Good day, everyone, and welcome to the QIWI second quarter 2021 earnings conference call. Today's conference is being recorded. At this time, I would like to turn the call over to Mr. Dmitry Kovalenko, Head of Investor Relations of QIWI. Please go ahead, sir. You may begin the presentation. Thank you, operator. Good day, everyone. Thank you for joining us to discuss QIWI's operating and unaudited financial results for the second quarter of 2021. With me to review the results are Andrey Protopopov, our Chief Executive Officer, and Elena Nikonova, Interim Chief Financial Officer. The replay of this call will be available until Thursday, September 2nd, 2021. Access information for the replay is listed in today's earnings press release. The announcement and presentation are available on our investor relations website at investor.qiwi.com. For those listening to the replay, this call was held and recorded on August 19th, 2021. Before we begin, I would like to remind everyone that this call may contain forward-looking statements as they are defined under the Private Securities Litigation Reform Act of 1995. These forward-looking statements about our expectations for future performance are subject to known and unknown risks and uncertainties. QIWI cautions that these statements are not guarantees for future performance. All forward-looking statements made today reflect our current expectations only, and we undertake no obligation to update any statement to reflect the events that occur after this call. Please refer to the company's most recent annual report on Form 20-F, filed with the Securities and Exchange Commission for factors that could cause or actual results to differ materially from any forward-looking statements. During today's call, management will provide certain information that will constitute non-IFRS financial measures such as total net revenue, adjusted EBITDA, adjusted net profit, and adjusted net profit per share. Reconciliation to IFRS measures and certain additional information are also included in today's earnings press release. After our remarks, we look forward to taking your questions. I will now turn the call over to QIWI CEO, Andrey Protopopov. Andrey, please. Good day, everyone, and thanks for joining us today. This is my first earnings call in the position of chair of the group. I would like to start with the priority set for the team and myself. We are customer-centric and return-driven in all our decisions. We are all united under clear mandate to deliver profitable and sustainable growth while maintaining superior service level for our clients and partners. To achieve that, we keep our focus on the key areas of our expertise, namely payment services segment with the digital entertainment, self-employed, digital commerce, and money remittance directions as the main drivers of growth, and ambition to develop SME proposition through factoring projects. To deliver it, we already have the essential parts in play, the talented team of professionals, required IT infrastructure, and broad product portfolio, knowledge of our customer, and countless opportunities emerging around gig economy underpinned by overall digitalization of payments. Historically, we managed to navigate in the rapidly changing regulatory environment and find new niches. From where I stand, I just have to do it once again. With no doubt, we are looking into the future ready to take current challenges. Now to our second quarter results. I am pleased with strong numbers we delivered. Although we have lost significant share of our volume and revenue in the wake of CBR restrictions, we managed to compensate it by the development in our key niches, resulting into net revenue growth of underlying business by 3% year-on-year. Our core payment service segment showed remarkable results with payment service payment volumes growth of 32%, and payment service payment net revenue increasing by 7% year-on-year. In terms of volume, this quarter was the second highest quarter in our history. At the same time, we demonstrated superior profitability level with adjusted EBITDA margin of 64% and adjusted net profit margin reaching 45% on the back of optimization initiative and divesture of loss-making projects. The board of directors approved interim dividend payment of $0.30 per share in line with the target payout ratio of 50% of group adjusted net profit announced earlier. I will now add some color to the key quarter developments and operating results while Elena will cover financial right after. Payment service payment net revenue increased by 7% as strong volume growth compensated average net revenue yield decline. Our volumes in the second quarter show sound growth of 32%, which helped to offset net revenue yield decline by 25 basis points. Volume growth was largely driven by the exceptional performance of the money remittance market vertical, aiding over RUB 100 billion year-on-year, representing 71% growth. Payouts to the self-employed from QIWI Wallet account holders increased by 109% year-on-year. In the second quarter, we connected to our platform 653 taxi companies, and basically doubled number of taxi companies versus last year. We onboarded six scrap metal companies and 46 new partners working with the self-employed in other industries. We observed significant increase in winning payouts by 59% year-on-year built on overall strong TSUPIS growth. Contact money remittance system demonstrated volume increase by 29% year-on-year as we continue to develop our partnership model, reaching out Xoom, in Tajikistan, and Huma in Korea. Moreover, B2B2C and peer-to-peer transactions attributed to the QIWI Master product and other use cases contributed to overall growth of our money remittance. E-commerce vertical volume also increased by 4%, partially due to weaker base of last year, but also thanks to recovery of tourism and increasing interest in Russian betting streamline, which offset the negative impact of CBR restrictions active till June 2021. We enjoyed exciting matches at EURO 2020. The team did an amazing job with promo activities, which paid off dozens of times, resulting in volume and net revenue uplift. This quarter, we also have substantially reduced onboarding time for our partners, connected TikTok to our payment network, and launched SoftPOS product. Payment service payment net revenue yield declined by 25 basis points year-on-year, driven by the temporary restrictions imposed on high-yielding cross-border payments, which affected the e-commerce market vertical. Corporate and other net revenue decreased by 25% year-on-year, mainly driven by Tochka, while Factoring and Flocktory projects continue to grow. Factoring PLUS net revenue adjusted for one-off increased by 17% year-on-year. Factoring portfolio increased by 59% and reached RUB 5.3 billion, with number of active clients going up by 39% to 492. Digital bank guarantees portfolio increased by 87% to RUB 24.8 billion. Number of deals increased by 44% to over 8,000. On top of active portfolio growth and expansion of customer base, we have launched our credit product for contract execution and started to provide loans via marketplaces via our platform at sellplus.ru. Please note the demand for Factoring services is seasonal and is expected to be significantly higher in the second half of the year. Tochka net revenue declined 56% year-on-year due to switch of some Tochka customers from QIWI to Otkritie Bank. We have announced earlier that we are going to sell our stake in Tochka for RUB 4.95 billion, which resulted in about 2.5x return on our total investment or IRR of 35%. The deal amount is subject to certain performance adjustments depending on Tochka fiscal year 2021 audit results. In the next quarter, the impact on operating results from Tochka is expected to cease. Now let me pass the floor to Elena and walk you through our financial results. Thank you, Andrey. Profitability was robust and adjusted EBITDA margin of 64% and adjusted net profit margin reaching 45%. Thanks to the cost optimization measures successfully implemented in 2020, we have significantly increased the overall efficiency of our operations, and our margins went up year-on-year by 6.6 percentage points for EBITDA and 4.4 percentage points for adjusted net profit. The divestiture of SOVEST and Rocketbank compensated negative operating leverage effect driven by the temporary restrictions imposed by the CBR on cross-border payments. In absolute terms, adjusted EBITDA and adjusted net profit declined by 1.4% and 1.9% year-on-year respectively, primarily driven by total net revenue decline by 12%. Payment services net profit decreased by 6.2% year-on-year, driven by margin decrease of 6.5 percentage points. First of all, we continue to see negative implications on margin due to cross-border payment restrictions. We are also reviewing compensation our employees align it to market level. Corporate and other category net loss adjusted to one-off decreased by 23% or RUB 99 million year-over-year. Net revenue declined by RUB 126 million was more than offset by lower Forex loss by RUB 82 million. Decrease in personnel cost by RUB 116 million and RUB 40 million one-off impact on Factoring net profit due to reverse of agents expenses accrued in the second quarter of 2020. We continue to optimize our operations and monitor margins and OpEx net revenue ratio in order to sustain healthy financial performance of the group and ensure its sustainable and profitable growth. I will now give a few highlights on our upgraded guidance. Our outlook reflects our current views and expectations only and is based on the trends we see as of the day of this earnings call. In such trends, we subject to change, the impact on our business and operations could deviate more than currently expected. I would like to note that at the moment, there still remains significant uncertainty in 2021, primarily related to the long-run effect of the CBR restrictions and our ability to recover or replace previously restricted cross-border operations, as well as our ability to define our place in the new betting industry landscape. Our guidance reflects expected changes in the betting industry landscape, conservative projections on recovery of cross-border operations, and sale of stake in Tochka projects, which eliminates contribution in net revenue and net profit in the second half of the year. Having said that, we upgraded our guidance in respect of 2021 outlook. We expect total net revenue to decrease by 10%-20% over 2020. Payment services segment net revenue to decrease by 10%-20% over 2020. While adjusted net profit is expected to decrease by 15%-30% over 2020. We remain cautious and reserve the right to revise the guidance in the course of the year when the scope and extent of factors impacting our results become clear. Now I will give the floor back to Andrey for some closing remarks. Thanks, Elena. I would like to give you a brief update on the current situation with the CBR restrictions and changes on the betting market. The restrictions imposed by the CBR on cross-border payments in December 2020 have expired. Unfortunately, the impact from restrictions will have a long-lasting negative effect on our operations, primarily in the commerce market vertical. We have started to onboard foreign merchants, but the recovery process is highly dependent on changed customer behavior. It cannot be accurately estimated as well as may never be restored. We are conservative in our assumptions, which is also reflected in our guidance. Update on the betting industry regulation. We have made a proposal to serve as a ETSUP pursuant to the new regulatory regime. There can be no assurance that our bid will be successful. By the end of September 2021, the newly appointed ETSUP will take over operation of both existing TSUPIS providers. If we are not able to secure an active role in the new industry landscape, we may lose the ability to generate volume and income directly related to TSUPIS businesses in Russia, and most likely it will negatively affect acquiring services and winning payouts provided to the sports betting company in a bundle with our TSUPIS operations. For the first half of 2021 TSUPIS businesses and related acquiring services, as well as winning payouts accounting 23% or RUB 2.1 billion of payment services payment net revenue. At the same time, we believe that we should be able to retain a part of our revenue generated from QIWI Wallet services for the betting industry, which represents betting account top-ups and winning payouts, about 14% of payment services payment net revenue. I strongly believe in my team and our resilient and consumer-oriented payment ecosystem. We will further develop our product proposition for key niches and areas of expertise. There are many opportunities ahead, and we will pursue our ultimate goal of securing the sustainable and the profitable growth of the company. Thanks for listening. We are ready to take your questions. Our first question comes to the line of Cris Kennedy with William Blair. You may proceed with your question. Hey, guys. Thanks for taking the question. Andrey, at the top of the call, you gave a little bit of your core focus for QIWI. Can you just give a little bit more details on your three to five-year vision for where QIWI will sit in the ecosystem in Russia? Yeah. Hello, Cris. Thank you for your question. We continue to focus on our key niches in the payment services, including the digital entertainment, self-employed, money remittance, and digital commerce. We believe that in those niches, there are good growth opportunities because the market is still, in many cases, unserved, and the markets themselves will be growing for at least several years to come. Moreover, we are focused on our proposition for SME services with Factoring PLUS. As well, we see quite a strong growth opportunities for the years to come. At the same time, the current situation with ETSUP is a certain difficulty for us, as we are not clear yet how big volume and revenue we will be able to keep. Because of that, while we are working on those segments and niches that I told about, we are looking for other opportunities, to grow to compensate potential loss in the ETSUP. As soon as we, together with the board of directors, will be ready, we will be informing you on the strategy update. Great. Appreciate that. On that contract, it's the last question. What type of cost initiatives, if you were to lose that contract, the sports betting one, are there costs you could take out of the business? How would that impact net income? Thanks a lot, guys. For the cost side, the biggest impact in the second quarter was related to discontinued businesses with primarily SOVEST and Rocketbank, and some smaller projects as well that we stopped last year. On top of that, we are constantly looking at our cost level. In the end of 2020 and beginning of 2021, given the difficult situation with CBR restrictions and ETSUP uncertainty, we did some, I would say, cost cutting in core business as well. Great. Thank you. Our next question comes from the line of Andrei Mikhailov with Sova Capital. You may proceed with your question. Hello. Thank you very much for the call. I have several questions. I'll ask them one by one. The first question relates to the restrictions by CBR that were listed in June. You noted that you started to onboard foreign merchants. My question is, are you only basically allowed to onboard foreign merchants that are new to you? Can you re-onboard the merchants, the payments to whom were essentially prohibited during those six months? I'll have other questions. Thank you. Hello, Andrei. Thank you for your question. Yes, in June 2021, the term of restrictions imposed by Central Bank expired. We really restarted onboard foreign merchants, including old and new one as well. At the same time, in July 2021, certain amendments to the regulations, cross-border regulations, were introduced. We are still analyzing the terms and additional KYC procedures required based on those regulations. Following these more stringent KYC procedures and new regulatory requirements, the recovery process is moving quite slowly. On top of that, what is also important is that customer behavior has changed in the last six months, which is not helping as well. That's why we are not able to provide some estimates how long this process will take and if we be able to actually reconnect all the merchants and partners at all. We don't provide any guidance on this one. Thank you very much. My second question is on the estimates for sports betting-related revenues, in particular, the ones that are related to TSUPIS and acquiring. You provide the estimate that they comprise RUB 2.1 billion approximately in the first six months of this year. Do I understand correctly that these are those revenues that relate to operations that you could lose the right to process if you do not become this new centralized operator for sports betting payments? Yes, Andrei. That's correct. Basically, we divide our revenue here that we are getting from Russian betting into two parts. The first one, the RUB 2.1 billion, is related to TSUPIS operations themselves and online acquiring and winnings payout to cards operations, which can be done by other market participants, I would say. The second half is QIWI Wallet operations, where we are obviously only provider of this type of operation. We believe that we will be able to keep this QIWI Wallet operations in any case for a certain extent. For the first one, RUB 2.1 billion, it can be much more easily replicated if we are not a part of the new regulation landscape. Thank you. Thank you for this. A follow-up question on that. The new set-up should come into force, I guess, in September. Would you say that the announcement on who becomes this new centralized operator, when would you expect such announcement to be made, if you have any expectations for this? No news so far. We are waiting for the official update that will be, I think, available for the whole market, but no news so far. We are waiting as well. Thank you. My next question relates to the card-to-card money transfers from QIWI wallets to banking cards, whose volumes double year-on-year in Q2. My question is, how much of those operations of those volumes is represented by customers actually leaving QIWI, just making their transfers out of QIWI Wallets to never return? Andrei, sorry, I didn't get the last half. What portion of those volumes? Yeah. What portion is represented by customers completely withdrawing their funds from QIWI and closing their QIWI Wallets? It's actually a small one. I don't have the direct number, but majority of these volumes is, let's say, with active Wallets that are continue their operation. To give you some of the color on this, it's usually part of some bigger use case. It either can be, let's say, self-employed person that is getting paid by other customers via peer-to-peer transaction for the certain goods or services provided. When he or she is accumulated money on the QIWI Wallet, then one of the way how to use them is to transfer it to other bank cards or accounts, to actually spend it, because they are not using QIWI Wallet for their, let's say, daily banking in most of the cases. They more use it for this specific, self-employed, let's say, payment type of operation. They're getting their revenue and then put it to their bank account. That would be one of big use cases here. Thank you very much, Andrey. My final question is on Kazakhstan. I would be grateful if you could provide some color on the operations there, and in particular on the growth rates in operations in Kazakhstan versus Russia? Thank you. Andrei, can you repeat, please? The sound is not good, unfortunately. Yeah, sorry about that. Operations in Kazakhstan, how well are they developing, especially compared to Russia? Yeah, I get you. Kazakhstan. Kazakhstan is growing, I would say, and this is different from Russian market. We don't have, obviously, any type of restrictions there. Kazakhstan volumes and revenues are growing versus last year. Here I also would like to add that we have added a lot of taxi companies in Kazakhstan in the second quarter, over 600 of them. Volumes are growing. Any specific comments on the growth rates? Any estimates? Probably not. Okay. Thank you. That's all from me. Thank you. Thank you. Our next question comes from the line of [Alex Basilko] with [Maus Investments]. You may proceed with your question. Good morning. My question is regarding competitive advantage of QIWI. It seems that recent emphasis to be on developing tailor-made solutions for targeting markets such as taxi drivers, air travelers, et cetera. Over here, QIWI is competing with established international players such as Uber for taxi drivers, Expedia for travel markets. My question is, what is QIWI's competitive edge over those established international players? I would say that we are not really competing with Uber, Expedia, or other travel international players. When Uber was operating in Russia, Uber was actually one of our sales partner on the taxi business, so they were distributing our prepaid cards. We proceed with the payout. As well, different international players, we were proceeding, let's say, payouts for example, Airbnb to the Russian landlords. We are connected TikTok this quarter for the payouts as well. I would say that for the international players that are in need for the either payouts or payments specifically with the QIWI Wallet as a payments method, we are one of the payment gateway to the Russian market, and in certain extent to Kazakhstan as well. All right. Basically what you're saying when international players try to enter Russian market, they actually come into QIWI and asking to provide support in terms of financial services. Is this correct? Yeah. It's the case. We are obviously not the only player on this one, and there are other players like YooMoney, for example, but we are obviously one of those, and we are working with lots of international players as well. Yeah. Okay. I have a couple of related questions. How secure and reliable QIWI's financial solutions versus competitors? Could you elaborate a bit what you mean? How reliable? You provide financial solutions in terms of payments. How reliable and how secure are those solutions? Solutions. We are operating on the market for a long time, and we believe that our solutions are very reliable. We have no major issues with any of our products and with any of our customers for a very long time. Our clients, including majority of our key customers, have worked with us for a long time. No data leaks for, I don't know how many years, I don't remember, if we have any of those at all. We believe that we are a very reliable payment company, financial services. Would it be fair to state that those solutions as reliable as credit card solutions? I believe so. All right. My last question is, if anonymous wallets remain important feature for QIWI's customers, it seems to be in last quarter at least, was a significant decrease of QIWI's Wallet accounts, which primarily was related to anonymous wallets. Yes. There actually are several reasons why the number of QIWI Wallets decreased over time. There were some trends for a certain period of time already that is related to the changes of how we work with anonymous wallets and some procedures. At the same time, the bigger impact, of course, this quarter was related to the CBR restrictions and payments with international merchants. Obviously, many of our clients were doing the payments to a lot of different international merchants, and as soon as those payments were not available, some of those Wallets were not active. I understand. Thank you very much. I would just add on the anonymous wallet as well, that more than 90% of QIWI Wallet volumes are going through wallets with KYC, either simplified KYC or full KYC. Anonymous wallet is more like a stage of the product lifetime. Usually people starting to use the wallet as anonymous, and as soon as they need to do some operations that requires KYC or they need to spend more money that also requires KYC, they use either simplified or full KYC for the wallet. That's why majority of the wallets are not anonymous wallets. I understand. It looks like number of wallets is still decreasing. Is there any expectation that the trend will change in coming months or quarters? Because it's kind of longer trends, I believe that the trend will continue the same. At the same time, as we mentioned already, for those use cases that are important for us, like self-employed, for example, and related payment volumes of the wallet, we actually are able to demonstrate quite significant growth, like the one that was mentioned in one of the previous questions related to the payments to the card from QIWI Wallet. While, let's say the number of wallets, yes, is decreasing, at the same time, the operations in certain important use cases for us are growing. Yes. In the press release, you may note that actually the payment services payment volume per active QIWI Wallet account is increasing almost 80%. It is currently about RUB 30,000, while in the quarter last year, it used to be about RUB 17,000. Utilization or volume is growing per active QIWI Wallet account, and that is what we are targeting. What's the fraction, just a follow-up on the statement you made, that typically customers joined as anonymous and then they transfer into a full solution? What's the current fraction of anonymous wallets? As I said, the volume that anonymous wallets are generated, 8% of the total volumes of QIWI Wallet. We are not disclosing the number of anonymous wallets. I see. Thank you very much for taking my questions. Thank you. Our next question comes from the line of Vladimir Bespalov with VTB Capital. You may proceed with your question. Hello. Thank you very much for taking my questions. I would like to ask a question about your guidance. You increased the guidance for total adjusted net revenues, left the guidance for net profit growth unchanged. Even if we adjust for Tochka, it still looks very conservative because, the contribution from higher net revenues should exceed the potential losses, I mean the part of net profit attributable to Tochka. If we look at the guidance, for example, at the lower bond for the second half of this year, it would be something like RUB 2.5 billion of adjusted net profit, which is way low, even if you lose a lot of betting streams because it's lower than the second quarter. Maybe could you elaborate a little bit what is behind all these assumptions? Hi, Vladimir, this is Elena. I can start, maybe Andrey will add some additional comments. Usually, we are quite cautious about our guidance and maybe a bit conservative. Yes, firstly, it's Tochka operations that affect net profit, and that's why we decided not to upgrade guidance in respect of net profit by something like 3 or 5 percentage points. Of course, we have some uncertainties in the second half of the year that we also included in the guidance. Probably this is the case why we're a bit more conservative in respect of net profit, and we are more confident in net revenue. That's why we upgraded guidance only in respect of net revenue. Could you elaborate a little bit about these uncertainties? Are these betting related? Because as far as I understand, those uncertainties were in your previous guidance or there is something new coming up? I would say that uncertainties are mostly the same. We still do not know how it will go with the new ETSUP and all the betting operations. This is probably the most uncertainty that includes in our guidance. Thank you very much. My second question will be on the potential use of proceeds from the sale of Tochka. First of all, when are you expecting to get those proceeds, and how are you going to spend? Can we expect, for example, more dividend distribution, so you have some other plans? Thank you. Yeah, thank you for the question. I will also try to cover it. We are expecting the most part of the consideration in the third quarter, as we said prior in our OpEx related to Tochka. We will have final adjustment to the deal when the audited financials of Tochka will be issued. It will be somewhere in the first, second quarter of 2022. Only then we will understand the real cash consideration, the real price for this deal. I would like to highlight that it is the decision of the board of directors to decide what amount of dividends to distribute. Prior, we decided, and we did in 2020, we paid 20% of our adjusted net profit. For this year, it was also agreed by the board of directors to distribute at least 20% of the adjusted net profit, and this will be done for sure. In respect of the Tochka payment, we firstly need to consider our budget for the next year and investments in the project that we are right now working on. Considering this, at year-end board of directors, there will be a decision whether to invest this money in development of current and new projects, or whether partly to distribute this part to the dividends. Of course, our highest priority is to expand with a strong focus on our returns and create value for our shareholders. Of course, if we will have any extended cash, of course we will distribute it if it will be a decision of board of directors. Thank you very much. My next question is on Factoring PLUS. As far as I remember, during some previous calls, we discussed with the management that this could be a very important part of your business in the medium to longer term. Looking at the numbers for this quarter, even adjusted for some one-off in the second quarter of 2020, it looks like the growth performance is not that impressive in general. Are there any changes in your views on this part of your business? In general, what do you expect from it in the medium term? Yes. Thank you for your question. I will give the overall remarks and probably Elena will give more color on the numbers. While you're right, the revenue is not growing versus last year, which is mostly related to certain one-off adjustments. We're looking into the growth of the numbers, including the, for example, bank guarantees portfolio, which is close to doubling year-over-year. Factoring portfolio is growing quite nicely as well together with the number of clients. On top of that, team was adding two new products on top of this bank guarantees and Factoring. We believe that it still have a quite strong potential for the growth. I would also mention that due to seasonality specifics, the majority of the growth and the volumes is coming from the second half of the year. Elena, if you can add some colors on this one-off adjustment last year that is kind of confusing the results of the second quarter. I would say that in prior year, Factoring operations were not significant for the company. Yes, there was some, maybe not too significant for the group adjustment, related to deferral of agent commission that had effect if you will count year-over-year. If you will take it off, you will also see that they are growing and the operations are much better and increasing compared to prior year. I would also add to Andrey's words that we also should consider economy scale, like when you will see increase in portfolio, if we will consider bank guarantees, we will see more profits. The same as to the Factoring operations. We see that both projects are growing quite well, and we see the three- year plans that also have good growth rates. Okay. Thank you very much. Just a couple of figures here also on the portfolio itself. The factoring portfolio increased by 59% year-on-year. The digital bank guarantees portfolio increased 87% year-on-year. This comes along with the active clients growth by 39% in factoring, and number of deals growing over 40% in the digital bank guarantees. The operating results are quite impressive. Okay. Thank you very much. In terms of the medium-term growth, what do you think is kind of a normalized growth rate for this kind of business? Well, probably we would not like to comment right now on the medium growth rates of this project. Yeah. Yeah, I believe that there is a market potential to continue the same levels of growth of business for the next couple of years. Obviously we'll need to see how it goes further. Currently it's growing according to our plans. Okay. Thank you very much. My last small question is purely technical on the betting related revenues. Is my understanding correct that those revenue streams which are at risk go to e-commerce while those which I mean, in the worst case scenario, that you're not going to be an operator for the industry, and that the revenues you're going to retain are a part of money remittances. Part of this revenue, the bigger one, is going to the e-commerce, but the winnings payouts to cards are going to the money remittance. Both verticals will be affected. Thank you very much. Our next question comes from the line of Ildar Davletshin with WOOD & Company. You may proceed with your question. Okay, thank you very much for taking my question. Just mostly some follow-ups to the questions that have been already asked. On the guidance, would you be able to confirm that this 10%-20% decline assumes that you have absolutely no role in the betting regulator? That would be my first question. Yes, we included all negative effects to this guidance. Yeah, that was my understanding as well. Okay. The second, on cross-border transactions, you sounded a little cautious in your comments about kind of current and near-term trajectories, saying that there was some impact or there could be some impact from the restrictions on future performance. I'm just wondering now that we have 1.5, almost two months in the next quarter since you reported these numbers, what trends do you see? Is it similar to the seconnd quarter or let's say June, in terms of the cross-border transactions, or is there some further continued recovery? I understand there was some sort of a progress month by month from the start of the year when it was the worst, the biggest impact, and then gradual recovery. Is this recovery continuing at this level? As of now, we still see Andrey, do you want to comment? We're still continuing to grow. Yeah. Elena, I will cover you. Okay. Yeah, generally, we mostly see, talking about the overall business, the same trends that were in May and June. I would say that bigger impact on our growth trends this year in absolute numbers like month after month, was driven not by international transactions, although some of operations we were able to reestablish starting from the first months of the year, but more with the growth of TSUPIS situation. This year it was quite strong growth here. At the same time, talking about this quarter, and probably giving more color on guidance as well, I would like to remind that the second quarter of the last year was the worst quarter for us because of the lockdown and cancellations of the majority sports event. The third quarter of last year was basically the best quarter for us in the last year because it was kind of rip-up after the lockdown was over and a lot of sports events were back. Last year there was very strong results in betting and some other key streams for us. That's why, while absolute numbers currently are kind of continuing the trends in the second quarter, when we are looking versus last year, it's obviously a high base, and its results will be much worse versus second quarter. I see. Okay, thank you. Maybe just two very quick follow-ups. You mentioned Kazakhstan, which apparently is doing quite well. I'm curious if you could give us some color in terms of contribution or the scale of this operation, maybe as a percentage of total volumes or revenue, and maybe a broader CIS, other than Russia, other countries, like what percentage of your- Only Kazakhstan is somewhat material, and you can think about around 5% of payment services. That's volumes or revenues? Revenues. Revenues. Revenues. Thank you. Last one is, there was a question already asked on capital allocation, the use of this process, but maybe more midterm. You've been paying around 50%, sometimes more percent of your net income, adjusted net income. What do you think, given that you have some still early-stage growth projects, yet many are already becoming profitable, do you think that it could be in the future higher share of dividend payout ratio, more than 50%? Alternatively, have you thought about the buyback given the current dividend yield, which seems to be over 10% on an annualized basis? Have you thought about buyback at all? Thank you. I will cover the midterms vision here, and probably Elena will add on the buyback. It's one of the traditional questions. I would say it's too early at this stage to say. As we said for this year, board of directors set the minimum dividends payout. Going forward, we will be discussing this one. As I said, answering the strategy question, we are currently looking for other opportunities to grow, given the difficulties and uncertainties that we are facing with the TSUPIS businesses. Those opportunities may require the future investment, and based on those decisions on the future dividends will be made. It will depend, I would say, on our strategy, and capital needed for its execution. I can cover the second question in respect of buyback. From the technical perspective, it's a bit difficult as we have a holding like mother company, QIWI plc, in Cyprus, and it's a bit difficult to make a buyback through the Cyprus entity, but it's possible. I would not say that it's right now on the table what we are discussing, but this is possible. All right. Thank you very much. Thank you. Ladies and gentlemen, we have reached the end of today's question and answer session. This also concludes today's conference. You may disconnect your lines at this time. Thank you for your participation. Enjoy the rest of your day.