Good morning from Berlin. Welcome to the AUTO1 Group Second Quarter 2024 Results presentation. I'm Philip Reicherstorfer, Group Treasurer. As always, I'm joined this morning by Christian Bertermann, our Co-founder and CEO, and Markus Boser, our CFO. We will start with the presentation, followed by questions and answers. If you would like to ask a question, please raise it by the usual Zoom Q&A tool at the bottom of your screen. We will then call on you after the presentation to ask your questions directly. Before I hand you over to Christian, I must make you aware of the safe harbor provisions at the beginning of this presentation. These will apply to any forward-looking statements made by management today. Now over to Christian.
Thank you, Philipp. Hi, everyone. Welcome to our Q2 earnings call. Q2 was a very strong quarter across the firm. Units sold grew double digit compared to last year, and we achieved a record Adjusted EBITDA. These excellent results were driven by increasingly strong demand for both our merchant and retail offering. If we take a look at the numbers, in Q2, we sold 166,000 units in total. That represents an increase of 17% year-over-year. We generated record gross profit of EUR 173 million for Q2, growing 36% year-over-year, and we achieved our highest ever Adjusted EBITDA of EUR 21 million. This is EUR 36 million more than in Q2 of last year. I'm proud of our team delivering such strong results.
We continue to have great momentum on our side, and we are very focused to invest into the future growth of our business. On this slide, I'd like to give an overview of AUTO1 and our different products, particularly for new investors dialing into our trading update for the first time today. Our platform essentially consists of six products that are uniquely tied together on the AUTO1 Group platform. Each of them is contributing pricing data to the platform and, in turn, benefits from the vast pool of transaction data that we already own. Our AI pricing technology that we developed on the basis of this data is generating a strong competitive advantage and substantially increases the value of each of our products, which I will describe in more detail in the following.
C2B Buying is our vast and dense network of branches across Europe that connect our private customers with the highest Europe-wide price for their vehicle, and we often beat their local achievable price. Remarketing is our B2B sales solution. It offers our selling dealer partners access to the highest Europe-wide price for their wholesale inventory, also here, often beating their local achievable price. Now, on the demand side, the AUTO1.com merchant platform is our platform for professional car buyers. It's accessed by thousands of merchants on a weekly basis for sourcing the best next car for their stock, and it's supported by powerful logistics for fast delivery. AUTO1.com Merchant Financing is our wholesale financing solution. We support our best dealer partners to grow their business organically with us, speeding up delivery for the cars that they purchase from us, as no prior payment is required from their side.
Autohero is our EU-wide leading shopping solution for used cars. It's powered by our highly recognized retail brand, vast selection, and home delivery at competitive prices, resulting in supreme levels of customer experience. And finally, Autohero Consumer Financing is our in-house financing solution. It's the newest product that we announced this year. It features a completely digital process with the fastest financing approval of any retailer, and we recently priced EUR 223 million of loans in our first-ever securitization of German consumer loans to the public market in July. So these six products form the basis of our long-term strategy to build our market position in Europe towards 10% of European used car transactions. After this short overview, let's zoom in on Merchant segment performance. In Q2, we saw continued positive impact of growing merchant demand, driven by the increased quality of our offering.
We sold 149,000 units to our partner dealers in the second quarter, an increase of 17% year-on-year. B2B growth was strong, with 135,000 units sold in Q2, compared to 111,000 in Q2 of last year. That is an increase of 22%. Remarketing units were stable quarter-over-quarter, with 14,000 units. Merchant GPU hit a new record with EUR 918 in Q2. That is an increase by 13% compared to the year before. Strong GPU and strong unit development together resulted in the best gross profit so far, with EUR 136 million in Q2. This is a significant improvement by EUR 33 million or 32% compared to Q2 of last year.
Over the course of the last quarter, we increased the quality of our offering, providing better selection and matchmaking to our partner dealers. As a result, we engaged a growing number of buying merchants on AUTO1.com. In the second quarter, 25,200 merchants bought from us, compared to 22,000 in Q2 of last year. That is an increase of 15% year-over-year. The average basket increased slightly year-over-year, with 5.9 purchased vehicles in the second quarter on average, compared to the same period last year. On the supply side, we are accelerating the expansion of our purchasing branch network across Europe for the future growth of our business. Our C2B customers enjoy being closer to us, benefiting from shorter driving time to our service. For our merchants, this means increased vehicle selection and availability, strengthening the quality of our product.
We currently plan to add up to 1,000 additional locations across Europe over the next couple of years. Now, to merchant financing. It continues to develop very well, and we keep getting great feedback. Our dealers enjoy buying vehicles without any equity. Our financing solution immediately commences after the vehicle is selected for purchase. The process itself is very convenient. Dealers can finance a car instantly. No paperwork is needed, as the full process is completely digital and automated. In addition, dealers with merchant financing receive their vehicles more quickly, since delivery can start directly without waiting for payment. Overall, merchant finance enables our partners to purchase more cars from us, increase their profits, and organically grow together with us. After just three quarters in operation, our merchant financing portfolio already grew to EUR 134 million in size, indicating the strong demand for our solution.
In Q2, we financed a total of EUR 182.6 million of merchant sales, representing a 47% increase quarter-over-quarter. The average portfolio interest rate is north of 10%, and the solution is currently available to dealers in Germany, France, Spain, and Austria, with more than 1,700 merchants across these markets already financing their purchases with us. We will step by step, roll out to more markets and look forward to making merchant finance available to more and more of our partners. Listening to our remarketing customers, we launched a completely new auction channel a few weeks ago. It's called Dealer Auctions. This new channel provides key remarketing customers with an efficient way to market vehicles, enabling buyers to benefit from curated car selections and higher auction success rates.
Sellers benefit from the opportunity to offer their cars in thematic batches in a branded and exclusive auction space, prominently on AUTO1.com, which allows for demand maximization and improved matchmaking. Dealer Auctions are available to all of our buying partners across our more than 30 markets. On the seller side, Dealer Auctions have started with selected premium partners from Germany, Spain, and France, and we have received very positive feedback from buyers and sellers so far. We are closely following how our new auction format develops. We plan to roll out to more seller markets and selling partners in the coming weeks. Our Merchant Flywheel is driving profound growth, leading to the strong merchant results we report today.
Our C2B branch network expansion is creating a larger selection for our partners, building more merchant demand, additionally fueled by merchant finance, leading to a growing amount of buyers on the AUTO1 Group platform. More transactions are increasing the precision of our AI pricing algorithms and in turn, drive higher purchase prices, which drives, again, more sellers to us, leading to market share gains in the merchant business. Now, let's switch to retail. Also, in retail, in Q2, our retail business grew strongly in unit sales, GPU, and total gross profit year-over-year. On units, Autohero delivered 17,700 units, compared to 14,400 in Q2 of last year. That is an increase of 23% year-over-year. We achieved a new record for retail GPU with 2,077 in Q2, representing an increase of 24% compared to Q2 of last year.
Retail gross profit was EUR 37 million, growing 50% year-over-year. These strong results demonstrate that we are establishing Autohero more and more as a leading car buying brand across Europe, a brand that our customers trust and that they favor for our unique buying experience. We continue to invest into Autohero, aiming to offer unparalleled selection, competitive prices, and fastest delivery to our customers, while we see steady progress towards internal break-even before headquarter costs. The latest GPU improvements place us comfortably on our track towards our long-term target of EUR 3,000 GPU. Delivery time is very important to our retail customers. We are proud that we managed to significantly reduce the average delivery time from almost 16 days in Q2 of last year to an impressive 12 days in the second quarter of this year. It's a 23% decrease in delivery time year-over-year.
We have never delivered our cars faster, and we'll continue to aim to be even faster. In Q2, we grew our express delivery locations network, that's the driver behind it, which we launched earlier this year, from 16 express delivery hubs to 31, so nearly doubling the amount quarter-over-quarter. We now offer express delivery in eight out of our nine Autohero markets, and these hubs enable us to offer delivery time significantly below eight days. In total, we now offer fast delivery for 60% of our inventory, and our goal is to further increase this share over the course of this year. Let me now hand over to Markus for a detailed financial update.
Thank you, Christian. Q2 was another extraordinary quarter for us, where our investments in demand generation over the past few quarters, coupled with the previous investments in improved supply, as well as ongoing optimization of our platform, have really paid off. We increased total units by 17% year-on-year, and at just over EUR 1.5 billion, also achieved 13% yearly revenue growth. While ASPs were slightly down in the merchant business, reflecting the overall positive trends in the market, making used cars more affordable, ASPs in our retail segment were around 4% up year-on-year, reflecting our ongoing strategy to increase our penetration in higher value cars in that area.
Our record GPUs in both our merchant and Autohero businesses bring us to an all-time high of over €1,000 GPU across the businesses, which in turn drove our record 21 million euros in adjusted EBITDA. As we look at the quarterly bridge to our 21 million of EBITDA, we significantly increased gross profit by EUR 10 million and decided to further invest in marketing and payroll, reflecting our ongoing growth priorities. Moving to the balance sheet, total end cash increased EUR 4 million to EUR 554 million in Q2, while we continued to have EUR 360 million of available credit in our inventory financing ABS facility.
We increased cash despite investing EUR 31 million in additional inventory, as well as increasing our consumer loan portfolio by EUR 27 million and the merchant loan portfolio by almost EUR 50 million quarter over quarter. As always, I'd like to remind our investors that we have no corporate debt, and that all of the debt is non-recourse, financing either our inventory or our captive finance assets via our three asset-backed financing facilities. On July seventeenth, after the Q2 close, we priced our debut public ABS for our German consumer loans. We achieved a blended spread of 87 basis points over €STR for our German consumer loans, which will substantially reduce our cost of capital while also releasing significant cash. We're very proud of this transaction, which provides strong external validation of the quality of our consumer loan portfolio and our ability to manage it effectively.
It also positions us well to pursue our medium-term strategy of expanding our innovative in-house financing offer, which enables consumers to purchase and finance a car within five minutes into other markets. Finally, on our guidance, we are upgrading our 2024 guidance. On units, we are increasing the bottom end of the unit guidance to 620,000-665,000 units, of which 550,000-595,000 we expect to come from merchant, and 70,000 from Autohero, which is unchanged from last quarter.
We expect a higher gross profit for the full year, between EUR 610 million and EUR 680 million, up from EUR 570 million to EUR 650 million, and likewise expect adjusted EBITDA to be EUR 45 million to EUR 65 million for 2024, up from EUR 20 million to EUR 40 million guidance last quarter. I'd also like to remind everyone of the seasonal weakness in Q4, so that we continue to expect Q4 EBITDA to be close to breakeven. With that, I'd like to end by saying that we're incredibly proud of our performance this quarter, achieving both growth, record profitability, and positive cash flow, reflecting the strong operating leverage in our platform and the incredible future of this business. With that, I'd like to hand over to questions.
Thank you. Hi, everyone, I am Thilipa n, your Zoom operator. Before we get started, we would like to review a few technical items to make sure that you can interact with us today. At the bottom of your Zoom window, you will find three buttons: Audio settings, Q&A, and Chat. Audio settings. Clicking Audio Settings will bring up the audio preferences for this webinar. Please make sure that the most appropriate audio device is selected here. As a viewer in this session, your microphone will remain muted, as will your video. Q&A. Please pre-submit your questions via the Q&A icon. Click the Q&A icon, and a window will appear where you may submit your questions. Once received, Philip will moderate the questions and ask the authors to address the management live.
At this point, I will open the line for you, and you will need to unmute yourself before you are able to speak. We will address as many questions as possible live during today's session, but may respond to some questions offline after the event.
... thank you, Thilipan. And, let's start with Andrew Ross from Barclays. Andrew, your line is open.
Hi there, can you hear me okay?
Yes, go ahead, Andrew.
Great, sorry about that. Morning, all. I've got two, if that's okay. First one is just to ask you about the Autohero GPU into the second half. Obviously, that continues to get better each quarter, kind of maybe more so than you had expected. So how should we think about that into the second half? Is there still room for it to keep stepping up from here? And then, I guess, a bigger picture one, obviously, you've made very good progress on merchant this year. That's clearly coming through. I guess one next step, as you think of the next couple of years, is to then kind of re-accelerate the Autohero unit growth.
Can you just give us your latest thinking in terms of when you do this and how easy you think it will be to do, how much that will cost in terms of reinvestment into marketing? Because I guess if you do get that retail unit growth to re-accelerate, then suddenly there's gonna be a lot of operating leverage that kicks in for the group. So kind of keen to better understand both dynamics. Thank you.
Markus, I would leave these questions to you.
Sure. So, maybe first on the Autohero GPU, what I would say is, and I think as we've kind of highlighted in previous calls, I think we obviously made a huge amount of progress over the past 2 years. And I think from here, in the near term, see more marginal improvements over the next, you know, 18 months or so. I think for this year, 2024, we expect GPU more or less kind of where it has been, so around the 2,000 EUR level or so, as we obviously continue to work on more improvements. Which I think we should then see flow through over the course of next year.
I think in terms of growth versus profitability, I think we've again consistently said that, we are looking for, really kind of positive unit economics in, in Autohero before we really re-accelerate growth. I think we're working on a number of, of initiatives which, I think can be quite positive. But, but I think, you know, for now, I think we're, we're, we're still looking right now, you know, kind of... Hence the reason why we kept our 2024 guidance pretty much the same, at that similar kind of, you know, level of growth. But see that tracking maybe, in just sort of the, the mid-teens for, for next year, as we see some of those improvements coming forward.
Just to clarify, so mid-teens unit growth in Autohero?
To the midpoint of our current range, yeah.
Okay, cool. That's helpful. Thank you.
Thanks, Andrew. With that, over to Christopher Johnen from HSBC. Christopher, your line is now open.
Yes, good morning, all. Thanks for taking my questions. I would like to follow up on the comments you just gave with respect to growth versus profitability. You quickly touched upon the break-even at Autohero. I understand, you know, the positive unit economics being an important driver before re-accelerating growth. I think that point is taken. The question is still, how close are you to the break-even at Autohero? Is there any color you can give on that, please?
Yeah, go ahead, Christian.
Yeah. Hi, Christopher. Thank you for your question. So, we're making incremental good progress with every quarter. We can almost say every month shows that incremental progress. I think we can go... I mean, as you know, our stated target is to be break-even before headquarters costs, so what we internally calculate as a Gross P rofit 4 level. And we can go as far as to say that in the recent, most recent months, some first markets have crossed that barrier, but obviously we need to cross it as a group. So, we're getting closer and closer, but not to the point yet where we say we feel ready to massively re-accelerate unit growth.
Okay, that's understood. Then a question on again, profit versus growth. I mean, if we are thinking about the seasonality for the rest of the year, I think, If I understood Markus's comment correct, you expect Q4 EBITDA closer to break-even. Can you maybe give us a bit more, you know, share some views, some additional color on how you see Q3 and Q4 versus, let's say, the midpoint of the guidance on EBITDA?
I mean, you know, you can obviously pretty much just deduct it or deduce it from, I think, the midpoint of the guidance minus where we were, you know, for the first half of the year. Overall, I think if you look, you know, we've, you know, as we've, I think, regularly highlighted, Q4 is always, in the merchant business, you know, a more challenging quarter, simply because, you know, dealers basically slow down their purchases, you know, as they kind of head into the end of the year. And so I think, and also, I think if you, if you look-...
You know, last year was maybe, on the GPU, a little bit of an exception, just because we really invested. Sorry, on the units, because we really had invested, you know, in a lot in terms of, you know, some of the things we talked about in terms of our sales effort. But overall, we've almost consistently seen a decline in GPU over Q4, and certainly in 2022, also a decline in units. And so I think, so from that perspective, see, you know, Q4 as discussed, you know, around the break-even area. And so from that, you can then kind of mathematically sort of look at where we see, EBITDA being for Q3.
Okay, that's very clear. And then the last one, if I may, on the securitization of the consumer portfolio. Could you just, just to make sure that we didn't screw up our math, is there any sort of quantification you can give in terms of the P&L impact on that?
I think, I think the P&L impact will be... So first of all, it obviously happens after the end of Q2. So just wanted to make that clear. I think the P&L impact will be marginal, because while on the one hand, the cost of capital we you know significantly reduced, and we showed that. But as you saw here, the all-in spread being you know kind of well below the 1%. Nonetheless, we increased the amount of leverage on it, so really going up to a 95% loan to value for that portfolio that was securitized there.
So I think net-net, it will release cash for the business, but at the same time, it will, on the margin, improve also our net interest expenses, but on a fairly marginal basis. So in terms of the total Q&A, sorry, in terms of the total P&L, you really shouldn't expect to see any difference.
Okay, that's very clear. Thanks a lot.
Obviously, maybe last point. Obviously, over time, that should have improvement because you do have the cohort effect as that portfolio continues to grow, and we have then, of course, the cash to continue to finance that. And over time, obviously, having that lower, that lower interest payment will, of course, improve overall profitability. But certainly in the near term, for the next couple of quarters, you shouldn't expect to see any change.
Understood. Thanks.
Thanks, Chris. With that, over to James Tait from Goldman Sachs.
Morning, it's James Tait from Goldman Sachs. I've got two questions, please. Firstly, on merchant GPU, which at EUR 980 in Q2, was above your recently upgraded corridor of EUR 800-EUR 900. I guess, please, could you just talk through some of the key drivers of that improvement? And how should we think about that, that merchant GPU going forward? Can these levels be sustained above EUR 900? And then secondly, I think you touched upon it a bit in the presentation, but could you give some more color on the overall market trading environment in Q2? Are you starting to see supply in the market improve? And should this support an acceleration in merchant units sold over the next 12 months? Thank you.
Christian, maybe I'll take just the question on the GPU specifically, and maybe you talk about some of the drivers as well as...
Yeah, I mean, I can start. Thank you, James. I can start with just noting down your second question. So the drivers are, of course, how good are we able to match demand and supply? How good are we able to turn our inventory? And there's a number of factors going in there. So how much demand do we see from merchants? How good do we matchmake with different technologies that we have running, but that we also continue to improve? How good does auto pricing work? And all of those factors together, we have to say worked really well, for especially for Q2. Also a bit above our own expectations, but there's not just one driver. Yeah.
So, we're doing a better and better job at matching supply and demand, and at matchmaking the available stock with the merchants, and at creating incremental demand through a variety of technology features, platform features, app improvements, AI algorithms, recommendation algorithms. So this is pretty much the core that we work on, and then the merchant GPU is the result. And indeed, it was outside north of the corridor that we had given in Q1. Markus, now for the rest of the year?
Yeah, exactly. And as Christian said, we're obviously very pleased with the result for Q2. We are not taking up our GPU guard above EUR 900, but I think we do expect to be in the upper half of that long-range guidance. The long-range guidance that we had given from EUR 800 to EUR 900, expect to be in the upper half of that.
Your second question, James, was, I mean, how was the market in Q2, if I understood that correctly, and how did it impact units? In general, it's too early to say how the overall European market moved over Q2, because simply that data is not yet completely available and will only be made available over time. One market, Germany, that has this data, yeah, pretty much, available quickly, we see growing in a, let's say, yeah, good way. We estimated to grow between 6%-8% year-on-year. But also here, the numbers are not yet completely final.
We are growing way above that market level through the measures that we have taken with respect to supply and demand and also the quality of our offering and the selection, and how good we are fulfilling our orders and transactions in the merchant business. So there's slight positive impact from the market. Why? Because the units are getting cheaper, they are getting more affordable, but we do not see a price trend that is so sudden as we used to have it, for instance, towards the end, I think, of 2022. So it's a normal and relatively healthy slow correction. And yeah, it's good for us because it makes cars affordable, and it kind of normalizes this market more and more. And then for the outlook, Markus, on units?
I think, I mean, we've obviously provided the outlook on units. I think, you know, but I think we continue to see growth in sort of the mid to high single digits in units for next year.
Right. And, with that, over to Nizla Naizer from Deutsche Bank, who at the moment is the final person in the Q&A queue. Nizla, your line is open now.
Hi, can you hear me now?
Yep.
Excellent. I have a few questions from my end, please. Firstly, on the merchant business, clearly, a nice increase in the number of merchants that you're transacting with. Could you give us a bit more color on which geographies they came from? And do you expect this sort of trend to continue, where you keep adding merchants, or have you reached sort of an optimal number based on what you see in the market? Some color there would be great. And secondly, again, relating to your merchants, when you do provide them financing solutions, how do you measure the risk in this scenario? And lastly, on the consumer loans, one of the questions we get was the attachment rates thus far.
Have you reached an optimal number when it comes to, sort of consumer loans that you're providing as well, and how far could those attachment rates go? Some color there would be great. Thank you.
Thank you, Nizla. Maybe I take the number of merchants question. So yeah, this is really a key KPI for us in the merchant business because we see the basket relatively stable, as you have also seen for the last quarter since we've started to publish the numbers. So the growth is really coming from across geographies, so there's no certain geography or no one overweight inside our 30 demand markets that we serve, where we would say, "Okay, this is now specifically coming from this region." So it's really the full business is growing, full demand base is growing in the right direction. And yeah, with regards to saturation, I mean we estimate there to be more than 200,000, 210,000, 220,000 merchants across Europe.
And we sold to now a little bit above 25,000 of them in one quarter, but not even that many cars on a quarterly basis. So, in our point of view, we're far, far away from a level that we could call or view saturated.
Maybe then to, I think, take the question on the risk of the merchants in terms of financing solutions. So, you know, first, I would say we have built up a credit risk team who take both external sources, also internal sources, as well as their own history of purchasing with us, to come up with a credit score. And then based on that, we then provide a, you know, an amount of credit that they can have. I should also say, we obviously have, I think, a certain advantage, certainly relative to a bank, because, you know, we have actually bought the car. So we both bought the car and also had a full auction on that car.
So I think in terms of the underlying asset that's securitizing that risk, I think we have a much, much better view of the value of that asset than, say, somebody, a third party, who effectively is, you know... If you want to talk about sort of more normal dealer financing, where a bank is, you know, going into risk for a dealer but doesn't actually know the underlying assets. All the underlying assets, of course, are ones that have been on our own balance sheet. You run a full auction, you know that that's the right value. I think the second point as well, on the risk of the merchants, which is, of course, we're in contact with them every single day. We know, you know, what cars they buy, how often they buy, their payment history, and so forth.
So, while of course, you know, there is never 100% certainty in any of these things, I think we have a fairly good risk approach in terms of assessing those. Then moving on to your question on the attachment rates of consumer loans. So the securitization, just to be clear, was specifically for the German portfolio. And we make the consumer loans both in Germany and in Austria, off of our own balance sheet, where we have attachment rates in the sort of 40%-45% type of range. We obviously provide consumer financing with external providers in all of our other Autohero markets. So the other seven Autohero markets are ones where we work with external partners.
I think in terms of our internal financing solution, we think that over time, we should be able to get to the 50% range, which is in line with the overall market. But now we're sort of a tick below that.
Thank you, Markus. Before we close, we've got two brief follow-up questions from Andrew Ross at Barclays.
Hi, guys. I wanted to ask a bit about the marketing costs you're seeing at the moment in Autohero. Can you give us a sense in terms of how the kind of marketing cost per car is trending? That's the first one. And then the second one is to ask you about the fixed cost base in the business, as we get into the second half of 2024 and into 2025. Can we kind of assume that's gonna hold broadly stable? I'm just trying to think about the kind of flow-through of incremental gross profit next year into EBITDA. Thank you.
Sure.
Um-
Oh, yeah, go ahead, Christian.
Do you wanna start with the fixed cost?
Yeah. I mean, I think overall, we look at fixed costs on the one hand, kind of our headquarters costs, which pretty much consists of, if you want, sort of finance plus, you know, finance, HR, tech, and management. I think we're trying to keep that, you know, pretty much flat, to maybe slightly, you know, marginal increases. And then I think, you know, as we talked about, we're gonna continue to grow our branches, expecting to grow close to the rate that we grew last quarter, but see that accelerating a little bit. And likewise, continues to invest in sales. So see a slight increase in through those, through those two costs, through those two cost elements.
Although for both of those, you know, clearly see the benefit, as it were, in terms of the marginal gross profit being significantly above that.
Yeah, you were asking about Autohero marketing costs specifically, Andrew, so we are roughly holding the level that we have quoted in the last update. If we look at marketing cost per unit, could expect it to be around that, maybe with a slight variance.
Okay, cool. That's helpful. Thanks, guys.
Okay. Well, thank you very much, everybody. We actually have a very active conference calendar in September, so Markus will actually be in New York at the Citi Global Tech Conference on September 3. And then we're going to participate in London, both at Communacopia and the Growth Conference on September 18th and 19th. And then we will also be on September 23 at the Goldman Sachs Berenberg Conference in Munich, and as well on the Baader Conference in Munich. So plenty of opportunities. I think we also have the J.P. Morgan Tech Road trip to Berlin on September 12th. And if we don't see you on one of those, we obviously got our November earnings call on November 13th. So thank you very much, and talk soon.
Thank you, everyone.
Thank you. Bye-bye.