Q4 2026 Rent.com.au Ltd Earnings Call
Speaker #1: Presentation that we recently launched with the ASX, and then have some time for Q&A at the end. Please feel free to use the Q&A function at any point to ensure that we can deal with your questions efficiently afterwards.
Speaker #1: Thank you very much. FY26 was a transformational year for Rent.com.au. That phrase is often used by CEOs and directors to kind of describe their companies, but in the case of Rent.com.au, it has never been truer.
Speaker #1: We've reset and repositioned the business by bringing in-house our RentBond product, which has been a catalyst for record revenues, operating cash flow, and putting us on the path to near-term break-even.
Speaker #1: We've strengthened the business by moving away from inconsistent transactional revenue streams toward solutions that not only create an enduring benefit for our customers, but also recurring revenue streams for Rent.com.au, allowing us to grow.
Speaker #1: It has also allowed us to make some key decisions for the future of the company, and opened up a clear strategy for realizing our purpose.
Speaker #1: And that purpose is to turn renting into a rewarding experience. We've not wavered from this over time, but we've, I guess, crystallized exactly how we believe we can do that.
Speaker #1: And that's through empowering renters, financially, helping them take control of their financial finances to turn renting into a rewarding step toward independence. As many of you would recognize from previous presentations, we've done renting as fast-growing, and it's a very high-value segment.
Speaker #1: At the last census, about almost 1 in 3 Australians were renters, but we know from the USA, UK, Canada, etc., that the potential is much greater.
Speaker #1: And in fact, today, in Sydney, more than 50% of people rent. Most renters are young professionals, living in the inner city, prioritizing career, etc., over a mortgage out in the sticks.
Speaker #1: They are 60% of renters are under 35. They are tech-savvy. They're financially savvy. But they are time-poor. 90 billion dollars a year is paid in rent, and every month, 220 million dollars of bonds are lodged with various bond authorities.
Speaker #1: Renters are a huge segment of the population, and they want something better. Most renters are happy renting, and they're renting for longer. But increasingly, they're under financial pressure.
As many of you would recognize from previous presentations, we've done--renting is fast growing and it's a very high-value segment. At the last census, almost 1 in 3 Australians were renters.
Speaker #1: Over the last 5 years, the average rent has increased by 42%. So our opportunity is providing them with smart, tailored solutions to deal with their financial pressures of a tight rental market.
But we know from the USA, UK, Canada, etc., that the potential is much greater, and in fact, today in Sydney more than 50% of people rent.
Speaker #1: That helps us build engagement, and over time, it builds a long customer lifetime and large customer lifetime value for us. We have 3 distinct product verticals.
Most renters are young professionals living in the inner city, prioritizing career, etc., over, um,
Speaker #1: The closely related, but they are very different revenue models, are original listings portal attracts more than 400,000 unique visitors per month, seeking properties and advice, but all the revenue we earn from that is all transactional.
A mortgage out in the sticks. They are—so, 60% of renters are under 35. They are tech-savvy, they're financially savvy, but they are time poor.
$90 billion a year is paid in rent, and every month $220 million of bonds are lodged with various bond authorities.
Renters are a huge segment of the population, and they want something better.
Speaker #1: Once they move is where RentBond applies. It's key to helping them not only secure their home, but also fund all the related moving costs.
Most renters are happy renting, and they're renting for longer.
Speaker #1: I'll cover this product a little bit more detail shortly. Finally, RentPay is for when they've moved in. It provides them choice and flexibility. Choice in payment methods.
But increasingly, they are under financial pressure. Over the last five years, the average rent has increased by 42%.
Speaker #1: They can pay anything from direct debit, pay ID, BPAY, through to Alipay, WeChat Pay, etc. And by flexibility, we mean timing. So you don't have to pay the rent every fortnight if you want to.
So, our opportunity is provided with smart, tailored solutions to deal with the financial pressures of a tight rental market.
That helps us build engagement, and over time, it leads to a longer customer lifetime and a larger customer lifetime value for us.
Speaker #1: You can pay monthly, weekly, etc. Pay when it suits you, and we pay the agent when they need it. Both RentPay and RentBond revenues are primarily recurring in nature.
Speaker #1: So these 3 products, while separate, work well together, but they could be so much better when combined. A better customer proposition and a more efficient operation for us.
Sorry, I realized that the presentation is not actually displayed. So I will just jump to, um,
Speaker #1: RentBond has been the catalyst for our growth over the last year. So I'd like to explain this product a little bit better. Essentially, what it does is it solves the bond gap.
To slide 7.
Speaker #1: So when a renter moves, needs to secure a property, they apply. Once they're approved, they need to put down 4 weeks' rent for the bond, and they lease 2 weeks' rent in advance just to secure that property.
Hopefully, you can all see that.
So, today we have three distinct product verticals.
Speaker #1: But they don't move for another 2 or 3 weeks at least. So this gives them a gap where the old bond is still tied into the property they're renting, but they've already had to put a big outlay out.
They are closely related, but they are very different revenue models. Our original listings portal attracts more than 400,000 unique visitors per month.
Seeking properties and advice.
Speaker #1: On top of that, there's a whole bunch of moving costs, cleaning, end-of-lease cleaning, etc. So what RentBond does is we've kind of tailored essentially what is a pretty vanilla personal loan product.
But all the, um, the revenue we earn from that is all transactional.
Speaker #1: We provide them the opportunity to repay it within 21 days when they get the old bond back. And if they do so, zero fees, zero charges, so great product for tenants, great product for real estate agents, because we don't disrupt their property management process at all.
Once they move is where End Point applies its key to helping them not only secure their home, but also fund all the related moving costs.
I'll cover this product in a little more detail shortly.
Finally, rent pays for when they've moved in. It provides them choice and flexibility.
Choice and payment methods that can pay anything from direct debit, PayID, BPAY, through to Alipay, WeChat Pay, etc.
Speaker #1: We don't take any security over this, so we don't complicate things. Customers love it. Since we've brought it in-house, it has predominantly 5-star reviews that we've had through Trustpilot, etc.
Speaker #1: And we have a lifetime average of about 4.8 stars, indicating that customers really appreciate the timing of the product, they appreciate how quickly we can actually help them into a home.
And by flexibility, we mean timing—so you don't have to pay the rent every four times. If you want to, you can pay monthly, weekly, etc. Pay when it suits you, and we pay the agent when they need it.
Both rent paid and on revenues are primarily recurring in nature.
So, these three products were separate but work well together.
Speaker #1: What you can see from the distribution of RentBond loans is that it's pretty tightly concentrated around that 4 to 6 weeks of rent, and around about sort of 12 to 15-month period, which again aligns with most people's lease terms.
But they could be so much better when combined with a better customer proposition and a more efficient operation for us.
Speaker #1: Importantly, there are not a lot of lenders that operate in this segment. You have payday loans right at the bottom end, lending up to $500 for up to 62 days, but frankly, most of it is much shorter.
Grant Fund has been the catalyst for our growth over the last year, so I'd like to explain this product a little bit better.
Speaker #1: And then you have the non-bank lenders that won't lend you less than $5,000 and won't lend for less than 24 months. So there's a real gap in the market that RentBond is filling, and that's why we've been able to ramp it up so quickly and so successfully.
Essentially, what it does is it solves the bond gap. So when a renter needs to secure a property, they apply. Once they're approved, they need to put down four weeks' rent for the bond, and then the next two weeks' rent in advance just to secure that property.
Speaker #1: A big catalyst. So we've had this product in market for a long time, but we've always just referred it to third parties to provide the loans.
Speaker #1: A big reason for us bringing it in-house is not only that we have the capability via our RentPay platform and with the management expertise that we we have, but from our modeling, we indicated that there would be a 6-times revenue uplift and a 3-times profit uplift from bringing RentBond in-house.
But they don't move for another 2 or 3 weeks at at least. So this gives them a gap where the old bond is still tied into the, uh, into the property. They're renting. But they've already had to put a big out layout on top of that. There's a whole bunch of moving costs, uh, cleaning and in the Middle East here, Etc. So what read 1 does is we've kind of tailored essentially. What is a pretty vanilla personal loan product?
Speaker #1: Our actual results are bearing this out. And so that's why we're kind of seeing that there's a steady march towards greater revenues and steady march towards EBITDA break-even.
Uh, leaped within 21 days when they get the old one back, and if they do so—zero fee, zero charges. Um, it's a great product for tenants, great product for real estate agents because, uh, we don't disrupt their property management process at all. Um, we don't take any security over this, so we don't complicate things.
Speaker #1: Now, there is an anomaly in the accounting model in that we recognize most of the costs upfront, but we recognize the revenue over the life of the loan.
Speaker #1: There is a spectrum of the fact that we get some of that revenue in cash when the loan is settled. This creates a gap, and it means that under the new model, it takes about 7 months for a loan to become more profitable than just a referred lead.
Customers love it. Um, since we've we've brought it in-house, it is predominantly 5-star reviews that we've had through. Trust Pilots Etc and we have a lifetime average of both 4.8 Stars indicating the customer's really uh appreciate the um timing of the product. They appreciate how quickly we can actually help them into our home.
Speaker #1: But over the life of that loan, the average of just over 12 months, we get more than 3 times the profit. This focus on recurring revenue, as I've mentioned, is delivering results.
What you can see from the distribution of rent loans is that it's it's pretty tightly concentrated around that 4 to 6 weeks of rent and around about sort of 12 to 15 month period. Which again, line aligns with most people's, uh, lease terms importantly,
There are not a lot of lenders that operate in this segment. Uh, you have payday loans, right? At the bottom end, lending up to $500 for, uh,
Speaker #1: So as of the June quarter, Q4, FY26, about 75% of revenue was recurring revenue, and we've grown from about 0.9 million, so 900, higher 800,000 a year ago, to 1.35, which is under 1.4 million in the June quarter.
Up to 62 days. But frankly most of it is is a much shorter and then you have the non-bank lenders that won't lend you less than 5,000 and won't lend for less than 24 months. So there's a real Gap in the market that rent 1 is full length and that's why we've been able to ramp it up. So so quickly and so successfully.
Speaker #1: A million of that was from recurring revenue. Importantly for us, the EBITDA keeps closing. So down to the Q4, FY26, we were at just under half a million dollar EBITDA loss, and that's improving by over 200,000 each month.
A big catalyst. I said we've had this product in market for a long time, but we've always just referred it to third parties to, um, to provide the loans.
Speaker #1: So putting us in good stead and giving us great confidence that we can achieve our 2026. December targets, of 1.8 million dollars of quarterly revenue and EBITDA break-even.
A big reason for us bringing it in-house is not only that we have the capability via our own paid platform and the management expertise that we have, but
From our modeling, we indicated that there would be a 6x revenue uplift and a 3x profit uplift from bringing RentHouse.
Speaker #1: The next phase for us is bringing these different parts together to create a stronger business through one connected platform. We already know that our individual products work well.
Our actual results are bearing this out. And so that's why we can assume that there is a steady march towards gradual revenues and extend much towards break-even.
Now.
Speaker #1: But making customers don't take more than one product very often. So for us, presenting it in one unique experience that can actually move seamlessly from searching for a property through getting their RentBond and then into RentPay, creating a greater lifetime value, creating greater value for us, but also just making it really easy for customers to actually make use of our different products and for us to tailor a better experience for them for each stage of their renting.
There is an anomaly in the accounting model in that we recognize most of the costs up front, but we recognize the revenue over the life of the loan, irrespective of the fact that we get some of that revenue in cash. When the loan is settled, this creates a gap and it means that under the new model,
It takes about seven months for a loan to become more profitable than just a referred lead, but over the life of that loan, on average just over 12 months, we get more than three times the profit.
Speaker #1: On top of that, it also provides us the platform to introduce savings products, expand the range of loan products that we have, expand the range of payments, so beyond rent to other bills, and also introduce insurance, etc.
Speaker #1: This is just a concept that the team of mocked up in terms of what this could look like. But it is all real and all doable.
This focus on recurring revenues. I've mentioned is delivering results. So as of the June quarter Q4 FY, 26 about 75% of Revenue was recurring revenue and we've grown from a partner Point, 9 million. So 900 High 800,000 a year ago to 1.35, which is under 1.4 million in the June quarter a million. If that was from recurring Revenue,
Speaker #1: Importantly for us, we're not rebuilding anything. We actually already have the core parts there, or we're doing is putting a user experience layer over the top of our existing infrastructure.
Speaker #1: This thing gives us the catalyst to then add the savings and our bill splitting roundups, etc., and really create that financial hub that's going to power both the renter experience and profitability for Rent.com.au.
Importantly for us we even dark here. Yeah, keeps closing. So done the Q4 FY. 26, we were at just under half a million dollar ibid dilas and that's improving by over 200,000 each month. So putting us in uh in in good stead and and giving us great confidence that we can achieve our 2026.
December targets of $1.8 million of quarterly revenue and even dark breakeven.
Speaker #1: This will happen over a period of time. So FY26 was all about strengthening and repositioning the business, bringing RentBond in-house, removing the barriers that customers had to using RentPay, so that we have a freemium model in place now, and that we've seen there's been strong organic growth from customers through that.
The next phase for us is bringing these different parts together to create a stronger business through one connected platform.
We already know that our individual products work well.
Speaker #1: More than 70% of our group revenue is now recurring. We're seeing great revenue growth year over year, and we're driving profitable cash flow. This next half is all about bringing that single platform together.
But customers don't, uh, take more than one product very often. So for us, presenting it as one unique experience that can actually move seamlessly from searching for a property—
Speaker #1: So one renter experience that builds loyalty and expands the cross-sell opportunities for us. So we're still targeting 1.8 million revenue for the December quarter and EBITDA positivity, and we'll do that through strengthening positive operating cash flow and recurring revenue percentages.
They are getting their inbound and then into rent, creating a greater lifetime value, creating greater value for us, but also just making it really easy for customers to actually make use of our different products, and for us to tailor a better experience for them for each stage of their renting.
Speaker #1: As we move into the second half of FY27, we want to deepen that value in terms of the platform. We will remain consistently EBITDA positive.
On top of that it also provides us the platform to introduce savings products. Uh expand the the range of of loan products that we have expanded at the range of payments. So beyond rent to other bills uh and also introduced Insurance Etc.
Speaker #1: We will accelerate revenue growth and gross margin growth beyond where we are now, and we'll maintain positive operating cash flow and recurring revenue above 70% as we do that.
This is just a concept that the team have marked up in terms of what this could look like.
But it is all real, and all doable.
Importantly for us, we're not rebuilding anything.
Speaker #1: This monetization will include more engagement tools for renters, but increased revenue through savings products, introducing a rewards program, and other AI-enabled tools that renters want.
Parents lay out over the top of our existing infrastructure.
Speaker #1: As we move beyond FY27, we'll continue to enrich the platform. We'll continue to grow customer loyalty and compound growth. We expect within 4 years that we'll be able to achieve a 4 times revenue growth.
This thing gives us the catalyst to then have the savings, bill splitting, roundups, etc., and really create that financial hub that's going to power both the renter experience and profitability for Rent.com.au.
Speaker #1: We'll be able to grow our EBITDA margin to above 40%. We'll be profitable at a net profit after tax level, and we will continue maintaining that recurring revenue percentage and positive operating cash flow as we continue.
Speaker #1: So just in summary, we've got a really strong momentum from FY26. We've carried that into FY27. July was the first ever month with more than 500,000 of revenue.
This will happen over a period of time. So if y 26 was all about strengthening and repositioning the business bring rent on in-house removing, uh the barriers that customers had to use in rent pay. So that uh we have a a premium model in place now and that we've seen, there's been strong organic and growth from customers through that uh, More than 70% of our group revenue is now recurring. We we seeing um, great Revenue growth year over year and we try and profitable cash flow.
Speaker #1: Our EBITDA continues to improve month on month, quarter on quarter, putting us on track for that positive EBITDA for the December quarter. As I said before, we have an existing proven platform.
This next half is all about bringing that single platform together.
Speaker #1: So bringing together into a single platform does not mean a whole rebuild of everything we've done. We've already got that. We're just layering a user experience over the top of that to make it easier for renters to find our different products.
So, one renter experience that builds loyalty and expands the, uh, the cross-sell opportunities for us. So, we're still targeting $1.8 million in revenue for the December quarter and EBITDA positivity. And we'll do that through strengthening, uh, positive operating cash flow and recurring revenue percentages.
Speaker #1: We're starting to see a repeat RentBond usage coming through, so people that started taking loans in August, September last year are coming back looking for additional loans for alternative purposes, and we've amended our process to be able to easily do that.
As we move into the second half of FY27, we want to deepen that value. In terms of the platform, we will remain consistent, even to our positive. We will accelerate revenue growth and growth mileage, and growth beyond where we are now. And we will maintain positive operating cash flow and recurring revenue above 70% as we do that.
Speaker #1: There are great quality of customer because we've got known repayment history through them. But it also also allows us to build that ongoing loyalty over time.
Speaker #1: As I mentioned as well, we've seen organic RentPay customer growth since we introduced the freemium model, and that really demonstrates the ability for us to build a strong and loyal customer base.
This monetization will include, um, more engagement tools, uh, for renters but, uh, increased Revenue through savings products. Introducing a Rewards program, uh, and other AI enabled tools that renters want
Speaker #1: We've got 6.6 million dollars in cash and 6.25 million dollars in undrawn debt, which is more than enough to see us through and executing this strategy.
As we move beyond FY27, we will continue to enrich the platform while continuing to grow our customer loyalty and compound growth.
Speaker #1: Although open up for questions, please use the Q&A button to submit your questions, please. I've also had a number of questions sent through ahead of time.
We expect that within four years, we’ll be able to achieve a four times revenue growth. We will be able to grow our EBITDA margin to above 40%. We will be profitable at a net profit after tax level, and we will continue maintaining that recurring revenue percentage and positive operating cash flow as we go forward.
Speaker #1: And I'll start with those. So the first one is a question from Andrew. Ahead of the December EBITDA target, what's the timeline for merging the platforms and rolling out savings and insurance?
So just in summary, we've got really strong momentum from FY26. We've carried that into FY27. July was the first ever month with more than $500,000 of revenue.
Speaker #1: And then a follow-up question to that is, what are the near-term catalysts shareholders should look out for? So just in terms of answering that, look, as I said, it doesn't need a whole rebuild.
Even though that continues to improve month on month, quarter on quarter, putting us on track for that positive EBITDA for the December quarter.
Speaker #1: So we are working through the user experience layer and putting that together. While at the same time introducing some of those alternate products. So our target is to have that single user experience and single sign-on across the different aspects of the platform in place as we move into the January renting peak.
As I said before, we have an existing, proven platform. So bringing everything together into a single platform does not mean a whole rebuild of everything—we've already got that. We're just layering a user experience over the top of that to make it easier for renters to find out about different products.
Speaker #1: In January 2027. But we're not waiting before we start launching other products. So we expect to have our first savings product out by the end of the September quarter.
We're starting to see a repeat Rent 1 using coming through. So people that uh, started taking loans in in August, September last year are coming back looking for additional loans for for alternate purposes. And we've uh amended our our process to be able to easily do that. They're a great, uh, quality of Customer because we've got known repayment history through them.
But it also allows us to build that ongoing loyalty over time.
Speaker #1: Creating an opportunity for renters to earn a far greater than cash rate of return. But we are continuing to build out other savings products in the background behind that.
Uh, as I mentioned as well, we've seen organic rent pay customer growth since we introduced the Premium model, and that really demonstrates the ability for us to build a strong and loyal customer base.
Speaker #1: Insurance is probably a further while away. We believe there are other opportunities that can accelerate our profitability before that. And we do want the insurance products to follow the mold that we've done with RentBond, for example, where it's really tailored to a renter's needs.
We've got 6.6 million dollars in cash and 6 and a quarter million dollars in undrawn debt which is more than enough to see us through uh and executing the strategy.
Speaker #1: And not just being generic referral of insurance. We actually want a really good product. So I'll say insurance is probably more of an FY28 thing.
Open up for questions. Please use the Q&A button to submit your questions, please.
I've also had a number of questions sent through ahead of time.
And I'll start with those.
Speaker #1: So in terms of the catalysts that shareholders should look for in the run-up to the December quarter, we'll continue to put out trading updates advising shareholders of how we're tracking against those targets.
So, the first one is a question from Andrew.
The head of the December IBA target—what's the timeline for merging the platforms and rolling out savings and insurance?
Speaker #1: But you will also see product releases coming through, including in the September quarter our first savings product. There's a question from Connor. What are the actual losses from RentBond?
And then a follow-up question to that is: what are the near-term catalysts shareholders should look at for?
Speaker #1: So that's a good question, and it's always I guess a bit of an unknown when you launch a product, although we did have a lot of experience with our previous funding partner, FAGO, where we referred loans to them.
So, just in, in terms of answering that look, as I said, it doesn't need a whole rebuild. So we are working through, uh, the the user experience layer and putting that together, while at the same time, introducing some of those alternate products. Uh, so our Target is to have that single user experience and single sign on across the different, um, aspects of the platform in place as we move into the January renting Peak,
In January 2027.
Speaker #1: So based on that experience, we modeled or budgeted a 7.5% loss rate. Currently, we're tracking below that in terms of our provisioning. But we've actually added a layer on top of that just to be conservative.
Speaker #1: So we're re budgeting sorry, we've provided for more than that, but we're actually seeing that our performance is trending below. But it's much better to be able to release the provision than to have a top-up.
Speaker #1: There's no doubt the broader economy is kind of playing a part in this, with renters being squeezed. But we are very diligent in terms of not lending to people that we feel are under pressure and cannot afford the loans.
Speaker #1: And so that's why our performance is better than we're expecting. It's always a balancing act between sort of helping somebody enter a home or lending them a loan that they will struggle to repay.
To have our First Savings product out, by the end of the September quarter, um, creating an opportunity for renters to earn a far greater than, than cash rate of return. Um, but we are continuing to build out other savings products in the background behind that, um, insurance is probably a further. Well, away we believe there's there are other opportunities that, um, can accelerate our profitability before that and we do want the, the insurance products to be to follow the model that we've done with with rennbahn, for example, where it's really tailored to their renters needs and not just being generic referral of insurance or we actually want a really good product. So I'll say insurance is probably more of an airfry 28 uh thing.
Speaker #1: And we don't want to do the latter. There's a question from Philip. You've impaired RentPay. Does that mean it was a mistake?
Speaker #2: Look, I absolutely say it wasn't a mistake. We're very confident in terms of the future of RentPay. As I said before, it's a $90 billion a year addressable market for us.
So, in terms of the Catalyst that that shareholders should look for when they run up to the December quarter. Uh, look, we'll continue to put out training updates. Um, advising shareholders of how we're tracking against those targets. Um, but you'll also see product releases coming through including uh, in the September quarter, our First Savings product.
Speaker #2: We're not bidding it. What we're doing is we are we're just, I guess, providing a different overlay for customers so they can access RentPay and the other products in a much more efficient manner.
There's a question from Connor: What are the actual losses from RentBond?
Speaker #2: So the impairment is more a, I guess, a working through with the auditors and looking at things on a standalone basis rather than, as a single platform basis.
Speaker #2: In fact, we've actually bought back the last in the 2.5% outside ownership of RentPay because we believe in that product and we believe in the future of it.
Speaker #2: I don't see any additional questions. Maybe like to just give it a last chance if there are any open questions, please use the Q&A function to ask them.
Speaker #2: Outside of that, we're always welcome to take questions, either by phone in the company or emailing us at investors.rent.com.au. If there are no further questions, I'd like to thank you for your participation today.
Uh, so that's a, that's a good question and it's, it's always, um, I guess a bit of an unknown when you launch a product, although we did have a lot of experience, uh, with our previous funding partner, uh, fgo where we referred lines to them. So, based on that experience, we we modeled or budgeted a 7 and a half percent loss rate. Currently, we're tracking below that in terms of our provisioning, um, but we've actually added a layer on top of that, just to be conservative. So, we, we, we we, we, we funding we, sorry we provided for more than that. But we're actually seeing that our, um, our performance is, is trending below, um, but it's much better to, to be able to release a provision and then to have that and top up, uh, there's no doubt. The broad economy is kind of uh, playing a part in this with renters being squeezed but we are very diligent. In terms of not lending to people that we feel are are under pressure and cannot afford the lines. Uh, and so that's why our performance is better than we're expecting. So it's always a balancing act.
Between sort of helping somebody into our home or lending them a loan that they will struggle to repay, and we don't want to do the latter.
Speaker #2: As I said, we're always happy to contact or to be contacted by shareholders. Please feel free to do so at any time. Thank you very much.
Uh, there's a question from Phillip. Uh, you've impaired rent, pay. Does that mean it was a mistake?
Look absolutely say it wasn't a mistake. Uh, we're very confident in terms of the future of rent, pay. As I said before, it's a 90 billion dollar a year addressable market for us. Uh, we're not, we're not bending it. What what we're doing is we are, um, we just I guess providing us a different overlay for customers so they can access through and pay and the other products in a much more efficient manner. Uh, so the impairment is is more a, um, I guess a working through with the Auditors and looking at things on a on a standalone basis, rather than, as a single platform basis. In fact, we've actually bought back the last in the 2 and a half percent outside ownership of rent, because we believe in that product and we believe in the future of it,
I don't see any, uh, additional questions. Um, maybe I'd just like to give it a—
A last chance if there are any open questions, please, um, please use the Q&A function to ask them, uh, outside of that, we're always welcome to to take questions, either by phone in the company, or emailing us at investors at rent.com.au.
No further questions. I'd like to thank you for your participation today. Uh, as I said, we're always happy to contact L to be contacted by by shareholders. Uh, please feel free to do so at any time, thank you very much.
