Good morning, everyone, and thank you all for joining us today for our full year, fiscal year 2024 results presentation for the twelve months ending 31st of March, 2024. I am David Alloza, 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 new investor relations section of our website, which includes a number of new functionalities, like video recaps of results, presentations, and a new evaluation tool, among other things. I will now pass you over to Dana, 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. Today, we believe that, again, we've delivered outstanding results. Outstanding, because we continue, each time we report, to deliver or beat our own and market targets. Over the past 7 years, we've transformed our company into the leading subscription business operating in the travel segment, and edo has become, without a doubt, a major player in the global EUR 1.8 trillion travel market and the wider e-commerce ecosystem. Working with nearly 700 airlines and 1.2 million hotels, we have a truly unique and highly successful, successful subscription offering. However, it's not just the membership growth that we're proud of. We've been innovating rapidly and growing profitably, too. More than doubled profitability in 2 years, which is truly extraordinary, reaffirming the strength of our business model and strategy. The Prime model remains a consistent source of long-term value. Rising profitability is driving the free cash flow, excluding non-Prime working capital. We take great pride that the ambitious FY 25 goals of 7.25 million Prime members and a cash EBIT of EUR 180 million, set back in 2021, are well within reach, and that next year will mark a decade of consistently meeting expectations and guidance, something that not many can say. We are confident the growth and profitability manifests in our guidance, and also our belief from our stock is clearly undervalued. As a result, we are announcing today an acceleration of the share repurchase program for the remainder of the original 5.5 million shares targeted. We will consider subsequent share buybacks as we continue to generate free cash flow on an ongoing basis. Today, we'll take you through the key points of our strong set of results. This includes, first, a recap of the eDO results. Second, our financial results and the outstanding growth and delivery we achieved in FY 2024. That will be done by David Elizaga. I'll then take you through our strategic update and conclude today's presentation with some closing remarks about our long-term fundamental growth potential well beyond FY 2025. So now please turn to slide 4, which is a summary of our performance on fiscal year 2024. In FY 2024, the strength of the Prime model drove strong growth and significant profit improvements again. Cash EBITDA grew 44%, and we added 1.5 million new Prime members net. Some of the key highlights for today's presentation are: first, we'll cover the highlights just mentioned about our outstanding growth and delivery in FY 2024, and this is the Prime business continues to grow rapidly and is now at an inflection point financially. Cash EBITDA was up 44% to EUR 121.4 million and is expected to grow another 48% in FY 2025 to EUR 180 million. We continue to achieve significant improvement in profitability, with cash EBITDA margin up eight percentage points in just two years, that is, from FY 2022, and this equates to a rise to 18% in FY 2024. The Prime members reached 5.8 million in FY 2024, and that is up 34% year-on-year. Prime, in fact, is the fastest growing subscription program across all industries, reaching 5.8 million in FY 2024, a compounded growth rate of 177% over the past six years. Cash marginal profit is up 32% to EUR 217.3 million in FY 2024, and the margin has improved six percentage points over the last year as well. Our free cash flow, excluding non-Prime working capital, more than doubled from EUR 20 million in FY 2023 to EUR 45 million in FY 2024, and it's expected to double yet again in the next year. Second highlight, eDO subscription model is proven to be effective. eDO has the highest Trustpilot scores among its peers at 4.4. This is 2.2 times greater than the average OTAs, and 2.9 times greater than the average airlines. This metric has had a 26% improvement since our capital markets day back in November 2021. Also, our NPS continues to improve. 52% improvement for Prime members since our capital markets day, with 87% of our Prime customers today scoring us a seven or above. Prime members book more, 3.8 times more than a non-Prime customer, and that is a 41% improvement since our capital markets day. Churn rates continue to improve. Prime churn reduced 12% for Prime members that are year two plus, and 1% for year one Prime members, and that's all since our capital markets day back in November of 2021. Today, eDO is a much more stable and predictable subscription-based business. Now, 76% of our cash marginal profit is from Prime, and that's a 26% improvement in just two years, i.e., since FY 2022. The percent of year two-plus members continues to grow, which is a key driver for improvement in profitability. 66% of total cash revenue margin comes from year two-plus members. That's a 44%, sorry, 44 percentage point improvement since FY 2022, and it continues to improve year-on-year. The third highlight is about our FY 2025 guidance. For FY 2025, we remain on track to meet our EUR 180 million cash EBITDA target. So our Prime members, obviously in excess of 7.25 million Prime members, and a free cash flow generation, excluding non-Prime working capital, to over EUR 90 million, more than doubling versus FY 2024. The fourth highlight, we are announcing today an acceleration of the share repurchase program for the remainder of the original 5.5 million shares targeted. We will request authorization from the Spanish Stock Exchange regulator to launch a tender offer for 4.5 million shares at a price of EUR 6.9. We believe our stock is undervalued, we generate cash, and we want to buy it back quicker than under the original share repurchase program. The fifth highlight, longer term and beyond FY 2025, eDO has strong fundamental growth potential. Look, the attractiveness of our segment of travel is leisure, and we will continue to benefit from the strong consumer demand for leisure travel, in which there is a clear structural shift from offline to online. We'll also benefit from eDO's ability to further increase household membership penetration from low levels in the markets in which we currently offer product. We'll expand Prime into new markets, moving well beyond the 10 markets in which we currently operate, and we'll enter new customer segments and further launch additional products and services under Prime. With that summary, let me highlight, sorry, let me pass this over to David, who will take you through some of the KPIs of our Prime model and the strong growth and significant profit improvements in FY 2024 results. Thank you, Dana. If you could all please turn to slide 6 of the presentation, I will take you through some of the KPIs of the Prime model and financial results in more detail. Please turn to slide 6. Profit margins were up significantly. This was due to the growing maturity of the Prime members, resulting in strong improvements in profits during the last fiscal year. In fiscal 2024, Cash Marginal Profit margin in our Prime segment improved by 8 percentage points to 40% on a 12-month basis, from 32% in fiscal 2023. Cash EBITDA also improved substantially by 4 percentage points, increasing to 18% on a margin on a 12-month basis, from 14% in fiscal 2023. If you please turn to slide 7, you see that we are a subscription business focused on travel and not a transaction-based business. 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 twelve-month basis, as Prime is an annual subscription business and seasonality impacts the pattern of net adds in a particular quarter. The non-Prime part is also influenced by seasonality patterns. We have reached, in the last twelve months, a 61% share of Cash Revenue Margin and 76% share of Cash Marginal Profit being delivered from Prime members, versus 46% and 56% a year ago. We are definitely a subscription-led business. Please turn to slide 8 of the presentation. In fiscal 2024, we delivered a strong growth in Cash EBITDA and substantial improvements in margin as Prime membership maturity increases. In fiscal 2024, we delivered solid growth in Cash Revenue Margin, increasing it by 9% versus the same period last year. This was achieved following the continued successful expansion of the Prime member base. Cash revenue margin for Prime grows by 63%, resulting from the 34% growth of Prime members, and because Prime ARPU increased to 78.1 EUR. Cash margin or profit and cash EBITDA improved 32% and 44%, respectively, between fiscal 2023 and fiscal 2024. As guided, the maturity of Prime members is the key driver for profitability, and significant and constant membership growth has resulted in sharp profitability improvements as increasing numbers renew membership. Cash margin or profit margin increased six percentage points to 32% from fiscal 2024, from 27% in fiscal 2023. Cash EBITDA margin in fiscal 2024 also achieved very substantial improvements and stood at 18% versus 14% in fiscal 2023. That's a four percentage points advance. Our business is making a faster transition towards subscription and with higher margins than we anticipated back in our Investor Day of November 2021. Back then, we expected to have cash marginal profit margins of 34% in fiscal 2025, that is, in a year from now. We now believe that these margins should reach 38% instead of 34%, and that's an increase of six percentage points from the results we are publishing today for fiscal 2024. This will be as a result of more of our business being Prime and also generating better margins within Prime. Cash EBITDA was up 44% year-on-year to EUR 121.4 million, which compares to EUR 84.4 million in fiscal 2023, and is expected to grow another 48% in fiscal 2025 to EUR 180 million. Please turn to slide 11 of the presentation. Revenue margin, excluding adjusted revenue items, increased by 13% to EUR 642.6 million, mostly driven by an increase in Prime revenue margin, up 63%, following the successful expansion of the Prime member base. Prime revenue margin growth was somewhat offset by the non-Prime revenue margin, which decreased 21% versus fiscal 2023, due to the focus on the Prime side of the business. Variable costs were broadly in line with fiscal 2023, despite higher revenue margin, as maturity of Prime members increases and reduces member acquisition costs. Overall, fiscal 2024 has made an outstanding growth and delivery, with a continued rapid revenue margin growth and significant improvements in profitability as more Prime members renew. Fixed costs increased by EUR 15.7 million, mainly driven by higher personnel costs as we scale the business. This is as guided and in line with our plan. As a result, adjusted EBITDA at EUR 87.8 million, almost tripled versus the same period of last year at EUR 33 million. Adjusted net income was a profit of EUR 22.9 million in fiscal 2024, significant improvement from the EUR 34.7 million loss in fiscal 2023. This improvement was mostly driven by the EUR 54.8 million increase in adjusted EBITDA and the recognition of a deferred tax asset for prior year Spanish tax loss carryforwards. Turning now to slide 10, I will take you through the cash flow statement. In fiscal 2024, we ended the fourth quarter with a positive cash flow from operations of EUR 138.9 million, following the successful expansion of the Prime member base, which resulted in higher EBITDA. In fiscal 2024, we had a working capital inflow of EUR 49.1 million, again, driven by the growth of our business. The lower working capital inflow in fiscal 2024 versus the same period of last year is a result of higher increase in volumes between March 2022 and March 2023, associated with a catch-up effect for Omicron bookings. The volumes between March 2023 and March 2024 have been more stable. We have ample liquidity and headroom to deliver our plans, a consequence of our strong business model, cash generation, and active management. At the end of March 2024, the liquidity position was strong at EUR 251 million. We have invested EUR 48.8 million in fiscal 2024, an increase of EUR 10.7 million, as we capitalize our software. Cash used in financing amounted to EUR 31 million, compared to EUR 67.7 million in fiscal 2023. The difference of EUR 36.7 million relates to the outflows in fiscal 2023 of the reimbursement of the revolver by EUR 30 million and the government-sponsored loan by EUR 3.8 million. If we look at fiscal 2024, our free cash flow, excluding non-Prime working capital, more than doubled from EUR 20 million in fiscal 2023 to EUR 45 million in fiscal 2024, and will double in the next year to hit EUR 90 million. Included in our estimates are EUR 54 million of CapEx for fiscal 2025, which includes our normal ongoing CapEx, previously anticipated of EUR 50 million, and EUR 4 million extra in a new back-office system. We will invest in total EUR 6 million in this system between fiscal 2025 and fiscal 2026, and it will generate savings of EUR 2 million annually in OpEx from fiscal 2026 onwards as a result of this investment. On the 28th of February 2024, we announced a share repurchase plan of 5.5 million shares in order to fund the LTIP plans for employees until fiscal 2027, and that was for a maximum of EUR 50 million. As of 29th of May, the company acquired 986,235 shares, for a total amount of EUR 6.4 million. We are confident in the growth and profitability manifested in our guidance, and also believe our stock is clearly undervalued. As a result, we are announcing today an acceleration of the share repurchase program for the remainder of the original 5.5 million shares targeted. We will request authorization from the Spanish Stock Exchange regulator to launch a tender offer for 4.5 million shares at a price of EUR 6.9. We will consider subsequent share buybacks as we continue to generate free cash flow on an ongoing basis. I will now turn the presentation back to Dana to go through our strategic update. Thank you, David. I would now like to take you through our strategic update, and this will focus on 3 topics. The first is our leadership and travel subscription. Second, our worldwide leading capabilities in tech and AI. And third, how effective at satisfying customers is our subscription model? Please turn to slide 13. A feature of subscription companies is that they show high growth and penetration over many years. Companies like Costco have delivered over 30 years of growth, Netflix over 20 years, Spotify over 14. What truly sets eDreams apart from all other travel companies is its unique and highly successful subscription offering. Prime members reached 5.8 million members in FY 2024. This represents a CAGR of 177% over the past 6 years. Remarkable by any standards. In just the last two years, we've added 3 million net new members on average, and that includes the pandemic years and travel restrictions. Irregardless of COVID, this makes us one of the fastest-growing subscription companies across all industries, and we have significantly more growth ahead of us, with just 3.2% average household penetration in the 7 European markets in which we've launched Prime. Please turn to slide 13. In just the last two years, we've added 3 million net new members on average. Prime is the number one travel subscription program in the world, with over 71% of Prime customers being entirely new customers who have not used an eDreams or ODIGEO product since 2021. This demonstrates eDreams' ability to capture new customers. Please turn to slide 16. Before getting into some examples of super exciting AI initiatives happening across EDO, let me first recap quickly why AI is really important for us at EDO. AI is a central part of our competitive advantage, and we've got proven track record in leveraging it to improve our customer proposition and increase shareholder value for many years. We've been an extremely early adopter in AI, significantly before its current ubiquity. We started in 2013, and by 2017 or 2018, we were already incorporating a similar level of AI that was being used in autonomous self-driving cars. AI helps us drive innovation. It supports our customer-centric strategy around Prime, such as through personalization, and it helps us win against our competitors. I know that nowadays many companies say they use AI, but it is also true that only very few are really able to do this at scale. Of course, Amazon, Google, Netflix may be known for leveraging AI extensively, but most companies, large and small, struggle really to make AI work beyond a few lighthouse projects. I know this through frequent conversations with AI leaders in other companies. We at EDO, on the other hand, have managed to drive real groundbreaking innovation by applying AI at scale and building upon our over decade year of experience. I would even say today that we're really at the forefront when it comes to creating value through AI, through AI, which is a real competitive advantage for us. And we have a tremendous accolade, as Google has repeatedly acknowledged that EDO is one of the most advanced companies in AI in Europe, and you see some other quotes by them here on this slide as well. Success in AI is a real significant investment in terms of time and resources across three dimensions. The first dimension is data, second one is AI algorithms, and the third one is the deployment of the infrastructure with a requirement for excellence across all three of these areas to create a strong competitive advantage. I'll touch on each one of these very briefly. The first one, data. We have a substantial data pool because our scale and our reliance on our customer-centric business model around Prime allows us to collect more data per customer. This data is democratized for all teams to use in our best-in-class Data Mesh. The second one around AI algorithms. We use some of the most advanced AI algorithms, such as deep learning, which powers personal assistance, enables computer vision, speech recognition, or improves your latest recognition engines that you find in places like YouTube, Amazon, et cetera. We also use reinforcement learning, which we've been using for quite a while, and which is one of the ones that's used in self-driving cars. Also, obviously, generative AI and large language models, which are now the most sophisticated and promising AI nowadays, such as you find empowered in ChatGPT, Gemini, Sora, Midjourney, et cetera, et cetera. We use those extensively. Also, the deployment of infrastructure. In addition, we have an infrastructure that allows us to leverage AI across our platform. While we started with AI in a few functions almost a decade ago, today, it's become an integral part of each and every function, and powers more than 1.5 billion AI decisions every day. If you can please turn now to slide 17. Leveraging the Prime database through personalization is key as it drives engagement and greater customer experience, which results in higher renewal rates. Data is one of the critical ingredients for the success of both traditional and generative AI. High-quality data delivers a high-quality result, and the more data one has, the greater the competitive advantage. As the largest flight retailer in the world, excluding China and number one in Europe, we have an extremely large set of data. We can be much more precise in the answers or service we give to a customer and drive learnings more quickly than competitors who have smaller data sets, take longer, and have less scope and less visibility. The more Prime users we have, the more data we create, the more accurate our predictions become. Overall, this has resulted in higher engagement and the highest Trustpilot scores among all of our peers, as customers advocate Prime due to the high levels of the customer experience. When we combine this with our subscription program, it gives us a real competitive advantage, particularly since we were the first travel company in the world to offer a subscription for travel. We now have almost 6 million members or subscribers, which gives us a significant advantage. We have deeper data, Prime customers repeat and interact more, and they are logged in most of the time, providing us with a data advantage to understanding their needs better and being able to surface exactly what they want and tailoring the experience to that individual of one. Let me give you just some examples of the wins using AI and personalization. Flight deals you may have seen. We saw a 41% increase in user engagement between our new personalized destination recommendation offers versus our legacy offers based on general popularity in the market. Other example would be AI-powered personalization through AI-driven personalization, and we've been able to increase our user engagement, driving an improvement in both conversion and customer repeat rates. The challenge is not just to find the right content, but the challenge is to surface it at and when to the right customer. In fact, we have hundreds and thousands of results for a given search, but only one top spot on the search results page. So what flight option we show in that position and any subsequent position is the main challenge we face, or put another way, is really the main opportunity we have, and that's where AI comes in. Furthermore, we have reduced the number of decisions and click customer needs to take, half the interactions of a US competitor. Today, through AI-powered personalization, we are delivering monthly 2.5 billion individual flight searches and experiences, and that's an improvement over the already sophisticated former AI ranking model, enabled by the superior data from our Prime customers. Another example, on the hotel results page, personalizing our sorting in hotels has equally benefited our customers. As a result, we've been able to improve the conversion rate of hotels ranked in the top five positions of our search results page by 29%, versus an already AI-powered sorting algorithm. Please turn to slide 18. Beyond these customer-facing uses, AI is also being used in many, many other areas across Edu, improving our products to increasing productivity and/or to simply enabling things that would not be possible without it. Every area, every team, is expected to use AI within Edu. If you could please turn to slide 20. The Edu subscription model is proven to be highly effective at satisfying the customers, and I'll take you through a little bit more details on that. Engagement and satisfaction continues to grow from our already industry-leading levels. At Trustpilot, Edu has the highest Trustpilot scores among its peers. It has improved 26% since our capital markets day in November 2021, with 87% of our Prime customers scoring a seven or above. That is 2.2 times and 2.9 times greater than the average OTAs and airlines, respectively. NPS scores, they continue to improve. 69% improvement in the case of non-Prime, and 52% in the case of Prime, from an already high NPS versus industry standards. Prime members book more and continue to improve. It's now 3.8 times more than non-Prime customer, and that's a 41% increase since the capital markets day. Please turn to slide 21. Churn rates. edu subscription model is highly effective at satisfying customers, and it can be seen also because of our churn rates continue to improve as well. Year one Prime members have improved by 1%, while year two and longer by 12%, which clearly shows how effective and satisfying for those using it and renewing it. Please turn to slide 22. This shows how the edu subscription model has proven to be effective and translated into outstanding growth and delivery in our results in FY 2024. So you can see, edu is a much more stable and predictable business. In FY 2024, 76% of our cash marginal profit was driven by the subscription business, a 26 percentage point improvement in just 2 years. The percent of year two plus members continue to expand, which is a key driver for improvement in profitability. In FY 2024, 66% of our cash revenue margin was in year two plus members, and that's a 44 percentage point improvement since FY 2022. The Prime business is growing rapidly and financials are at an inflection point. Cash EBITDA up 44% in FY 2024, and is expected to grow another 48% in FY 2025 to EUR 180 million. Something not many can say. This results in a significant improvement in profitability. Cash EBITDA margin is up 8 percentage points in just two years, meaning from FY 2022. Cash EBITDA margin increased 4 percentage points in just one year, from 14% to 18% in FY 2024. And the free cash flow, it's more than doubled in FY 2024, reaching EUR 45 million. That's a 123% increase. And as we've said, will more than double in the next year to hit more than EUR 90 million, which again, will be, over 100% increase in the free cash flow. If you could please turn to slide 24. Let me leave you with some final closing remarks before we move to the Q&A. edu's got significant growth opportunities. edu Prime today is represented in only 10 countries in which we operate, and we continue to open new markets to drive future growth. Furthermore, we're just starting. Today, we only have a 3.2% household penetration in the 7 European markets in which we have launched Prime. There are huge growth opportunities ahead of us. European markets showing similar or better performance in France that was launched about 6.5 years ago. Please turn to slide 25 of the presentation. Since very early days, edu has been recognized as a leader in AI in Europe, always being a step ahead. If you go back to my first strategic presentation to you as investors, that's back in 2015, I said that we would distinguish ourselves through leading in technology that would enable great product and customer experiences. While others may be turning their attention now to AI, given that AI has had so much external press, we, however, have been doing this for almost a decade. For us, this is part of our DNA, and we have been repeatedly recognized for this. Google repeatedly acknowledged in public that edu is one of the most advanced companies in AI in Europe. Please turn to slide 26 of the presentation. For FY 2025, we remain on track to meet our EUR 180 million cash EBITDA target, and Prime members in excess of 7.25 million Prime members. In all, edu has huge potential, superior returns for shareholders and customers while transforming and revolutionizing the industry. Furthermore, we're confident in the growth and profitability manifested in our guidance, and also believe our stock is clearly undervalued. As a result, we're announcing today an acceleration of the share repurchase program for the remainder of the original 5.5 million shares targeted. We'll request the authorization from the Spanish Stock Exchange regulator to launch a tender offer for 4.45 million shares at a price of EUR 6.9. We will consider subsequent share buybacks as we continue to generate free cash flow on an ongoing basis. If you could please turn to slide 27. I'd like to conclude by highlighting the strong fundamental growth potential we have beyond FY 2025. As I said, Prime is only available currently in 10 countries, yet as a transaction model, we're in 44 countries. Thus, as you can see, over time, we'll continue to expand Prime to many more countries. Also, within each country where Prime is already offered, we are nowhere near the normalized household penetration. This provides very good growth opportunity for us. Third, many successful subscription programs evolve into more segmented offers by customer product segments. These two provide significant growth opportunities for us. Overall, EDO is now a much higher quality business with the pivot to our subscription model. It delivers loyal and repeating customers, resulting in more and more profitable and predictable business. We are delivering high underlying profitability and have huge growth potential. Prime is a success and has become firmly established. It has delivered significant uplifts in profit margins. That will continue because we have the right model, right people, right structure to seize, and deliver on the exciting value-creating opportunities ahead of us. All this will drive superior returns for shareholders, excellent service for our customers, while at the same time transforming and revolutionizing the industry. Thank you, Dana. With that, we would now like to take your questions. We are going to answer the questions sent to us in writing in the webcast. We will take questions on a first-come, first-serve basis, but we will 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 those are answered afterwards. Now, I am going to start reading the questions. The first set of questions that we have come from Francisco Ruiz of BNP Paribas. Let me just read them one by one. The first one says, "This year, we have the data on non-Prime bookings. Can we have the whole figure of bookings?" Well, we're, we're definitely a subscription company, and the number of transactions we've been saying now for some time do not determine the profitability of the subscription model. We decided a while ago to discontinue providing the Prime bookings as it is a KPI which anchors investors on the transaction of business mentality. That's not what really matters. What really matters is the number of Prime members, the ARPU, and the profitability per member. In fact, by now, 88% of our cash EBITDA is from Prime members, and we really are a subscription, not a subscription, trans-transactional booking business. And well, yeah, that is it. Let me answer the next one. "How do we expect fixed costs to grow beyond next year? We expect to be around EUR 108 million of fixed costs versus EUR 95 million of last year, and this is mainly driven by the annualization of the recruited people in fiscal 2024. Let me repeat the obvious, but the EUR 108 million of fixed costs are considered within the EUR 180 million of Cash EBITDA. The next question says, "What is the room for improvement in marginal profit margin from the 29% target in 2025?" Now, I have to understand that the question is about the marginal profit margin. However, we have always said that it is much more practical to monitor the cash marginal profit margin, which is a better proxy for how our business is really doing. I actually made explicit comments on that on my prepared remark, and we are currently on 32%, as a margin for this metric for fiscal 2024. And I've said that we expect this margin to improve by six percentage points over the next 12 months. So by the end of fiscal 2025, we should be having a 38%, Cash Marginal Profit margin. And that's going to be driven by two things, like I also said. One, you're gonna have an increase of Prime versus non-Prime. And second, you're going to have an increase of the Cash Marginal Profit margin on the Prime side of the business due to the increasing proportion of year 2 and subsequent members in the program, who, like we've said many times, they're more profitable as they have much lower acquisition costs... The next question says, "With the current leverage, will it be a good moment to start thinking about dividend payments?" So we have shown, I think, very good metrics for cash generation, and we have also committed to increase very substantially, actually almost doubling the cash generation for fiscal 2025. Once the current process of repurchase is completed, and as you know, we have announced that we will present a tender offer in the next few days, and that is good for 4.5 million shares at EUR 6.90, so that rounds up to about EUR 31 million. Once we're done with that, we will consider what other options to take for the additional cash that we're going to generate. And the last question from this analyst says, "Why doing a tender instead of buying at the market, as you are not offering any premium? Isn't it cheaper, taking into account that the shares are for LTI in 2027?" Well, that's, that's if you believe that the share price from here to 2027 is not going to move, but obviously we don't think that is the case. So it is a better deal for the company and all of its shareholders that we repurchase at the current prices, and that's what we've done with the tender offer. The next set of questions comes from Carlos Treviño of Banco Santander. The first one says, "About seasonality, historically, the fourth quarter was your strongest quarter in revenues in a year, but this year was behind the second quarter and only marginally above the first quarter. Which are the reasons behind this change in the seasonal patterns?" That's a very good question. Our revenue margin for the fourth quarter, which was EUR 168 million, is pretty much on par with the EUR 169 million that we had in the second quarter. The decrease is due to the Easter effect, which this year fell on the last two weeks of March, and during the vacation periods, what happens is that the customers are not booking additional vacations. So whenever there is a clear vacation period, it is also a low seasonality period for us. The Prime segment is showing an improvement, but one other thing that you need to bear in mind, when you think about the seasonality now, is that as our business is more and more Prime, what happens is that the part of the subscription fees is happening with a one-month delay from the moment that the customers are signing up for Prime. Because remember that the majority of customers, what they do is they get into a free trial. So a customer that signs up in December, the subscription fees of that customer are actually being cashed in by us during the month of January. So the Q4, from a subscription fee perspective, is December, January, and February, not January, February, and March, and December is the lowest seasonality period, of the year. The next question is about ARPU: "Why is Prime ARPU dropping from last quarter's reported figure?" ARPU is moving from EUR 79.5-EUR 78.1, which is a relatively slight decrease. And I think it's probably helpful for everyone that I remind how our platform, how the algorithms of the platform actually work. And when they price a transaction, be it for first Prime booking, be it for a repeat Prime booking, they determine the pricing, basically what discounts we give to the, to the customers, depending on what they see generate a higher lifetime value for the customer. So you can have occasions in which there is better value for us long term in offering more discounts today. More discounts today implies lower ARPU, and, and that's what the platform is doing. It's making choices to ensure that the lifetime value of the customer is optimized. The next question says, "Non-Prime working capital. Could you elaborate on the dynamics behind non-Prime working capital? Will it be dropping, year on year? If yes, is it driven, by volumes or by any other dynamics?" Okay, we understand that by non-Prime working capital, you're talking about the working capital, excluding the deferred revenue related to Prime, and that's great. We do not plan normally expecting that this, that this amount is going to come in. And we have very consciously, from about a year ago, used a metric of cash flow to communicate with investors, which is free cash flow, excluding this non-Prime working capital, because it's something that we don't control. It's something that is determined by mostly the average basket value, i.e., the type of flights that the customers choose to select. And that number is on a trend of coming down and stabilizing and not going up. Yet, we're not seeing any improvements of going up versus the levels that they reached pre-COVID. So we don't count on that part. If it comes, fantastic, and this year it was positive, but we don't plan on it. Taxes. "What is the reason behind the EUR 27 million positive tax income in your P&L in the fourth quarter?" Okay, this has to do much more with a mix of the past and the future, and not so much about the present. And that is, it is a little bit confusing, but it is how the rules of IFRS indicate that we need to operate. What happens is, in the years of COVID, let's say, 2021-2023, we had tax losses in the Spanish companies. Those tax losses were not activated. They were not recognized as tax credits in the financial statements up until March 2023, because there was insufficient forecasted taxable profits for the compensation period of the 10 years, and also because we were still in a period in which we were having negative net income. However, the forecast of the results of the Spanish companies has improved this year. The 10 years that we're looking at right now include more positive years, and we are having our first year generally as a positive net income. This resulted in the recognition of previously unrecognized tax loss carry-forwards. So there is a note in the financial statements that you can look at, which it shows the tax loss carry-forwards recognized and not recognized in the financial statements. If you compare that note between what we published in fiscal 2023 and what we have published in fiscal 2024, you will see a movement of the same nature. Basket value, this is the last question from this analyst. How has your average basket value evolved recently, and how is compared to pre-pandemic levels? What we have observed is that the average basket size has not increased, and in some cases, it has even decreased. Currently, it stands now at levels of around EUR 370-EUR 380 per booking, depending on which month or week we're looking at, whereas the pre-pandemic levels were more about EUR 450 and a little bit higher, but that's depending on the month. This decrease is primarily due to a shift in the booking patterns. Our customers are making more frequent bookings, but for cheaper overall, alternatives. The next set of question comes from Fehmi Ben Naamane from Oddo BHF. The first question is, why spinning up your share buyback program? Is it linked to the low liquidity of the share? What I'd say is that the reason that we... It is in line with what we said in the prepared remarks. We have the cash available, and we think the price in the market is an attractive one because, in our opinion, the shares are undervalued, and therefore, the best decision that we can take on behalf of all our shareholders is to try to accelerate the program and repurchase as fast as possible with the current share price. The next question is, you're anticipating a strong Free Cash Flow generation in 2025 of EUR 90 million. Will this be used to deleverage or maybe to finance a new CapEx program? Well, let's take steps one by one, no? Once the current process is completed, and we will then generate new cash, and that cash, it will be the decision of the board what to apply to. We have several options. There isn't currently a CapEx program that would need to be dedicated to. The only, let's say, extra CapEx that we have in mind, versus what we have said in the past, is what I said today about the EUR 6 million for the bid back office, broken down by EUR 4 million in fiscal 2025 and EUR 2 million in fiscal 2026. That is a negligible amount compared to the EUR 90 million that we're going to generate, and it is also one that is paying itself, because we expect to generate EUR 2 million of cost reductions with the new bid back office versus the current one that we have right now. So, yes, a meaningful part of it could go to additional buybacks. The next question is, could you provide us an update on your package offering? And I think the... This one would be better answered by Dana. Absolutely. Thanks. So let me first start with Prime. Prime has obviously flights, hotels, cars, and then packages within it. And the customer can choose on an individual product basis or on a package basis. Now, this is really driven by, let's say, individual country or market dynamics. There are some countries where packages are quite popular, but in many, many countries, packages just simply are not popular. And so when you add up within all of our Prime markets, it's not a big percentage, right, of that type of market demand within there. And you say it's more of, let's say, a certain, you know, segment of customers on it. We do continue to invest in it. Our package product continues to improve, and a lot of the fundamental underlying improvements are through the standalone products, right? So when we improve, obviously, the flights, when we improve the hotels, a lot of those improvements go right into, in a sense, a package for it. And then from experience, from an end-to-end experience, all the things that we do for customers flow very much into whether it be a package or an individual product. At the end of the day, we're trying to manage that unique customer and their entire experience for it. And so it has obviously improved, if it's from a package basis as well. Back to you, David. Okay. The next questions come from Beatriz Rodríguez, who is the analyst at Bestinver. The first one says, "Could you elaborate on why the ARPU was weaker in the fourth quarter of fiscal 2024, and any view on what we should expect in fiscal 2025?" The first part of this question has already been answered, so I'm not going to repeat myself. The second part, we continue to believe that it will be around EUR 80. But, as I explained, to the previous related questions, the algorithm is the one who decides in the end, and it may vary a bit during the year. That's why we have always chosen to say that it will be around EUR 80, because you could have some small variations around that. But, those are variations that intend to generate the best, lifetime value of each customer. And in any case, we stand by our commitment of EUR 180 million of cash EBITDA. The second question from this analyst says, "Could you give us any color about the evolution of your gross bookings in fiscal 2024?" Gross bookings in the year have decreased, but that is entirely driven by non-Prime. And actually, if we focus on the Prime side of the business, the Prime gross bookings have seen a year-on-year increase of, 32%. The next set of questions come from, Andrew Ross, who is the analyst, that covers us from Barclays. The first one says, "Cash revenue for per Prime member was -4% in the fourth quarter, after +14% in the Q2 and +6% in the Q3. ARPU, which is a live last twelve-month basis, went from EUR 79.5 in Q3- EUR 78.1 in Q4. When I put this together, it looks like the monetization of Prime customers are a bit soft in Q4. Can you talk through the drivers of this?" Okay, let me repeat a little bit what I've said in one of the previous questions, because it affects this. First, when you look at cash revenue for Prime member, that type of thing, you really need to look at it on a 12-month basis, which is what we do, given that it is a yearly program, and you can have seasonal variations. In Q4, actually, there are seasonal variations generated by, first, the timeline that I explained today of the free trial, and also by the Easter period, which I also mentioned earlier today. As to the ARPU, I also said why it is slightly decreasing. It's decisions taken by the algorithm to give some more discounts to customers, which is trying to get to a higher lifetime value for the individual customer. The next question says, "Gross bookings were weak in Q4. Can you break it out between volume and value so we can understand the volume dynamics?" No, I cannot break it down between volume and value, because breaking it by volume would be going down to bookings, and that's, that we've said repeatedly that that's really not a driver of our business. However, what I can refer you to is what I've already said to the previous analysts that asked questions, that actually, when you look at the gross bookings, they're declining entirely because of non-Prime side of the business. And on the Prime side of the business, gross bookings are actually increasing 32% year-on-year. The next question says, "Thanks for giving some KPIs on churn in Prime. Can you talk about the CAC versus LTV and how that has evolved to understanding current value from Prime?" We don't communicate the exact LTV to CAC, but we are in a position to reaffirm, like we've said in the past, that we move in a range between 2-3 times LTV to CAC. The next question says, "Why is the tender not being done at more of a premium to the share price? What will you do if shareholders don't tender?" Well, we have the cash at hand. We've decided to accelerate. We've done it at a price which is similar to the last closing price with a small premium. It is a practice that has happened a number of times by other issuers when we've done operations similar to this one. We think it's an attractive price for the shareholders of EDO that we do this. We think the company is undervalued. And, you know, I think as to what would we do if there was under subscription on the tender, I think it's something to decide at the end of the tender, not, not really now. The next question... The next and last question from this analyst says, "Can you give some perspectives on the commentary from the Ryanair team and the recent results? Remind us on why you see this being sustainable to scrape Ryanair content. Do you agree with their assessments?" I think, okay, so on the first question... I really cannot comment on other companies' resource presentations. We don't usually do it, and I don't think we should break that norm now. What I can definitely talk about is our own results and what we're focused on, which is delivering all around growth, and we have published great increases in profitability, in revenue, and in Prime subscribers. In regards to screen scraping, which is, like, the second half of your question, this matter has already received final judgments from high courts in Europe in more than one country, so it cannot be relitigated. According to these rulings, our travel brands are fully within their rights to include all flights and all related public data as, as part of our offering. I have, next set of questions from, Prateek Rastogi of Stifel. This one comes with a name attached to it. Dana, what do you think are the key drivers in increased NPS score for non-Prime? So I guess you answer. Okay, absolutely. Thank you, David. So, let me make a couple of points. The first one is about the non-Prime, is actually that our NPS for non-Prime is lower than our NPS for Prime, obviously, right? So if you do it, purely on a percentage point, yes, you get a higher percentage point improvement for the non-Prime than the Prime. But if you do it on a, sorry, on percent, you get a higher improvement for the non-Prime than Prime. But if you do it on a percentage point improvement, the Prime actually has improved more than the non-Prime during the same period of time. The second is then coming back to the question about why is it improved, and let me make several comments on that. First, there's no golden bullet, there's no silver bullet, so I can't just say one, two, or even three things. It's really about doing many, many things well. Now, obviously, we continue to improve the way in which we service our customers, the end-to-end experience, the level of personalization, the AI that we use that helps us provide a really unique and individualized experience to them. That plays very nicely to our competitive advantage on Prime, but obviously, we employ a lot of these technological developments to non-Prime customers as well, and so that's what you see also in terms of the non-Prime satisfaction levels going up also. Thank you, David. This will be the last question of today's call. We've run out of time. In fact, we have gone over. Any pending questions will be addressed directly, one-on-one, after this call. Before we conclude, thank you everyone for joining us in the webcast. I'd like to inform you that on Wednesday, the third of September, we will be hosting our webcast resource presentation for the first quarter of fiscal year 2025. And in the meantime, we will be happy to receive your questions via our investor relations team or in the investor email address, which is investors@edreamsodigeo.com. Have an excellent rest of the day. Thank you. Take care. Bye.