Yeah. Thanks, Julia. Today we are following the usual agenda that is quick intro, update on our business, Q3 financials, outlook, and Q&A. We want to start our presentation again with a brief introduction to ABOUT YOU. What are we doing? First, we're digitizing the offline shopping store for the Gen Y and Z. We run an online fashion platform, but we're not only offering a large assortment at competitive prices and a great fulfillment experience. On top of that, we are creating an inspirational discovery shopping journey, leveraging our tech skills to create a personalized experience on the smartphone and our huge influencer network to create great content and entertainment. That enables us to digitize the traditional offline shopping pattern, which had shaped the fashion industry over decades and centuries before. With that, we create incremental revenues for fashion brands. Due to our focus on inspiring customers to interact with fashion online, we generate buys that wouldn't have happened without ABOUT YOU. From a brand perspective, we are not merely cannibalizing existing revenues. We can provide sustainable revenue growth for our suppliers, combined with strong branding opportunities tied to our discovery proposition. On top of that, we provide the technology to help our partners grow their online business. In our hearts, we're a tech company. Aside from our commerce business, we've developed a SaaS business licensing out our proprietary technology to third-party brands and retailers. That means that our revenues are not limited to transactions on ABOUT YOU, but also extend to the broader online fashion ecosystem. With these three pillars combined, we believe we have the potential to disrupt future markets and establish leading position in the fashion industry. That is also what our vision is, continue to outgrow the market to become the global number 1 fashion platform at one point in time. We are progressing on this journey as evidenced by our strong Q3 results. Let me take you through the highlights of our third quarter as a publicly listed company. Once again, we've shown a strong top line performance with group revenues of 48% year-over-year. In a generally supportive but also volatile market environment, we've seen strong growth rates in all our three segments and high peak trading levels around Black Friday. Continued improvements in our core product and user experience translated into further uplift in our customer metrics. Active customers are up 34% year-over-year to 10.7 million on a last 12-month basis. Average order frequency increased from 2.7- 2.9 orders per year, and average order value increased to EUR 58.8 per order. We continue to progress well on our international rollout. Our market entry campaigns in Southern Europe have created strong trading momentum in Q3 2021/2022 and generated record levels in new customer acquisition. Further, we successfully launched the ABOUT YOU Global Shipping Platform in December 2021, enabling us to test our commerce proposition in about 100 additional countries worldwide. Our B2B segment is scaling fast. Our SCAYLE Commerce Engine continues to build prominence since its fresh rebranding campaign last quarter, contributing to 109% year-over-year growth for our TME segment as a whole. As expected, our group profitability is negatively impacted by the one-off marketing investments in Southern Europe in Q3. Our adjusted EBITDA margin decreased to - 6% in Q3 2021/2022 versus - 4.1% in the third quarter last year. This is largely driven by campaign-related gross margin effects and marketing costs, which were not offset by improved fulfillment and administration costs. On guidance, we want to reiterate our revenue guidance as we continue to expect to grow by 48%-52% year-over-year. However, given another strong set of Q3 2021/2022 results, we believe it is now realistic to reach the upper half of this range. We are very confident to reach these goals as we see good results in our current trading, and we are well prepared to succeed in this volatile market environment. For our adjusted EBITDA, we continue to expect a full year result of around EUR -70 million as the incremental revenues are being utilized for further growth investments. 2021, 2022 CapEx guidance increases to around EUR 50 million from previously EUR 34 million. This is due to slightly increased investments into our IT and logistics infrastructure as well as pre-phased investments from 2022, 2023. Now let's jump right into our business update. This is a chart that many of you are familiar with summarizing our growth strategy along four key levers, core product improvement, footprint expanding, category optimization, and scaling our TME business. Today, we wanna give you another update on how we are progressing on these levers. Onto the product side, where we want to start our business update with a recap of this year's Black Friday campaign. In comparison to previous years, the design of the 2021 campaign schemes was less centered around the Cyber Weekend as such. This gave us the opportunity to integrate app-only pre-campaigns to push app installs and to better explore demand throughout the entire November. As a result, we also slightly flattened peak demand on the Black Friday itself. Peak orders still increased by 42% compared to 2020, which means we processed 777 peak orders per minute in 2021. All in all, we would consider our 2021 Black Friday campaigns a success, although we perceive the market environment as not ideal. On the plus side, we've again reached a significant all-time high in revenues on Black Friday, and we've acquired a record number of new customers. We had great system stability during peaks, despite significant increases in traffic and order volume. The previously mentioned app-only pre-campaigns generated number one app store ranks in several of our key markets. Negatives for Black Friday 2021 include an increasing Black Friday fatigue with consumers, that is we observed less of a hype around Black Friday than in previous years. Further, the entire November was characterized by increasing COVID cases and restrictions in many of our core markets, which caused volatile demand and consumer uncertainty. Maybe because of this, we also observed comparatively high price elasticity around Black Friday, with consumers gravitating towards higher discounted products. Now, let's move on to a clear positive, the results of our footprint expansion in Southern Europe. Our market entry campaigns in Italy, Greece, Portugal, and France were all successfully executed and created great trading momentum in our Q3 2021/2022, as indicated by the chart on the left-hand side. The campaigns also generated an extremely high number of new customers. Our five markets in Southern Europe accounted for 23% of total new customers acquired in Q3 2021/2022, with relatively low customer acquisition costs for this SCAYLE. Our new Southern European cohort are of great quality. Rolling 30-day frequency, that is the number of orders per customer in the first 30 days after initial transaction, is around 10% higher than the group average for our Q3 2021/2022 cohorts. We are seeing this great momentum continuing today, and hence we remain very bullish on the ramp-up of our new Southern European markets over the next years. Another strategic footprint initiative for us is our Global Shipping Platform. A MVP version of it that is a minimum viable product for our global proposition has now been launched in December 2021. Today we can celebrate that a slim version of ABOUT YOU is available in English and Spanish language in about 100 countries outside of Europe. Orders are being fulfilled from our European network, and we already see a strong order ramp up from global consumers. Most importantly, we are generating very interesting data points on select countries and regions. N ow, what will be the next steps here? Firstly, we're working to optimize the global proposition in a 360-degree approach. That is enlarging the assortment, optimizing customer experience, setting up new marketing channels, and so forth. Secondly, localized test versions will be launched for promising regions, featuring, for instance, localized content, further optimized logistics, and local payment types. Thirdly, based on the data points generated here, we will be able to take elaborate decisions on potential local investments in these regions. Throughout the process, we are ensuring the ABOUT YOU service quality worldwide. That is free shipping, convenient returns, secure payments, and much more. We are looking very much forward to the next steps here, and we'll keep you posted on our insights. Let's now move on to our supply side, where we want to give you another brief update on the key effects that we see from supply chain disruptions. Key message is our view from the last earnings call has not changed, and we continue to see limited effects on our business. If we look at the left-hand side of this chart, we see that our core assortment grew again by more than 40% year-over-year as per end of December 2021. The shape of our Spring/Summer 2022 delivery curve is also in line with our expectations and compares relatively well to Spring/Summer 2021, where the delivery rate was only 2% higher at this time of the year. That means we see some slight delays, but all in a manageable and expected range. Another proof point for our well-working supply side is that we are ramping up our exclusive co-ops in line with our plans, as showcased by recent highlights on the right-hand side of this chart. We are increasingly serving a broad range of genres here, ranging from top-tier influencers like Kendall Jenner over local heroes, premium, and sports influencers. With that, we keep attracting diverse demand to our platform while creating even stronger connections with our customers. All in all, we continue to believe that the supply chain disruptions we expect will be rather an opportunity for us to accelerate market share gains, because our business model has proven to be very robust in times of volatile supply. Moving on to our B2B segment with another update on the recently rebranded SCAYLE unit. Here, we've made significant progress on the product side with the release of a new version of our SCAYLE Commerce Engine. Major upgrade is an improved infrastructure setup running on Kubernetes and Docker containerized infrastructure. This new cloud infrastructure is fully automated and enables much faster setup times for our growing number of new clients. Further, we've integrated an add-on store for external out-of-the-box integrations to fulfill client requirements much more flexibly and efficiently. We've improved internationalization and localization features, as well as the back-end navigation logic for our clients. Good progress also with our SCAYLE go-to-market strategy. By partnering with leading agencies, some of which showcased on this slide, we are growing our lead funnel and generate additional development capacities to integrate a growing number of new clients. Further, we are also growing our internal sales team. We've onboarded seasoned SaaS sales specialists, growing our SCAYLE sales team to a double-digit headcount with more than eight years of average experience with renowned companies like Microsoft, SAP, and commercetools. With these advances in our core product and go-to-market, we believe we are in very good shape to drive another strong wave of growth for our SCAYLE unit. So far on our business update, let's now talk about our financial performance in the third quarter of 2021/2022. On top line, we continue to see high growth rates across all our segments. Let's start with the group trading on the left-hand side of this chart. Following on an already strong Q2 2021/2022, we grew our revenues by 48% in Q3. This leads to a 55% growth in the first nine months 2021/2022, which corresponds to EUR 1.3 billion in revenues. Looking at our segments, we continue to see healthy growth in our DACH region, where our revenue growth accelerated to 27% year-over-year. This was largely driven by well-executed marketing measures, including the WOOHOO and Black Friday campaigns, as well as the adjusted ROI steering on the back of strong customer lifetime values. Q3 growth in DACH could have been even higher if consumer demand had not been negatively impacted by COVID-related restrictions and uncertainty in the second half of our third quarter. In the first nine months of this fiscal year, our DACH segment achieved a revenue growth of 31%, keeping up the strong growth momentum of last year. Moving on to our Rest of Europe business. Despite a tough comp from last year and our increasing SCAYLE, our Rest of Europe growth accelerated quarter-on-quarter and achieved a year-over-year growth of 68% in Q3 2021/2022. Rest of Europe growth was enhanced by our market entry campaigns in Southern Europe, which effectively took place during this quarter. On a nine-month basis, our Rest of Europe revenues are up 75% year-over-year, which is in line with the guidance provided at listing. On TME, our B2B segment continues its hyper-growth momentum and generated remarkable growth of 109% in the third quarter. This is driven by several core product improvements, structurally higher revenues with existing clients, as well as the acquisition of new clients. On a nine-month basis, our TME business is up by 136% year over year. This, however, still is to be seen in the context of a softer nine months 2021, when B2B spending was only starting to pick up from the adverse effects of the pandemic. Once again, our commerce growth is underpinned by our strong cohort data as we continue to see positive development in all last 12-month customer metrics. Active customers are up 34% year- over- year from 8 million- 10.7 million, indicating the strong growth potential in the current footprint. Order frequency increased from 2.7- 2.9 orders per year as a result of extended assortment, enhanced customer experience, higher brand awareness, and cohort age structure effects. Average order value increased from EUR 56.1- EUR 58.8 per order, largely driven by positive basket effects relating to COVID. While these effects are increasingly fading out, they remain visible, especially in a last 12-month perspective. Moving on to our bottom line, which is characterized by significant growth investments in Q3. Let's start again on the left-hand side of this chart, showing our group adjusted EBITDA margin at -6% in Q3 2021/2022 versus -4.1% in the third quarter last year. Key driver of this decrease are one-off effects from campaigns which we will discuss in a second for the commerce segments. On a nine-month basis, our group adjusted EBITDA is at a EUR -56 million, which is in line with our EUR -70 million guidance for the full year. On segments, our DACH business continues to generate healthy margins despite our accelerated growth. Adjusted EBITDA margin in Q3 2021/2022 was 5.5% compared to 8.1% in the third quarter last year. The reduction in EBITDA margin is attributable to elevated marketing spend as a result of the ongoing adjusted ROI steering, as well as one-off effects from the viral WOOHOO campaigns in DACH. For the first nine months, 2021/2022, DACH EBITDA margin is at 5.8%, slightly below the 6.3% in the same period last year. Moving on to our Rest of Europe segment, where we see the expected effects of the market entry campaigns in Southern Europe. These campaigns were huge successes in brand building and new customer acquisition, but they also created one-off effects on profitability which become visible in our Q3 2021/2022. As a consequence, our Rest of Europe Q3 2021/2022 margin is at a -21.1%, which is on a similar level to Q3 last year. On a nine-month basis, our Rest of Europe EBITDA margin is slightly up to a -18.4%. On B2B, our TME business achieved a strong EBITDA margin of 14.6% in Q3, up from 4.3% in the same period last year. All our three TME business lines continue to scale profitably as the high gross margin revenue streams scale against the predominantly fixed cost basis. The extraordinary costs of the SCAYLE rebranding this quarter could be overcompensated by these scale effects. On a nine-month basis, adjusted EBITDA margin for TME was at 14.6%, representing a strong increase compared to the first nine months last year. Let's now take a look at the key cost lines. Starting with the gross margin, where we see a decrease to 38.9% in Q3 2021/2022. This decrease is largely driven by one-off effects like the market entries in Southern Europe and the viral WOOHOO campaigns, which both leverage promotions and price reductions to acquire new customers. Further, as mentioned previously, we observed relatively high price elasticity around Black Friday, which also adversely affected gross margins. On a nine-month basis, gross margin is up by one percentage point versus last year, reaching 39.8% in the first nine months of 2021/2022. Next, our fulfillment cost ratio reached 18.8% in our Q3 this year, and 19.4% for the first nine months of 2021/2022. This means that our fulfillment cost ratio has been reduced by 0.3 percentage points year-over-year, and is down by 0.8 percentage points on a nine-month basis. Positive drivers were firstly, revenue mix effects, including a higher share of pre-paid dropshipping and B2B sales with lower fulfillment costs. Secondly, a continued high utilization as well as economies of SCAYLE in our logistics network. Marketing costs rose relative to revenue, reaching 21.2% in Q3 2021/2022. This is largely driven by the large SCAYLE investments for our market entry campaigns in Southern Europe, and to a lesser extent, also the increased marketing spending in DACH as a result of the adjusted ROI steering. On a nine-month basis, marketing cost ratio increases by 2.6 percentage points to 19.5%, reflecting the continued investments in brand building and new customer acquisition this year. Lastly, admin and other costs continue to benefit from economies of SCAYLE and cost discipline within the entire group. This has led to admin cost levels of 4.8% of revenues in Q3 this year, an improvement of 1.6 percentage points versus last year. On a nine-month basis, our admin cost ratio was 5.1% of revenues, an improvement of one percentage point year-over-year. All these effects combined resulted in a decrease of our group adjusted EBITDA margin by 1.8 percentage points to a -6% margin in Q3. For the first nine months 2021/2022, our adjusted EBITDA margin was -4.2%, an improvement of 0.2 percentage points compared to our first nine months last year. Let's now take a look at our cash flow drivers. Our net working capital remains negative and is at EUR - 47 million at the end of Q3, which corresponds to -3% of last 12-month revenues. Our capital expenditures amounted to EUR 10 million in Q3 2021/2022, and EUR 29 million on a nine-month basis. This is a significant increase versus 2021, where nine-month CapEx was around EUR 10 million. The CapEx increase is driven by investments into our growing IT and logistics infrastructure, as well as company building and M&A activities. Moving on to our cash position. Let us first look at our free cash flow, which is at EUR -76 million for the first nine months 2021/2022. This cash out is largely driven by the market entry and growth investments which are visible in our Q3 operating cash flow. Our financing cash flow is at EUR 551 million for the first nine months 2021/2022. This includes IPO proceeds of EUR 637 million, as well as the repayment of shareholder loans of EUR 75 million. We ended the quarter with cash and equivalents of EUR 583 million. This gives us a strong liquidity position to execute on our growth plans, and in addition, leaves enough flexibility to pursue potential growth opportunities on top. Moving on to our guidance for the financial year 2021/2022, and our medium-term outlook. As we mentioned earlier, we have updated the outlook for our revenue range. We continue to expect to grow our group revenue by 48%-52% year-over-year, and to reach revenues of EUR 1.725 billion-EUR 1.775 billion. However, given the strong results in our Q3 2021/2022 and the good trading we see at the moment, we now believe it is realistic to reach the upper half of this revenue guidance range. For our adjusted EBITDA, we reiterate our full year guidance of around EUR -70 million. That is because the incremental revenues from the latest guidance upgrades are being utilized for further growth investments. CapEx for 2021/2022 is now expected to increase to around EUR 50 million versus the previously stated EUR 34 million. As a reminder, CapEx for the first nine months, 2021/2022, was at EUR 29 million, meaning we expect elevated CapEx for Q4 2021/2022, resulting from our growing IT and logistics infrastructure, as well as pre-phased investments for 2022/2023. Our net working capital is expected to remain negative in the low single-digit area as percentage of revenues. We would like to conclude our presentation with our medium-term outlook. We have communicated at listing that our medium-term group revenue target is EUR 5 billion for our financial year 2025/2026. With the development we're seeing at the moment, with strong results in all our three segments, we are now even more confident that we are well on track to achieve this EUR 5 billion revenue goal. I would like to finish this presentation by thanking you all for your time today and also for your trust in us to deliver on our plans. We are now looking forward to answering your questions. Moderator, can we start? Thank you. We will now begin our Q&A session. If you have a question for our speakers, please dial zero and one on your telephone keypad now to enter the queue. Once your name has been announced, you can ask your question. If you find your question is answered before it's your turn to speak, you can dial zero and 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. We have a first question. It's from Nizla Naizer, Deutsche Bank. The line is now open for you. Great, thank you. I have three questions from my end. The first is when you look at the strong growth you've reported in the Rest of Europe segment, could you kindly break it down for us and tell us, you know, if you exclude the new market launches, what's the underlying growth in your, you know, historical Rest of Europe markets? How profitable have they been? Some color on the drivers there would be great. Secondly, on your B2B businesses, Tech, Media, Enabling, how fast are each of those components growing? Within Tech, could you give us some color as to how many new customers you've been able to add, and if the geographic split has also changed over the last three months, some color there would be great. My last question is on your Kendall Jenner collection. This is the second one you've done this year. How successful has it been? Would you want to consider continuing this sort of global influencer-led collaborations, and how meaningful is it to your financials? Thank you. Yeah, many thanks for the questions. Let me start with ROE then. If we exclude the Southern European markets, the other regions have probably grown in a 40%-50% corridor. So also here we continue to see healthy growth. In these territories, we can subdivide or distinguish two different types of P&L profiles. There are several markets with higher maturity that show a P&L characteristics similar to DACH, so growing 20%-30% EBITDA positive. Also in these markets, however, we have some which are less mature, which still grow significantly more than 50%, sometimes even 100%+, and are still in heavy investment stage. This then altogether, including the Southern European markets, leads to the profile of the ROE segment as of now. The second question related to TME. We are actually seeing strong growth in all three business lines. For Tech, Media, and Enabling, we are also adding continuously new customers for all three business lines. For Tech in the Q3, I believe we have acquired a mid-single-digit number of customers. For Media and Enabling, the number would probably be even higher. For Tech, geographical split continues to be centered around DACH or let's say DACH and some surrounding countries. This is expected to change now with the more aggressive go-to-market strategy, which also includes increased international sales efforts for SCAYLE. Third question on Kendall. Also the second drop we would consider very successful both on the customer front. This has led to very high levels of new customers, strong uptake in trading and also positive branding effects. Also we continue to see positive effects for our whole influencer ecosystem. The onboarding of further top-tier influencers is of course eased by the number of collaborations that we're having with such top-tier influencers. Hence also for the future, we would expect to continue collaborations with top-tier international influencers, not necessarily Kendall Jenner now with the second drop being over. We are also already in the process of onboarding further top-tier influencers for the next one to two seasons. Thank you. The next question is by Olivia Townsend, UBS. The line is now open for you. Hi. Yes. I have two questions, please. My first question is on the fulfillment cost ratio. Back at IPO, you were talking about expecting a sort of slight increase in fulfillment cost ratio on internationalization. We've obviously seen a few market launches this year, and the ratio sort of continues to decline. I appreciate there are other factors, as you mentioned, in your remarks, but I'm just wondering, should we no longer expect an increase in the ratio next year? Is that something that might happen further out or not at all? My second question is on marketing cost ratio. As you explained, the uplift r elating to some of the changes that you've made to the returns in the DACH region, as well as internationalization. On the DACH region, I'm just wondering how short-term sort of is this increase in marketing spend on those adjustments? Would you expect that there would be a similar ratio in Q4 and then into Q1 as well, please? Thank you. Yeah, sure. Thanks for the question. On fulfillment costs, the increase that we expect relates to the rollout of our European network, increased complexity induced by a growing number of distribution centers and also return centers. We would continue to expect a slight increase in the fulfillment cost ratio also for the future. The positive development that we're seeing right now is that we are only just in the progress of rolling out this network, so the complexity effects have not yet materialized. At the same time, we of course see very high utilization in the existing facilities. What further adds to this is there's also an elevated share of pre-paid dropshipping assortment, which have very low fulfillment costs. The second question regarding marketing costs. This ROI steering in DACH is continuously being reviewed in relation to both customer lifetime value development that we see but also the current customer acquisition cost. It's actually a response to the current market environment. Right now, I would not expect the elevated marketing spend to be of long-term nature. As said, that is constantly being reviewed, and this is more like a day-to-day decision that we take rather than a strategic one. Great. Thank you. The next question is by Anne Critchlow, Société Générale. The line is now open for you. Thank you. Good morning, everyone. I've got three questions. The first is on the returns rate. If you could just comment what you saw in terms of the product returns rate in the third quarter, and how you expect that to trend into the fourth quarter. Second question on inflationary pressures. I think you commented already about marketing, but looking also at courier costs and also warehouse labor costs, if you could comment on any pressures you're seeing there. Thank you. Third of all, just thinking about price inflation, I think you said last time that you expected moderate price inflation for Spring/Summer, and presumably you would pass that on to customers, trending to high to mid-single digit inflation for Autumn/Winter. If that's changed at all, please could you update us? Thanks very much. Sure. On the returns, we are seeing for the group a continuous decline in returns or return rates, which is primarily due to our international expansion. We are seeing structurally lower returns in our Rest of European markets than in DACH, and the increasing share of Rest of Europe then also contributes to globally lower return rates. If we look at returns on a like for like basis, same country, same consumer demographics, same category, same price point and so forth, we are seeing that returns increasingly converge to pre-COVID levels, and that's also relatively stable. The volatility on the returns on a like for like basis, at least as of now, is relatively low. We are slightly below pre-COVID levels like for like, but the data is really marginal, so I would consider this almost to be a tailwind that has ceased. The second question on inflationary pressure on OpEx. Certainly there are some effects here, but we would expect them to be offset also by effects that we see on the RRP side. Luckily, we also have several contracts with service providers that kind of protect us against the overproportionate increase in OpEx costs due to inflationary pressures. For us, for the next one to two years, we wouldn't expect material adverse effects from inflationary cost pressures. On the pricing side, we can confirm the statement of the last earnings call, where we said, for Spring/Summer 2022, we expect low to mid-single digit RRP increases year-over-year. For Autumn/Winter 2022, maybe slightly higher, more like in the mid to high single digit year-over-year increase range. This view hasn't changed, and it's also backed by a growing number of data points that we gather around supplier pricing. Okay. Great. Thank you. The next question is by Georgina Johanan, JP Morgan. The line is now open for you. Hi. Thanks for taking my questions. I've got three, please. The first one was on the growth margin outlook for the final quarter. I mean, given your comments around the higher price elasticity that's been experienced at the moment amid COVID restrictions, how should we be thinking about growth margin trends in Q4, please? My second question was around you've referenced a couple of times the high dropshipping proportion. Now, is that actually trending upwards then, i.e., is Fulfilled by ABOUT YOU trending down? And if so, could you just provide some color on that, please? 'Cause I thought the trend was expected to go in the opposite direction. Final question was, you referenced with regards to the TME business that you're working with some external agencies, and I just wondered, is that because some of your clients are asking for services that you cannot yet provide and hence you're using these other parties? Or is it more that demand is so strong and you just need support to ensure kind of continued rollout? Any help with understanding that would be appreciated. Thank you. Sure. Firstly, on the gross margin, for Q4, we need to distinguish two effects, I think. First, price elasticity, we would expect this to sustain, at least as long as COVID-related uncertainty sustains and restrictions sustain. That's at least in our view, maybe a slight headwind for the Q4. On the other hand, in the Q3, we had several one-off effects from campaigns, so induced by our own marketing and campaigning activity, especially in Southern Europe but also in DACH. These effects we will probably not have to such an extent in the Q4. Our expectation would rather be that gross margin in Q4 improves versus the Q3 on a net basis. The second question relating to drop shipping versus Fulfilled by ABOUT YOU. We've seen a continuous increase of Fulfilled by ABOUT YOU within the 3P revenues. That has not changed. 3P as a whole has increased quite significantly in the Q3 as well, which also always is the case when we see volatility in demand as induced by COVID, for example, demand being volatile, shifting from going out to more like leisure categories and so forth. This then always triggers an increase in 3P, which then also favors not only Fulfilled by ABOUT YOU, but also drop shipping revenues in total. The third question was on the agencies that we are collaborating with. That's basically two main goals here. The first is that we are outsourcing part of the integration efforts for new clients. So basically connecting our SCAYLE Commerce Engine to the back-end systems of our clients can be done by third-party agencies, which gives us the opportunity to scale faster in the end. It's also, as a second component, a sales channel. So we are also acquiring new clients via these cooperations with external agencies, given they are a large network in context with potential B2B clients. Thank you. Just a clarification question, if I may, on the gross margin, because I think seasonally we would naturally expect it to be higher in Q4 versus Q3, but you are expecting to see it down on a year-on-year basis in Q4. Is that correct? We are expecting a quarter-over-quarter increase. The Q4 gross margin is expected to be slightly higher than the Q3. That is due to the one-time effects that we've seen now in the Q3 coming from campaigning activity and so forth. This will be not as pronounced in the Q4. Okay, great. Thank you. As a reminder, if you want to ask a question, please press zero and one to enter the queue. There are no further questions, and so I hand back to Julia Stoetzel for a few final remarks. Let me close our presentation by saying thank you for all of your support and for joining us to today's presentation. If there are any further questions afterwards, please feel free to reach out directly to the IR team. We're looking forward to seeing some of you during our upcoming roadshow. Have a good day and bye. Ladies and gentlemen, thank you for your attendance. This call has been concluded. You may disconnect.