Ladies and gentlemen, welcome to the Palfinger AG earnings release Q3 2025 conference call. I am Mathilde, the course call operator. I would like to remind you that all participants will be in listen only mode and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing STAR and 1 on your telephone. For operator assistance, please press STAR and 0. The conference must not be recorded for publication or broadcast. Our hosts today are Andreas Klauser, CEO, and Felix Strohbichler, CFO. At this time, it's my pleasure to hand over to Andreas Klauser. Please go ahead. Yes, good morning and welcome to our Q3 earnings call. Let us start on this first slide with our equity story. What sets us apart? I think it's the clear market leadership, the added value we can provide to our customers as well as dealers, and the strong resilience. This is driven by the broad product portfolio. We have the solid growth opportunity. I think here, despite the service segment, still North America, APAC, and Marine offer great opportunities and the huge earnings potential by increased profitability. I think that's an important part, and all the other ingredients will follow what was presented now. Yes, we are a true global player with €2.36 billion revenue in 2024, with a strong global presence which is driven by the engineering and technology competence, sales and service network worldwide, the 30 production sites worldwide, and even more important, highly motivated employees all around the globe. In addition, we are very proud that we have a strong resilience throughout the industry diversity. We are in many different areas of doing business. That's the reason as well when one of the activities, one of the businesses, might slow down, others can compensate. Here as well, you can see it is spread throughout the globe on the next slide, and it is also something we also would like to remind yourself is stick to our product portfolio, including a very successful marine business, which we will see later on in the presentation, as Felix is strongly contributing to our results. We are never standing still. We reach higher. We worked for more than nine months quite intense on our Reach Higher 2030+ strategy. We had a strong solid process behind, which is really bottom up and as well fully kicked off by the board and challenged by an outside consultant. I think this is something which we will hear later on more about and as well in the next months to come. Where are we coming from? We have a strong focus on five must win action fields. One is related to lifting customer value or the customer focus. The second area is the balanced profitable growth, so the service and spare parts business expansion, and as well the area working platform as an additional core pillar, which is heavily requested and required in the marketplace. The third part is execution excellence, supply chain optimization, industrial process system and data optimization as well here to make sure that we are more efficient, we are faster in better dealing with our customers and dealers. All in all, we are talking here about 18 programs to drive future growth and profitability. On the next slide this will lead first of all to key part number one position for crane and lifting solutions. This is as well a clear commitment. We have on the other hand as well our financial targets by 2023: €3 billion revenue at 12% EBIT margin, 15% ROCE and as well €150 million free cash flow side. I think these are the elements where we are working towards and which are heavily supported by all the actions which are in place and the strategy which is defined, the growth target. Just that you can better understand where we are coming from and where we are going to. Where is the biggest portion of growth coming from? No doubt it's on the service side, followed by recovery in EMEA which is expected, which is more related to the marketplace. Even more important, the area working platform. Here's where a clear strategy to roll out new solutions, new successful solutions for our customers and for our dealers. Before then, coming to the outlook for 2025, I ask Felix here for his presentation on the results to better understand where we are coming from. Please Felix, go ahead. Thank you, Andreas. Good morning, ladies and gentlemen. As you are aware of, we have three segments in which we are steering the company and how we also report our numbers, starting with the segment Sales and Service, which comprises all sales activities of products and solutions, as well as the service activities of Palfinger, but not the external revenue in production for third parties, which is another segment. Looking at the key developments of the first three quarters, first of all, in EMEA we have seen a substantial improvement of the order intake in Q4 of last year. This order intake has remained stable for the last four quarters. However, on the other hand, we have to say that the infrastructure package, for example in Germany, has not yet showed any impact, which on the one hand is bad news, but it's also good news because it means that all the potentials out of those infrastructure packages in Europe are still ahead of us. If we then go to North America, we had quite some developments in summer. The increase of tariffs from 10% - 15%. More importantly, Section 232 has been introduced, which has on the one hand a negative impact on demand, which is not surprising if you consider that some products have become more expensive by 10% - 20% for customers. This leads to the slump in demand and also the reduction in profitability because not all the impacts of those tariffs can be fully passed on and compensated. This also leads to a certain reduction in profitability of around €10 million to €12 million in 2025, which was not expected only a few months ago. Coming into Latin America, we have here a very positive development, especially in Brazil due to the latest developments in Argentina. We also hope that here we will see a positive outlook. APAC is clearly dominated by India, which is driving the growth in the region. Marine, Andreas has already mentioned that marine is a very important contributor to our bottom line, also to our top line, but even more important to our bottom line. The market environment is still very positive and the profitability is on a very good level. Last but not least, typically we don't talk about Russia here. We have to mention it because in the last quarters we have experienced a massive decline in the economy and therefore also a sharp decline in sales and earnings, which leads to the fact that at the moment Russia is more or less at break even and there is no bottom line contribution out of Russia anymore for the time being. What does this mean for the numbers in the segment sales and service? First of all, the external revenue has declined slightly by 2.5% with a profit EBIT of €150 million, which represents an EBIT margin of close to 10%. This is a slight decline compared to last year. However, we will recover to a large extent in the fourth quarter. Andreas will talk about the outlook later. What I would like to highlight here is clearly the order book development. As you all remember, we had a very large order book in the years 2022 and 2023 due to the inflated demand in the post-Covid phase. In the meantime, we have come down to €1 billion of order book, which is a very healthy level. This order book level has been stabilized over the last 12 months and even increased slightly. We are now quite exactly at €1 billion of order book in the segment sales and service. What is also important, especially having in mind that one of our key strategic pillars is growth in service, is that our service business share has increased to almost 19% compared to 17.4% in the same period of last year. Coming now to the second segment, the segment operations, which includes all the manufacturing and assembly activities of Palfinger AG and also the production for third parties. Starting with production for third parties, this activity has been impacted by the challenging economic environment overall. Here we are producing components for other machinery producers, and we can feel the still calm overall environment. If we then go further, we see capacity adjustments in both directions. On the one hand, we increase our capacity at the moment and have been increasing our capacity in Europe and also in Brazil due to the fact that the order intake developments have been positive. On the other hand, due to the tariff policies, we have underutilization in the U.S. I also mentioned already the effect that in Russia the market is going down. We see underutilization in the U.S. and CIS, and increased capacity in Europe and Brazil. What does this mean in terms of numbers? The external revenue has come down by another 5%. Every year after 2023 or 2022, we've now seen a certain decline, again mirroring the overall economic development. The EBIT line is at €10.7 million compared to €22.3 million the year before, driven on the one hand by the lower utilization in production for third parties but also by North America and CIS. Coming then to the segment other non-reportable segments. This sounds a little bit complicated. In the end, it's just a combination of two small units. On the one hand, it's the holding unit, which comprises projects and activities for the whole group. On the other hand, it's the tail lift business, which has been carved out of the Global Bulfing organization because it's a different industry with specific requirements. As you can see in the external revenue, the market environment for tail lifts, especially in our core markets, Germany and the U.S., is difficult. Business led to a decline in sales for tail lifts by almost 20%. In the EBIT line, you see an improvement of €7 million. However, this is not coming from tail lifts. This is mainly because we have increased our intercompany invoicing of projects to other entities. This is the main effect of this improvement here in this segment. Coming now to the numbers for the complete group, starting with the revenue. The revenue is still 3.5% below the previous year. As you know from our guidance, we expect now ramp up and an effect of our ramp up in capacities. In Europe, the EBIT line is - 17.6%, down to €130 million, and this means an EBIT margin of 7.8% and a consolidated net result of €72.4 million. It is important to understand that we have now the opposite development compared to the previous year when we started with two record quarters. Based on the record order book we had, and then we had a reduction of capacity. Now it's the opposite. We are ramping up capacities in 2025. We expect here a positive development in the future. If you then look at the chart on the right hand, you can see that EMEA has become again even a little bit more important due to the positive order intake in the last quarter. 59% coming from EMEA in the first three quarters, 25% from North America, LEDAM and APEC at around 6%, and CAS has declined in importance due to the market development as mentioned, with around 4%. Coming now to our balance sheet, and this is really a great development. Our equity has improved by €140 million to €884.7 million, which represents an equity ratio of 41.3%. The net debt has come down from almost €760 million to €577 million. The gearing ratio, net debt, EBITDA are now at extremely healthy levels. What you can see here is an extremely solid and stable balance sheet of Palfinger. Our financial strength is absolutely positive. This is also coming from the sale of treasury shares. Not completely, but also one of the impacts was the sale of treasury shares in summer. We had proceeds of €100 million by selling 7.5% of the issued shares at the placement price of €35.40. This strengthened the balance sheet with an improvement in equity ratio of more than 3% and reduced the gearing ratio by more than 15%. What is perhaps at least as important, especially for our investors, is that this has dramatically increased attractiveness for our investors. Now the free float is 43.5%, which is a substantially higher level than before. The liquidity of the share is much better. We also have not only a chance, but I would even say a high probability of inclusion in the ATX index. At the moment we are the number 20 on the list and there is quite a big gap to the number 21. At the bottom of the slide, you can see to whom we sold the shares. It is long only, mainly three-quarters to long only investors. If we look at the regions, we are happy to report that we could also internationalize and diversify our investor bases, especially the UK, France, and the U.S. with the sale of the treasury shares. What will we do with the €100 million proceeds we could generate from the sale of treasury shares? Here you can see several projects we have ahead of us. Of course, these proceeds will help us and enable us to fund these strategic investments to pull some of those forward. We will especially expand our service business by investing in service locations and mobile service vans, especially in North America, but also in service locations in EMEA. We are driving a defense project to generate a product portfolio of highly developed solutions for the armed forces to improve our market position here. We have already invested in the spare parts hub in North America, which has been opened in September, which cost around €10 million. We have the investment in a new assembly plant in India ahead of us, which will cost €30 million. These are just some examples of what we are going to do, but as you can see, we can make very good use of the proceeds. Last but not least, let me come to our cash flow statement. Let me start with Q1 to Q3, 2024. You see, at the bottom line, the free cash flow was -€2 million. In the end, we reached even €120 million of positive free cash flow at the year end, driven by inventory reduction. Mainly this year we are already €56 million ahead of last year. We are fully on track to achieve more than €100 million of free cash flow for the full year. The main difference compared to last year is that, on the one hand, we will have less potential from change in working capital. However, the level of investing activities is substantially lower compared to the previous year. We are happy to report that our target is absolutely realistic and we are fully on track with this. I would like to hand back to Andreas Klauser for the outlook. Yeah, thank you, Felix. Now let's see, what does this mean in a nutshell for full year 2025? As Felix already mentioned, unfortunately U.S. tariffs were costing us profitability and as well caused a slowdown in our output. Nevertheless, on the other hand, we expect an output increase in Europe. The good news is here we are having the orders on hand. This will be mostly compensated our first nine months and should result in a quite successful closure of 2025, which also means still good results. What does this mean in terms of programs that we are counting on, which is not, let's say in for 2025, there is still strong fiscal package in Germany. Rearm Europe. I think the amounts are quite well known. Invest in Europe, Repower Europe. All these are the ingredients, not to forget about the U.S.A. Stargate project and potentially as well, at a certain point in time, the reconstruction of Ukraine is just a small reminder which kind of areas, which kind of programs are already somehow announced and where we can count on in future to fully participate. Saying this, yes, we reach higher with our Reach Higher 2030+ strategy. This also means, as I mentioned earlier, already strong solid financial targets for 2030. This means on one hand side €3 billion revenue. On the other hand, 12% EBIT margin, 15% ROCE. As a commitment to the market, as a commitment to our customers, number one for crane and lifting solutions at this point in time, let me say thank you for your attention and we will take your questions now. We will now begin the question and answer session. Anyone who wishes to ask a question may press star 1 on their telephone. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press star 2. Questioners on the phone are requested to disable the loudspeaker mode and turn off the volume from the webcast while asking a question. Anyone who has a question may press star 1 at this time. The first question comes from the line of Daniel Lion from Erste Group. Please go ahead. First question regarding a 2027 outlook. As I haven't read it, just to make sure that the guidance for 2027 is still valid. Yeah, the 2027 targets were actually in the presentation of Andreas Klauser. This was slide number seven. Okay, sorry, I didn't read that. Financial targets 2027, €2.7 billion, 10% EBIT margin, 12% ROCE, and the free cash flow. Okay, I'm seeing it already, sorry. On your order backlog currently a t €1 billion. We should expect now a stronger fourth quarter catching up with some of the declines we've seen throughout the year. What does this mean now for first half year? How does your visibility look like? Maybe also sneaking preview to next year if possible. To what extent will you need some of these packages to materialize that you show as potentials in order to show further growth towards your 2027 targets? The good thing is that we are not materializing all the shipments, all the orders we have just in 2025. I think it's already good coverage for Q1 2026. This is partially driven already by some of the projects like the fiscal package in Germany. Our dealers are preparing themselves, our customers are preparing themselves now already placing orders to have the equipment available to work on these infrastructure projects. The same is for Rearm Europe. Most of the European armies were already ordering some registry equipment. Unfortunately, we can't disclose this further, just understand for sure the reason. For us the starting point looks already good. We will see how it will evolve. In general, all these projects which I announced are somehow considered, but only partially so. This is not something that all these ingredients need to happen next year that Palfinger can do its results. We are quite confident that what we see now is and what we have in the pipeline will lead us already to a good result in 2026. Okay, and reflecting on the services share, it's up more than 1%. How do you think this develops going forward? Especially also with the potential you have on the equipment business? Do you expect this share to grow materially in the next two years? I do think that it will more or less keep the share and increase together with the overall growth that you expect to show. Our expectation here is really that the service business will outperform maybe other growth areas which we have on the equipment. This is clearly defined in the strategy and as well, what we see now that our customers might even be willing to extend the life cycle of our product. They're investing in service, they're investing in parts, and we are doing this as well. In North America, we had already established now our new spare parts hub in Huntley. We are doing certain things which you have seen earlier in the Phoenix presentation in Europe. This should be a quite quick win which we can see over the next couple of months. On the other hand, yes, we will be kicking in this new equipment on the AWP, on the working platform, for example, which will still take a bit of time, but all the ingredients together making us quite confident that we can get there. Perhaps to refer to this slide number nine, where you can see that service accounts for around one third of our growth potentials. This means that the 1/3 of growth potentials is more than the 19% of service per share we have today. Service is growing over proportionately. But this will be a gradual improvement. It is not like back end loaded. This is actually a steady trend that we should be seeing in the figures r ight? This is what you can already see in the last years as well. Yeah, okay, perfect. Thank you very much. The next question comes from the line of Patrick Steiner from Oddo BHF. Please go ahead. Good morning, Patrick Steiner speaking. Thank you very much for taking my questions, two from my side. First one, how should we integrate the new 2025 guidance? Do you expect to come close to the 2024 results in terms of EBITDA? The second one is, could you give us a bit more information on the fundamental development of the North American business. Did you expect or do you expect any market share losses as a result of the tariffs? Let me start with the 2025 guidance. How to read this? As you might recall, our target has been, even when we communicated the half year results, that we aimed for even exceeding the second best year, 2024, in terms of EBIT, which would be €186 million. At that time, we were not, of course, considering that there may be the impact, especially of Section 232. As I said, it's an impact of around €10 million - €12 million for this year's profitability. This means that you have to assume that we won't get to this level, but we won't be that far away. We are talking here about an impact of around €10 million- €12 million, which is now a deviation from our previous guidance. Apart from this, everything remains unchanged. Regarding the U.S. American market here, we can already see that further orders are coming in, especially as well now the service side, which was a little bit slow earlier this year, but now it's coming back, the market is coming back. I don't expect here any negative impact for 2026 coming from North America. So also no market share losses? No, the market share losses, clearly no market share losses. Even if you consider the track mounted forklift here, we gained market share, but still the U.S. American market, the customers are a little bit hesitant, we're a little bit hesitant to provide awareness first to see what's happening, especially on the logistics partners. Clearly no market shares in the game. All right, very helpful. Thank you very much. We now have a question from the line of Elias New from Kepler Cheuvreux. Please go ahead. Yes, good morning gentlemen. Two questions from my side on tariffs. Firstly, you mentioned the €10 million - €12 million hit to EBIT in 2025 due to the Section 232 tariffs. Given these tariffs were only introduced in the summer, and assuming nothing changes with regard to this tariff policy, if I were to annualize that run rate, would it be correct to assume sort of similar hit of say €20 million- €24 million in 2026, or is there any reason to expect this impact to fade in 2026? Of course you're right that the Section 232 have to be considered to remain in place, and it would be more or less even three times the amount if there wouldn't be any counteraction. Of course we are constantly improving here our value chain and taking measures to limit the impact of the tariffs. We do not expect now €36 million. Yes, there will be a certain impact out of the tariffs also in 2025, because we cannot fully compensate in terms of change of supply chain within a few months or even a few quarters. We also have to say that we have implemented price increases of up to 18% depending on the product group, which sometimes has already taken effect, in some cases will take effect. Yes, there will be an impact in 2026, but it won't be three times the impact of 2025. It will be also probably a double-digit million number which still remains as an impact for 2026 from today's perspective at least. Okay, great. That's very clear. Just on that tariff again, how much of this tariff surcharge are you currently passing through to customers? Both the reciprocal and tariff Section 232. How are you trying to balance increasing your price and passing that through versus accepting lower volumes? How do you think about balancing that equation and perhaps whether you are following the same approach here as your competitors or how you see other players in the market choosing to increase prices? First of all, everybody tries to pass on the cost increases to the customers. This is also what we do. As I mentioned, price increases of up to 18%. The reality is also that it's a lose situation. Everybody has different strengths and weaknesses. Whenever somebody, for example, with one competitor for tail lifts in the U.S., they have just opened up a new assembly plant in Mexico. They've doubled the capacity. The market is extremely down. They decided not to pass on any price increases, and they are the number one player in the North American market. There are always some competitive effects. You also have to take into consideration, for example, for cranes, we are the clear market leader. We can here also dictate more or less what is acceptable. Everybody else also has imports from Europe. For some other product groups, it's not the case that we can always fully pass on all the cost increases. This is also true for competition. In the end, the tariff situation creates a lose-lose situation for every competitor, but also for the customers. That's very clear. Thank you. Just as a reminder, if I understand correctly, you are just as well positioned in the U.S. in terms of manufacturing, etc. than your competitors. I know it differs by product, but it's not like you are structurally worse positioned than competitors. It depends on the product group. For example, for loader cranes, we are better positioned than everybody else because we have an assembly plant in Canada and there is the USMCA agreement in place between Canada and the U.S. We have assembly plants and manufacturing plants in the U.S. for products which are also coming from the U.S. from other manufacturers. Here we have more or less a local footprint against local competitors. It's only in a few cases, like for loader cranes, where we have a substantial advantage. In some cases, we had advantages in the past, like bringing components from Brazil or Europe from low-cost production sites to the U.S. Now this advantage has disappeared because we are impacted by tariffs. To bring these components to the U.S. would also not help because then the cost advantage goes away. Even if you save some tariffs, it doesn't help a lot. In the end, it's not only that it has been an advantage to be in the U.S., it's also that in some cases we have competitors with a similar sector. So that i n total I would say it's a picture where we have still to do some homework to compensate fully the impacts of the tariffs. We'll get there. To compensate fully will probably take another year or even one and a half years. Thank you, that's very clear. Okay, Bettyman. As a reminder, if you wish to register for a question, please press N1 on your telephone. The next question comes from the line of Lars vom Cleef from Deutsche Bank. Please go ahead. Yes, thank you very much. Good morning. You already alluded on the U.S. headwind €10 million- €12 million you expect for this year's EBIT. If I would bluntly subtract that from the €186 million you generated last year, I'll end up with €175 million. That wouldn't imply any improvement of the operating performance this year or year on year, although your capacity is higher. Brazil Marine seems to be developed well. Care to assume a flat underlying or organic underlying development, leaving U.S. impacts aside for the moment? I think you have to consider again the development last year and this year. I tried to highlight this in the o verall group p rofit development. We had a record first half year last year, and now we have the opposite development. We had a rather weak start into the year with a lower order book and are ramping up capacities. It's just the mirroring of what we have seen last year. If you now say it's the same, it's not true. Because if we look at the individual regions, for example, Russia has had still a significant EBIT impact in 2024, which has completely gone away and which has been fully compensated by other regions like Marine, for example. Okay, perfect. Thank you. You also already shared some thoughts about the U.S. tariff impact you are expecting for next year. Is it too early to ask how you're looking at next year from an operating business performance? Are you expecting a significant recovery investment package is finally starting to materialize? I mean, the U.S. is the U.S. Pretty sure we can't make any forecast regarding that region. Would you be okay with me assuming a significantly better performance next year or would you still say rather be cautious in this regard? Let me answer this with slide number eight. I think it was showing the 2027 targets. Our assumption is of course that next year we will see some impact of all those programs. If we would not see any tailwind, of course, we could also not keep our 2027 target. The underlying assumption is still that we will see already in the first half year of 2026 some momentum in Europe. If this does not kick in, it would become very difficult to show the year or the results we target for 2026, which has to be somewhere in between of DC results and the 2027 target. Yes, the underlying assumption is we have to see some positive impact in 2026, which shall also lead then to a substantially better year, 2026 in terms of financial results. Understood, thank you very much. Last one for you, Felix. Order backlog up two year. You're commenting on the order intake by saying order intake stable at a solid level. If I do a back of the envelope calculation, given your revenue development, order backlog development, I would calculate a Q3 order intake that rose round about 20% year on year. Am I doing something wrong in my calculation? It is a matter of fact that in the last 12 months, every single month with one or two exceptions has been substantially higher than the comparable month one year before. If this was the question, yes, this is absolutely correct that we have seen this on a constant basis now more or less almost every month. Okay, perfect. No, I was only wondering because you stating order intake stable at a solid level for me sounds more conservative than what I'm calculating. Stable means stable over the last 12 months, but not stable compared to 14 or 15 months ago. We had seen in 2023 and until end of Q3 2024, much lower order intake than output. We have been eating up order book more or less every single month for 18 or even more than 18 months. This has stopped in Q4. Since then, the order book or the order intake is more or less on a similar level than the output, which means that the order book has stabilized on a reasonable level of €1 billion. The order book has not changed d ramatically anymore for the last 12 months. Okay, got it. Thank you very much. Once again, to ask a question, please press star and one on the telephone. We have a follow-up question from the line of Elias New from Kepler Cheuvreux. Please go ahead. Yes, just one follow-up question from me just on sort of growth drivers for 2026 and beyond. I mean you mentioned that EMEA is the growth driver for Q4 now, but order intake is stable since Q4. Just wondering when you expect this to start improving materially? Are you sort of starting to see trends already that expect a meaningful pickup into 2026, or is the growth in 2026 to be driven more by North America? Despite tariff headwinds, etc., I mean the CapEx cannot be deferred forever, right? I'm still guessing that despite these headwinds, the U.S. will be a huge growth opportunity going forward. Do you expect that also to meaningfully drive growth in 2026? In the end it's very difficult to predict when all those packages will kick in. What is important to understand is that Palfinger is early in the cycle. For example, in 2020 after Covid, our intake picked up already in July, whereas for many industries it took until the fourth quarter when the improvement happened. We assume, and this is more or less what banks sometimes think, and I think there are some bankers also in this call now, that there might be an impact in the second half. If we are early in the cycle we should see already the order intake development hopefully at the end of the first half year. This is also needed otherwise we not see it in the output in half year two. Our expectation, and of course this is not the guidance because at the moment it has not happened and it's an expectation, a hope, an assumption that we should see an order intake improvement already in Q2 which should then lead to an improvement of output and profitability, especially in the second half year 2026. Just to add, as I mentioned earlier, the German package is already somehow kicking in, so we see already an increase in orders because potentially our customers are expecting these infrastructure deals which need to happen anyway. The same is that we got provided some orders from some major armies here as well in Europe. This is something which is already slightly kicking in, but not yet to the full amount. For the adults we are ready to deal with it. It's just to show you the potential and to show you that it's on our radar, that we are not caught blindsided. Okay, great. Thank you. It's both, ideally the U.S. and Europe that will be driving growth in 2026. There's no reason to assume that the U.S. will remain kind of sluggish in 2026. We expect a certain growth from the U.S., but this is not the big driver. The big driver for 2026, from today's point of view, is a recovery in Europe. Okay, great. Very clear. Thank you. Ladies and gentlemen, that was the last question. I would now like to turn the conference back over to Andreas Klauser for any closing remarks. Yeah. Thank you very much for your attention as well. I think for all the questions which you provided, this has shown how interesting Palfinger is and how clearly we can explain our performance. Stay well and see you soon. Thank you. Ladies and gentlemen, the conference is now over. Thank you for choosing Palfinger and thank you for participating in the conference. You may now disconnect your lines. Goodbye.