Earnings call transcript: Lastminute.com Q4 2024 sees revenue growth, EBITDA doubles

Lastminute.com reported a solid performance for the fourth quarter of 2024, with revenue reaching $62.5 million, marking a 4% increase year-over-year. The company’s full-year revenue totaled $313.7 million. Notably, the adjusted EBITDA more than doubled in Q4, reflecting strong operational efficiency. The net result also more than doubled from the previous year, reaching $15.7 million. According to InvestingPro data, the company maintains impressive gross profit margins of 89.39% and has shown robust revenue growth of 46.96% over the last twelve months. Despite these positive results, the company’s stock price remained unchanged at $15.3, within the 52-week range of $15.04 to $23, with InvestingPro analysis indicating the stock is currently undervalued.

Key Takeaways

• Q4 revenue increased by 4% year-over-year to $62.5 million.
• Adjusted EBITDA more than doubled in Q4, indicating improved efficiency.
• Dynamic Packages now account for 57% of group revenue.
• The company reduced its cost base by 3%, with marketing expenses down 11%.
• Strong performance noted in Nordic markets, with challenges in flight bookings.

Company Performance

Lastminute.com demonstrated robust performance in Q4 2024, driven by its focus on dynamic packaging and strategic partnerships. The company has effectively navigated a challenging environment for flight bookings by emphasizing package holidays, which have gained traction. The integration with Ryanair and partnerships with Booking (NASDAQ:BKNG).com underscore its competitive positioning and innovative platform. InvestingPro subscribers can access 8 additional key insights about Lastminute.com’s financial health, which currently rates as GOOD with a score of 2.55, suggesting strong operational fundamentals. The company’s next earnings report is scheduled for March 11, 2025.

Financial Highlights

• Q4 Revenue: $62.5 million (+4% YoY)
• Full Year Revenue: $313.7 million
• Adjusted EBITDA: More than doubled in Q4
• Net Result: $15.7 million (more than doubled from 2023)
• Gross Profit: $26.1 million (+6% YoY in Q4)

Outlook & Guidance

Looking ahead, Lastminute.com plans to focus on profitable growth and potential market expansion through its white label solutions. The company is set to share its full-year 2025 outlook on March 27, 2025. Continued investment in technology platforms is expected to support these strategic initiatives. With a market capitalization of approximately $7 billion and analyst consensus suggesting growth potential, investors seeking detailed analysis can access the comprehensive Pro Research Report available on InvestingPro, which offers in-depth insights into the company’s growth trajectory and market position.

Executive Commentary

CEO Alessandro Pedazzi emphasized the company’s growth strategy, stating, "We’re not in a mature sector in which the only way to grow your bottom line is by reducing costs." He highlighted the importance of partnerships, saying, "The fact that Booking.com has chosen lastminute.com as a partner is the best possible proof of the reliability and innovation of our platform." CFO Diego Fiorentini added, "We will try to keep the cost goal under control, but we don’t want to sacrifice growth by cutting costs."

Risks and Challenges

• Competitive pressures in the flight booking market could impact growth.
• Economic uncertainties in key markets may affect consumer spending.
• Continued investment in technology infrastructure could increase operating costs.
• Regulatory changes in the travel industry may pose compliance challenges.
• Dependence on key partnerships could affect revenue stability if disrupted.

Q&A

During the earnings call, analysts inquired about cash flow impacts due to working capital and deferred payment models. The company also addressed its debt reduction strategy and the successful integration of its partnership with Ryanair, which had previously faced disruptions.

Full transcript - Lastminute.com NV (LMN) Q4 2024:

Sandra, Chorus Call Operator, Chorus Call: Ladies and gentlemen, welcome to the lastminute.com Investor and Media Conference Call and Live Webcast on the Q4 twenty twenty four and preliminary unaudited full year 2024. I’m Sandra, the Chorus Call operator. I would like to remind you that all participants have been listen only mode and the conference is being recorded. The presentation will be followed by a Q and A session. Webcast viewers may submit their questions in writing by the relative field.

The conference must now be recorded for publication or broadcast. At this time, it’s my pleasure to hand over to Julia Veenhart. Please go ahead, madam.

Julia Veenhart, Head of Investor Relations, lastminute.com: Thank you very much, Sandra. Welcome, everyone, to lastminute.com Investor and Media Conference Call. I’m Julia Weinhardt, the Head of Investor Relations at lastminute dot com, and I will be hosting today’s call. Today, I have with me our CEO, Alessandro Pedazzi and our CFO, Diego Fiorentini. As you can see in the agenda today, we will start with an introduction from our CEO and then our CFO will provide you with an update on the company’s 4Q twenty twenty four and preliminary unaudited full year figures.

The presentation will be followed by a Q and A session. With this, I hand over to our CEO, Alessandro.

Alessandro Pedazzi, CEO, lastminute.com: Good morning, everyone. Thanks for joining us today. I’m happy to be with you for my first investor call as the CEO of lastminute.com. As you know, I joined the company on January 1. So I’d like maybe to start with a brief interaction about myself, share a bit about my background before heading over to Diego, our CFO, to take you through last year’s financial performance.

So I’d say that basically, I’m an entrepreneur at heart in the travel tech ecosystem. The main credential that I bring to the table in being now the CEO of the company is the fact that I was the cofounder and CEO of a company called Newsment, which we started in 2013, active in the vertical of travel activities in the travel sector, one of the leading companies in the space. We started with zero revenues in 2013, and we grew the company to over million of revenues and over million of EBITDA over a 10 period. So I think that’s a testament to the fact that you can indeed combine growth with strong capital efficiency. We raised a total of million in venture capital money, which is a fraction of what some of the companies in the space raised.

And still, we were able to grow and be currently one of the top three players in that space and be the most profitable company in that space. So you will forgive me if I still sometimes say we regarding Musement because of that, you know, that was my baby, but that’s a different now we’re in a different chapter, of course. I would say that I was always a type of entrepreneur that had to deal with investors with a very, I would say, complex corporate governance. We always had a board. We always had external investors.

It was never a one man show or a company of just a few founders. It was always a pretty complex team. And obviously, we also integrated the company in the context of TUI (LON:TUIT) Group, which acquired Musement in 2018. So I would say there was also a significant experience at that point in integrating the company in a much larger organization. During my career and even before Musement, I had started a bid on demand company, which was then acquired by Swisscom (SIX:SCMN), the Swiss incumbent.

So in that context, I also had a chance to work already in Switzerland for some time. And before that, I always worked with global teams in various countries. I worked in The U. S, in The U. K, in Italy, of course, but also in The Netherlands and lately in Germany, again, in the context of TUI Group.

So I would say the keywords here are businesses that are technology driven in the travel tech sector and with significant growth in a very capital efficient way. Now coming to lastminute.com, the key focus of the first month and a half in the company, and I would say probably also the focus of the next few weeks, has been in assessing the core business trends and, of course, engaging getting to know the teams, engaging with everyone in the company, with our core partners, with stakeholders and also working on continuing strategy of growth, but also sustainable growth, right? I think it’s important to have a vision, to have clarity on what the strategic direction of the company is, but also to make sure that we have a consistent execution in which quarter after quarter we can deliver on our results. And in that line, you probably read already in our announcement that on March 27, together with the audited financial results for last year, we will also talk about the outlook for twenty twenty four twenty twenty five and a bit of a guidance for the current year. But also today, I’m already happy to start anticipating some of the key pillars of our strategy because again, I see this more as an evolution rather than a revolution and a really a strong focus on a flawless execution.

But we’ll have a chance to talk about that later. I would say that for now, let me hand over to Diego Fiorentini, our CFO, to discuss last year results. Thank you.

Diego Fiorentini, CFO, lastminute.com: Thank you, Alessandro. I’m now going walk you through our preliminary unaudited fourth quarter results, starting with a few key highlights. The company delivered a robust financial performance in Q4, which is traditionally considered a softer period in the industry, thanks to the goal of dynamic holiday packages, our core product. Let’s have a look in more detail at the quarterly results. Revenue increased by 4% versus Q4 twenty twenty three.

Gross profit was up 6%, two percentage points more than the revenue, thanks to increased efficiency in variable cost. Adjusted EBITDA more than doubled compared to the previous year and reached $5,400,000,000 Net results are breakeven in the last quarter compared to a loss of $3,200,000 in Q4 twenty twenty three, fully reflecting the improvement at the adjusted EBITDA levels. We are now moving to Slide eight, where we provide a more detailed overview of our profit and loss. The three key messages here are the following: Revenues reached $313,700,000 for the year, in line with expectations and with an improving trend in the second half. We did meet the full year guidance with adjusted EBITDA up 4% compared to the previous year.

Full year net result more than doubled compared to 2023, reaching $15,700,000 dollars the second highest net result in company history, a complete and remarkable turnaround in the last two years. Slide nine highlights the positive trends discussed before. After a soft first half, Las Minuto returned to growth in the second half of the year. Revenue increased 4% to $62,500,000 driven by strong double digit growth in dynamic packages and an improved take rate. Gross profit was $26,100,000 a 6% increase versus Q4 twenty twenty three.

DP was again the biggest contribution with a 45% increase. Moving to Slide 10, you can see a quarter by quarter evolution of the contribution coming from dynamic packages. BP (NYSE:BP) now accounts for 57% of the total group revenue, reflecting a 13 percentage points quarter on quarter increase in share. The lower percentage share seen in Q4 compared to previous quarters reflected typical seasonality of DP revenue. If we look at the gross profit, dynamic packages are now contributing 62% of the group gross profit, a 17 percentage point increase compared to last year.

The higher share compared to revenue is due to the higher profitability of DP compared to our other products. We are now at Slide 11, bringing attention to revenue and gross profit in our two segments, B2B and B2C. The B2B segment continued a positive trend with revenue and gross profit accelerating in the second half of the year, mainly as a result of our strategic partnership with Booking.com. On the other hand, B2C performance remains subdued as flights continue to suffer in a very competitive environment. Now looking at Slide 12, I’m pleased to say that our cost base has adapted during the year to a challenging environment with a 3% year over year reduction.

Marketing expenditure was down 11% in the year, but less than the 14% decrease in the gross travel value, reflecting higher unitary investments. Human resources cost remained stable with a slight 1% decrease versus 2023 and the 2017 reduction versus Q4 twenty twenty three, which was affected by efforts to overcome the Ryanair disruption. Operating cost increased 14% both quarter over quarter and year to date, following continuous investments in our market leading tech infrastructure highly regarded by our B2B partners. Moving now to slide 13, you see that our net financial position decreased from $27,800,000 to $19,000,000 as cash flow from operating activities was largely offset by new investments and shareholders remuneration. The positive cash generation from operating activities was fully driven by EBITDA.

The increased adoption of our deferred payment solution was responsible for the change in the working capital. CapEx was mainly linked to capitalized human resource costs and other tech investments. Equity movements include dividend payments of $6,600,000 cash outflows for acquiring additional minority interest of $800,000 and share buybacks of $500,000 On Slide 14, you can see the seasonal evolution of our net financial position from December 2023 to December 2024. It is worth mentioning that during the year, we have significantly reduced our gross debt from $72,000,000 to $48,000,000 to $40,900,000 leading to a significant reduction in interest expenses. I have now concluded a review of our positive fourth quarter results and would like to hand it over to Alessandro for some closing remarks.

Alessandro Pedazzi, CEO, lastminute.com: Thank you, Diego. Well, look, for all of you who follow the travel industry, it’s pretty common that the October to December period is always the weakest from a seasonal point of view. That being said, I’m really pleased that last minute of comp closed 2024 on a strong profitable note and in line with the guidance provided. Now let me share with you maybe a bit of color in terms of the main reasons that made me so excited to join the company when the opportunity arose. I think there are three pillars that we can build on to continue again on a path of profitable growth.

And I would say that these pillars are the technology of the company, the brand, which is an iconic historical brand, and also to be honest the fact that our regulatory and legal framework allowing us to be the only player in the space who can provide the dynamic packaging solution throughout the entirety of Europe, right? So basically, from a technological point of view, when I did a kind of a due diligence of the company from the outside, I was really impressed by the quality of the platform and the fact that it’s a platform that not only can provide, especially on the dynamic packaging side, can provide a combination of flights and hotels, but with some extra work, of course, also the possibility to potentially bundle other components of the travel journey, being in transfers, being in activities, being in city passes. So and this is something that is definitely not so easy for other competitors in the space to replicate and something that we can definitely, I think, leverage for future growth. Second element, I said the brand that obviously is a very well known brand, especially in The UK market, but a brand with a lot of opportunities also in other markets.

And don’t forget that lastminute.com brand is not only sorry, the lastminute.com group is not only the lastminute.com brand, but also a combination of other brands such as Vollagratis for the Italian market, or Rumbo, Bravofly and Veg. De. So a number of brands, each with their own identity and value proposition in other core European markets and again, brands that we intend to leverage going forward. And the third element is the fact that we currently have the possibility to sell our products across all European markets. And I would say that in some of these markets, clearly, we are let’s be honest, we are under scaled in terms of our size in that market in those markets because we’ve only recently, very recently started being active there and investing in growth in those markets.

But I see this definitely as a core opportunity for the future. And I would say that again, it’s something that has been the complexity that we have to manage in order to be compliant from a regulatory point of view to offer our products in all of these markets can become a sustainable competitive advantage in terms of being quick and efficient in all these markets. I mean, if I take even a step back and I think about the travel industry as a whole, if you think about it, thirty years ago, we were mostly traveling with package holidays, right? But the traditional tour operators model had some intrinsic inefficiency in the sense that you had there was a lot of manual work to create products and there was also a lot of prepayments going back and forth in terms of pre buying rooms at hotels, pre buying capacity in airlines. And then progressively, the Internet progressively disrupted that model by allowing people to book the specific components, booking flights and hotels separately and then apartments as well.

Now, what went out of the door almost thirty years ago is now coming back through the window, we could say, by a new generation again of technology, which allows the possibility to create holiday packages and city breaks just with a much more efficient approach. And I would say that so far, we’ve been focusing on allowing our customers to benefit from that in terms of ease of booking and also in terms of giving them protection, acting as a tour operator for them. But this is definitely something I would say we’re still pretty early on in the journey for that. I think there is definitely an opportunity in owning even more the customer experience of our customers. And again, in keeping in we talk a lot about dynamic pricing, but at the end of the dynamic packages, sorry.

But at the end of the day, that is, I would say, the technical way in which we create something that is relevant to customers. Customers don’t really care how we build our own products. What they care is that they might want to go on a city break to Paris for the weekend or they might want to go to Crete for a Sand and Beach holiday or they might want to go on a long haul journey to Mexico. So that’s what they care about. And our technology allows the efficient creation of all of these products in a lot of different starting with a lot from a lot of different airports and with a lot of different destinations.

So I think that’s definitely something we can build on for the future. That being said, today, we focus more on Q4 results. And as I anticipated, on March 27, we will share a more precise outlook for this year alongside our full year audited results. With that, I hand it over to Julia so that we can begin with the Q and A session. The floor is yours, Julia.

Julia Veenhart, Head of Investor Relations, lastminute.com: Thank you very much, Alessandro. We actually have received quite a number of questions in the webcast this morning. Therefore, please note we have consolidated these questions. You might have asked them in a different way or have written them down in a different way and we will make a start now. We start with the first question, which is for Diego.

Please comment the cash flow evolution. Apparently, it seems that you are burning cash. How much EBITDA is converted into cash? Could you provide a guidance on the group’s net cash by the end of twenty twenty five?

Diego Fiorentini, CFO, lastminute.com: Thank you, Julia. First of all, our business has a structural negative working capital as we usually collect money at the booking and pay later during the year, which means that considering the reduction of the gross travel value in 2024 of 14%, there was a negative contribution coming from the evolution of the working capital. And that was especially very strong during Q4. Secondly, as mentioned during my presentation, there was a higher adoption of our deferred payment model, which allows customers to book and pay installments at a later day. This of course has an impact on the cash flow or a timing impact on the cash flow generated from the booking.

Last but not least, in 2024, we had a significant remuneration for shareholders, including both dividends, which was introduced for the first time in 2024 and the share buyback.

Julia Veenhart, Head of Investor Relations, lastminute.com: Thank you, Diego. The next question we have received, are there any plans to further reduce Freesailers ownership in percentage? Can you please comment, Diego?

Diego Fiorentini, CFO, lastminute.com: Well, not really, because we do not have any information about our shareholders’ intention. The information becomes visible on the STIX website when each investor goes above, on beyond or below a certain threshold. And we haven’t seen any notification yet.

Julia Veenhart, Head of Investor Relations, lastminute.com: Thank you, Diego. The next question we have received, could you please provide details on the substantial CapEx in 2025? And what should we think about the CapEx moving forward?

Diego Fiorentini, CFO, lastminute.com: Yes. Thank you. The majority of the CapEx was related to capitalized internal development, which was done to improve our market leading platform that is well regarded by our B2B partners. The amount was in absolute terms higher than the previous year because we had more investment during the year. Going forward, we expect the percentage to remain similar to the growth of the personnel cost and maybe reduce a little bit compared to the growth expected in revenues.

Julia Veenhart, Head of Investor Relations, lastminute.com: Thank you, Diego. The next question we have received is for our CEO, Alessandro. After your first five weeks, what is your first take on the status of the company?

Alessandro Pedazzi, CEO, lastminute.com: Well, I think I already anticipated some of that in my closing remarks the remarks before we started the Q and A session. But let me add a bit more color. So I will not repeat what I just said some time ago, but I would say that clearly not only technology, not only our legal situation, not only the brand, I’ve been meeting a highly talented team, to be honest. And I think that the opportunities again are there in terms of growth, are also there in terms of improving certain things that probably do not often being discussed during investors’ calls in the sense that there are details that are, let’s say, let’s call under the hood of how the company works or if you want another metaphor, we could say in the kitchen, right? So there is a lot of things which have to do with the nitty gritty details of execution, which we can work on with the general idea of reducing the some unnecessary complexity, improve the scalability of the business, automate certain processes that are still manual and again combine an efficiency in the way we work, that’s the main thing with growth on the top line and in our bottom line.

So I think there is no frankly, I think we’re not in a mature sector in which the only way to grow your bottom line is by reducing costs. I think the opportunity here is really to grow with the market and also to increase our market share in certain verticals of the travel sector and by that improving both the top and the bottom line. So that’s the focus that we’re going to have. And I would say again, the first few weeks are pretty reassuring to be honest from that point of view because I see that the foundations are really there and it’s just a matter of really focusing on delivering and on the execution.

Julia Veenhart, Head of Investor Relations, lastminute.com: Thank you, Alessandro. Now we’re moving to the next question we have received. What is your target debt run rate and your target year on year cash level? Diego, could you please comment?

Diego Fiorentini, CFO, lastminute.com: Thank you, Giulia. We will definitely continue to run down our gross debt because we have now been able to better use our cash balances across the group. As you have seen during my presentation, our net financial position is positive all over the years with the spike during the summer months. And we now expect this to continue in 2025 and even to become more skewed because DP is becoming more and more important compared to the other products that were previously sold. And of course, DP has a higher seasonality.

Julia Veenhart, Head of Investor Relations, lastminute.com: Thank you, Diego. Moving on to the next question. Please provide an update on our your new partnership with Ryanair. What has changed? What works better?

What are the disadvantages which you have to digest? Diego, could you please comment?

Diego Fiorentini, CFO, lastminute.com: Thank you. As you all know, this has been a long saga during the year, during the 2024 in particular, and we finally signed a new three year agreement at the July, which now allows us to offer the European low cost carrier flights to package holidays and flight customers. This is quite a significant milestone for us because you might remember that starting from November 2023, we saw some disruption in the availability of the Ryanair offering and we were not able to conclude our transactions. Initially, the integration with Ryanair was fully manual, but we worked day and night to implement a fully integrated solution, which now connects us to their inventory. This was concluded by the beginning of Q4 and we have already seen the results.

Now from the last few months of the year and from this year, we can offer we can see the full offering in real time of the Ryanair flights.

Julia Veenhart, Head of Investor Relations, lastminute.com: Thank you, Diego. The next question we have received is from myself actually. Do you accept questions via the phone too? With the current setup, unfortunately not. We are evaluating different solutions currently for the future and in any case, we’d be happy to take any questions offline after this call.

The next question we have received is, which countries did perform well in Q4? Diego, could you kindly comment?

Diego Fiorentini, CFO, lastminute.com: Yes. Thank you, Giulia. While the majority of our core markets performed well in Q4, but I would say the real white spot came from Tier two markets, especially The Nordics with Norway and their market leading the growth.

Julia Veenhart, Head of Investor Relations, lastminute.com: Thank you. Diego? Moving to the next question we have received. Adjusted EBITDA is more than double in Q4 and grew 4% year on year. What were the key cost levers and can this margin expansion continue?

Diego, could you please comment?

Diego Fiorentini, CFO, lastminute.com: Thank you. Well, Q4 twenty twenty three was affected by some additional costs, especially human resource costs that were taken by the group to handle the disruption coming from Ryanair. So I would say that there was an easy comparison Q4 versus Q3. With for the long term outlook, I would say that the story in mind is more or less the same. We will try to keep the cost goal under control, but we don’t want to sacrifice growth by cutting costs.

Julia Veenhart, Head of Investor Relations, lastminute.com: Thank you, Diego. Moving forward to the next question we have received. Can you specify the CapEx of 25,100,000.0 and what is the CapEx we can expect moving forward?

Diego Fiorentini, CFO, lastminute.com: And again, this is mainly investments into our technology platform. The vast majority is capitalized human resource cost with the balance of it being external services and consultants. We expect the percentage of capitalization to remain stable going forward and reduce compared to the growth of the revenues.

Julia Veenhart, Head of Investor Relations, lastminute.com: Thank you, Diego. The next question is for our CEO, Alessandro. What can we expect from your white label partnerships?

Alessandro Pedazzi, CEO, lastminute.com: Yes. That’s obviously an important element in our strategy. So let me elaborate a bit on this clearly. We’re continuously exploring new partnerships that can help us reach our targets and continue on a growth pattern. As you probably know, Booking.com is a major partner for our white label offering for dynamic packaging.

It’s not the only one clearly, but it’s the biggest in the travel sector. We also are working with other travel brands such as Holiday Pirates, Play, Vibrotel, and that’s a part of the story. But I would say that this fits into an overall even broader, I would say, B2B2C distribution strategy, which is powered by our white label solution, yes. And by the way, on this, let me tell you that that’s another element that when I was evaluating the opportunity to join lastminute.com really convinced me because at the end of the day, Booking.com is considered by most in the travel sector as, let’s say, the North Star in our vertical and the fact that they have chosen lastminute.com as a partner for that after scouting the market is, I think, the best possible proof of the reliability and innovation brought by our platform. But it’s not only white label solution.

White label is one way to distribute our own products via third party distribution partners. Other ways, for example, more recently, implied giving our APIs. I don’t want to get too technical on that, but for those of you who know how what APIs are is basically a way to connect directly to our system by having an integration managed by distribution partner rather than by us. And this is something, for example, we’ve done with two fintech players, Scalapay and Zilk in The U. K.

And basically, by connecting with our API, they were able to develop a front end solution, which could offer travel solution to their own customers. And I think that’s another interesting avenue that we are definitely going to continue exploring. So I would say it’s an area that is definitely growing. The current partners are growing and new partners are coming on board either via the white label that we provide or via API connectivity.

Julia Veenhart, Head of Investor Relations, lastminute.com: Thank you very much, Alessandro. Moving on to the next question. Are you giving any guidance for twenty twenty five? If not now, when? Alessandro, could you kindly comment?

Alessandro Pedazzi, CEO, lastminute.com: Yes, definitely. I mean, that’s an easy one because as we anticipated, we will share an outlook for 2025 alongside the 2024 full year results, which are scheduled for 03/27/2025. So stay tuned for that.

Julia Veenhart, Head of Investor Relations, lastminute.com: Thank you, Alessandro. Okay. Now we have no more questions left. So with that, we would like to close our Q and A session for today. We thank all our participants for joining lastminute.com investor call.

If you feel that something has was left unanswered, just drop us an e mail or contact us after the call. I’ll hand over now to Alessandro for the final words.

Alessandro Pedazzi, CEO, lastminute.com: Yes. Thank you, Julia. I see that actually there is probably another question coming up in the tool, but I think it’s something that I have already quite answered in a way because it’s a question about some specifics in our deal with Booking.com and how that’s influencing our business. And I think I already answered that obviously that’s a key component of our business and it’s a growth element. I would say that maybe the thing that I can add on top of my previous remarks about that is that the most interesting thing about the Booking.com situation is that it allows us to start testing some markets in which historically we didn’t have a B2C presence with our own brands.

And obviously, because of Booking.com ubiquity, we are starting to test the waters in these markets via the white label solution that we provide to them. And then when we see interesting opportunities in certain markets, that’s when we also start investing in our own B2C brands. So in that way, the white label solution and our own B2C brands can actually grow together, I would say, rather than one cannibalizing the other. And that’s a very clear trend that we’re seeing is that it’s not one substitute in the other, but actually the tide raising for both distribution channels, if you want.

Julia Veenhart, Head of Investor Relations, lastminute.com: Thank you, Alessandro. With this, we will close our call for today. We thank all our participants. Thank you very much.

Sandra, Chorus Call Operator, Chorus Call: Ladies and gentlemen, the conference is now over. Thank you for choosing Chorus Call and thank you for participating in the conference. You may now disconnect your lines. Goodbye.

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