TXT e-solutions S.p.A. (TXT) Earnings Call Transcript & Summary

Good morning, everyone. Good morning, and thank you again for joining us this Friday morning to discuss TXT Group's third quarter and 9-months results for 2023. And so we have our CEO of TXT Group, Daniele Misani, here live with me. And we have Andrea Favini, Investor Relations, joining us from the PACE office in Berlin. And as always, we do have a Q&A session at the end. So if you do have any questions, please leave them in the chat section at the end, and we'll endeavor to get to those. And we will provide preference to those who leave their first and last name with their questions.

Okay. Can I start?

Yes.

Yes, okay. Thank you, everybody. I am happy to announce the results of the 9 months. So the last quarter was very positive in terms of performances and financials. The overall results for 9 months recorded EUR 159 million in revenues with a growth of more than 70% than last year's same period. An important KPI is the organic growth, so how much we are growing by our own business. In 9 months, we recorded a plus 14.2% with an increase of EUR 14 million on the same perimeter of the last year. So a very strong growth driven by synergies among the companies of the TXT Group ecosystem. In terms of profitability, we have EUR 21.4 million. That is more or less 13%, 13.5% of the revenues, total revenues, so a very solid performance in terms of profitability. And the net profit recorded is about EUR 10 million, so with a growth of 84% with respect to the same period of the last year. So all the KPIs in terms of financials are positive, driven by a third quarter that was particularly good in terms of performances and on the 9 months, so we get very good results. The results comes from all the line of businesses. So Digital Advisory, Software Engineering, Smart Solutions are growing. In terms of percentages, the biggest one, so the Software Engineering is growing from EUR 52 million to EUR 107 million. The Smart Solutions offering, growth from EUR 27 million to EUR 29 million, more or less EUR 30 million. And the Digital Advisory is the division that is growing faster, also because all the setups and the growth of the activities are coming from the tenders that we won in the last few months. In terms of profitability, also all the divisions are performing well with an average of 12% to the division related to Software Engineering with EUR 12.8 million, almost EUR 13 million in EBITDA. We have EUR 3 million coming from the Digital Advisory with the performance of 14%. We recorded a good growth in terms of revenues and margins of this division because we are setting up the teams, we are setting up the projects and the activities are starting with a good pace. In terms of Smart Solutions, there is a growth also in EBITDA, moving from EUR 5 million to EUR 5.5 million with an average, let's say, EBITDA about 19%, around 20%. I want to highlight the fact that in this division, there are the investments related to the software. So all the investments that we are doing are expanded. So the result is including also all the investments we are doing in the software. In terms of, let's say, mix of activities, the Software Engineering is still the biggest one in terms of size with 77% -- 67% of the business. It's slightly decreasing in the mix because it's growing the Digital Advisory since we are growing in terms of revenues in this division. As I said before, we continue to invest in innovation. We invested more or less EUR 70 million -- EUR 7 million in the first 9 months with an increase of 16% with the same period of the last year. And the revenues coming from this division is about EUR 30 million. So around our products and our smart solutions and services -- advance services linked to the product itself, so there is a growth of 10%. So the investments are repaying our position in this kind of segment. In terms of international revenues, we recorded EUR 32 million that are 20% of the total revenues. So with respect to the last year, there is a little bit decrease also because we grow by M&A, especially in Italy. Still, the international business is mandatory and is strategic to make it grow to continue to grow in this direction. In terms of debt, we are -- we have a net financial position adjusted of about EUR 30 million. But I want to highlight that we are continuing strongly with our buyback plan. So in the 9 months, we acquired the treasury shares for a total value that we have today with the stock price recorded for the period of about EUR 23 million in treasury shares. Our plan is to use these treasury shares in order to continue with our M&A plan. In terms of markets, so market segments, our strategy is diversification. So we are growing in the different segments. A strong one is the Aerospace & Defence, our, let's say, historical market segment that is growing with a 21% with respect the same period of the last year, mostly is organic growth. So it's a very strong market segment in which we are present and in which we are growing. We are becoming, let's say, a very good player in this area. Also the other market segments are growing beside the Industrial & Automotive that is stable with respect to the last year, also due to the, let's say, all the economic -- macroeconomic, let's say, impact of this kind of industry. The other segments are growing. So Fintech is growing by 13%. And the Public Sector is the one that is growing faster, as I said also before, also driven by all the activities that we are implementing due to the tender that we won in the last period. So this segment is growing at 55% and is 13% of the total business that we have.

And so now we're going to have a look at the 9 months 2023 subsequent events and business evolution. So we have our Smart Solutions new line here for VAPS XT. So it's the new embedded graphics system. Can you tell us more about that?

Yes. So we did, in the last months, a strategic acquisition of Smart Solutions, so the business coming from a market leader into the aerospace domain. So a Canadian company decided to sell a part of the business that is focused on embedded graphics. So it's a smart solution, so it's a software that is present in the market since many years and bring to us strategic synergies with the PACE team, so with the access to the market with the blue chips into the aerospace and defense domain. We acquired -- we opened up a subsidiary in Canada that is the software factory of the product itself, but the operations are very global in this area because we acquired also the sales team that is spread in North America, U.S.A., in U.K. and in Singapore. So there is a strategic, let's say, possibility to do upsell and cross-sell of other solutions that we have in our portfolio, in the PACE portfolio. And there is also the possibility to upsell and continue to create value for our customers in terms of service capability because we have a software engineering offer that is near to the product itself. So our plan is to increase sales in upsell and cross-sell of other products and increase also sales in terms of services around the product itself.

Fantastic. And so we have ReVersal SIM, so the exclusive management with Northern Trust Asset Management. Can you please give us some more information on this?

Yes. So ReVersal SIM was, let's say, an extraordinary operation that we did last year with an investment of EUR 0.5 million in the company. TXT have the 51% of the shares of the company shares, so the majority shares. And for us, it was strategic in order to be a digital partner for a real fintech, let's say, offering in the market itself. So as TXT, we are providing technologies and process innovation to this, let's say, SIM. And our strategy is to continue to improve, let's say, the digital aspect of the company itself. And of course, this is also a financial investment because this company is more related -- the accounting principle of this company are more bank-related than industrial-related, of course. And for us, this is a financial investment. And for this reason, the results are not consolidated in our, let's say, in our profit and loss. But it's more, let's say, integrated in terms of profits or losses for the next year. In terms of the business plan, the offering of ReVersal SIM is particular because they have, let's say, a good exclusive agreement with the Northern Trust Asset Management. And they proposed an approach different in terms of wealth management with respect to what is present in the market. So for us, it's strategic because it's an innovative approach and for the technology, we can provide in this field of fintech.

Right. And so next, we have our Smart Solutions with PACE to provide FPO real-time optimization for JetBlue fleets. Can you please tell us more about the contract with JetBlue?

Yes. This is an important contract because open up a new customer that is one of the biggest airlines in North America that is JetBlue. It's a new contract for our flight optimizer, so our product for sustainability and fuel saving. It's a contract that will bring value in terms of revenue starting from the next year because it took almost 1 year in order to do the trial, to set up the software within the fleet of JetBlue. And there is the possibility -- the initial, let's say, value of the contract is up to $1 million, and there is a good opportunity to scale up because the business is subscription-based per tail, so per aircraft. So the runout -- rollout of the software on different aircraft of the fleet will bring revenues, recurrent revenues starting from the next year for the year -- further years along. So this business unit for us is a driver for growth. So we have already in the portfolio big airlines like Lufthansa, American Airlines. So JetBlue is an addition, and we are currently also working with several other trials. So the benefit of this business line will be recorded mostly starting from the next year. So we are speaking about the future more than the present. The present is the purchase order that we signed, but the revenues and the margin will come in the next few years.

Right. And so we have our Digital Advisory. And what can we expect in the fourth quarter?

Yes. For the Digital Advisory, as I said, we invested in the last years by acquiring several companies that are providing high-value consultancy related to the technology, so to the transformation of processes of customer. As was announced in the last month, we won several tenders in the public sector for the innovation of the processes by using the technologies. And these, let's say, tenders now are growing in terms of revenues and margins because we are setting up the activities. We are starting the projects. So there is a -- we recorded a very good growth in this area all in the third quarter of the year. We recorded more or less 44% of growth, that is entirely organic growth with the team that we have in. And there are -- we are continuing and we are investing in this area in terms of acquiring people, capabilities, knowledge in order to be very strong in this area that is expected to continue to grow also for the next few months and will continue to bring value to the overall, let's say, consolidated results.

Fantastic. And so within Software Engineering, what are the main business updates that you have for us?

Software Engineering is still the biggest division. So we are positioned in the market as an expert to help the big corporations in order to transform their products by using the technology. So this area is growing in double digit. We have a strong contribution coming from the aerospace and defense. That is a market in which there are a lot of investment in this period also due to the macroeconomic situation. And we are working in order to exploit synergies among the companies that are added to the group. And we are activating several initiatives in order to strengthen the offering of several companies by leveraging on synergies. We are focusing on the DevOps offering by merging the capability in terms of commercial activities and technical activities through Ennova and Assioma that are working together. We focus the offering for the quality assurance. That is, for us, a very important, let's say, strategic offering. It's very distinctive with respect also to the competition by also leveraging synergies among Quence and Assioma that are bringing together value in terms of competence, in terms of go-to-market. And of course, we are integrating -- we are working strong with Ennova that has a very good, let's say, sales team and approach to the market. And so we are leveraging this capability in order to bring to the customers that were added by Ennova when they entered in the group to address this customer with additional offerings, additional competencies coming from the other company of the group. And we are also leveraging the capability of Ennova in order to serve the customers that are historical customers for the group. So one point that is very, very strong in our governance is to exploit and make the synergy works in order to drive organic growth for the group.

Fantastic. And now we have Andrea Favini, Investor Relations, who will speak to us about the 9-months results for 2023.

Yes. Thank you, Sanela. Thank you, Daniele, and welcome, everyone, to the financial section of this conference call. Starting from the profit and loss over the first 9 months 2023. As detailed before by Daniele, revenue in the first 9 months were EUR 159.4 million with an increase of 72.5% compared to the previous year, equal to EUR 67 million. Organic growth contributed for EUR 13.8 million, equal to 14.2%, and EUR 43.2 million came from acquisition. International revenues for the period were EUR 31.7 million in the 9 months, representing approximately 20% of total revenue of the period, generated mainly with the blue-chip customer in the global aerospace, defense and automotive market and with recent European banks and other fintech customers. Gross margin rate in the first 9 months of 2023 was 25.6%, down 3.2 percentage points compared to the previous year. And the decrease is linked to the lower incidence of Smart Solutions business against the service business from Software Engineering and Digital Advisory that traditionally has a higher direct cost [ with a software ] provider. In absolute value, the gross margin grew by [ EUR 20.8 million ] from EUR 25.9 million to EUR 56.7 million with an increase of 58.1%. The indirect costs in the R&D investment were equal to EUR 6.7 million in the first 9 months of 2023, approximately EUR 1 million up compared to the previous year, with the increase coming from the higher investment in Smart Solutions portfolio. The investment is mainly generated on a like-for-like basis. Commercial costs were also included -- which also includes BU management costs were equal to EUR 15.5 million in the 9 months 2023. With an increase of 75.5%, this likely outperformed the growth rate of revenues in the same period. The effect of M&A, alongside with the increased investment in marketing and sales events and commercial and managerial resources to support accelerated growth and synergy creation, are the drivers of the growth in commercial costs. R&D and commercial cost is expected to grow further in Q4 following the consolidation of acquiring Embedded Graphics business that would lead to an extension of geographies with the establishment of PACE Canada and the extension of international sales team for the benefit of the new business and for the benefit of other Smart Solutions business like the [ WeWork ] platform, which is specialized in technical training that foresees international growth. General and administrative costs as a percentage of revenue decreased from 8.4% in the 9 months of 2022 to 8.2% in the first 9 months of 2023. And in the first 9 months of 2023, TXT incurred higher due diligence costs and legal costs linked to international acquisition and intensive M&A activities in the domestic market. Looking at the EBITDA of the first 9 months of 2023, it was equal to EUR 21.4 million, up 58.2% compared to the first 9 months of 2022 with an increase of EUR 7.9 million. The margin on revenue was 13.4%, down 1.2 percentage point compared to the 14.6% in the first 9 months of 2022, mainly due to the decrease in gross margin described before, only partially offset by lower incidence of indirect costs in the period. The margin in the first 9 months showed an increase compared to the 13% recorded in the first semester of the year. Looking at the amortization, depreciation and write-off in the first 9 months of 2023, that consists mainly of amortization of intangible assets for EUR 4.3 million and amortization of intangible assets for EUR 2.7 million, of which EUR 1.9 million related to goodwill accounting of assets like customer relationship and IP acquired through M&A and accounting for following the purchase price allocation process. If we look at the operating profit, it was equal to EUR 14 million, up 14.3 -- 53.1% compared to the first 9 months of 2022, with the operating profit margin at 8.8% in the first 9 months of 2023. Financial income and charges in the first 9 months of 2023 had a negative balance of EUR 0.1 million compared to the negative balance of EUR 1.6 million in the same period of the previous year. Bank interest expenses of EUR 1.7 million and other financial expenses of EUR 0.5 million incurred in the first 9 months of the year were offset by the positive effect of the positive balance of the fair value of financial instrument in the period, EUR 0.4 million, EUR 1.9 million for the lower debt recognized in connection with TXT commitment in the [ context ] of acquisition, for which the doubling of the value of TXT share was granted and the dividend received in the amount of EUR 0.2 million. Financial charges includes also the exchange difference in the first 9 months, which had a negative balance of EUR 0.2 million. And this has also included the negative results of minority interest with a value of EUR 0.4 million. The net profit in the first 9 months of 2023 was EUR 9.8 million, up from EUR 5.3 million in the first 9 months of 2022, with a profit rate of 6.1% in 9 months for 2023. If we look at the tax rate, the tax rate was 29.7% in the 9 month of 2023, up compared to the 29.2% in the first 9 months of 2022. Looking at the third quarter of the period, revenue amounted to EUR 52.1 million with an increase of 74.3%, equal to [ EUR 22 million ], of which 51 -- 15.1% equal to the EUR 4 million coming from organic growth. Gross margin rate in the third quarter of 2022 was 27.1%, down 2.4 percentage points compared to the previous year, but up 1.6 percentage points compared to the gross margin rate of the first 9 months of the year, the average rate. R&D and commercial costs in the third quarter of the year show a trend in line with the one recorded in the first 6 months of the year, while G&A cost incidence in Q3 2023 was higher compared to the average of the 9 months, mainly for the cost in [ G&A ] incurred in the period. EBITDA in the third quarter 2023 was EUR 7.5 million, up 72.4% compared to the EUR 4.3 million in Q3 2023. The margin on revenue was 14.4%, in line with the 14.5% in the same period of 2022. EBITDA margin in the third quarter of 2023 show a significant increase compared to the [ marginal cost ] in the first half of the year, which was equal to 13%, thanks to the usual trend of the TXT business with historical higher margin in the second half of the year and also thanks to the boost coming from synergies between TXT Group's companies. Amortization, depreciation and write-off in the third quarter of the year show a constant trend if compared to the 6 months of the year, with EBIT that reached EUR 5.1 million in the quarter with operating profit margin at 9.8%. Financial charges in the third quarter of 2023 are higher and you got to EUR 1.1 million and mainly for the effect of interest and bank charges and for the negative effect of the exchange rate recorded in the period. Net profit of the third quarter was EUR 3 million, up EUR 1.2 million compared to the EUR 1.8 million of the third quarter of 2022. If we move to the next slide with the net financial debt. The consolidated adjusted net financial debt as of September 30, 2023, was EUR 29.2 million, up EUR 9.2 million compared to EUR 20 million at year-end 2022, mainly due to the outlays for the period related to the buyback for EUR 11.4 million, dividend payment for EUR 2.1 million and investment in new technologies and M&A through the acquisition of the Embedded Graphics VAPS business, the acquisition of majority -- minority stakes in Simplex and LAS LAB for an aggregate investment of approximately EUR 5.4 million. The investment has been partially offset by cash generated from operations. And the financial debt as of 30 September 2023 includes a EUR 9.7 million of debt related to IFRS 16, up EUR 1.2 million compared to year-end 2022 and EUR 4.8 million of debt for earn-outs and put/call option for the acquisition of minority interests, of which EUR 3.8 million due beyond 12 months. Among the short-term financial resources available for growth, which are equal to EUR 15.3 million as of September 30, 2023, are included cash held in ordinary current of bank accounts of Italian and international institution for a total EUR 31.4 million and trading securities at fair value for EUR 38.7 million, which consists mainly of investment in multi-segment life insurance contracts with partially guaranteed capital and for residual value bond loan and treasury asset management. The treasury security at fair value decreased by approximately EUR 8 million -- EUR 10 million compared to the year-end 2022. If we look instead at the consolidated unadjusted financial debt as of September 2023, it's equal to EUR 45.8 million, up EUR 16.5 million compared to the adjusted net financial debt. And the difference of EUR 16.5 million compared to the adjusted financial debt is related to the investment in Banca del Fucino, whose fair value is of the EUR 16.5 million asset. If we move to the next slide, the balance sheet. As of September 30, 2023, versus the balance sheet at year-end 2022, we have intangible fixed asset, which show a slight decrease as the amortization over the period for EUR 2.7 million compensate the effect coming from the purchase of the Embedded Graphic and other minor investment in intangibles. If we look at the tangible fixed assets as of September 30, 2023, it shows an increase of EUR 2 million for the investment in office and furnitures, hardware as laptops and other electronic machines, and new lease contract accounted for according to IFRS 16 for more than EUR 1 million. The other financial assets of EUR 2.8 million as of September 30, 2023, compared to the increase by EUR 2.8 million compared to year-end 2022, and the increase consisting the investment in Simplex for EUR 3 million. Other financial assets include investment in Banca del Fucino,, whose fair value as of September 30, 2023, is EUR 16.5 million, steady compared to year-end of 2022. If we look at the net working capital, it remained stable compared to the year-end 2022 with an increase of approximately EUR 1 million. We record , let's say, a decrease in the trade receivable, partially offset by higher inventories, which fully consist of a work in progress. And also, we have slight decrease in the trade payables. We expect for the year ahead to have a slight increase in both receivables and payables. In terms of shareholders' equity, the decrease of EUR 2.4 million comes from the net effect of the positive effect of the result of the period, offset by the effect of the buyback program. If we move to the next slide, we have our shareholding structure as of September 30, 2023, which is constant compared to the picture as of half year 2023. We have a slight increase in the treasury shares, and the treasury shares as of September 30, 2023, are approximately 11%, equal to 1,367,340 shares, up compared to the 906,000 as of December 2022. And the treasury shares represented 10.51% of the issued shares. During the first 9 months of 2023, 601,000 shares were repurchased at an average price of EUR 19 per share. And in the same period, in the scope of the M&A plan 2022, 140,000 shares approximately were transferred at an average price of EUR 12.39. The average carrying value of the treasury shares as of September 30, 2023, is EUR 7.96 per share. If we look at the investment in dividends and treasury shares repurchased in the first 9 months of the period, the total disbursement was EUR 13.5 million, break down by EUR 2.1 million of dividends paid and EUR 11.4 million of treasury of -- related to the buyback program. The share price as of September 30, 2023, was EUR 16.84 per share, slightly higher compared to the current price. And the market cap as of the same date was approximately EUR 200 million. So we are done with the financial section of this conference call. Thank you for your attention. And now it's time for your Q&A. Thanks again.

Yes. Okay. So now we have the Q&A. So I'll see if we have any questions in the chat.

And so first question, what are you planning to do in the last quarter within the M&A?

Okay. So as you know, we are very active in terms of, let's say, scouting and finding opportunity in order to integrate our ecosystem with competencies and new smart solutions. So with respect to the last year, let's say, last quarter will be 1 quarter in which we, let's say, we want to consolidate more capabilities and more companies within our ecosystem. This year, we are more, let's say, more selective in terms of acquisition because, yes, we need to grow. We need to find new opportunities, but we want to find opportunities that are synergic and that can fit with our ecosystem. So we reorganized the Digital Advisory, Software Engineering and Smart Solutions. So we are looking very focused in order to bring value within the company itself. So we are working on several opportunities. Our aim is to add companies that brings assets, so additional smart solution. We did the Embedded Graphics, let's say, Canadian acquisition in the first quarter of the year and in the second quarter. And so in these 3 months, we are working hard in order to consolidate new smart solution within our portfolio. And we are planning also to add more capabilities in terms of technologies and competencies, especially for the cloud domain. That is a domain in which we needed to be stronger than today. And we are working in order to consolidate the company by the end of the year. That will be not transformative in terms of volumes with the total volume that we have today, but it will be a good addition in order to consolidate competencies, especially in the cloud domain.

Great. And so we have the second question. So how do you see the business performance from now until the final quarter?

I see continuity. So we have in the, let's say, short term, a very good visibility in order to continue to grow and to bring value in terms of profitability. And also the outlook on a mid-term, because the backlog that we have in several domains, because the new contracts that we are, let's say, collecting from the market for our Smart Solutions, so I see continuity, sustainability of the business, continuity in terms of growth, good profitability. So for the short, midterm, the outlook is positive. Of course, there is a condition -- a number of conditions that these are uncertain because on the, let's say, the cost of money is increased with respect to the past. There are a lot of instability in terms of international, let's say, situation and political situation. So there are -- this factor that can have an impact overall on the overall business, not only our business, of course. But in terms of demand for digital innovation, so for transforming processes, transforming products by using the technology, the demand is strong. And our, let's say, ecosystem is working in order to bring value to customers that are investing in digital innovation. So we are positioned, let's say, well with respect to the past. So we are stronger than in the past. So we are organizing ourselves in order to capture these opportunities and to continue to grow for the mid -- for the short and the midterm and for the long term, of course. So thanks to the M&A and thanks to addition of additional capabilities, additional knowledge to our portfolio and to our, let's say, offering domain. So I'm noticing that there are some issues about the chart that it is -- okay. So -- and they are coming, other questions.

Yes. So we have 2 questions here. What are some of the major details that's on the public sector? Yes.

Okay, so more detail on the public sector. So as you know, we won, let's say, a big tender, more than EUR 100 million in several years on a 3-year, let's say, period that is related to innovation of processes within the central public administration. So we are working for the different ministry of the Italian government in order to digitize processes, in order to improve security. So our offering is focused on all the cybersecurity issues, all the data management, so data analytics, usage of data and digitalization of, let's say, processes that were not digitized. So using the technologies in order to improve processes, and these projects are growing. So our companies that are working on this field are growing in terms also of resources because we are hiring new competencies and new people in the team. Just to give you an idea, the company that is -- HSPI, that was acquired in 2020 by TXT Group, has grown, doubling the size. So we have now more than 200 employees in the company that are serving these kind of projects. So we are positioned in order to continue to capture this kind of opportunity that with respect to the past of HSPI itself are direct opportunities. So we enter as a, let's say, prime contractor in several public tenders. And we are working for directly for the public administration and also for the big companies that are participated by the government. So our strategy here is to continue and to become a stronger player, also an alternative to the big consulting companies with our, let's say, approach of specialty specialization about the offering and to be recognized one of the player -- major player also in this field. So there is a good outlook because, let's say, these tenders are, let's say, starting now, so with the resources space to continue to grow. And there are several other opportunities that we are capturing and, therefore, information will follow as soon as we are enabled to show these kind of contracts in front of the markets. One other, let's say, segment in which -- or for the public segment in which we are present is related to health care, so all the digitalization of processes and instruments within the health care industry. So we did the acquisition of PGMD last year that is bringing this kind of competence within the group. So also in this segment, we are present and we are growing, and we want to continue to grow.

Fantastic. And so we have the final question. Would you be able to give us more details about the PACE prospects?

About PACE, so the strategy for PACE is to be, let's say, a leader within the -- in digital innovation for the civil aviation. So in terms of prospects, the driver of growth are related to the aftermarket, so the airline operators for which we have this platform that also, before we announced the, let's say, the new contract with JetBlue. So all the airlines are a target for this kind of solution. That is a solution that makes them more efficient in terms of performances by saving fuel. And that is also a solution that enabled them to the sustainability, so to the saving of fuel, and so the saving of emission and so all the stuff related to sustainability, to climate change and so on. So for sure, the airlines market is a market in which we will grow. Additionally, we added the Embedded Graphics capability, so more related to the innovation of the cockpit itself, so all the software that is within the cockpit. So there is a growth in terms of prospects. There is a growth in terms of market reach that will enable us to upsell and cross-sell our services and our products to a larger customer base.

Fantastic. And so I think that's all the questions for now. But if you do have any other further questions, please e-mail through to our Investor Relations, and they can endeavor to get back to you.

So thank you, Sanela. Thank you, everybody. We will meet together for the final year results. So I strongly believe that we will continue with this pace, with this, let's say, profitability and with this good track record of growth, so to bring value to everybody. Thank you very much. Thank you, Andrea.

Thank you, everyone.

And see you in 3 months. Bye-bye.

Bye.