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Hello everyone and a warm welcome to the Tony's Q1 2024 presentation. I'm Manu Busing from Investor Relations and today we have on the call our CEO Tobias Wann and our CFO Dr. Jan Medenhoff. We will lead you through a brief presentation and afterwards we encourage you to use the Zoom Q&A function to ask any questions you may have. And now I'm happy to hand over to you two guys.

Thank you, Manuel. Good morning, and thank you all for joining us. My name is Tobias Wann, the still new CEO of Tony's since January of this year. I'm thrilled to connect with those of you I haven't met yet, and I'm equally excited to see some familiar faces again. Welcome. In today's call, I'll provide first an overview of the Tony story and then update you on our business progress in the first quarter of 2024. Jan will then delve into the financial details and following that, we will discuss our confirmed outlook for 2024. And I'm pleased to share already that it's looking positive. At the end of the call, as Manuel just said, we'll open the floor for any questions you may have. I'm delighted to share this chart once again, one that I will always enjoy presenting. Of course, we've updated it with fresh Q1 numbers. Undoubtedly, you can see Tony's has created the world's largest interactive audio platform for children. This incredible map is displaying the global reach of Tony boxes activated in over 100 countries. Tony's is truly a worldwide sensation. And this is just the start. By now, we've likely touched the lives of over 50 million people with more than 7 million Tony boxes sold since our launch in the fourth quarter of 2016. And we've also distributed about 88 million Tony's figurines worldwide. During our full year presentation about a month ago, we identified five significant opportunities for creating value at Tony's. Today, as a key objective, let me quickly recap those five building blocks. As leaders in our category, the Tony's platform continues to showcase exceptional user involvement. During the first quarter, our customers spend about 280 minutes per week using our products. That's nearly 40 minutes a day. We operate the largest global platform for interactive children's audio, as I just said, and we began successfully in the DACH region and are now expanding into other markets profitably. Despite being sold only in select markets, Tony's, And Tony boxes have been activated in over 100 countries showing global product market fit. Our business model shows loyalty very similar to subscriptions with an excellent customer lifetime value of around 290 euros from Tony boxes, Tony's figurines, accessories and digital sales. Typically, our customers buy about 20 figurines over their lifetime with us. And since 2020, we have focused on five key levers to drive our growth. You probably all remember them, but I'm quickly repeating it here. Number one, scaling internationally. We are extending our successful DACH blueprint to new international markets. Secondly, enhancing margins. We are improving our margins each year through smarter sourcing, refining products, strategic pricing, and the likes. We are developing own content and continue to do so. We are adding more of our own content and IP, which has to be proven very successful. And fourth, we are improving product market mix as well as increasing operating efficiency. So since 2019, those efforts have led to about 20% improvement in contribution margin and a robust EBITDA margin exceeding 16% in the DAH market. Finally, Tony's is more than just a product. It's a cherished brand. Our fans are incredibly supportive, demonstrating their passion with high net promoter scores, exceeding 70 in the US from daily transactions. Impressively, as you probably also remember, Two of our top five franchises are our very own creations, showcasing our ability to innovate and resonate with our audience. And probably most important to you here, since our IPO, we've kept all our promises and built a very strong and reliable track record. now let's look at let's look at q1 our first quarter performance met our expectations we achieved a revenue growth of 20 percent reaching 78 million euros the growth was largely driven by our international expansion although our mature dach market also showed a two percent increase The success stems from our continued exponential growth, as you can see here, in our installed base. In Q1 alone, we expanded our installed base by adding approximately 250,000 Tony boxes and about 5.8 million Tonys. Also, over 70% of Tony boxes ever sold are still actively used. And as I mentioned earlier, on average, customers purchase around 20 Tony's over four and a half years. So what am I showing next? During our deep dive in the next section, we'll look into how are we creating value with our product innovations. We'll discuss strategies for gross margin expansion and further internationalization. And, and I know this is of interest for many of you, we also look at our recent and continued progress in North America and other global markets and spend some time discussing our many competitive advantages. We are reaffirming our outlook for the fiscal year 2024 and are on track to meet our targets. Let me delve a bit deeper into our performance for the first quarter. As I mentioned earlier, our revenue grew 20%, which was in line with our expectations, and we enjoyed strong Easter sales across all markets. Please remember this growth comes against a challenging comparison as Q1 of 2023 saw an impressive growth rate of 42% influenced by several unique baseline factors. Additionally, we navigated through some supply chain disruptions that led to stock shortages and longer shipping times. We tackled these challenges head on by incorporating airfreights to mitigate delays. Despite these challenges, the global activations of Tony boxes and Tony's rose significantly, 30% and 40% respectively, demonstrating that consumer interest in our products remained very robust in Q1. And as many of you know, the majority of our revenue typically comes in the second half of With the strong start that we had now, we expect a significant increase in revenue growth as the year continues. Earlier, I discussed our value levers and I like to show now how we are expanding our gross margin with a fantastic new product, Clever Tony's. We launched Clever Tony's first in the US in the fourth quarter of 2023. and in the Dach region in the first quarter of this year. Unlike our traditional Tony figurines, clever Tonys are designed to be simpler and produced in higher volumes. They, for example, don't require multiple molds, are printed rather than hand-painted, and are made from cheaper, more sustainable materials. This significantly reduces production costs. Additionally, a larger proportion of the Clever Tony's content is produced in-house and they require no licensing fees for the figurines, which ultimately results in a higher gross margin after licensing costs. But the benefits of Clever Tony's don't stop there. They are primarily aimed at children aged five and older. offering educational content across various subjects like animals, science, and professions, for example. They are made with up to 50% biocircular materials, enhancing our commitment to sustainability. And their standardized design, as I said, allows for a much shorter go-to-market time, eliminating lengthy coordination processes with licenses, for example. So Clever Tony's demonstrate our ongoing commitment to bringing innovative and sustainable products to the market. Let's discuss another example of value creation at Tony's. Our UK team analyzed usage patterns and developed a product to become part of the morning routines for older kids. As a result, in the fourth quarter of 2023, we launched Today with Tonys, our first podcast Tony in the UK. The data we've gathered so far is incredibly encouraging. It has become the most played daytime Tony. It exhibits twice the usage frequency compared to the average Tony figurine for kids aged four and older. And customers who have purchased the Today's with Tony's, Tony, reported a 12% higher net promoter score, a clear indicator of exceptional customer satisfaction. Additionally, the Today's with Tony's podcast earned a bronze medal at the ARIA Awards last week. The team was extremely proud about that. Encouraged by this amazing feedback, we're excited to announce a spinoff called Clever Tony's Jokes of the Day. This is a unique audio concept from Tony's crafted to entertain children with jokes every day, fostering their sense of humor. It's inspired by the popularity of the joke sections in our Today with Tony's podcast, where more than 70% of parents rated their children's enjoyment of the jokes as five out of five. This is how we continuously innovate and add value, keeping our offerings fresh and engaging for our young listeners. Let's look at the commercial progress we've made in the UK and France, where our strides have been significant. In the UK, which is our most developed markets outside the DACH region, our sales figures have been impressive since 2018. By now, we sold more than 8.4 million Tonys and over 850,000 Tony boxes. Our distribution channels in the UK are well balanced with 44% of sales to wholesale and 56% direct to consumer. Over this year, we expect to see wholesale adoption grow, expanding from around 1,500 points of sale at the end of last year to more than 2,000 by the end of 2025. Turning to France, where our revenue tripled in 2023, making us the second largest player in our category in just two years. The French market currently shows a stronger preference for direct-to-consumer sales, with almost two-thirds of our revenue coming from our own webshop and the Amazon marketplace. But also here, we are replicating our whole sales growth story. Let's have a quick look at our success formula. Again, you probably remember this from the full year presentation in April. Success in retail is depending on two factors globally, footprint or number of stores and shelf space. And in all our markets, we are driving both parts of the functions. Back to France, the popularity of our products in France is also climbing, evidenced by a customer survey recently. An overwhelming 97% of our French customers would recommend our products to other families, showcasing the strength of our word of mouth marketing. An NPS score over 80 further confirms that our products are well received by customers. Lastly, we fit two major milestones in France in the first quarter. We've sold well over 100,000 Tony boxes since the market launch and over 1 million Tony's since we started in France. These achievements highlight our growing impact and successful expansion into key new markets. Now. Let's turn our attention to the US, where we continue to see significant progress, a recurring highlight in probably each of our quarterly calls. During our full year presentation in April, we outlined our development trajectory with Target over time. We emphasized our focus on growth opportunities in wholesale, particularly in terms of point of sales and shelf space. This commitment is also clearly demonstrated through our partnership with Walmart, It makes me very proud to see that after launching successfully in 1,600 Walmart stores in the fall of 2023, we are now continuously expanding our presence. Throughout the third quarter of this year, we'll be adding our products to an additional 350 stores, bringing our total to almost 2,000 Walmart stores across the US, as you can see on the map here. Moreover, Remember the function I just referred to, shelf space for Tony's figurines will increase by 37% in 500 of those 2000 stores. This expansion will allow us to showcase a broader range of local and global heroes, enhancing our visibility and reach. Again, our retail growth blueprint works in all markets, whether you look to the US, whether you look to Europe, whether you start in D2C or in a wholesale environment, whether you are in a relatively new market or in a mature market. Now let's turn to one of my key charts in our presentation today. As pioneers and category leaders here at Tony's, we often address questions about competition and barriers to entry. We've identified six main elements that fortify Tony's competitive shield, and I'm going to talk about them now. First, our user experience. Our design is simple and intuitive and tailor-made for kids. Our products see unmatched engagement with an average weekly playtime of 281 minutes. More than 70% of our Tony boxes are used every single month. And our exceptional retention rate shows users acquiring about 20 Tonys over the lifetime of four and a half years. Our brand loyalty is strong, reflected in an NPS score exceeding 70. Second, our product proficiency. We possess in-house expertise in hardware and in cloud technology. Our closed ecosystem is secured by proprietary production site machines, tagging our products uniquely. Our figurine design excellence sets a high barrier for competitors, incorporating complex elements like magnets and NFC chips. Third, our intellectual property library. We've secured partnerships with all major global licenses, consolidating diverse licenses on one single platform. With over 200 licenses and more than 700 agreements, building such a portfolio is time-consuming if you want to do it on your own and hence a significant barrier for new entrants. And remember, our own IP is very successful with two of our top five franchises being Tony originals, for example. Fourth, our season and buildup. We created this category with the launch of the first Tony box in late 2016. Our sales notably spike every holiday season, showcasing a consistent year-over-year growth in our installed base. The chart here highlights cumulative sales since 2016 with a significant rise each holiday season, giving us an eight season headstart. Fifth shield, our financial strength. Our DAH market is now highly profitable, boasting an EBITDA margin over 16% and serving as a financial backbone for our operations. We maintain robust functions, both at headquarters and in core markets, ensuring a sustainable cost structure. And despite rising interest rates, making capital access challenging, we successfully raised 60 million euros in a capital increase in November 2022 and secured a syndicated loan for up to 40 million euros with leading banks to support our working capital needs. And as you probably know, We are now forecasting a free cash flow of over 10 million euro in 2024. And finally, our patents, very important to us. We actively seek IP protection, including patents in key areas like our toy system, NFC communication, and cloud settings. So in summary, these six pillars not only protect, but also propel our brand forward. maintaining our lead in a competitive marketplace. And now I'm handing over to Jan to actually go deeper on the financials.

Yes, good morning also from my side. I'm very glad to see many of you joining us this morning. I wanted to start off with a recap from something that we published about four weeks ago when we announced our full year results for 2023. And it's our segment reporting. And I just wanted to show it again to highlight what we are doing, what Tobias said, we're replicating our profitable DAF blueprint model internationally. And you can see it's really nicely profitable with 16% LTA margin in the DAF region. And that has led the group as per end of last year, 2023, to a positive clean and reported EBITDA with a margin of 2.4%. And I also want to remind that we publish segment reporting on a full year basis and half year basis. So you can expect us to report more on profitability For H1, for quarterly results, we only report our revenue figures. And let's look at the numbers that Tobias already shared a few minutes ago. So from a CFO perspective, I'm pretty pleased. I see a stable business that is growing exactly as planned. We see growth across all markets. I'm very happy to see that also our mature duck market continues to grow just as expected in the single-digit range. North America with a very good growth, despite already high growth in last year, and the rest of the world also performing very, very well. I think Tobias said it, I'm very happy with the development in France, but also UK. That's been a pretty good Q1 for our rest of world expansion. I also want to call out again that the consumer sentiment is good. And that is probably something that we are not surprised to see, but happy to see our activation. So the number of Tony boxes and Tony's that get activated that we can track as a tech platform is healthy and strong. And that's very good news and a good indicator for us to steer our business. Second information on this chart is we are staying true to our track to become an international company. Company, almost half of our revenues are now coming from our international expansion markets, that is the US, UK, France, and some other international expansion, despite the fact that DAH is still growing. So I think continued nice development and execution of our strategy. Let's look across the product categories. Also here, you can see that we are growing nicely across all of them. And I think it's also noteworthy if you really compare it that the kind of the mix of the product category is somewhat stable on a quarterly basis. So here you can see that Q1 is really Tony's time, and that's not surprising. We sell more Tony boxes during the Christmas season, especially in our growth, international growth markets, people are buying the Tony box as a Christmas gift. And then, of course, they love the system so much that they get into this collection and subscription-like behaviors. And to be honest, I said it before, on average, people buy about 20 Tonys after four and a half years. And that's what you really see coming through here in the Q1 phase. figures and the product is somewhat stable with a bit of upside on the accessory side. And I think that's just unfolding nicely to what we have announced previously. With this, I'm already done with the financial parts. You have a CFO that is happy with what we have achieved in Q1. Handing over to Tobias, who can give you an outlook of how we see the full year unfolding as of now.

Thanks. Thanks, Jan. A happy CFO makes a happy CEO. After a solid start to the year and the first quarter that met our expectations, we are pleased to confirm our guidance for the fiscal year of 2024. We anticipate group revenue to exceed 480 million euros, which represents a growth rate of at least 33%. In North America, we expect to achieve revenues of more than 200 million euros, making it a robust increase of 42%. Our profitability is also on an upward trajectory with an adjusted EBITDA margin expected to be in the 6% to 8% range. And as I said already, our free cash flow will turn positive, exceeding at least 10 million euros. These projections demonstrate, in my opinion, our very strong performance and optimistic outlook for the year ahead. And with this, back to you, Manuel, for Q&A.

Many thanks, Tobias. As a reminder, please put your questions into the Zoom Q&A function. I think we've already received the first questions. Yes, the first one is growth in Q1 has been below your guided growth for 2024. Could you please lead us through the phasing of revenue growth throughout the year? Can you please also elaborate on the baseline effects?

Yeah, I'll take that. Great question. So first of all, I repeat this one more time. Q1 has been in line with our expectations. We are seeing a strong and will see a strong acceleration of growth in the second half of the year, as those of you remember who are familiar with our business model. We are, just as an example, in 2023, we achieved 69% of our revenue in the second half of the year and 47% of the entire revenue in the fourth quarter alone. So this is something that we will expect to happen this year as well. We do have a pretty good visibility of future revenue because we are in constant conversations, obviously, with our wholesale partners. And as you know, wholesale partners order with us and then they are stocking their warehouses and then they are selling it to their customers. The second question was about baseline, right Manuel? So I assume this is about the baseline effect of Q1 that I had referred to where I said we had a very strong Q1 baseline in 2023. Why was that? a number of reasons. In the first quarter of 2023, we had still the effects of a price increase for Tony's in the US, around 20%. We had the positive effect, a couple of millions from the target rollout. And then also the DACH business was particularly strong in Q1 of 2023, I think around 11% because of the ease in various about the Ukraine war and the uptake in consumer sentiment, so to say. So I think this is the relatively high hurdle that we had beat with another 20%, as you heard this year.

The second question is, how do you see supply chain at the moment?

Great question. Maybe Jan, you want to take supply chain?

So supply chain is fully under control. However, I think we said it also previously in our fully results call and everyone who's moving goods, physical goods does feel effects of the Suez Canal in the Middle East situation. We have done our best to mitigate effects. We have used air freight. We have planned that in for effects in Q1. So we've done our best to mitigate effects. Probably we could not mitigate all of them, but still we landed our business just as planned and a great Easter business. So that's just things you have to manage with. Looking a bit ahead for the year, I would foresee that, of course, there is some disruption in the system and it just takes time to wash it out. But we have decided also that, again, a good inventory position is something good for Tony's. Remember, we had a lot of discussions on that in August. in H1 last year and I think just to have a bit more safety buffer stock is a good strategy for Atomis as we don't have any bad inventory please remember inventory doesn't go bad we can can sell it out and we have much more proficiency now in managing and steering it so I think we're set in a good position and I think like I suppose one doesn't really know if if things some more normal supply chain situations again but nothing that right now that i would foresee impeding our plan so i think that is important the next question is dach business is back to growth what have been the drivers uh great question um so i think maybe i start first by saying

We continuously say that you have to be a bit careful with comparing quarters with quarters here. We say this when we have a swing that is more negative and we say this when we have a swing that is more positive than like this time. the most we don't really control when wholesalers place their orders and sometimes this can fall into the last day of a previous quarter and then the next year it falls into the next day or the first day of the new quarter so that just keep this in mind when you look at our quarterly numbers in general right so it always helps to have a longer perspective half year full year perspective when you compare regions and or the entire revenue numbers. In general, yes, DACH grew by 2.4% to about 40 million in the first quarter. And this happened To all channels, we had very good orders from our key wholesale partners. We also had good orders through our own web shops. Remember, we launched the Clever Tonys in the first quarter. We had sold about 1,300 Tonys. clever Tony shelves or specific displays to our wholesale partners. And we sold them all out. So this was a great contributor for our success here. So overall, I'm very pleased with what we saw in DACH. But let's also, again, keep in mind the number that I would always refer to personally is the DACH growth that we saw in the entire year of 2023, which was about 5%.

The next question is, will there be an expansion to South America in the future?

Can I maybe just ask one question? Because I just saw one question later in the chat being raised around, did we increase prices in DACH as well? And maybe you can just answer. No, DACH is on the stable price scheme. So that is, as Tobias said, operational performance by the team. So we continue this single digit growth out of our business by optimizing DACH.

product and then channel mix and we just see healthy demand from our consumer base and i think that is an encouraging sign for our mature market in da yeah thanks for highlighting that i didn't see that yeah um will there be an expansion to south america in the future since spanish is one of the most spoken languages and a big market with great opportunities

This is a great question. Those of you I've spoken to over the last four to five months, they know how I like the idea of continued internationalization at Tony's. However, It's also very important for us that we are currently focusing on our existing growth markets. There's so much business still to be made, for example, in the US, for example, in the UK, for example, in France. And we have, as every company, certain limited resources or focus that we need to deal with. So our primary focus when we talk about growth and expansion is our existing growth markets. That said, we do have Spanish content, Tony, because we are addressing a fairly big Spanish population in our U.S. market, and we continue to build the Spanish content for the U.S. market. This will clearly help us one day if we make a decision to move

further south or both in obviously in the America's continent and in the European continent for now no concrete plans but we are clearly prepared great question like it then we have two questions on today with Tony's how long are you getting a new episode every day you don't have to pay something extra over time what is the idea to get more profitable business out of it And the second part is, what is the revenue model of Today with Tony's Today subscription or one-off payments?

Again, great question. And you're hitting the nail on the head. Let's be very clear. And I think I said it. We tried something new with the Today with Tony's podcast. And the background was, as I explained, we looked at data. We saw that compared to other regions, the play time or the distribution of play time in the UK was different than in other markets. They had less of a play time in the morning and were more skewed towards the afternoon and evening. So from looking at this data, the idea was what content we could create in order to increase play time in the morning. And then we created this podcast to answer the first question. It's about 15 minutes every day. So you put the today with Tony's Tony figurine on the Tony box. And every day downloads about 15 minutes in new content. And I totally understand then the question, wouldn't this be the perfect podcast? lead way into a subscription model? I think this is where you're coming from. And probably yes, for now, in order for us to actually test this, we are selling the Today with Tony's podcast as a one time fee over time. And there's clearly the potential to also use this example for us to think about other monetization models Like subscriptions, as some of you probably know, we do subscription in the US via our Amazon partner. It's a different subscription. It is a subscription where Tony's figurines are sent out in a certain frequency. But so clearly something that we are observing and clearly something that we are discussing.

Ben, you updated us about the revenue growth for Q1. Can you give us an indication of the development of EBITDA margins for DACH and the North American market?

Jan, I think this is perfectly for you. Sounds like a C4 question. Yes, indeed. We will update during H1. We're not reporting any profitability metrics for Q1. So please have patience for H1. We'll update you then.

Prices in France is still lower than in other markets. When are you increasing prices there?

We are not having any plans to increase prices in France and we would decide this on a market by market level. For now, this pricing works in France and other prices work in other markets. Obviously, this is the great news. We can be flexible and we can obviously address various pricing models in different markets and different channels.

Hi, how is the customer lifetime value of 290 derived? How did customer acquisition cost evolve? And what do you consider as a reasonable payback period on cash basis? Jan, you want to take that?

I can take this. So this is a gross revenue view that we apply. We're not going into too many details on this one, but you can assume are coming down, and that's what we reported for quite some time. And if you look at the historic development of our marketing cost base, you can see that, yes, it does increase to some extent, but that's also because we're investing into new markets, but it has remained fairly flat. So you can assume that customer acquisition costs are coming down. And we always set that on a contribution margin level. We're making some profit on our box. It could be a black zero kind of type, just a typical razor blade model that we really make the money off our Tonys. And that's all of the indications that we're currently giving. And yeah, I hope that helps.

Do you expect accessories to sustain the strong growth for the rest of the year?

Jan? I would assume some growth, probably not the full growth right here, but let's see how opportunities unfold. So I think that has been a very encouraging start into the year. I'm happy with that. Obviously, that's part of our strategy. I wouldn't assume a too drastic increase, but a kind of continuous improvement step by step. So yeah, hope that helps.

And we have, do you have any plans to publish on a quarterly number also a full P&L and balance sheet?

I'm unmuted and probably can take that. No, as I said before, for our business, it's, I think, a good rhythm to speak on a full year basis and half year basis about our full P&L. As you hear us saying almost consecutively throughout our earnings call, you always need to be mindful of potential phasing effects in our growth business, baseline effects. And I think Here, it's important to give you an overall indication of the development of the business, which we can do on a revenue basis. I have no intentions of going to a quarterly P&L basis. However, segment reporting is probably what is most interesting to see now, and I'm very proud we're publishing it. And for H1, you will see the segment reporting view again on our operating segments.

Were there any updates regarding the testing of the AI-based story generator in Q1?

I can take that. So we have, as you completely, the question is framed correctly, this was a test that we had run both in the UK and in Germany. This test officially stopped by the end of 2023. We are currently now looking into the results of the test. We are thinking through what we can learn from the insights. We're thinking through potential pricing models. I can definitely tell you it's been very encouraging and it has worked. I mean, we have received so many positive feedback from parents. And then from kids to their parents, we need to take the insights that we have generated and build it further from here. But I'm sure this is not the end of it.

Then we have two questions on revenue. Could you elaborate what factors you expect to drive revenue growth for the rest of the year? And should we expect higher growth rates in Q2 due to lower comps? Jan, do you have more questions?

So I think that's a good question. Two-thirds of our business are in the second half of the year. So just in absolute terms, growth is coming from the second half of the year. And also, if you look at a bit of timing, like break Friday is a bit later. So the drivers of the growth are those commercial moments, and they're happening in our growth opportunity markets in the second half of the year. And that's where the big scaling effects also come from. You've seen that how we've guided our U.S. business to grow. And also, please bear in mind that if we have a retail entry Walmart, for example, only really materializes towards the second half of the year. So the growth is there. And that gives us a good predictability on our business. But that's also why these, you know, just in absolute terms, just think about the quarters in absolute terms, second half of the year is really important. where the growth is coming from. And that's what we can plan for and are preparing for, as we've done in the previous years. For Q2, I think probably growth is accelerating. I don't want to guide too much on a specific number just yet as you know there are always these kind of based on phasing effects but tobias and i said very confident for h1 company is fully on track towards the full year and that's probably the best indication i can give at this stage and that brings us to our last question when will be again supply for the clever tony's available

That's solved. I can officially tell you this small problem that is a nasty problem, I agree, is solved. So we will restock Clever Tony's and this time we also made sure that we are not overwhelmed by the success so we will not see similar shortages in the future.

Perfect. This concludes our Q&A session. Many thanks for your interest and all your questions and I hand back to Tobias for his final remarks.

Yeah, thanks, Manuel. Thanks, Jan. Thanks to all of you. Also, the second time for me, it's been great discussing our progress and future plans with you all. I'm personally very excited about what's ahead of us, and I'm very eager to continue this journey of growth and innovation with Tony's. If there's anything more you'd like to know or if you have any further questions, please don't hesitate to get in touch with Manuel from our investor relations team. Thanks once again for being here with us. We look forward to sharing more updates soon. Have a wonderful day. Bye.