Welcome to the Boozt Q3 2026 report presentation. For the first part of the presentation, participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now, I will hand the conference over to CEO Hermann Haraldsson and CFO Michael Bjergby. Please go ahead.
Thank you, and good morning to all. Welcome to our Q3 2026 presentation. Let's turn to the first slide, please. We will follow our usual agenda. I will take you through the highlights and the strategic update, and then Michael will go through the numbers in detail. Let's turn to the next slide, please. In Q3, we won market share across all categories, and the strength of our Nordic department store strategy continues to build and gain momentum. Revenue grew 16% in constant currency, and at the same time, our adjusted EBIT margin improved to 5.5%, up from 4% last year. Once again, the growth was broad-based. Every category and every major market grew by double digits.
Women's fashion, our largest category, accelerated further from Q2, and that actually matters a great deal because when women come back to Boozt, they bring the rest of the department store with them. We are taking market share in the Nordics, and there were three main drivers behind the quarter. The first is the assortment. Our autumn/winter collection is the widest we have ever had, and our customers responded to it from day one. The second is commercial execution. We are spending our marketing money in a smarter way, and I will come back to that in a moment. The third thing is the customer journey. With AI-supported search and our shopping assistant, it is now easier for our customers to find what they are looking for. This means that we go into Black Friday and the holiday season with the strongest inventory position we have ever had.
More stock than last year and considerably better stock. On the back of a strong Q3, we upgraded our outlook at the end of September. Last week, we added that we now expect the adjusted EBIT margin to land in the high end of the range. Today, after a strong October, we are adding that we also expect revenue growth to land in the high end. Michael, he will take you through the details later. Now please turn to the next slide. In Q2, we saw a step change in the number of women shopping at Boozt, and in Q3, that continued. On Boozt.com, the number of active customers shopping women's fashion grew 70% compared to last year. If you look at the chart, you can see how far we have come. A year ago, this number was still going down. The main reason is the assortment.
We launched the broadest autumn/winter collection we've ever had, with around 55% more style variations than last year. It was well received from the very first week. As we've said before, women who shop with us rarely stop at fashion. They also buy for their home and for their kids, and they buy beauty and sport. That's exactly what we saw in the quarter. The growth in women's fashion lifted all the other categories, and they also grew by double digits. Today, close to 200,000 more customers on boozt.com shopped across categories than a year ago. That is what drives loyalty, and that is what makes the department store model work. Please move to the next slide.
I'd like to say a few words about marketing, because the way we work with it has changed a lot over the past year, and we believe it's been an important driver of our momentum. First of all, we've changed where the money goes. Today, the budget follows new sales. So we spend it on winning new customers and getting our existing customers to shop in more categories, not on customers who would have bought from us anyway. At the same time, we've moved money away from last-click ads and into campaigns that build awareness and trust in the Boozt brand. We've also changed how we make our marketing. With AI-made images and local planning tools, we can now tailor every campaign to its market. Our content engine is around 10x bigger than before, with more than 600 local videos and category posts every month.
Content made by creators has doubled our return on ad spend. We can see it in the numbers. Around 20% more customers shopped on boozt.com in the third quarter than a year ago. Over the last 12 months, our marketing ratio came down to 9.2% from 10.1%. So we're reaching more customers, and we're doing it more efficiently. We want to take this even further, and that is the thinking behind the realignment of our commercial operations, which we announced last week. We've removed a management layer, so our commercial teams are now closer to the decisions. This means shorter decision paths, clearer ownership, and a fast response to what our customer wants. The new setup has been in place since 1st of November. Our plans for Black Friday and the holiday season are locked, and responsibilities have already been handed over.
So we don't expect this to affect the peak season, and Michael will come back to the financial effect later. Let's turn to the next slide, please. With more customers and more orders, our fulfillment center in Ängelholm has to keep up, and it does. In the third quarter, we shipped 1.9 million orders, up 16% on last year. Ahead of the peak season, we've put two new initiatives in place, and they make us both faster and more efficient. The first is our new return handling center. Returns are now checked and repacked and back on sale faster. For our customers, that means they get their refund sooner, and they're ready to shop again. Also, the new returns center is built to handle the wave of returns that always follows Black Friday. The second is beauty.
Products like hairspray and perfume are classified as flammable, but from Q4, they are picked by machine in the same flow as all our other orders. Both are part of the warehouse investments we told you about at the start of the year, and both will support our efficiency going forward. We are already preparing for the next step. In 2027, we will invest in a fourth AutoStore system in Ängelholm. It will be up and running no later than Q3 2027, in time for that year's peak season. It gives us room to keep growing, and it will make our fulfillment even more efficient. Let's move on to the next slide. As planned, we have built up our inventory for the peak season. At the end of the quarter, inventory was SEK 3.8 billion, 21% higher than last year.
In the first half, we probably ran a bit too lean, so we are pleased to be where we are now. The strong inflow supported our autumn-winter trading, and it gives us a very good starting point for Black Friday and Christmas. We know that some of you see higher inventory as a risk. For now, we see this actually as an opportunity. The quality is high, the assortment is fresh, and we have Booztlet as a natural hedge if we need it. We also have the financial flexibility to keep a strong and relevant inventory position into early 2027. Please move to the next slide. Finally, our department store model keeps getting stronger. Over the last 12 months, the number of customers on Boozt.com shopping for more than one category grew 13%. That is close to 200,000 more multi-category customers than a year ago.
The customers buying from all six categories, our most loyal customers, grew the fastest by 20%. In Q1, these groups grew in high single digits. Now, they are all growing by double digits. This is exactly the pattern that we want to see. The more categories a customer shops in, the longer she stays with us, and the more valuable she becomes. With that, I will now hand over to Michael and the financial review.
Yes. Thank you, Hermann, and good morning, everyone. I will start out with the financials for the quarter and then go through our outlook for the year by the end. Please start on slide number 11. In Q3, we grew 16% in constant currency and 17% in reported terms. This is a clear acceleration compared to the 13% that we delivered in Q2. The growth patterns from Q2 continued, characterized by being very broad-based both across countries and categories. All categories grew by double digits, including Sweden, also as a country, with 13%, and Denmark with 15%. Norway grew around 20% in constant currency. The growth is driven by volume coming both from acquiring new customers, but also we see an increase in orders from our old cohorts.
We reached a milestone of three million active customers in the last 12 months at Boozt.com, and orders grew by 18% in the quarter. As expected, the AOV development improved in Q3 versus Q2, and it was flat in the quarter. Other revenue grew 21% in line with our plan and expectations. The main driver was the Boozt Media Partnership, where the brands increased their activity around the autumn-winter launch. This is important for ambitions both short-term and long-term to drive the gross margin. Overall, we had a strong start to the autumn-winter season, and looking at all the metrics, we are convinced that the growth comes from market share gains driven by our sustainable growth initiatives implemented during the year. Please go to slide number 12. The gross margin was 40.0% in the quarter, up as much as 2.6 percentage points compared to last year.
Half a percentage point comes from currency, but the rest is really underlying improvement, driven by the same factors that we have talked about several quarters. Better buying terms, less markdown activity, and a sharper distinction between, and identity between our two shops. It is worth to note that the product margin improved both on Boozt and on Booztlet. Next slide, please. The adjusted EBIT margin improved 150 basis points to 5.5%. Adjusted EBIT grew almost 60% to SEK 107 million . The driver is clearly the gross margin, and the operating leverage on our cost base was lower than what we usually deliver. These are deliberate decisions, because we have invested in growth initiatives, which comes out as both higher fulfillment costs and also higher marketing costs. The adjusted fulfillment cost ratio increased by 0.4 percentage points, driven by inbound volumes.
In September alone, we received record inbound volumes for a single month, preparing our platform for the peak season. The underlying efficiency of the warehouse continues to improve, and long term, we continue to see potential to drive the fulfillment ratio down. The adjusted marketing cost ratio was also up by 0.4 percentage points. These are mainly related to offline brand building for long-term expansion, while the online marketing costs grew broadly in line with revenue. Over the last 12 months, the marketing cost ratio is still down from 10.1% to 9.2%. The adjusted admin and other cost ratio increased by 0.8 percentage points. This is mainly related to the cost of our relocation to Copenhagen, which we have talked about before, but it also reflects IT investment in our customer journey and customer experience, such as our new search function, better personalization, et cetera.
Finally, the admin cost ratio also includes 0.3 percentage points from hedging losses, mainly related to the appreciation of NOK against the Swedish krona. The depreciation ratio improved by 0.5 percentage point. In total, currency had a net positive effect of around 0.5 percentage points on the adjusted EBIT margin, and adjustments for the quarter relates entirely to share-based payments impacted by improved performance and higher share price. As you know, this is a non-cash cost which follows the share price and our performance. Slide 14, please. As Hermann mentioned, we have built inventory ahead of the peak season. Inventory increased by 21% compared with last year. The quality of the inventory is very good and relevant. Stock from two seasons ago is around 30% lower than the same time last year, and a large part of the increase is current season products and categories we are deliberately building.
This includes categories like our beauty products. Accounts payable increased in the same period, reflecting timing of the inbound deliveries, but also the work we have done to optimize working capital. As a result, net working capital was only 4% higher than last year, and as a share of last 12 months in revenue, it actually came down slightly. Please go to the next slide. Boozt continues to be highly cash generative, but the free cash flow in Q3 was slightly positive in the quarter compared with SEK 202 million last year. This is purely because we have been building inventory ahead of the peak season, whereas we focused on clearance last year. On top of this, we paid the exit tax related to the move of our headquarter.
We continue to have a strong balance sheet, with basically no debt by the end of Q3, and we continue also our share buyback program, where in the first nine months, we have bought back shares for SEK 318 million . As a side note, we will, going forward, run the program under the EU Safe Harbor rules for share buybacks. That concludes the financial review, and now let's turn to the outlook on slide number 17. This year, we have upgraded our outlook three times, most recently on 9/28 with our Q3 trading update. Today, we see that based on a strong October, we now expect that both the revenue growth guidance and the EBIT margin guidance will end in the high end of the ranges. We've also announced the commercial reorganization, and this will entail one-off costs of around SEK 40 million in Q4.
This will be reported as an adjustment. On a full-year basis, the change will, all else equal, add around 0.3 percentage points to the EBIT margin, starting already from November this year. Finally, a word on next year. The fourth AutoStore system that Hermann talked about will be paid in full in 2027, so next year's CapEx will include just below SEK 200 million for that system. However, we have gained a scale and profitability level where we, even in years with large investments like this, our cash conversion and cash flow will remain strong, and as such, our capacity for cash distribution to shareholders will continue again next year. With that, I'll hand back the word to Hermann for some final remarks.
Thank you, Michael. A year ago, we said that 2025 was a year to prepare for our next growth phase. Today, we have delivered two quarters in a row with double-digit growth and a significantly higher margin. It's the right kind of growth. We sell more on a premium side, we discount less, we win more customers across more categories, and we spend our marketing money more effectively. We go into Black Friday and the holiday season with our strongest inventory ever, a more agile organization, and a team that is fully focused on the peak. We do not take Q4 for granted. It's the most important quarter of the year, and a lot still depends on how well we execute. But we are well prepared, and we have the momentum with us.
Finally, I am very much looking forward to our Capital Markets Day on March 9 next year. We will host it at Krystallen, or the Crystal, our new headquarters in Copenhagen. We will take you through where we want to take Boozt in the coming years and share our updated financial ambitions. Also, it will be a great opportunity to show you our new home. More information will follow, and we hope to see many of you there. That concludes our presentation. Operator, will you please open up for questions?
If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Johan Fredin from SEB. Please go ahead.
Yes, good morning, guys. Thank you for taking my questions. A few from my side. You state that the autumn-winter season got off to a strong start and that October was strong. Is there any pull-forward effects from weather or any early season? Essentially, how should we think about Q4 and the period that we are now entering? You have tough comps, of course, and Black Week and Christmas sales are always special. So, how should we think about that in that context?
Yeah. Good morning. September actually was good, and we actually thought that, or suspected that there was kind of demand pull-forward because the weather was quite cold in the beginning of September, but then it got warmer. But then again, as we say, October has also been strong, so demand just seems to be there, and our shop seems to be there. So, we do not see any kind of extraordinary seasonal effects coming into play. So, momentum is strong and continuing, which is why we are relatively optimistic going into Black Friday and the holiday season.
Got it. Very clear. Thank you. On the Q3 growth on Boozt.com, it was, as I gather, almost entirely volume-driven, as AOV was roughly flat year-on-year. How much of the volume growth here in Q3 came from new and reactivated customers versus existing ones? How sticky are the new cohorts compared to previous years?
What we've seen is that our previous cohorts are back. They are buying more than they did the previous year. It's the first time actually since COVID that the old cohorts are buying more than the previous year. It's both cohorts coming back, but it's also very much new customers coming into the shop. It's actually kind of Yeah, our marketing efforts have paid off by focusing on not buying customers that will come anyway, but reactivating customers and getting new customers. It's actually on all parameters that we are growing, both old cohorts and new customers.
Okay. Just to follow up on that topic, just to understand the AOV dynamics here. I assume that new customers do have a lower AOV than existing one. Does a large inflow of new customers offset the benefit of customers shopping across categories, as we've seen in Q3, AOV flat, orders double digits? How does AOV and frequency compare for new versus existing customers, and essentially also for single/multi-category customers?
Answer the question yourself. You're right. New customers, they tend to have a lower basket size and start with one category. Obviously, when you have a higher inflow of new customers, that puts a pressure on the basket size as well as the migration towards more categories. We know that there will be a delayed effect, but as we said before, we need to get new blood into the shop, get new customers, get the women both back and get more women, and we succeeded in doing that. That's why there's no reason to be concerned about the basket size or the category migration, because it's in line with what would be expected.
Okay. If you could get a rough sort of estimate on the difference in AOV between single and multi-category customers?
I don't think we've published that number yet, but there is a difference. A meaningful difference, yeah.
Yeah. A final one then, if I may. I've taken up a lot of your time here. You're guiding for about 7% adjusted EBIT margin for full year 2026. Longer term, you have a medium target of around 10%. What are the main levers for closing in the remaining 3 percentage points gap to your target here over the coming years?
Scale. We know that as we grow, we scale. As we said before, we intend to have double-digit growth and intend to kind of double our revenues within some years, but without having to increase many more employees. We believe that as we grow, the business scales, we are investing slightly more in marketing and to build the brand, but we know also that also we scale on time. We're actually quite confident, and we see it already in the numbers that we are narrowing the gap and that we will get towards the 10% as expected. So it's scale, it's keeping our organization, we'll say, non-complex and simple, and using, of course, technology and AI to improve the customer precision. Again, we made 5.7% last year and are guiding close to 7% this year. I think that the trajectory is getting quite credible.
Thank you. Those were all my questions for now.
Okay.
Thank you for taking the time.
Thank you.
The next question comes from Benjamin Wahlstedt from ABGSC. Please go ahead.
Good morning, guys. First off, Hermann, question straight to you. I noticed a flash on my screen that said, basically, you stated in an interview this morning that you expect double-digit growth in 2027. Could you say why you are confident in this statement, please?
I believe I said that the target was to continue double-digit growth, so that is our target for the coming years. We haven't done any guidance yet, but what we see is that the consumers are back, our cohorts are buying more, we're attracting the women again, and they're buying across the categories. Also, with inventory up 21% and we expect, of course, Q1 with the high inventory to perform better than last year. This is why the target is to continue double-digit growth. We haven't, again, we haven't done guidance, but of course, as you know, we are a high-growth company, and the aim is always to grow double digits.
Yeah. Looking forward to see the guidance. I was wondering as well if you could give us any more flavor on the higher fulfillment ratio in the quarter. Historically, the development has been fairly linear. In quarters of strong growth, the ratio has declined, basically. I was wondering if there are any non-operational or non-handling costs in the Q3 figure. Have you started taking costs for returns handling or similar?
Thank you, Benjamin. This is Michael answering your questions on fulfillment cost ratio. In September, we had the record inbound volumes, and this is really an effect that only has benefit in Q4. So if you like, this is an effect that we didn't see last year to the same extent, and as such, it's a little bit of a timing between the quarters. Underlying, we saw efficiency continue, so it's really the timing of the inbound and the fact that we are building much more inventory this year compared to last year. On top of that, we also see a small impact from oil prices on distribution, last-mile distribution, and therefore, a little bit of a different pattern on the fulfillment cost ratio than what we're used to, and also what we expect to see going forward.
All right. Just to clarify, you are basically saying you are taking a larger share of, let's call it Q4-related fulfillment costs in Q3? I am talking about the inbound deliveries.
No.
No?
Yeah. No, I am talking about the inbound deliveries, and that is something that does not necessarily give us the benefit here in Q3, but give us the benefit from the sales in Q4. But it is not really cost-related to the quarter, because you take the cost in the quarter where it is actually.
Yeah. I guess on a similar topic, you note in the outlook section that you expect a similar fulfillment ratio for the full year 2026 as in 2025. If my math is correct, that suggests roughly flat fulfillment ratio year-on-year in Q4, despite implied growth of, well, let's call it 12%, 13%. Have we reached a point where efficiency gains in your current AutoStore installation is unlikely, do you think, or how should we see that?
No, we have definitely not reached the sort of the level where we want to be long term. We continue to see that the fulfillment cost ratio can continue to improve, but this year, it has been different than last year. Therefore, the year-over-year comparison is a little bit off because we have so much more inbound this year than what we had last year, where we were in a clearance period. So if you look at it going forward, where it will be more like for like, then you will see the underlying efficiency also come through in the numbers, and therefore, longer term, we continue to expect the fulfillment cost ratio to go down.
If I can add, also, our growth this year has been somewhat higher than we expected. The warehouse is operating at a full capacity, then it might become slightly. We have some costs basically to offset that constraint, and that's why we are investing in the new AutoStore and getting into play as fast as possible. The autumn-winter is always the peak season, so this is why we kind of have been under a lot of pressure in deliveries, et cetera, for the quarter. I think that's temporary.
Perfect. Thank you. That's all I had.
The next question comes from Niklas Ekman from DNB Carnegie. Please go ahead.
Thanks. Can I start asking about the inventory here, up 21%? You seem very pleased with this, and this seems to be very much planned. I'm just curious, is this- What kind of growth you are aiming for in Q4, or if we should see it mainly as a kind of a timing effect or adjustment from previous low inventory levels? That's my first question.
Thank you, Niklas. No, you should not see this as a growth pattern. I think there's a couple of things that is impacting here, and one of them is that we also want to see growth in the Q, what we call Q5 and Q6, so actually going into the Q1 of 2027. Some of this is building longer term, but from a growth rate perspective, obviously 21% would mean out of the guidance range, and this 21% is not what we are targeting at this point.
Okay, very clear. Also, I hear you here about the gross margin being up significantly, and then marketing, fulfillment, and admin were also up in this quarter. But it sounds like the fixed cost here, marketing, fulfillment, admin, they will not continue up to the same extent in Q4, according to what you expect. But do you think the gross margin could continue up at a similar pace?
I would say probably not to the similar extent, because Q3 was extraordinary in many ways, and Q4 always lives a little bit its own life, because it is extremely competitive, it's highly promotional, so it's a more tactical quarter, if you like, than Q3. So I would not expect the gross margin to increase as much as you saw in Q3. Still, there should be some improvement. The marketing cost ratio will also be something that we deliberately decide as we go through the quarter, but you are correct that the fulfillment cost ratio is not expected to increase to the same extent as we saw in Q3.
Okay, clear. Finally, I'm also curious here, the new AutoStore investment, you're talking about less than SEK 200 million. I know that past investments in AutoStore have been significantly high, particularly during COVID, but that was, of course, in a period of extreme growth. But what kind of change in number of bins are we talking about? What kind of capacity increase are we talking about? Meaning, basically, how long before you need to do the next investment if you continue to grow in double digits?
Yeah, that's a good question. We have this building A, as you know, Niklas, where basically we've put in a new AutoStore with slightly different configurations with 18 bins instead of 16 bins on top of each other. That's in two phases. The first phase will be, as I recall, around 250,000 bins and 250 robots. That will probably take us through a couple of years. Then again, probably somewhere, depending on the growth, we can call the last part, and that should be able to accommodate a significant growth going forward. With investment in AutoStore, we should be able to grow, keep the growth until 2029, 2030, something like that. Again, I know it's a vague answer because it's also with this slight assortment change with more broad assortment, you have less depth, so you fit more in the AutoStore.
Again, we're doing tweaks and trying to get more out of the grid and the bins. The new investment and the new installation, part one and two, I think they will provide us with some 450,000, 500,000 bins. That is increasing capacity with some 40%.
Okay, so basically a 40% increase in capacity.
Next year is the first phase, and that is approximately half of it, which is SEK 200 million. It's not necessarily half the cost because you have some initial investments that you have to make in setup, in robots, et cetera. So it's not half of the total investment. So it's a significant way.
Okay, SEK 200 million will give you roughly 20%-25% increase in capacity.
Yes.
Then you will have another investment in 2028 that will bring that to 40%.
2028, 2029 is depending on the growth, yeah.
Okay, excellent. Thanks. Thanks for taking my questions.
As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. The next question comes from Daniel Schmidt from Danske. Please go ahead.
Yes, good morning, Hermann and Michael. You sound very confident when it comes to the quality and the size of the inventory. Could you sort of shed some light on if you have done anything in order to detect quicker if you are on the wrong trend or not, which was the case, I think, in the spring 2025, especially on women's dresses? What makes you confident that we won't sort of end up in that situation again, and what have you done?
Yeah, that's a good question, Daniel. Technology helps us a lot. Basically, we are building agents that can detect changes in consumer taste. We still have kind of the thing that we are buying six months ahead. We're trying, of course, to be more flexible and buy more in season. But I think that we are kind of detecting faster also on a country-by-country level if there are big changes or fluctuations in consumer trends. If you look at, for instance, now, the women are wearing jeans or denim big time, and I think that we've caught that trend very well. I think that with using technology, we can spot things faster and be closer to the market than before.
That's why in general, again, we talk about that for a small organization like ours, technology, AI is a magnifier or a huge help for us because we don't have to engage huge resources to get closer to the markets. We can focus on doing what we're good at and then using technology to create a very good customer experience.
Okay. Do you feel that you have enough evidence in terms of reliability on the tech and the AI help that you're receiving now?
No. It's consumers. You cannot predict how they are behaving, and that's why, of course, we're always taking inventory risk. But as long as we have Booztlet, where we can protect downside, we're quite confident. Again, we have experience, we have data to decide on the depth, and then we have our tools to kind of create or provide the more edgy stuff that creates interest. I think that we are probably in better shape than we've been before on that part. But there's always a kind of a fashion risk that consumers might go into a new direction, but I think that we've kind of reduced that risk compared to earlier.
Okay. Thank you, guys. That's all for me.
Okay. Thanks, Daniel.
The next question comes from Sebastian Grave from Nordea. Please go ahead.
Hi, Hermann and Michael. Thanks for taking my questions. I will start off on a currency question here. The NOK appreciation has definitely served you well this year on a gross margin level. However, as you also allude to, Michael, you had some of your exposure maybe a little too early. The NOK has appreciated further, which has caused some negative effect on your admin cost line. Can you help me understand, let us assume currencies remain where they are today, what is sort of the EBIT margin spillover into next year, all else being equal?
Yes. Thank you. The NOK now it has moved quite a lot yesterday again, but if you assume that the current rate continues, then basically you will have a little bit of uptake on the gross margin in the early of the year, and then you will have around 30 basis points of improvement in the admin cost ratio because you do not have the hedging losses. It would be a little bit above the 30 basis points if it continues like this.
Okay. No, thank you. That was very clear. Then on the CapEx investments announced for next, could you help me just, maybe I missed it, but could you put the SEK 200 million additional investment in the context of the previously floated SEK 500 million investment program? Will this be the last tranche taking you to a capacity of SEK 15 billion or should we expect more to come to get to that level? Or yeah, maybe some words to that, please.
Yes, I think so. As Hermann said, with this investment, we can do a little bit of an add-on to the phase 2 to this, and then we are able to grow double-digit up until 2030, if that is the case. So we feel that with this investment that we are well-suited. You cannot compare it like-for-like compared to the SEK 500 million that we guided back in the Capital Markets Day, because there has been some projects that we have initiated that were not in the plan and likewise. So I would rather maybe delay this to a larger CapEx discussion at our Capital Markets Day in March next year.
Okay. No, that is completely fair. Thanks for taking my questions.
Thanks.
There are no more questions at this time. So I hand the conference back to the speakers for any closing comments.
Okay. Thank you for listening in and for the questions. So this concludes our call, and yeah, I guess we will see you around during the next couple of weeks. Thank you very much.