VNV Global AB (publ) (VNV) Earnings Call Transcript & Summary

All right. Thank you, and welcome to VNV Global Third Quarter 2024 Report Conference Call. On the call today, we have Per Brilioth, CEO; Dennis Mohammad, who's part of our investment team; and myself, Bjorn Von Sivers, CFO of the company. As per usual, Per will start with a summary of the developments, followed by an overview of the more meaningful portfolio constituents. After that, we will open up for Q&A. [Operator Instructions] With that, I'll hand over to Per to start with the intro.

Thanks, Bjorn. And so yes, this quarter, our NAV is down a bit, some 4% in U.S. dollars to $575 million. That downtick is a reflection pretty much only of a down -- of us writing down -- marking down BlaBlaCar and on the back of basically French politics. And I'll come back to some more details around that when we cover BlaBlaCar. But the rest of the portfolio is pretty much unchanged. So that's the bulk of this 4% downtick in the NAV per share. And I mean, we invest into tech companies. And as we all know, the tech market has been tough for a couple of years. And -- but really -- I really sense that there is some signs of life. And I mean, I'm humble about that if you look at my share price, it doesn't look that way. But when we look inside the portfolio and what we see, there's really some more activity. I mean, I'll come back to it more, but there's a bunch of our companies in our portfolio that have raised money successfully, i.e., at our mark or even higher and then we've taken them up in the NAV, so some upticks like that. And that's something that wasn't really present, if you say, a year ago. And also on the sort of similar note, as you know, a lot of the focus of our work over this past year or -- and more really has been to sort of raise cash out of the portfolio. So we did sell that Booksy asset to Verdane for -- well, including a small earnout like $55 million. We have signed to sell Gett. We expect that to close later this year, I'll come back to that a little bit as well, for a total of $83 million. And as we announced in this report, we've had exits of another $10 million. And those are a couple of smaller names, but -- and I'm not at liberty to go into which ones they are, but that process continues. So it's just shy of $150 million, which we have and are primarily using to pay down the debt that we have. But it also renders us upon the closing of Gett into a positive net cash position, which we then can start to sort of use in investing. But pretty much all of these have been done around NAV, some a little bit below, some above. And that's another reflection that I think the market we're in is starting to sort of really sort of function again, although one has to be humble of when it comes back into full swing, importantly, sort of to be able to sort of decide your own faith, it's important to have staying power and one critical part of staying power -- guys, I think you need to mute. One critical part of staying power is that the portfolio doesn't create a lot of cash. And as we've sort of been consistently showing over the course of this year is that the portfolio is now 3/4 of it is EBITDA positive. The reason why we don't highlight Voi is that -- yes, it is EBITDA positive, but it really should be EBIT positive. Now Voi, I will come back to that, has raised the industry first ever public bond, which covers the funding and which is a huge step, both for Voi, but the industry at large as well. So all very good. And so I think that captures sort of a broad overview at the sort of holdco level and what makes us excited. So with that, I'll hand over back to Bjorn to talk a little bit about the numbers.

Thank you, Per. And per usual, I thought I'd go through the balance sheet and the key movers during the quarter to start. And looking at the balance sheet from top, we have investments in financial assets of approximately $650 million or SEK 50 per share; cash and cash equivalent of $11.9 million as per end of third quarter, giving us a total portfolio of $662 million. Add to that our outstanding debt and other liabilities, we end up at $575 million NAV or SEK 44 per share. That NAV is, of course, as Per mentioned, down 4.3% during the quarter in dollar terms and in SEK terms, 9% given the movements in the U.S.-SEK movements during the quarter. If we flip to the next slide, I'll just walk through the top names of the portfolio and what's driving the change during the quarter. The main and essentially only significant movement is relating to BlaBlaCar. It's down 12% during the quarter. And as a reminder, and as we note in the report, the BlaBlaCar valuation is derived from a sum of the parts valuation model that we further find during the quarter that now values marketplace -- the bus marketplace business lines, including Obilet separate to the [ C2C ] ridesharing marketplace and the operated bus business. The fair value change for the quarter is driven, as also noted in the report, by a more conservative short-term outlook on the financial contribution from these energy savings certificates in France, but also lower peer multiples in general. The BlaBlaCar position represents approximately SEK 17.7 per share or 40% of the NAV as per the end of the third quarter. Gett is flat during the quarter, still valued on the ongoing transaction with Pango that we expect to close during second half of this year. Gett represents SEK 6.4 per share as per September 30. And finally, if we go to the top 3, Voi, also flat during the quarter from a valuation perspective as it's still based on the transaction -- the primary transaction that closed during the first quarter of 2024. This adds another SEK 6.2 per share as per September 30. And adding this together, you have a contribution of some SEK 30 per share or just below 70% of the total NAV. Also worth noting again that after September 30, cash and cash equivalents amounted to $11.9 million. But after the end of the quarter and the reporting period, we've added another approximately $10 million to that cash balance following exits in a number of the company's smaller holdings. Another point worth highlighting on this slide is that during the quarter, most of you might have read that we placed a new SEK 850 million bond to refinance the existing bond that were due January 2025. This new bond settled after the end of the quarter. And later this week, we will also close the settlement of the early redemption of the previous 2022-'25 bond. I'll stop there and hand it back to Per to go through some of the portfolio holdings in more detail. And then again, later on, we will move to the Q&A.

Yes. And I guess this slide just is an illustration of what Bjorn just said. So I'll flick on. And yes, the portfolio looks like this. It's very similar to what you've seen for a while now. And we'll go into a little bit more detail into the larger holdings. But in general, as I sort of alluded to before, there's good activity overall. So Voi did this bond, we'll come back to that, which is the first industry public market bond and sort of which -- I mean, all around positive for that, but something that wasn't possible a year ago. HungryPanda, which, yes, does show up here as a 2% of the portfolio, raised $55 million from Mars. Flo, which is also in our portfolio, the world's largest period tracker, has raised $200 million from General Atlantic at $1 billion valuation. So a big transaction, that, and leaving a lot of upside and it's very interesting to follow that company. It doesn't show up among the largest ones here, but we think it has the potential to in the future. NoTraffic, the Israeli company that's sort of in traffic light sort of product that they sell in the U.S. is -- did a round that was, I think, like double from where we had it previously marked. And so also a good sort of good uptick. So in general, that kind of activity is very, very strong. But if we go into the -- to touch upon some of the larger constituents, first and foremost, BlaBlaCar. So here, to try to give you a little bit more detail around this French politics and how that affects this company. So the downgrade is, as Bjorn said, mostly at least due to uncertainty around this income stream that they have, which is related to energy saving certificates. And these energy saving certificates is broadly something that if you can prove up that you're 4 in the car instead of one, and that's sort of a cumbersome, you have to sort of fill in documents, et cetera, then you're issued energy saving certificates that you can then sell in a market. It's a big market. And BlaBlaCar is a small player in that market. And then that sort of becomes revenue and earnings for them, but also they share some of that with the passengers and to incentivize them to go through the motions of filling in these forms. I mean some of you, I'm sure, have used this in France. And so it's a well-known sort of broad product. But -- and this sort of concept is an EU broad thing, and it's -- but it's -- in terms of transportation, it's only really active in France today. And -- but despite being an EU broad product, it is based on a French law. And that law is in the process of being renewed. But in order for the new law to come into force, you need a signature by government. And of course, I'm sure you followed that after these EU elections that we had in the summer, the French President called for a new parliamentary elections, and that parliamentary election gave no one really sort of majority. So it's been really taking a really tough -- long time and a tough time to form a new government in that in France. Now -- and without a new government, you can't sort of -- you can't, for example, sign laws. And quite recently, as I'm -- maybe you follow, we do. There's been a new government, a new government has been appointed. And that very young government, with a frail sort of support in the parliament, its first and very important sort of task is to get a budget for 2025 passed. And after that, I assume things to start to go back to normal. Now I'm not an expert on this, but that's our assumption. And with that, then this law will come back into -- this new law will be passed and signed and we can move into sort of getting these energy saving certificates going again. But without the law, there is no income from these sort of energy saving certificates. And that has a dent on 2024. And so essentially, that's what's sort of becoming an effect on our valuation. We expect it to come back. It's a very popular product. It's popular across all the political camps. So it's just very unfortunate and unlucky really that these elections and this -- that it took so long to sort of put together a new government. But we don't expect it to be an issue, so we -- for it to come back. We -- so popular among voters and hence, popular among all political parties. And we've modeled it to return in 2025. We've modeled it to return at a slightly lower level than we saw in 2023. 2024 has become a very strange year. 2023 was an exceptionally sort of strong year. And so we've modeled it to come back a little bit lower. And we've also put a big discount on this to sort of reflect the uncertainty that we -- that's still present. And that's what you see in this downgrade. So I think everyone around the table doesn't -- isn't really worried that it won't come back. And I think it's fairly accurate that things will start to go back to normal once the new government has passed this budget for 2025, which obviously, we're in the end of '24, needs to happen now, will happen now and then things are back to normal. So I'm sure there's -- you're all wondering, there's loads of details around this. So we're not at liberty to share everything. But I think that should give you sort of at least a broad sort of description of what's been going on here. Outside of that, at BlaBlaCar, things are doing well. I mean, things are -- Europe is fine, and its presence in emerging markets is killing it. So there, we have growth of hundreds of percent. And the company is also getting ready to monetize many of the emerging markets, which, of course, is the big driver of future sort of revenue here that new markets are getting monetized. And beyond that, of course, new products that are being launched, et cetera. The other big event of recent days is that they have -- so they announced earlier that they had acquired the Turkish bus marketplace called Obilet. Now they have approval. They were waiting for approval from the antitrust in Turkey on that. That's been received. So that's -- we expect that to close imminently, and we're very excited about that deal. Turkey, as you follow Turkey, you've seen the company sort of shift really strongly from quite odd economic policies, if one may, to now very conservative ones. And hence, the currency has come back and the stock market has come back, et cetera. So the place is in a much better economic sense. And this -- again, without being able to go into sort of full details, we feel that this acquisition has been -- is very value accretive as a stand-alone acquisition, but also synergetic. The bus marketplaces provide a lot of synergies with BlaBlaCar's existing car businesses, something that we've seen in other emerging markets. So we're very enthusiastic about that. The company has used cash to buy it, so it's not dilutive. It's dilutive a little bit, but mostly cash. And so this adds a lot of value to the company. We're very excited. And yes, on these energy saving certificates, I think I did mention, but in case I didn't, I'll repeat it, that this is now -- I mean, we expect it to come back in France and -- but we also expect it to be launched in other European countries. And hence, if it's like a one country thing, it's something -- it's difficult maybe for financial analysts to sort of -- to put a lot of value on it. But once you -- my view is that once you -- we see it now being launched in several other markets, then it becomes like a product, which is like -- or a business line. So we're very excited about that, too. And that's completely new revenues that will benefit the company. So sorry, long-winding sort of discussion here around BlaBlaCar. We can come back to it if you have any more questions later on. But if we continue to the others, Gett is -- so company-wise, if we handle that first, the company is doing well. It's back to -- it's been for a while now back to levels which we saw before October 7, 2023, so pre-war, and it's performing along -- to where we're expecting it to perform, which is obviously profitable, cash generative, et cetera. And we're waiting for the Israeli antitrust to give their approval. We have been in discussions with them, and we don't really -- they don't give any sort of reason for concern that this transaction won't be approved. This is really like -- this is Pango, which is the acquirer is a parking app. So it's a parking app buying an Uber ride-hailing kind of business model in Gett. So not to -- I mean, 2 different businesses. So hence, not affecting competition in one or the other, which is what they have to decide upon. But they are 2 large brands in the country with lots of customers. So they have asked for and received a lot of data, and this data is being analyzed. And so it's been taking longer than we expected, partly also due to the fact that the antitrust department has a large part of their staff, which has been drafted to the army. So they're behind on staffing and hence, everything takes a little bit longer. We still expect this to close during the second half of 2024. And as the country comes out of their holiday period now, we expect things to speed up. But it's not certain -- we're not certain of the exact time line, but that's our expectation. Now as Bjorn mentioned, we have refinanced the bond with a new bond that has -- we really see as a bridge to this exit and that it has sort of, for bond markets, unusual sort of attributes in that we can call it immediately upon receiving the proceeds from the Gett transaction. So it gives us more flexibility should this drag on a little bit more, and we're happy with that so that we won't come under stress. With that, I'd like to hand over to Dennis, my colleague, Dennis, to update us on Voi.

Thank you, Per. Update on Voi is that the company is doing really great. Looking at Q3, the company has generated over $13.5 million in adjusted EBITDA year-to-date. That's adjusted for noncash and some one-offs. And we expect the company to generate positive EBIT for the first full year in 2025. In Q3, the company also won an additional tender in Le Havre in France. This is a 4-year contract, and Voi will be the exclusive operator of both e-scooters and e-bikes in the city. And then we're very happy about this, and this confirms the general trends that we are seeing, both that Voi is continuing to win tenders, but also that the contract lengths are increasing, which creates more certainty for companies such as Voi. After quarter close, as Per has already mentioned, Voi announced that it has also secured a EUR 50 million bond. It's a 4-year duration paper with a 6.75% spread on EURIBOR. As Per has really mentioned, this funding is first of its kind and it's very good news for Voi. Not only is it part of a broader EUR 125 million framework, it also means they can fund future CapEx investments with debt rather than equity for several years out. And this is truly going to be a game changer in the industry, we believe. I also thought I'd show you the next slide, if you will, Per, which shows the Voi financial performance and probably one of the enablers of the bond for the last couple of years. If you start on the leftmost graph, we can see that even though the fleet size, which is the blue line, is flat or even down, actually, you can see that the fleet was roughly 93,000 vehicles in 2022. Year-to-date, now it's 92,000 vehicles. Revenue has continued to increase. And this, I think, is a good indication of same-store sales being up. So there's ample demand for the service. So despite having a smaller fleet, Voi has managed to continue growing the top line. If we then look at the vehicle profit margin, so the midmost graph, this is essentially a proxy for gross profit. This has increased from a roughly 30%, 31% margin in 2020 to a 57% margin year-to-date September 2024. This is an impressive improvement driven both by better operations, but also better vehicles as the vehicles have improved from generation to generation. And all of this, combined with the reduced overheads on the central level has rendered the company EBITDA profitable, which is the rightmost graph to the order of 12% margin year-to-date 2024. And as I said, we expect the company to be EBIT profitable for the full year next year. The company has been EBIT profitable for several months in 2024. But coming into '25, we believe with both the added growth through the vehicle CapEx, which will now be funded through the bond, but also continued improved margins, the company is set up to be fully profitable. I think that's all I had on Voi. Thank you.

Thanks, Dennis. Very exciting Voi's development now. And as I alluded to in the intro to the report, I really think there's upside to the mark we're carrying -- that is carried at the last transaction, which I think is quickly going stale with these developments and also the funding security that they have assured themselves. HousingAnywhere is just the next in line in terms of size. There's not so much to update you on here. The company is growing hand on the heart that we sort of feel it should grow a little bit more. There are -- so that's one thing, and that's being addressed. And the other thing is that there's some consolidation happening in this -- amongst the players in Europe here, which is -- HousingAnywhere is the largest they have been in part of the consolidation, especially buying their competition in Holland in Kamernet, but also their biggest competitor in France called Studapart. And so HousingAnywhere well equipped to sort of be the consolidator of the sector going forward, which is -- which will be very exciting. Numan is -- back to you, Dennis. A few words on Numan?

Thank you. Yes. So just as a reminder, Numan is an online health clinic focusing on men's health issues. That has primarily been around erectile dysfunction, hair loss. But in the last probably 12 to 24 months, focus has also been on weight loss. The company is doing very well, currently growing well over 100% year-over-year whilst being EBITDA profitable. They will close the year EBITDA profitable this year. And a lot of that is driven by the weight loss vertical performing very strongly. We're carrying it flat over this quarter in terms of valuation. Behind this, we saw that the peers traded down somewhat, but the revenue projections for Numan were up looking at '24. And we also expect quite significant growth in the coming 12 months for this company.

Thanks. Next up is Breadfast. Bjorn, do you want to take us through Breadfast?

Yes. No, as a reminder, so Breadfast is Egypt's leading online grocery brand that delivers under 60 minutes. The company offers more than 5,000 SKUs and delivers some 500,000 orders to over 150,000 users on a monthly basis. As you see on the graph here, the gross revenue development has been very, very good over the last couple of years, growing very, very fast. Of course, you need to have in mind that the Egyptian pound has devalued a lot during the same period. But even in dollar terms, the growth is very, very healthy. The company closed a new funding round earlier this year in Q2. And as per end of September, VNV values its 8% ownership based on this transaction. If we move to the next company and the last, we thought we'd go through Bokadirekt. I'll just say a few words as well. So Bokadirekt is Sweden's leading health and beauty platform for merchants and consumers. They have 13,000 merchants or so connected and 2 million monthly active users. So very, very dominant. This company has been around for a long time. Similar to Hemnet, the product suite has not been up to speed since a few years ago. But since we've invested a few years before that, the company is doing a lot of improvements in the product suite and their entire offering and, I guess, complexity of its platform. So the company has continued to grow well and it's also profitable. VNV owns some 15% of the company and values this on an EV revenue multiple order. And with that, I thought I hand over back to Per before we go into the Q&A.

Yes. Q&A is what we'd like to do now. And yes, as Bjorn said before, I think you punch in, you type in your questions into the questions-and-answer function there in Zoom. And then Bjorn will moderate and we'll all chip in to sort of try to help answer your questions.

And so we received a few questions on BlaBlaCar, not surprisingly. So one question or I guess, 2 questions in one here. So first question, has the company -- is the company still EBITDA positive despite the volatility in the energy saving certificates in France? And on that new French law, do we think that it will be the same as the previous one? Or are we expecting differences? And if so, what kind of differences?

Yes. So yes, we -- it's still going to be EBITDA positive and even in 2024, when this sort of revenue stream has been absent for a large chunk of the year really. So the underlying profitability is still sort of strong. And the law, we expect it -- so the -- there's been some volatility in this sort of income stream over the years. So 2023 was a real bumper year, partly due to a lot of technicalities that gave sort of an extra boost. 2024 when we started the year was lower than 2023. And the way we've modeled it is that we expect 2025 to be lower than 2024 or how we expected 2024 to look like, but obviously better than 2024 compared to how it turned out. So -- and importantly, we also feel that a new law being put in place is going to be much more -- provide much more stability and also an element of being present for the long term, so -- which is good, I think, if -- there's no date. But if this company is to go public, we think that sort of a recently sort of tested revenue streams through a law that was taken down and put back on, I think it's a benefit. Furthermore, I think also that other countries in the EU sort of starting to use the same sort of mechanism for transport and -- is also going to sort of make this sort of revenue stream from one country a good thing into sort of more a general sort of business line as you see it present in other countries, too. So yes, I hope that answers that question.

And then another question here around potential buybacks and what we do if and when and if Gett closes. So the question was like will you call the entire bond before pursuing buybacks? It seems like buybacks will be limited if the entire bond is called, if only Gett is sold and no further exits are completed.

Yes. So buybacks is close to heart, as you know, having bought back like $750 million over the past sort of 10 years. And we need sort of the -- we need to be beyond the current state of indebtedness at least for buybacks to sort of resume because of covenant levels and such that there's a limitation of how much -- of us distributing cash back to shareholders, which is essentially what these buybacks are. But I think the very simple sort of description is, yes, sell Gett, pay back the bond and then be ready for new investments. And very difficult to find any new investments that's better than buying back our own stock when it trades like it does. And then of course, we'll have to see where it trades and lots of things at play here. But yes, we're eager to sort of get back into sort of making use of investing into our own stock price as we have over the years. And the size of that, yes, I mean, we -- I mean, we can't buy back all the shares. That's -- we don't have money for that. And so there is a limitation, of course. What I should say, though, is that, as you saw, we're continuing to sort of exit stuff in the portfolio that we think is -- not to exit just to sort of exit, but exit some -- exit things that are natural for us to exit. And so not selling at any price and not selling any asset, but sort of refining the portfolio and selling stuff that's around NAV. And these last exits were higher than where we had them booked in the last quarter. So good in that way. And there's still some processes ongoing around exits. So that will raise our -- should those be executed, that will raise our capacity to do new investments, including buying back our own stock. So it's difficult to say, yes, it will be $10 million or it will be $20 million or it will be $5 million. But that's sort of a broad description of the thinking, which is what I think the way it has to be approached at this stage.

And then I'll take 2 small questions here. One is regarding the small assets you sold post end of the quarter. Can you confirm that they were sold at approximately NAV? And yes, I can confirm that it's sold at approximately NAV as per the third quarter. So those exits are essentially NAV neutral compared to the Q3 report. The other question on a similar note is that have you updated your estimated value on the Flo Palta investment in your portfolio after the $200 million funding round inflow? And on that, I can also confirm that we have -- the effect is shown in the note package, Note 3, if you want to go into those tables. And following up then, perhaps a question related to Voi here. Dennis, perhaps you can take this. Could you elaborate and put some color a little bit on how capital intensive Voi is as a business? And what kind of return on capital we see over time or in a steady state kind of environment?

Sure. Happy to. Voi has -- as you saw in the previous picture that I showed you, the fleet size has obviously fluctuated quite a lot, especially compared 2020 to 2024. So the CapEx investments have been -- we haven't kind of been on a steady trajectory there. But if you look a bit more at steady state, I think this is a business that will need in the range roughly between $15 million and $25 million on an annual basis in CapEx. And with the EUR 125 million framework of the bond, we think that is well covered there. And I think -- did that answer the question? Or was there -- were there more questions there?

Yes, I think that's a good answer. And then there's another question on BlaBla and energy savings certificates outside of France. Do you have visibility on other markets that's potentially adding this? If so, which ones?

Yes. So Spain would probably be the next one or very, very likely, the next one and then be a good contributor to that sort of revenue stream, not to the level of France, first year, but a good contributor. And then -- so these energy saving certificates is the way -- the most natural way to sort of put a sustainability incentive on transportation in Europe, but we also see some emerging markets wanting to sort of encourage people to sort of share a car by these sort of mechanisms, but then using sort of carbon credit systems to do this. So we expect this concept, although not technically the same, to be rolled out in their more sort of non-European markets as well.

And then another question here. Could you give some color on this energy saving certificate business line of BlaBla and how -- I mean, how significant contributor is that if you look out in the medium term?

So it's -- I think a rough and ready way to think about it is that it's sort of -- 2025, it's sort of a 10% of revenue kind of level. But then that level sort of goes down from there as monetization of new markets and new products sort of come into effect. So it's -- whilst France is the mature market and also sort of the high-income market for BlaBlaCar, it has an impact. But going forward, that impact gets reduced depending on how it's rolled out in other markets. But I think that's sort of broadly a right way to think about it.

And then perhaps, finally, Dennis, if you could add some color on Voi and their debt funding there and how that works into the working capital cycle.

Sure. Happy to. So generally speaking, this is a business where you have the CapEx window throughout the fall, T minus 1, so the year before that you're actually investing into. So it's essentially around end of Q3, beginning of Q4, around this time of year, that you make CapEx investments and -- or sorry, place the orders. Parts -- those payment terms vary a bit, but parts of the funding goes out during the fall and then the remainder typically goes out to the vehicle producers around the time when the vehicles arrive to Europe, which is in Q1 typically or early Q2. From that point onwards, the vehicles hit the street, the payback period is less than a year on average. So they are, so to speak, paid back within -- before end of high season and high season starts in Q2. So the primary funding need here is during the fourth quarter and the first quarter of every given year because of that CapEx window being in the fall. And so in, say, Q3, Voi has, on average, an ample cash balance that is generated from the high season. But with the bond, you have the possibility to kind of -- to have the liquidity needed to make those CapEx investments and there's also some flexibility, obviously, in terms of potentially buying back the bond, et cetera. I'm not saying that they will, but that's -- there's an option that they have, should they have too much liquidity. But they could also obviously make investments into CapEx other times of year. But over the past kind of 5, 6 years this industry has been around, that has been the general trend that we've seen.

And with that, I think we've gone through most of the questions or all the questions we've received so far. If we missed one, please reach out offline. We're happy to share some more color. And with that, I'll leave it back to Per to finish us off.

Thank you, everyone, for joining. What I would encourage you to do, which I wrote in the report, and this is back to this asset that we have called Flo, so the CEO of Flo, I was going to say the Founder, but he is the Founder together with his brother, But [ Dmitry Gursky ] is the current CEO, and he did an interview on this podcast by Harry Stebbings, is that his name, 20VC. We have a link on it in our report. And I really encourage you to look at it. Even if you're not interested in Flo, it's some very thoughtful sort of discussions there, which is good, but it also makes you very bullish on Flo. So interesting one. Anyway, I'll stop blabbering and I hope you have a good end of the year, and we'll talk to you early next year in this format. Please feel free to reach out in the meantime if there's anything we've missed to sort of answer in terms of questions or if you -- there's anything else. Thank you.

Thank you.