Ladies and gentlemen, to the Bechtle AG Conference Call, we'd like to point out that all participants will be in listen-only mode. The session will be recorded. The presentation will be followed by a Q&A session. If you would like to ask a question, press star followed by one on your touch-tone telephone. Press the star key followed by zero for operator assistance. I would now like to hand over to Dr. Thomas Olemotz.
Thank you, and good morning, ladies and gentlemen. Welcome to our Analyst Conference on the Second Quarter and thus the First Half of 2025 at Bechtle AG. Thank you very much for your interest. The news about the overall economic situation has been as changeable as the weather in recent weeks. Is the tariff dispute agreement to be viewed as positive or not? Will the government's investment booster bring the anticipated economic revival, and if so, when? A stock market analogy might be that bulls and bears these days both find enough food to strengthen their positions. What is the situation like at Bechtle? On the one hand, we continue to see positive signals coming from some of our international markets, and German public sector clients are also showing the first cautious signs of a recovery in demand.
On the other hand, there is little momentum from our SMB customers in Germany, and the French market remains extremely challenging. Against this backdrop of contradictory framework conditions, we can be generally satisfied with the figures for the second quarter. For us, one thing counts above all else: we are moving in the right direction, and all key figures are up compared to Q1. As usual, today's presentation is divided into three main sections. We'll start out with business development, as reflected in the key economic figures for the second quarter and first half of 2025 of the current financial year, followed by news highlighting important events important for the future of our company, things that go beyond the figures. Finally, we'll wrap up with an outlook for 2025. First of all, let's take a look at business development.
We saw a noticeable improvement in our operating business in the second quarter compared to Q1. We are not yet where we want to be, but the trend is positive, and we're heading in the right direction. Our top line grew more noticeably than in the first quarter. In particular, we are seeing initial positive signs from public sector clients in Germany. Demand under the framework agreements we have won is picking up again. This is also reflected in our gross margin, which has reached a historic high. It is true that costs continue to weigh on our earnings; however, compared to Q1, we were able to contain the decline in earnings. Cost increases are at a comparatively manageable level. Let's first take a look at the top line development, that is business volume and revenue.
Business volume growth picked up noticeably in Q2, with an increase of as much as 5.1%. We are at the upper end of our guidance for the full year. Organic growth was 3.4%. There are two developments that I would like to highlight in this context. One, our international companies grew by 9.1% in the second quarter, driven by outstanding performance in the Benelux countries and the United Kingdom. Two, in Germany, our public sector business grew by over 5% in the second quarter. The development in Germany, in particular, makes us confident about the second half of the year. We will come back to that in our outlook. These developments are also reflected in the segment breakdown according to regions. As already mentioned, internationally, business volume rose by 9.1%, following 1.1% in the first quarter.
In organic terms, growth in the second quarter thus amounted to 5.9%, a clear sign of recovery. This positive development is all the more remarkable, considering that one of our most important markets, France, is still struggling with very challenging conditions. However, we have been able to more than compensate for this with better performance in other markets. In Germany, too, the trend was positive, albeit at a significantly lower level. Growth was 2.4%, following 0.6% in the first quarter. In organic terms, our German business grew by 1.6%. Let's now take a look at our revenue. We're all familiar with this picture by now. Due to the application of IFRS 15, our revenue figures are smaller than our business volume. The real message here is that our software business is performing better than the pure infrastructure business.
This is, of course, partly due to the ongoing weakness in the hardware business. However, we can also see that our positioning is very successful, for example, in the cloud and security environments. Our project business is doing well, and we are establishing ourselves as a trusted advisor for our customers, a kind of navigator toward future-proof IT. In structural terms, revenue development is basically comparable to that of business volume. We see an improvement from the first to the second quarter, but there's still room for improvement. Let's now move on to the earnings side, starting at the very top of the income statement with the gross margin. Here, I can only repeat what I just said. Our project business is doing well, and so is our software and cloud business.
This is reflected in the gross margin, which not only remained largely stable year- on- year, but has also reached a historically high level. Cost of materials developed roughly in line with revenue. This is all the more remarkable, given that in the previous year, we had benefited from a positive one-off effect due to the reversal of risk provisions. This effect, amounting to as much as EUR 7 million, was fully reflected in cost of materials as a reducing factor in 2024, thus making the current year-on-year comparison particularly challenging. Overall, however, we can clearly see that Bechtle is not affected by a structural problem. It is the overall economic situation that is weighing on us. Our business model and our positioning in the future-oriented IT market remain intact. Let us now move downward in the income statement at the development of our operating result.
The bottom line basically shows the same trend as the top line. We see a significant improvement in the second quarter. Having said that, this should not gloss over the fact that a decline of around 19% is, of course, unsatisfactory. Although costs rose only moderately, and the increase in Q2 was parallel to that of our business volume, costs do continue to weigh on our earnings. Nevertheless, it should also be noted that the prior year basis was very high due to the aforementioned non-recurring item. Excluding this one-off effect, the prior year quarter, or in the prior quarter, the EBIT decline would have amounted to around 13%. Mind you, I'm not trying to gloss over bad figures here, but after an operating decline of 32% in Q1, we are now at only 13%.
This constitutes a positive trend and also indicates that with a further upturn of our business in the second half of the year, we can still achieve our targets for the full year. To conclude this section, let us now come to our operating cash flow. At EUR 45.2 million, our cash flow is back on the positive side in Q2 after being slightly negative in the first quarter. Overall, our cash flow follows the usual seasonal development. After a very high level, especially last year, we have now returned to a more normal level. On a positive note, our measures to improve receivables management are sustainable, and we have been able to maintain the achieved sound level. Knowing Bechtle, you won't be surprised to hear that our liquidity situation remains very comfortable. Cash and cash equivalents amounted to EUR 522 million as of the 30th of June.
This constitutes a sound basis for continuing our approach to grow more strongly again in the future and to play an active role in the European M&A market. Now, let us turn to our employees. As of the 30th of June 2025, Bechtle had 15,608 employees. That is 302 people, or 2% more than in the same quarter of the previous year. However, the majority, that is 232 of these new colleagues, joined Bechtle through acquisitions, accounting for three quarters of the total increase. In purely organic terms, our workforce grew by only 0.5%. Compared to the 31st of December 2024, the number of employees has even declined. As you can see from the chart, we took advantage of natural staff turnover in both the first and second quarters to rein in personnel costs at a reasonable level.
Having said that, we are aware of the fact that we will need all hands on deck once our business picks up. This is why it remains our goal to keep the number of employees relatively stable in organic terms. Now, let us move on, as usual, to what we consider to be the non-financial special events in the second quarter of 2025.
These latest announcements are all essential for Bechtle's future. We're going to look at a personnel matter, two acquisitions, an important step in our cloud business, and another success in our business with public sector clients. Let's start with personnel matters. As previously announced, the Supervisory Board of Bechtle AG has appointed Christian Jehle as CFO to the Management Board. The 49-year-old will start on January 1, 2026, and will initially take over responsibilities that were previously held by the CEO, i.e., myself. He will therefore also play a central role for investor relations. I will, of course, be responsible for introducing him to the community. Christian Jehle was most recently CFO at Computersend in the United Kingdom, and prior to that, he held similar positions also in the U.K. at the information services provider Experian and the software company Finastra.
Prior to that, he spent 11 years in various finance-related management roles at SAP in Germany, Japan, and the United Kingdom. The appointment of Christian Jehle should also be seen in the context of succession planning for myself. As most of you know, my contract expires in December 2026. A search for a suitable CEO for Bechtle has therefore become a priority. Our M&A activities are just as international as Christian Jehle's CV. In Spain, we have taken a major step in this direction with the acquisition of Grupo Solutia Tecnología S.L., headquartered in Seville, with additional locations in Madrid and Murcia. Founded in 2005, the IT service provider is particularly well established in the public sector and enjoys an excellent reputation in the Spanish market. In 2024, Grupo Solutia Tecnología generated a business volume of just under EUR 100 million.
The company has a broad-based IT service team that is active throughout the whole of Spain. With this acquisition, Bechtle's team in Spain sees a five-fold increase and is significantly expanding its service portfolio in the areas of workplace, software development, and IT services. Bechtle is also expanding its presence in the Netherlands. With eStorage, we are strengthening our position with an established specialist in highly complex data infrastructure and cyber recovery solutions. eStorage is based in Utrecht and has been operating very successfully in the Dutch market since 1999, particularly for customers in the financial services sector. The next bit of news concerns our cloud business, which is getting more and more important for us. Bechtle has received the so-called C5 attestation for its cloud platform in accordance with the criteria of the German Federal Office for Information Security, BSI in short.
The independent audit confirms that Bechtle meets the strict requirements of the C5 criteria catalog and thus meets the highest standards of information security in the operation of cloud services. This includes, in particular, robust measures to defend against cyber attacks and safeguard data integrity. The attestation also helps Bechtle customers to meet legal and regulatory requirements and to implement effective risk management. In particular, for customers in the public sector and for particularly security-conscious companies, this certification is a decisive criteria when choosing their cloud service partner. Bechtle is thus further expanding the security and sovereignty of its digital infrastructure. On a related note, we would like to conclude with the sales success in our public sector. In a rather unusual area this time, Bechtle has once again secured a win in a nationwide tender.
Following last year's successful bid for a framework agreement for the provision of low-code platform licenses with its technology partner Appian, Bechtle has now also been awarded the contract to supply implementation resources for related digitalization projects. The new agreement is valued at approximately EUR 450 million over a four-year term, with the option to extend for a further two years. The current win results in a complete offering now available from a single source, covering everything from licensing, development, rollout, and operation to the further development and quality assurance of applications based on Appian's low-code platform. The offering fully meets current requirements for IT security, accessibility, and seamless integration into existing IT landscapes. Low-code technology enables accelerated development of digital applications and automated processes. This brings us to the outlook, ladies and gentlemen.
As already mentioned several times, we see a significant improvement in our business development from the first to the second quarter, and this trend continued in July as well. This trend makes us confident that we will be able to continue to grow in the further course of the year and thus achieve our targets for the full year 2025. Our forecast is naturally subject to a positive development in the general environment in the back end of the year, and above all, to a further improvement in the situation of our public sector customers in Germany. We, however, expect a noticeable upturn in our public sector business, particularly from September onwards, i.e., after the parliamentary summer recess.
Our public sector business in Germany, in particular, should, alongside continued positive development in many of our international markets, be the main growth driver in the back end of the year, with one or two acquisitions potentially supplementing organic growth. In concrete terms, this means for our outlook, in terms of business volume and revenue, we are already within our forecast for the full year at the half-year stage. However, we still have some catching up to do in terms of EBT. We are aware that the EBT growth target for the second half of the year is ambitious. However, we are confident that we will be able to achieve our EBT targets, albeit at the lower end of the forecast published at the beginning of the year.
The lower comparative figures from the previous year are helping us here, but more importantly, our business as a whole is picking up speed again, and the top line is growing. In this respect, our guidance remains unchanged. We want to increase business volume slightly. EBT could nevertheless decline by up to 5% for the year as a whole. We therefore expect the EBT margin to be below the previous year's level. That concludes my presentation on our performance in the second quarter of 2025 and the outlook for the remainder of 2025. Thank you very much for your attention, and I'm now happy to take your questions.
Ladies and gentlemen, we will now start with the Q&A. Should you want to ask a question, please press star and one on your telephone. If you want to withdraw your question, press star and two.
Please press star followed by one for any questions you might have. We'll start with questions in the German room, and then we'll switch over to the English room. Please bear with us while we wait for the first question to come in. First question is from Knut Woller of Baader Bank. Please.
Good morning, and thank you very much, Dr. Olemotz. A question on the public sector. The big question at this moment that is also very important for the market as a whole is the SMB weakness we see. What about the momentum? What about the existing framework agreements? What has happened in terms of how much is being requested in Q2? You talked about a strong software business as compared to hardware business. Can you elaborate on that, please?
I'd be happy to answer this, Mr. Woller. I'll start with your first question.
The fact that the public sector is as it is, of course, it is instrumental for us reaching our goals for the remainder of the year. This is why I have pointed this out during my presentation several times. The current dynamics, and this might sound a bit strange, because from my point of view, we have just presented quite robust figures, but we see that the momentum is still a bit halted. This is not because of the fact that the framework agreements are not being utilized, but rather the general economic situation. Against this backdrop, we have done everything we can in order to gain a little certainty relating to the time when this historical high in framework agreements can actually be utilized.
When are we going to see a clear increase in the momentum?
According to our information, the development will only speed up from September onwards, which does not mean that we don't have any business in the public sector as we speak. I have given you the growth rates in Germany above 5%, and it's even more internationally, but that's also due to the fact that we are speaking of a much smaller volume here. In the second half of Q3, growth rates are expected to clearly increase significantly. We are prepared, mind you, and what is very important, we have made good use of the time in order to fill or negotiate the baskets with customers in terms of products and services, and we also prepared our vendors in the sense that we told them that Q3 and Q4 will probably bring us disproportionately high levels of orders.
We're trying to make sure that there is no shortage in deliveries, and this is, of course, relating to all our opportunities in the second half of the year. Second question on the cloud business, which is doing very well, which is quite gratifying. Right now, we are in the migration phase of Microsoft changing EA to CSP agreements, and of course, it costs us some of our bottom line, but it's generally going quite well. In the second half of the year, consequently, around 58% is the number we're up on the previous year. That is indeed a very positive development in the cloud environment, and we also believe that we will be able to maintain these growth rates in the course of the year.
Thank you very much, and all the best for the second half of the year.
Thank you.
Next question, Martin Jungfleisch of BNP Paribas.
Good morning. I have two questions. First of all, a question relating to the outlook and EBT. 15% EBT growth in the second half of the year. Apart from the revenue side, are there any effects on the cost side that might have an impact in H2? For example, the Microsoft headwind, or are you also expecting a particular development for bonuses?
As far as costs are concerned, we want to keep our cost base stable. In particular, we want to make sure that we develop in line with top line growth, and our disproportionate cost increase trend was broken. That much was achieved, and we have now come back to the range that we were familiar with at Bechtle. That's a positive trend, first of all. To put it in different terms, I don't expect any major changes on the cost side.
We're relatively stable, which gives us planning certainty, of course. As far as Microsoft is concerned, we have been very conservative throughout this year so far. We believe that by the end of the year, we'll see a EUR 10 million negative impact coming from the Microsoft migration from EA to CSP, approximately. This is only the isolated effect from this agreement transformation. It doesn't mean that our Microsoft business would not be profitable, bottom line. That is very important. It is merely a gross effect that comes from the changeover from enterprise to CSP. This relates back to the question by Mr. Woller: we need our platform for this development, and this is why we see such high growth rates in this sector. We're moving within the case that we gave you at the beginning of the year, stating how much this transformation will cost us in this financial year.
Because of the three-year term of EA contracts, this topic is still going to be around next year and the year after, but the effect will become much smaller, and it is also going to be overcompensated by incentives around the CSP contracts. Of course, another factor comes in as well. If our assumption is right that we see much stronger growth in H2, the backend margin should benefit from that in different ways, either through concrete marketing money or performance incentives flowing back in. We'll have to wait and see what happens in Q4 because negotiations are ongoing with our vendors, and we'll have to wait and see how much the cumulative revenue with a particular vendor is going to be by the end of the year. This is why we assumed that the backend margin is going to improve towards the end of the year.
A second question on the private sector. Can we see that there is a recovery? Can you see that there are any projects in the pipeline, having talked to your customers?
Mr. Jungfleisch, it is true that currently we are discussing projects with our customers, which over the past 12 years had been frozen. That also includes the whole area of Windows 11, but also larger data center projects. These two indicators can already give us a first signal relating to this customer group. Because of the usual run-up times for any projects, these are not reflected in the H1 numbers.
By the way, we do not expect a significant recovery in the second half of the year, but rather an incremental increase towards the end of the year, because we mustn't forget that despite the difficult framework conditions, we are growing, meaning that this business hasn't really plummeted, but it's more of a general ongoing difficulty of the current business year. Because of these difficult framework conditions, the high growth rates of the past cannot be realized. With business volume growing by 5% under these conditions, Mr. Jungfleisch, we wouldn't be able to achieve that if our SMB business wasn't relatively stable, although it doesn't grow significantly at this time.
Thank you.
Next question, Martin Comtesse of Jefferies.
Good morning, Dr. Olemotz. I have a question relating to the agreement situation for the second half of the year.
Can you give us an idea of what type of contracts we're talking about? You just said that you have talked to your vendors about them, but can we safely assume that there is a higher share of managed services contained in these agreements, which might boost the margin again? Can you tell us whether this momentum comes more from the federal level or from municipalities?
We expect these effects to come from the federal level primarily. These are the framework agreements that we won in the past and that, due to the budget situation in Germany, have not been called off at all, we might say. Wherever the Ministry of the Interior is the leading agency in the tendering process. Also, when it comes to the federal armed forces, we also expect that there's going to be an increase in call-offs.
The classic business in the lender, this business is ongoing on a robust level. There is a multitude of decentralized units within Bechtle dealing with them. When we're talking about the municipal public business, the system houses in the respective regions are in the lead function. When it comes to framework agreements, first and foremost, Dortmund, because of the purchasing power, we decided to bundle our strength there. Definitely, there's going to be a focus on the federal level and the federal armed forces in H2. These are the largest framework agreements we're talking about in this context, after all. Martin Link speaking about the EUR 5 billion here, EUR 2 billion come from the federal level. This gives you the general weighting. You asked about the type of agreements, whether there is going to be a high share of managed services.
To be honest, we have to say that these agreements generally go towards hardware still. There's also some interesting project business contained, but the nature of these agreements as a whole would be focused more on the hardware side, which is positive.
In this case, because when these agreements have already been agreed, negotiated, the vendors are on board, the basket of goods and services is defined, we can scale this business relatively quickly because it's not really that complex by our standards. When you have a higher share of services contained in these framework agreements, the short-term effects that we assume for the second half of the year in terms of the recovery of business can usually not be mapped fully. In our current situation, this constitutes an absolute advantage that we have infrastructure-focused framework agreements in this case.
Thank you very much.
The second question, we heard from Cancom last week, your competitor, that in Q2 and Q3, they are going to see a high competitive pressure in Germany. Now, looking at your gross margin, I can see that you're going strong here. Can you tell us more about that? Do you also see these tendencies in the market, and how do you react to them?
Dr. Olemotz, yes, we also see these tendencies, and if I had to specify what they are in our markets, I would say that we see them more abroad than in Germany, and we also see them around the Microsoft business. Very significantly, this is because all competitors are facing the same challenges right now of switching EA agreements to CSP agreements. In this context, they want to maintain their customers, and they don't want to open up any gaps for competitors to attack.
This is why the profitability that we saw initially in this area around the mere transformation business of EA to CSP has come under pressure. As far as the deployment services are concerned or additional incentives, we don't see this trend so much, but related to the contract-related costs, here, competitive pressure has indeed become quite high, and we are moving at the upper end of our scenario calculations as far as pressure on prices is concerned. We can definitely confirm what you have just said, so related to the two market segments that I have just mentioned. We cannot confirm this as a general trend in the market. I wouldn't say it is the case for our whole solutions and services portfolio across all regions, but abroad, in some countries, for example, France, I would say yes. In Germany, around the Microsoft business in particular.
Thank you, and all the best for the second half of the year.
Next question, Florian Treisch, Kepler Cheuvreux.
Good morning, and thank you for taking my question here. One question. If you look at the figures of the PC vendors and the market research figures, Q2 was slightly better than expected initially, and some observer detected more support for Windows 11 than initially expected. Do you see this as well? Do you expect that some customers will sort of wake up prior to the deadline in October and invest in hardware? Do you see that many customers are really willing to pay for another extension of warranty for a year? The second question to come to M&A. Last year, you mentioned Poland and other countries. Is that still high on the agenda, or have you shifted your focus in that context?
Let's start with M&A.
The markets are still on our watch list, to put it like that. Both the south of Europe, as well as Poland. Last year, I've already mentioned, so we can tick that box. Spain has been ticked off, and that is very good for our market position. We made a major step there above all in the public sector. The synergies in this context, if I can underpin this here, are just tangible, really, because Grupo Solutia Tecnología in the past couldn't compete in the bigger tenders because they were simply not big enough. Now that they are belonging to Bechtle Group, this will change overnight. That is why we expect major changes also in the infrastructure business, and we expect interesting projects for the future. Something that Solutia just couldn't address because the balance sheet wasn't appropriate.
In addition to Spain, Portugal and Poland are still on our watch list, and prospects are not bad, to put it like that. Whether this will become relevant in Q3 or whether we have to wait until Q4 depends on the transaction processes as such, because it's holiday seasons above all in the south of Europe, so the processes cannot be sped up unlimitedly, to put it like that. I firmly assume that we will have positive results, positive news from both markets. As regards the PC figures, we can confirm what you said in our half-year report. We also looked at global sales provided by Gartner, forecasting a growth of 4.4%, but that's a global figure.
You mustn't forget that this is a global figure, but even if I compare it with our volume growth, not price growth, but volume growth, I can see that our growth in this product range is pretty much around 4%. In some areas, even beyond that, when it comes to classical workstations, and also sales development is positive as well. This is a confirmation of the Gartner figures regarding the global PC development. This is confirmed by our figures as well. Mr. Treisch, that's exactly what I've said before. I mean, 5% growth needs to come from somewhere. We tend to take a top-down approach in terms of results, but also in a peer comparison. If we look at the current market situation in the different countries of Europe, and if you look at Germany in particular, we are still able to grow despite a rather weak demand.
The 9% growth abroad, yes, also driven by acquisitions, but we also saw organic growth. We are growing stronger organically abroad than in Germany.
Thank you.
If you want to ask a question, please press star and one. The next question, Andreas Wolf, Warburg Research.
Yes, good morning. Congrats to the improvements in Q2. One question to the public sector, Dr. Olemotz. This improvement, was that limited to certain institutions? You mentioned Dortmund. Is the situation comparable with a good business in the first quarter of last year, or is there a broad improvement? A question regarding Windows 11. Do you see an increase in the Windows 11 migration with larger customers? Because SMBs won't take a leading role there, I assume.
Answer: The development in the public sector, Mr. Wolf, is indeed such that the growth we see right now is limited to some market segments.
It's not a broad-based development. In the past quarter, we saw different growth rates in different segments. What we've observed in the past over and over again is that individual framework contracts went well at the top range. That is something we don't see right now. We see a solid development across the bench in the field of healthcare, and also European institutions, we see a solid development here. That, by the way, explains the international growth. Also, local and lender authorities, that develops very positively right now, broadly speaking. That explains the current growth. Threads of before is that this number of large-scale framework agreements need to ramp up. Based on good growth year to date, generally speaking, that is the dynamism we need in the back end of the year to have a real, to really have the opportunity to fulfill our outlook.
Summing up, the good growth year to date in broad terms supplemented with these singular framework agreement situations. There is a sort of bottleneck in terms of call-off with these growth rates. Once we see here a clear improvement, we expect growth rates clearly beyond the 5%. As regards the Windows 11 migration, it is as you've described it. The enterprise customers are somewhat more courageous, and they butchered it and planned for it. They're implementing projects in that field. The typical SMB segment across the board is still more hesitant due to the overall challenging economic situation in their core business. That explains the differences in the migration across the different customer segments.
Thank you. All the best for Q3 and Q4.
Right now, we have no further questions in Germany. We will now switch to the English channel. Just bear with us.
We are now coming to the English questions. The first question comes from Christopher Tong from UBS. Please go ahead.
Hi. Thank you for taking my question. Maybe just two on my side. Can you make a comment on the German infrastructure funds and when you can sort of see benefits from this? Secondly, you mentioned that trading was quite strong in July. Also, maybe just a little bit more color on this and what you're seeing in August as well. Thank you.
I start with a question regarding the German infrastructure fund. We always said that we don't expect a major impact already this year. The major impact coming from this, let's say, booster probably will affect our figures coming year. No effects expected this year because if we talk about a kind of a recovery regarding our public business, we only talk about already existing frame contracts. That is key to see. Our current trading, that was your second question in July, was pretty good, and it's above the average in the first six months of this year. It's a good month, so to say. It's a good start in the second half of the year, continuing the already good development in the second quarter. We are really satisfied with the figures we saw, with the operational figures, I have to say, we saw in July.
No concerns coming from the month July.
I just want to remind you that in the third quarter, September really is the most important month. We are now in the summer break. That doesn't change the fact that what Thomas mentioned right now, that July was really a very good month. Nevertheless, there are still two months to go. Again, September will be the decisive factor for Q3.
Makes sense. Thank you.
It looks like there are no further questions at this time. I would like to turn the conference back over to Dr. Thomas Olemotz for any closing remarks.
Okay. Thanks a lot. Thanks a lot again for your questions. Looking forward to your reports. I wish you all a nice, hopefully sunny weekend. Bye-bye. Ladies and gentlemen, the conference is now concluded, and you may disconnect. Thank you for joining, and have a pleasant day. Goodbye.