over consecutive years.
Now we sit at our new global support services site in Waitomo here, where we've delivered an outstanding new environment for sales, for service, and for customer delivery, alongside significant productivity improvements. We've delivered the single digital platform on a global basis with seven system changes across the organization. We have new fleet designs. We've lowered our customer fleet. We've got new channels to market, whether that be better use of AI and on tourism, and we've got a business that remains responsive and looks forward to a better future. Thank you very much, Jamie. I will hand back over to you to open up for questions.
Thank you. If you wish to ask a question, please press star and one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star and two. If you are on a speakerphone, we do ask that you please pick up the handset to ask your questions. Your first question today comes from Andy Bowley from Forsyth Barr. Please go ahead with your question.
Thanks, operator. Good afternoon, guys. I feel a little bit out of breath just listening to you go through that proposal so quickly, but I appreciate the commentary. A couple of questions from me. First of all, around the cost base, and I'm mindful of the comments you make around expectations for FY 2026, where you talk about a significant step up in the cost reduction program. The question is really around FY 2025 costs and really ex-depreciation operating costs. I'm keen for you to talk to what I'd consider a sizable increase during the year. Where is that most acute or evident across the group, and what kind of cost increases are we talking about within that operating cost bucket?
Yeah, when you look at the increase in hire days right across the business and that increased activity, one of the impacts that you have from an operating cost perspective in the last 12 months is that we did have slight reductions in yield. We've talked about the fact that yield has stabilized and we see small increases in yield moving forward. You do have that step up in operating costs in the last 12 months. It's activity related. Obviously, labor, personnel, maintenance, insurance-related repairs, those are the primary areas where you've seen those operating costs. We do have a strong focus on making sure that there is really good operating leverage in those areas moving forward as we continue to get the hire day increases. We feel that it's under control, but yes, we did have that activity increase costs in the last 12 months.
Could you please talk to the cost reduction program, Grant? Where will we see the biggest efficiency benefits across the group?
Yeah, the core areas that are focused on, one is depreciation through lower build cost, and that's something that's already coming through in both the North American markets and Australia and New Zealand markets. We've got real confidence about what's been delivered in that space. The second is pure savings from a digital perspective and other group support costs, as we've completed and exited a number of large projects across the business, not just on the digital front, but also the likes of the property improvements that we've had as well. Then you've got some broader efficiencies that are coming through on a global basis.
Okay, great. Now, secondly, I'm interested in the forward bookings for FY 2026, where the commentary has been pretty good in recent times and some strong increases in Australasia and less so in North America. Can you give us a sense of what the percentage increases you've given that previously for those respective markets? In terms of where we stand today, how much of FY 2026 anticipated rental sales are now booked?
On the first one, the numbers are pretty much where we've said, there's been no substantial change. That Australasian business is still sitting around the 25% mark. The USA and Canada sort of balance out. They're past this sort of high season, so it's not as relevant a number now. USA is still in decline. Canada is still in growth, so that's positive. U.K. has actually had a very positive forward booking outlook. From a percentage perspective, I haven't updated that in very recent times, but we're ahead of our intakes last year as a percentage of our overall expectations. Obviously, if I give you the detail of that, I'm pretty much giving a rental number for the year.
What was it on last year? Without giving you a full, you know, what proportion of last year's have we got to?
I don't work it out as a proportion of last year. You can basically, if we're ahead and we're obviously 25% up across Australia and New Zealand, that gives you a sort of, obviously we've got a larger proportion than we did at the same time last year.
I guess what I'm trying to get to is, you know, how much certainty can we place on what you're telling us around the forward book in terms of, you know, how much of, you know, next year's P&L is now effectively, you know, bagged.
Yeah. My answer to the question framed in that matter is that we have said before the 25% growth rate we don't expect to hold for the year. We have got an earlier booking trend as our view, but still substantive double-digit growth is where we expect to be sitting.
You're pretty, yeah, and forgive me in terms of not catching it entirely, but earlier on in the presentation, I think to that first or second slide, you talked, was it strong RevPAR growth you alluded to in FY 2026?
Yeah. Yep.
Okay.
Yep.
Right. Thanks, thanks, Grant.
No, thank you, Andy.
Your next question comes from John O'Shea from Ord Minnett . Please go ahead with your question.
Morning, Grant. Can you hear me okay?
Yeah, I can hear you fine. Thanks, John.
Thanks. Thanks for taking my question. Look, I guess I just wondered if you could outline perhaps how we should think about the evolution of the business. If we could stand back strategically and just think about, you know, how things have evolved from, you know, obviously we've had the post-COVID sort of unwind, if you like. Now we're evolving to a more normalized environment, in terms of moving forward. How we should think about, I know you've given some numbers around fleet numbers, and you just articulate the board's thinking around the rental business and how important that's going to be moving forward as opposed to the vehicle sales part of the business and how you will then approach, you know, the capital expenditure and buying in those circumstances. Do you understand what I'm asking?
Yeah, yeah, I think I do. That's a great question. Thank you, John. The reinforcement that is set at the start around the growth in rentals and rentals being the core of the business is exactly what you're talking about. Vehicle sales ultimately in this business should make good money as part of our business model, but fuels the core rentals business model. I really don't like the idea when people call it disposals because there is real value to be had in that sales side of the business, and we continue to extract value. However, the reality is, rentals is where it's at. From a fleet growth perspective, we obviously had right from the start of the merger a very clear view that we could achieve the same or greater revenue on less fleet and that there's that broad utilization opportunity and synergy in fleet that existed.
We're happy again with that slower profile for fleet growth over the coming couple of years. As we said before, there's big utilization gains still to have in the business. Bringing that back up strategically, the board's really focused on the fact that rentals, rental growth is what it's about. Vehicle sales, we still need to be moving to keep our market position to keep the business model working, but let's win in rentals.
Thanks, Grant.
Your next question comes from Vignesh Nair from UBS. Please go ahead with your question.
Hi, team. Can you hear me?
Yeah, great. Thanks, Vignesh.
Okay, awesome. Just a couple of questions, sort of following on from Andy earlier, just on costs. Firstly, on fleet CapEx, you're sort of talking to, you know, flattening out, I suppose, fleet growth CapEx from here on. It's sort of sitting at about 8,100 vehicles and targeting 9,000 in FY 2028. Just wondering how investors and analysts should think about bridging the current number into the 9,000. You know, you're talking to pretty good rev path growth of 4%, and it feels like that's continuing into FY 2026. Just wondering on a steer on into next year what we should think about overall fleet size and how to bridge that into 9,000, please.
Yeah, so the average rental fleet size was 8,100. The closing rental fleet was 8,500, so you're starting off at that higher base. There's some room there. From a broad gross CapEx perspective, I'll get Ollie to talk through the gross and net CapEx expectations broadly because we haven't given those numbers and we're not giving those numbers. The RevPAR opportunity is probably a little bit greater than what you're thinking within there. We just don't need to grow the fleet substantially. The 8,500 to 9,000, again, that's a much, much smaller growth rate than what we've had over the last few years. We've averaged over 30% growth in our fleet number for three years in a row.
The other thing that we have got within those broader expectations of 9,000 vehicles is that there is some or all of a reduction of the U.K. and Ireland fleet within that as part of that review. Ollie, do you want to make a comment on gross net CapEx?
Yeah, we haven't given specific guidance on that, but gross CapEx will be substantially down. You see over the last three years, we've done NZD 300+ million in gross CapEx. We're not talking those sort of levels going forward, as you'll be able to see just from that fleet growth profile, and also projecting kind of incremental growth on a sales front. No kind of major assumptions there, but if you take those two elements together, you get a better net CapEx position than we've had in recent times.
Right. Do you have any idea of when you'll sort of get back to a balance sheet of, you know, below 2 x net debt to EBITDA? Is that kind of a guide that you guys use? Just wondering, you know, when the business thinks we'll sort of cross that barrier?
It's not necessarily a guide that we use. I know that some parts of the market do, but we're quite comfortable above 2x. It doesn't necessarily have to be there. If you put all the numbers together and obviously head towards that NZD 100 million, you're well under 2x at that point. Over the next three to four years, you've moved pretty heavily under 2x with nothing else changing.
We said in the strategic roadmap NZD 50 million coming out of across FY 2026, FY 2027, and that excludes any capital reallocation.
Okay, that's helpful. Just finally, digging into the North American business, I think you alluded to the fact that more recent RVIA data sees pretty robust growth year on year in both May and June. Just wondering what we should make of that and what your read is. Does it feel like a catch-up from the weakness at the start of the calendar year, or do you genuinely see this as sort of green shoots from upstream manufacturers in the North American market?
I'll be honest, Vignesh, it's hard to say. That market has, there are particularly Camping World, for example, are doing particularly well in the market. There are other dealers that are doing not so well at all. It's still very, very patchy. Whilst that's two months of growth and a decent growth rate over the prior year, it's still no consistent metric that we can see that says there's a real turn in customer sentiment at this point in time. Obviously, the announcements on Friday and what could come through from further OCR cuts, we'll see. We're not jumping up and down about it yet.
Okay, that's very helpful. Thanks, team.
Once again, if you wish to ask a question, please press star and one on your telephone and wait for your name to be announced. Our next question comes from Kieran Carling from Craigs Investment Partners. Please go ahead with your question.
Hi guys, thanks for the presentation. Just a question going back to your growth roadmap. You talk about growing rental days by 25% from FY 2025 levels over the next three to four years. Can you just tell us what level of utilization that would imply relative to your historical peaks?
It is some growth in utilization relative to historical peaks, which is again relative to the merger benefits that we see and some system changes that we've had. It's not substantive. It's not like there's a massive reliance on this new imagined utilization rate. It's slightly above historical peaks.
Okay, thank you. You've signaled that you're looking to potentially divest the U.K. and Ireland business. I guess it's been a challenging few years there, but how has your view of that market changed since you acquired the remaining 50% in 2022?
Yeah, look, I think there's a couple of things. One is that it's not operating at the scale opportunity that we thought that it could. I think we have been lumbered in that market by a number of core operating costs and changes in the market more broadly that are legislative in nature, both out of Europe and the U.K., that just make it more challenging, and thus the review, right? Do I think that with the right focus and energy that we could get it right? Yes. Do I think that there are bigger fish for us to fry in other parts of the world? Yes. We'll just need to see where that review concludes.
Okay, just following on from that question, you were reasonably confident in that market a few years ago. In the growth roadmap, you've talked about trying to get the USA and North America more broadly to the 15% ROFI target, despite the fact the USA hasn't hit that target since FY 2017. What does give you that confidence that you're going to hit those synergy targets?
You've got two things. One, you've focused on the key point in your last couple of words there around the synergy targets. The synergies are, by their very nature, far more controllable. That's one key point. We've done the hard work on that over the last two years with really sort of establishing what fleet we want, where we want it. Heck, up this year majorly from a tariff situation, which threw everything out of whack, but nevertheless, we're back on track after that. You're talking about a completely and utterly different scale in North America. It is the heart of RVs from a vehicle sales perspective. It's a completely different market from a number of competitive manufacturers. It's a completely different market. I think if there's a market to try and be able to get those things right, it's the North American market.
Okay, great. Thank you.
Our next question comes from Belinda Moore from Morgans. Please go ahead with your question.
Good morning, team. Can I just ask a few questions, please? One, what should we think of, just the underlying CapEx, just for the base business excluding the fleet? Should we also just be removing sort of the U.K./Ireland from our forecast? I mean, come the first half results, is it going to be gone? Just double-checking your NZD 100+ million net profit target. Does that include any sort of further acquisitions? Thank you.
Brilliant. Thanks, Belinda. Just quickly, the NZD 100 million doesn't include any further acquisitions. You probably make your own call around the U.K. It certainly won't be out by the end of the first half, just timing of these sorts of things and everything that sits behind it. I think those two are key. From an underlying non-fleet CapEx perspective, in FY 2024, we were NZD 14 million. We've averaged around the NZD 10 to NZD 20 million mark in general over time, so somewhere in between there, so let's call it that NZD 15 odd million. Jamie, back to you.
All right. We do have one additional question. This comes from Ben Wilson from Wilsons Advisory. Please go ahead with your question.
Thank you. Just a couple of incremental questions, guys. Firstly, on the forward rental outlook, pleasing to see still sort of up about 25% for A and Z. Just wondering how much pickup, I think you've mentioned you are seeing a pickup in inbound holiday maker volumes. The official figures today for both Australia and New Zealand have shown a sort of stagnation in those volumes. Are you definitely seeing a pickup in those in terms of your forward bookings? Sorry, Grant, just confirming you can hear me there with that question.
Sorry, Ben. We had a malfunction at this end, so we're on a secondary device. Can you just repeat your question quickly, please? Sorry about that.
Yep, no problem. I just wanted to drill into the, I guess, inbound holiday maker volumes as part of your forward rental book. I think you've sort of confirmed that for A and Z , it's up 25% versus PCP still as you stand. Obviously, inbound holiday makers are pretty critical to your rentals business. I guess the official volumes have really stagnated year to date this year across Australia and New Zealand. I just wanted to confirm that you are seeing a definite increase from your side of things.
Yeah, so obviously we're talking forwards, not actuals in the recent time. I think if you look at the New Zealand market over winter and the broader tourism stats, you'll see that, and tourism businesses, you'll see that they've had a pretty hard winter. In Australia, the Northern Territory period was positive, but again, you've got to be in those markets, which we are, to benefit from those. That's the sort of the current performance and the look back as opposed to the look forward. The other thing, when you look forward from a New Zealand perspective, the air capacity still isn't growing at a massive rate, but we have customers that book early, so we don't really see that air capacity having a significant impact from our perspective.
We're getting the natural underlying growth, and Australia similarly is starting to get more air capacity, but it's not quite there yet. From a government perspective, you know, New Zealand, while the broad industry, and if you look at Tourism Research, sorry, Tourism Export Council, their research is indicating 2027 for a recovery in total visitor arrival numbers. Australia's talking 2026, but the New Zealand government wants 2026 for New Zealand as well. We'll see. We're happy that what we're seeing isn't an anomaly at this point in time. As I said earlier in the call, don't expect that 25% will hold for the year, but nevertheless, we're expecting a very good growth rate.
Thanks, Grant. Just final question. Can you just comment on, I guess, the cost trends you're seeing with regard to new vehicle CapEx, especially those items that are less in your control, so cost of engines and chassis in particular?
Yeah, look, there is the odd thing that is quite anomalous in its increases, things like windscreen pricing. You've got a few manufacturers on a few items that are really seeing prices come up. Broadly speaking, we're actually seeing things pretty flat to small, inflationary increases. Obviously, that's what we've allowed forward, taking into account when we're looking at our build cost reductions.
Excellent. Thank you.
There are no further questions at this time. I would like to hand the floor back over to Mr. Webster for closing remarks.
Great. I really, again, as always, appreciate everybody's time. We'll catch up with people throughout the week ahead as well. Look forward to any other further detailed questions. Jamie, thank you very much for hosting us. We'll catch up with people during the week. Thanks again.
Thank you, everyone. That does conclude our conference for today. We thank you for participating. You may now disconnect your lines.