Earnings Call: Q1 2021

Apr 26, 2021

Hello. Welcome to the Q1 results call of Alten. Bruno Benoit Biel, Deputy CEO, will take the call. Over to you. Good evening. Thank you all for joining our quarterly call for the business of first quarter twenty twenty one, the resumption of activities that we saw in Q4 of last year that was very low at that point has strengthened as you can see through the figures in the press release sent out by Cecile a few moments ago, even if performance remained mixed both geographically as well as separately, the business decrease has been almost halved versus Q4 twenty twenty, whereas Q1 last year was the strongest quarter in Alten's history. Revenue came in at EUR $681,000,000, down 1.3% versus last year. It would have been flat constant exchange. The combination of organic growth and external growth has erased over a year in terms of activity. The crisis that we have gone through and that is not over yet. France, business is down 12.7%, 15.3% like for like outside France. Business is up 6.8%, but 5.6%. So overall, at constant scope, the decrease of activity for Alton this quarter comes in at minus 9.6%. The activity rate has gradually improved but remains insufficient going from 96.6% in Q4 to 88% in Q1. The trend remains positive from 87% in January. The activity rate grew to reach 88% in March and is coming close to the normative rate of 92, 92.5 for Alton. Many countries or regions have returned to normative activity. Rates are even higher And the intercontracts in certain areas are surprising. Toulouse, for example, automotive in France and Germany in particular. The use of part time work has been reduced. It remains in France and Germany. It was 5% furlough schemes at group level at Q4. It was reduced to less than 3% in Q1 this year. And as I said, essentially in France and Germany because it's still 6% in France and 12% in Germany. Headcount continued to decrease during the quarter. We were 33,800 people, 29,400 engineers at the December 2020. Today, we're 37,150 at the March, 32,400 engineers and consultants on a par with March. We were 37,500, of which 32,700 engineers at that date. Excluding acquisitions and disposal, engineer headcount, 30,980. That's a sequential improvement between December and March of seven eighty people as follows minus 129 in France plus nine zero nine outside France. If we now look at the situation by geography as we usually do at the March in France, activity down 15.3% still penalized by automotive and civil aeronautics. Automotive, 11.5% of revenue still down 35% and aerospace 20% of revenue. France decreased by 35%. Other sectors are up for the most part. The buoyant sector, energy 16% of revenue except for oil and gas, pharma 9%. Rail and naval, 8%. Defense and security, also 8% of revenue. In France, all these sectors are up by 10% or more. International, the situation has also markedly improved even if some countries or countries have too high bench rates. Outside France, activity is down 5.6%, whereas the decrease was at 12.4% in Q4 last year. North America, particularly in The U. S, representing 80% of NORAM activity is down by further 10% minus 20% in Q4 last year because of auto oil and gas and services. Canada, 20% of NORAM growth continues. It was 11% this quarter. Thanks to the bank insurance, tertiary sector, telecoms In Canada, all sectors are up, save aerospace and energy, only representing 10% of Canadian revenue, both. In Germany, business is down by 24%. Unfortunately, a major decrease reflecting an improvement in the situation because it was significantly reduced Q4 20% was down 31%, Q3 down 34%. Let me say that the decrease of growth rates are comparable quarter on quarter insofar as activity dropped in H2 last year, and we don't benefit from a base effect that will become favorable as of Q2. The 2020 was a very high quarter for Alton. Activity in Germany picked up slightly in automotive. However, it's still at minus 23. Sure, that's better than the minus thirty and forty the last quarters of last year, but it's still insufficient. Aeronautics business has not picked up in Germany, unlike France, where we see a slight improvement, minus fifty, percent, a sector that only represents 18% of revenue in Germany. The other main sector, finance service industry is up, life science. In Spain, activity down 5.6%. Telecom service and aerospace, it's up across all the other sectors. In Italy, activity continues to grow almost spectacularly. Growth hasn't weakened slightly in 2020 this year, top of 20% in Q1. All sectors are growing, highest growth rates being automotive plus 27%, representing 20% of revenue, defense and space plus 30%, 12% of Italian revenue, rail and life sciences. Scandinavia at constant scope, revenue is still down 15%. Finland, a quarter revenue of the area. Activity is only down 5%. Industrial equipment almost back to normal. Sweden, three quarters. Activities improvement even if it's still down 19%, it was minus 28% in Q4 because of auto and heavy trucks, a third of the sector. All the others are Benelux posting 3% growth activity back to breakeven in Belgium where most sectors are growing, especially pharma. Netherlands activity grew 6%, thanks to electronics and semiconductors, all sectors growing. Asia, the scope sees a return to growth. Organic growth comes in at 15.5%. India represents 30% of APAC China, 20% delivered an increase of 16%, 17% Japan, 15% growth above 25% India grew, thanks to electronics, semiconductors, auto service China auto electronics and semiconductors too. UK business continues to recover, even if the decrease 12%, still impacted by the decrease in aero and auto, but diversification in other sectors are growing strongly. Switzerland for the first time activity stabilizing down in the industry whereas all other sectors are growing. Life science and finance notably Eastern Europe that we have added to the chart, it represents 2% of group revenue. Activity grew strongly in Poland, plus 40%, thanks to Financial Services, Ditto in Romania. To a lesser extent, activity is only up 10%. That's the review of the activity by geography. By sector of activity as I do. I'll give you the main trends in q one. The change by sector follows up from the H2 last year. Auto, an aero lastingly impacted by the crisis, civil aeronautics, the others flat or growing. If we start with auto, 16% of revenue, now 23% slightly up because we were at minus 36% in Q3, minus 33% on Q4. At carmakers, the situation is mixed. Some are growing quite significantly above 10% at CA or Ferrari, others growing VW to others decreasing equipment suppliers, Ditto, pretty mixed bag. Rail, naval, 5% of revenue growth is still double digit. The outlook is good in both those sectors. Aerospace is down 38%. Activity stabilized at minus 50. Q3 and Q4 picked up slightly. Visibility is pretty low in civilian aerospace at Airbus. The space subsector 2.5% of the 10.5 picked up as anticipated as of Q1, only down 5% versus 2020. Defense and Security, 5.2% of revenue picked up. Activity, grew 10%, some accounts growing strongly. Energy, 11.5% of group is stable, but oil and gas at 5% is down 13% following additional budget cuts following the drop in oil prices. Nuclear, just over 3% continues to grow by 11%. Energy equipment, over 3% of revenue, has growth rates topping 10%. Life sciences almost 10% of revenue henceforth growth also accelerated 10.5% thanks to the pharma sector essentially. Medical equipment is stable. Other industries account for 6% of revenue, up 5% also after a decrease of 10% in 2020. Telecoms, 6% of revenue, slightly down minus 4%, primarily due to certain telcos, but the trends are very considerably. All clients are up except for Orange at the start of the year and SFR Altice. That was already the case last year in significant proportions because they'd implemented the decision to reinternalize decisions that accelerated with the COVID crisis and continues to be rolled out the first quarter twenty twenty. Okay. Can you repeat? Electronics, media, and ecommerce, 7% of revenue stable, resuming significant growth in spite of 80% drop in activity at Amadeus. Semiconductors and electronics activity made up the bulk of growth. Lastly, bank and finance stable both in retail services and public services and also bank assurance, varying by geography and by client. It can be quite a difference from one area to another. Onto m and a activities for the quarter. We already announced first acquisition 2021. One of the companies we relisted in relisted in the release. We have three acquisitions in 2021 in France and outside of France. In France, the first company in information systems, this has already announced €37,000,000 in revenue, 180 employee consultants. In Germany, we acquired a company in automotive software with existing clients. Their revenue is €10,000,000. We also bought a small company that's in consulting and agile training to boost our footprint for a specialized sub subsidiary in The US. Their locations in The UK and Finland, 9 and a half million in rev last year. All these companies will be consolidated as of 01/2021. The outlook for 2021 now, it's still early days to give you specifics. But you well, usually anyway, we don't we make major points in April regarding the full year. And we can say that we haven't yet seen any of the crisis. So there are ups and downs, as there are lockdowns and easing of lockdowns. But we can say that working from home is doing is going well pretty much everywhere now. It's not a drag on deliveries. It can be sometimes down on commercial meetings. So it's easier to conduct business in person in person than via Teams or Teams or Zoom. But as we've seen in the figures, activity all in all remains satisfactory. Organic growth would be fairly high without automotive and electronics. Unfortunately, though, here we're having to contend with two factors that are hit structurally by the health crisis, and that will continue for another year or two, at least, in aeronautics, certainly. Resumption activity was somewhat stronger than we'd expected, to be frank, in the quarter, particularly in February, March, especially returned to a 90% activity level. We hadn't expected that resumption as soon since some geographies are still down at 8088%. Unless the health crisis worsens again, we should resume organic growth by q three twenty twenty one. Last year, we'd ask someone asked a question that I couldn't answer today. Can say that, really, honestly speaking, unless things really took a substantial downturn between now and then. In spite of cuts and some seasonal projects, we should September be a positive year to date for Alton Group one. So there you go. I'll let the participants ask questions. I assume some people do have questions now, so we'll open up for q and a now. Please know if you'd like to ask a question, please press star one. I'll tell you when you can ask your questions, then you will unmute at that point. First question. You have the floor, sir. Hello, Bruno. I don't know if you can hear me. I've got three questions, actually. The first one, autumn on automotive. Could you give us more specifics regarding Italy performing fairly well versus France and Germany? Ferrari and others apparently doing well. About market share? Is there a change in market share, or is it just that budgets are up? Second question. On furloughs, 3%. I'm wondering, do you think as of q three, that'll be a thing of the past? Last question. Gross margin. At the last call, you said there was no issue regarding consultant wages. Is that still the context? Thank you. Answer. Questions in order. On automotive, a slight uptick in automotive. We're gonna have various offers and consultations in q one. It's not feeding into revenue yet, but still we're seeing somewhat of a recovery in the German automotive sector, mainly for projects relating to software, embedded software, and also projects having to do with the zero emissions vehicle. It won't come as a surprise to you. In France, the a less clear cut recovery in the automotive sector, but it should really come into play in the second half, I think, especially in PSA and Reno account. Now Italy, I can't say if we're gaining market share or if budgets are up, But my feeling is we've got a truly excellent team, and we probably will be gaining market share. Price is going up by 20%. I don't think that's happening against the. I suspect there's another phenomenon. The vehicle makers So we have the increased outsourcing, and there's a shift on external cost versus internal cost. And that's one explanation of the big uptick. Something we already emphasized last year, somewhat going against the trend that we're seeing among other carmakers. Now Sweden, activity stabilized. Ford in The US resuming growth. That's, of course, good news. Volkswagen, it varies from market to market, growing in some areas such as Germany, Northern Germany, and still seeing negative growth in Southern Germany. So those are points you're in the main establishment. UK, Shack, or a Land Rover, big accounts as well. For the time being, there's a very, very soft uptick in activity. All the vehicle makers and equipment suppliers to a lesser degree are in the same situation. Quick transition towards all electric. Some makers today are shifting completely to hybrid electric. We have slots for vehicle deliveries. They the vehicles work well in cities, but for longer distance travel, somewhat different situation sometimes. So the right response has to be sound. We'll probably see an increased demand for projects in the upcoming months and years months and years. We're less worried about automotive as opposed to aerospace. In aerospace, there has been a recovery, especially in France, not as much as in Germany. But this is going to be a lot slower than the recovery we're gonna be seeing in automotive. Now on to furlough in France, in Toulouse, mainly, and also not we still have projects with our ex Airbus projects and and intercontracts and positions that are difficult to We don't have as many of their contracts as we have previously, but still we do have the in between contracts around 15%. I'd say the same thing about Southern Germany and Munich in automotive. Our strategy, to the extent possible, is to try to push for transfers and mobility, for instance, currently projects in Paris and other business sectors, which could very much make use of skills we happen to lose. Given on furloughs, being paid to stay at home, and receiving a percentage of their pay, it's also difficult getting to transfer. As long as the furloughs exist, I mean, may continue we're having skills that we're not able to always use. Gradually, the furlough schemes will lessen and necessarily just turn around this situation will change. People will no longer have resources once the furlough scheme ends. Now in Germany oh, sorry. Last one in France. For a little 6% currently, probably in q three would reach go down to probably two to 3%. So divide it by two very quickly. Now to Germany, more of a question mark because it's very much depends on the recovery in the automotive sector. Plus, the competition scheme is further quite generous in Germany. We're hoping to divide by two per load by q three, but it'll depend very much on how good the recovery is in the automotive sector. Lastly, gross margin. To answer your question, yes. Gross margin is holding up, maintaining at the level it was at last year and the previous year. There is no negative effect on the gross margin fundamentals. Of course, this year's been different from previous times. Prices have held up. Probably, there haven't been price cuts even though there's some mix effect in prices and varying consultant's annuity in different sectors and so forth, That's having an impact on financial cost prices. But client cost cost prices, remember, the prices we negotiate with our major clients haven't changed. So our gross margin has continued to be protected, continues to be protected for the time being, mainly, today. Depends very much on level of of between contract. I hope it answers your questions. Yes. That you did. Thank you very much. Next question from Derek Marcon from Societe Generale. You have the floor. Hi, Bruno. Hope you can hear me. I have three questions. My first is, could you say a bit more about the granularity on the decrease of oil and gas in France versus a picture that was far more positive outside France, the difference between France and international? Second question on M and A. Could you give us the growth posted? You mentioned the contribution of M and A to Q1, nine point something percent, that's 75,000,000. What's the revenue there compared to 2020 to assess the growth trajectory of the company that joined the scope? My final question on modeling. You helped us a lot with the year to date at the end of Q3, but as of Q2, with that base that you'll be able to achieve double digit organic growth. Those are very specific questions on oil and gas in France. Yes, there's a revenue decrease with Total that has cut heavily in its CapEx at the end of last year. I think they disclosed on that. So I'm not giving any privileged information here, but there were cuts billions of euros there in their CapEx. So it's obviously, it's decreased considerably in France. But it also decreased in The U. S. There's one group that has also cut a lot in its CapEx, Chevron, we weren't expecting that. We had an activity drop of the order of 10% that we didn't see coming. Because with the rebound of the oil price, that should pick up. The rest is holding up, but on the major projects where clients commit very significant budgets and there's no adjustment to the context on a real time basis. Last year, the price of oil was sharply down and then it went up. It was almost in negative territory up to twenty years. A lot of clients who had mega projects who just slashed them and then we saw the price of oil increase since then. Is it lasting, not going to last, how our clients read it? The fact is that they've taken decisions to cut CapEx at that point last year and those decisions haven't been reversed and brought back into the pipe. M and A, if I understood your question, you'd like to know what is the Q1 twenty twenty of companies that we consolidated for the first time in Q1 twenty twenty one, the contribution of acquisitions in Q1 twenty twenty one. 65,000,000 was EUR 70,000,000. You take that scope, what is it generated by way of revenue since 2020? Well, I don't know what they did in Q1 twenty twenty or the economic performance of those companies. I mean, how do you see a double digit? Well, because these companies that we're buying that we bought last year in terms of accounts closed and activity management is very sketchy. I mean, we need to put put them to rights in terms of the financial tracking with the metrics starting by basic cutoff procedures So the accounts are meaningless at that point. That's why I can't answer your question because I can't tell you what the revenue was q '1 last year. These are companies that didn't produce a closing. What I can tell you is that these are companies that on flat activity trajectories, if I look, there was one. And if I rebuild the activity trend through two metrics, head count, the externals and the levels because when we do the due deal, we try and rebuild them by looking at the time sheets, this one that's even slightly down. So when the summary on the 13, it's flat. With one, there's a slight decrease. But if projecting a quarter, These are companies that are not going to stay flat, right? No. They're not set to stay flat. Will they be still next quarter? That can't be ruled out. There are some all those we've acquired that were consolidated, there are two that are in a decreased dynamic. That's one that is posting slight growth. There's one that's flat. There's another, the most significant of those acquired last year SDG present in several countries is up double digit as compared to last year. And all the others, be it Japan, Ukraine, or others, are flat. But what we do, of course, we try and staff the, the sales, the commercial organization as we do normally when we integrate them. We put in place our tools, our incentive systems, recruitment, and we train them to our business sales development technique. But, of course, these are companies that are that are set to to grow. But when we buy companies, when companies are sold, there are two reasons why that. Either it's purely an asset decision on the part of the sellers or they haven't been able to unlock the growth in the companies and they prefer to secure the backing of a group for that. SDG was a fine acquisition. Organic growth into Q2, double digit. Is that on the cards? Around that. We could be in of that order. That's a possibility. Then, miss Hughes. Miss Chris, miss Ronaldo. Go ahead. Thank you. Good evening, Bruno. Good evening. I wanted to follow-up on a question we just had 2020. Down in q two. Is it that far away in terms of billing in the normative environment? Can we assume starting mid twenty twenty one, we'll see a normal seasonal effect, or are there other considerations? Well, you mean things that would disturb the usual seasonal effect? Yes. No. There well, there shouldn't be anymore. There could be lockdown decisions, some local partial lockdowns in certain locations. But, gradually, we're coming back to fairly normative situation. Okay. So it's a model of quarters. We can do things fairly sequentially in the past to the basis. Yeah. But we have to realize, you know, change your account. Growth. Even if it's not year to date. And after the comparable of 2020, there is nonetheless sequential growth in q one. This is just taking into account in q two dynamics. Well, you mean expecting things to speed up again? No. What I'm saying is, I was wondering if we could expect organic growth q two in the double digit neighborhood. I'd say maybe. Maybe a bit above, maybe a bit below. I don't know exactly. Conceivably, yes. Because yeah. First of all, baseline effect, lower q two than the past, theoretically. If you just look at the seasonal effect alone, your unused, the proportion should be the same. But the assumption is your q one growth. In q two, we'll see the continued benefits of the q one growth. And that may affect the month. It may affect the month. We assume that there'll be additional organic growth sequential either by reducing the between contract or reducing project headcount. We resumed some hiring in q two. Well, precisely, that's my next question. Headcount. In France, departures this year. What happened with headcount? Was there natural attrition or specific departures? No. We have a hiring plan. Okay. Hiring plans, we have none. It's opportunistic only. Currently, we only hire when he rises for a specific project, mainly. In some locations, as I mentioned, there's some where the double digit growth and then letting us rehire when we can't find in filled in out. But we're not at all in this situation 2018, 2019. We had major hiring campaigns. We were hiring people even when we didn't have a project, realizing figuring that we needed these resources, and these additional resources help us gain projects. That's not the current situation of now, though. Are you still having to release people to reduce the hinder contract, or is this natural attrition? What about reductions? Headcount reductions in some areas of q one. Weren't there small plans? Were this just natural attrition, natural departures, or was there restructuring plans? Well, no. Last year, we had small restructuring plans. Well, yes. But what about 2021? Will you do further ones? Or is other things like that. For the time being, we scheduled no further rescheduling restructuring plan. We did two small ones one small one in Germany. The second one we didn't end up moving on. Northern Germany. Much smaller scale than what we'd originally foreseen. Southern Germany, good sun being. We wanted to keep the skills in house. These are, after all, skills that are very much in demand by the client. So we're using furlough schemes. That's the German rationale anyway. We're very much part of that process. I was just saying for now, we aren't considering further headcount reduction plan. Okay. Last question, the three companies in m and a. What about profitability and prices? Broad brush. Are you continuing to buy targets, six days times EBIT? That's correct. That has not changed. Could you indicate margins so we could have an understanding of cash expectations? And so margins for all the companies we acquired, average margin of these three is 6%. Alright. Great. Well, thank you then very much. Thanks, Bruno. Yeah. I 400. So to clarify the answer, q two. In q one, like for like scope and and currency, 06/2020. So currency cost is around a million. Like for like. Same scope. I don't expect the same revenue in q two. Far from it. There's an effect. We may be almost there. We almost get there. Right around 620. Basically, yes. Okay. Okay. Thank you. We we haven't gone through a May yet, so, of course, we have to wait and see. But let's say it's entirely feasible. Let's put it that way. Maybe a bit ambitious because since activity is slightly better than anticipated, the operationals are gaining confidence. So in certain cases, they're ambitious in their forecast. We have to adjust them slightly, but I don't know if we'll deliver as much, but I don't think we'll be too too far from that figure. At least, that's what I hope, unless, May and June are a lot flatter than, than expected. That's very clear. Thank you. Next question, Derek Marcon from NRL. Your line is open. Sorry to return to the charge, Bruno. An important question. Have you a very significant impact on Q1? And how do you model it in Q2? With the lockdown, etcetera, I mean, did that have an impact on the q q one? Well, leave taken, very little impact in Q1. And on Q2, we planned more leave days of leave than usual in Q2 for people who well, those who are furloughed, we can't do anything about that. But the others, we've asked them to, as far as possible, to liquidate their leave by the May by granting a possible carryover for those who are in project. Thank you. I hope you're not sick, that you haven't caught the virus, but, no, I can confirm that I don't have COVID, and I'm not using a face mask because I'm alone in my office. No further questions in the line. If you have a question, please press star one. Brian Garnier is up next. Yes. Hi, Bruno. Could you maybe it's a little early in the year, but the question of the margin activity that's coming in better than expected in the quarter and could be could translate to the other quarters. Do you consider that it's going to generate additional leverage on the margins or to return to the normative levels of operating margin around 10% that was mentioned in February? No. Answer, no. For the time being, that's not feasible to return to normative operating margin levels. Twenty twenty one, as we said, will be a year of transition. We gave broad ranges of margin forecast into '21. I think we said between seven and eight. That range that is broader than the one we normally give. We're sticking to that. We'll be more specific in July because we'll have clearer visibility. But on the one hand, even in terms of activity, acquisitions have offset some of the activity. Lots that are coming with their own structure means that on the the onboard scope end of 'nineteen, early 'twenty of Alton, we have costs that are proportionately higher than they might be both for sales and for SG and A. We've reduced them considerably, but we decided to preserve organizations and investment programs that we'd we'd plan to to prepare the out years. I'd also explained that we'd taken quite a few locals who said the request of clients who were forecasting massive outsourcing, notably in auto and and aero, that generated additional costs that will jettison as soon as we can we can terminate the leases. And then there are other streamlining efforts for real estate underway that takes a while, but that adds additional spend. What I said, at I know I costed the additional cost depending on the level of activity of all the SG and A versus the normative situation between 120 bps, 130 bps and 160 bps for Alton in 2021. And then there are all that linked to the gross message. We haven't slimmed down all the technical divisions, all the centers of excellence. We're continuing to organize the ramp up for certain near shore and offshore activity rates haven't returned to normal. I said that we'd reached 90% only in March, but we're far still two points adrift from the altered normative and two points of activity costs 1.4%, 1.5%, all that to say that many reasons why it's impossible to see a return to the normative margin in 2021. So maybe also on the the office space. Okay. So is there a more specific plan regarding a new employment, a new labor organization over time because there are many players who see extended remote working in the model, 50% of their their headcount. And so, obviously, a streamlining if it's if it's spread over three, four years. Where where are you at in that process at Alten? Well, we, for the time being, on remote working, we're waiting we're waiting to have the experience, in other words, sufficient hindsight to see that it's lastingly possible to to roll out on our because on the one hand, there's the real estate savings and then all the efficiency losses when people are working from home that they don't interact sufficiently with the organization and we lose our efficiency and we can measure that. It varies depending on the job description, the type of project of the people. We won't I mean, we we we haven't begun the slightest corporate negotiation on that because the social partners on these issues are already very ticklish. But I don't see a situation where we would move to 40%, 50% remote working that seems impossible to conceive. What we're seeing is many people who after the first lockdown found that pretty pleasant to get organized inside who have difficult domestic situation to manage with kids, etcetera. It's not the case of many of the engineers, but many want to return to the site and not just one or two days a week to interact with colleagues. Project is a team effort and working from home isn't the same thing as interacting in the office. In answer to your question, we don't have a specific plan. We're waiting for feedback and better hindsight to that once the health situation has stabilized and we see how things have happened over two years and send out people what they want and see if it's compatible with project efficiency. What we're not measuring today's our engineers are remote working At group level, I think the rate is 65%. That's very high today with areas of activity. We're above 80% in certain parts of the world. Clients So not saying anything for the time being, it seems to work last year. So we're requesting who wanted a reduction of 20%, 30% for productivity losses on the invoices didn't lead to much but not necessarily totally unfounded as clients have no other choice. Everyone's making do. We'll have to see how the clients are gonna get organized. If our clients are 60% home working, maybe we can increase the level of remote working, maybe not 60 but more than today of clients after the pandemic phase get more people back to the office. I know that some have announced high remote working levels, but we have to see how that operates over time. Maybe there'll be continued remote working. But for the time being, in our plans, in our real estate plans, we haven't factored in that item of future employment organization because we haven't thought it through yet. Thank you. There are no further questions in the queue. If you'd like to ask a question, press 1. And no further questions in the queue, I'll give it to your host. Okay. Well, then thank you, one and all. Thank you all for taking part in the Alton call for q one revenue. Thank you for the questions. We'll meet again. I believe the next publication is twentieth July this year for for revenue of the 2021. Maybe we're gonna continue to talk for a little a little more outlook. In the meantime, stay in good health, and enjoy the springtime. Hopefully, Terraces will be opening up soon. Have a good evening. See you soon. Bye bye.