Good morning, everyone. Thank you for being here. It is always a pleasure meeting you. I'm here with the colleagues to present to you our quarter two and the half one results, results that, yeah, as we say on our first page of the presentation, represent how strong ASBISc is, taking new opportunities and writing new records year on year. I will start. Please feel free to stop me at any point in time. I have now this microphone, which I'm trying to get acquainted with, and I don't know whether I speak too low or too high. You guys tell me if everything is okay. Yes? Let's go. Before we move to the numbers, allow me to give you some update on some corporate events we had during quarter one.
ASBISc decided, following the strategy we have to get opportunities and increase our product portfolio, decided and signed an agreement with Matrix Media here in Poland to undertake the business of retail Samsung stores. Namely, there are 13 stores that we are going to undertake towards the end of the year. Should all the due diligences be completed, we are in the final stages of finalizing everything. So far, I report that nothing has changed, and we are on target to undertake the business. During quarter two, we also opened a new flagship store of B&O Bang & Olufsen in Milan, proving and again reiterating on the strategy of the group to grow with B&O , proving the trust of B&O to ASBISc Group, giving us the right to open all these new stores in territories that we never had.
The Milan store has opened and has been very successful ever since its opening. We hope and we believe that more will follow in Western Europe soon. As you know, the group has started investing in the United States. In six months from today, we believe that we will have all three stores in California opened, the ones that we already announced that we are going to open. Finally, Breezy, which is developing very, very good for us throughout the year, has managed to enter the South African market, signing an agreement with Nedbank, which gives us access to more than 3 million users of the bank, that we will act as their trade-in partner.
A little bit more for Breezy, given that we are growing significantly this business, and we see that the success following the investment in the Polish market with the factory has been proven correct. Now the capacity of this factory has been increased significantly in order to satisfy the demand of the markets. Some pictures of the opening, which makes us very proud, actually, to have, in a very luxurious and prestigious corner, in Milan, proving the concept of B&O that has already established itself as the most luxurious brand in that segment, with B&O given their pricing that has increased significantly and excelled outside the scope of other competitors. What we believe is that we are with the right partner, and we're looking very much into more success with this brand. Overleaf to the numbers of quarter two and half one.
I believe that the numbers speak by themselves, but it is important to stress out specific numbers. Growth everywhere for quarter two, 47% year-on-year growth in revenues make actually quarter two looking like quarter four with these numbers. However, we don't consider that this is the end. We only consider that this is the beginning of the growth story again of ASBISc . Gross profit, $63.6 million, 23% up, with profit from operations $23.5 million and net profit $12.1 million, doubling the result of last year. Doubling the result of last year, which had been a problematic quarter. We all remember how quarter two last year was. However, the achievement of this year, with all this revenue growth is significant, and the group is very proud of it.
Looking at the half one result, despite a very, very difficult quarter one, we managed to equal last year's net profitability with 24% growth in revenue and equal amounts of gross profitability. Now, there would be a question, and there is a question of how the margins have eroded and the reasons behind it. Obviously, the product mix that we have been achieving this year, with the growth rate that we were able to achieve, had lower margin products, like the servers and the server blocks.
Given that, the gross profit margin eroded, and the question that is coming is how and how it will look like going forward, I will take us all back seven, eight years ago when we started the Apple distribution where people were asking us whether the gross profit margin can be increased because at that time we used to sell Apple smartphones with 3.5% margin. We said that we believe that, by the time we get to the market and by the time that we will be able to add more products into that line, we will be able to increase the gross profit margins, something that happened and realized in less than three years. What I mean here is that we took the opportunity we saw.
We jumped on the train of growth, despite that this came to some of the expense of gross profit margin because we believe that, going forward, we will be able to increase our gross profit margins again, being able to bundle more and more products together with this new set of clients that we have managed to engage, to be engaged and to give to our shareholders and obviously to ourselves higher gross profit margins. This was expected, and with all these growth rates, we consider this extremely satisfactory given that we are in a position to take all the opportunities in front of us. We are in a position, actually, to prove once again that ASBISc is not a prisoner of any brand, and ASBISc can make and find ways of growing revenues and income from other sources constantly.
If we look at the countries where we saw the big growth coming from, we see a power rebound or powerful rebound from Kazakhstan, which was significantly impacted last year. We said so many things about the situation in our biggest market. We see it now coming back. Admittedly, this number you see is not only coming from smartphones and Apple business, but it is also coming from big server projects that we were able to deliver in the country. This again makes us very happy given that, once again, proves the ability of the group to deliver more products, more segments, and get to much better results. We see a good growth in Ukraine, although Ukraine remains a very difficult market to operate in. Only a couple of weeks ago, there was a bombing very close to our offices. Thank God, everything was okay.
Still, this proves that the market there is not to be, not to be, not trusted, but again, it is very difficult to predict the situation. We all hope that the situation will get better with the war. We all hope to the end of this war. Still, it's ongoing. We hope that what the big nations decide will be in favor of people, in favor of humanity, if not anything else, for the war to stop and then for us to make much better business. We see some very big increases and very big growth in countries like Netherlands. This is totally connected with our server business deliveries. Some of our clientele is sitting in Western Europe, namely in the Netherlands and in Germany. This is why you see such a big growth in that respect.
Once again, this proves the ability of the group to deliver into markets which are not of our focus, but we are taking all these opportunities that are found in front of us, and we are making sure that this business is sustainable and growing constantly. Looking at the countries, very well, worth mentioning our Polish operation, which continues to excel, continues to grow. Yeah, still not happy with the team not being in a top three position, but I'm sure they will make it sooner than later. We are very much grateful to the job that happens in Poland, and we keep investing in the country and to people, and we believe that it is the right strategy for us to follow. Now, the countries with the highest growth in the whole half, I will not talk about South Africa.
It was inevitable that we will see that, given that last year, same period, we didn't have much business, but we see that the strategy started working out in the country. What we promised is what we, again, what we deliver, given that the Apple business that we have engaged with in the South African region is picking up, and we expect more and more to be delivered. The United Arab Emirates, the Slovakian office, as well as Germany and Poland are leading the pile in this, in this growth rates. A very, very special mention to Slovak office where it managed to deliver multiple projects throughout the half one, and they have a significant pipeline going forward. A team that is proving that in the small country, if you are the leader, you continue and you take all the opportunities you find, and you become stronger and stronger.
In terms of regions, again, we see growth all over. We see growth across all markets we operate. Recently, we had a visit from one of key NVIDIA executives, which excelled and showed how ASBISc is unique in its territorial presence, but also how they prefer to deal with companies like us. We are open, transparent, listed in and operated in a regulated stock exchange. This gives us also a benefit that continues to enjoy the support from the leaders of this big boom in the AI technologies, which are currently very much wanted and very much demanded in the markets. The biggest growth story, yes, it comes from server blocks, servers and server blocks, actually, from $48 million last year, $188 million, or $140 million added, this quarter two. It proves our story. It proves our growth driver, and it will continue the same way going forward.
Already, we see some extremely good pipeline of demand for the current quarter, but also quarter four. We believe that this is the future. External analysts are predicting that this will continue for the next three years at least. We are making our business models and business budgeting based on that, but also being continuously prudent, looking for us to get all the opportunities possible without obviously entering into excessive risk-taking. We see that smartphones also grew. Smartphones, we saw a good rebound also, like I said, in Kazakhstan. It was a very good quarter in terms of smartphones, that, in all territories, but Kazakhstan led the way there. We had very good business in Azerbaijan, very good business in Georgia, in Armenia, in Ukraine to a good extent. Therefore, all our authorized Apple countries have been performing well, with South Africa obviously being one of them as well.
Laptops and networking together with CPUs with very good growth rates. I repeat, proving the company's ability to deliver more and more products in various segments. The SG&A costs are always a question, always a task for us to be prepared. We see that in terms of percentages, we are on the low side with the 4.2%, obviously with the number being increased, quarter on quarter. The reasons behind this increase, obviously, we had more gross profit this quarter where we had to pay more bonuses. This gross profit out of the project business obviously carry higher percentages, given the life cycle of these projects and how more skills are required to reach this kind of numbers. The exchange rate, the valuation of the dollar gave us an effect of increased expenses in terms of local currencies translated to dollars.
Obviously, some of the redundancy payments that have been going on in quarter two, and we are finalizing with them, also in effect into the absolute number of SG&A. As an overall comment, for us, it's a priority. For us, it is, and will continue to be our number one thing to look after, our cost structure given that we want to be lean. We want to be, obviously, fair to people, but as well as to the shareholders and to the management of the team. Our networking capital, cash flow, traditionally and usually in quarter four is the worst picture, but this year, this has changed. We delivered better cash flow results from last year despite the extremely high growth rate that we enjoyed. This is because, during, and the model of this project business requires much lower inventory days. What we call these sales are from the wheels.
We are selling very fast because the customer is waiting for the project. By the time we have it, we ship it immediately. We don't need to store and pay for inventory days. Now, end of half one, our cash position significantly improved to $37 million compared to $1 million of last year's same time. Obviously, as every year, we look to have positive numbers from operating activities at the end of the year. Seeing what we see these days, we believe is very much achievable if not from quarter three. Our debt remains at very safe levels. Again, given the very high growth rates we enjoyed, having $100 million net debt is one of the best quick ratios compared to our peers. We do not have, and we do not consider to be, a leveraged company.
We have very big room and very big headroom for the group to be financing, to be financed. Our ability to access financial facilities is better than ever. This also gives us an ability to negotiate and get better terms and finally reduce also our financial costs. This is, for us, again, a priority. Our weighted average cost of debt started coming down, and we believe that towards the end of the year, we shall see a real financial cost reduction. Final comment from our side, this is almost a decade of consecutive dividend payment. We concluded in quarter two in May, payment dividend, the highest level, again, like last year. If we put together all the dividends we paid the last eight years, it exceeds $120 million shared with our shareholders, something that allows us to be very proud of.
However, a dividend policy for us is something that we want to keep steady. We want to continue to deliver profitability and share it with our shareholders, but also keep as much as retain earnings to support the big growth that the company is able to deliver. This concludes my presentation today. I am very much happy to see you again and ready to take all your questions.
I have a question about your gross margin mix, and especially your gross margin on servers in the second quarter.
Mm-hmm.
What are your expectations for the rest of the year and probably like next one or two years?
Look, I said before that the gross profit margin erosion, of the overall erosion, came into due to the biggest impact from our servers and server block sales. Now, in the current quarter and the next quarter, I don't believe it would significantly change, given that what we try to do now is to get as many opportunities as possible. What we estimate and what we believe, and this is why I gave the example from 2017 when we engaged with smartphones of Apple, it is our aim to bundle more and more products with these projects and manage to increase our gross profit sales from this business. Yes, for the foreseeable future, though, we see it more or less stable.
Would you say the gross margin on those contracts was around 3% in the half?
It was a bit higher than that.
A bit higher. Okay.
Hello. A couple of questions from my side. First of all, congrats on your results. Very good job. After some, a little bit worse first quarter. My first question is about redundancies and the severance payment. What was the burden of the second quarter? Do you predict any other redundancies going forward and also severance payments as well?
Thank you for the congratulations. I think we are done for the redundancies now. We already cut more than 100 and 110 jobs compared to last year. What we believe is that we cut what was not performing. Therefore, we do not see now a further need to cut. The impact of the redundancies in the SG&A was around $600,000- $700,000 in quarter two, which I don't see it repeating going forward. I think we are in this wave, we are finished now.
Okay. Were these redundancies payments booked in general and administrative costs, or depending on who was fired?
No, no, it's usually in selling expenses.
Okay. Selling expenses. Second question regards servers and the margin on the servers. What are drivers of improving margin going forward that you consider should help in this business line?
By the time you get into a relationship with a client of that specific business model, and you provide them with servers, with server blocks that have been proven correct and up and running, there is what we call parallel sales of other computer components with higher profit margins. I give you the example of monitors that have been ordered from a specific client in July that carry a much higher gross profit margin as opposed to the server and the server blocks. These are the kind of products, IT products that we want to put together with all this clientele because all these servers might work on mobile technologies, might work with laptops, all these things. We will be there and service the markets when needed.
Answering your question, it is through other IT products that carry a higher gross profit margin that we are going to achieve the higher profitability.
Okay. Not servers themselves, but additional products. What about value-added services?
That was also my next comment that by the time we enter and we deliver the server, we have the opportunity to get the services following that, installation, which also bring a recurring income for the group, which obviously has a much higher profitability.
Okay. The third question concerns the Kazakhstan market. Could you give some comment on the current situation regarding the illicit trading, and the steps that the government, you, and Apple made to protect the market?
Yes. In June, we saw that the email registration started taking place. In June this year, we saw that customers were refraining from buying from illicit traders, and we saw a couple of illicit traders actually going out of the market. Now in July, we saw that some of them appeared back, and the situation wasn't that good. What the government is trying to push, and we are obviously pushing together, is to make the buyers responsible. Meaning that if you have a shop or if you have a marketplace that purchases goods from illicit traders that have not been recorded into the country, you would be obliged to pay the taxes. The buyers will carry the burden. Therefore, if the buyers will not buy, we will clean the market sooner than later.
Now, the overall sentiment in Kazakhstan is a bit fragile given also the devaluation of their currency, because Kazakhstan is, I mean, its economy is based on natural resources as well. We saw a drop in oil pricing recently, which affected the country, with all the consumer credit acts that they stopped the majority of credit giving to the banks. Now consumers are not so able to get access to fast cash in order to buy more and to move the economy. I think Kazakhstan will need another two quarters before it starts again to heat up and see real economical activity in the country.
Okay, what is the probability of these new regulations concerning the buyer?
I think the government is quite, obviously, I cannot speak for them, but I see them quite prepared to take the steps. Obviously, in countries like this, it requires more time in order for everything to be resolved. I see that there is a good probability for the market to be much cleaner from what it used to be.
Okay, the forefront , I think the last question regards sales of smartphones as a whole, because you mentioned that Kazakhstan markets improved a little bit and also other markets show some improvement. What is the reason of this, I think that quite unusual growth quarter on quarter?
It was three major reasons. In the first quarter, we saw some instability of pricing from the vendor itself. Now, we see that the prices have been stabilized, and we don't see any further changes. The exchange rate, which moved and made all these illicit traders that used to buy from Japan or China in cheaper because their currencies were devaluating towards the dollar. Now, it is the exact opposite happening that allows us, that we buy in dollars, to have the better pricing in the market. In addition to that, we saw that there was a better demand across the markets for the products, for the smartphones that we carry. All these three reasons helped significantly to improve our results.
Okay. Thank you. Perhaps one more question. Short update on AROS and Breezy.
AROS like I told you the other time, we cut a significant amount of their business. We do not carry anymore all these deliveries and other robots. Breezy is doing very well, very well across all the markets. Breezy is doing very well in Poland, with the factory that we have established, but also in Kazakhstan. In Ukraine, it's amazing how the Ukrainian business have improved in terms of second life products. We see South Africa now. We see other business improving in Moldova. They are requesting us now to go to Uzbekistan. Breezy is delivering much better from what we expected already. This is why they are requesting some extra investment this time of the year, which we believe we should approve going forward. We gave, and we have a target for Breezy to deliver $100 million this year. We are very well on that track.
Okay. What about profitability?
Breezy is already profitable.
Yes, target of $100 million of sales, but do you have some target on profitability?
The target on profitability on this $100 million with all the investment we do, was to deliver at least $1 million of net profit. However, now with the investments we do and with a better result, most probably it will be better.
Okay, thank you.
You have mentioned about bigger demand for smartphones. Is it true this new demand is concentrating on new models?
Not necessarily, no.
No.
In all models we see, especially old models, we see very good demand. Now, obviously, with the new product introduction that will happen in September, we expect to see and we have good anticipation of demand there. It's not only new models, but it's also older models.
Thank you.
I think that's it.
Hi. Thank you. As for Breezy, what do you think about the long-term profit, long-term prospects for these segments? What kind of milestones in terms of the partnerships with the distributors, with the retailers, and what kind of markets are you aiming to get to?
You know, this is a very good question because, personally, I was a very big believer in Breezy, and I'm still, I am. I always told the guys that we have enough markets, guys. Let's focus and try to make more money from the markets we operate. What the guys explained to me, and I see now the strategy of entering more markets, gaining more traction, making the brand name more and more known, signing more agreements with telcos and operators and retailers is key for them and for us, for the brand to be established as one of the biggest in our territory because Breezy today is number one in CIS countries where we operate. Obviously, there is no Russia in the CIS countries, but it's the number one provider of trade-in services of the CIS countries. Now, we want Breezy also to be in Europe.
We want Breezy to be number one in the whole territory that we operate. That's the milestone we are looking to get. In every country, we want them to have at least three big contracts with three big, either retailers or providers of telco services. This will give them the access to clientele. They have managed to build a significant software, significant system, which allows the trade-in to become very easy, which is also their motto. We are very much optimistic on that business.
Could you please clarify about the potential targets in 5, 10 years time period?
Now, it is not easy for me to tell you in terms of revenue where we want it to be. What I can tell you, though, is that we gave Breezy for external valuation, and the valuation that came in with the current, actually revenues was extremely satisfactory for us. Meaning that, yeah, the investment we did so far, it's 10x the investment we did, the valuation we have, a preliminary valuation we saw. Therefore, in 5 to 10 years, why not Breezy reach $1 billion of revenue, which will be valued and maybe spun off into a different exchange or I don't know if it will become a target for some of the world's leaders. Why not?
You said during the presentation about saw it pipeline in data center business. Can you say a little bit more about that? Or how far do you see the revenues? What's the dynamics potentially in second quarter? Is it similar to first? Sorry, second half, of course.
All right.
Is it similar to first half or even higher?
It is, look, we do not expect to see 70% growth going forward, but already we see, we saw July, already we see August. We see very good growth numbers and good pipeline in our revenues. I estimate to see growth across all border. Now, the pipeline we have in front of us is significant, is recurring, if not anything else, is ongoing from same customers, but also from different customers. We are quite happy and satisfied with what we see coming in front of us. Like I said, it might not reach the 70s, the 67% of June, but it will be significant robust growth going forward.
In this segment, who is your client here? Like, I don't know, hyperscalers? You mentioned NVIDIA.
NVIDIA is a supplier. Yes. Yes, and it's based on NVIDIA's technologies that all these segments are being, all these projects are being built. Now, who are the clients? System integrators, data centers, data center builders, governments that want to build data centers, big banks, big insurance companies that want more AI ability. All these are potential clients of ours. Mostly, we work with partners, system integrators, and data center builders, which are electing to buy from ASBISc given that ASBISc has the ability to provide all the products and the ability to provide the after-sales and the services they want.
You said this business is recurring, which is lovely to have a recurring business because you see the pipeline of your clients or something else?
Yes. We see the pipeline work from our clients, but we see also all the investments happening across all these countries we operate. Poland announced so many millions. Slovakia announced so many millions. The Baltic states altogether are building new data centers. This is now becoming a necessity for everyone. It's not something that a country did, let's say, isolated. We see more and more business coming in.
For your client on each market, how many distributors does the client have? Is it plenty of them, or just a few of you doing this business, or maybe even only you doing this business in certain markets?
No, we are not the only one, obviously. In specific markets, there are two, three different distributors offering these products. What we are able to do is to beat competition not only on pricing, but like I said, reliability is a very big game changer in this model. It is also a matter of being able to deliver fast, and the skill set that we have built with system architecture, employees that are able to come and build the whole project together with the client. It's the investments we did in human capital, in human skills in order for us to be able to differentiate as a box mover compared to the rest. These are all differentiating factors of ASBISc.
You said that, a few weeks ago, there was an NVIDIA executive at your office in Cyprus. I know you're planning to enlarge business with them. What are the plans with this?
This is exactly why they were together with us, because they value us as a partner and they want us to grow together with them. They have the technologies. We have the ability to deliver their technologies in all our territories.
Can you grow on other markets as well with them, or the markets you operate right now?
From what you have saw, we have delivered significant projects in Western European countries, which, yeah, now we are pan-European distributors of multiple brands. Therefore, this is not an issue for us. If you are looking, we have enough territories to cover and enough countries to supply. If the question relates to new markets, no, we don't think we go to new markets, but in our current markets, I think we can do much better.
I have one more question about those server contracts. What are the character of those? Were they mainly direct contracts in the Q2 or indirect? I was assuming what are your expectations for the second half and next year?
There were both direct and indirect contracts. Obviously, the majority of the contracts go through partners, and this is what we expect to see as a percentage going forward in the second half. The majority will go through partners, but there will be some direct contracts that we do with the end customers.
How would you estimate the share?
75/25.
25%. Okay. What gross margin could you achieve on those direct contracts? Of course, there are different ones.
Exactly. The contracts that go direct are higher gross profit margin. Allow me not to mention on that because I don't want to give you a number which is not absolutely correct. Plus, we do not have this liberty of getting out of this.
Of course. Of course. Yeah.
Hi. Some time ago, you mentioned you plan to enter new countries like Egypt, maybe Saudi Arabia. Any update on it?
In Egypt, we are. We are many years now. In Egypt, we have a representative office, and we sell to Egyptian customs for many years. Saudi Arabia, we are in the stage of finalization of the new entity there. It is a market that it is very interesting for us. We want to penetrate, and we are moving into Saudi, I think, sometime before the end of quarter three. There, we want to achieve market penetration on specific contracts. We have a lot of products to sell in this market. Obviously, we used to be in Saudi and then left Saudi because we didn't manage that time in 2014 to be successful. 10, 11 years later, I think we have all these ingredients and the right people with us now to be able to achieve good results in Saudi Arabia, a market that is booming, especially on IT.
On Apple corporation, you are with them in South Africa. Any thoughts, good or bad, and any chances for new Apple markets?
We do not have anything bad to report. Our relationship with Apple is very good. Whatever issues we face, we discuss them and we resolve them together. We have a very good relationship with them. This is planned to continue. Now, if you are asking me whether we wish to have more, obviously, yes. Yes.
One more question from my side. A couple of months ago, you decided not to publish the forecast for 2025. Do you consider publishing it, or the company's backdrop is still unstable to such an extent that you want to decide to do that?
We do not plan to publish a forecast for the time being. Like I said before, the uncertainties around us are quite significant. I give you the example of Ukraine, which is a major market for us, but we cannot really predict how things will go. We believe that if we see the visibility, if we see that things are being more stable, we will come back and renew our stand. Currently, as the situation is, we do not plan to have a forecast in the market.
Okay. What precisely changed in the Ukrainian market compared to previous years?
I would tell you what, [Piotr]. I told you a couple of weeks ago, we had bombing very close to our office. The market sentiment is not so good given the longevity of the situation and how the war evolves. Now, we heard and we had a very good expectation that the new change administration in the U.S. would help and assist in resolving this issue. Currently, we do not see any light in the tunnel. Therefore, we cannot hold ourselves optimistic that the war will finish anytime soon. I wish it finishes tomorrow, but I do not see it happening. This is one of the major factors that does not allow us to be certain of what's happening because the war in that territory inevitably affects all the markets around. Yes, Slovakia is very close. Our Romanian business is very close.
An escalation of that will take everyone along like it happened in early 2022. We would like to be a bit more, let's say, not reserved, I would call the word this time around because last year we gave a forecast and we were, you know, fighting against new challenges. The situation in Kazakhstan is not over. One month is better, the next month is not so good. If the two major markets of ours are unstable, it would be very naive from our side to come out and give a forecast and, yeah, run after it later.
Okay. Understood.
Maybe some follow-up on Kazakhstan currency and economy to understand. If I understood correctly, the tenge depreciated like 10% year over year, which should be positive for the economy, which is based on export of commodities because they collect more tenge per each barrel. On the other hand, you as an importer, you are in the opposite situation. Yes. When the currency depreciates, you have to raise the price in local currency. The question is, are you able to do this? What's your position? Are you the market leader, the price leader?
We are the only distributor of Apple in Kazakhstan. Therefore, in terms of leader, yes, we are the market leader.
I'm not asking only about Apple.
Yeah. The pricing is not changed so easily. Yes. The point is how well you can hedge yourself in a market like this in order to have stable pricing. We have been very good in hedging our Kazakh currency, through local financing. Now, the local financing, however, has always been tight with local revenue. By the time that you reduce revenue, the financing is also reduced. This might create at a specific point in time, gaps that remain uncovered. Now, what you have just said, that the economy, with a cheaper currency, we pick up, there's always a time lag. By the time this happens and the economy to start again, being helped and being moving, it requires more time. I believe this is where we are now.
This is why I said in a couple of quarters, we will see Kazakhstan again picking up and delivering better and better results. In regards to hedging, we are doing, in regards to pricing, we are doing a relatively good job. We had some foreign exchange losses in the first half, but compared to the overall, let's say, reduction or no, the overall devaluation, we were very satisfied with what we saw.
Your growth in Kazakhstan is definitely volume-driven, not price.
Absolutely. Absolutely.
Okay, thank you.
We're done. No more questions. Thank you very much once again. Thank you very much, guys. Good to have seen you again.