Dear ladies and gentlemen, welcome to the conference call of HelloFresh SE. At our customer's request, this conference will be recorded. As a reminder, all participants will be in a listen-only mode. After the presentation, there will be an opportunity to ask questions. If any participant has difficulties hearing the conference, please press the star key followed by zero on your telephone for operator assistance. May I now hand you over to Dominik Richter, who will lead you through this conference. Please go ahead. Good morning, everyone. I'm excited to share HelloFresh fourth quarter earnings, as well as our full year 2020 results with you today. Both Q4, as well as our full year 2020, were impacted quite a bit by the ongoing COVID-19 pandemic. It's really important to note that we faced very different circumstances across the many markets in which we operate. Specifically in the fourth quarter, markets like Australia, New Zealand, and to a lesser degree, the U.S., have actually been opening up, while most of our core European markets went into quite harsh measures, shutting down public life by mid-November. Consequently, we focused a lot on understanding consumer trends in Australia and parts of the U.S. that were opening up to understand what the new normal looks like and how consumers behave. We will continue to watch closely and derive the right conclusions, but I think it's safe to say that consumers have continued to cook meals at home with HelloFresh, and that we've also seen robust growth in these markets in Q4 as well. As we go into our 10th year of HelloFresh, our mission remains as relevant as on the first day. We change the way people eat forever, and what we mean by that is that we offer consumers, and specifically those who have been home chefs before, an affordable, convenient, and delicious way to cook the best meals at home. As we've communicated on our Capital Markets day, we will continue to focus relentlessly on making our value proposition better and better over time. With more meals on the menu, better service levels, and more competitive pricing, that's the formula that we want to use to go after the huge home cooking TAM in our target markets. On that Capital Markets Day, we've also outlined our vision for the group, which is to evolve from the leading meal kit company globally to a fully integrated food group. With our purchase of Factor, a U.S.-based fast-growing ready meal provider in Q4, and the launch of our HelloFresh Market in Benelux, also in Q4, we've made the first important steps towards this goal. After this short introduction, let me start with our 2020 highlights and revenue build before I hand over to Christian for the remainder of the presentation. We ended our full year 2020 with a bang, managing to deliver more than our stretch goal of 600 million meals to our consumers globally. Given that that's only been our ninth year of existence, that's really something that the team and I are very proud about. We grew the number of active customers to 5.3 million in Q4. A significant step up from the prior year period, but also a significant step up from our Q3 numbers. We significantly increased our full year revenue to EUR 3.75 billion in 2020, which is up 111% on a constant currency basis. Both adjusted EBITDA and free cash flow came in at over EUR 500 million per year. A remarkable result given that we're only in our ninth year of operations. Finally, I referred to that before, I believe we're very much on track to become a leading integrated food solutions group with the expansion into ready-made meals and the expansion into our HelloFresh Market in Benelux. Let's look at the strong growth in customer base in Q4. We've been up 300,000 in a single quarter, and hence are entering the first quarter 2021 on a really high run rate. That's remarkable in that way because in prior periods and in prior years, you've usually seen us about holding steady the customer number from Q3 to Q4. The reason that we've been able to increase that customer number is that as we have unlocked more capacity, specifically in the U.S., we've been able to also bring in a lot more active customers and fill that additional capacity quite easily. Secondly, we've also increased our order rates further in Q4. Compared to Q4 2019, order rates have been up 18%. Double-digit year-over-year growth with further expansion, versus Q3, which came in at 3.9 orders per customer. Some of that has been backloaded and was due to the hard lockdowns in some of our international markets. The other half of that order rate was due to a lot of incremental improvements that we've actually done to our service offering, to the number of meals that we have on the menu and to our pricing structure over the course of the last year. Looking at Average Order Value, we've also seen a very positive trend in both operating segments. Number one, if you look at Q4 2020 versus Q4 2019, you see that it's been up about 8%. That's more than for the full year, which has been up about 6.5%. The reason that Q4 was up even more than our full year numbers is number 1, that the U.S. continued to grow quite significantly in AOV in Q4 2020. Secondly, we've also used less price incentives, given that despite the fact that we unlocked some capacity, it's not like we have been not capacity constrained at all. We've also had a very clear focus on some of our seasonal offerings and seasonal bundles around Christmas and the holidays, which were further driving up AOV across most of our markets. I think bottom line is Q4, very positive increase in customers, in order rates, as well as in AOV. If you take all of those three levers together, you'll end up with the first time that we actually arrive or achieve revenue at over EUR 1 billion in a single quarter in Q4. Results that make us really proud after that challenging year, and something that actually marks a 126% increase in constant currency from EUR 512 million last year to over EUR 1.1 billion this year in Q4. That's even higher than our full year revenue, so Q4 has been the record quarter of the year. Full year revenue was up 111% in constant currency from about EUR 1.8 billion to about EUR 3.75 billion. Please bear in mind that despite these remarkable results, especially with regards to full year numbers, we've been for large parts of the year, capacity constraints. Given the sort of customer numbers that we've now put forward in Q4, we also enter Q1 on a really high note and continue with a very robust growth momentum. With that, I want to hand over to Christian for the remainder of the presentation. Thanks, Dominik. Q4 2020 was not just the quarter where we achieved the highest revenue growth of the year. It's also the quarter where we achieved the highest contribution margin with 30.7%. This is actually not just the highest contribution margin that we achieved during 2020, but it's the highest contribution margin that we achieved ever. Remember, our contribution margin was only 26% in Q2 2020, primarily due to some of the effects we have discussed on our previous earnings calls, i.e., temporarily higher COVID-induced operating expenses. We very meaningfully expanded that margin by around about four and a half points over the last four quarters to produce a contribution margin that's meaningfully higher than it was about four quarters ago in 2019. What has driven that improvement? Number one, less price incentives. Dominik spoke about that right now. In a somewhat capacity constraint environment there, we gave less discounts to new customers and that helps margins. Secondly, this is really a continuation of the trends that we have discussed over a number of quarters now. Further strong performance of our procurement operations, where you see a further expansion of margins on that level. Thirdly, also importantly, a gradual normalization of our fulfillment expenses, and especially our production expenses. This contribution margin performance is even more impressive if you keep in mind that we were in the process of ramping up three new fulfillment centers during that fourth quarter. Two in the U.S., then towards the end of the fourth quarter, also second site in our U.K. operation. Next let's have a look at our marketing expenses. Q4 was still an environment, we were somewhat capacity constrained. The hard lockdown had contributed to that situation. This meant that we were somewhat less forward leaning in terms of our marketing activities than we otherwise could have been in October and November. As all of you know, December is then typically a time of the year, seasonally dial back on our marketing expenses anyhow. When you put that together, it means that despite our very strong growth in customers, we actually kept our marketing expenses at very low levels. 12.8% for the fourth quarter, so broadly at a similar level where we came up for the full year and 5 points below where we were in the same period last year. Let's also have a brief look at G&A. This is really a continuation of what we discussed over the last nine months, i.e., our G&A expenses going meaningfully slower than our revenue, and therefore we see meaningful fixed cost leverage on the G&A line. Therefore, you see here very significant reduction of G&A expenses as percentage of revenues by four and a half points, only three and a half points in the fourth quarter. All of this adds meaningfully to our EBITDA margin. Our EBITDA margin in Q4 increased to 15.7%. Therefore, our full year EBITDA margin ended up at 13.5% at the very top end of the upwards revised range that we put out in December last year. We generated more than EUR 500 million of EBITDA in 2020, while we grew the business by 111%. This group EBITDA of EUR 505 million breaks down roughly equally across our two segments. You see this on slide 13. Our U.S. business contributes around about EUR 283 million with EBITDA and our international business, EUR 276 million of EBITDA, and also in Q4, the contribution of both of our operating segments were quasi equal. For the year, as you know, the delta, when you add those two numbers up, you get then to the EUR 505 million EBITDA for the group. Holding, which generated negative EBITDA of EUR 53 million in 2020. Let me switch gears now a little bit and go through our cash flows with you. This is a key aspect of our business, which I already tried to highlight to you at our capital markets day last December. Other than most other internet growth stocks, we are strongly free cash flow positive. We reached free cash flow breakeven in 2019, and then in 2020 generated around about EUR 500 million of free cash flows, which means we are self-sufficient to fund our growth strategy. Even external growth, such as the acquisition of Factor that we closed at the end of 2020, we were able to finance with cash on our balance sheet. Looking into 2021 also means we can fund internally all of our growth investments. This includes new fulfillment centers, further investment in automation, a ramp-up in the U.S. of Factor, the launch of at least two new geographies, and the expansion of our HelloFresh Market and add-on offerings. They're all critical investments to get to our midterm goal of EUR 10 billion revenue at a 10%-15% EBITDA margin, and we will be able to fund these investments this year out of our own cash flow. Let me now conclude by reiterating our 2021 outlook, which I gave already at our capital markets day in December. For the full year 2021, we are targeting a constant currency revenue growth of 20%-25%, and an EBITDA margin of 9%-12%. With the first couple of weeks of 2021 already under our belt, I can say that we had a strong start for the year 2021, which means that for Q1, very indicatively obviously, we are expecting a year-on-year constant currency revenue growth in excess of 70%. With that, we very much look forward to your questions. Thank you. We will now begin our question and answer session. If you have a question for our speakers, please dial zero one on your telephone keypad now to enter the queue. Once your name has been announced, you can ask a question. If you find your question is answered before it's your turn to speak, you can dial zero two to cancel your question. If you're using speaker equipment today, please lift the handset before making your selection. One moment, please, for the first question. Our first question comes from Robert Berg, Berenberg. Please go ahead. Your line is now open. Thanks. Guys, a couple of questions from me. First question, you mentioned a few times on the call about the capacity constraints, and that was a theme through last year. Clearly, the U.S. has seen the largest capacity constraints, but you've opened up some new capacity. A couple of questions on this. As we head into 2021, where are we now running in terms of capacity across the U.S. capacity in terms of fill rates, and the rest of the world, please? If you can comment on how much, if possible, the constraints impacted any customer acquisition in the quarter, which you kind of alluded to for the U.S., that would be great. The second question, now unfortunately, we've been nearly 12 months through the pandemic. This means consumers had 12 months to adjust their lifestyles. I think it's fair that anyone now joining HelloFresh is largely doing it through choice rather than necessity. I'd like to hear your thoughts on that statement first. I'd be interested to hear about the mix of gross adds. What proportion of gross adds are totally new to HelloFresh now versus returners? Thanks. Okay. Thanks, Rob. Good question. Let me grab the first question on capacity constraints. This is, you may remember our discussion at our capital markets day. This is something that we readily lift. We have added further capacity in the U.S. with our Georgia site, which is being ramped up, and where further capacity becomes available now. During Q1, we also added a second site in New Jersey, which is being ramped up as we speak, and then our additional large new Texas site will come on stream sometimes during Q2 of this year. With respect to the U.S., I would say this is all going completely in line with plan and is in full flight. Also internationally, we are executing on our plan. The U.K., our second site is being ramped up and has alleviated some of the capacity constraints we had there in Q4 by now already. There are basically further sites as we go throughout the year that come on stream, an additional one in Australia, expansion in Canada, a further expansion in Germany and in our Nordics business. All of these are effectively in flight, and will basically help us effectively doubling capacity versus where we stood in Q3 last year by Q1 next year. Yeah. How does that impact overall customer acquisition? Largely, we have deep bottle-necked that, but we still need to do a lot of demand steering. Meaning that we need to scale up and then throttle again some of our marketing efforts. We tried to be able to take advantage of January and February, because those are usually the months where, number one, media prices are down, and number two, where people go with good resolutions into the new year and cook more. We've actually created quite a bit capacity to be available in January and February that we can then fill at very attractive rates with new customers. That's something that I think the team has done a really good job. Certainly it's not that we're totally unconstrained. It's rather that, I think we're spending at quite good levels. There's an element of demand steering across all markets in order to make sure that we can captivate as many demands as possible. Finally, with regards to the question on lifestyle, as I would probably frame it. I think one thing not to forget is that supermarkets, which is what we're predominantly taking share from, and where our consumers usually spend food dollars when they're not shopping with HelloFresh. Supermarkets have never been closed in the pandemic, versus offline retail, versus fashion or furniture or others. I think, in our case, supermarkets have never been closed, so no one was ever forced to order at HelloFresh. I think what happened, and what we've also heard from consumers, is that they've obviously had more time at their hand to try out new things and to do something that they haven't done before. That's certainly something that has benefited us a lot. I don't think at any point in time during 2020, customers came to us because they felt like they can't get food anywhere else. I think that's important to keep in mind. With regards to new customers and I think reactivations is something that was the last part of your question. As we've now gone into January, February, this is usually a period where consumers that have also paused for some time actually come back. It's always something where we invest in January and February to capture people when they actually have the right mindsets to try something new, when they stay home a lot, et cetera. Our reactivations have definitely been at a very healthy level. At the same time, we've also had to keep in mind that we had to steer demand, and hence, we haven't been as unconstrained as we ideally would've liked to be. Reactivations continue to make up a good share of our conversions. Basically at around the level that we've communicated at the capital markets day, high 20s is what we've been seeing in Q1 to date. Perfect. If I could just ask a very quick follow-up. Dominik, you mentioned Q1, more push for customer acquisition. So far, have you seen the benefits of that? A nice step up in customer numbers in Q1 in both regions. Sorry. I was on mute. Excuse me. I think it's a bit too early to talk about final Q1 numbers. Generally, what you see from us is a step up in customer numbers in Q1. I think the way that the quarter is going, we should certainly expect that from the 5.3 million customers that we had in Q4, that there will be a step up in Q1. Okay. Thank you very much. Our next question comes from Marcus Diebel, J.P. Morgan. Please go ahead. Your line is now open. Yeah. Hi, everyone. Also three questions from my side. Christian, could you help us a bit more to understand the full year 2021 guidance in regards to your comments on Q1? First, I mean, you said Q1 likes to be up 70% in revenues. You guide 20%-25% for the year. That looks, in this context, rather conservative. I'm more after understanding where this guidance is coming from. Do you see a broadly similar increase in active customers to your revenue guidance, or is the majority of growth coming from AOV? Anything you can comment on would be quite helpful. On Dominik, it seems you're going to launch in a few more countries. It seems you're hiring in Japan and in Italy. Could you maybe update us a bit more how this is going and when we should expect launch in those markets? Maybe the last question, again, maybe for Christian. At least a high level comment on the question. How many of the active customers are actually paying the full price, the undiscounted price? Is there anything you can help us to understand it, at least in high level comments on that? That would be quite helpful. Thank you. Okay, sure. Let me start. On the full year guidance, you remember that the guidance we put out, the 20%-25% constant currency growth rate in early December, where I think most of you thought that was reasonably bullish. You're right. The first half of Q1 at least, we've started on a strong footing. Overall, it's obviously still early days. Is there some potential upside to the guidance we've got out there where we stand right now? Yes. It's probably a bit premature to revisit that. The earliest we would do that is concurrent to our Q1 results publication. Early May or thereabout. Now, on your second question in terms of fully paying versus people on discounts. We haven't changed our overall approaches towards the price incentives at all since we spoke last time. Effectively, when you become a customer of ours, typically you get a price incentive on your first delivery, or you spread over your first couple of deliveries, and then you become fully paying. This structure is unchanged. The only thing, given the capacity constraints we had in a number of our markets in Q4, the overall were probably a little bit more modest in terms of discounts that we gave you overall as a new customer, but the structure itself is the same. Can I maybe just as a follow-up? On the first one, on the full year guidance, yeah, it's very conservative. I just try to understand what the kind of drivers are. Is it really active customer growth in that range, or is it really coming from Average Order Values? Maybe in this regard, it would be interesting. Secondly, also reactivations also come at discounts. That's why I asked, okay, is that basically try to square what's the share of customers that are on discounts and those who are not? Yeah. On the latter, no change to basically the previous quarters. On your first one, Dominik had alluded to that earlier. Customer growth is very robust so far going into Q1, and you will see that when we are through the full Q1 and we publish that data. Continued customer growth is definitely the dominant driver of our revenue growth. Looking further out into 2021, all that we discussed at the capital markets day in terms of how we see our key revenue drivers shape up over during the course of this year is still unchanged. Effectively, what we assume is that there will be a return to normal seasonality in most of our markets throughout this year. We also expect a certain normalization in terms of average order rate in the second half of this year. To all of these underlying revenue driver, no change to effectively what we discussed two and a half months ago. Let me briefly comment on your question on internationalization. Internationalization has always been a big driver of our growth, and we also want to launch in at least two new markets this year. I think the two that you mentioned, Italy and Japan, are probably more to the sort of back end of the year. That's something that is very early days. But I'm quite confident that it's always going to be part of our overall growth strategy because we, by now, have a really well-working playbook. I think with regards to Japan, that's obviously a little bit more exploratory and a little bit higher risk and higher uncertainty. There's still a lot of consumer trends and data that we have gathered from Japan that we think could make that a very attractive target market. It's certainly among the different internationalization strategies and the different target geographies, one of the riskier ones. Perfect. Thanks a lot. Our next question comes from Fabienne Caron, Kepler Cheuvreux. Your line is now open. Good morning, everyone. Three quick one from my side. The first one for you, Dominik. I saw that you created a special purpose acquisition vehicle. I just wanted to make sure you're still committed to HelloFresh, would be my first question. The second question would be, for Christian, can you tell us, taking into account all the ramp-up of distribution centers that you're doing, what would be your maximum production capacity this year? Finally, regarding the EBITDA guidance that you give, can you give some colors regarding the two segments? Do you expect the two segment to finish the year 2021 with the same margin, or would you expect some difference in margin? Thank you. Let me maybe start with a quick comment on my board mandate. I'm partnered up with a number of other people to form a SPAC. Doesn't change anything about my commitment to HelloFresh. Quite the opposite. I think 95%-99% of my net worth is tied up in HelloFresh, and I'm fully committed to HelloFresh, and it's more to be seen in light of a board mandate such as executive also have other board mandates in public or semi-public companies. Fabienne, on your other two points. Firstly, on the relative EBITDA margins by segment, we expect something similar to what we've seen this year. Very healthy EBITDA margins by both of our segments with the international segment a touch ahead in terms of margin. Not necessarily in terms of absolute EBITDA, but in terms of margin, slightly ahead of our U.S. segment. In terms of our capacity, this is now theoretical capacity, and it obviously depends a little bit on how fast our individual markets run and how that capacity is distributed across all of our sites. Theoretical capacity, once we are through all of that expansion programs that I mentioned until Q1 2022, should be north of EUR 7 billion of revenue. Okay. Thank you very much. Our next question comes from Andrew Gwynn, Exane BNP Paribas. Your line is now open. Yeah, good morning, both. Two questions, if I can. First is a familiar question, which is on use of cash. Just wondering what the intentions are. I mean, obviously, you mentioned the CapEx, but wondering if we should have in mind the potential for a special cash return during 2021. Second question, you've alluded a little bit to it at the beginning, but just talking about the reopening trading almost Australia and in parts of the U.S. Just wondering if you could elaborate a little bit more on the sorts of patterns that you're seeing there as people go back to work. Thank you very much. Okay, great. On your first point on use of cash, you're absolutely right. Our most important use is really to invest that into our growth. We see there very high conviction, high ROI ways to deploy that cash. Therefore, we have a quite ambitious investment program across new sites, across automation, also across our general infrastructure, also in terms of our tech teams and support. That's the core focus. Beyond that, we will maintain a very strong cash position, which also definitely leaves some flexibility for two things. Evaluating add-on M&A, if we have a conviction that this would be value-creating for our shareholders, such as we had the case when we were able to acquire Factor in Q4 last year. There we would have an open eye to it. In case there were some capital market volatility where we would see our stock trade at unreasonable levels, then we would also consider using part of our cash to buy back stock if we were in that situation. Now with respect to your second question in terms of what do we see in Australia as it has come out largely out of the original post-pandemic world right now already. There we see pretty much what we have expected and discussed in the past, i.e., we've seen retention keeping up at a very good level and above actually where it has been trending prior to the COVID-19 period. We see a certain normalization in terms of ordering pattern of our customers. All very much in line with what we thought it would do and what also is a little bit our playbook for our own estimates for the remainder of the year. Okay. That's clear. Just on the buyback, can you just confirm how much of the share capital you're permitted to buy back? Just wondering what the current amendment. If we are in a theoretical situation, where it makes sense to look at that, then we would look at it. We haven't currently committed a certain part of our cash flow to that. It would be a theoretical use of cash, which comes way down the priority list versus what I discussed upfront in terms of investing that cash into the growth of our business. Okay. Thank you very much. Our next question comes from Clement Genelot, Bryan, Garnier & Co. Please go ahead. Good morning. I've got two questions from my side, if I may. The first one is just to come back on the, let's say, post-COVID era. What does the new normal look like, really, in Australia and New Zealand? Because it is obviously the most advanced regions in terms of normalization first upon the mix or in terms of retention rates and order frequency. The second questions on geographies. Quite recently, if I'm right, in 2019, you mentioned that Southern Europe was more of a medium term for HelloFresh. What finally encouraged you to make it Italy so soon? Why not rather opening other countries in the manner of Europe or Central Europe? Of course, I have in mind Norway. Thank you. Thanks for your question. In Australia and New Zealand, some of the broad trends that we've been seeing is that as the country has been opening up, people were taking more vacations again. More vacations for HelloFresh usually means slightly lower order rates. This is certainly something that during December and also January, we've seen in Australia. What we've also seen is that people, on average, have taken a little less meals, so slightly negatively impacting our AOV. I think here the explanation is also people are eating more out, eating more in restaurants. It's summertime at the same time in the Southern Hemisphere. This is also one of the trends that we could observe. What we, however, could also see is that the awareness for our brand and the unaided brand awareness for HelloFresh has continued to be at really high levels in Australia. That has allowed us to still acquire a lot of new customers, even as the pandemic has ended. We've also been able now in the first quarter to win back quite a few customers that over the summer period in Australia and New Zealand had stopped some of their deliveries. I think in broad terms, really very much in line with what we had projected or forecasted, and we'll obviously continue to look closely at it to make the right implications and inferences for how we should think about opening up other geographies globally. With regards to launching in Southern Europe, I think what has happened over the last 2 years, and especially during COVID times, is that online penetration has increased massively. A lot more consumers in Southern Europe have actually started to order foods via food delivery platforms, via grocery platforms, and also via a lot of different niche services. This is something that has not only accelerated and pulled forward some demand in our mature geographies, it has also meant, in our view, that a lot of the geographies that were, in terms of e-commerce adoption, a couple of years behind, have actually also made a big leap forward. Now we do think that there are a lot of good conditions in place for us to be also successful in Italy. Like I said, it's more something that will launch towards the back end of the year. We do believe that it has all the right ingredients for us to be successful with the internationalization playbook that we have. Thanks a lot. Our next question comes from [Jaleesa Askari], Morgan Stanley. Great. Thank you. I have three questions left. First of all, on the contribution margin trends. They were quite favorable in the fourth quarter. Should we expect that to continue going forward, or should the new capacity expansions put some pressure on the margin for rest of year? Can you remind us what level of utilization are you targeting long term? Second, a follow-up on Japan. As you said, it's a bit of a different market to the ones you're currently in. Will you be looking to grow organically or through partnerships? Can you give us any indication on how big you think this opportunity can be for you, and how much the product will really have to change? Lastly, an update on HelloFresh Market. I think you said in the release you've reached 100 SKUs already. What's the take-up in Benelux thus far, and how much has AOV really increased in that market since the launch? Thank you. Great. [Jacky], let me start with your first question on contribution margin. You may remember at the Capital Markets Day in December, I had guided for contribution margin for 2021 of between 28%-29%, that still holds. That's the range where we think we will end up for this year. As we approach spring and summer, then some of our packaging expenses, cooling materials, and so forth, will also go up a little bit, which also impact contribution margin, plus all the fulfillment center ramp-ups, which are still to come. That's all baked into the contribution margin guidance as well. Yeah, 28%-29%, that guidance for 2021 still holds. With regards to Japan, I think we have the confidence to say that obviously we need to localize some of our content. We need to localize a lot of the meals, the logistics providers that we work with, some of the service levels, which always needs to be sort of adjusted to local levels. But we have the confidence to say that we really believe in the playbook that we have developed over the last couple of years, and which has made pretty much every single country launch successful for us. As I indicated towards the earlier parts of the call, it's a little more risky than some of our other bets, but it's also a really big TAM in Japan, just given population, given household incomes. There's the prevalence of a few other meal kit players already in the market, which means to us or signals to us that there's going to be high consumer adoption for that type of offering. Again, I think, on balance, we're really excited about launching there, but it will take some time, and it is certainly one of those markets where you go slow in the beginning to find product market fit, to make sure that all of the assumptions we are making are holding true, and then accelerate sort of like once you have found product market fit and once you have fully understood how that market works. Long term, very bullish. In the short run, I wouldn't expect a huge contribution to our overall results, but I think that's the nature of some of the things that we're doing. Finally, your other question was around the HelloFresh Market. I think we've only introduced that to you during the Capital Markets Day, where it was very early, where we thought sort of like in quotes, some of that customer uptake numbers and AOV impact. I would basically ask you to wait for another quarter or two, because the data that we've seen so far is very positive and is probably slightly exceeding our internal expectations. It's also very early days. Before we don't have two or three quarters of numbers under our belts and really understand the trends and really understand the sensitivity of customers to broadening our assortment to certain pricing, et cetera, that we're experimenting with, I think it's too early to draw meaningful conclusions going forward. I would rather see us probably by mid of this year to check in with the reports on some of the overarching trends that we're seeing with HelloFresh Market. Great. Thank you. This will conclude our Q&A session. I will hand back to the speakers. Thank you for attending the earnings call for Q4, and at the same time, our full year 2020 results. Q1 is off to a very good start for HelloFresh, and we can't wait to share more details with you when we check back in for the Q1 earnings call in early May. Thanks a lot, and have a great day, everyone. Bye-bye. Ladies and gentlemen, thank you for your attendance. This call has been concluded. You may disconnect.