Hello. I'm Philip Reicherstorfer, Director of Corporate Finance at AUTO1 and looking after Investor Relations. Welcome today to our presentations for the results for the first quarter of 2021. We are joined today by Christian Bertermann, our CEO and co-founder, as well as Markus Boser, our CFO. Before we start, may I remind you of the disclaimer at the front of the presentation today regarding forward-looking statements. Also, as you know, we will take questions after the presentation. To ask a question, please use the chat function in the webcast, the button with the question mark on the left of the screen, then once you have your questions in, we will sort them at the end of the presentation and go through the questions. With that, over to Christian. Yeah. Hi, everyone, welcome to this earnings call. I wanted to start by giving you a strategic update on all of our business units and then hand over to Markus for detailed financials. As you know, at AUTO1, we're building the best way to buy and sell cars online. Let me quickly remind you why AUTO1 is such a unique opportunity to invest. We're operating in this incredibly large market, EUR 700 billion of volume. That market is moving online faster, triggering that moving online of the European customer base with our advertising. We're the number one company in this market already by total units sold, and we have built a unique sourcing and technology platform that enables our future hypergrowth. We're very well on our way to build the leading online car retailer with Autohero. We have made huge progress with our mission in the first quarter of this year. We've worked incredibly hard in Q1 and delivered on all of our key objectives. In Q1, we scaled our Autohero deliveries much further. We've taken our brand building to the next level, and we did this while maintaining the Autohero gross profit per unit in line with our guidance. Also in the merchant business unit, we grew C2B and remarketing units despite ongoing challenges by the COVID environment across Europe. Also in merchant, we scaled further while maintaining gross profit per unit within guidance. You can see on the next slide that we are realizing our Autohero growth plans at high speed. We've delivered an impressive 87% Q1-over-Q4 growth in Autohero units. Our Q1 this year is more than three times larger than our Q1 last year. Those numbers show you how well our Autohero value proposition is received by our customers. European customers are starting to appreciate the benefits of ordering their car completely online. At the same time, you can see in those numbers how capable the team is in scaling the Autohero business across nine markets at the same time. On the next slide, you can see that in Q1, we have sourced nearly all of our delivered units from private customers with a 99% share. This puts us in a top position long term when it comes to realizing our full GPU potential. We wanted to remind you of that unique sourcing channel that AUTO1 owns. Both CarMax and Carvana see units sourced from private customers being the more profitable units. We think that long term, our share of privately sourced units will be around 60%-70%. Now let's talk about brand building. We have intensified, on the next slide, please, our Autohero brand buildup. You can see on the left that we have increased web sessions on the Autohero platform by more than 2.4x in just one quarter. With the traffic and marketing ramp, we really are becoming the go-to online destination for ordering your next car. The customers on the platform, they're showing massive interest and curiosity towards the Autohero product across all our markets. We're driving brand awareness and demand per car upwards in all of our nine markets in parallel. We want to show you on the next slide, a little bit of showcase for Germany. Germany really demonstrates the power of our marketing machine nicely. We spent EUR 4 million in Q1 in Germany to drive up awareness in our target group, which is 18- 44 years old and male. With our first wave of branding campaigns, we nearly doubled the awareness in that group and brought it to a total of 17%. That is already 70% higher than in the general population. In this broader audience, adults 18 plus, Autohero now has a brand awareness of 10%, which was coming from 6%. You can see that we've really built up top awareness levels with a group that is most affine to buy their next car online, and we're only at the beginning here. You can see on the right that we're smartly connecting the different advertising channels like YouTube or TV with sponsorships to create the maximum output of our brand budget. In May, for instance, we announced that we're becoming the main sponsor of the DTM, the most important German racing series. This recognition of the Autohero brand, you can see a picture on the next slide in large scale. It looks actually pretty cool. Our truck, I'm pretty sure, won't win the race. Autohero will win the race. This recognition of the Autohero brand in non-advertising channels will further speed up our brand-building efforts. Going forward, we expand that brand building in Germany to all relevant demographics because we see early data, web traffic, and also demand per car being so positive in development. We aim to establish Autohero as a majority known brand in Germany, and we're very well on our way when it comes to realizing that goal. Let's talk a little bit about Autohero product development. On the Autohero product development side, we've released our trade-in functionality for Germany. This is pushing our customer experience further ahead. We've taken our sell-from-home funnel from the merchant business, and we adapted it to best fit the Autohero platform experience. This means you just enter your car details and you will quickly receive your trade-in offer, which you can then apply against the price of your new car. When we are delivering your car with our Autohero truck, we're able to pick up your trade-in directly after we handed you over your new car, and that is just the best customer experience possible in our eyes. We will roll out our trade-in module across Europe step by step, and we have a little video that is coming up here now, which is the new ad spot for trade-in, which has been launched in Germany, I think, two weeks ago. Autohero. Okay. I hope it's finished now. On the next slide, we are incredibly focused on our Net Promoter Score. As you can see in the chart on the left, we're constantly seeing happier customers across Europe with a current NPS of 65 for May. Our customers love the Autohero value proposition and are even 41% happier if we are delivering with our own glass truck. You can also see that our longer-term target of 80 is not the ceiling when it comes to NPS. Swedish customers, for instance, rated us 94 in May so far when delivering directly to their home. Another note, on the next slide, we wanted to update you again about the number of trucks that we have on the road. As you know, one key element of our brand experience is the home delivery in our unique glass truck. When we deliver with the truck, it's the best possible customer experience. That is why we're rapidly expanding our truck delivery fleet. We have 35 trucks on the road today, and we will have more than 100 trucks until the end of the year. We also increased our total order of trucks to 214, which are expected to be on the road delivering next year. We had a little bit of chip problems as everybody with a new car delivery here, but that is the numbers that we are seeing. All right. On the next slide, that's also an important aspect here, refurbishment. Our message here, we're fast-tracking our plans to take over refurbishment. Our feedback from early pilots on doing refurbishment on our own is very encouraging. We think that we will be able to produce a higher output of refurbished cars with lower cost and better quality if we take over refurbishment step by step. We're scouting sites for our own refurbishment centers at the moment in Germany and Poland, and these would be sites with a midterm capacity of up to 100,000 units per annum. On the right-hand side, you see our total capacity of refurbishment per annum. The current capacity fits our business plan nicely with 65,000 units this year and already committed 150,000 units next year. We think that by the end of the year, we'll have 15%-20% of the year-end deliveries in in-house refurbishment capacity. As mentioned, we want to take over a growing share of refurbishment ourselves going forward. That's it on Autohero. In the merchant segment, we continued to see strong performance despite lockdowns continued throughout Europe in Q1. In C2B, we were able to grow our units sold by 10% to more than 106,000 units over Q4, and our revenue grew 8% quarter-on-quarter at the same time. We had on and off lockdowns with different severity and different colors across all major markets throughout Q1. We can say that we saw immediate positive effects when there was a shorter period of more relaxed COVID measures in March. We saw a similar strong performance for remarketing. Remarketing in the same COVID impacted Q1 environment grew 12% on the next slide, please, grew 12% in units quarter-on-quarter and the same 12% in revenue. This adds to the overall strong and solid performance of our merchant business in Q1. We are looking forward to the hopefully non-lockdown environment in the second half of the year, and we remain positive on catch-up effect. With that, I would like to hand over to Markus for financials. Thank you, Christian. Financially, we had a strong Q1, reflecting achievement of our strategic priorities that we set out at the IPO. Overall, we sold 131,000 cars in the quarter, with Autohero jumping to over 6% of the total car volume and 10% of revenues. Our revenues were at their highest level since Q4 2019, pre-COVID, despite the impact of the COVID lockdowns in Q1 across Europe, mainly as a result of our sell-from-home solution and the continued growth of our Autohero business. We achieved a gross profit of EUR 86 million, EUR 3 million higher than Q4 and broadly flat year-on-year, with a slightly lower margin of circa 9.6%, mainly reflecting the dilutive impact of the growing Autohero business as both the merchant margin and the retail margins were flat year-on-year. OPEX increased slightly year-on-year, mainly due to their increase in Autohero marketing and to a slightly lesser extent, purchasing OPEX, leading to an adjusted EBITDA of -EUR 14 million. We turn the page and look at our key GPU metrics, we saw that in the merchant business, GPU was up EUR 600- EUR 688 per car relative to the full year 2020 as a result of our improved sales speeds and better discipline on pricing. Relative to Q3 and Q4, it was slightly down due to lower demand as a result of COVID and slightly lower sales speeds in C2B. In our view, COVID has led to fewer changes of registrations or new cars for trades in our core markets, so we believe that we've been gaining market share in the merchant business over the past quarter. On the retail side, GPU stayed within our guidance of EUR 250- EUR 300 per car. On the one hand, we're seeing some very promising developments in sales speeds, particularly in Germany, where we first initiated our marketing investment and have the highest brand recognition. This, on the other hand, was moderated through somewhat higher refurbishment costs. If we turn the page. In terms of inventory, we've been building up inventory over the quarter really to invest in Autohero growth, and built that up to EUR 251 million on a gross basis. We also take a look at this on a net basis as we have it drawn around EUR 20 million on our ABS, which by way of reminder, is our working capital facility against our inventory. In terms of days of sales, our inventory turns increased slightly from 23 days to 26 days. Really a reflection of the increase of the Autohero inventory, which turned slightly slower relative to our merchant business, but nonetheless, still reflects our best-in-class inventory turns. If we turn the page. We end the quarter with an extremely strong position, with around EUR 850 million of cash and liquid assets with all of our corporate debt paid down. We started the quarter or end of the year at EUR 157 million of cash. As you can see here, around EUR 14 million negative adjusted EBITDA, another EUR 22 million of net change in inventory, other cash flow changes, and for the first time, some real CapEx as we begin to invest in refurbishment facilities. At the same time, we received almost EUR 1 billion from our IPO proceeds, of which we used EUR 232 million to repay the convertible, leaving us with EUR 850 million of cash and liquid investments, which does not include the EUR 435 million of undrawn ABS facility. We turn the page, please, and look towards our guidance. I stated we confirm our 2021 outlook. In terms of units for the group, we are looking to trade 592,000-638,000 units, with 560,000-600,000 units in merchant. Autohero, we maintain our guidance but have stated that we see the units in Autohero being at the top end of that guidance. Revenue-wise, for the entire group, at EUR 3.8 billion-EUR 4.2 billion, gross profit EUR 360 million-EUR 410 million, and an adjusted EBITDA margin between -2% to -2.5%, but at the moment see ourselves towards the lower end of that adjusted EBITDA margin guidance. With that, I'd like to thank you all for your time and turn it over to questions. Okay. Thank you, Markus. Thank you, Christian. We start with questions from William Packer from BNP Paribas. Okay, now your line is open. Hi there. William Packer here. Can you hear me? Hey, Will. Finally. Sorry about that. No, sorry about that. I don't think it was my fault, but nonetheless, thank you for being so patient. No worries. I've got three questions, if that's okay. Firstly, could you update us on the latest developments in your competitive set? There's lots of noise from Cazoo, Aramis, CarNext, et cetera. Are you seeing increased competition in your efforts to source inventory and attract customers at Autohero? Second question, you kind of gave us some numbers around reconditioning, but could you provide a bit more detail on your progress there? What percentage of your cars sold are internally reconditioned today, and what are you aiming for by the end of the year? Finally, could you update us on the progress also here in the first few weeks of the quarter? Are you growing sequentially? Any issues you can highlight there? Thank you. Again, thank you for your patience. Yeah. On the competitive question or competitive landscape, I think what we're seeing is, we're not seeing Cazoo. I think that didn't change anything with Aramis. CarNext was there before. BCA, I think is active with their unit or online retail business in the U.K. and Northern Continental Europe. We're not seeing any more competition from these players. What we're seeing is that there's a larger set of smaller players, be it car dealers, be it small startups or smaller platforms that are, let's say, honoring our successful IPO. I think we are seeing some more competition there when it comes to the direct sourcing of inventory. We don't think that this is a major effect. Yeah. I think a major effect in Q1 that we saw were the lockdowns and COVID measures, and we think that without lockdowns, we could have been 10%-15% better. Does this answer your first question? Yeah. That's helpful color. Thank you. Second was on reconditioning. Yes, I have it. On the reconditioning, I mentioned it in the presentation. What we're aiming for is 15%-20% of our delivered units in December as in-house capacity. At the moment, that amount of units that are reconditioned in-house are quite small. We have been doing multiple pilots, but we are now pulling this forward, and I've set a realistic target there, I think. We're absolutely looking forward to see those cars to be refurbished in-house because we think we will be faster once at scale. We think that we can do better quality, and I think we can interface it better with the AUTO1 value chain on call. On the third question, I think this was progress. I hope the second one is clear now. On the third question with the AUTO1 Group progress in the first weeks of the quarter, I could absolutely tell you, but I don't think that I should, Markus, right? Yeah, I think what we can say on that is that we are well on track for the guidance that we've given, and the business is running well in Q2. Yeah, I think that's all we can say right now. Many thanks for the color. Welcome. With that, operator, if you could go to Nizla from Deutsche Bank. Nizla, maybe if you keep yourself to three or four of your questions. For sure. Can you hear me okay, Philip? Yes. Great. Hi, Christian. Hi, Markus. Hi. Two questions on my end. Could you give us an update since volumes have picked up for AUTO1 Group on what the return rates have been like this year and how that compares to what was mentioned at the time of the IPO, historically. Secondly, on the sourcing of stock, we've seen in the U.S. that there's been some concern around the lack of inventory because there aren't enough used cars being circulated. Is that different in Europe? Have you been able to source stock as planned and without any issues? Some color there would be great. My last question is on the merchant business. Looking at sort of current trading and as certain markets ease their lockdown measures, do you feel that we could be trending also towards the upper end of the merchant volume guidance? Some color there would be great. Thank you. Return rates haven't changed, they are below 4%, 3%-4%, depending on the market overall. I also don't think that they will change materially in the future. On the sourcing point. I think it's a double effect. You have less new cars at the moment because of deliveries being reduced as everybody struggles with the chip crisis. At the same time, we estimate that there's 10%-15% less customers active in the market. That I think leads to a shortage in that sense or higher prices, on the other hand, of used cars in the market. What can we say? I think in AUTO1 Group, we're covering our sourcing needs easily. In the merchant business, we showed strong performance, but as indicated, I think there could have been an uptick of 10%-15% if there were no lockdowns or the new car market would also be a little bit less restrictive. The ease of the lockdown measures, if we are on the upper end of the guidance, I think, Markus, what we said is, if there's nice catch-up effects, we think then we could be there. We need to see if they happen or not. Yeah, I think from our side, I think it is too early. A lot of lockdown lifting has been announced, but it is still to actually happen. I think we will know more, frankly, by when the quarter is over. I think it is now a little bit too early to say. Great. Thank you very much. Thanks. A couple of questions. A question from Sherri Malek at RBC, and maybe starting with marketing and whether you could provide indication of how much was spent on marketing for Autohero in Q1. Then also, if you look at marketing and per unit, would be interested to know more about the dynamics there and how we should assume that evolves for the rest of the year. Maybe just on the marketing, I'll take that question. We don't break out between the Autohero and the C2B marketing. Having said that, I think most of the growth in marketing quarter-on-quarter or actually all of the growth of marketing quarter-on-quarter has come from Autohero. Indeed, to some degree, in our C2B business, that marketing is generally flat. It has some seasonal impact, Q4 tends to be a bit higher just because you've got kind of the Christmas or the holiday impact at the end of Q4. That increase is almost all from Autohero. I think in terms of on a per car basis, at the moment, as we had talked about at the IPO, and I think it's still our strategy now, we are not looking at it so much from a per car basis, but really from a brand recognition, and if you want sort of brand recognition per market basis. Right now we're still in the process of building up that brand. We kind of did the focus on Germany, so you can really see if you want the effectiveness of the marketing in getting to that brand with our stated intent that we get to a 50% brand recognition among people who are looking to purchase a car. That's really the KPI that we're looking at as opposed to a per car basis, because it would obviously be very high right now as we build that up. Is there a third question? I think hopefully that's answered the questions. Maybe before we go to the final question from Sherri, Andrew at HSBC, related question. On the Autohero side, are you pleased with the 10% brand awareness? Where do you think this can get to, do you need to accelerate marketing spend to achieve this? I think there's also a couple of questions just around the EUR 200 million number, how that is spread and whether that is sufficient. Was the question if we're happy with 10% brand awareness? Yeah. No, we're not happy with 10% brand awareness. No, we want to bring it in the direction of our C2B brands, right? There's like 50%, 60%, 70%. Yes, we will continue to build up our brand with advertising budget and marketing. Yeah, we will even in Germany intensify our brand building efforts going forward, and take an even larger target group. Yeah. Markus. I think in terms of the EUR 200 million that we stated at the IPO, I think it's a little bit too early to provide or to change that guidance. I would say that we're seeing a strong return on investment, both in terms of brand building, but also in terms of sales speeds, and what we call our CTM margin, which is really our metal on metal margin before any refurbishment, particularly in Germany, where we first started with our brand investment and where we have the highest brand recognition. More focused on that, and that could lead us to increase that over time, over the next few years. At the moment, not changing that for now. Final question from Sherri at RBC is, has the growth in Autohero normalized in April and May as NPS has increased? What have been the challenges to NPS through Q1? I think it's not so much challenges. It's like there's improvements everywhere, right? For instance, make sure that the car is clean one hour before the customer picks it up in nine markets across all delivery methods. That is one NPS driver, for instance. We are working on all those small little things to bring customer experience forward. No, growth is not, what was the word? No. I think the answer was no. Okay. Fine. Briefly from Catherine O'Neill at Citi. What is the timing of the potential owned refurbishment center? Will this entail additional CapEx beyond the guidance? What impact will accelerating the move to in-housing have on the Autohero margin? In terms of CapEx, we had talked about a CapEx spend of EUR 80 million over the next three years, and we're sticking to that. I think it's almost a timing question. I think the slide hopefully provided some color around that, which is we're looking to build, and Christian's commentary as well, that we're looking to build really over the course of this year on the three or four facilities that we are looking at at the moment. I think by the time they are fully finished and filled with all the equipment in it, as well as having all the people in it and really working at full levels of two shifts, that's more of a midterm activity. In terms of CapEx spend, at least some of that will happen already this year. We aren't giving specifically yearly guidance right now on that, but stick to the EUR 80 million that we had talked about over the next couple of years. I think related question from George at Numis is just around whether the EUR 30 million that we guided for trucks is still in line with the delivery schedule which we showed in the presentation. Yeah. Yes, it is. Yeah. The other question from Catherine at Citi, if marketing is ramping up as we progress through 2021, why are you not more upbeat on Autohero units for this year? Christian, do you want to talk about that on the Autohero units for this year? Can you repeat, Philip? Sure. As marketing is ramping up as we progress through 2021, why are you not more upbeat on Autohero units for 2021? I think there's a potential. I think there's a good potential, but we want to see it realized first. Okay, great. With that, I think we are done with HSBC as well. I think we talked about inventory challenges from those questions. Maybe a slightly simpler question from Luke, what do we consider our top three KPIs? Units, gross profit. Markus? I think that would really be, I think it's four units in Autohero, GP in Autohero, units on the merchant side, GP on merchant, and then ultimately adjusted EBITDA. I would say units, gross profit per unit, and NPS. I think, coming back to the question on Autohero units in 2021, which is clearly an important one. Can you discuss things that could limit your volume growth this year? Do you have the capacity to extend beyond Autohero volume guidance? Yes, I think we have the capacity, but what we want to do is really build a platform, right, that can scale over time to 2 million units, and we want to do it right, and we want to do it right in the beginning. This means there's a lot of work in the background on all of the processes, on all of the hiring, on onboarding of people, showing them, teaching them the right processes fast enough, all of this together. We want to make sure that this is a platform for growth that we're building. I think we could go further. We have the capacity, but we want to make sure that we are adhering to the high standard that we set ourselves. I think this summarizes it quite well. Okay. I think that takes us through the main question complexes that we had. With that, I think, Markus, Christian, everybody who has dialed in, thank you very much. We shall talk to you all hopefully later or next quarter. Thank you. Yeah, thank you, everyone. Sorry again for the trouble of the technicalities here or technical equipment. I'm not happy about this. Maybe we can follow up with the one or the other of you directly. Thank you.