Ladies and gentlemen, thank you for standing by. I am Mia your Chorus Call operator. Welcome, and thank you for joining the Hepsiburada Conference Call and Live Webcast to present and discuss the First Quarter 2023 Financial Results. At this time, I would like to turn the conference over to Ms. Nilhan Onal Gökçetekin, CEO; Mr. Korhan Öz, CFO; and Ms. Helin Celikbilek, IR Director. Ms. Celikbilek, you may now proceed.

Thanks, operator. Thank you for joining us today for Hepsiburada's first quarter 2023 earnings call. I'm pleased to be joined on the call today by our CEO, Nilhan Onal Gökçetekin; and our CFO, Korhan Öz. The following discussion, including responses to your questions, reflects management's views as of today's date only. We undertake no obligation to update or revise this information except as required by law. Certain statements made on today's call are forward-looking statements, and actual results may differ materially from these forward-looking statements. Please refer to today's earnings release as well as the risk factors described in the safe harbor slide of today's supplemental slide deck, today's press release, the 6-K, our Form 20-F filed with the SEC on May 1, 2023, and other SEC filings for information on factors that could cause actual results to differ materially from these forward-looking statements. Also, we will reference certain non-IFRS measures during today's call. Please refer to the appendix of our supplemental slide deck as well as today's press release for a presentation of the most directly comparable IFRS measure and the relevant IFRS to non-IFRS reconciliations. As a reminder, a replay of this call will be available on our Investor Relations website. With that, I will hand it over to our CEO, Nilhan. Nilhan Onal Gökçetekin: Thank you, Helin. Welcome, everyone, and thank you so much for joining us. I'm pleased to be with you on my second results announcement call today and present you of our progress during the first quarter. The obvious highlight of this quarter that I'm particularly proud of is our guidance beat in EBITDA as well as in - growth. This EBITDA level marked the highest since our IPO in July 21. It's worth noting here that we achieved this despite the unfortunate range…

The first question is from the line of with JPMorgan. Please go ahead.

Thank you very much. Congratulations for a very good set of results. I have a few questions, but I just want to ask only three now. You are guiding a very high level of growth for the second quarter. And I just wonder what are the main drivers behind this robust growth that you see in the second quarter? And do you expect a positive trend to continue in the rest of the year? The second question is about your take rates. I mean you have been building up commission rates from very lows and you already reached the level of 2018. I think this was the highest level shared since the IPO. So is there any room to improve this going forward? I know you are managing this through a discount, but I don't know if you can cut the discount further. And what could be the sustainable level that we should assume in our models. Maybe I should stop. Nilhan Onal Gökçetekin: I'm going to answer the first one, and I'm going to let Korhan to add color on the take rate. Thank you so much, Hanzade. High level of growth guidance we are giving is based on a couple of factors. First of all, in Q1, the growth rate is hampered significantly by the earthquake. Excluding earthquake, we have shown much stronger growth. So we have confidence. The second is our strong value proposition affordability solutions and premium is resonating value to our customers. And the third one is our revenue generation from HepsiJet is also ramping up. We are getting stronger attention from our merchants, partner customers. And I think, fourthly, we have - we are building stronger and stronger confidence in our strategy, delivering strong results and customer appeal. So that's why I feel very confident in reaching our guidance for Q2, we established today.

Before going into - Korhan sorry about this, do you also expect a positive trend to continue in the rest of the year, I mean, for the third and the fourth quarter? Or you expect some sort of slowdown in real terms? Nilhan Onal Gökçetekin: I believe in our strategy, Hanzade. I think it's working well. It's resonating the Turkish customers. I am fortuitously optimistic in Turkey that we'll be able to deliver a strong set of results in the remainder of the year as well. So my expectation is continuation of our strong trend.

Thank you. Korhan Öz: Thank you, Hans, for the question. And like 5, 6 quarters ago, we promised that we will optimize - we could optimize our discounts given to our customers. And since then, we have been optimizing all the discounts given in the markets and the improvement is continued so far. Also, we have been uploading many new merchants on our platform, especially on the non-electronics side. So throughout the time, having more non-electronics would bring more and higher margin to our platform. So we will continue those actions going forward. And also on the platform, not only the margin, but on the OpEx side as well, we are trying to optimize all the spendings and cost components to become profitable going forward. So all of our efforts will continue going forward. Nilhan Onal Gökçetekin: I think the other addition I want to do, Hans, on the take rate is the non-electronics take rate in marketplace is higher. And with the increase in our mix towards non-electronics, I don't think we have any value feeling. So I think the momentum will continue in the balance of the year and in the coming years as well.

Okay. Perfect. Thank you very much.