Hello, and welcome to the Just Eat Takeaway.com Q3 2022 trading update. Please note this call is being recorded, and for the duration of the call, your lines will be on listen only. However, you will have the opportunity to ask questions at the end of the call. This can be done by pressing star one on your telephone keypad. If you require any assistance at any point, please press star zero and you will be connected to an Operator. I will now hand you over to your host, Jitse Groen, to begin today's conference. Please go ahead. Thank you, Operator. Good morning, everybody, and welcome to this analyst and investor conference call to discuss the first quarter 2022 trading update for Just Eat Takeaway.com. On our corporate website, you can download our press release and the slides for this analyst and investor conference call. Given we publish the trading update only, today's presentation regarding the first quarter trading update will be kept brief. After which we will open the call for your questions. Brent Wissink, Jörg Gerbig, and then Andrew Kenny are also here to answer your questions. Regarding the Q&A session, as a reminder, we will allow one question at a time from each of the analysts. Please follow me to slide two. Just Eat Takeaway.com, after two years of significant investment following the merger and the pandemic, saw both positive gross transaction value growth, as well as positive adjusted EBITDA in the first quarter of 2022. Just Eat Takeaway.com processed 235 million orders in the first quarter of 2022, representing an 11% decrease compared with the first quarter of 2021. Predominantly caused by challenging year-on-year comparatives following the end of COVID-19 restrictions, and to a lesser extent, by reducing the number of low contribution orders. Within Northern Europe, Germany remained the most important growth driver, with year-to-date positive order growth. While the market backdrop in the UK was less favorable against a strong comparative period, the UK and Ireland segment achieved material improvement in profitability. In North America, Grubhub's partnership with Amazon showed encouraging early results. Finally, order growth in the Southern Europe and ANZ segment was adversely impacted by market contraction in Australia due to lapping a period with significant COVID-19 restrictions in 2021. GTV was up 2% in the first quarter of 2022 compared with the same period in 2021, driven by a higher average transaction value and positive FX movements. Following the merger of Just Eat and Takeaway.com, and the pandemic, we made significant investments, most obviously in the UK, but also in other countries in our portfolio. Most of these investments were around partner supply and the rollout of a larger delivery network. I am pleased that Just Eat Takeaway.com was adjusted EBITDA positive in the third quarter of 2022. Materially ahead of prior guidance at the beginning of the year, and in our half year results, we disclosed that Northern Europe remained highly profitable, while North America and the U.K. and Ireland also reached positive Adjusted EBITDA in the second quarter of 2022. Adjusted EBITDA improved in all segments in the third quarter of 2022, both year-on-year as well on a sequential basis. Driven by a range of initiatives, we continue to improve our operational efficiency while simultaneously enhancing the user experience and the consumer proposition. We've already made good progress to improve the profitability of our business, and we have further levers to enhance this profitability, as you will see on the next slide. Now slide three. You will remember that I presented this slide in previous earning presentations to show the three pillars along which we will continue to improve our business. The three main levers are, one, revenue per order, two, improvements in courier cost per order, and three, overhead and OPEX. Revenue is driven by increasing average transaction values, optimizing consumer fees, and driving new revenue streams. Improvements in delivery cost per order are mainly driven by scale and density, as well as tech innovation. In our markets, we typically have the leading market position, which brings consumer density. This is important to increase the number of drops our couriers can make per hour and to reduce cost per drop. Continuous enhancements in technology are critical in our industry, and we are implementing enhanced demand management, further optimized order pooling, and efforts to reduce waiting times. Now, this has also downstream benefits, for instance, in the call center and, in regard to compensations to consumers. Overhead and OPEX will be improved by automation and economies of scale. Our focus on profitability delivered material improvements to revenue per order, delivery cost per order, and overhead to OPEX. As a result, Just Eat Takeaway.com was already adjusted EBITDA positive in the third quarter of 2022. Now, given there is considerable operating leverage as we continue to increase volumes in revenues, we are on track towards our long-term target margins. On slide four, I would like to spend some time on further improvements that we have made during the third quarter. In addition to the already actioned improvements which we identified in our half year results presentation. On the left side, you see the adjusted EBITDA margin that we delivered in the first half of 2022, and that we will use as a starting point. As a reminder, adjusted EBITDA for the first half of this year was minus EUR 134 million or minus 0.9% as a percentage of GTV. Within pricing, we have increased consumer fees throughout the first half of 2022 and we increased commission rates in Europe in the first week of July. We have also realized efficiencies in marketing from July onwards, and in the U.S., we realized efficiencies following the commercial agreement with Amazon. I'd like to stress that these improvements were already actioned, and we stated during our half year results webcast that these would bring us to the middle of our previously guided adjusted EBITDA range for the full year. Now on top of this, we delivered further improvements in reduction of delivery cost per order, for instance by introducing pooling and other operational efficiencies. In June, we announced a hiring freeze for the entire business, and we have implemented several cost reduction initiatives. As a result, Just Eat Takeaway.com was adjusted EBITDA positive in the third quarter of 2022, materially ahead of prior guidance at the beginning of the year, and we expect to generate positive adjusted EBITDA in the second half of this year. Turning to slide five. As a result of the significant progress made during the third quarter, we reiterated our updated guidance for the full year of GTV to grow by low single digits year-on-year in 2022, positive adjusted EBITDA in the second half of 2022. For the avoidance of doubt, we expect the company to maintain positive adjusted EBITDA in full year 2023, and the long-term objectives for Just Eat Takeaway.com remain unchanged. In line with our strategy to improve profitability and to maintain a disciplined capital allocation policy, we announced the sale of our equity stake of approximately 33% in the iFood joint venture to an affiliate of Prosus in August. The transaction consideration will comprise EUR 1.5 billion in cash on closing and contingent consideration of up to EUR 300 million. The transaction proceeds will be retained to strengthen the balance sheet and to serve as repayments of upcoming debt maturities. Provided the resolution has been adopted at the EGM on 18th November 2022, completion of the iFood transaction is anticipated to occur shortly thereafter. I will continue with the wrap up of this brief presentation on slide seven. After two years of significant investment, the company has returned to profitability earlier than anticipated. Encouragingly, all segments improved adjusted EBITDA in the third quarter of 2022, both year-on-year and sequentially. Driven by a wide range of initiatives, we continue to improve our operational efficiency while simultaneously enhancing the user experience and customer proposition. As a result of the significant progress made during the third quarter of 2022, management recently updated its guidance for the full year. The sale of our iFood stake in return for a cash consideration totaling up to EUR 1.8 billion ensures that the business is well capitalized. Completion of the transaction is anticipated to occur shortly after the extraordinary general meeting on the eighteenth of November 2022. In the U.S., we together with our advisors, continue to actively explore the partial or full sale of Grubhub. To conclude, Just Eat Takeaway.com owns many leadership positions of significant scale, is well capitalized through the sale of our iFood stake, and is therefore well-positioned to capture profitable future growth. With that Operator, I would like to open the call for questions. Thank you, sir. Our first question comes from Silvia Cuneo from Deutsche Bank. Please go ahead. Good morning, everyone, and thanks for taking my question. That's on the potential macro impact going into next year. Since in the release that you mentioned, the consumer backdrop will likely be challenging due to the macroeconomic environment. Can you please talk about the latest trends in average monthly order frequency and returning active consumers? And whether there are markets where you've seen these metrics being impacted already, perhaps in the UK, where you mentioned a less favorable market backdrop. Thank you. Yeah, thanks for the question. I'm going to try to give the most elaborate answer I can give you on that without predicting the future, because I don't think we are in that position. I think what's important is that if you look at our cohorts, the impact that we see on growth is predominantly caused by the COVID-19 cohorts and the large absolute amount of new customers that we added. Therefore also you have a churn of those customers that is larger in absolute terms, but not in relative terms than what you would normally have. That's the biggest impact that we see currently, and that is actually causing the order decline. Now that's good because it means that we are left with very, very good customers ordering very frequently. It means that all the cohorts before COVID-19 are intact, and it means that the cohorts from the COVID-19 pandemic are also largely intact. Of course, because these were large numbers of people, you do have an impact, but I think for the business model and the integrity of the business model, this is actually quite important. Also, if you look at things like order frequency, we're slightly below where we were during the pandemic, but we are much above where we were when we entered the pandemic. From that perspective, the business is incredibly healthy, and that provides us with a good base for future growth. Now, if we take another step back, we grow because we try to penetrate the markets with high shares of the population ordering with us. Clear examples are Holland, where 40%, 40% of the population orders with us, the UK, where we're at about 35%, but also a country like Germany, where the penetration is about 20% of the adult population. We try, of course, to increase the penetration in all our markets, and of course, if you increase the penetration in markets in which you are large and already profitable, you are just increasing the EBITDA. That's essentially what we try to achieve in most of our businesses. That also means that those businesses are relatively stable because you already have a lot of the consumers online, and you are large, so you're able to capture new customers quite easily. In the past 22 years, we have not seen material impact on our growth from any sort of crisis, whether it's the banking crisis or something else. You know, I started the business during the dot-com bubble, which was also probably not the best moment to start a business in hindsight. We never saw a material effect. Why is that? Because it's a penetration game for us. We try to get the penetration to go up, and that drives the growth. It's not normally dependent on other things than that. Now, of course, a pandemic is a very strange event for a food delivery or for humanity to see. That was slightly different. Normally, the penetration actually causes the growth. We are not currently expecting material impact on our business from a pandemic, but we also can't exclude it, so we want to be very careful with that. I think what's important is that we have a very large marketplace business, and our marketplace food is just much cheaper than the delivery foods. There's a possibility that people will shift from delivery to a marketplace restaurant because that food is cheaper. I'm not talking delivery fees, I'm talking actually food prices. And of course, this is the concern because food prices are going up. We do expect a shift to more marketplace orders. But again, you know, we can't predict the future. We don't know. I can only tell you that we don't think that we see the material impact now, but obviously, that doesn't say something about the future. Very helpful. Thank you. Okay. Thank you. Our next question is from Giles Thorne of Jefferies. Please go ahead. Thank you. Just bearing in mind comments you just made around current churn from the COVID cohort, and the fact that the acquisition of those customers came during a period of large investment and allocation of growth capital by the business, is there anything that you're seeing that changes your views on basically strategy as we go into 2023 and 2024? I'm sorry, it's quite a broad question, but any color there would be useful. Yeah. Thanks. Well, if you look at the COVID period, I would say that our customer acquisition costs were actually quite low because we acquired a large number of customers, and of course, it happened in a very short period of time. That's why it was very expensive. I think in terms of customer acquisition, I mean, we've gained a tremendous amount of new customers in that period. Of course, if you gain a lot of new customers, if you have lower, and that's actually the case, relative churn, you still have an absolute churn that's quite high. That's a normal thing for a food delivery business to see. I think actually the CPA, so the cost of acquiring these customers was actually much lower than outside of a pandemic. Does that then impact our strategy? Well, to a certain extent, because obviously we are part of society, so you know, we can't. We closed down a couple of businesses, as you are probably aware. We closed down Norway, Portugal and Romania. You know, in a growth scenario, you just calculate, you know, where you're going to be, let's say, a year from now or two years from now. That picture looks, of course, dramatically different if you are not in a pandemic or if you don't have that growth. So we're constantly looking at, okay, what are these businesses going to do going forward? If the environment changes, then of course also that outlook changes. If you look at our strategy and the way we operate our business, I would argue with you that the main strategy is the same since we started the business. That hasn't changed dramatically, but the environment has changed from, you know, being overly enthusiastic about growth businesses to being very negative on these sort of businesses, and probably the truth is in the middle. Our strategy going forward, because actually we are more efficient than we thought initially. That also means that while we are producing EBITDA, we can also invest a little bit in certain aspects of our business. The main investment that we're currently making is not only on efficiency, it's also on experience and quality of our service. We're just faster now. We handle customer queries faster, and of course, we reduce the costs. You know, if you think one is important, the other thing is as important to us as a food delivery business. Qualitatively, I think we're a better business. We will become an even better business going forward, and we will focus more on areas where, you know, for instance, we are a little bit weaker in the footprint that we have. I think still the important thing to remember is that if you just list all the profitable food delivery businesses on the planet, we are likely to own most of them. From that perspective, I think we're going in the right direction. You know, I would call the things that we're doing now hygiene. To make sure that business looks more like basically the Dutch business or the German business has always looked. Going forward, you know, of course, we'll do a little bit more delivery of non-food. We'll do more delivery of grocery. I think actually, you know, we've been resistant to, for instance, introducing flash grocery delivery because we thought that would be economically not sound. We do believe that there's an opportunity in grocery delivery on our existing logistical network because that logistical network is becoming more efficient and therefore we can do more things. We'll be venturing out to other adjacencies, so that's something that you will see in the next year. Other than that, I think we're well on course. Thank you very much. Cheers. Thank you. Our next question is from Sreedhar Mahamkali of UBS. Please go ahead. Hi. Yeah, good morning. One question then please. So you talked about the profitability measures you're putting in place, clearly very confident on into 2023 full year EBITDA. But perhaps can you talk through how reliant that 2023 EBITDA is on getting some growth back again in the business, or does GTV I think we're all expecting probably consensus wise mid-single-digit GTV growth. Or do you think even into next year it will somehow be disconnected from growth and there is enough self-help in the tank, that regardless of low single digit or mid-single-digit growth, you will get through to the right side of zero on a full year basis on EBITDA. Thank you. Well, I will cut that question in half. We at least run rate, and of course we're not going to give you the EBITDA for the second half. We lost, help me out, Brent, EUR 130 Four. EUR 134 million in EBITDA in the first half. That's that is EUR 270 million euro run rate in the first half. I'm not going to give you the second half EBITDA, but obviously that's at least a swing factor of EUR 270 million euro EBITDA. That means we're not dependent on growth. We're not. At the same time, I also just thought I think it was Silvia that we grow because of penetration. Of course, now the comparison is with a pandemic, so it's hard. At the same time, we know we will grow. The benefit from the way we are now operating again, and please bear in mind, this is not extraordinary for us because we've always operated like this. Of course, you know, if you merge three businesses in the middle of a pandemic and you need to invest in those businesses and you want to expand those businesses, you're going to increase the cost and therefore you're temporarily not profitable. We know how to be profitable. We're back to profitability. Growth therefore will be profitable. It will not be loss making. I think that's a big benefit from owning all these profitable positions because we can just now, you know, with the growth, increase our EBITDA. That's the sort of thing we're looking at. No, we're not dependent, but we're also not going to be excited if we grow slowly. We try to grow faster. Got it. Thank you. Thanks. Thank you. We now move on to a question from Joseph Barnet-Lamb of Credit Suisse. Please go ahead. Morning, Jitse and team. Thanks for taking my question. I was wondering, can you talk about the degree to which your accelerated path to profitability also pulls forward free cash flow breakeven, sort of how you see the timeline around this? I guess related to it, when you get to free cash flow breakeven, will you be more willing to address your capital structure? Thank you. Thanks. Let me pass to Brent, but let me tell you that our next target obviously is to get to a neutral cash burn. We're earlier at the neutral EBITDA. There's a couple of things that will improve also below EBITDA. There's a couple of obvious things like iFood. Just generally the way we think about it is that we should not be burning cash. I will hand over to Brent. Yeah. Well, as you know, adjusted EBITDA is a sort of a metric to measure the health of the operations. At the same time, there is quite a lot below that from a P&L point of view as well as cash flow. Well, on the P&L, of course, you have the leases which you need your offices to run your operations quite. You have the tax, you have the interest, and one-offs that are always on our in our P&L. At the same time, we also invest significantly in CapEx. Well, as we also said last, I think in the first half, you've seen what we burned below adjusted EBITDA. I think it's fair to say that that will also come back in the second half. Next year we expect to lower our particular also our CapEx certainly a bit. We are certainly on the way to ultimately become cash flow positive. I think it starts with making money on the operation. The adjusted EBITDA trajectory is moving in the right direction. It's. I'm not gonna say that we will be EBITDA cash flow neutral next year, but we're certainly moving in that direction. We certainly will take into account the fact that we continue to invest in growth. That will also have to turn into profit and cash. We're on the right path. Just to add to it, because I think Brent didn't mention it. Obviously we don't have to invest in iFood anymore if we don't own it. That will of course also decrease the cash burn. True. It was about EUR 90 million. Yeah, EUR 90 million roughly. Yeah. Okay. Tremendous. Thank you very much. Thank you. Thank you. We now have Marcus Diebel of JPMorgan with our next question. Please go ahead. Hi, everyone. If you could tell us maybe the latest trends in terms of order developments. I mean, we had -11% for the quarter. Roughly, where are we tracking in September and October so far? Related to that, if you can give a bit more color on the orders that you're losing. I mean, given your comment on the cohorts on the first question, just to check it's fair to assume that the vast majority of orders that you lost in the quarter come from delivery, which I guess then drives the profitability. If you can just give a little bit more color on what are the orders that are really down the quarter, that would be very helpful. Thank you. Yeah. Look, first on the trends, obviously can't give you the current trading, but you will see that, in absolute order terms, it looks like we're stabilizing. That doesn't say anything about the future, but you also know what our GTV target for the year is. That should give you an indication of what Q4 should look like. I think that's good news. It's also logical, right? You can only lap a pandemic once. You know, obviously there's no more pandemic to lap. You don't have that same influence on your order numbers. Regarding the orders we're losing, I don't think there's per se delivery or marketplace bias there. If you look at the reduction of the orders, it's mainly caused by those cohorts from the pandemic. Yeah, at the same time, we're, you know, twice the size as what we were before the pandemic, right? I think this is a natural consequence of people walking around cities rather than being locked up into their houses. The right answer to your question is. It is very much caused by these cohorts, and there's not really a mix difference between the two. It seems to be slightly favorable to marketplace, but yeah, I struggle to say that that's now going to be a trend. Perfect. That's clear. Thank you. Thank you. Thank you. We now move on to Rob Joyce of Goldman Sachs. Please go ahead. Hey, thanks very much for taking the questions. Can I just do a quick clarification and then a question, sorry? Just on what Brent said earlier, in terms of those numbers below free cash flow, is he saying that's around EUR 350 million going forward? I think if you sum those up. Just to clarify that. Then the question is, Jitse, you mentioned customer acquisition costs earlier. Obviously tracking above pandemic levels, but how are these tracking versus pre-pandemic levels? Are you seeing any changes there in terms of the customer acquisition costs? Thank you. Let me take your question first before I hand off to Brent for your first question. In terms of the acquisition costs, they were lower because the sheer number of new customers that we're getting, and obviously our acquisition cost is being calculated on the basis of the new customers that we add. It's not calculated over anything else. Obviously, if your new customers go up by 50% in a period, and even if you increase your marketing a bit, unless you increase your marketing by a lot, you will have a benefit on your customer acquisition cost. Generally during the pandemic, that was favorable. I would say that what we're seeing now is that we see in some markets a lessening of competition, and therefore we see also some marketing efficiencies, and we've talked about that also in our presentation. A party like Deliveroo leaving Spain and Holland, of course, that helps us because there's less pressure on our Google expenses, for instance, so that saves us some money. I wouldn't say that that's per se related to the pandemic. It's more a consequence of, you know, the money becoming more expensive, and therefore it is becoming rapidly more difficult for competitors to fund very small operations in countries in which we are very large. In sum, Just, is the marketing cost per new customer acquired now tracking above or below 2019 levels? I have to take a guess. I think it's below. I see Jörg nodding, which is probably a good sign. Okay. On the free cash point, thanks, Brent. Yeah. Well, on the free cash point, look, what is clear is that we made an additional investment in the second half in iFood. It was a commitment. I think a lot of the things that were in the cash flow statement in the first half will come back. That's more the guidance that I can give with respect to the cash flow for the next half. I just think I'm more on an ongoing basis. Just so we think next year, are we thinking EUR 350 that sits below EBITDA, ballpark? The only I'm not gonna. I think the only thing that we can say about is that CapEx will be lower because we have some. Yeah Leasehold improvements this year that we won't have next year, and iFood will not be there. I think there was some one-off. A lot of some of them. Some one-offs that we won't have next year. Some of the things will of course return. We will still keep our offices. We will still have to pay interest. A lot of things will certainly return next year. Thanks very much. Thank you. We now move on to a question from Andrew Gwynn of BNP Paribas Exane. Please go ahead. Hi. Good morning, all. Yes, I'm tempted to ask a question about one-off, but I'll park that. Obviously you've increased delivery fees for the consumer during this period, that's happened really actually over a few months. How much elasticity are you seeing? Do you think there's scope to further increase delivery fees? Thank you very much. Thank you. Well, to be fair, we did increase delivery fees, but we did it in a smart way. Having started as a marketplace business in most countries, we did not have a lot of the mechanisms necessary to price, for instance, based on distance or, you know, time of day, weather, amount of couriers available and that sort of thing. We are becoming much smarter in that respect. We have more tools at our Disposal. Disposal. There you go. We have more tools at our disposal to actually price a bit smarter than what we did in the past. Actually close by the restaurants, we are much cheaper usually than our competitors. Not always, but usually. Further away, we are more expensive. Now, you can still order further away, but we would of course like to limit those orders because they cost us more because it's further away. The food gets cold, so the service quality is less, et cetera. Try to sculpt the delivery fees a bit better. It's not to say that we increase the delivery fees necessarily for you as a consumer. Is there space to increase? I would say so. At the same time, we are usually the affordable option, and we think it's a benefit in this environment. It's especially a benefit because we do believe that, depending on the country, some of our competitors need to raise the delivery fees quite a bit to just stay alive or, you know, stay in the game essentially. Yes, we can raise them further, but we also think that we, you know, we have a role to play in being the affordable option. There's also, of course, if you look at the comparison with previous periods, we removed the orders that have a lower contribution to our profits. These are sometimes, you know, very low basket orders or orders that, you know, we, you know, we're adding to the order growth but not the same to the profits. More or less. Yeah. Okay, great. Thank you very much. Thank you. We now move to Jürgen Kolb of Kepler Cheuvreux. Please go ahead. Yes, thank you very much, and good morning to everyone. On Amazon, on page four, you indicated that you've realized obviously efficiencies due to this commercial agreement with Amazon. Very good. I was wondering if when do you expect us to see or you to see a meaningful growth in the customers or in the orders in Q3? Obviously, for obvious reasons, we haven't seen yet an impact really on the orders growth. You talked very optimistically about this cooperation. I was wondering if you could give us maybe a little bit more insights as to what's happening there and when we will actually see some kind of an impact here. Thank you. Thanks. Well, the reason that you don't see anything in Q3 is that we started this cooperation at the end of July. Exactly. Mm-hmm. That's one of the aspects there. I've said that before, it's not a silver bullet. It won't, you know, dramatically change, Grubhub overnight, but it is supporting that business. Actually the trajectory of the business now comes more in line with the rest of our business. I think that's a good sign. We need to work on further cooperating with Amazon, with which we have good contacts. I mean, the cooperation is at a very high management level also in both companies. I think that's great. We are very enthusiastic about it, but we do have more work to do in the United States. We're not done with just the Amazon transaction. All right. Thank you. Thank you. We now come to Sarah Simon of Berenberg. Please go ahead. Yeah. Morning. I have a question also on the US, which was, can you give us an update on the situation with the New York fee caps, please? I feel very good about them. Do you think we should stop putting this in for 2023? No, you need to be very conservative. Okay, thanks. I guess as an additional data point, you also saw that, San Francisco basically solved the fee cap situation, which is also a good other data point, also hopefully. Yes. for the New York. I think that's a good point. San Francisco, but also British. British Columbia. Yeah. Which is actually one of our. They're contributing quite a lot to our orders in Canada. There was also some solution proposed for legislation in Canada, which is one of the remaining fee caps we have outstanding there. That would also give some more flexibility with regards to pricing. You see basically all over North America there is solutions being found together with the government to actually solve these situations. That makes us also very confident for the New York situation. Okay, thanks. Thank you. We now move on to our next question, which is from Clément Genelot of Bryan, Garnier & Co. Please go ahead. Yeah. Hi, good morning. Just to come back on Grubhub. Can you elaborate on the rationale of Rappi partnership? I mean, is it to have a cost deal to lower the CAC and marketing costs, or is it to have a top line deal to recruit as many customers as possible to really reverse market share trends in the U.S.? Because if I'm right, even in the middle of September, the trend movement is not so visible. Thanks. Well, no, I think depending on what source you look at, there is a. You can actually detect something. Obviously, what we try to do is reduce the cost of acquisition, because we have quite a large marketing budget, for instance, in the United States. Actually if we can reduce that cost, that would be great because that will make that business more profitable. Of course, now, it's not the same market share we're looking at. We're looking at the growth of that business, right? We try to return that business to growth, just, you know, how we look at the rest of the businesses. I think this is quite important and you know, going forward, you know, food delivery businesses need to be profitable. Therefore the only way forward is to be profitable and to grow at the same time. That has our focus, and that's something else than just to grow at all costs. Well, it definitely is right that obviously the Amazon deal has more of an impact on new customer acquisition than basically something regarding the order frequency of existing customers. That will be more visible over the course of basically coming quarters because now acquiring these customers and then they unfold over the coming quarters. Yeah. Thanks. Thank you. We now move to Chris Johnen of HSBC. Please go ahead. Yeah, thanks everyone for taking my questions. Also coming back to Amazon, the U.S. in particular, is there any more color you can give sort of early indications as to where you stand, let's say with respect to things like cannibalization of the existing customer base? If there is anything that's surprised you in sort of the early look and experience that you've had? Extend that question to ask about the Gopuff partnership, hearing your thoughts maybe beyond what is in the press release on that. Thanks. Thank you. Andrew, can you take the first question? Yeah, sure. I mean, I think on the cannibalization point, we obviously stepped into this partnership and modeled assumptions on what we expected the cannibalization to be, and I think we've been positively surprised so far. That's been an encouraging start. We're really not seeing any material levels of cannibalization. It's kicked off, you know, very recently. But, you know, the trajectory seems positive and I think we'll see that and other similar partnerships expand as we kind of move at a faster clip into grocery generally throughout and other adjacencies in the US. But it's super early days. Got it. Thank you. Thank you. We now come to William Woods of Bernstein. Please go ahead. Hi there. Good morning. So the biggest drag on profitability at the moment is the Southern Europe and Australia region. When you think about those new levers of delivery and operational efficiencies, how much of that is coming from that region? Could we expect Southern Europe and Australia to break even in FY 2023? Yeah, thanks for that question. If you look at that segment, obviously Australia is a large component of it, and we are seeing benefits in Australia also from the work done on the logistical network. I'm not sure whether that's clear to everybody, but we have two global networks. We have a network for freelancers and a network for employees. The network for freelancers is actually much larger than the network for employees. And the work that we do on the freelance network has beneficial effects in the UK, Canada, Ireland, and Australia, New Zealand. And obviously the larger the share of your logistics, the more benefits you get out of that. You know, these are global solutions, so also the benefits are globally. If you look further at that segment, we've seen market contraction in Australia because you will probably remember that the lockdowns in Australia lasted longer than, for instance, in Europe or in the United States. If you look at the comparison, just look at the news articles of last year, you'll see that that was actually still going on in Q3 last year. That also means, of course, that Southern Europe is trading pretty much in line with the rest of Europe. That's, I think, also good to see. The investments that we're making in, for instance, a country like Italy are good investments because Italy, but also Spain, look very similar to Germany or Holland. They are not to scale yet because obviously, you know, we have more orders in Holland than we have in Italy. You can imagine that, you know, in a larger country, you have to spend more money on marketing and that sort of thing or sales. It takes longer for those businesses to become profitable. I understand where the question comes from, but I also believe that by the end of this half year, you will be less concerned about it also because the impact on the rest of the business will be far less. I don't believe it's per se an issue to invest in a market, even if you know the global market environment becomes more difficult to be able to keep up these investments. Some of these investments, actually, they are good investments to make even in a more difficult market environment. Because, you know, with the same argument, you could have closed down Germany between the years 2012 and 2019. Germany, of course, is now the most profitable food delivery business on the planet. You know, for some markets, you need to have some patience. Other markets, you know, if we don't believe that we will get there, we will certainly do something about it. Excellent. Thank you. Thanks. Thank you. As there are no further questions in the queue, I would like to hand the call back over to your host, Jitse, for today for any additional or closing remarks. Thank you very much. I would like to round off this analyst and investor call by thanking you for participating and your questions. Should you have any additional questions or remarks, please reach out to our investor relations team. Thank you. Thank you. This will conclude today's call. You may now disconnect.