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Good day, and thank you for standing by. Welcome to the MFE Media for Europe 2023 First Quarter Results Web Phone Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Sara Bersan. Please go ahead.
Good morning, ladies and gentlemen, and welcome to the MFE First Quarter 2023 Results Presentation. Let me introduce immediately the speakers of today. The presentation will be hosted by our group CFO, Marco Giordani, and by Matteo Cardani, Managing Director of Publitalia. Let me hand over immediately to Matteo for the advertising and audience outlook. Matteo, please go ahead.
Thank you, Sara. Good morning, everybody. Thank you for your attendance. Today, we comment on Q1 2023 results. Beginning with the overall economic scenarios, there are some positive remarks. We can report an ongoing positive evolution in the confidence index for both businesses and consumers, as you can see in Chart #3. And in the following chart, you can appreciate another positive thing that this positive confidence index is reflected in actual dynamics of goods and services consumption. The overall is plus 1.7%. Services growing by 6.6% and goods by 0.2%.
The third remark is that with regard to the gross domestic product, the definition of GDP, for April in Q1 are both positive, plus 0.5% and plus 1.8%. And moreover, the forecast for 2023 is positive, plus 0.7%, in line with the euro forecast on average and relatively better as compared to other softer European countries.
So having said that, we move to Chart #5. And here, we have now the positive news is that the advertising market in Q1 '23 is growing by 3.5% year-on-year, and this reflect the positive -- the relatively positive overall economic scenario. Specifically, you can appreciate the growth of media such as radio, digital and automotive and positive trend of our competitors in the TV sector.
This is due to an easier comparison against Q1 2022. And to the fact that the rest of the market is recapturing only now the losses registered in Q1 2020. In fact, as you can see also from the Q1 advertising revenue index on the right side of the chart, you can appreciate the following pattern. And this chart shows the progression of MFE advertising revenue on a yearly basis. Focus on Q1, so between Q1 2020 indexes at 100 and then Q1 2023 against the total market and against the rest of the market, excluding MFE.
So already from 2021, MFE was able to recapture the losses registered in Q1 '20 by growing year by year. On the contrary, the rest of the market is recovering all in now with a rebound towards previous years.
And then if we move to Page 6, the MFE overall performance in Q1 2023 is plus 0.5 -- 0.4% year-on-year. And the remarkable positive thing is that we are consolidating the growing trend of past years in Q1 '21 that we grew by 6.1%. And in 2022, Q1, we grew plus 2.0%. So we are building, further in row, Q1 positive performance year after year.
Having said that with regard to the overall advertising scenario and our revenue collection trend, we move to the following chart. And as in the past conferences, we explained this positive performance, looking at the 2 main drivers enable MFE to achieve these results. So a solid weighted contribution of growing sectors and a growing audience. Let's start performance sector dynamics in Q1 2023.
In Chart #7, we can see another positive news because the news is that in the growing sector, we -- as the strong recovery in the automotive sector, there is a plus 27% in advertising, and this is aligned with recovery in car sales, plus 10% in private car sales in Q1 for the sector. So the good news is that for the first time, over the past 3 years, automotive sectors still strategic sector for our revenue collection, regains the positive field, and we are happy about that.
So we have both a combination of recovery plus the structural support in advertising expenditure to accelerate the transition to new car models with alternative power systems, I mean hybrid and electric and so on. Then we have a confirmable trend in personal care, toiletries, leisure and tourism. This is a strategic sector contributed by 1% to the overall GDP dynamics in 2022 and grow in double digit. Generally speaking, a stable or a slightly decreasing level of advertisement for food, pharma and retail, which are counterbalancing the performance of weaker sectors in this Q1, Telcos, finance and household. But all in all, the weighted contribution to the energy performance is a positive one.
In Chart #8, you can see the detail of the retail sales trend by sector, so value retail trend by sector. And again, you appreciate the fact that 90% of MFE advertising revenue derived from sectors that in Q1 had a positive sales trend. And there are only remaining 10% of advertising revenues that are connected with sector that in Q1, a negative or I would say, better flattish sales trends for clothing and communication.
And so this with regard to sector dynamics. Then we move to Chart #9. And the second driver of MFE result is the good health of our total audience performance. So in Page 9, we have our solid leadership in total audience on our commercial target. With 40.8% audience share and this combining leader and digital audience.
And I would like to underline that the main competitor is over 7 points behind MFE. And the other thing that is relevant is that from now on, thanks to the fact that we can rely on total audience a little better. We are going to report this number as share in total audience from now on.
Anyway, moving to the next chart, Slide #10. You can appreciate the hybrid configuration of our total audience. There is resiliency and more stability of linear audience, thanks to the strength of our premium offer. And on top, the strong growth of digital screens. The combined effect grow to a total audience growth of plus 1.6% versus 2019. So this adds plus 2.3% to the traditional audience performance.
Then 2 other relevant things in Chart #11 and 12. In Chart #11, you see that the combination of Connected TV and second screen keeps adding viewers with a younger profile, complementary to linear TV audience. Younger profile delivered the additional benefit of a higher CPM compared to linear television. And this comes to the last chart I'm commenting on for Italy, chart #12.
So the migration from linear to digital allows pricing upside because addressable TV and generally speaking, digital screen are characterized by a higher revenue per hour compared to the linear offer And so the good news is that we have a positive monetization trade up.
In simple words, each hour moving from linear to digital delivers an increase in enough revenue collection. Then the last chart of my presentation. We move to MFE Mediaset España advertising performance in Q1 2023. The overall trend of MFE advertising revenues is minus 4.7%. And honestly, this reflects the trends of the main medium in our portfolio to be. As in other European countries, the TV advertising markets in Spain in Q1 was negative, around minus 5.0%. And of course, in this strongly condition, our MFE performance, even if the progression is improving from a best start of initial months of Q1 and overall, the trend for the quarter was mid-single digits down and ending in positive field in March.
As in Italy, there is a good news that the automotive sectors turned to a positive advertising growth driven by increase in car sales. Last but not the least, on Page 14 shows a very good result in terms of linear audiences on Commercial Target in Q1 in which MFE is the leader above Atresmedia with 25.8% share. And this leadership is also confirmed by [indiscernible].
So the last remark from an organizational point of view, things are evolving positively. We have a new managing structure in the Italian and Spanish sales force are working more closely together, best practices is in monetization of 3 screens, so TV, Connect TV, digital are starting to be shared between the 2 countries, and this will allow the group to grab new opportunities of growth in the advertising space. So as far as advertising is regarded, I have finished, and I hand over to Marco for the financials. Thank you.
Thank you, Matteo, and good morning to everybody also on my side, and welcome to the results presentation. Before entering the results I would like to share with you our satisfaction for the completing cross-border merger with Mediaset España as has been announced on the 3rd May. And I would like also to thank all the teams, the Spanish and the Italian team because we carried out it in a very smoothen pathway, but the result has been reached only because all the team worked together in a very professional way. So thanks to all the team.
Following the merger, clearly now, we are going to present to the number reflecting an MFE view, clearly, always giving geographical details and then entering in the results and in the number. Despite slightly lower revenue compared to first quarter 2022, we were able to reach almost EUR 20 million group EBIT with a plus 26% compared to last year first quarter. And we accounted a group net profit of EUR 10 million, 4x higher than last year. In terms of group net financial position at the end of March, the debt were EUR 731.7 million, in line with last year's number.
Moving to the P&L. In terms of revenue, and we are on Page 17 now. Clearly, Matteo has already commented the advertising line. I'm clearly now entering in the other revenue. As anticipated and as already guided, we are targeting a flat number for the full year 2023. So flat on actual number last year. So -- and as a reminder for you, I mean, clearly, this is a pretty -- it's a conglomerate to online in which we are accounting sales of scripted content, sales of in-house content to third parties, subscription of our OTT services, retransmission fee of our TV channel.
So it's a pretty complex and with a lot of components line, but I confirm that we can stay flat on last year. In terms of EBIT generated, as I mentioned before, EUR 19.3 million EBIT. And as you can see, we are in full control in terms of cost. Clearly, inflation, it's clearly taking higher price on several items, but we were able to stay below last year in terms of first quarter, and we are guiding the full year with a flat number. Despite inflation, as I said. So guidance for the full year will be EUR 2.470 billion cost line.
Clearly, all will be also related to the top line, but that's what we are guiding today. Inflation will be clearly offset with other savings while programming cost are said to be flat from last year.
Then below the EBIT line on Page 18, we already commented the net profit of EUR 10 million. Financial charges were negative for EUR 5.6 million, in line with our expectation. We already told you clearly that the interest rate growth will affect that line for the full year. Regarding associates, the line has been positive for EUR 2.9 million. And while minorities are clearly still present in our P&L because in the first quarter 2023, we were still accounting Mediaset España with minorities while from the first of April 2023, 100% of Mediaset España will be consolidated in MFE number.
In terms of guidance, we can confirm the guidance of almost EUR 10 million of higher financial charges compared to 2022 due to interest rate trends that have better than us. As far as the dividend, clearly, we have now the proceed and declaration in terms of dividends. That's clearly been much lower than last year.
As you remember, ProSieben has announced and we proposed to the AGM -- to the next AGM, a dividend per share of EUR 0.05 compared to the EUR 0.80 of last year that clearly will affect our P&L as well. And the associate line, the guidance for the full year is EUR 15 million.
Moving to Page 19 and entering the 2 geographies in which we are running. I mean, the 2 countries performed more or less in the same trend. The 2 countries performed in terms of EBIT better than last year, with Italy with more or less flat total revenue line and with lower cost with, as I said, a pretty better performance in terms of EBIT line. And as far as the Spanish business is concerned, is a little bit a mix effect with lower revenue and lower costs, but also in Spain, we are recording a better EBIT than last year.
Then moving to Page 20, in terms of CapEx, we are confirming the guidance for the full year. That is going to be EUR 410 million for both Italy and Spain with EUR 270 million for Italy and EUR 140 million for Spain, a little bit more than last year in Spain. That's clearly our forecast for -- forecasting now clearly, maybe that will be also affected by audience performance.
As Matteo was saying now audience in Spain are pretty good, and so maybe some of these investments that are forecasted maybe -- would be saved because audience will perform better than last year. I would like just to remind you that in Spain, Mediaset España was able to recapture the leadership they have lost in August last year. That has been a pretty remarkable performance of the new team there. We are very happy about that.
And frankly, we were expecting a later so -- a delayed, let's say, recapture in our forecast, while as I said, they were very good and smart in doing it earlier. That clearly will affect as well the performance for the full year. Then moving to the cash flow. I mean the 2 countries are clearly generating cash. We are recording in the first quarter the investment in Mediaset España share we have communicated in February for EUR 15.5 million. And we can confirm the guidance for the full year to reach a EBITDA -- net debt-to-EBITDA ratio of around 1x already taking into account the dividend distribution, we are going to propose to the MFE AGM in June.
And also already taking into account the cash out related to the merger with Mediaset España withdrawal right has been -- has created a cash out of almost EUR 60 million. This means that free cash in renovation is able to cover both shareholder remuneration through dividends and also extraordinary projects as the MFE merger I was mentioning.
Lastly, on Page 22, I wanted just to remind the current -- the present structure of the group. Just reminding the numbers of MFE A shares and MFE B shares that you can see on Page 22, as I said. And the other important element I would like to underline is the present, let's say, stake in ProSieben that has been announced last Friday that is recording a 26.6% almost of the share capital in direct ownership, while we are still owning 2.29% secured shares through financial instruments. The total, let's say, secured investment in ProSieben, it's around 29% of the share capital a little bit more in terms of booking rights. Thank you for your attention. And now we can pass to the Q&A session.
[Operator Instructions] And your first question comes from the line of Fabio Pavan from Mediobanca.
We have read about ProSiebenSat and Sky resuming talks about the potential merger in Germany. I was wondering if you have any comment on this in more general terms, was wondering what's their view about potential tie-up between free-to-air and TV businesses and how this may fit with your pan-European ambition?
Thank you, Fabio. I mean as you know, we are not represented in the Supervisory Board of proceeding. And so we have no other information that you all have. What I can say is that we have not been informed by ProSieben on any kind of negotiation or intention. And frankly, I mean, I didn't see even any comment on the rumors appear a couple of days ago on the press. So frankly, it's very difficult to make any comment on rumor. Just as a general sentence, we would be interested in knowing a little bit more about the perimeter of the potential deal that we don't know before making any assessment on comment.
Again, as a general statement, we have a pretty large and extensive experience, both in free-to-air and pay TV and also in the integration between free-to-air and Pay TV. As you remember, we were running the 2 activities since 2018 if I'm not going wrong. And so I mean, the only thing that I can say is that we are still stuck with the public statements made by ProSieben almost 1 month ago. And frankly, we didn't hear anything about possible acquisition of assets in Pay TV at that time. But as I said, we don't have any other information. So it's very hard for us to comment more precisely than that. I hope that -- Fabio, I hope that I gave you some color on that.
We will now go to your next question. And your next question comes from the line of Stefano Gamberini from Equita.
The first is regarding the trend -- advertising trend in May -- mainly in May, both in Italy and Spain, what is this trend and what we can expect with the visibility you have right now for the second Q. The second question regarding the free cash flow. The free cash flow declined from EUR 220 million to EUR 160 million, so around less EUR 60 million, if you can elaborate a little bit about this decline despite the result reflect as well as the net working capital in first Q, which was positive, the free cash flow -- the cash generation of net working capital. Is this a seasonal effect, and this will be reabsorbed during the year? Or it is something that will continue all the year?
The last question regarding the trend in costs, you spend guidance of flat cost, but this could be changed depending on the trend of advertising. So could we -- what is, we can say, the flexibility you have, both in reducing and increasing probably OpEx related to the trend of advertising. Thanks a lot.
I mean I will try to take your -- all your questions. I mean first of all, on working capital, clearly, there is a seasonality. I can say that very frankly, working capital in the medium and long term is usual. So everything that you can experience in 1 quarter is set to be absorbed either the next or the following one. I mean, as I said, if you look at the cash flow, on a longer period of time, a couple of years or 3 years at the end of the day, it's all neutral.
As far as the cash flow on the quarter, again, I wouldn't, let's say, focus on that. It's a mix of, let's say, previous quarter performance in terms of revenue because clearly, cash flow is very much affected by seasonality first and also by investment that, as I told you then maybe in the other month of the year will be there. So -- then -- sorry, the last question, I cannot remember on -- last question was -- Stefano can you...
I had still 2 questions. I mean, the first is regarding the advertising trend in May. And the last one was the flexibility you have on the OpEx.
The flat number is clearly a number. We are forecasting based on a flattish top line because, clearly, we have -- in any case, variable cost, if you can imagine, access or a commercial cost or payments to content let's say, the CIA and the outdoor kind of royalties are paid on the top line, clearly. So that clearly can move very easily in a very automatic way following top line as far as other costs, I mean that's what we believe can be good in maintaining also the share performance in terms of audience that is very important for us, not only for the current year, but for a long-term value of the group.
I believe that one of the best results that we were able to capture in Italy and now also in Spain is the fact that we were able to maintain that audience. Frankly, that's not always the case if I look around Europe, so that's something we are going to protect almost in any case because that's a long-term value for the company.
In terms of flexibility, as we approved also last year, certainly, we have flexibility. But for the time being, we are also looking at the first quarter revenue, we don't see any reason to ask differently from an ordinary year. As I told you in the investment line, we have also some possibility to invest a little bit more in Spain, if needed, but the audience performance on these days are not suggesting us we need anything else in terms of content.
But for the time being, the year is running very ordinary. And so we are managing the company on a pretty stable cruising altitude. Matteo, I'll leave you to you to comment on the business trend in terms of revenue.
Thank you and I'll try to answer to Stefano Gamberini's question. So as you know, we do not comment on single month performance. But I can give you, let's say, some more color on the Q2 evolution. We have today more or less in the middle of Q2 period. And overall, as I commented at the beginning, the macroeconomic scenario and the advertising markets, both in Italy and in Spain are relatively positive also is compared to other top European countries. What I can say is that with regard to Italy, we can shed the fact that the first part of Q2 started showing a year-on-year trend broadly consistent with Q1.
So we still remain in the positive field, but luckily the visibility remains low over the next month. So we don't have any outlook for the remaining part of Q2 even if it is worth remarking that starting from the month of June the year-on-year comparison base gets easier because last summer in '22 June and Q3 were quite tough for the overall market.
Something similar could be also said with regard to Spain, the interesting thing is that the first part of Q2 was positive. So extending the positive progression of the last part of Q1. With regard to the second part of May, there are some uncertainties due to the administrative and regional elections still calling end of month and this may cause some postponement in main institutional advertisers, I mean, and again, at present, we haven't yet got full visibility on the advertising collection for the month of June.
So for both countries, we could say, good start of Q2. The first half is in line with the positive progression in both countries, but we are still limited visibility for the remaining 6 weeks of this quarter. I hope that answer and I hand over to the conference manager.
And your next question comes from the line of Andrea Randone from Intermonte.
Thank you, and good morning to everybody. I have 2 questions. The first one is on football. I mean football season has experienced a very exciting final part, especially for Italian teams. And can you comment on the impact -- qualitative impact on your numbers? And also what do you expect for this part of your programming in the future? I know it's a quite complex question, but if you can help us in understanding the situation.
The second question is about Spain and I mean, you completed the merger and you are showing very good results from implementing total audience in Italy. I wonder if you can help us in understanding what do you expect for Spain, if the Italian system can be replicated in Spain and more in general, if you can update us on the synergies -- revenue synergies you are expecting after the merger.
Thank you, Andrea. I mean, broadly on football, clearly, the Champions League, right, helped in terms of audience in May and also April, so that's clear. And also the final will help us in June. I believe that it's a combination of good audience, but also good investment coming from let's say, sport focused investors typically automotive that as Matteo was mentioning, are investing more than last year, materially more than last year. So certainly, is a good season for us. And -- but clearly, that's part of the game, you cannot count every time a good season.
And so as part of the average performance of football, we are always counting when we are bidding for football. More structurally, we confirm our opportunistic approach. We know that football rights are pretty extensive. And we are clearly tendering for auction in a very rational way.
So we don't need football at any condition. We tend to make pretty rational auction offer. And sometimes we get it, some others less than that. As you know, for instance, Sky took the exclusivity on the next 2025, 2028 Champions League we clearly offer. But as I told you, with a pretty rational approach and frankly, by far they are a little bit more irrational than us fair enough. We can run the business without football without any problem. And we will keep going. I mean we will keep going with this approach also for the future, both in Italy and in Spain. I don't know, Matteo do you want to answer on total audience in Spain and...
Yes. I thank Andrea for the question because it gives me the opportunity to let's say, highlight structural differences, differences between the 2 markets because in Italy, we have the joint industry committee, so Auditel and other joint industry community outcome for digital and print. And this is, let's say, the main driver in building total audience in Italy as the standard currency for the whole market. And we are looking for the next part of this year to a further step in total audience. So total audience by editorial program.
So we could give the market, I don't know the total audience of our main programming flagship properties. And by the end of the year and beginning of the year, we are on the road map of Auditel, there is the possibility to deliver total audience measurement even for advertising campaigns. The situation in Spain is strongly different because there is no joint industry committee, achieving the same goal and ensuring the market to have a common standard currency as Bob in U.K. or whatever.
There is a sort of measurement rating council that is a place where all the market stakeholder converge, and they simply let's say, give a sort of validity proof to any measurement offer that is present in the market. But at the very end, the audience measurement, both for television and digital rely on private commercial initiatives. So Kantar for TV and GfK for digital.
And for the time being, there is no market initiative to get a total audience currency. Having said that, the interesting thing, the lucky thing is that, as I mentioned in the last remark of my presentation, we have been working together with our Spanish colleague in marketing -- digital marketing and operations since the last part of the past year.
And this is a very, very interesting experience because we are, let's say, building the best of both in our offer to the market, both of us, we have very consistent tools and approach in delivering cross-media total audience and cross media post valuation for advertising campaign. So we are building, let me say, the best of both in terms of measurement offer based on the same customer data platform in both countries.
And on top of this first-party data plus official market data. We are going to deliver our total audience measurement, let me say, by the second part of '23 and this is something we could talk about after summer. So this is the situation. So the current standards in Italy, not a current standard in Spain, but as the MFE, one of our ambition is to deliver a consistent cross-media total audience measurement for our campaigns to any clients in both countries. So I have to answer, and I hand over again to the conference management.
And the last question for today comes from the line of Julien Roch from Barclays.
First question is for Marco. Just to double check. All the guidance you've given, so flat for other revenue, EUR 2,470 million for costs, et cetera. That is now for both countries, right, is for MFE overall, you're no longer doing it for Italy, only you are giving us a split?
Yes. Confirm.
Yes. And then a quick one. What was purchase price amortization for Spain in Italy in Q3 -- Q1, historically spend is EUR 2.2 million.
Can you say it again? I didn't get it?
Purchase price amortization because you report EBIT not EBITDA, so...
Consistent with last year, so I mean the PPA on Spain is exactly the same than we had last year because it was the quarter acquisition purchase price allocation. So nothing more than that. As far as the goodwill we are paying on, let's say, Mediaset España in MFE, all that will go on the network and will not be amortized.
Okay. And then 2 questions for Matteo. The first one on Page 9, you're not showing us total audience performance. But I assume that does not include everybody, i.e. you don't have YouTube, you don't have TikTok, you don't have Netflix in there. It's the total audience of like the traditional players? That's the first question.
And then the second question is why is it only doing much better than other TV markets in Europe? I mean, France, Germany, U.K. are down around double digit, if not more. Now I understand you said we it's because we have after audience and the other countries don't have it. But I would say that's not enough to explain like a 10 to 15-point difference in growth. So any other reasons you think Italy is doing so much better than everybody else.
Sorry, Julien, I got the first question, while the line is a little bit disturbed. So I didn't get the initial part of your second question, if you can kindly...
So if you look at Page 9, you are giving us total audience, and you said that MFE has 40...
That's clear. Okay.
Sorry, the second question is, why is Italy doing so much better than any other TV market in Europe. I mean, France, Germany, U.K. are down around double digit. I understand one of your explanation is that you have total audience measurement in Italy, not in other countries. But I don't think it's enough to explain a 10-, 15-point performance difference. So what are the reasons?
You're right. Okay. I got it, the whole part of the second question. So I start from the first one. Yes, you're perfectly right. For the time being, our total audience performance is reporting against the standard perimeter, so the broadcaster perimeter. And to some extent, okay, this is our total audience performance in the broadcaster competitive arena, so linear plus broadcaster video-on-demand. So this is a sort of, let's say, captive market to some extent. Anyway, as I mentioned before, in Italy, there is an ongoing initiative and the '23, '24 will be decisive time. I mentioned the fact that we have 2 JICs, 2 joint industry committee, Auditel and e-com. There is a sort of measurement rating council coordinating the 2 joint industry committee. This council to some extent, is promoted and coordinated by the advertiser association in Italy, so UPA.
And the interesting thing is that currently, we have the measurement of anything that is running on first screen beyond the broadcasters. But for the time being, it's reported in the so-called unmatching viewing that is, let's say, not an ongoing report in the currency and reported metrics.
But we have, let's say, raw data about all the other players running on the first screen and Audicom will take care of the measurement of anything that goes on the second screen.
And then so we are building the platform where any player in the market who has set and want to be audited by a third party, a joint industry committee, could find, let's say, its home in either one or the other joint industry committee. So this is the whole picture. And we just think that -- so that has been the first move. So it was a [indiscernible] case and let's see what happens. We are building the measurement system. And if an over-the-top player is willing to be measured in the near future, it will be possible.
While -- moving to your second question, yes, you're right. Sometimes, we also wonder why we are so different compared to other countries. Okay. A small part of the explanation could be there are relatively be better gross domestic product performance compared to other countries. There is a recurring, let's say, pattern over the past 2, 3 years that the very end Italy performing and, let's say, [indiscernible] expectation and for -- sorry, '23 forecast. My last forecast that I have available is for Italy plus 0.7, for Spain plus 1.3 while for France is 0.5, and Germany minus 0.1and U.K. minus 0.8.
So partly could be related to gross domestic product. For sure, we have some typical industries in both countries, first of all, that are a main driver in the positive trend. And last but not the least, the fact that we are in 2 countries with the relative weight of TV compared to digital still relevant, at least parity, while in other countries in the U.K., for example, the proportion is completely different.
So TV still central advertise choice. For sure, total audience helps because it is, let's say, full visibility to the effort as broadcasters, we are putting in evolving our offer. We have some very interesting performance. I calculated that on our top 20 programs we have, on average, an additional total audience due to on-demand and second screen live streaming, more or less equal to plus 7%. And this is the driver of the fuel for the connected TV and digital growth. So sorry for the long answer, but I hope to have cover your 2 questions.
Thank you, Matteo, and thank you, Marco, and thanks, guys, for all the questions and for taking the time for the conference call today. As always, we'll be available for any questions or information you would like to ask. Have a good day. Bye.
Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.