Q1 2025 trivago NV Earnings Call
[music].
Good day, ladies and gentlemen, thank you for standing by and welcome to the Truth I go Q1 earnings call tiny tiny five I must advise you. The call is being recorded today Wednesday. The 30 as of April 2025, we are pleased to be joined on the call today by Yohanan.
Thomas: Thomas <unk>, CEO, and managing director and Robin Harris cannot go CFO and managing director.
Thomas: Following discussion, including responses to your questions reflects management's views as of Tuesday April 29, 2025, only unless expressly stated otherwise in which case. It reflects management's views as of today Wednesday April 30 2025 only.
Thomas: <unk> does not undertake any obligation to update or revise this information as always some of the statements made on today's call are forward looking typically preceded by words, such as we expect we believe we anticipate or similar statements.
Thomas: Please refer to the Q1, 'twenty 25, operating and financial review and two that goes other filings with the S. E. C for information about factors, which could cause those actual results to differ materially from these forward looking statements.
Thomas: You'll find reconciliations of non-GAAP measures to the most comparable GAAP measures discussed today into bad goes operating and financial review, which is posted entre that goes investor relations website at IR Dot trip Echo Dot com.
Thomas: You are encouraged to periodically visit trip that goes investor relations website for important content.
Thomas: Finally, unless otherwise stated all comparisons on this call will be against our results for the comparable period of 'twenty 'twenty four with that let me turn the call over to you.
Thomas: Good morning, everyone and thank you for joining us today.
Thomas: We are thrilled to announce that we have significantly accelerated our momentum in Q1 2025.
Thomas: Passing expectations for both top and bottom line results.
Thomas: In light of this exceptional performance and our continued growth trajectory. We are pleased to announce that we are raising our full year revenue growth guidance to mid teens percentage and foresee a better than expected adjusted EBITDA profitability.
Thomas: These excellent results reflect the consistent diligent execution of our strategic plan by our dedicated team over the past two years.
Thomas: Today I'm pleased to provide you with an update on Egypt, who used to teach a focus area.
Thomas: Our first strategic priority remains brand marketing.
Thomas: Which we continue to elevate our globally recognized brand.
Thomas: We remain committed to increasing both the efficiency and overall impact of our brand investment.
Thomas: I I powered yoga class C V created along with our localized campaigns for Brazil, and Japan are performing well and we are successfully driving brand revenue growth across all segments.
Thomas: We are also excited about all of the summer campaign, which has already launched in the U S and we're gradually rollout globally through ultimate.
Thomas: Our recent performance clearly demonstrates the compounding effects of own brand marketing investments and we continue to observe the market analysts, Italy, we had anticipated there's elasticity enabled coincidently scale O'brien investments, while maintaining a disciplined approach to our performance marketing channels.
Thomas: Our second strategic priority is to enhance our core hotel search experience, we empower travelers to book with confidence saving them valuable time and money.
Thomas: Over the past quarter, our product teams have further increased our product testing velocity delivering meaningful user experience enhancements and driving notable improvements in conversion rates.
Thomas: We have also made considerable progress in increasing member sign ups by providing more exclusive deals and benefits for our locked in user.
Thomas: Further we have improved our net functionality implored, new AI powered hotel suturing features and introduce numerous.
Thomas: Popular web functionality into our App.
Thomas: We have also expanded the coverage of AI generated hotel highlights to more than 350000 hotels in 11 languages.
Thomas: Most notably with leverage advanced machine learning algorithms to deliver even more tailored hotel search results to our users.
Thomas: We are excited about the meaningful impact our investments in AI and machine learning are already heavy and the future potential to transform our hotel search experience.
Thomas: Our third strategic priority is to empower all partners to maximize their potential entre goggle, we're pleased with the evolution and overall health of our marketplace.
Thomas: Our partners increasingly recognize the high quality of leads provided making two of our more attractive markets and channel.
Thomas: We have also made significant progress in expanding Chewbacca book and go to additional partners, helping them increase their conversion rate.
Thomas: We are also particularly excited with the outcomes of our strengths and strategic partnership with a little bit.
Thomas: Collaboration is yielding promising results, we warmly welcome a little as part of the broader provocative.
Thomas: Overall, our dedicated team has delivered another quarter of strong execution and accelerated learning or.
Thomas: Our strategic direction continues to advance as our teams remained focused on key priorities designed to create value for our users and advertising partners.
Thomas: We're grateful for all that intelligence commitment and creativity with continued to propel Chicago forward.
Robin: Thank you and now I would like to hand over to Robin for a more detailed review of our financial results.
Robin: Thank you Amit and good morning, everyone. We are thrilled to report that Q1 was outstanding quarter, FTSE Basel significantly exceeding our internal expectations, representing another strong quarter, we achieved a 22% year over year increase in total revenues. In addition April performance continues to soar.
Robin: <unk> double digit revenue growth rate.
Robin: Our impressive performance was primarily driven by strategic brand marketing investments and product enhancement.
Robin: We recognized a number of attractive opportunities to further scale, our Brent marketing investment and expand our business.
Robin: We are optimistic that our strong operational performance with translate into significant benefit for shareholders as we continue to execute our strategy.
Robin: Now, let's review, our first quarter results and our 2025 outlook.
Robin: Otherwise indicated all comparisons for 2025 on a year over year basis.
Robin: In the first quarter, our total revenue reached $124 1 billion euros representing.
Robin: Representing a 22% increase compared to the same periods in 2024.
Robin: We are pleased to note. This marked our second consecutive quarter of growth, we experienced strong year over year double digit growth across all three reporting segments with recovery revenues growing 44% and rest of world, 19% in developed Europe and 18% in America.
Robin: This growth was primarily driven by increased branded tenant terrific and respond to our ongoing brand marketing investments improve our booking conversion and higher traffic volumes.
Robin: Also continue to observe healthy bidding dynamics on our platform when compared to the same period in 2024.
Robin: During the first quarter, we reported a net loss of $7 8 million euros and achieved an adjusted EBITDA loss of $6 5 million euros, which was better than our internal expectations.
Robin: Similar to our 2020 for performance, we expect negative adjusted EBITDA in the first and second quarter of the year and anticipate positive adjusted EBITDA in the third and fourth quarter of the year.
Robin: Operational expenses increased by $20 7 million euros totaling $133 7 million euros for the first quarter.
Robin: Was mainly due to a 21 4 million increase in selling and marketing, resulting from higher brand marketing investments.
Robin: Over the course of the quarter.
Robin: Advertising spend increased by $10 4 million euros.
Robin: 31% at the America, $7 3 million or 50% in rest of world and by $2 7 million or 7% in developed Europe, driven largely by brand marketing investments and all of that.
Robin: The overall increase in operating expense was partly offset by a $1 3 million euros reduction in general and administrative expenses during the quarter.
Robin: Despite the significant scaling of our marketing investments our Ros remained globally stable at 118, 1% for Q1 compared to $119 two in the prior year, we observed a significant growth improvement in developed Europe, increasing from 121% in Q1 2024.
Robin: 234% in Q1 2025, while we observed reductions in the Americas from 145% to 102, 7% and in rest of world from 125, 1% to 120.3%.
Robin: As of the end of Q1 2025, we have 186 million euros in cash and cash equivalents and no long term debt continuing to maintain our strong financial position.
Feel confident about the future as our product caters to cost conscious consumers. We are optimistic about our outlook and therefore, raising our full year 2025 guidance to mid teens percentage revenue growth and positive adjusted EBITDA similar to last year's levels.
Robin: Looking further ahead, we believe significant potential remains to further scale, our brand marketing investments, which we expect will positively impact our overall revenues as we steer towards regain pre COVID-19 revenue levels in the future.
Robin: With that let's open the line for questions. Operator, we are now ready to take the first question.
Robin: At this time I would like to.
Robin: Yeah.
Robin: <unk> you anymore sorry.
Speaker Change: This time I would like to remind everyone in order to ask a question Press Star then the number one on your telephone keypad.
Robin: We'll pause for just a moment to compile the Q&A roster.
Speaker Change: Your first question comes from the line of Nevada, Ken with B Riley's Securities. Your line is now open. Please go ahead.
Speaker Change: Great. Thank you very much.
I think this is really good good performance I have a question on.
Speaker Change: Maybe the reason these new performance.
Speaker Change: You do talk about it.
Speaker Change: Being strong, but if I had to look at the.
Speaker Change: U S versus other markets.
Speaker Change: Is there any particular trend to call out maybe.
Speaker Change: Maybe weaker consumer or just curious about what youre seeing across these regions and what kind of influences your overall guidance.
Speaker Change: And also maybe just talk about things like consumer price sensitivity.
Speaker Change: And booking conversions and things like back in the U S. Thank you.
Robyn: I know that's Robyn thanks for the question.
Robyn: Regarding the most recent performance in the market.
Robyn: And we said April is.
Robyn: Still strong double digit growth, we see it in all regions, where we strong as.
Robyn: Q1, and in terms of trends.
Robyn: Let me provide a little bit more color on ADR and such interest of what we see so we saw.
Robyn: Our internal data for Q1 that ADR, we're up we're up in all three segments length of stay was slightly up in the Americas and develop Europe rest of World was stable and ABB was also up in all three segments in Q1.
Robyn: So when we look into Q2.
Robyn:
Robyn: Click prices and ABB on a global level in Q2.
Robyn: Was slightly up and length of stay was rather stable.
Robyn: When we look into the regions, so develop Europe and rest of the World positive America slightly negative, but overall it looks healthy on a global level.
Robyn: Yeah. So we are optimistic about the outlook for survival.
Robyn: Because as I said April is very strong again, and we have enough room for further scale, Brent marketing investments and have the right product for price heavy users and we believe that this will lead to further growth for <unk>.
Robyn: When we.
Robyn: And related to search interest on our platforms.
Robyn: We saw strong demand on all platforms across all our segments in Q1 and are still seeing it in April.
Robyn: They argue shifts but once rates of <unk> with that said we are.
Robyn: Our global business and operating in over 50.
Robyn: Operate on over 50 localized websites and apps and.
Robyn: And for example, there was less traffic from Canada, Mexico into the into the.
Robyn: Into the U S, but on the other handset was a strong domestic U S demand and overall, we are seeing strong demand on a global level on our platforms.
Robyn: So we are confident that we can outgrow short term volatility and because we have diversity.
In our countries.
Robyn: And maybe to the search interest for five four and five star hotels.
Robyn: This remained slightly below prior year's in all three segments.
Robyn: Click there is to stay was a little bit higher in three segments.
Robyn: Travel travel.
Robyn: Trevor average travel distance click during Q1, 'twenty five was slightly up.
Robyn: And.
Robyn: So that's it's regarding.
Robyn: So it's travel trends, what we see on <unk>.
Robyn: Great and then maybe just a quick follow up on the.
Robyn: Uh huh.
Robyn: On Hollister has.
Robyn: The team joined Thiago.
Robyn: Maybe any kind of any kind of color commentary on that trend.
Speaker Change: Yeah, maybe I can elaborate on the strategic context that we exercised our call.
Robyn: Today so we're.
Robyn: We're excited to acquire the remaining 70% of our polyester.
Robyn: And the strategic rationale, we outlined and mid of last year. That's an extensive posters you might want to look into.
Robyn: I think overall the goal is to simplify trovato. There is the popular brands everybody knows entre log or there is the direct website on survival and then there's a lot of.
Robyn: Brands that have great deals, but not much brand strengths, which comes with.
Robyn: A downside on trust and conversion rates and by Us offering.
Robyn: The broken go product that will restore has built exclusively for our litho, taking that product and offering it to all our partners, we think can lift conversion rates.
Robyn: And the user experience on our platform and we are very excited to have the team back on board.
Robyn: Okay Awesome play scores that we wanted to achieve the teams executed internally and the Hollister team as well.
Robyn: Very well on those projects.
Robyn: Exceeding some project expectation delivering on others.
Robyn: And.
Robyn: We're very happy working closer together with them, because we can intensify and rely on the strategic direction of building a more seamless experience for travelers. So that's great. The company will continue to operate as Standalone.
Robyn: Certainly as a fully owned subsidiary.
Robyn: We will.
Robyn: It would be closer on what we operationally execute and align our strategic objectives.
Robyn: And that's a great advantage now with full ownership that we that we have interest aligned among both companies and we expect this to have an impact.
Robyn: In the medium term higher conversion rates higher retention.
Robyn: Better.
Robyn: From a better user experience.
Robyn: Can propel can propel results in the near term midterm and long term.
Robin: And maybe Robin you want to elaborate on the details of the deal.
Robin: So yesterday, we executed the call and we will probably close the deal in the middle of the year.
Robin: Impacts of the four acquisitions are not reflected in our adjusted guidance yet so we increased the guidance to mid teens.
Robin: Revenue growth and adjusted EBITDA estimates to last you lever up.
Robin: But there is.
Robin: The impact of the acquisition is not reflected in here.
Robin: I'll provide more color on this after the closing.
Robin: But the deal will have a further positive impact on our topline and we don't expect a negative impact on our bottom line.
Speaker Change: Great. Thanks, so much.
Robin: <unk>.
Robin: Thank you. Thank you.
Speaker Change: Your next question comes from the line of Tom White with D. A Davidson. Please go ahead.
Tom White: Great. Good morning, Thanks for taking my question a couple of them.
Speaker Change: If I could.
Robin: Could you talk about.
Robin: How you sort of think about the risks.
Robin: Potential risks posed by the AI hyperscale or as it relates to changing how travelers may search and book travel.
Robin: Versus the opportunities that may be AI technology creates for your own business and then I had a follow up.
Robin: Yes, I think if you look at the general Gen. AI products I think they are certainly on the upper funnel on the research layout.
Robin: They can they can support travelers and their research.
Robin: And the resonance with that <unk>.
Robin: Travel is use it.
Robin: Finally satisfied.
Robin: If it comes to vertical transaction picking out tell that the user experience of a chat based and user experience that this is kind of the winning formula in terms of user experience and.
Robin: And in finding the hotel.
Robin: I think as to be decided if we look at our being.
Robin: Is there a use case or not yesterday is a use case for instance, if you. If you know the three hotels you usually go when you go to New York and.
Robin: Sure Savi on that in Utah.
Robin: The best one with this in this room.
Robin: And you basically have a very narrow use case AI can probably deliver on that.
Robin: How we generally see it is that.
Robin: Other search engine, let's say, Google they didn't take all the travel although building.
Robin: Wholesale product, we're probably an additional segment of how travelers use sites as we know travelers at dozens of sites in the travel research. We think this will not fundamentally change.
Robin: It's a high stake product, but don't want to make mistakes. So they are really invest time into comparing using different tools. I also think this wouldn't change and we have a mega brands. So everything around our brand investment is the best hedge we can do against the risk.
Robin: AI.
Robin: Of AI is taking a bigger stake which is not the case yet.
Robin: I think it will take time as well.
Robin: We have a chance we end the process AI is being at our search results being at our hotel highlights that every hotel has these days being at our AI search experience that you can use survival and free text.
Robin: Search experience.
Robin: These things we are very excited about because they are born today, they're in front of users that we.
Robin: We see that they have an impact on conversion and user experience.
Robin: We are excited about the opportunities and the question is which brand brings these features in front of users faster and positioned themselves as having.
Robin: Having these features available and we think we are on top of that and happy with.
Robin: Where we are today and continue to invest into it.
Robin: Great.
Speaker Change: Appreciate that just a follow up on the brand investments I think you referenced sort of the.
Robin: Compounding benefits.
Robin: I'm curious whether that includes maybe sort of like a halo effect or uplift in efficiencies in non branded channels like search or social.
Robin: Just curious whether you're seeing sort of a palpable benefit there.
Robin: And whether that.
Could further compound here overtime.
Robin: Yes, I think thats a very good.
Robin: Perspective, and I would second that to some degree and if you have brand investment. If you are more top of mind of travelers if they see your brand than in social if they see your brand on Google.
Robin: We can see that there is an impact on click through rates and other formats. So and that has been something we've seen historically and in markets, where we have leaned in that is has collateral effect.
Robin: That is well I think most powerful it's a compounding effect over time.
Robin: We are stacking up branded visit a baseline year over year.
Robin: That is lending into into the different segments and we are seeing that materializing today, because we now have done it for two years and Thats why we believe they're sustainable growth ahead.
Robin: Thank you.
Speaker Change: Your next question comes from the line of Ron Josey with Citi. Please go ahead.
Speaker Change: Hi, This is Robert on Brian Thanks for taking the question.
Speaker Change: Would love to just a couple quick on hotel search performance here. It was great to see AI generate highlights now covering 350000 hotels.
Speaker Change: <unk> increased conversion rates, but can you talk to maybe some of the initial learnings on this product and then perhaps expand on your plans for <unk>.
Speaker Change: Smart search.
Speaker Change: Yes, let me elaborate on that I think for what you can see the AI highlights today for 350000 sites. We added I think four languages last quarter as well. So we are expanding languages, where it's available.
We're trying different models powering these AI highlights we started out with using Google we are trying other models comparing them.
Speaker Change: In order to get our uniqueness and what you can see if you go to other websites you might see something like the hotel has a gym or the hotel has.
Speaker Change: A nice breakfast or so what you see in our AI highlights really the differentiation and that's a test out there where we show you one very unique thing with an image and might be a rooftop bar.
Speaker Change: Might be an amazing spa it might be a Michelin star restaurants, which we tried to point out and gives you. This very much uniqueness about a hotel. So these days use crossover search results and you're mostly anchored on the image and we see our users not just looking at images anymore, but also at the hotel highlights a second factor for it.
Speaker Change: Efficiently comparing hotels and our resources.
Speaker Change: Less information is more so we are not.
Speaker Change: Kind of putting a lot of content and users, but rather literally.
Khan: <unk> Khan.
Khan: And that's what AI is made possible here. So we are testing different models different sourcing.
Khan: If you would use if you would use a filter we are adapting the hotel highlights if you use the map and click on the hotel and the map we would adapt the hotel highlight so you see a hotel highlight that.
Khan: That's related to the to the location.
Khan: We are working with dynamic content, so depending on what you are searching.
Khan: You see dynamic content being produced in there that relates to our AI search experience, where we have brought this into our core experience before you had to go to AI Dot Chicago Dot Com now you see it featured in our search box that you can tie whatever you want.
Khan: And we have made that available to our broad user base.
Khan: And we basically put more users into it we're not talk Matt take about users should use this it's more.
Khan: Complementing our search and making a new way of searching available you have not you have no platform, where you could basically search I Wonder hotel with a pool next to route 66, which is a semantically quite complicated thing to understand for our machine and usually you have cities or regions that you referred to when populating Your list.
Khan: So that's really cool that you have new ways of searching and thats possible.
Khan: We are working on making the list even more relevant than it's a question of how do you commercialize the list.
Khan: Do you show only relevant hotels, how do you mix and commercialization into that list and we are progressing gradually gradually gradually on it.
Khan: Yeah.
Khan: Got it that's great and then just one follow up.
Khan: You called out localized marketing campaigns in Brazil, and Japan, specifically in the prepared remarks.
Khan: Didn't you throw all these campaigns out what can you tell us about the performance there. So far and then what are you seeing in terms of incremental traffic or ROE as each of those regions.
Khan: Yeah.
Khan: Yes, maybe.
Speaker Change: Can explain here. So overall, we are happy with the global campaign that features with you on the clock.
Speaker Change: And then we sometimes have local campaigns with certain objectives.
Speaker Change: Without going too much into details.
Speaker Change: So we don't want to unveil too much but Japan is a nice case.
Speaker Change: We have launched a campaign very recently and we say in this spot five or six times <unk>. The term survival was not as easily spelled in Japan.
Speaker Change: Japanese speakers.
Speaker Change: So we are bringing with this campaign that turned to vogtle.
Speaker Change: More tangibly to users and have the goal to increase <unk>.
Speaker Change: <unk> awareness and not activation, where you have a strong brand you want to activate users and convert them into visiting you.
Speaker Change: And then in some markets, we want to prepare the brand more top of mind in terms of awareness.
Speaker Change: Certainly that activate as well, but then just getting the brand and peoples.
Speaker Change: And that was the objective in Japan. It has worked fantastically.
Speaker Change: What we see so far and wherever we see there is value in doing that we would continue to do that and we are overall very happy with the with the incremental raws were seeing I commented on that before we see the city across all segments.
Speaker Change: And that's why we are confident that we have room to invest more so on top of compounding effects with incremental investment that that we can scale in all regions.
Speaker Change: That's what we will continue we will continue to do.
Speaker Change: Great. Thank you.
Speaker Change: Your next question comes from the line of Doug Anmuth with Jpmorgan. Please go ahead.
Speaker Change: Great.
Doug Anmuth: Thanks for taking our questions.
Speaker Change: Wanted to revisit your full year guide.
Speaker Change: So could you explain where youre seeing.
Speaker Change: Relative to what you guided to about three months ago or on the volume side.
Speaker Change: Monetization.
Speaker Change: Secondly in front of you guys are assuming the macro environment.
Speaker Change: In your full year volume. So just wanted to share your thoughts on how a macro slowdown or a recession for the sector.
Speaker Change: Got it.
Speaker Change: How you will approach.
Speaker Change: Okay.
Speaker Change: Actually slower environment.
Speaker Change: Yes.
Speaker Change: Okay.
Speaker Change: Yes. This is robin thanks for the question.
Speaker Change: So regarding the guidance.
Speaker Change: We see it.
Speaker Change: Huge potential in scaling our brand marketing investments and we have been doing this now for a couple of months and as Johan said Q1 was Super strong we had a 22% total revenue growth and the Ros.
Speaker Change: Stable. So we increase the so is it the AD spend to 24% but.
Speaker Change: Ross was just 1% below previous year Q1. So this is I think a strong indication that we see really good.
Speaker Change: A really good in impact of our brand marketing campaign and moving forward for the rest of the year. We will further increase in scale our brand marketing investments.
Speaker Change: Last quarter, we also uploaded the investor presentation, where we highlighted that in 'twenty four we only invested 50% of the brand marketing that we invested in 2019, so and we sometimes mentioned that this is one of our objective to come back to pre Covid levels, where we would say is this is Earl.
Speaker Change: 2019, and so therefore, it's important to scale brand marketing investments again, again and Thats, what we are doing and we see that this is successful and we will do this.
Speaker Change: In all three segments, so rest of the world, where we strong growth in Q1, we believe that we can further scale investments there we expect nice growth throughout the year, but same applies to Europe and to Americas, We really scale investments in markets, where we are.
Speaker Change: Already in there.
Speaker Change: And we might at new markets and so overall. This is this is clearly the driver.
Speaker Change: And then you ask about.
Speaker Change: The the demand so for us when we look at our platform.
Speaker Change: I mean was 22% in this markets revenue growth. So we see really strong demand and as I said, we have we see some differences in regional traffic. For example, there are less Canadians and Mexicans going into the U S. But on the other hand, we see strong domestic travel in the U S.
Speaker Change: And when we look into it.
When we look into April and we still see strong double digit growth in all three segments. So yes uncertainty is not good for Trevor. However, we see that it's solid that the market is strong is that our growth rates are strong and especially because we have a product that is built for price savvy users.
Speaker Change: And we are we optimistic and we have a lot of room to further scale, our brand marketing investments and we believe that this will lead to nice growth for the full year.
Speaker Change: Yeah, maybe you asked what do we do.
Speaker Change: Terms of.
Speaker Change: Volatility what we do with our advertisement I think we have shown during the pandemic and historically many times that we are able to cut investments very quickly just look back into Q3 last year, we have seen that due to mega events. I think it was the Olympics was was the <unk>.
Speaker Change: Comp was <unk>.
Speaker Change: Elections.
Speaker Change: We have seen that elasticity has come down performance has worsened and we immediately cut substantial amount of spend so we are very responsive.
Speaker Change: On that we also do onto long term commitments usually.
Speaker Change: With.
Speaker Change: With our brand investments and I think that will keep us.
Speaker Change: Flexible I would like to call out one more driver I think Robin has talked about.
Speaker Change: <unk> I think the other one substantial one we shared in our Investor presentation in February a slide where we show the increase in conversion rates I think it was around.
Speaker Change: We sold an index, we showed an index of increasing of around 35%.
Speaker Change: And that has a substantial impact on any marketing initiative and Thats why we talk so often about conversion rate. If we have converted the increase in our conversion, let's say about 10% at this has a big impact on marketing efficiency.
Speaker Change: And we are disciplined of not spending this on performance marketing we are.
Speaker Change: Very much focused on investing the incremental returns we have into our into our brand marketing initiatives.
Speaker Change: This television, but it's also social it's also many other initiatives we are having around brand marketing. So the conversion rate is really an important one and thats, where our teams do a great job in accelerating the pace of increasing our conversion rate and we still have a lot of pockets to increase conversion rates further.
Speaker Change: And I talked about some AI features that have contributed to that but we do hundreds of tests.
Speaker Change: Continuously and that it's up and has other compounding effects and user satisfaction user retention.
Speaker Change: And so on which is very exciting to see.
Speaker Change: Yeah.
Speaker Change: Got it thank you.
Speaker Change: Yeah.
Speaker Change: That concludes our Q&A session I will now turn the call back over to the management for closing remarks.
Speaker Change: Thank you before we conclude the call today I would like to extend a special thank you to our CFO Robin Harris, who will be leaving <unk>. We sincerely appreciate his hard work dedication and leadership and we wish him all the best for its next endeavor at the same time, we are thrilled to work.
Speaker Change: Doctors are small as our new CFO at Wolf has consistently proven himself during his tenure at <unk> and is a natural fit for the role, bringing a wealth of experience in finance and strategic development.
Speaker Change: The leadership team, we are very excited to build on the momentum momentum and transform the company together with them and with that I want to say thank you for joining the call today, we are well positioned for sustainable growth. We remain focused on executing on our strategy and look forward to sharing our progress during our next quarterly call.
Speaker Change: Thanks, a lot and have a great day.
Speaker Change: Ladies and gentlemen that concludes today's call. Thank you all for joining you may now disconnect.
Speaker Change: Yeah.