Hello everyone and welcome to MercadoLibre Earnings Conference Call for the quarter ended June 30, 2020. I am Federico Sandler, Investor Relations Officer for MercadoLibre. Our senior manager presenting today is Pedro Arnt, Chief Financial Officer. Additionally, Osvaldo Giménez, CEO of Mercado Pago will be available during today's Q&A session. I remind you that management may make forward-looking statements relating to such matters as continued growth prospects for the company, industry trends and product and technology initiatives. These statements are based on currently available information and our current assumptions, expectations and projections about future events. While we believe that our assumptions, expectations and projections are reasonable in view of the currently available information, you're cautioned not to place undue reliance on these forward-looking statements. Our actual results may differ materially from those discussed in this call for a variety of reasons, including those described in the forward-looking statements and risk factors sections of our 10-K for the year ended December 31, 2019 Item 1A-Risk Factors in Part II of our Form 10-Q for the quarter ended March 31st, 2020 and then any of MercadoLibre, Inc.'s other applicable filings with the Securities and Exchange Commission which are available on our Investor Relations website. Finally, I would like to remind you that during the course of this conference call, we may discuss some non-GAAP measures. A reconciliation of those measures to the nearest comparable GAAP measures can be found in our second quarter 2020 earnings press release available in our Investor Relations website. Now, let me turn the call over to Pedro.

Hello everyone and welcome to our second quarter 2020 Earnings Conference Call. Before we begin, I want to take a moment to highlight that our thoughts and well wishes continue to go out to all the individuals and families affected by COVID-19, both at our company and everywhere. We particularly extend our immense gratitude for and appreciation and recognition to all those brave souls who continue to work on the frontlines through this unprecedented global health crisis. As you may have seen our latest branding campaign Elbow to Elbow which promotes social distancing is one of the ways we are contributing to awareness around prevention, raising funds for treatment efforts and paying tribute to healthcare professionals. I'll detail our other contributions in a moment. We also want to take this opportunity to thank all of MercadoLibre's employees who have shown endless amounts of resiliency, effort, sense of purpose and courage whether it be balancing the requirements of family, household and work responsibilities while conforming to social distancing norms and working from home or showing up to work at our warehouses and service centers every day enabling us to deliver the goods that our users need. We are all immensely proud of all the hard work our employees are doing during such trying times. Before I dive into the quarterly performance overview, let me share with you some of the efforts we continue to undertake in response to this pandemic. We have kept remote work for all the teams except for our logistics personnel for which we have applied the strictest norms of prevention and hygiene in all our logistic centers. Added temporarily to our payroll employees from Le Pain Quotidien in Argentina, while in July we signed agreements with the master franchisees of brands such as McDonald's and Starbucks. In…

Our first question comes from Stephen Ju with Credit Suisse. Stephen Ju - Credit Suisse Securities (USA) LLC: Okay. Thank you. So, Pedro, can you talk about the changes to the fee structure that is now expanding out of Colombia. Presumably, this should result in greater listing selection and hopefully purchase velocity, but we wanted to confirm that you are indeed seeing this pick-up, although it might be difficult to disaggregate the impact versus the pandemic's impact. Also, when do you anticipate rolling out the fee structure changes to Brazil? Thank you.

Hi, Stephen. Thanks. So, the fee structure aims, as you anticipate, to better match the fees we charge merchants with the economics of different categories, and therefore, should drive more merchants to want to list. We're trying to accomplish this in a way that is take rate neutral. So, we're not trying to raise take rates nor diminish them. And you are correct. Disaggregating impact from the overall context is extremely difficult. I think the one assertion we can make is that the balancing of take rate has worked well in the markets where we've done this, and obviously our marketplaces are on fire across the board. So, we anticipate and we are working on the rollout to Brazil. We haven't communicated specific date yet, I believe, but this is something that given the positive impact in the other countries, we are looking to roll it out to the other markets. Stephen Ju - Credit Suisse Securities (USA) LLC: Thank you.

Our next question comes from Irma Sgarz with Goldman Sachs.

Yes. Hi. Good morning. Thank you for taking my question and congrats on the quarter. In the monetization of the e-commerce – the commerce revenue, the commerce GMV, you have some impressive results. I know there's a couple of different forces at play and you mentioned in your opening remarks the impact of reduced optimized free shipping subsidies and contra revenues. But could you just maybe touch up, maybe a little bit more color on what were the main drivers here and how you maybe see that progressing into? If there's anything sort of one-off (00:34:36) that we may not be seeing into the back half of the year? Thank you.

Irma, sorry. I'm not sure I understood the first part of the question.

It's about the monetization rate over the implied take rate of the commerce revenues over the GMV which improved year-over-year and quarter-over-quarter by an impressive amount. And I wanted to understand that you sort of separate the different impacts from I think there's probably also, to some extent, some accounting effects, some of the revenues or some of the shipping costs are shifting to different lines, but how should we think about this into the back half of the year in 2020 and 2021?

So, I think what you're seeing now probably already begins to reflect a more stabilized level in terms of representation of where the revenues are presented. And in terms of free shipping, I think we're analyzing going forward where there are opportunities to increase free shipping. But given that there also have been significant improvements, as we called out, in cost of shipping and whatnot, we actually see pockets of opportunities to offer more free shipping without negatively affecting monetization. So, I think the quarter should be a reasonable indication of where the year could play out in terms of the monetization level on the marketplace. The other issue Irma that drives the deltas and monetization on a consolidated basis is if you look at the growth rates, we are seeing tremendous performance out of Colombia, Chile. Even Mexico continues to drive phenomenal growth. Brazil rebounded significantly but when you compare growth rates to these other markets, it's lower. So our mix shift is moving to some of these newer markets with big opportunity and they typically have lower monetization levels on the commerce side as they are earlier stage.

Perfect. Thank you very much.

Our next question comes from Bob Ford with Bank of America.

Hey, good morning everybody and congratulations on the quarter. Pedro, I wanted to ask two questions if that's okay. Can you talk a little bit about adoption rates at QR-enabled point of sale with Cielo, Linx and your other Brazilian partners and how you expect that to ramp? And also, how are you thinking about remittances and the adoption of a digital solution given the very high cash orientation of the market today? And then you've made tremendous progress with respect to the managed network (00:37:51) in Brazil. Can you talk a little bit about the possible impact in the event of another Correios strike in Brazil and how you can mitigate that given the greater integration? Osvaldo Giménez - MercadoLibre, Inc.: Hi, Bob. This is Osvaldo. With regards to adoption of QR codes in Brazil, what we saw in general not only in Brazil but in general during the second quarter was that due to diminished foot traffic in the case of world, we saw an acceleration in those flows which do not require people to be in person. So, we saw acceleration in P2P payments, in top up of mobile phones and also in payment of utilities. In terms of QR code, given that there was a significant decrease in foot traffic and that some of the categories where we have been stronger are related to food or gas station, what we did was we reduced the number of incentives and discounts we were providing. With regard to your specific questions of how do we expect the ramp up with Cielo and Linx so far, we have seen some transactions there, but it's difficult to discern quite the effect given this reduction in overall foot traffic and lower use of in-store payments during the quarter. I'm not sure I got your second question Bob. Was it related to remittances, right?

It was. And given the cash orientation of the market today, how do you plan to change that behavior pattern? I would expect that the – certainly the fees and the foreign exchange spreads have to be much more competitive with your value proposition? Osvaldo Giménez - MercadoLibre, Inc.: Yes. With regard to remittances, we have been doing more business development and partnering with other companies to become stronger here. As you know, part of the agreement we have with PayPal is that we will leverage their Xoom platform and we are already working on together managing remittances from the US into Mexico. They have a huge distribution of people who could fund those accounts in the US and they would be able to pay to our account holders in Mexico. Beyond that, we have also started working with Western Union and providing them with the ability also to both fund and disburse placement. It is not live yet but we have announced it already. You can already fund transactions using Mercado Pago but you will also be able to disburse transactions using Mercado Pago.

Great. On the managed network just to quickly level set. So the managed network has been our build out of our own logistics network over the past few years where we control transportation, cross-docking and fulfillment. Within the managed network, there is an operation we call MELI Logistics which further has driven the success we've had in terms of managing the surge in demand over the past few months which is where we begin to rely less and less on large transportation companies and are able to rely on smaller middle mile, last mile and first mile operators. The consequence of all this is that our overall reliance on Correios has continued to diminish month on month and Q-on-Q. So, if you look at the rumblings of a Correios' potential strike, I think we anticipate it to not be very long or severe. We believe that Correios will try to maintain level of operation as well as possible. We are in constant communications with them, but most importantly, we are much more able today to shift volume away from Correios. We are not entirely un-reliant on them but we are incredibly better equipped than in all the previous strikes we've had to face as a consequence of everything that we've been building on the logistics front which is really, really one of the highlights of our execution over the past few months and quarters.

Thank you. Our next question comes from Andrew Ruben with Morgan Stanley. Andrew R. Ruben - Morgan Stanley & Co. LLC: Hi. Thanks very much for the question. So wondering if you could please talk some more about some of the assortment initiatives. First, you mentioned CPG and supermarket. Curious how meaningful these categories are now and how you're viewing the pace of rollout? And then, second, on the first party assortment, any similar color there on your targets for 1P within the mix? Thanks very much.

Sure. So consumer practical goods of which supermarket is a sub-initiative is a category that has been obviously surging throughout the COVID period, but it still represents mid-single to high-single digits for us in the most successful markets with tremendous upside in opportunity, as we begin to focus more and more on it. Our first party initiatives are still smaller than that. They're probably in the lower single digits, but again also, a lot of building blocks that we have put in place over the last few quarters and we feel we are increasingly better equipped to be able to accelerate investments in execution behind 1P to complement inventory gaps or to drive greater price competitiveness of our 3P efforts. And I would say that the third element in terms of assortments that you don't mention but is important is the current crisis has also generated a significant pickup in inbound interest and in pipeline of brands and merchants working with us to onboard into our marketplace. So that has also been another area where, because of all the building blocks that we've put in place over the last few years, we feel we can be of assistance to many merchants, large brands, OEMs as well that weren't working with us in the past and can start working now or for merchants who are already working with us to be able to double down on their marketplace efforts. Andrew R. Ruben - Morgan Stanley & Co. LLC: Great. That building block makes sense. Thank you.

Our next question comes from Ravi Jain with HSBC. Ravi Jain - HSBC Securities (USA), Inc.: Hi, sir. Good morning. Couple of quick ones from my end. In terms of the investment priorities, what do you see as maybe more strengthened or accelerated for 2020 now and maybe what is something which has slightly delayed both maybe on the marketplace and the Fintech end? And the second one is specifically on Fintech. I mean, you've announced a partnership with HBO recently. Should we expect in the future to have multiple streaming partners or services that you would kind of work with? And what other features could you kind of give us some color on that you're planning for the loyalty program? And do you expect that there will be a strong marketing campaign around the loyalty program at some point? Thank you.

Great. Hi, Ravi. So, at the risk of being repetitive but I think this is important, our strategy and our investment cycle by and large remains unchanged. If we were scrambling now to try to react to the opportunities arising because of COVID, I don't think we could be as successful as we're being. This is a consequence of work in logistics, in category expansion in overall user experience that obviously we've been highly focused on over many years now. Fortune comes to those that are prepared. So, at the margins, I would say, we have accelerated even further the rollout of our own logistics network because that has been key throughout this period and it's been tremendously encouraging to see how well the logistics operation has been able to deploy an even greater number of nodes in our own networks at an accelerating pace successfully. Obviously, from a category perspective, we have redirected resources and focus potentially away from some slower categories over the next few quarters like apparel or auto parts to some of the faster growing ones like CPG, supermarket, health and beauty, and again, this is not a change in strategy. It's marginal reallocations of capital. On the Fintech side, I would say, there is an increased focus on the overall digital account as we see greater digital adoption and a somewhat slower adoption of certain in-store to our categories primarily in restaurants and food. So, there's a bit of a shift there. We still see restaurants, foods and other in-store QR categories and MPOS as tremendous opportunities formed in midterm. So I would say this is more of a pause before we start reaccelerating and we've already began to see that when you look at our comments on MPOS in Brazil and other markets as…

Our next question comes from Gustavo Oliveira with UBS.

Hello, Pedro. Hello, Federico. Good morning, everyone. I have two questions. The first one, Pedro, may be a bit repetitive but do you foresee any logistics bottleneck in your entire system with the acceleration of growth or are you very comfortable with the pace of the investment that you are making. And if you could highlight where you see more critical volumes and capacity to drive? And the second question, the question is related to the payment link. You mentioned in your opening remarks that you are promoting more of the payment link as a future to help like reduce in store agglomerations et cetera. But do you foresee a long term opportunity here of both engagement and monetization, if possible?

Great. So, let me take the first one and Osvaldo can take the second one. We are extremely focused on continuing to generate incremental capacity in our logistics networks and we are investing significantly behind that. We have already communicated incremental warehouses for Brazil. We have recently launched a new warehouse in Chile. We will be doing so in Colombia, and very, very rapidly building out what I mentioned before which is MercadoLibre Logistics which allows us to access capacity from small companies' independent truck drivers and whatnot. So, our expectation is that we can continue to generate that incremental capacity as our volumes grow. So far so good. It's an ongoing process. It's challenging, but most importantly, we believe that it generates an enormous competitive advantage because what we are building is truly unique. And if you look at service levels of that logistics part of our overall network throughout the COVID crisis, they have been extremely good, while at the same time, driving down prices. So, this is a strong competitive advantage as we build that out. Osvaldo Giménez - MercadoLibre, Inc.: With regard to the payment link, it's a technology we have for many, many years but we have truly accelerated, as a consequence of COVID, that part of what has happened is many individuals and small businesses which in the past did not sell online, could always be able to collect in person were not able to do so. And so they had – they started to sell online and probably through very (00:53:17) sharing a payment link through WhatsApp or other social media or even deliveries where they're able to collect online and this has really a significant acceleration. We see this as an opportunity to engage those more merchants and have them move along, start doing more e-commerce in general. We see that the monetization is pretty healthy because usually these are merchants with a very long tail. So, we do not need to offer any discounts on our fees. So monetization is very good. With regards to the long term opportunity, we believe we saw it mostly as an entry point into e-commerce for the individual and some small merchants.

Thank you.

Our next question comes from Edward Yruma with KeyBanc Capital Markets.

Hey, good morning. Thanks for taking my questions. Two quick ones for me. First, thank you for the commentary on marketing. I guess at what point do you believe that you'll have to re-layer in marketing again? Will this occur in third quarter? And second, given some of the favorable quarter-on-quarter trends in Mercado Credito, are you expanding now at this stage a credit issuance? Thank you.

Sure. So, very quickly without guiding which we don't, we have begun to once again invest behind customer acquisition and even more so brand building. This is a unique opportunity with tremendous fast forward in digital adoption by consumers throughout the region. And so, this is not a time to focus on marketing efficiencies. We believe the scale benefits from the business will still be there, but certainly, we want to be aggressive and to capture the opportunity. So we have already began to spend more on marketing. Q2 really was anomalous in that marketing spend. We cut back entirely as we try to understood what was going on and the organic demand was still there. We've now began to take the learnings from all that and to selectively deploy capital in both sales and marketing again. It should still be efficient, but yes, we are already spending. Osvaldo Giménez - MercadoLibre, Inc.: And Ed, with regard to Mercado Credito, initially in the second quarter, we were cautious because we wanted to see how each merchant and each consumer was doing, but as you're saying, we are expanding the offering, the credit issuance. In fact, our credit offering is already above pre-COVID levels.

Great. Thank you.

You Our next question comes from Deepak Mathivanan with Barclays.

Great. Hey, guys. Thanks for taking the question. Pedro, I realized that you don't want to provide guidance but can you provide some additional color on what you're seeing in July and August on the e-commerce and Fintech business? Obviously, these are volatile times but it seems like e-commerce has stayed strong through July in many markets. But can you talk about what you're seeing? And then, the second question on MPOS. You mentioned that it's close to pre-COVID levels already. What type of businesses are driving the recovery at this time and can you talk a little bit about how much of the margins that you had in 2019 are likely lost permanently in this business? Thank you.

So I think very quickly, we mentioned in the prepared remarks that we exited the quarter and entered the July period across most markets in a stronger fashion than we did in the beginning of the quarter which was already quite strong as a consequence of consumers moving online, but I think there's still a lot that we need to wait and see what happens on a macro level. So, we will give you an update when we report the next quarter, but certainly, we have gone from strength-to-strength. Osvaldo Giménez - MercadoLibre, Inc.: With regards to MPOS, as we mentioned in the prepared remarks, we did see an acceleration in the number of active merchants. We have 3 million active merchants and at this, I would say, is related to two facts. On the one hand, as people prefer to stay away from cash, we have seen an increased demand of devices and for the first time we sold about 1 million devices in the quarter. What type of merchants? It's mostly small merchants. Nonetheless, we have been able to move up the merchant base. We're starting to move up the merchant base both in Argentina and Brazil we launched. In in the prior quarter, we have launched the MPOS Pro in Brazil and we launched an MPOS Plus in Argentina which are added to this higher merchant base and something that's worth mentioning. And I'd say it varies a little – category varies a little bit on a country-by-country basis. In Argentina, it's more – we're seeing more supermarkets and mom-and-pop stores using our MPOSs and in Brazil it's mostly smeller, individuals and merchants. And additionally, a driver behind increase in volumes in the quarter have been government aid both in Argentina, Brazil which is disbursed through to bank accounts or special cards. We have been able to launch the possibility to accept these cards both in Argentina and Brazil and this has driven daily card volume in both countries.

Thank you. Our next question comes from Jamie Friedman with Susquehanna.

Hi. Thanks for taking my questions. I'll just ask the two upfront. So, it sounds like as we've seen elsewhere, the payments business is clearly benefiting from the e-commerce business, I was wondering if you would say the opposite is true as the e-commerce business also benefiting from the payments business; maybe you could reference some examples because it seemed like there was a big boost in Mercado Pago net new actives or accounts on file and their usage. So, that's the first question. And then let's see, oh, about this CPG mix, we recognize it's a great opportunity and it seems like you've monetized that opportunity, but where are we in that journey, when do you see it like being more material than just mid- to high-single digits? Thank you.

So, let me take a stab at both and Osvaldo can complement. Clearly, we have a unique platform approach to our business where we combine commerce and payments in as synergistic a fashion as we can. So, all these users that are onboarding the digital wallet and coming into payments eventually through the loyalty programs, through cross-sell, but I would say the loyalty program is the big bet there. We should be able to convert those to commerce users as well. I would characterize that one as more opportunity than actually immediately happening because a lot of these users will first come on to the payments wallet, begin to use the systems and then we have to, with time, be able to cross-sell to them. On the CPG mix, I think, there is still a lot to come. We will continue to expand our CPG offering and our supermarket offering. We will continue to invest in the technology and the frontends to make purchases more verticalized within those categories. We will combine this with more and more 1P mix. So, I would say, this is in the very early innings. It's gotten to mid- to high-single digits faster than we thought because of COVID, but there is still a lot to grow. And when we look at share of wallet and overall consumer spend in the region, this is obviously one of the very big categories that we still under-index. So, I think the upside there is quite significant as we continue to build user experiences around that category. Osvaldo Giménez - MercadoLibre, Inc.: The only thing that I would add is that we have already seen, as you've mentioned, both Mercado Pago users grew transactions on MercadoLibre and vice versa. For the quarter, we had in total 52 million payers. And if we were to look at each of the verticals, 31 million were on platform, 30 million off platform. So there was a 9 million overlap during both on and off-platform transactions during the quarter. And what we are seeing is increased number of transactions in payments per quarter and we believe this extra visibility will result in an extra drive in both verticals.

Thank you, Pedro. Thank you, Osvaldo.

Our next question comes from Marvin Fong with BTIG.

Great. Thank you very much for taking the time to answer my question. So, two – just one quick one on the new commission structure in certain countries, could you just help us understand if we should just assume that the overall take rate will stay consistent with prior history or would it move one way or the other up or down as a result of changes? And then the second one, perhaps for Osvaldo, the new PIX initiative that should be coming into play in Brazil starting November. Just curious what your thoughts on that are? Do you see it as a major catalyst for new user adoption of digital wallets in general? Thank you.

So on the changes in take rates, again just to level set, we are rising take rates on categories where merchants typically have higher margins and we are lowering take rates in categories where merchants typically have lower margins and we are trying to accomplish this in a take rate neutral fashion. Consolidated take rate for MELI should continue to consistently grow as consumers and merchants adopt more and more of our services and we're able to better monetize our user base from this incremental adoption of services. But the specific marketplace pricing, we are trying to carry this out in a take rate neutral fashion. We've been successfully doing that in Colombia and so far in Mexico and Chile likewise, but it isn't a moving target. Osvaldo Giménez - MercadoLibre, Inc.: And with regard to PIX, we are very excited with the initiative. We believe we have lots of effects, but we want to speak about one in each of the online and offline. Online, we are excited mostly because up until now it was very difficult to accept debit cards in Brazil. So, most of the e-commerce was done only with credit card and we believe that PIX will enable millions and millions of users who did not have either a credit card or did not have available balance in the credit card to do more transactions online. And then, with regards to offline, we believe that it will drive acceleration of acceptance of QR codes in Brazil. And I think that there will be – we are preparing to work there in increasing the number of stores and our sales force to reach out to these stores. We believe that QR in PIX combined with the ability to process credit card transactions which we already had will also enable to accelerate the deployment of QR code payments in the country. So, we are working on that.

Great. Thank you both very much. Appreciate it.

Our next question comes from Marcelo Santos from JPMorgan.

Hi. Good morning. Thanks for taking my question. I wanted to ask about your long term strategy for logistics especially in Brazil where we see some of your marketplace competitors operating some sort of omni-channel using their network of stores as advanced inventory locations. Do you think this could create a disadvantage in the long term? Do you think they would be able to provide quicker deliveries given that they will have the inventory close to the consumer and what's your view on that?

Let's see. First of all, I think we have always said that we believe that long term as consumers get more demanding as they do in developed markets, home delivery beats pickups. So our approach is to build out the number of FCs we have to get inventory closer to consumers but continue to deliver to your doorstep, not have you have to drive to the retail location to get the product which at the end of the day is the same thing as an offline purchase. To your doorstep also allows us to get things to you quicker. Having said that, we also have initiatives that look to replicate some of those elements of having a physical store footprint. So we are rapidly growing our pick up and drop off points throughout most of our network to be able to have greater nodes for merchants to drop things off which would be the equivalent of what some competitors could try to do with the stores. But clearly, our network design does not try to turn a physical store which we don't have into a highly optimized e-commerce fulfillment center or cross stocking or service center but rather we focus entirely on building out capabilities to get things to your doorstep faster and cheaper than anyone else.

Okay. Thank you very much.

Our next question comes from Kunal Madhukar with Deutsche Bank.

Hi. Thanks for taking the question. Wanted to understand the competitive landscape not only within online but also with offline in terms of, you just mentioned competitors using their stores as fulfillment centers or as part of the logistics network. So what do you see in terms of them kind of going more and more online in Brazil as well as in Mexico? Thank you.

So, look, I think we really continue to focus on our users and building out our capabilities. If we do that, I think history has shown that we are in a unique position because of the platform we have, the capabilities we have, the brand we have to continue to gain share over long periods of time and to be the market leader in this rapidly expanding space. So, really, our focus is how do we continue to execute the way we have been executing, continue to launch innovative products, get into more categories and that is how we believe we will build competitive advantages and continue to be successful in the competitive scenario. Obviously, the region is competitive. Competitors also have their initiatives, but we stay focused on ourselves and our consumers. We trust that we will continue to lead and gain share as this market expands.

Thank you. Our next question comes from John Colantuoni with Jefferies.

Thanks taking my question. Sounds like you made a lot of progress in supermarket and CPG during the quarter. Can you discuss what initiatives you have in place to help retain CPG's sellers once the pandemic is over? Also could you talk about any key changes in purchasing frequency and retention that you've observed in other categories that you directly attribute to the expansion of your CPG offerings? Thank you.

Thanks. Great questions. So, there is a lot of work on frontend and product initiatives. We've launched our supermarket navigation in more markets now. We've continued to try to optimize pricing for CPG, eliminating flat fees and offering more free shipping even on lower ASP items in some countries. So, that should move volume and merchants will go and remain where volume has moved for you. We've also begun to complement with 1P purchasing which deepens our relationship with a lot of the CPG brands because we are now both buying from them and also helping them with marketplace. We have began to build deeper advertising relationships with the CPG companies where there is co-marketing and co-spending occurring. So, we offer them consumer insights, consumer data and ability to also market their CPG lines on the marketplace in addition to it being highly transactional and they can even go direct to consumer. And we are seeing interesting evidence that consumers who purchase in CPG are more engaged across other categories. Again, the CPG category is still small and we need to see how well this data holds up, but the initial data is very encouraging in terms of CPG purchasing cohorts showing very good behavior across other categories posterior to having purchased CPG. So, that's also encouraging for us.

Great. Thank you.

And ladies and gentlemen, that concludes the Q&A portion of today's conference. I'd like to turn the call back over to our host.

Great. Thanks, everyone. We are incredibly encouraged by the last four months. We are incredibly proud of the work of our teams in a difficult time, but we still have a lot of work to do. So we will get back to that and look forward to reporting again to you in a few months' time. Thank you very much.

Ladies and gentlemen, that does conclude today's presentation. You may now disconnect and have a wonderful day.