A very good morning, everyone, and a warm welcome to Hoist Finance third quarter presentation. Both welcome to you here in Stockholm, but also a warm welcome to you following this online. Let me first say that we have a lot to talk about these days, or today. There are many moving parts, lots of things going on, and we totally appreciate that this time it must be a bit difficult to follow what's going on in Hoist Finance. Let me make it very clear that I am so pleased with our ability to execute on a number of important issues and initiatives. I'm confident and convinced that what we have actioned in the quarter is resolving a lot of the challenging issues for Hoist Finance. That's number 1. Number 2, it enables us to continue to grow as a company.
Point number 3, it will improve our profitability going forward. Let me quickly move into the highlights of the quarter. First of all, let me say that the underlying performance, the underlying financial performance, is actually on par with the first and second quarter of the year. We are executing on our strategy, and there are some very key achievements in this quarter. You might have seen that we announced through a press release that we now have firm commitment on our second securitization, this time a rated transaction. This is really a landmark achievement for Hoist Finance. Secondly, we are taking some decisive actions in terms of bringing our costs down. I will talk more about that in a second. We're also taking some very important steps, becoming more digital for the future.
As a last point, don't forget that during this year, we have strengthened our capital significantly. We now have a CET1 ratio at 10.3%, and that feels radically different than what was the situation at the beginning of the year. Christer will go through all the numbers and comment on all the deviations, let me just reiterate the fact that the third quarter actually is basically on par with Q1 and Q2. On par, around SEK 200 million for the quarter. The only disappointment I have today, because there are just so many good news in this quarterly report, my only disappointment, if you like, is collection performance. It came in at 101%, which is below our expectations, and I believe strongly that we can do more.
This time around, we had certain challenges in one of our small markets in Spain, but we are again taking some decisive actions there. We have a new country manager in place, an experienced, seasoned leader from the industry, and I'm convinced that we can turn that around rather quickly. It's not like we're having problems on collection performance all over the place. There's one single market that stands out. I mentioned also that the capital situation is very different now compared to what it was in the beginning of the year after regulatory changes came. I would like to say that we are definitely executing on our strategy. I said multiple times that the winners in this game, the winners in the industry, will be those companies with the best operations and the lowest cost of funding.
We should not forget the fact that having the deposit-based funding has given Hoist a pretty unique competitive advantage. We actually have access to the lowest cost of funding in the industry. Now, with securitization, we will continue to have the lowest cost of funding post the NPL backstop. Let me then move on and offer some comments on our various initiatives. For those of you who have seen the report, you see that there are several one-off transactions in the numbers. I would say these are good costs because we are taking a number of steps to bring the long-term cost base down. One of the key actions that we have done is to consolidate a number of sites.
If you have followed Hoist for some time, you know that we, over the last 18 months or so, have closed down our operations in Bremen in Germany. We have closed down our office in Milton Keynes in the U.K., and now we're closing one of our offices in Spain, the Bayonne office, as you can see from this map. Have in mind that France is one of our prioritized markets, and although the NPL problem for French banks perhaps not is at the same magnitude as the situation is for other European banks, the potential to work on the NPL volumes in Spain is huge. Just because the fact is that the banks have not been sellers on NPLs until now. Now we really see that the market is opening up across a number of asset classes, but perhaps in particular within secured non-performing loans.
In order to be even more competitive, we have decided to close down one of our offices and consolidate our operations in two places, in Lille for unsecured consumer claims and in Paris for the secured NPLs. We established, 1st of January this year, our One Hoist operating model. This new operating model was put in place in order to harmonize, standardize, and industrialize our work processes. Hence, we also established a shared service center in Wroclaw in Poland. The purpose of this shared service center is, of course, to work from a low-cost jurisdiction and to offer services across all our markets, remove duplications, and benefit from scale and skills. You can see some of the functional areas that we now are working to deliver across the board from Wroclaw in Poland. Actually, the progress that we have seen is above our expectations.
We plan to have 65 FTEs working from Wroclaw by the end of the year. This is actually the fastest ramp-up process that I have seen in my experience, and I've done this three times before. It's good to see the very strong progress in ramping up our shared service center across the board delivered from Wroclaw. We also, this time, want to highlight nearshoring. You might remember that we closed the acquisition of Maran in the second quarter. When we bought Maran, we also got a small presence in Romania. Have in mind that the cost is, of course, even lower in Romania than in Poland. Now we see that we can deliver back office support and even some call center services from Romania going forward.
We have now an ambition to have 30 FTEs working from Romania by the end of the first quarter next year. These two initiatives, more than 100 FTEs working from a low-cost environment, makes total sense for Hoist Finance. One of the other restructuring charges this time is related to IT. In our efforts to become the digital leader in our industry, it is important for us to have a stable, standardized, scalable backbone. That's why we are very pleased to announce that Larsen & Toubro Infotech is going to be our partner in IT infrastructure outsourcing. We have run a competitive process with several reputable firms competing for this contract. We are very happy that LTI was able to meet our requirements, and we will work together with them to improve stability, security, and also radically lower our costs going forward.
We will now, of course then, reduce our own staff in Hoist Finance and shortly move our systems to the cloud. Our One Hoist operating model allows us to develop once and then deploy all across our markets. To my knowledge, Hoist Finance is the only pan-European debt recovery company that actually now has in production a self-service portal where all our customers can log in and be self-serviced. Of course, going digital matters because the costs of going digital is significantly lower than doing this the old-fashioned way through call centers. Right now, we are actually live testing as the only company in the industry, to my knowledge at least, some very interesting new features and some good new functionality.
We know that, for instance, in Italy, a lot of people, the public actually prefers to use WhatsApp over SMS. It's important for us to offer to our customers an omni-channel experience. If we have them on WhatsApp in a dialogue, it's important for us to be able to close the payment in the moment, so to say. That's why we're now testing live, the WhatsApp Business functionality, where the customers actually can pay in WhatsApp. Similarly, we know that Android is the biggest system for smartphones, and we're also testing there the so-called RCS technology, Rich Communication Services, again, allowing the customers to pay when they are in the messaging service with us. The strategy is clear. We are going digital by default to radically bring down our costs. It is working.
The biggest news of today, and perhaps by far the most important, is the fact that we are successfully now Well, we are about at least to close the transaction, the second securitization transaction. Of course, when the regulatory changes came first in December last year with a change in risk weights, again, another change in January 2019 this year, where the Swedish FSA, or actually the European Parliament, decided they were introducing the so-called NPL backstop. There were a lot of questions about the validity and the sustainability of our business model. It was very important for us then to meet those challenges with our mitigating actions. We saw pretty fast that the most interesting one would be to securitize to make sure that we got significant risk transfer. At the launch of our second quarter earnings, we talked about the first securitized transaction, which was unrated.
We're quite happy about that transaction, and we are equally, perhaps even more happy about this transaction. I think we are definitely expecting from rating agencies to have investment-grade rating. That's basically the first time around that any company receives investment-grade rating for non-performing loans in Europe. If you look at the senior tranche, 85%, that's really impressive. We think this has definitely some costs, and Christer will talk more about this, but the benefits are huge. We believe that this resolves the NPL backstop, and that's the most important piece of news that we share today. You might know that there is some seasonality in the debt recovery business. As you can see from this slide, the fourth quarter is typically the high season of the year. What we see at the moment is a very dynamic market.
Our pipeline is very healthy across a number of asset classes and basically also across most of our markets. I've seen that some of our competitors are reporting that underwritten IRRs are up, and we can confirm that that's the case. I will not steal Christer's thunder here, but that's also very good news indeed. Let me then share a few comments on the situation in our different markets. I will not go through them one by one, but let me just share some observations initially then. There are some markets that really stand out in terms of growth opportunities, and that's Italy, Poland, France, and Greece. Really active markets, lots of opportunities, several large transactions being live at this point in time. Another comment is that the secondary market is definitely opening up now.
This is partially driven by the first wave of securitized transactions happening in Italy and Greece, supported by government guarantees. That can be quite an interesting and active market for us also going forward. The second observation I want to share is that France, as I mentioned, is surely opening up, and particularly in the secured NPL space. The third comment, or maybe it's the fourth now, is Germany and Benelux. Those markets continue to be rather stable and conservative and quite slow. Nothing much happening right now in those markets. Let me pause here with this overview and hand over to Christer to take us through all the details. Over to you, Christer.
Good morning. As Klaus-Anders has already told you, Q3 has been quite eventful and we've taken a number of important steps. Some of those steps have come with costs, but no benefits in Q3. In fact, as you will see in a second, if you adjust for those items, Q3 is on par with Q1 and Q2. Before we go to that bridge, a few key comments on the financial development. To start with, acquisition cost came in close to SEK 700 million in the quarter. This means that our NPL book is largely unchanged in the quarter. We also note that underwritten margins on the new spot transactions are roughly 50 basis points better than the corresponding amount last year. 50 basis points increase on margins. That's of course very encouraging and much in line with what we've seen peers report.
Funding cost, which in a bank P&L statement is part of the income side, has increased. I will come back to some more details on this. In short, half of the increase is relating to securitization, with the other half being related to our strategy to improve and increase the average duration of deposits. Collection performance in the quarter at 101 was not quite up to my expectations. This number is significantly impacted by our operations in Spain, where we in recent quarters have been seeing disappointing outcomes from legal collection workflows. In Q3, we have taken two steps to rectify this. We have put new leadership in place. We have in fact also reduced our projected future cash flows in this market.
This impacts the impairment gains and losses line, as you can see here, the level in Q3 is below the level we saw in Q2 and Q1. Total operating income also includes net financial transactions. In Q3 2018, we saw a positive one-off related to bond restructuring. In Q3 2019, on the contrary, we have some large and negative amounts amounting to 45 million SEK. Of those 45, 31 million SEK relates to interest rate hedging. These 31 are to some extent related to changes that we've done in our hedging model. We've been adapting our positions to new risk models. That's 15 million SEK, with the residual 16 million SEK being related to a flattening of the yield curve. I will share some more thoughts on hedging in a second. Turning to the cost side. The underlying level in Q3 has had a favorable development.
That said, we are taking restructuring charges of SEK 33 million in the quarter. This relates to the closure of the site in Bayonne, and it relates to staff changes in connection with the IT outsourcing. These restructurings will generate considerable savings, and I have more details on that on a later page. As you can tell, there's a number of moving pieces here, and those pieces have a significant impact on comparability. On page 14, we have illustrated the relevant adjustments, starting with the reported Q3 earnings of SEK 146 million. Adjusting for restructuring, you arrive at SEK 194 million. Our ongoing hedging of interest rates is perhaps not something I would call it's business as usual in a sense. Nevertheless, in Q3 we saw a negative impact of SEK 16 million.
Adjusting also for that, you can see that Q3 is in fact more or less on par with Q1 and Q2. On page 15, we have for reference included the quarterly figures adjusting for items affecting comparability in all periods. On an adjusted basis our cost income and ROE came in at 73% and 15% respectively. Rather than staying at this high level, I will go into a bit more depth on a few selected topics, starting with the most important one, our efforts to improve efficiency. On this front, progress is tangible. As you've heard, we have decided to consolidate our sites in France, and we are in the process of closing the site in Bayonne. That comes with cost.
In Q3, we are accruing some SEK 24 million in related expenses. This consolidation will generate annual run rate savings of SEK 10 million starting from the second half of 2020. We are also accruing costs related to staff changes in connection with the IT outsourcing. We're accruing some SEK 7 million. As Anders described, we're now in the middle of this process. We are running a transition project at full speed in Q4. When completed, we expect the IT outsourcing to generate annual run rate savings of SEK 45 million, with a gradual phase in from 2020 to 2021. That's a considerable saving. Surely these actions are not the first ones, and they're not the last ones, but they represent a significant step towards and perhaps even beyond the SEK 300 million in identified savings potential. I'm very happy with that.
Turning to page 17, the second topic that I want to expand just a little bit on is interest rate hedging, and this is a topic where we've had some questions. Intuitively, hedging interest rate makes a lot of sense for a business like ours. In fact, if we did not hedge interest rate, we would end up having to run the business with more equity. With our current hedges in place, a 10 basis points increase of the yield curve will come with a positive P&L impact of around nine million SEK. That's the sensitivity that we have. Now, of course, interest rates can also decrease, and that's what they did in Q3, which is why we saw a negative impact in the results. Now, this is only one side of the equation. When benchmark rates decrease, this affects the deposit marketplace.
As we've illustrated here in Q3, we have decreased our offer rates a number of times. At constant volumes, those changes would translate into run rate decrease of funding costs of at least 15 million SEK. That's where you have the trade-off. Taking a step back, this is perhaps stating the obvious, interest rate hedging helps us to control the medium-term funding cost, even though it may not always look like it on a monthly or even quarterly basis. Moving into liquidity and capital on page 19. The recovery in CET1 ratio has continued in Q3, and we are now approaching the middle of our target range. Had it not been for the weakening SEK in Q3, this number would have been 10.5. On your right-hand side, you can see the liquidity position.
Q4 is often the busiest season. I think it's clear to everyone that liquidity will not be holding us back on the purchasing. I should, however, point out that this position is not the new normal. In fact, from a P&L perspective, it's a bit suboptimal. It's influenced by the securitization and our change in the deposit mix. Turning to page 20, you can see that this change in deposit mix has in fact been quite large. From 31% fixed-term deposits to 58% in just a year. A big change. We have now arrived at the targeted mix. I have no ambition to drive this change further. Unsurprisingly, longer-term deposits come at a higher cost. We've pointed this out in previous quarter. You saw some signs of that in the previous P&L slides.
Nevertheless, I think you would all agree that five-year euro funding at 1.5% is a very competitive level. Not only is it competitive, this is also a funding source that comes with high availability. Adding it all up on page 21, you can see the change in deposits, and you can see the introduction of securitization. When relating interest expense to book value, the pickup that you can see below the graph is somewhat overstated since we have brought in funding, but we've not yet deployed it. On a normalized liquidity level, this number would be 2.3. This number in itself, the 2.5, however, misses one important dynamic. It misses the fact that securitization frees up regulatory capital that can be reinvested at attractive returns. There's a trade-off here between funding cost on one side and capital efficiency on the other side.
Obviously, these are topics that we have spent a lot of time on in the recent quarters, and on the next page, I want to share some more forward-looking perspective on that. Turning to page 22. Here we are comparing a single transaction in what I would call the old structure, with the same transaction in a rated securitization along the lines we have disclosed today. Starting with funding cost on your left-hand side. Historically, funding cost used to be around 2%. In a securitized structure, we see this as being close to around 4%. Assuming 50% of new transaction go into a securitized structure, you would then expect the average funding for Hoist to approach 3%. It would trend from the current 2.5% towards 3% in that scenario. Now, in contrast, the new structure is more efficient from a capital perspective.
As you can see on the right-hand side, there is quite a big change in the so-called risk weights. There's a big decrease in the risk weights in the securitized structure. Summing this up, based on all the experience that we have to date and our findings and our experience, we believe that securitization is not only a tool to address the regulatory change, it's also a tool that we can use to improve ROE. That's of course very important. With that, I'd like to hand back to Klaus-Anders to sum things up, and then we will open for questions.
Thank you, Christer. I guess that was a lot to digest in a very short time. Let me just try to say that the market is great. The market is actually really good. In my life in this industry, which now is almost six years, I haven't seen better market conditions than what I see at this point in time. It feels good to have enough gunpowder which is dry and ready to be deployed in the fourth quarter and also going forward. The healthy thing is that there is good margin recovery. As Christer said, the underwritten IRRs are now trending into a much more positive territory. I really hope that this presentation shows you how committed we are to deliver on our strategy. We are resolving some very important and challenging issues.
We are remaining and retaining a very low-cost funding and the validity of our business model. We are reducing costs to a number of important actions taken in the quarter. Last but not least, we are in the process of becoming the digital leader in the industry. We actually feel that this is a great day. We feel there are a number of good news to deliver to the market. We appreciate that it takes a bit of time to let it sink in. Please read the report and now we're happy to take your questions. Today we actually have a moderator. Welcome to you, Ramil. You will help us through the Q&A session.
Correct. Ramil Koria from SEB Equity Research. I'm here to moderate the Q&A here today. I think since I'm up on stage, I'll take the liberty to ask the first few questions before we hand it out to the audience and perhaps afterwards to the telco as well.
Yeah.
Starting off where we ended, Christer on the securitization. You're upsizing it first off from step 1 to step 2. Perhaps starting off at the asset, sort of assets within the securitization. Is it still from the same originator, et cetera, and perhaps how you were able to find the assets in the upsize?
Yes. The scope of the second securitization includes the full scope of the first securitization plus some additional portfolios. They are all from the Italian market. There is actually some SME assets in there as well, so it is not all from the same originator. All in the same market, though.
Got you. Perhaps looking at the indication of ratings. Obviously that will impact the risk weight on the senior charge. What kind of indications have you gotten? When you're calculating internally, are you sure of you ending up at 80%-90% roughly, or is it perhaps towards 105% risk weight?
I'm confident that we will achieve investment grade rating.
Thank you. Then perhaps one final question before handing it out to the audience. What's the logic in going from step 1 to step 2? You mentioned improving risk weight, but then again, that's not certain. Could you please elaborate a bit on versus freed-up capital as well? How have you been reasoning internally?
Yeah. I think as we elaborated a little bit on here, we have very good access to low-cost funding. In the first structure, we are not really benefiting from this since we were subscribing to the junior piece, and we were then selling the senior piece. In the second structure, it's the other way around. We are subscribing to the senior piece. We're selling the junior piece, which arguably makes more sense if you have access to cheap funding.
When should we expect the freed-up capital to be deployed?
I think typically Q4 is the business season, so I'm hoping for Q4.
Got you. Looking at the audience, and we have a microphone, so please by raise of hand if anyone has a question here in the room.
I guess it's also possible to post questions online in the system. I think our head of investor relations is ready to relay any questions that you might have.
Yeah. Perhaps we check the telco. No questions. You have a question? Okay.
Yes. We have a question on the telephone line, and that is from Borja Ramirez from Citi. We can just take that question. Please go ahead. Your line is open.
Thank you. Hello, good morning. This is Borja Ramirez from Citi. Thank you for your time, and congratulations on your second securitization in recent months. Two quick questions, if I may. Firstly, given the current environment where macro expectations are trending down, and this could be an opportunity for your company. Do you see an increase in the NPL stock in any of your markets at sector level in the next month?
Well, thanks for that question. No, I wouldn't say so. We all are aware of the macroeconomic uncertainty around the world. There are precedents on Twitter every day, and we see all the things happening, right? It's not like the world is a stable place at the moment, but the fundamentals are still pretty robust, and there's nothing really new to report. The one thing we should have in mind is that our business is quite resilient through the macro cycles. If you go back in time and look at collections, the macro impact is actually quite low. The most important factor that can have something to say and has a bearing on collections is unemployment. At this point in time, we really don't see rising unemployment in any of our big markets.
Understood. Thank you very much.
So, uh-
Just to remind all the attendees that if you do wish to ask a question, please press zero one on your telephone keypad now. Thank you.
Okay. Perhaps we'll go back to the telco in a bit. Looking more operationally, you mentioned that Spain was struggling in the quarter, and you've taken two measures specifically. If looking forward, how do you change your behavior on the market in terms of buying, sort of collecting on assets?
You mean in the Spanish market?
In the Spanish market, correct.
This is always difficult, right? If you have an operations which is kind of too small, it's always hard to be that competitive. What we have done now is to get some really good industry knowledge into the company, into the Spanish operations, and a very senior, very seasoned country manager coming from one of our competitors. Same as the head of operations coming from one of our competitors. We've been able to recruit talent, but we also have to make sure that we do our things right and run the models in the right way, that we use our data across the board in the best possible way. We try to be competitive. Long term, I believe in the Spanish market. I spent a lot of time myself in the Spanish market over the years. The banks are very professional sellers.
We are now bidding on one portfolio, and we're not too far off. I think we can get there. I believe in the market.
Thank you. Moving to the cost side. You took SEK 31 million in restructuring charges in Q3, and you've taken some also pre Q3, specifically SEK 49 million. You also mentioned in conjunction with the CMD that some of the costs for the restructuring work will be capitalized. Could you please elaborate how much has been capitalized, how much has been taken as pure costs, and how should we perhaps view that moving forward?
Yeah. What we said is that we expect to spend some SEK 250 million in cash to achieve the improvement in our efficiency. Some part of that is related to restructuring, which is obviously not capitalized. The other part is related to investments into IT, and those investments we would typically write off over, say, three to five years. Of course, the investments into the portals, the self-service portals, for example, that has not been expensed to the full extent.
In terms of restructuring charges on the P&L becoming, say, perhaps looking into Q4 and H1 2020, do you have anything we should know of?
Good question. No, what's important for us to get across is that we are working every day on numerous initiatives to bring down costs, and we will continue to do so. There will be smaller and larger projects at all times, and we will of course announce when the time is right.
Gotcha.
We are committed.
Sounds very good. Final question from my side before handing it out to the audience again. If excluding Spain from the collection performance in Q3, we're at 103%, give or take. Is that sort of the trajectory we should expect also moving on? Obviously, it's very difficult to say something here and now, but how has Q4 started, et cetera?
Right. I think we would rather not guide too much on these type of numbers. The start of the quarter is good. I'm not saying that we're going to be back at 105 at this quarter. Not at all. I think there are improvements now being seen across our various markets, and that's obviously helpful. What we have put in place is a center of excellence. Center of excellence sole purpose is to benchmark performance in different markets, identify our best ideas, our best processes, make sure that those are copied in the other markets, and run performance management across all our markets. I can clearly say that we are building knowledge in a different way. Of course, going digital is going to help also. Currently we are running at 12%, 12% is now all digital, don't touch by humans.
We're implementing chatbots, chat voice. We're using artificial intelligence. All those things are of great importance of a data-driven company like we are. I have high hopes and expectations to be able to deliver strong on collection performance also going forward. You should not forget that one thing is collection performance. Currently at 101, maybe 103 adjusted for Spain. What's even more important actually is the underwritten IRRs. One thing is to jump at this level, that's fine. We have actually raised the bar by the fact that we have raised the underwritten IRRs somewhat, 0.5, I think you mentioned, Christer. That's really good news because that really helps the long-term profitability for the company. That's perhaps even more important per se than collection performance.
Thank you. Anyone in the room having questions? I think we have one here in the front as well. Starting off in the back.
Congratulations again to the securitization. A quick question on if you expect the authorities, Swedish authorities, to react positively to the capital relief, if there was any indication from them?
Right. Good question. We never get a pre-approval from the Swedish FSA on these type of transactions. I would say that we have spent a lot of time with the Swedish FSA, with advisors, with legal counsel. We feel confident that this is going to be okay.
I think we had one here in the front as well.
Rutger Smith. I wonder over this savings potential of SEK 300 million. You touched upon a couple of things. When do you believe that to be reached?
As laid out in the Capital Markets Day, I guess it's almost a year ago now. That was like a three-year plan. Run rate end of 2021 is when that will be achieved.
What is the main item that is still to handle?
Yeah. I think if you looked at one of the pages, you could see that we've done quite a bit of work on the, let's call it overhead functions. I think we've not yet reaped a lot of benefits from the digitalization. We've basically taken those investments. We're driving collections in that direction. We've not yet seen those benefits, and those benefits will materialize, I'm sure. It will be in terms of being able to run the business with less people.
I think we have some questions on the telco as well.
Just to add to what Christer said, we don't worry about the SEK 300 million. We see that they are coming. We have tangible projects. I think even Chris alluded to the fact that maybe there's more to do, right, in the cost base going forward. This is something we feel very comfortable about. On the phone?
Yes. Next question is from Rickard Hellman from Nordea Credit Research. Please go ahead. Your line is open.
Thank you. I have some technical questions regarding the securitization. First of all, as you write in your press release, the excess collection from the asset will serve as a credit support. Does that means that it will stay in the SPV as long as the SPV are live? The second question is regarding the subordinates notes where you state that the combined IRR will be capped at 15%. Could you give some detail?
Yes. Good morning, Rickard. Starting with the first question then, the cash receipts in the SPV will be distributed to the senior note holders, to junior note holders. There will not be a buildup of a large cash position in the SPV. I guess that answers the first question. On the second one, so the junior and the mezzanine tranche combined run at a 15% IRR. I guess the distribution in between those classes don't really matter much since we've sold both of them to CarVal. 15% is what you should use as a sort of cost rate for the subordinated tranche, which is then 15% of the total securitization.
Okay, that is with regular payments?
Sorry, say again?
That goes with regular payments on the subordinated share.
Yes.
Thank you.
Okay, no further questions registered so far.
I think we can hand back to Klaus-Anders and Christer for concluding remarks.
Well, thanks. Thanks for being here in Stockholm. Thanks for being online. As you can see, I'm a happy guy today. We have done a lot of good things for the company this first three quarters of the year. I think we're looking into a very exciting fourth quarter. With that, I will wish you a very good day. Thank you for coming in. Bye-bye.
Thank you.