Ladies and gentlemen, welcome to Ozon's first quarter 2021 financial results call. Before I pass the floor to Ozon management, I would like to advise you that some of the information you will hear today may include forward-looking statements under the Private Securities Litigation Reform Act. Forward-looking statements are based on management's beliefs, assumptions, and information currently available, and are subject to known and unknown risks and uncertainties, many of which may be beyond our control, and actual results may differ materially. We encourage you to refer to the cautionary statement contained in company's press release issued today and SEC filings. During today's call, the company will be referring to certain non-IFRS financial measures and other metrics, reconciliations, and definitions of which you will find in company's press release published today. Presentation today will be followed by a Q&A session. If you wish to ask questions, please press star and one on your telephone. Now I will pass the floor to Alexander Shulgin, CEO of Ozon. Please go ahead, sir. Thank you. Good morning and good afternoon, everyone. Thank you for joining us today and welcome to Ozon's first quarter 2021 earnings call. Together with our CFO, Igor Gerasimov, we will make some comments on our business, on our quarterly results, and we will update you on the outlook for the full year 2021. We will try to give as much time as possible for the Q&A. With the strong performance and momentum in our business in 2021, our results are a testimony to our commitment to our mission, a strategic goal of transforming shopping experience for the Russian consumers by offering the unparalleled services to our buyers, whilst simultaneously empowering our sellers to grow and develop their businesses on our platform. In Q1, we generated GMV of RUB 74 billion, which is actually comparable in absolute terms to Q4 of last year. We are pleased with this result, as typically Q4 is a much stronger quarter for consumer businesses. Our GMV growth reached 135% year-over-year, making it the sixth quarter in a row with a triple-digit growth for our platform. Our offering resonates with Russian consumers. Our buyer base reached 16 million, growing by nearly 80% year-over-year, whilst our seller base also increased dramatically, allowing our core growth engine, Ozon Marketplace, to further gain scale. We expect to see accelerating flywheel effects in our business. Our assortment breadth increased 2.5 x year-over-year to 19 million SKUs. Coupled with speed and reliability of our delivery service and rollout of adjacent services, this means further enhancement to our customer proposition. On the opposite side of the equation are our business partners, our sellers. With new tools that we developed for sellers and the new more efficient commission structure, we see further growth in number of onboarding sellers. Our seller base nearly quadrupled compared to Q1 of 2020. For our platform to perform and meet expectations of our buyers and sellers, we need a well-calibrated logistics and fulfillment infrastructure. As part of our strategy, we aim to become closer to our buyers and provide fast and reliable logistics and fulfillment services to our sellers, both in metropolitan areas and in the regions of Russia. In order to do that, we continue to expand our fulfillment and logistics infrastructure. Our fulfillment footprint reached 250,000 sq m, and number of our offline pickup locations reached 12,000 across Russia in Q1 2021. We were able to deliver 98% of parcels on time, which is a further improvement from 95% during the high season of Q4 2020, which enhances customer experience. Now, a few words about COVID and its impact. Last year, the Russian government implemented restrictions such as social distancing and lockdown measures starting from March 2020 to combat the effects of the pandemic. The lockdown impacted Q2 the most, the restrictions started to ease from around mid-June onwards. It's very difficult to isolate the impact of COVID on our business with great degree of certainty, we acknowledge that COVID helped to bring forward the online services adoption. Our business was in the fast expansion mode at the time when COVID hit, which accelerated sellers' migration to the businesses online in partnership with Ozon, and buyers' adoption of the new ways of shopping by ordering online. Nonetheless, since the restriction eased, we continue to see strong growth in our cohorts with order frequency rising materially, up by about 30%, approximately. If you look at our GMV growth, we reported triple-digit growth for the last three quarters while the lockdown already was eased. Despite lack of restrictions, we continue to ensure safety for both our colleagues and customers with all the necessary precaution measures. For example, contactless delivery is one of such initiatives. Now let me provide a bit more color on the Q1 performance. Our focus on improving product quality and better services for buyers is paying off. GMV growth reached 135% year-over-year, supported by strong order growth. In Q1, we delivered 34 million orders to our customers across Russia. Order growth accelerated to 161% year-over-year in Q1 from 137% year-over-year in Q4 2020. In Q1, we further improved delivery terms for our buyers, passing on some of the benefits of scale on to them. As we push into the regions, we allowed more pickup applications, which make our services accessible to more customers across Russia. Our core growth engine, Ozon Marketplace, showed tremendous performance in Q1. Share of 3P as a percentage of GMV reached 58.4%, almost doubling from 32.6% in Q1 2020. As a result of the rise in order frequencies, rapid growth in number of active customers, which reached 16 million. In addition, the growth was augmented by merchant base growth year-over-year, driving significant assortment expansion, which is very important for our customers. Overall, the sellers are attached to our platform by the level of quality of service we offer to them, which includes countrywide fulfillment and logistics, business analytics, tools to improve performance of their businesses, and help to grow it, and large customer base. In February 2021, we made an adjustment to our commission rates, which further boosted seller engagement with the platform. There was a number of changes that we introduced to commission structures with the aim to stimulate trading on the platform and incentivize sellers to utilize our fulfillment infrastructure in an efficient manner. On the balance, it means that our take rates will likely be lower, which should be offset by higher trading volumes on the platform. We also would like to note that adjustment to the commission structure and improvement in the breadth and quality of services offered by Ozon to its merchant base led to higher number of sellers onboarded onto Ozon Marketplace. In Q1, we also strengthened the marketplace by establishing partnership and onboarding big brands and reliable retailers. The launch of fulfillment and sorting facilities in the regions located closer to the regional seller base led to great attraction with regional sellers. Finally, I would like to note that after beta testing last year, in Q1, we launched storefront model, which enables sellers to facilitate deliveries to customers independently while using Ozon Marketplace as a digital storefront. While at this point in time, it's not a big driver of our growth, it demonstrates that Ozon continues to develop products for the sellers. Our cohort performance is something that we monitor very closely, in particular, in post-lockdown period. As you can see, the cohort performance remains very solid with over 30% increase in order frequency year-over-year for last 12 months cohort in Q1. Company believes the strong cohort characteristics were driven by significant improvement in speed and reliability of delivery, with 98% share of on-time deliveries and greater choice due to much wider assortment, up to 0.5 x year-over-year to 19 million SKUs. Improved customer proposition is contributing to growth in buyers and greater retention, as well as overall greater order frequencies. Number of active buyers on Ozon Marketplace increased by 77% year-over-year to 16 million as of March 31st, 2021, compared to 9 million as of March 31st, 2020. Annual order frequency of Ozon buyers increased by 33% to 5.9 in Q1 2021, compared to 4.5 in Q1 2020. Now, let me update you on our new verticals. We continue to roll out and scale our complimentary services around core e-commerce platform such as Ozon FinTech, Ozon Express, and we see significant potential in these services. In FinTech domain, we continue to build out B2B and B2C payments and lending business streams. Our flagship B2C payment product, Ozon Card, usage shows great traction with digital format expediting adoption. There were over 780,000 activated cards as of March 2021, compared to 117,000 as of March 2020. The cardholders tend to spend 1.6 more often than those that use other payment methods. On the B2B front, I would like to highlight the launch of flexible payment plan. This is a unique product structured together with our partners, which enables marketplace sellers to arrange a payment schedule that best fits their business needs whilst it boosts their loyalty to the platform. It should help to drive higher volumes and should not have significant impact on our working capital. This quarter, we continued to develop Ozon Express service. In March 2021, this past March, the average daily order volume more than doubled compared to December 2020. Our goal this year is to expand the format in the regions. Finally, we continue to develop ad solutions for the sellers, allowing sellers to send out from 19 million SKUs, which is a natural source of monetization for Ozon platform. Although we see huge potential in Russia, by entering new markets, we are unlocking additional growth for Ozon. CIS region is very similar in customer behavior and preferences to Russia. We plan to launch our new fulfillment facilities and logistics operations in Belarus this year. Online retail market is estimated to be in the mid-single digits as percentage of the retail sales turnover, so there is a lot of scope for growth given very low e-commerce penetration. I would like to hand over to Igor Gerasimov, who will discuss further our financial performance. Thank you, Alexander. Good afternoon, everyone. As Alexander already highlighted, we had a strong topline performance in Q1, with GMV growth reaching 135% year-over-year. I would like to take you through how the operating expenses evolved and the drivers for this. Overall, in the first quarter, we expanded fulfillment and sorting centers in the regions, which requires not only capital, but also leads to additional operating expenses related to additional personnel, utility bills, and rent. In addition, a large share of operating cost growth is associated with the cost of strengthening our IT infrastructure and central office team in order to facilitate platform growth and product development. To scale our business, we need highly qualified software developers and other IT specialists. Our investment into IT talent is reflected in the year-over-year increase in the technology and content expense line. If we take it line by line and go through the remaining key expense items, which are fulfillment and delivery and G&A. General and administrative expense increased the most by 130% year-over-year, growing almost in line with the GMV. We perceive this increase as an investment into acquisition of talented employees, which we require in order to accelerate development of our platform. Fulfillment and delivery cost was up by 83% year-over-year, driven primarily by higher number of orders processed through Ozon's fulfillment and logistics infrastructure across Russia, and also new openings of additional infrastructure objects. In Q1 this year, we delivered 34.1 million orders compared to 13.1 million of orders in Q1 last year. As a result of benefits of scale, and despite the ramp-up effect, which puts additional pressure on this cost line, as a percentage of GMV, fulfillment and delivery costs were down 440 basis points year-over-year to 15.8% of the GMV. 84% year-over-year increase in sales and marketing was driven by the increase in digital and offline advertising, mostly aimed at attracting new customers to Ozon platform, but also increasing retention. It also has reduced year-over-year as a percentage of GMV, reflecting better frequency and cohort performance. To sum up, although our operating expense together with cost of the goods sold increased by 60% year-over-year in Q1 as a result of the fast expansion of Ozon operations, they actually decreased significantly as a percentage of GMV. In Q1, operating expense together with COGS accounted for 55% of GMV, down from 81% in Q1 2020. This significant reduction is driven by the growing scale, our focus, and daily work on efficiency and cost optimization. Our profitability in Q1 was in line with our expectations. While business size more than doubled and active investments in logistics and IT took place, EBITDA remained practically at the level of the previous year in RUB terms. Adjusted EBITDA loss of RUB 4.9 billion was quite comparable to the negative RUB 4.5 billion in Q1 2020, while GMV has more than doubled over the same time period. Adjusted EBITDA as a percentage of GMV, including services, improved significantly to negative 6.5% in Q1 2020 from negative 14.2% in Q1 last year due to economies of scale, efficiency gains in fulfillment and logistics, as well as great operating leverage. The rapid growth in GMV for the six quarters in a row demonstrates that our strategy of focusing on building scale is playing out. We plan to continue scaling our business and gaining market share. Cash flow from operating activities was negative RUB 12 billion compared to negative RUB 2.4 billion in Q1 2020. Let me provide some context around the seasonality effect, which is quite typical for our operations. Q1 cash flow is typically significantly impacted by the dynamics of the previous year, and by the fact that Q4 is seasonally the strongest in our business and in general across the whole retail industry. As a result of that, payments for the inventory sold in peak season during the fourth quarter appear in Q1, resulting in significant cash outflows. We look forward to a gradual improvement in cash flow over the course of 2021 and expect operating cash flow for the year to be around breakeven, and thus we're reiterating our guidance of operating cash flow to be near breakeven for the full year. CapEx started to ramp up in Q1, but we expect it to ramp up even faster in the following quarters, given expected more than tripling of CapEx this year. To sum up, strong performance continued in 2021. This gives us confidence to increase our guidance for GMV to 100% year-over-year from previously communicated 90% or more. We believe that despite tough comps this year, even in Q2, our business can deliver triple digit growth fueled by flywheel effect, ongoing product and service improvements, tactical investments to accelerate market share growth, and benefit from secular trends of online services adoption in Russia. We reiterate our guidance for CapEx. In 2021, we aim to deploy between RUB 20 billion-RUB 25 billion in order to expand and enhance our logistics infrastructure for our e-commerce core business and growth of the new verticals, as well as in order to fuel higher growth for longer in our platform. In Q1 2021, Ozon issued convertible bonds with aggregate principal amount of $750 million. These bonds are due 2026. The coupon is 1.875%, so it is to be paid semi-annually starting from August 2021. This transaction helps us to strengthen our balance sheet position. As of the end of March 2021, we had cash and cash equivalents of RUB 140 billion. A recent exciting development for us is the acquisition of Oney Bank. This transaction allows us to obtain a banking license, which is required in order to keep developing our FinTech operations and gradually migrate to third party, thus delivering better products to our customers on both sides of the marketplace. This acquisition should allow us to provide faster payment services with lower commissions. We received Central Bank approval for the transaction on April 29th, and on May 14th, we closed the transaction. We expect that the title to the bank will be passed to us before the end of the month. Total cash consideration for the transaction amounted to RUB 615 million. In February 2021, we also registered our new microfinance entity with the goal to create financial products for our merchant base. Another exciting development for us is the MSCI index inclusion announced last week. Ozon is expected to be included in MSCI Russia index with the approximate weight of 0.8% as of close of business on May 27th, 2021. Finally, I would like to note that past quarter, we launched third-party logistics services. As a part of the new service, Ozon aims to become a reliable partner for many businesses across Russia, helping them to improve their presence online. We also see a big demand for cost-effective and reliable alternative delivery service in the regions with suboptimal logistics service provision. This initiative creates a new revenue stream for us, but more importantly, it allows us to increase capacity utilization during the low season, and so to improve the returns on capital and shorten the payback period. We already have been able to forge great business partnerships, for example, with the international home goods and furniture chain, IKEA. IKEA products are available for delivery via Ozon in Moscow and in the Moscow region, as we plan to make the service available throughout the country. Thank you for your attention, and let us move to Q&A. Ladies and gentlemen, we'll now begin the question and answer session. If you'd like to ask a question, please press star and one on your telephone and wait for your name to be announced. It is star and one for any questions or comments. Your first question is from the line of Vyacheslav Degtyarev from Goldman Sachs. Please go ahead. Yes, thank you very much for the call. Couple of questions. Firstly, can you comment on the progression of the GMV growth performance throughout the month? How sharp was the deceleration in April, May, and maybe the performance by month throughout Q1? What was the strongest month during the first quarter? Secondly, on the cost side, so basically all cost items improved as% of GMV on a year-over-year basis in Q1, except for the G&A cost. Would you expect the same trajectory to continue throughout the year? Thank you. Slava, thank you for the questions. Now, as you probably remember, in Russia, lockdown measures were introduced in late March, and they were lifted by the end of June 2021, largely across most of the Russian regions. Therefore, this time period definitely creates the toughest comps throughout the year, and therefore, given that the growth was nearing 200% year-over-year, on the year-over-year basis, it's natural to expect some sort of deceleration. However, if we're looking on the two year CAGR, in terms of the GMV growth, we see that the situation is largely stable, and performance is in line with our expectations. Therefore, while on year-over-year terms, the performance might vary because of the base effect, taking into account the two-year CAGR growth rate, it should be largely in line with the trends which we have observed previously in 2021. Speaking about the cost performance as a percentage of GMV, going forward for some cost lines, we still will be experiencing a negative pressure from the openings of the new infrastructure objects, as well as additional hiring in personnel. However, we aim to maintain robust cost relative to GMV, and definitely on year-over-year basis, and especially speaking about the full year, an improvement should be visible in many of the cost lines. However, definitely we do not provide any guidance on EBITDA, but we remain focused on the cost discipline. Okay. Thank you very much. Thank you. Your next question is from the line of Elena Kovaleva from JP Morgan. Please go ahead. Yes. Hi. Good day. Congratulations with good results. I have a few questions. First and foremost, on delivery and fulfillment costs, when do you think they should peak as a percentage of GMV for Ozon, and why? Thank you, Elena. It's Igor. I guess as a percentage of GMV, the peak should be reached this year. Going forward, while the infrastructure ramps up, we will be observing a gradual improvement. Understood. In principle, how does the rise in order frequency change your outlook for profitability? Increase in order frequency is definitely beneficial for us. Therefore, while optically our AOV may be reducing because the purchases are becoming more frequent and number of items in an order is lower. For our unit economics, it's neutral, but for our cohort performance and retention, it's way better. In the long run, it should be beneficial for the company. Basically, even though this means pressure on your delivery costs, the more frequent number of orders, but you see much better output. No, it doesn't lead to pressure on delivery cost, and this progression is completely in line with our expectations. The guidance which we have communicated to you already factors this in. From our standpoint, this is just a natural reflection of the fact that people are becoming more frequent shoppers on Ozon, and that's it. There shouldn't be any negative implications from the unit economics standpoint. Can you share with us how frequently your customers shop with you on average? I don't know, number of orders per year or per quarter, what are the latest numbers? In Q1, it's roughly 5.9 orders on the annualized basis. It's an increase from the fourth quarter last year. This is also a reflection of the fact that people are using more our pick-up points and parcel lockers, which we actually wanted them to use more because we're opening those objects quite rapidly right now, as you could have seen in our press release. It also leads to faster infrastructure ramp-up. For people, it's just a natural way of consumption. It's also beneficial for our cohorts, as you could have seen in our presentation. Mm-hmm. Just a small follow-up. You're saying about 5.9 orders per customer on an annual basis. Yep. What do you think it can go to? Yes. Hi, Elena. Look, in theory, the long-term target would be definitely in mid of high teens, longer term, that's for sure. That's something which is already the reality in most of countries, and that's something that we would like to achieve. What you should also understand is that 5.9 is average. That also includes the frequency of new customers, right? Which just joined the platform. For those who are with Ozon for more than one year, this number would be already about 1.5 x higher. We are quite happy with our cohort performance. I think it's on the slide six. You can see that every new cohort is better than the previous one, and it actually continues developing rapidly. We're quite happy. This 5.9, it's actually already at about that, right? It's just a matter of time for a new cohort to mature, even if the older cohorts do not improve. Mm-hmm. Okay. Understood. I think I'm among those of your more frequent shoppers who shop 365 days a year. Of course. The follow-up one for me would be on [Paybury. What's your frequency, Elena? Maybe you can provide anonymously. I'm telling you, I skip 365 days a year because I'm with something every day and sometimes twice a day. You can tell that this is the potential. The final one for me would be on take rate dynamics. How should we think about this for the rest of 2021, remaining quarters? Should we expect the take rates to go down further as merchants kind of adjust to your new commission structure or maybe competitive pressures are there? Yes, as you know, we've done some changes since February. These results, they actually factor in some of the changes, and you can see the input, looking versus the Q4. We do not want to give any guidance, any promises here, but we just made these changes in February. We're still digesting them together with sellers. What we clearly see is that we see some response from sellers. Our seller base is increasing rapidly. We see, in particular, quite good response in terms of number of active users. Our goal to increase the assortment, it goes in the right direction. We've also started seeing much better interest in our original infrastructure because you can now actually optimize some of your costs if you bring directly to the local fulfillment center. Having said that, technically you might see some reduction there, but it will be a clear reduction of cost as well, right. For example, if today you sell from Moscow to Yekaterinburg, seller will pay for transportation effectively. In our reporting, it would be part of the take rate, what you would see right in the reporting. It's some gross profit, and it also will be some cost there. If they bring directly to Yekaterinburg and the order goes from Yekaterinburg to Yekaterinburg, they will not pay for transportation. They will not pay us right there. Usually take rate will be lower, but cost will be lower as well. This is something that might happen. Apart from that, we're not working to there are no big thoughts about changing commissions. We need to digest these commissions and to develop ancillary revenue, which is advertising services where we do a lot today, and also cross-dock services. You can actually pay us, and we bring goods to regional fulfillment centers. That's also important service for us. To cut it short, I guess we're just digesting these commissions, the impact they have, and focusing on ancillary part. Okay, thank you. If I may, actually, one more question. The working capital dynamics are very volatile, and I do understand why this has been a source of cash outflow for Ozon in Q1. In principle, has there been any underlying change with how fast you pay the 3P merchants? No, nothing was changed. It was completely intact. It will be a bit complex answer, but I'll try to keep it concise. In 2020, the picture was distorted a bit by the COVID impacts especially, and the beginning of 2020 was distorted by the lagging impacts of the price revolution, which we decided to undertake in 2019. Therefore, the way we look at it is to combine the performance across several quarters. Say, if you are to look at the working capital dynamics for fourth quarter 2019 and first quarter 2020 together and compare it with the performance for the fourth quarter 2020 with the first quarter of 2021, you'll actually see that the dynamics is healthy. Therefore, it's better than it used to be over the comparable time period. This aggregation would allow you to avoid this impact which varied between different quarters. Mm-hmm. Okay. Thank you very much. I will look at it briefly. I think, yes, the only way for you to judge would be on a first half versus first half basis. Effectively, we remember very well, last two weeks of March was a huge surge in GMV and in 1P as well, and it's just a little bit like a small new year within the year. You can see that second quarter last year, in terms of operating cash flow, was not good at all versus first quarter, right? It's just this impact. The surge of sales in March, we paid for these sales in the second quarter. Yep. Understood. Thank you. Thank you. Once again, ladies and gentlemen, this is star one for any questions. Your next request is from the line of Ivan Kim of Xtellus Capital. Please go ahead. Yes. Good afternoon. Can I just have three questions, please? Firstly, on your share of deliveries next day, so how is that progressing, and how it compares maybe with the fourth quarter or a year ago. Secondly, as you reduce the threshold order value for free courier delivery, what happens with the share of courier delivery in total now in the first quarter versus last year, let's say? Lastly, shall we expect G&A expensive growth ahead of GMV for the rest of the year? Is it something reasonable to assume? Thank you. I will begin, and maybe Daniil and Alexander can follow up. On the share of next day, it still remains at roughly 1/3 of total orders because those changes are not that fast to implement. Therefore, nothing which is materially different versus the fourth quarter last year. On the threshold for AOV. It resulted in a small uptick into the share of courier delivery. At the same time, we've been opening quite a lot of the pickup points. Therefore, it's hard to say what effect ultimately was the strongest on the blended basis. As of now, the share of deliveries through parcel lockers and pickup points stands at over 80%. Going forward, we are yet to see how this will play out. Just as a reminder, our delivery channels are structured in a way that it makes it kind of P&L agnostic. Therefore, it doesn't matter that much for us whether a customer gets goods through courier delivery or whether a customer gets goods through parcel lockers or pickup points. Because the cost and the respective commissions are structured in a way to make it largely neutral for the bottom line. G&A expense for the year, I mean, I defer from any guidance, but I can only say that in 2021, we are investing into talent acquisition and therefore, the pace of the G&A cost line growth will probably remain somewhat elevated. We're not sure yet whether it will be coupled with the GMV growth or not. Still, definitely it's just an investment and it's quickly ramping up. Therefore, this impact wouldn't be noticeable in the first quarters of 2022 and by the end of 2021 already. Great. Thank you for this. I will add to what Igor said, that one of the reasons behind new commission that we implemented in Q1 was to incentivize sellers to keep their inventory in our fulfillment centers across regions. Which will both improve speed of delivery as well as reduce cost as a percentage of GMV. Obviously, it takes time to communicate and change the way how sellers make decisions. There is some inertia in what people do. I think eventually these new commissions will have positive impact both on speed of delivery, which is very important for us, and also cost. Great. Thank you very much for this. Maybe if I may, the last one on Ozon Express. What sort of progress you see there? You said before, I think, eight times growth in revenue in GMV. Do you see similar trends this quarter? Have you been opening more dark stores? Thank you. Obviously, Ozon Express demonstrates very high growth rate. We started from a very low base of last year. We plan to open substantial number of dark stores in this year, and we are performing according to our plan. Growth versus last year as overall for Ozon has decelerated a bit, given the very unusual situation of last year. Overall, we are very optimistic about the business model. Okay, great. Thank you. Thank you. Your next question is from the line of Maria Sukhanova of BCS. Please go ahead. Yeah. Hi, everyone. I've got two questions. The first one on penetration of your financial services into customer base and the merchant base. You do tell us how many Ozon Cards there are active, but maybe if you could tell us what percentage for this is bought on installment. Also with merchants, if you could tell us probably what percentage of merchants uses any kind of your financial services. Similar question with the advertisement. What is current penetration of your advertisement services into your merchants? The total penetration of fintech services, lending together with the payments, is close to roughly 10% of the GMV already. It's pretty significant. Obviously, most part of that is attributable to payment services because this is a way more scalable product offering. Lending vertical is gradually taking up. To remind you, it was just an MVP at the end of the year. Over the course of first quarter, it has already been able to get a couple of percentage points of GMV which means very fast scaling from a very small base. Going forward, we're pretty confident that our fintech initiatives could occupy way bigger share as a percentage of our own GMV. Advertising, please. Advertising is increasing as a% of GMV gradually. Obviously, it's very far from realizing its long-term potential, which should be somewhere close to mid-single digit as a percentage of GMV. In advertising, you obviously need to mind that it's impacted by the trade marketing, which largely, I think, mostly attributable to gross profit and alternative bank margin in a way. The thing I am talking about and the thing on which Daniil and his team are focused mostly is development of the advertising engine in marketplace, the service which our sellers will be using. As of now, it's still very far from its long-term potential, as I've mentioned. Understood. Thank you very much. Once again, ladies and gentlemen, if you'd like to ask a question, please press star and one on your telephone. There are no further questions at this time. Please continue. As there are no further questions, let me hand back to the presenters for closing remarks. We want to thank everyone for joining us on this quarterly call and for your questions today. To sum up, we are very pleased with the progress we have made to date with 155% growth in Q1 over last year. The core engine of our business, Ozon Marketplace, is firing on all cylinders, if I may say so. As of Q1 2021, 3P share reached nearly 60%, and we see a lot of growth potential both in our 3P and 1P business models. We are seeing strong demand for our services from merchant consumers. Our customer base is growing fast, and we're encouraged by our cohort performance. We continue to focus on scaling our business and expanding our core e-commerce business, as well as additional verticals which are complementary to our core business. Look forward to updating you on our progress we make in our Q2 earnings call in August. Thank you, and have a good afternoon.