Ladies and gentlemen, welcome to the Deliveroo Q4 2023 Trading Update call. My name is Andre, and I will be the operator for the call this morning. If you would like to ask a question during the question-and-answer session on today's call, you can do so by pressing star, followed by one on your telephone keypad. I will now hand you over to Will Shu, Founder and CEO, and Scilla Grimble, Chief Financial Officer. Thanks, Andre. I I appreciate it. So good morning. Welcome to our Q4 2023 trading update. I'm Will Shu. I'm the founder and CEO of Deliveroo, and I'm joined by Scilla Grimble, our CFO. I just want to start by saying I'm really proud of our delivery in the Q4. We made ongoing improvements to the CVP, including the launch of retail. We talked about some of this stuff at the CME. But I guess on the key takeaways, I'm going to go into them, and then Scilla and I will jump into questions. So we closed out a successful year with 2023 adjusted EBITDA expected to slightly exceed our guidance range of GBP 60 million-GBP 80 million. GTV growth of 3% in constant currency is in line with our guidance of lower single digits percentage growth. If we look at the Q4, specifically, group GTV growth was 4%, and our order growth improved through the year, returning to a flat year-on-year in Q4. Within the mix, UKI grew 7% year-on-year in Q4, which is a slight drop compared to Q3, and I want to talk to you about one of the reasons behind this. Let's talk about the fact that we think long term at Deliveroo, and our new commercial architecture, which we chatted about at the CME in November, is no exception. Our new commercial architecture starts with those of our partners, our riders, and our consumers. It works to reduce price markups and drives improved operational performance, all of which we talked about is fundamental to building consumer trust and growth. So we're pleased to offer our partners lower commissions linked to performance on these trust-building metrics. The vast majority of our partners appreciate the aligned interests in our commercial architecture and are embracing it. But as we said at the CME, it can take some time for people to adjust to change. Unfortunately, one or two partners didn't want to sign up yet, and as a consequence, they're not available on the platform. But we manage this business for the long term, and we are convinced that this is the right approach for merchants, riders, consumers, and for us. Now, let's talk about international. GTV returned to growth of 1% in constant currency, with improving trends in most markets. I'm particularly pleased with our strength in both Italy and the U.A.E, which continued into the Q4. France does continue to weigh in overall growth, and year-on-year growth there was similar in Q4 as it was in Q3. Our group revenue growth of 1% in constant currency lagged GTV growth. This was due to a mix shift in marketing spend towards marketing activity that reinforces price perception, such as promotions, and this is recognized as contra revenue. We also made some targeted investments in the CVP that impact consumer fees. As we said at the interims, given the consumer backdrop and given early signs of consumer stabilization in H2, we felt like this was the right time to lean into this type of CVP investment in order to strengthen the foundations for future growth. We have the confidence to do that because of the progress we've made already on delivery costs, but also reducing our marketing and overhead costs during 2023. This is evidenced by the fact that although we made these investments, we expect adjusted EBITDA to come in slightly ahead of our guidance range. A really big highlight in Q4 was the launch of our retail offering. We're still at an early stage with that, but I'm really excited about what's to come, and we'll update you in March on that in our full year results. I know everyone's going to be really interested in what we're expecting in 2024, but just as a reminder, we'll be giving guidance on full year 2024 on March 14th. With that, let's open up the questions for me and Scilla. If you wish to ask a question, please press star, followed by one on your telephone keypad. If you change your mind and wish to remove yourself from a question, please press star, followed by two. When preparing to ask your question, please ensure that your phone is on mute and locally. To confirm that, star, followed by one to ask a question. In the interest of time, please limit yourself to a maximum of two questions. Your first telephone question today comes from the line of Andrew Gwynn with BNP Paribas Exane. Please go ahead. Hi, good morning, and thanks for the opportunity. Yeah, I just limit it to one. So you've also mentioned a stabilization in the consumer. I suppose in the data, we, we can't really fully see that yet, but obviously mindful of these subtle changes in supply. So maybe just pick up on that. Any sort of anecdotes, any sort of shifts in mix, which give you a little bit more confidence that the consumer is back ordering food? Thank you very much. Hi, Andrew. Thanks for that. And really, I suppose nothing in particular to call out over and above what we shared in November, 'cause, I mean, I suppose no surprise, it was sort of six weeks ago since we spoke about it. So as a reminder of what we said, and Will touched on it just now, with some stabilization in trends in terms of both the retention or churn, and if you like, the bottoming out of some of that, and also some signs of stabilization in terms of frequency. I appreciate it's difficult to see it in the reported numbers, particularly because of the kind of Q4 to Q3 typical seasonality, but, you know, we're kind of beginning to see some of those signs, as we said, as we said at the CME, and that's what's giving us some of the confidence to invest behind the CVP again, as Will said. So no further color at this stage, but, you know, we'll update you in March. ... Okay, that's great. And just, on the mix shift, is there anything at all you can say there? Any sort of evidence of people trading up a touch, or again, sort of no, no comment? No, nothing really to kind of add on that. I mean, you know, you'll, you again, you see it in, in the reported numbers, but clearly in terms of the, you know, the aggregate GTV composition, you're, you know, you're seeing some improvement in terms of the AOV mix. But at a basket level, nothing to call out at the moment in terms of mix shift. Okay, very clear. Thank you. Have a good day, have a good weekend. Thanks, Andrew. The next question comes from the line of Will Woods with Bernstein. Please go ahead. Hi there. Thank you for taking the question. Two just on the different countries. How are you feeling about Meituan's pressure in Hong Kong? And then are we seeing any improvement in France, and would you say that the comments on stabilization of customer behavior also apply to that market? Thanks. Thank you, Will. Will here, hi. I'll start with Hong Kong. So just to give people a bit of a reminder of what the market dynamics were like in Hong Kong, up until 2022, this was a three-player market. Uber left in 2022, leaving us and Foodpanda, and then Meituan came in. Our strategy in Hong Kong from the beginning was always a focus on a slightly more affluent consumer base, working with a higher mix of independent restaurants. And I think you see that in our data, where we have very high frequency, and we believe higher basket sizes than competitors. I think the team's done a great job in terms of you know competing with Meituan as they've come in. And we think our business has been really resilient, 'cause we are positioned slightly more towards the higher end of the market. And I think that, look, we have a lot of respect for Meituan as a competitor. We're still learning about, you know, their strategies as we compete with them day to day, but we're very confident in our position there, and I think the team's done a really great job. In terms of, I think France, you know, I think the weakness that we're seeing in France has been market-wide. We think this is something that others are experiencing as well. We have very good market share data there, so I think we have a very good sense of what's going on. I think, you know, we think the market itself is a bit more stable in the third and Q4, but it's certainly not in a position where we think, you know, the rebound for the consumer has happened yet. But it's certainly stabilized. And I don't know, Scilla, if you want to add anything about France at all? No, I mean, not, not really. I mean, just Q4, Q3, reasonably similar in terms of kind of aggregate performance in France. A bit of noise, just in Q4 because of, you know, World Cup in France last year, and then... Sorry, World Cup with France kind of making good progress last year within the World Cup. And but also, some strikes, wide strikes in kind of later on, in Q4 this year as well, just creating a bit of noise. Excellent. Thank you very much. The next question comes from the line of Monique Pollard with Citi. Please go ahead. Hi. Morning, everyone. A couple of questions from me, if I could. The first is just, I'm still trying to find, in a typical year, whether there should be any material seasonal differences, between Q4 and then Q1. It's just interesting, because it feels like we could be at a point of inflection to customer growth, and back to order growth from Q1, if there's no sort of seasonal difference between the two quarters. And then secondly, conscious you're not giving, obviously, any kind of forward-looking guidance, which makes sense, but, you know, ATV growth obviously starting to cool a little bit as inflation starts to cool. You know, the take rate reductions coming through as you annualize the measures you're putting in this year on consumer fees and commission rates. I'm just trying to understand, though, you know, the drop through from some of these measures versus obviously big ongoing efficiency improvements you make to the network and the potential that there's some marketing spend rationalization as things move, you know, from, you know, things that are marketing spend to contribute revenues. So, Monique, maybe I'll start a bit with... I think implicitly what you're saying is, how should you judge 2024 off the back of what you're seeing in Q4, both in terms of kind of consumer trends, the mix of GTV, and the kind of mix of EBITDA? And then there's another question on, how should we be thinking about the seasonal trend between Q4 and Q1? Is that a kind of right characterization of the two bits of the question? Yeah. I think so. If I can just jump in on the second one real quick, and then we can go back to the first. I think one of your questions, Monique, is really around, okay, if you're seeing sort of less of an inflationary trend, what is that sort of impact on unit economics, I think, right? And I think, you know, in terms of our rider efficiencies, I think at the CME, you guys actually got a really good chance to talk to our team in depth about how we reduce rider wait time, how we improve customer handover. I think there was also a section on just how we do things algorithmically to better predict prep time and all of that. So we're going to continue to go after that. We've also talked about multi merchant stacking as well. So there's a ton of those initiatives that are in play, some of which are pretty early, but you guys got a chance to go under the hood. So that's gonna keep happening. I think in terms of ATV, I don't think we're gonna see any deflationary activity over the course of 2023. I think inflation will decrease, but it's still gonna be happening. Now, I think that's a very good thing, because at the end of the day, if wage inflation is at parity with food inflation, or maybe food inflation is a little bit less, that's just gonna create a much more demand, in my view. Because I think the biggest issue that we've seen in our markets in Europe is, as wage inflation has outpaced—sorry, as food inflation has outpaced wage inflation, in some cases, 3x, 2.5x, that just puts the consumer in a really different environment. So if food inflation sort of decreases a bit, to me, that's a really big net benefit. Then in terms of the sort of shape, Q4 into Q1, I mean, I think it's fair to say that it's quite difficult to call kind of normal seasonality for a number of reasons as to kind of different things that have happened over the last few years in terms of shocks. But also pre-19, obviously, we were in... we were growing very fast as an industry. But in general, we don't see big seasonality between kind of Q4 and Q1. So that would be what I'd say on the shape. And then just building a little bit further on what we said in terms of shape into 2024, really, the points I would talk to, without giving any kind of guidance, is just reminding you about what we said at the CME in terms of the levers that we have available to drive GTV growth, you know, you know, more towards our medium-term guidance. And as a reminder, what we talked about there were, you know, the new verticals and use cases, everything that we're looking to do to improve CVP, but also reduce macro headwinds. And obviously, we remain very confident about our CVP movements and the investments into new verticals and new frameworks. But, you know, we can't control the macro, and I think it'd be a brave person to call that it's, you know, an outright recovery at this stage. So then, sorry, just the final thing was just on the mix that we should expect between the marketing spend and, you know, the more sort of reducing consumer fees, promotional activity. So, you know, is there—it seems like in the Q4, especially given that you've beat on EBITDA, despite the take rate coming down, that there's just been more of a mix shift from just traditional marketing spend into- Yeah ... contra revenues. Yeah. So, in terms of the move on revenue take rate, if you like, kind of Q-on-Q, really, I guess two things to call out there. One was what you're touching on, Monique, in terms of our desire to kind of relook at how we're spending our aggregate marketing spend. So to be clear, kind of no increase in aggregate above what we were planning. But we shifted away from kind of brand-type marketing and more into mechanics that help reinforce price perception. And those are sort of more promotional in nature and therefore, contra revenue. That is part of where we think, you know, we want to invest behind the CVP. So see that as a sort of, you know, strategic investment rather than a kind of in-quarter tactical response. So that's one element of that take rate. And then the second piece, again, was, you know, in line with what we've been talking about, kind of through from interim through the CME, in terms of our desire to invest behind things in the CVP and in particular into Prime, which is an offset obviously against fees, sorry, into Plus, which is an offset against fees. Two things really there to call out that we did in Q4, one of those was a push into Plus penetration in students, in particular in the UKI, and the other was some further push behind the Prime partnership in the U.A.E. All of those things I would describe as, you know, strategic and therefore, you know, you could- you can make an assumption about what that means for 2024. Standing back more broadly on take rate, I think we've given guidance previously in terms of the mixed impacts by vertical. And also, you know, don't forget the kind of ad revenue benefit over time. Perfect. Thank you. Will, too. The next question comes from the line of Luke Holbrook with Morgan Stanley. Please go ahead. Yeah, morning, everyone. I've got just a couple from me. First is on maybe a market that doesn't get as much attention in the form of Kuwait. We have seen, I guess, a relatively new player in that market, and that said, partly, that they want to be larger than you by the end of this year. I'd just be interested to hear some trends from, from that market. And then secondly, on the UKI, just if you can spit out some of the grocery trends versus the core restaurant delivery business, that would be just quite helpful in Q4. Thank you. Okay. I'll... Hi, Luke. Will here. I'll take the Kuwait question, and then, so maybe you can talk about some of the grocery trends. You know, Kuwait, relative to our other markets, is still relatively new for us. We think we're executing really well. We've got a team that, you know, built that business in the U.A.E., so it's the same team that's operating Qatar, Kuwait, and the U.A.E. We've had a lot of, you know, pre-existing restaurant relationships as a result of our very successful business in the U.A.E., so we're just continuing to execute on there. I, I think Kuwait is one of those markets that is gonna be appealing to a lot of different players, I think due to just the culture of food delivery. I would say the rider costs, which are typically lower than what we see in other markets. So no surprise that we see competition there, but nothing really to call out at this stage that's really different in our minds. Scilla, do you wanna take the grocery one? Yeah, and again, nothing in particular to call out on grocery above what we've shared, both at the sort of teaching session on grocery earlier on in the year and, you know, some of the flavor that you've got from the CME, Luke. So, you know, pleased with what we're continuing to deliver there, in terms of both efficiency, but also what we're able to deliver in terms of, you know, the CVP and the levers that we've just discussed before that. Okay, that's very clear. And just to follow up, just on the competitive dynamics that you're seeing, like in the U.A.E., you mentioned, Plus being a big part. You think subscription almost as a defensive, measure when you start to see markets that are structurally quite strong, have increased competition? You're asking about our sort of philosophy on Plus? We launched Plus in 2017. So it's not something that's a very new initiative for us. I think we're iterating on the different benefits that we can offer consumers, but it's a key part of our strategy. I don't think I'd consider it offensive or defensive. I think it really is just part of the consumer value proposition that is really, really important. We've got a very, very long-term view on Plus. And, you know, we shared the numbers at the CME. I don't have them on top of my head right now, but clearly big differences in retention and frequency. And we're gonna continue to invest behind that. Thank you. The next question comes from the line of Andrew Ross with Barclays. Please go ahead. Great. Good morning, all. I wanted just to come back to the U.K. and Ireland, and to pick up on some of your opening remarks, well, on the couple of restaurants that have come off the platform as you transition your commercial architecture. Are we now done in that, or should we expect that there may be some more potential sites who could drop off in 2024? And I guess as an extension to that, how are you guys thinking about how the U.K. and Ireland market share trajectory into this year? I mean, you can't control macro and market demand, but you do have more influence in terms of driving the share. So how are you thinking about that as we go through this year? Thank you. Yeah. No, thanks. Thanks, Andrew. So maybe just worthwhile for me to just chat a brief second on what the commercial architecture is. So at the CME, we talked about how trust is the key to driving growth for us and our partners, and our new commercial architecture is here to drive trust. Now, what does trust mean? So to us, it's really two things: It's high-quality operations and also price integrity. So that really is sort of lower markups and better operational performance, such as wait time at restaurants, missing items, better packaging, things like that. This drives wins for riders because they can do more orders per hour. This drives more wins for merchants. They have better retention on the platform and more frequency. It drives wins for customers, performs with lower prices and better, delivery outcomes, and obviously drives, benefits for us in, in terms of more trust in the platform. I, I would say overwhelmingly, both large and small partners have embraced this approach. They see the upside for them. They see the upside, for, for them in the long term. Obviously, we see the upside for us. And the key point on this implementation of the commercial architecture is it's actually having an impact on partner behavior and outcomes for riders and consumers right now. So what we've seen, for instance, is certain large partners, they've been investing a bit into, having a managerial role, overseeing delivery, purely improving the technology so that they know that they're getting a direct payback on these investments, right? So we're working with them on that. And we are seeing service improvements in the short time that we've launched this. So we are seeing reduced rider wait times at these restaurants because they are financially incentivized to do that. So we are 100% convinced this is the right path for the long-term health of our business and for our partners. I don't have any doubt about that. In terms of your question, sort of, you know, what do we see? I can just say that the overwhelming majority of partners seem to buy into this, and we're early. And, you know, for partners that don't agree, we will engage with them and talk to them about the benefits of the program, and we're gonna keep doing that. The second question, sorry, Andrew, I didn't write it down. Sorry. It was just an extension of the first to kind of talk about the UKI market share dynamics, and how you're thinking about that, I guess from the back end of 2023 and how we should think about it into 2024. Just... Okay, so how are we thinking about— Well, I don't know, Scilla, maybe you can— I mean, I think it's sort of difficult to kind of give you a sense of what peers are gonna do clearly in 2024. But I suppose kind of standing back, if we look at what we've been able to do in terms of, you know, GTV share, you know, this year, we're kind of pleased with where we've ended up in the UKI, and that's kind of notwithstanding some of the investments that we've been making effectively, you know, into, you know, price perception and other things in terms of GTV. So, you know, confident about kind of where we've finished the year. Well, I would say, still in addition to that, in addition to that, I mean, I'm pleased with our market share performance because we've also increased profitability significantly throughout the year, right? And so if we look at those trends, we're happy with them. I think it's the team did a great job in terms of the competitive environment. Cool. Thanks, guys. The next question comes from the line of Jo Barnet-Lamb with UBS. Please go ahead. ... Thank you very much. Yeah, two sort of related ones, I guess, build off Andrea's U.K. focus. Firstly, I mean, are you able to quantify the headwind from KFC? I guess that's slightly difficult to do. But then sort of related to that, I guess you, you specifically said your marketing, sort of, shift in marketing wasn't a direct response to the loss of KFC, but it presumably allowed you to target some of your former KFC customers. So is it a fair assertion to say that that shift allows you to soften any impact you would have seen from KFC? I guess, generally, just a little bit more color on the impact of the loss of KFC during the period. Like, should people be thinking of this as, as something that was quite material in the quarter or something that you were able to, to mitigate? Thank you. Thanks, Jo. I mean, I'm not going to comment, you know, on any specifics in terms of, you know, any individual, you know, partners. I think we've given some kind of clear color in relation to the GTV. So you're slightly lower growth Q -on- Q in the UKI. And as we kind of, you know, called out, you know, some of that is off the, off the back of those commercial architecture changes, which we've now discussed at reasonable length. But also for, you know, for completeness, there was, you know, some noise in the comp in relation to both kind of, you know, World Cup, but also the, the kind of McDonald's rollout kind of last year. You know, and so we, we're kind of now through that and hence a bit of kind of comp headwind. So, I'm not going to unpick any further than that, the kind of, GTV shape. In terms of that kind of shift in marketing, it, it was, you know, part of what we were looking to do really from... You know, as we've gone through, through the half. So, you know, you'll remember it at the interims, I was calling out, beginning to see some signs of inflection in or, or stabilization rather, in, in, customer behavior, and therefore, we were looking to invest behind, the C- the CVP. We've done that across a number of different areas, as you know, Will's articulated and as we explained at the CME, whether or not that was, you know, how we've looked at our service, how we've looked at Plus penetration, how we've looked at radius extension, and then also how we've looked at kind of marketing and promo. Then the mix shift, I mean, yes, we look to target as much as possible in terms of any of our kind of promo that we run. But really, what we've been looking to move through in the quarter is more things that sort of reinforce some of that kind of price perception, like the 7 off 7 campaigns and those sorts of things, rather than it being a kind of response to anything in terms of, in terms of selection. Understood. Thank you. The next question comes from the line of Giles Thorne with Jefferies. Please go ahead. Thank you. My first question was for Will, and I guess it's a prelude to the 14th of March when you'll give us the details. But it'd be useful, Will, to hear your latest thinking on how you think you can bring your better free cash flow profile and better balance sheet to bear on competition or growth in 2024. Very broad question, but you obviously sit in a very privileged position there. So your latest thinking on how you bring that to bear. And then the second one was much more specific. I wanted to pick up on the changes you're making to Plus in the U.K. I think its minimum basket sizes are coming down from GBP 25 for certain restaurants, but the service fee is going up. Some commentary as to the logic and what the likely impact on, well, any metric you get to talk about, but I guess gross margins would be useful. Thanks. Thanks, Giles. Nice to hear from you. You know, Scilla said... Well, as you said, we do feel like we're in a privileged position. This is true. We, we, we do have a lot of capital on the balance sheet. You know, the, the free cash flow generation is, is, is moving in the right direction. But as Scilla also said, you know, we're, we're not here to give 2024 guidance. I think we're, we're quite happy with where we're at. But I think I'm afraid everyone's going to have to wait until the 14th of March before we go into more specifics on that. And then in terms of Plus changes, Scilla, do you want to Yeah, I mean, as again, as we, you know, we touched on at the CME, Giles, you know, we're looking to, you know, further move, you know, order penetration of Plus, you know, across several years. I mean, it's a kind of living, breathing program. And so we will look to make, you know, changes to different aspects of Plus as we move through, I think, really, as Emma touched on in November. So, yes, you're right on that kind of silver piece in the UKI. There is a shift that you describe. You know, we look to see the kind of evolution of that, but I'm not calling out anything particularly off the back of that in terms of overall group structure. Thank you, Scilla. Just as a follow-up on that, are you happy to say that this is more of a pro-growth than a pro-margin move within Plus? I mean, I think I'd go back to what we talked about in November. And, you know, when we look at it, we look at these things in terms of the longer term and effectively the, I mean, the free cash flow that's generated from it rather than it being a kind of margin rate piece. And therefore, you know, I'm just going to refer you back to what we said in November, that we're confident that the, you know, the economics of Plus makes sense. Okay. Thank you. The next question comes from the line of Chris Johnen with HSBC. Please go ahead. Yes, thank you, and happy Friday, all. I just got one question, a high-level one, referring to 2024, but maybe, given it's not- ... I'm not asking for anything quantified. You could still share your views. I'm just curious in terms of what you expect could change this year, if anything, with respect to competition. I think the expectation on the sell side is that most of the global companies are gonna see quite a bit of an extension in profitability in 2024 versus 2023, and there are some concerns that some of the bigger players have a little bit more, how I should say, like, push around money maybe, that could stabilize competition. So I'm just curious if that's something you expect as well. Yeah, I'll take any comments. Thank you. Thanks for that. I think the first thing I'd say is, you know, we have a very strong balance sheet. Our business on that free cash flow generation momentum is really good. So certainly we feel good about our ability to invest if necessary. I think your question is a very high-level one, and it's actually a bit difficult to generalize. 'Cause you have competitive tensions that are different country by country, even city by city. You also heard Scilla talk, I think, about how we are seeing this consumer stabilization, and this is giving us encouragement to invest behind that, the CVP in a measured way. Wouldn't necessarily surprise me to see competitors do similar things in those markets where they're seeing that. I guess at the end of the day, I've been doing this 11 years, the business has always been competitive, and we respect our competitors in all of these different markets. So I wouldn't say there's much new that I can add to that than what we're kind of seeing today. Scilla, I don't know if you have anything else on that? No. Got it. Thank you. The next question comes from the line of Kiranjot G rewal with Bank of America. Please go ahead. Hey, morning. Just got two questions on my side. Firstly, your AOVs have been coming down to much more reasonable levels throughout last year. Are you able to distinguish how much of the step down has been driven by a broader stabilization of prices versus the new commercial architecture, which is reducing the markups on the platform? And the second one is around M&A. Of course, over the last year or so, with the rates going up, M&A in the sector overall has slowed down. What's your view on 2024 and how we should see M&A develop in the broader sector? Thank you. Scilla, I'll take the second one and- Okay, that one. ... you take the first one. In terms of M&A, I'd say this: we're not a very M&A-driven company. We, you know, everything we've built has been organic. So we occasionally see things across our screens that are interesting. If we find those to be interesting, you know, we'll engage with them. But buy and large, you know, it's not something that we spend a lot of time thinking about. I guess the other thing is, and we talked about this at the CME, this is the most excited I've been for the business since we started it, both in terms of our momentum, in terms of the initiatives we're launching, and most importantly, the team around me. So we feel great about where we're at. But, you know, M&A is not something that we really, I think, spend a lot of time chatting about it at around this table, at least. Scilla? And then just in terms of, you know, that shape of, kind of GTV per order. So what we've seen at a group level is that move from, sort of 24.2 in Q1 to 24.7 in Q4. But, you know, you're right, that kind of increase year-on-year, is, is reducing. It's, it's difficult to disaggregate the mix in the way that, you're, you're describing. I think the, the majority of that, reduction in growth year-on-year, though, is off the back of, lower food inflation than, than anything else. Which, which is a good thing in our mind, right? Mm-hmm. 'Cause that ultimately, I think, was the biggest impediment to growth, you know, in these European markets, when food inflation outpaced wage inflation 3x, right? So for that to come down is a very good thing. Perfect. Thank you. The next question comes from the line of Roma Reshetnev with Goldman Sachs. Please go ahead. Yes, hello. Two questions, please. First, given the investments into CVP, why are we not yet seeing orders picking up faster? And when do you expect to see the payback on investments? And second, on the international markets, could you please elaborate on the market that are outperforming versus underperforming, and would you consider putting some of the smaller markets under strategic review? Thank you. So, thanks for the questions. Firstly, in terms of, you know, international, I think we've called out in the statement days where we've seen, you know, particularly the strong play in Italy and the U.A.E.. The kind of improvement Q- on- Q, otherwise, is sort of broadly, you know, broadly based. So, we know most markets have improved Q- on- Q. But, you know, again, we've called out, we've seen in France in particular, that was relatively similar performance in Q4 and Q3. So that's probably the kind of color on international that I go into at this stage. In terms of the, you know, why aren't we seeing a more rapid improvement in orders off the back of, you know, some of the investments in CVP? Again, I think we've been, I hope, consistent, in how we've explained this, that we see very much as the kind of the investments into the CVP as being something which is right, for, you know, for our brand and for consumer trust, you know, over the medium term. And again, to kind of, go back a bit to one of the, answers I gave a bit earlier, we're seeing that investment across, you know, a number of different things. It's, it's, you know, how we've thought about service more broadly. It's, it's how we've talked about how we think about radio. It's how we think about, kind of, you know, pricing within the mix. It's all of those aspects, and I think you'd expect that those are not kind of immediate sugar rush, if you'd like, returns. In terms of volumes, you see that play through over the slightly longer term. Someone did ask me the question this morning, just on a similar question, specifically on some of the promo mechanics, and again, I'd sort of point to the kind of mechanic that we're running typically is those which kind of reaffirm price perceptions. So think of them as the things like the 7 off 7s and so on, that we've been running across a number of markets. The last question for today comes from the line of Sean Kealy with Panmure Gordon. Please go ahead. Morning, everyone. Just, just the one from me on the efficiencies in the shift in marketing mix. So I remember at the CME, we talked briefly about the improvement in user-level targeting and what impact that could have. Is this shift from brand to promo marketing, does that imply that you're expecting a significant increase in the marketing efficiency from from that new algorithm? Anything you can sort of talk, talk about on that would be appreciated. Thanks. It's not actually... You shouldn't link the two in that way. So when we were talking about kind of user-level targeting, that was more about the opportunities that we saw for marketing efficiency kind of going forward. In 2024, sorry, in 2023 Q4, when we're talking about that mix shift, that's more between kind of core, if you like, brand marketing, and more promotional type activity along the lines of the 7 off 7 that I've just discussed. So it's a mechanic shift that's caused the move in Q4. I think it's fair to say that, you know, as we talked about at the CME, we are getting better at that user-level targeting. I think if we think about the future, you know, once you're better at that, you know, driving that price perception in a more targeted way is gonna be something I think we'll have the ability to do, right? But that's a- Totally. Totally, totally. Okay. So yeah, but it's not related to actions in the Q4, right? That's an ongoing process, I would say. Sure thing. Does that imply that maybe that shift would extend a little bit going forward? The shift in terms of the mechanic shift? I mean, I think we'll continue to look at- Uh, yeah. Yeah, we would always continue to look at kind of optimizing, you know, marketing mix, you know, in response to kind of what we're seeing, what the consumer outlook is, and so on. I mean, that would just be something that we continue to keep live in, on an ongoing basis. Okay. Thank you very much, both of you. This concludes our question and answer session. I would now like to turn the conference back over to Will Shu for any closing remarks. Thank you, Andre. I just wanna thank everyone for their interest today, and for joining us. Look forward to talking to everyone on the 14th of March. We'll talk about 2023 results then. Thanks! Ladies and gentlemen, this concludes today's conference. Thank you for joining. You may now disconnect. Goodbye.