Good morning, everyone, and thank you all for joining us today for our first quarter fiscal year 2024 results presentation for the three months ending 30 June 2023. I'm David de la Roz, the Director of Investor Relations at eDreams ODIGEO. As always, you can find the results materials, including the presentation and our results report, on the investor relations section of our website. I will now pass you over to Dana Dunne, our CEO, who will take you through the first part of the presentation. Thank you. Thank you, David. Good morning, everyone, and thank you for joining us. The key takeaways from today's results presentation is that eDO continues to show strong growth in subscribers, revenues, and profit. In fact, our Cash EBITDA more than doubled in just one year, and Cash EBITDA margin improved 9 percentage points versus the first quarter of FY 2023. This means our Cash EBITDA margin improved from 9% in Q1 2023 to 18% in Q1 2024, and we added 1.5 million subscribers in the last twelve months and 375,000 in Q1 2024. In total, we are on target to meet or exceed our self-set targets for FY 2025. Today, we'll take you through the key points of our strong performance. This will include, one, eDO results highlights. Two, the Prime model proven to be a success. We'll review our excellent first quarter FY 2024 results. Three, we will then explain the improvements on disclosure we have implemented so there is a better understanding of our subscription model. Four, we'll cover our investment highlights, and we'll conclude today's presentation with some closing remarks about our long-term fundamental growth potential well beyond FY 2025. Please turn to slide 4, which is a summary of our performance for the first quarter of the fiscal year 2024. As mentioned, our profit margins have increased significantly due to the strength of our Prime model and the maturity of Prime members. This also has resulted in Cash EBITDA more than doubling year-on-year. Most importantly, we are on track to meet or exceed our self-set target for FY 2025. Some of the key highlights for today's presentation are: First, in the first quarter of FY 2024, the strength of the eDO Prime model continues to drive significant improvement in profitability. Cash EBITDA stood at EUR 29.4 million, more than double the EUR 14 million reported in the first quarter of FY 2023, and cash EBITDA margin had 9 percentage point improvement year-on-year. Cash marginal profit stood at EUR 52 million. That's up 55% year-on-year, and the margin had a 10 percentage point improvement in just one year as well. Prime share of the cash marginal profit reached 65% of the group's total already, and now our results are largely driven by subscription. This has led us to change the way we report internally as a subscription-led business, and going forward, Prime and non-Prime will be our reporting segment. Second highlight, eDO Prime model is firmly established as a success. In the first quarter of FY 2024, we reached 4.7 million subscribers. That's a 48% increase versus the same period last year. Despite the industry moving to more normalized seasonality patterns since the first quarter of FY 2023, customers booked closer to departure dates due to the Omicron catch-up effect, which is no longer happening in the first quarter of FY 2024. Post the period end, we have added another 200,000 members and have 4.9 million subscribers. Prime cash revenue margin. This is a new quarterly reporting KPI. It also showed very significant improvement, up 46% versus the first quarter of FY 2023, and this is in line with the growth in Prime members. Also, Prime share of total cash revenue margin for the first time surpassed 50% in one quarter since we launched Prime in 2017. Prime share of cash revenue margin was up from 41% in the first quarter of FY 2023 to 57% in the first quarter of FY 2024. Third highlight, eDO is well on track to meet or exceed its self-imposed FY 2025 target. That's because on the Prime members, our quarterly net add runway is ahead of the implied runway needed to achieve FY 2025 target. Prime ARPU, as guided, is trending towards the EUR mid-70s, and then will converge with our FY 2025 guide of around EUR 80 per user. In the first quarter of FY 2024, Prime ARPU stood at EUR 75.5 per user. And the cash EBITDA. Our first quarter FY 2024 results-... demonstrated that an increase in share of year 2+ Prime members has a very positive impact on margin, doubling year-over-year. Today's numbers reaffirm we continue to be well on track to meet our self-imposed target of over EUR 180 million in FY 2025. Fourth highlight. Longer term, and beyond 2025, eDO has strong fundamental growth potential. This is due to the attractiveness of our area of travel. We will continue to benefit from the strong online consumer leisure travel, in which there's a structural shift from offline to online, and convenience and desire to travel. Also, we will benefit from eDO's ability to further increase household penetration in the market in which we currently offer Prime, given the current low penetration level. Also, we will expand Prime into new markets, moving from 10 markets to many more markets. We will enter new customer segments, and we will further launch products and services under Prime. In sum, Prime has proven to be a success and is now firmly established. It delivered significant uplift in profit margins, which will continue. We believe we have the right model, right people, right structure to seize and deliver on the exciting shareholder value, creating opportunities that are well, well, well ahead of us. If you could all please now turn to slide 6 of the presentation, I will take you through the Prime model. In 2017, we launched our Prime subscription program. Until then, we were like all other travel companies. We were a transaction-based company, having a transaction-based relationship with our customers. In fact, the subscription model has been proven to be highly successful in other industries, such as Costco for supermarkets or Netflix for video streaming, and many other companies in many other industries as well. However, in travel, no one had done it until us. Today, we have proven it is successful. With us having almost 5 million subscribers and adding around 1.7 million subscribers every year, and with good, healthy margins. Thus, the company we were back in 2017 is not the company we are today. No longer are we a transaction company like all other travel companies. Instead, today, we stand at over 50% of the company's top line and profit margins being driven by subscription, with all of the benefits of a subscription company. This means much more certainty and the predictability of results, lower susceptibility to external impacts, higher customer loyalty, et cetera, et cetera. Already, the subscription part is over 50% of the company's results, and that is only getting bigger and bigger every day, every month, and every year that goes by. Thus, today, we are really a subscription company, and that is the way in which we manage and run the business. Please turn to slide 7. Related to us being a subscription-based company is the rapid growth in subscribers. In fact, Prime members are on track to meet or exceed our guidance to reach 7.25 million members by the end of March 2025. On a run rate basis, we are ahead of the required pace to achieve our target of Prime members. Please note, net adds of Prime members are influenced by seasonality and, in particular, in the first quarter of FY 2024, because of the industry moving to more normalized seasonality patterns. For example, the net adds of Prime members in the first quarter of FY 2023 were positively influenced by the Omicron catch-up effect. As more people were looking to book their travel closer to summer, summer departure dates, net adds increased because of that. But overall, in higher volume seasonality periods, we should have higher net adds, such as the fourth quarter. Coming back now to our target of Prime members for FY 2025. We continue to be on track to meet or exceed our target of 7.25 million Prime members by the end of March 2025. With the excellent progress made, the target is absolutely achievable. Together, with our existing plans, we will continue to grow our Prime addressable market, launching Prime in new countries to accelerate our run rate further. This gives us full confidence in meeting or exceeding our FY 2025 target. Please turn to slide 8. Cash EBITDA is on track to meet our target of over EUR 180 million in FY 2025. The growing maturity of Prime members has resulted in strong improvements in profitability during the last fiscal year. In the first quarter of FY 2024, cash marginal profit margin continued to improve. It increased to 31% from 21% in the first quarter of FY 2023. That's a 10 percentage point improvement. Cash EBITDA also improved substantially. In the first quarter, FY 2024, cash EBITDA margin more than doubled to 18% versus 8.8% in the first quarter of FY 2023. This is an improvement of 9 percentage points, well above first quarter, second quarter, third quarter, and fourth quarter FY 2023 margin. Turn now to slide 9. Let me remind you that when looking at Prime versus non-Prime, we still think it makes more sense to look at our business on a last 12-month basis, as Prime is an annual subscription business and the non-Prime part is quite influenced by seasonality patterns. Our KPIs reported today show strong growth and significant marginal profit uplift as maturity of Prime members increase. Another proof point that we are really a subscription company is our strong growth in cash revenue margin, and cash marginal profit has led to a 50% cash revenue margin and 59% cash marginal profit in the last 12 months to June 2024 being delivered from Prime members, and that was versus 41% and 53% just a year ago. As we now have a much larger portion of Prime members in the second year and subsequent years of the membership cohort, the level of profitability of Prime continually improves. Now, let me pass it over to David, who will take you through our excellent first quarter FY 2024 results and the improvements in disclosure. Thank you, Dana. If you could all please turn to slide 10 of the presentation, I will take you through the financial results in more detail. In the first quarter of fiscal 2024, we have delivered strong growth in Cash EBITDA and substantial improvement in margin as the maturity of Prime members increased. The first quarter of fiscal 2024 Cash Revenue Margin is 5% higher than in the first quarter of the previous year. Cash Marginal Profit and Cash EBITDA improved 65% and 110%, respectively, between the first quarter of last year and the quarter that we just published. Over the past year, our subscribers grew by 47% to 4.7 million. In addition, 57% and 65% of our Cash Revenue Margin and Cash Marginal Profit in the quarter, respectively, are now from Prime members. As guided, the maturity of Prime members is the most important driver for profitability, and this has resulted in a strong improvement in profitability as we have more Prime members renewing their membership. Cash margin or profit margin increased to 31% for the first quarter of 2024, from 21% in the first quarter of 2023, 10 percentage points improvement. Cash EBITDA margin in the first quarter of 2024 more than doubled and stood at 18% versus 9% in the first quarter of fiscal 2023. Cash EBITDA stood at EUR 29.4 million in the first quarter of 2024, up 110% year-over-year. Please turn to slide 11 of the presentation. Revenue margin, excluding adjusted revenue items, was EUR 157.5 million. The application of a new estimate for revenue recognition of Prime subscription fee, which we will explain in detail in the next section of this presentation, has a catch-up effect from the past. This is why we have adjusted the revenue margin down by EUR 7.9 million, as this amount is not reflective of the current period's Prime revenue. Adjusted revenue margin increased by 8% to EUR 157.5 million, mostly driven by an increase in Prime revenue margin of 65%, following the successful expansion of the Prime member base. Prime revenue margin growth rates were offset by the non-Prime revenue margin, which decreased 23% versus the first quarter of 2023. That quarter, first quarter of 2023, was positively impacted by a catch-up of Omicron booking. Variable costs decreased by 8% on lower variable costs from Prime members, driven by a more mature Prime member base. Overall, the first quarter of 2024 has seen the improving trends we saw in fiscal 2023 continue and significant improvements in profitability as we have more Prime members renewing their membership. Fixed costs increased by EUR 3 million, mainly driven by higher personnel costs. As a result, adjusted EBITDA was EUR 20 million, a material increase. Adjusted net income stood at EUR 1.1 million in the first quarter of fiscal 2024. Turning now to slide 12, I will take you through the cash flow statement. In the first quarter of fiscal 2024, despite moving to more normalized seasonality patterns, we end the first quarter with a positive cash flow from operations of EUR 18.3 million, mainly due to the successful expansion of the Prime member base, which resulted in higher EBITDA. In the first quarter of 2024, we had a working capital outflow of EUR 9.3 million, again, mainly driven by the business moving to more normalized seasonality patterns. In the first quarter of 2023, the higher working capital inflow was positively impacted by a catch-up effect from Omicron booking, which resulted in an increase in volumes between March and June 2022, which was larger than the increase in volumes between March and June of 2023. We have managed our liquidity position well, consequence of our strong business model and active plans. Liquidity has remained more than sufficient and stable throughout the pandemic. At the end of June 2023, the liquidity position was strong at EUR 198 million. We have invested EUR 10.8 million in the first quarter of 2024, an increase of EUR 3.9 million as we capitalize our software. Cash used in financing amounted to EUR 5.2 million, compared to EUR 34.8 million in the first quarter of 2023. The variation mainly relates to the payment made in June 2023 of the government-sponsored loan for EUR 3.8 million, the repayment of the Super Senior RCF by EUR 30 million in the first quarter of 2023, and the payment of the costs associated with the refinancing for EUR 3.4 million in the first quarter of 2023 as well. If you could please turn to slide 14, let me run you through the rationale and further improvements we have made for disclosure, for you to be able to measure us and our subscription model. As the majority of eDO 's performance results is driven by subscription, we have decided to change the reporting breakdown to better reflect a subscription-led business. As you can see, over the past 4 years, the evolution from transaction to subscription business is clear. Prime revenue margin went from 4% to 55% in the first quarter of 2024 over overall revenue, and marginal profit went from 2% to 57%. From the first quarter of 2024, the group will disclose prime versus non-prime, ad revenue margin, variable costs, marginal profit, and adjusted EBITDA levels with quarterly figures, and not only last twelve months. The group will also start reporting revenue by timing of recognition, alongside the prime, non-prime dimension to align with the new reportable segment. Three, in order to align the financials better with the evolution of a subscription service, the group has also decided to change the prime base of revenue recognition from revenue recognition based on usage to revenue recognition based on a gradual model. If you could please now turn to slide 15, I will go into a bit more detail about each of the changes in disclosure and rationale behind them. Before the change, as you know, the group identified a segment, the different markets in which it operated, since it was the basis on which the information was reported internally and strategic decisions were made, such as the launch of new services, pricing strategies, or investment generation. With the shift in the group's majority revenue and profits coming from subscription, this is no longer the way we look at information in order to evaluate performance and make operating. The group considers prime versus non-prime in segment as a better reflection of how the leadership team evaluates operating performance. From the first quarter of fiscal 2024, segment information is presented with prime and non-prime as the new segment. Comparative disclosure has been restated to reflect this change in segment. What this means? For the prime segment, it means the profit and loss measure generated from prime users. In the case of cash revenue margin for prime, it includes elements such as, but not limited to, prime fees collected, the GDS incentives and commissions derived from bookings of prime users, ancillary services purchased by prime members, et cetera. For non-prime segment, it means the profit and loss measure generated from non-prime. If you could please now turn to slide 16. The change in the segment reporting makes a new revenue breakdown based on revenue recognition more appropriate. Before the change, up until the fourth quarter of fiscal 2023, the group disaggregated revenue from contracts with customers by source of revenue, as in diversification revenue, classic customer revenue, supplier revenue, and advertising and meta. Following the group's change in its operating segment and the expected evolution of the product, management has considered that the previous revenue disaggregation was no longer relevant, and instead, a revenue disclosure based on the uniqueness of the revenue recognition method, alongside the prime, non-prime dimension, is more appropriate. Revenue has been aggregated based on the similarity of economic factors and the similarity in the timing of revenue recognition, and makes it easier to link revenue to operating KPI, being the 3 new parts of the breakdown. First, gradual, which represent revenue, which is recognized gradually over the period of the service agreement and mostly relates to recognized subscription fees, the service of cancellation for a reason and flexi ticket, and airline overrides. Second type of revenue, which represents the revenue which is recognized at booking date and mostly relates to service fees, ancillaries, insurance, incentives other than airline of commissions and other fees. And other, which is a residual category and mainly relates to advertising, meta search revenue, tax-free funds, and other. If you could please turn to slide 17. We have also made a further change in estimate regarding the recognition of subscription fees, which aligns with the evolution of the Prime product and relevance of service for subscribing.... This has resulted in the accounting estimates regarding the recognition of subscription fees, changing from revenue recognition based on usage to revenue recognition based on gradual model. The change implemented aligns with the standards of other subscription businesses and helps investors and sell-side analysts to better understand the business as a subscription company. The change in revenue recognition does not affect any of the cash metrics. Not any of the cash metrics, but does affect the recognition for the P&L of subscription fees, revenue margin, and adjusted EBIT. We continue to believe that the best way to understand our subscription business is through the cash metrics, and the cash metrics are unaffected by this change. We have been communicating on cash metrics for some time and will continue to do so, like other subscription businesses. If you look at the chart on the left-hand side, you can see a material increase in adjusted EBITDA, even using the former accounting. The chart shows pro forma of the first quarter of fiscal 2024 adjusted EBIT. The reported figure is EUR 20 million, and the figure, if we had not changed the estimation of revenue recognition subscription fee, is EUR 16.2 million. The increase from previous year is very material in any case. In the following two slides, 18 and 19, we will show you how our figures look like on a quarterly basis with the new accounting decision. Please turn to slide 18. On the left-hand side, cash revenue margin growth was driven by the successful expansion of the prime member base and partially offset by the decrease of non-prime, which last year was positively impacted by the catch-up of Omicron. On the right-hand side, if we look at cash revenue margin by timing of revenue, the increase in gradual revenue margin, at 34%, follows a strong growth of the Prime business, as the subscription fees are a substantial part of the gradual revenue margin. The decrease in transaction date revenue margin is due to the decrease in non-prime booking, as the first quarter of fiscal 2023 was positively impacted by a catch-up of Omicron. Please turn to slide 19. Cash marginal profit continues to show rapid growth with significant improvements in profitability. In the first quarter of fiscal 2024, Cash Marginal Profits for Prime increased to 35% from 27% in the first quarter of fiscal 2023. That's a 9 percentage points improvement in just one year, as the Cash Marginal Profit for Prime weight of a total expanded 13 percentage points from 52% in the first quarter of 2023 to 65% in the first quarter of 2024. Cash Marginal Profit margin for non-Prime also expanded 7 percentage points from 17% in the first quarter of 2023 to 25% in the first quarter of 2024, as continue to focus on the most value-added non-Prime. As you can see, our business has evolved tremendously from a transaction business to a subscription business. As a result, it is appropriate that our reporting evolves from one typical of a transaction company to one more suited to a subscription business. I will now turn the presentation back to Dana to go through our investment highlights and some closing remarks about ambitions from fiscal 2025 onwards. Thank you, David. In the next 8 slides, I'm going to share some additional data on eDO and to try to summarize why we are an attractive company for investors, and we believe that we have ample room for valuation expansion. Please turn to slide 21. First reason, subscription is a superior business model, as proven by other companies like Costco and Netflix, and our Prime members are on track to reach or exceed the 7.25 million members by FY 2025. Please turn to slide 22. Second reason, eDO has demonstrated the ability to grow its membership base, penetrate markets, and capture new customers, and we expect that to continue as the market recovers. Please turn to slide 23 of the presentation. Third reason, within travel, eDO is the global flight leader, including China. We leverage this for our success and in providing a competitive advantage versus others. Please turn to slide 24. Fourth reason, we are in pole position in an attractive market and a first mover advantage. Please turn to slide 25 of the presentation. Fifth reason, eDO is unique in terms of profitability and growth. This subscription model has been proven in other industries to generate both long-term high growth and good profitability. This is the case for subscription companies such as Netflix and Costco, among the others. At the same time, we are not just copying, but innovating, taking the model to new heights, and doing things that no one else has done. Please turn to slide 26 of the presentation. Sixth reason, since very early days, eDO has been recognized as a leader in AI in Europe, always being a step ahead. Please turn to slide 27 of the presentation. 7th reason, we are very well-positioned, well-financed, and well on our way to meeting our self-imposed FY 2025 targets, which, to remind you, are Prime members over 7.25 million members. Prime ARPU around EUR 80, and cash EBITDA in excess of EUR 180 million. If you could please turn to slide 28. I would like to conclude by highlighting the strong fundamental growth potential we have beyond FY 2025. The longer-term potential beyond FY 2025 is huge. Prime is only currently in 10 countries, yet as a transaction model, we are in 44 countries. Thus, over time, we will continue to expand Prime to many more countries. Also, within each country where Prime is currently offered, we are nowhere near the normalized household penetration of Prime. This will provide large growth. In other product categories that have much longer tenure of introduction of subscription, European household penetration is 20%-60%, depending on the product. Our current average penetration of our top 6 markets is only 2.7%. We have many successful subscription programs evolved into more segmented customer segmented offers by customer and product segment. This also provides significant market growth opportunities for us as well. Overall, eDO is now a much higher quality business with a pivot to our subscription model. This delivers loyalty and repeating customers, resulting in more and more profitable and predictable business. We are delivering high underlying profitability and have huge growth potential. All of this will drive superior returns for shareholders, excellent service for customers, while at the same time transforming [audio distortion]. Thank you, Dana. With that, we would now like to take your questions. We will answer the questions sent to us in writing in the webcast. We will take questions on a first-come, first-served basis. We'll also try to group questions of similar nature. Should we not have time to respond to questions from the webcast, the investor relations team will make sure that those are answered afterwards. So I'm going to see the list of questions now. The first set of questions comes from Mies van Eijster from Deutsche Bank. The first one says: On the competitive environment, have any of your larger global peers gone down the subscription path? How do you view the recent news around Google Flights highlighting when it would be the best time to book flights on a certain route? Does this take away some traffic that may have directly come to your website? Dana, you want to take this one? Sure. Yep, absolutely. So let me do the two parts to this first question. Part one was about just global competitors going down the subscription path. And I again, it depends on what we mean by global competitors, but just for full transparency, as you know, there is Tripadvisor that did launch a subscription program several years ago, and I think they did it for probably around two years. And that was very public, and made disclosure about it, and then it pulled back since after about two years, and I think that, you know, kind of paraphrasing, they said that they like the subscription base. They think it's a good opportunity, but it wasn't working in the way in which they wanted it to work for them. Okay. So, there has not been any further pursuit from them. And I don't think that you see a material pursuit from any of the other global competitors today. The subscription model is very difficult to replicate. We have now six years, and actually, I would say actually even we've been working on this for over six years, subscription, and it requires an awful lot of effort, awful lot of insights, and some prerequisites as well, to be able to really do it, and do it extremely well. We started in flights. We now actually have flights, hotels, we have cars, dynamic packages, et cetera. And so we've come a long way in that, that period of time, and so it's very difficult, and it's a huge undertaking, for anyone else to actually try to overcome. In terms of the second part of Mies's question, I think it was about Google and Google Flights, in terms of, they have a new feature that highlights the best time to book on a certain route. And I think the question is, does this take away traffic from us, coming directly to our website? The answer, the answer is no. It doesn't. It is not one of the key drivers of customer choice at all. And furthermore, let me link it specifically to our business. We're more of a subscription than a transaction business, and thus our dependence on these types of channels is less on average than other companies. And I think, in fact, you've seen, you know, that we have experienced material reduction on marketing costs once the customer becomes a Prime customer. And so you see, as we get into the year two plus, you know, and having more and more Prime customers and subscribers moving close to that first booking, the margins are extremely attractive for us in that. And then lastly, is we have an awful lot of our first-time subscribers coming from pure referrals and word of mouth, and I think we've also shared with investors that the customer satisfaction, the Net Promoter Score, is extremely high for Prime, and therefore we benefit from that as well. David, let me pass it to you now. Okay, the second question from Lisla is: Can you give us some color on Prime churn? Has it changed or stayed stable over the last 12 months? Does it vary by market? Well, as I've said multiple times, we only disclosed the churn one time to give comfort to people, and we don't see the vast majority of other B2C subscription programs doing this. However, let's say on a more qualitative basis, we have seen churn slightly improving. As you know, we monitor continuously customer satisfaction and Net Promoter Score, which are two very important variables for us. And at the moment, these KPIs are truly remarkable. And although we can still get better, of course, according to these figures, we are not worried about an increase in churn in the short term. The third question would be: I understand the subscription pivot results in a new reporting structure, but could you please give us some color on how overall bookings performed in Q1? Well, let me remind everyone that the things that we have discontinued are things that are not relevant for us anymore. In fact, they have the risk to confuse people regarding what really drives our numbers, because we are a subscription company, and therefore we are adding other disclosures much more relevant for a subscription company. For instance, we do not give the bookings for Prime because they will just confuse people, as they're not a driver of our results. Addressing your question, let's say on a more broad level, we continue to have gains in market share, and we continue to trade in a very positive way, but we're not going to disclose the number of aggregate bookings or the number of Prime bookings on an ongoing basis. The next set of questions come from Francisco Ruiz from Exane BNP. The first one says, "Once the seasonality has returned to a normality, how do you expect working capital to perform within the year?" Let me take that one. I'd say directionally, we should see an inflow because the raw sales are growing as expected, and we keep having more volume than we used to have in the past. That's for the aggregate of the year. However, let's say this is, this can be, as you know, impacted by seasonality from quarter to quarter. There's one other thing for the aggregate of the year, particularly with the March year-end that we have for our fiscal year, where the seasonality of Easter has changed somewhat versus the previous year. In 2023, Easter was in the first week of April, and this time it will be on the last week of March. Therefore, we have one more week of vacation period within the quarter, that last quarter. And like we have explained, and I'm happy to repeat, when people are on vacation, they're not booking vacation, they're just on vacation. So periods of vacations like the week of Easter tend to be low booking periods. That one fell to April of 2023, and the next cycle is going to fall into March of 2024. The second question is about the Prime subscription. It says, "Could you give an idea if new Prime members are in new geographies, or you see also nice growth in geographies where the product will be more mature, like France?" Actually, we see a relatively similar performance across geographies. The biggest drivers is for the total amount of members, is the size of country and the date of the launch of Prime. But I think people should keep in mind, and we've disclosed these figures in the past, that still the relative penetration of Prime members versus the amount of households in one country is quite low compared with other subscription products. We disclosed the last time that France, which was our oldest market, is under 5% of penetration, and that compares with ranges of, depending which subscription product you look at for a B2C, between 20%-50%. It's still very early days. We continue to see nice growth of subscribers across both old markets and new markets. The third question is: with the new segment reporting, the revenue margin for Prime members would be just average Prime members in the period multiplied by ARPU? That's actually not that way, for two changes versus your question. First, ARPU is based on cash revenue margin and not revenue margin. ARPU has inside the full amount of subscription fee, regardless of the element of accrual in the P&L. And the other thing is that it is based on the last twelve months reporting. So it's not Prime members in the period, you need to take a period of four quarters for that to be correct. The next set of questions is from Andrew Ross of Barclays.... First one says, two related to removal of disclosure of gross bookings. What is the best way to model your working capital if you don't disclose the gross bookings? Actually, we do disclose the gross bookings. You can still find them in the, in the notes to the financial statements. The second one says, Isn't the number of bookings for Prime Member an important metric to understand the sustained value of the proposition and drive your ARPU? Remind us why you believe the subscription income is a relevant metric when you factor in discounts on flights and then still making markup on auxiliary items with Prime? How do we build confidence that the value of Prime is sustainable without knowing the frequency? Okay, that's a very valid question, and I'm very happy that it has come up. But the most important thing to retain is that we are definitely a subscription company now, and the number of transactions do not determine the profitability of the subscription model. And we've explained this multiple times, but I'm delighted to explain it again. Yes, new transactions will increase the ARPU, but we have also said that that's only the revenue, it's not the profit. We have also said that we do not make much more profit or a meaningful amount of additional profit of a Prime member that makes 3 bookings versus one that makes 2 bookings, or one that makes 4 bookings versus another one that makes 3 bookings. So at the profit level, we tend to equate, right? It needs to be, we want it to be a really great deal for the Prime members, and therefore, beyond the second booking, we're not making additional money because the customer makes more bookings. The engagement of the subscribers with the subscription service, which is what I think you're getting to, is perfectly observable in 2 metrics. 1 is the evolution of the Prime members, and 2 is the profitability. A decline in engagement or an increase in churn would result in either a decline in members or a decline in margin, or a decline of both. But you will be able to observe it from those two metrics. We have decided to discontinue providing the Prime bookings as it is a KPI which anchors investors on the transactional business mentality. I think we need to really move away from that mentality because that's not what explains our business. We keep, on the other hand, providing bookings for the non-Prime business, which is the residual transactional business. From a customer point of view, we have occasionally shared, not every quarter, but regularly, customer satisfaction numbers, NPS, Net Promoter scores, which have shown that customers are very satisfied with Prime and have high level of promoting Prime to their friends and family. Going forward, we will continue to periodically share that as we have done in the past. The third question from Andrew is, any commentary on how you would expect trends to go through Q2, Q3, Q4, still expecting an acceleration in the back half of the fiscal year as comps normalize? Well, I would say a couple things about this. We're giving a hugely detailed, 18-month out guidance, and no one else in the market is giving, right? And I think that gives you a North Star that is very interesting. The other thing that I would say, and let me here, for instance, point to the new disclosure that we're starting to see, and in particular, to the revenue breakdown. We have the one in which we break down the revenue between recurring revenue, transaction-based revenue, and other, being the first two categories, the really important one. If you look at the data that we have disclosed for the last year, you will see that recurring revenue increases every quarter. And that is because that's the one that is driven mostly by the number of Prime members, and Prime members increase every quarter. You will see, on the other hand, that the transaction-based revenue is one that has more variability because it's the one that depends on seasonality, right? You should expect that pattern of behavior to continue going forward. You should expect the recurring revenue to increase every quarter, agnostic of it is a Q2 or a Q3 or a Q1, and you should expect the transaction-based revenue to have more variability, right? To remind everyone, Q3 is the lowest seasonal period of the year. So from now to then, we go into, into quarters in which the transaction date revenue only will be going downwards, and then Q4 will pick again, from a seasonality perspective. The next set of questions come from Carlo Serino of Banco Santander. The first one, could you elaborate on the reason for your working capital outflow in the Q1? It was fully driven by lower bookings at the end of the quarter versus the beginning, or are there any other reasons? No, it's, it's really mostly driven by, by that. The comparable quarter of the previous year, so March to June of 2022, you will remember that it was an upward seasonality because the Omicron wave affected the population mostly between December of 2021 and February of 2022. And therefore, in the following period, bookings that people would have normally done in January and February for the summer departures didn't happen, and those happened in the quarter from April to June of 2022. This year, we have had a return to more normal seasonality patterns because, thank God, there was not a new strain of COVID that was affecting people's behavior, and people in January and February were making bookings as normal for the summer, and therefore, you didn't have that surplus of bookings into the months of April to June. That would normally not be done in that period of time by customers. That's the one that is fully, fully affected it. The second quarter is, could you elaborate on recent business dynamics in July and August? Should we expect normal seasonality in the second quarter of this one? Dana, you want to take that one? Sure. So overall, Q2 would be the summer, right? So July and August, and I think it's been a very good July and August, quite frankly. Well, not just us, but also for the industry, quite frankly. I think we see a couple of important things that I can highlight. The first is that we see the importance from a leisure customer point of view, that leisure travel is even within a suboptimal economic or macroeconomic environment, right? You know, they're clearly over the past 12 months, having concerns about, you know, inflation, and other macroeconomic, like, issues. And yet we have seen that from a leisure point of view, travelers have been continuing to travel. Now, this is actually not a surprise to us, and I think we've tried to share data in the past, where if you look at it over, let's say, from 1980 to 2020, just prior to COVID hitting, there's been many macroeconomic shocks, as well, yet still, leisure customers have traveled and really want to travel. That and what they try to do with discretionary income is actually reduce other categories of discretionary income before travel. And so we do see a definite good one. The second thing we also see is that a return to seasonality. And so we do now see seasonality coming in, and so we would expect, as David said, for example, as we go forward with Q3, it would be the normal seasonality, which is Q3 is not as strong on an absolute level than a Q2, whereas a Q4 is absolutely much stronger than a Q3 on an absolute level. And that's the normal part of seasonality of our business and of the travel industry. Okay, thank you. The next set of questions comes from Chadd Garcia of Ave Maria Funds. The first one says, "Your growth past fiscal 25, in my mind, will come from, one, expanding Prime within existing European market. Two, broadening the product offering. Three, expanding a fully functional Prime program into new markets. Any update on this initiative, especially pushing to hotels?" Want to take this one, Dana? Sure, sure. Look, I think Chad asked this question before I did my closing statement, and so I actually did address most of the growth on this. Let me just kind of summarize first the growth and then cover a couple of things that maybe I didn't touch on. But the growth is around kind of, let's say, you know, multiple dimensions. So one is I talked about in terms of expanding Prime within the existing European markets. We talked about the penetration being at, on average, around 2.7%, and talking about, you know, other subscription-based products being at 20%-60% even. There's a lot of room for us, you know, there to grow in it. The second one is obviously expanding it to new markets, where as a transaction-based business, we're in 44 countries. In terms of subscription-based, we are in 10 countries. So clearly, there's a lot more geographies that we can go to, and that just simply addresses us, that increases our total addressable market. The third one is around broadening our product offerings. We started Prime as being a flights-only subscription program, and then we added hotels, and we added cars, and we added dynamic packaging as well. And it's shown that the vehicle of Prime is actually a travel product, not just a flight product. and we get very, very good and high levels of customer satisfaction, and actually much higher levels of customer satisfaction for a customer when they're in Prime and when they're taking one of those four Prime products versus doing it as a non-Prime. And so overall, there's really good growth for us in terms of the product offering and dimension as well. And then there's also, lastly, is that from a customer segmentation point of view, when you look at other subscription-based businesses, they do have segmented offerings, and that provides good and meaningful growth as they try to target new or adjacent customer segments. And so we absolutely have that opportunity as well. So in total, there's very large growth opportunities ahead of us around these four dimensions. David? Yep. The second question from the same investor says: It looks like your margins on non-Prime business are moving up. What is happening there? Longer, more complex trips, a pullback in performance marketing spend, lower performance marketing prices. Let me take that. We said a few times, I think, during the call today, we flagged that the first quarter of the previous year was a little bit abnormal, and there was a very high amount of bookings with, you know, some of the bookings that should have been made in January, February, actually happened much later, what we call the Omicron booking. And when we compare what we've done on the non-Prime side of the business this quarter versus last year, basically, we're becoming more selective, right? And we're doing less bookings with higher revenue margin per booking and marginal profit margin. The third question says: When do you anticipate announcing post-fiscal 2025 financial targets? I feel almost tempted of saying, "Nice try." We have given a super detailed guidance that we're trying now 18 months out, that no other company does. We feel very comfortable sticking to that one, and even when we will give guidance beyond the fiscal 2025, you will be the first to know. The next set of questions come from Tom Bucci of Sunderland Capital. It says: We appreciate the commentary on the business change since 2017 and the new metrics. Now that you have proven, proven to have a stable, high-growth, and significantly cash-generative business, what are your current thoughts on share buybacks to take advantage of the undervalued stock? I do agree with you that we are a cash-generating business, and that with a subscription model, we will continue to be, and in fact, generate more cash over time. And over the last year, we've been able, because of this, to repay all outstanding bank debt, and that includes the, what we had under the revolving credit facility drawn and the government- sponsored loan. And we have a good liquidity cushion now, which is composed mostly of large availability under the revolver as opposed to, cash in hand. In order to make an investment into our own securities, we first need to have discretionary cash in the balance sheet, which, given we are about to enter the low seasonality period of the year in winter, it will happen at the end of the fiscal year. It is at that point in time that the board will decide what to do, and we'll make the best use of discretionary cash to invest in our security. The next question comes from Gabriel Mejía of Bestinver. You have provided non-Prime bookings in the first quarter of 2024. Could you give the figure for the first quarter of 2023? We actually don't disclose this number. I can give you an indication of direction, and directionally, we have had less non-Prime booking in fiscal 2024 than we had in fiscal 2023, based on this dynamic that we were saying, but we're not going to disclose retroactively the non-Prime bookings. We will disclose those from this moment onwards in time. There's another question from Miguel Medina of ArmanexT. The CEO, Carlo Jandian, can you repeat what the Prime current household penetration is in the top six markets today? That is 2.7. The next questions come from Guilherme Sampaio of CaixaBank. The first one is a clarification on the new reporting. Will Prime subscription revenue be accrued exactly linearly across the year? Yes, it will be accrued gradually. The second question is: Will Prime variable cost accrual maintain the previous reporting criteria? The answer to that is absolutely yes. The costs have always been accrued and will continue to be accrued according to when they are incurred. You know, if you take them by order, marketing costs, when we buy the clicks to come to our website, merchant costs, when they are incurred in the transaction, customer service costs when they are incurred, et cetera. So there is absolutely no change in the accrual of the costs in our income statement. It's only the revenue related to the subscription fee. That's the only change. What could be the implications for EBITDA seasonality? Well, let's say in terms of EBITDA seasonality, I'd say that you probably have pretty much the same one, because if you look at it... I referred to a comment that I was making before, no? And if you look at the breakdown, which I think is useful for everyone of the gradual revenues versus transaction date revenues. You're going to have gradual revenues composed mostly of subscription fees, which is going up quarter after quarter, and you're going to have the transaction date revenues, which are affected by seasonality. So if I take here, instead of a very short view, if I take a long view, the more we have the prime business being increasingly bigger than the non-prime, you're going to see much less seasonality in our business from a P&L point of view. You will continue to have some seasonality on the balance sheet side of things, on the working capital side of things, but the P&L should become more and more regular over time. The next question comes from Ankit Gupta of Goldman Sachs: What is the expectation around marketing costs in the coming quarter? Will it trend a similar level to 1Q? Yes, we do expect that. Look, the real driver behind the evolution of the marketing cost is the increased seniority of our prime members. The more Prime members that we have, which are in second and subsequent years, the less marketing costs include. So the patterns are going to be big. The next question is: Do you have any targets for leverage metrics? We're very happy to see the evolution of the leverage metrics. Actually, if you look at how they have evolved over the last 12 months, 12 months ago, leverage as measured according to our covenants. So the net leverage over Cash EBITDA on a last 12-month basis has come down from 6.5 times to 3.5 times, which is three turns in just 12 months, which I think it is quite remarkable. But that is, again, on a last 12-month measure. If you just take the last quarter and you multiply it by four, you would actually be below three times. If you take our public guidance on Cash EBITDA for March of 2025, which is EUR 180 million, you would actually be below two times. So this is a company that is going to be below a two times leverage based on our public guidance already provided. The next question comes from Arnau López Riera of Olayan. If I understood correctly, you said that beyond the second booking of a prime member, you don't make any money. Could you elaborate a bit more on why that is the case? Is it the case that you design the subscription fee such that you secure a target return within the first two bookings, and then once the target is reached, you give the full benefit of discounts to members? Well, I'll clarify this, hopefully, by referring to the model that we are inspired by. The model we're inspired by is the Costco model. Some of you may be familiar with it as investors. Probably several of you will be familiar with it as customers. As an investor, the model of Costco is one in which Costco charges a subscription fee for being able to shop in their premises, and then the prices on the actual goods that people purchase just have a small margin put on top so that Costco is able to offset the cost of running the business that they have. So that each additional purchase from the customers brings in revenue, but it brings in hardly any profit. And really, the level of overall profits of Costco is quite predictable, just take their number of subscribers, multiply subscription fee, and it takes you to the profit that they should have. That also means from the consumer point of view, that they know that the best deal possible, they're going to get from Costco. Because Costco is basically giving back to the consumers almost everything except what they absolutely need to cover their cost. That's the same one that happens in environment. And that's how we price transactions and how we think about the level of the take give back that we have to do to our subscribers when they make the second booking and the third booking and the fourth booking. They're going to get the best deal possible with us, right? And that's what we want them to know and how we want them to repeat it. We don't price differently, depending if it is a first transaction or a second transaction or a third transaction. So it's not like you get a better deal on the second or the first, or vice versa, you get a better deal on the first than the second. You get an extraordinary deal in the first and the second, in the third, in the fourth, etc. But there is a big difference between the first and all of the rest, which is that the first is the one that comes with a subscription fee. The next question, and actually the last one that we have on the queue today, is from Mateo Salcedo of Spread Research. Could you remind us in which countries is Prime already present, and what other countries are you planning on entering this year? We currently have Prime in ten countries, which include France, Italy, Germany, Spain, Switzerland, Portugal, the U.S., Canada, the U.K., and Australia. We are present, however, in another 34 countries with the transactional model only. We feel very positive about the opportunity we have ahead of us. We will open new countries, but we do not disclose which until the moment that we have already done it, because it would be interesting information from our competitors that we don't feel that we should provide to them. So that's the last question that we have. And with that, I would like to thank everyone for joining us today. Before we conclude, I would like to inform you that on the Wednesday, fifteenth of November, we will be hosting our conference call for the first half results for fiscal 2024. And in the meantime, we will be very happy to receive your questions via our investor relations team or the investor email address, which is investors@edreamsodigeo.com. Have a great day and a great end of August, and looking forward to see you in person soon or remotely on the fifteenth of November. Thank you.