Ladies and gentlemen, welcome to the half year Q2 2025 earnings release analyst and investor conference call. I'm Sergen, the Chorus Call operator. I would like to remind you that all participants will be in a listen-only mode and the conference is being recorded. The presentation will be followed by a question and answer session. You can register for questions at any time by pressing star and then one on your telephone. For operator assistance, please press zero. The conference must not be recorded for publication or broadcast at this time. It's my pleasure to hand over to Olaf Heinrich [CEO]. Please go ahead. Yes, thank you very much and good morning to everybody and a very warm welcome from our side. Let's have a look into today's agenda. First of all, we would like to talk about financial performance, then an update on Rx regulatory landscape, then an update on our Rx development, and by the end, an outlook and guidance for the remaining part of the year. If we go to the next slide, we can start with the financial performance. Group Sales are up 27% year over year. We are showing continued strong growth. It's fully organic and it's in both areas, non-Rx and Rx. Also, in non-Rx, we are showing growth of 18%, 60% in the DACH region, and 26% in the international segment overall, and particularly in Germany with strong market share gains. If we look into the German market, we can see especially in Q2 of this year that our competition and also brick and mortar is almost flat in sales. We are really lucky to report continued growth and show our strength in that region and in that market. Also, fast year-over-year growth on Rx sales in Germany, 155% compared to the first half of last year. Looking into the EBITDA, we now drew an adjusted EBITDA of 1.9%. It's a doubling of the margin from Q1, which was 1.3% to 2.6% in Q2. We worked on our balance sheet. Now we have a much more robust balance sheet. We successfully launched a convertible bond of EUR 300 million at the beginning of April and also bought back already 70% of the existing convertible bond. Jasper will talk about this probably a little bit later. We confirm our full-year guidance on all elements. If we go to the next slide, we can see this is our breakdown by regions, again a total growth of 27.3%. In DACH, we are growing slightly higher at 27.5% than international at 26.1%. If you look into the non-Rx, it's the same picture we saw in previous quarters. Internationally, it's growing stronger than in the DACH region. If we go to the next slide, you can see our customer development. We were able to add 0.4 million active customers, now showing 1.9 million customers. We added over the last year, ending up with 13.5 million active customers. Also, the Net Promoter Score stabilized at 64. We have a lot of new customers and a lot of Rx customers. We are happy to report that we stabilized and improved the Net Promoter Score. We are really happy to show this number. Of course, our objective is still to bring the Net Promoter Score further up. Also, very good news on the large basket. Here you can see the impact of the Rx business. Our basket is increasing, now showing EUR 63.92, almost 8% up year over year. Very good development. In terms of unit economics, if we go to the next slide, you can see our orders. We continue to grow with 22 million orders in the first half of this year. It's up 25% compared to the prior year. You can also see here clearly the Easter shift, Q1 being a little bit higher and Q2 being a little bit lower because of the shift of Easter. Having said this, I would like to turn this over to Jasper. Yes, thank you, Olaf, and good morning to everybody. Also, from my side, thank you for joining today's call. Here is the customary table with the financial numbers up to and including the EBITDA. If you look at sales, we increased the sales from EUR 561 million last year to not less than an increase of EUR 148 million in just one quarter to EUR 709 million this year, an increase of 26.5%. Year to date, in the first six months of the year, we increased from EUR 1.1 billion to EUR 1.4 billion. To be precise, a little bit more than EUR 300 million more in sales than last year, and everything is organic — same websites, same countries. Also, as a disclosure, we have been growing in each of our seven countries, with 27.3% year-over-year fully organic sales growth. If we then go to the gross margin and S&D and admin as a percentage of sales, there are quite some mixed impacts, which we will later explain in the bridge. The gross margin is increasing 0.4% year to date, 0.2%. The selling and distribution is up 0.6 and 0.8, but it's more relevant to look at the sum of the two, which is the adjusted EBITDA margin. As you said already, Olaf, from 1.3% in Q1, it doubled to what you see on this slide, 2.6% in the second quarter. With the 2.6% in the second quarter and the EUR 709 million of sales that we achieved, we had an adjusted EBITDA of EUR 18 million. Now, EUR 18 million is the highest number that we ever achieved as a company in one quarter, and on an annualized basis, that is something around EUR 70 million to EUR 80 million. If you look at the current year, we're standing year to date at 1.9% because we started with 1.3% and now have 2.6%, and with a lower margin than last year only because of our first quarter of this year. You see, actually, because of our sales growth, that the absolute euros of adjusted EBITDA generated at EUR 27 million is equal year over year. Achieving more than EUR 300 million more in sales, growing 27% in each of our countries — by the way, in some countries like Germany or Italy, for example, with huge market share gains — we were able to do this at a flat margin. Before we go to the next slide, also as a helicopter-view remark, if we then look at the 2.6% in Q2, which is relatively flat compared to last year's 2.7%, it's important to note that this is not because, as sometimes suggested, we saved on marketing costs. For example, this number actually includes an increase in marketing in Germany, both in absolute terms and as a percentage of sales. The number that we report today reflects the strength of everything else. Each of our countries improved year over year in margin. We see scale, we see efficiency, and we see a loyal customer base overall. It also means that the number you're seeing here is a solid base to build upon further toward our mid- to long-term guidance of an adjusted EBITDA in excess of 8%. The scale and efficiency will just continue with our business model as we have at the moment. On top of that, we will, of course, have next year the advantages of our distribution center in Czech. The year after, we will also have our e-Rx automation, bringing us to the next level. A couple of remarks from my side to color the picture, but let us now focus again on the current quarter result. Here is then the bridge of the numbers that we just saw to the left. The gross profit margin is up 0.4% year over year and year to date, 0.2%. The third block of the bridge — the large one there — is the impact of the success of our Rx. Actually, you can see that this block of the Rx gross profit margin is fully offset by improvements in the first two and the fourth block. Our product margin, including the mix of the products that we are selling, improved compared to last year. The country mix also added positive benefits to our overall performance. In “other,” you can see, for example, the impact of our success with our platform. When one would potentially expect that, with Rx, the gross margin as a percentage might be slightly down, we are actually up year over year. Then we go to the selling, distribution, and administrative expenses. As a percentage of sales, it went up in the quarter from 20.7% to 21.3%, an increase of 0.6%. Year to date, over the first six months, it was an increase of 0.7%. Also, interesting things are happening here because you can see that the block of the increase is mainly due to the country mix that we are having in total. To the left, you see two blocks that have been improving in total. Starting with efficiency and scale — taking all the SG&A costs before mix into account — from the individual countries, you can see that the cost improved, despite what I already mentioned about the increase in our marketing costs. Again, the efficiency, scale, and success of our business model are reflected in the improved margin over there. We slightly lowered our costs as a percentage of sales compared to the same six months last year. In the end, this should all sum up to the cash flow that we’re seeing. Also here, not only when talking about what we see in the first half of the year but also taking a helicopter view, we have never had a stronger cash balance than we have at this moment. We ended up well beyond EUR 300 million. Later, more on the individual blocks that are also positive. Of course, the main reason for the significant increase in our cash balances is what you already referred to — the two successful convertible bond transactions that we executed on April 8. First, we placed a new EUR 300 million convertible bond, and at the same time, in parallel, we bought back within a couple of hours through a tender already 70% of our existing bond, the 2021 bond, which totaled EUR 155 million. Likely, we will also repay the remaining 30% before or by June 2026. Why did we do this transaction? It’s proactive management of our debt profile and rolling forward the debt maturity — or, in simpler words, instead of having to repay our convertible bonds potentially in 2026, we now don’t have any significant payments due until 2030. We also did a slight top-up in the convertible bonds, and that was actually to establish the target liquidity level that we believe suits a company of our profile. That is done now. We have the balance sheet that we want, and we have the debt profile that we want. With the target liquidity, it's important to realize that we, as a company, have doubled in size in just two years. We did EUR 1.2 billion, and last year we did EUR 2.4 billion. From a balance sheet perspective, we are robust. Back to the current year — EUR 25 million in the bridge — you can see that we generated from our operations a very favorable working capital inflow of EUR 45 million. We have structural improvement, better terms, and better management of our working capital, continuing the progress of the past many years. The majority here, however, also has to do with timing and seasonality — those two blocks and then a relatively large block of investments. The net of those three blocks is still a positive EUR 30 million. The investments are at an elevated level because we are investing in distribution capacity for the Austrian market in Pilsen, and we are also investing in the e-Rx automation here in Sevenum. Because of the convertible bond transactions, there was no need for any other loans related to our lease. We have been paying debt out of our existing cash. At the moment that we will start, it’s very likely that we will replace it with a lease. This is the total that we have here. Take into account that from the balance of the EUR 350 million, we will probably pay the last 30% in January to completely repay the 2025 convertible, which is a little bit less than EUR 70 million. Olaf. Yes, there is. Thank you very much. Thank you very much. We saw a lot of positive development in H1 on the Rx regulatory landscape. For that reason, we added an additional section to our presentation. Let us start first with Cardlink, our access to the e-Rx market, and then move to the German Supreme Court ruling. Let me start with the high-level message. Our Cardlink license has been extended until January 2027 to support a seamless transition to the next generation of e-Rx technology. Cardlink has been built on a Gematik backend technology called VSDM, which by law has to be replaced in March 2026 by a new version called POP — Proof of Patient's Presence. Since the migration from VSDM to POP takes longer than Gematik originally anticipated, Gematik has extended our Cardlink license to ensure continued access to the German e-Rx market. During the infrastructure migration phase, the planning of POP is in full swing. The current Gematik plan is to start a phased rollout from mid-2026, beginning with a brick-and-mortar use case and followed by the remote case, including the eGK, in Q4 2026. We expect the necessary specifications from Gematik for the remote case in Q3 or Q4 of this year, giving us sufficient time to implement and develop the product for the start in Q4 2026. Also very good news — POP continues to support eGK redemption without a PIN. This means low barriers and freedom of choice for patients. In addition, POP will also support the Digital ID, which may allow future use of Face ID or fingerprint, enhancing convenience and security. If we go to the next slide, you can see this illustrated on a timetable, but it tells exactly the same story I just mentioned. This is the Gematik seamless migration plan for POP. The phased rollout of POP starts in mid-2026 with the brick-and-mortar use case — that’s the upper yellow box — and then the rollout of the POP eGK remote case, the successor of Cardlink, starts in Q4 2026. We expect the necessary POP remote specifications in Q3 or Q4 of this year. If we go to the next page, let's talk about the Rx Bonus. Also here, I would like to start with the high-level message. The German Supreme Court confirmed the Rx Bonus for EU online pharmacies following the European Court of Justice ruling on the Rx Bonus from 2016. This is another landmark ruling in our favor. Let me explain why. As you all know, the European Union ensures the free movement of goods and services within its member states as part of the single European market. This is, let’s call it, the default setup in Europe. The German pharmacy business has installed two protection layers — the ban on foreign ownership and the Rx fixed-price regime — to keep the German pharmacy market protected. The European Court of Justice in 2016 ruled that there is no justification for applying the German Rx fixed-price regime to EU online pharmacies. Now, the German Supreme Court has confirmed this European Court of Justice ruling. The plaintiffs, and even more importantly, the German government, were unable to provide evidence that EU pharmacies harm the national supply of medicines. We all know this — the number of pharmacies in Germany has declined from almost 23,000 to below 17,000 over the last few years. Our market share in Rx has never exceeded 2%. It’s the first time this has also been acknowledged by the German Supreme Court, with its demand for data-based evidence. The Supreme Court followed the line taken by the European Court of Justice in our interpretation — that the current Rx regulation, established in the SGB V, does not meet the strict justification test required by the European Court of Justice and the Supreme Court. Overall, this is a strong confirmation of our long-standing position that we are allowed to offer Rx bonuses. Before we go to the next slide, I would also like to talk briefly about what is going to happen later in the week. There’s another Supreme Court oral hearing on a bonus case. This time, however, it’s not about the bonus itself. I just want to mention this so that everyone has the full picture. We are very clear on this — we are allowed to give a bonus. The court case later this week concerns the advertising of the bonus. There was a European Court of Justice ruling in February of this year on the advertising of this bonus. The question now is whether we are allowed to offer only a direct bonus, or also an indirect one. A direct bonus, for example, is a reduction of the co-payment on Rx or a cashback on Rx. An indirect bonus, for example, could be a voucher for a future sale. If you recall the ruling from the European Court of Justice in February of this year, they clearly allowed advertising for direct bonuses. However, they were a bit more reluctant regarding indirect bonuses — meaning vouchers for a second purchase. This case is now back at the German Supreme Court, which had originally referred it to the European Court of Justice. The oral hearing will take place at the end of this week, and we will see what the outcome looks like. Please keep in mind, we are allowed to give the Rx bonus — this is only a question of advertising. I would call it more of a commercial setup: direct versus indirect. We are all looking forward to that oral hearing. If we go to the next page, this is now about an update on our Rx development. Also, very good news here. Let’s start with the market share. As you can see, we continue to grow our market share — we reached 0.87% in June of this year. We are growing year over year and quarter over quarter, now reaching 0.87%. To neutralize the Easter effect between 2024 and 2025, we are also showing the average of March 2024 and 2025. What exactly did we do? We determined the monthly 2025 market share by using the reported seasonality of 2024. March is artificially high, so the 0.87% in March is artificially high, and April is artificially low. By combining March and April, thus neutralizing the Easter impact, the average market share is 0.82%. This is what we are showing in the image. What you can clearly see is that we continue to grow our market share — it’s an upward trend. Also, over the past 15 months, we have pursued different marketing objectives. In 2024, we wanted to become the market leader and establish ourselves as the number one e-Rx brand with patients, while achieving a reasonable CAC in 2025. We achieved that objective in 2024, and in 2025 we are putting more emphasis on the break-even period. As Jasper Eenhorst pointed out, we are spending significantly more on marketing than last year, also as a percentage of sales. At the same time, we are applying our learnings and optimizing the CAC. I believe that’s the right approach going forward. We have good control over what we are doing, and that’s why we feel comfortable confirming our guidance. We know what we are doing in terms of CAC management, so very good news on this side as well. If we go to the next slide — and for those who have followed us in previous sessions, you’ll recognize this slide — this is our cohort comparison between the Rx and non-Rx cohorts. What you can clearly see is that we continue to add strong Rx cohorts quarter after quarter. Also, the gap between the Rx and non-Rx cohorts continues to widen. Great non-Rx cohorts and even better Rx cohorts. What did we do here? In the past, we only showed the Q1 2024 cohort, but now we have added the Q2 and Q3 cohorts from last year. Why did we do that? Because we now have one full year of data for both the Q2 and Q3 cohorts. You can see that the results are super stable and highly comparable. On the sales side, the Q1 cohort was the best of last year. If you then look at the gross margin, which I think is the more relevant one, you can see that Q2 was even more successful than the Q1 cohort. What is the reason for that? There are many reasons, but two are pretty obvious. One is due to the Rx fixed-price regime of the Rx reimbursement scheme in Germany — you receive a fixed amount of money per Rx unit. It could be that the Q2 and Q3 cohorts have more Rx units in the basket, and because of that, the absolute margin is going up. It could also be that the mixed basket share is higher, meaning there is more OTC in the basket. I think those are all details. More importantly, especially on the right-hand side, all cohorts are stable. We’re adding great customer quality quarter after quarter, and when you look at the gross margin, they are very close to each other. Overall, looking at the cohorts, we are on track. That is again the reason why we feel so comfortable giving the guidance for the rest of the year. Since those platforms have thousands of participating pharmacies, more and more patients are becoming accustomed to digital pharmacy solutions. That’s really good news — for the patients, for the system, and for the participating pharmacies. It’s all developing in the right direction. We also see individual pharmacies offering digital services via Cardlink, which are also supporting the digital transformation. If we can increase that share — or reduce the 80% — there’s huge potential ahead of us. Please keep in mind, it has only been 12 to 15 months. We have tailwinds from both national and EU regulators. The digitization of the German healthcare system is ongoing. The use of the ePA — the Electronic Health Record — and also the Digital ID is becoming more and more widespread. Yes, it takes some time, but the overall direction is clear and will only accelerate in the future. Putting this all into a larger perspective, we have had great success in the first 12 to 15 months, as shown in the numbers — and there is more to come. We believe this is only the beginning. Having said that, I would like to hand it back over to Jasper. Thank you. After the highly relevant helicopter view that you provided on the years to come, we also, of course, still have to deliver 2025 — and we are well on track for that exciting year ahead. We are now halfway. We reiterate the guidance we gave at the start of the year in all its elements, and I’ll just repeat it here. Full-year sales growth in excess of 25% — we’re currently standing year to date at over 27%. Our Rx sales in Germany are expected to exceed EUR 0.5 billion, which would represent a doubling year over year. Yes, that implies that, in absolute terms, our sales in the second half will be higher than in H1. We have an internal plan to reach this guidance, and we are on track with that plan. What I tried to explain already when discussing the Q2 numbers is that we actually consider this as a base to further build upon. With the efficiency and scale we’ve achieved, along with the rapid leverage from e-Rx marketing and the structural and fundamental improvements kicking in, it’s clear that not only the full-year guidance of up to 2.5% but also the actual results we delivered in the second quarter are paving the way toward our clear target of an adjusted EBITDA margin in excess of 8%. That guidance remains unchanged. Yes. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star followed by one on the touchtone 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 and two. Participants are requested to use only handsets when asking a question. In the interest of time, please limit yourself to two questions. Anyone who has a question may press star and one at this time. We have the first question coming from Jan Koch from Deutsche Bank. Please go ahead. Good morning, and thanks for taking my questions. I have two. The first one is for Jasper. You mentioned in the trading update in early July that the Q2 EBITDA margin should be above 2%, and you have delivered on that. You also mentioned that you expect further improvement in the second half of the year. Does that mean we should expect an adjusted EBITDA margin above 2.6% in H2, or did you just see an even higher margin in Q2? Yeah, hello Jan. Thank you. Indeed, that’s literally what I said. The Q2 margin came in somewhat on the positive side. In the end, certain things turned out positively because of strong operational performance. We reiterate today our full-year guidance between 2% and 2.5%, with a midpoint of 2.225%. Of course, we have that, and we are not changing it. Thanks. Second question. Shall I give it a try? Yeah, please. I think the second question, Jan, was about acceleration in the second half of the year — if I remember correctly, on Rx. Yes. As I pointed out, we now have a clear understanding of how to grow. I call this CAC management — we know how much marketing money to invest and how many customers we will get back for that spend. We’ve learned a lot over the last year. Based on that, and on what we’re seeing in the market and in July, we feel very comfortable that we’ll be able to accelerate and reach the guidance, based on the know-how we’ve gathered over the past year. Okay, great. Okay, great. Follow-up, if I may. We’ve seen some positive news showing that the German regulators are planning to make changes to the Rx reimbursement system by Q4 this year, which should promote the use of repeat prescriptions. How are you positioned to benefit from this change? I can try to answer your question. Yes — regarding Q4, we cannot confirm that timeline because there’s still a lot happening on the regulatory side. I would probably expect this more toward the beginning of next year, but I think that’s not the most relevant point. The more relevant question is whether we can participate in and benefit from this change — and I think, in general, you know what this is about. The patient will no longer need to see the doctor each time if the doctor decides so. That means they won’t have to visit the doctor on a quarterly basis just to present the eGK card. If that happens, then yes — we believe we will benefit from it, because it will enable a fully digital journey. That means as a chronically ill patient, you do not even need to go to a doctor, and then the doctor still issues script. Of course, if you want to complete the digital journey, then you can use online pharmacies. Therefore, we think that is in our favor. This is in our favor. Of course, we are also preparing for that. Again, I mean, there's nothing set in stone right now, but we are looking forward to see this kind of development in the market. Great, thank you. The next question comes from Volker Bosse from Baader Bank. Please go ahead I have two questions. First, how do you view the increase of 0.4 million customers in the second quarter after growing by 0.6 million in the third and fourth quarters? How do you interpret this growth? Volker, you were very far away — it was not very clear. I got the first one, though. The second one, I did not get at all. No, the second one, could you repeat the second one? Second one was on current trading, current trading, July. Oh, okay. Current trading, how things are going now in July. Yes. Maybe I can try to answer the first question, if I understood it correctly. I’ll try to repeat it — it was about active customer development, noting that we added 0.4 million active customers in Q2 of this year, whereas we had 0.6 million in Q1. I think that was the question. We feel pretty comfortable on that and don't see this as a signal that something is not working at all. The second question was more on trading after, I think Jasper, maybe that's more on your side. Yeah, absolutely. Still on the active customers — as you said, when we saw the number coming in, we were very satisfied with the Q2 result. It’s also clear that we benefit a lot from trading up our existing customers. I don’t know what it exactly means for the quarters ahead, but increasing purchase frequency and moving BPC and OTC customers — who are already active — toward Rx is a very important development for us, both now and going forward. I think we’re now back to normal. It’s been a good start — a few holidays here and there, but about the same as last year. Current trading is good, and we can confirm everything is running smoothly, right up to the moment we started the call. Thank you. Yeah, thank you. The next question comes online of Ramon Juba from Limit Capital. Please go ahead. Hello. Since the judgment from the European Court of Justice, have you seen any acceleration from clients? Has that changed anything in the market? Maybe a spike? I can try to answer that one. I mean, our position always has been that we are allowed to give Rx bonuses. It's a landmark ruling. If you look into what we have done commercially also prior to that ruling, we had vouchers out there on Rx throughout the entire year. After the ruling, we have not really changed that significantly. We think we are in a position that we can give Rx bonuses. To us, it's just a confirmation of our position in general, the commercial strategy out there. Of course, this commercial strategy will make use of bonuses or vouchers or any kind of price advantage, as you can call it. There is not this, there was a zero before and then there's a significant step up after this ruling. We have a commercial strategy, and we’ll continue to adjust it as we always do throughout the year. There hasn’t been any significant step change, because our commercial offering didn’t really change much the day after the ruling. Okay. Regarding the next ruling coming up — do you think it’s important? As I understand it, it’s not that significant whether you offer a voucher or actual money back, or do you think it matters? I think all rulings from the German Supreme Court are, of course, important. What I wanted to highlight is that the fundamental ruling — whether we’re allowed to give bonuses, yes or no — has already been decided. Therefore, we believe we have everything we need to maintain a successful commercial strategy. Of course, we’ll carefully follow what happens next week. Again, it’s important to distinguish between a direct bonus and an indirect bonus. Okay, thank you very much and good luck. Thank you. The next question comes from Olivier Calvi from UBS. Please go ahead. Yes, hi, good morning. I hope you can hear me. I have a couple of questions left. In SwissRx, growth moved from mid–single-digit levels in local currency in Q1 this year to the teens in the second quarter. Is your expectation for that business to continue growing closer to the second-quarter level — around the teens — or to return to the more typical run rates we’ve seen in prior quarters? I think yes, the majority is. Yours, so maybe you go ahead. You give it a try, and maybe I add one or two sentences correctly. Go ahead. Hi, Olaf. Good to hear your comments about DACH and International. Yes, International is growing even faster than DACH. You mentioned some dynamics — for example, in Germany, we significantly increased our market share in the second quarter, which was very strong. The strength in mail service came from a higher average order value — which was already high to begin with — and that’s a good sign. Mail service performed beyond the market, showing strong results. If we hadn’t completed the convertible bond so successfully, we would already have taken a loan for the automation. Now, it’s certain that we’ll move forward with a lease once the automation begins. Okay, just to clarify the phasing — you had roughly €40 million of cash outflow from PPE CapEx. How should we think about the full year? Will there be a further increase? You mentioned a €100 million automation investment, and I know there’s the Austrian component on top of that, but the €100 million covers about two years, right? I just wanted a rough, ballpark sense of that. Yes, that’s spread over a little more than two years, with the majority falling in the current year. Okay, yeah, that's helpful, thanks. Just to follow up on the German regulatory situation, did you not start offering the same kind of rebates as your main competitor because you're basically looking to offer more vouchers than direct discounts? Is that basically what we should understand from your earlier comments? No. We have a clear commercial strategy, and currently we’re offering a direct bonus through a voucher. Of course, we monitor what our competitors are doing and will adjust if we believe it’s necessary. Okay, thanks. Sorry, just one final question — is it your expectation that you would maintain your margin guidance if you were to start offering rebates for Rx? No, that’s not related. We have full flexibility when it comes to bonuses and vouchers. We report them under a different line, but they’re part of the overall marketing proposition — one element relates to the other. As a reminder, if you wish to register for a question, please press *1 on your telephone keypad. There are no further questions at this time. I’d now like to turn the conference back over to Olaf Heinrich for any closing remarks. Yes, thank you very much. Thanks to all of you for joining us and for your questions. Please Please keep in mind, we’ve been in this business for many years and know exactly what we’re doing. We actually feel very comfortable in this kind of environment because we understand how to navigate it and how to take advantage of the opportunities it presents.