Good afternoon, ladies and gentlemen, and welcome to the ATOSS SE H1 Earnings Conference Call and Live Webcast. I am Youssef, the Chorus Call operator. I would like to remind you that all participants will be in listen-only mode, and that this conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star one on your telephone. For operator assistance, please press star zero. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Carla Leicher. Please go ahead. Thank you, operator, and hello everyone. Welcome to our first earnings call, where we will be discussing our results for the first half of 2025. This call marks the beginning of our regular earnings communication going forward, and we are pleased to have you here with us today. I'm joined by our Chief Financial Officer, Christof Leiber, and we are both glad to have the opportunity to walk you through our performance and outlook. We will be referring to the H1 2025 Earnings Call presentation, which was published earlier this morning and is available for download on our Investor Relations website, as well as via the links provided in the webcast. The detailed Investor Relations presentation was also published this morning, which we encourage you to review for further insights, but will not discuss during this call. Please note that today's call is being recorded, and the recording will be made available on our Investor Relations website after the call. Before we begin, I would like to start with a disclaimer. Please note that the presentation contains forward-looking statements based on the beliefs of ATOSS Software SE. These statements reflect the current view of ATOSS Software SE with respect to future events and results and are subject to risks and uncertainties. Actual results may differ materially from those projected here due to factors including, but not limited to, changes in general economic and business conditions, the introduction of competing products, lack of market acceptance of new products, services, or technologies, and changes in business strategy. ATOSS Software SE does not intend or assume any obligation to update these forward-looking statements. With that, I will now hand over to Christof Leiber, who will walk you through the key developments of the first half of 2025. He will start with the general business update, then cover our financial performance, followed by our outlook for 2025 and beyond. We will wrap up with a Q&A session. Christof, over to you. Thank you, Carla, and a very warm welcome from my side as well to this earnings call for H1 2025. I'm happy to be here today and walk you through our H1 2025 results. We appreciate your time and interest in ATOSS and look forward to sharing an update on our performance and outlook. Let's get started on slide four with key takeaways. Overall, ATOSS has delivered a solid H1 2025 with revenues up 10% and the EBIT margin particularly good, coming in with a 34% EBIT margin, slightly above our full-year guidance of at least 31%. Once again, our cloud business has led the way to our growth with a 30% growth rate year-on-year. This is against the backdrop of a continued difficult macro environment in our markets. This particularly difficult macro environment we see in our non-recurring revenue streams like software licenses and hardware. Also, the macro backdrop impacted our order intake performance, coming in below last year's high comparables, in particular in Q2 and H1 in total last year. Particularly, perpetual licenses for on-prem installations came in lower this year. Currently, only 16% of total order intake with new and existing customers are triggered by perpetual on-prem installations. Last year, at that time, the ratio of on-prem still was at 27%. The lower share of on-prem can be seen positively as well, as we are increasing our cloud revenue share, yet it has a short-term bearing on our revenue guidance or revenue development within this year. Overall, while H1 order intake performance was impacted by the macro and some deals slipped into the second half of the year, we believe that our pipeline remains robust to finish overall order intake for the full year around the level of 2024. On the back of this solid H1 revenue-wise and a good earnings H1, we continue to be optimistic to deliver our guidance for 2025 and complete 2025 as our 20th consecutive record year in a row. To hit the around $190 million revenue guidance, however, we have to step up a bit in H2. I would like to thank the ATOSS team at this time for the performance in this environment and trust the team to deliver an even stronger H2 2025. Now, moving on to people and organization and slide five. We've made progress in transforming our sales organization, achieving key milestones across several areas. We've successfully established our revenue organization to strengthen planning, drive sales cadence, and enhance methodologies, including our MADEX sales approach. Additionally, we have started building our SDR team to support future pipeline buildup. Most importantly, in Q2, we accelerated hiring of quota carriers, most of whom will be joining ATOSS in the second half of the year. While we are making solid progress overall, there's still work ahead of us. On a separate note, unfortunately, Frederik Maris, for personal reasons, has decided to step down as Chief Revenue Officer effective June 30th. We thank Fred for his contributions and wish him all the best for the future. Going forward, we are extremely pleased to have won Joachim Schreiner as our new CEO, who will be joining on November 1st. Joachim brings a wealth of experience from his 16 years at Salesforce, where he was responsible for the German-speaking markets and running the entire organization in these markets until late 2023. We are excited about the expertise that he will bring to our team. As of June 30th, 2025, our total headcount stood at 836, representing a modest increase from a prior quarter and year-end 2024, where we stood at 816 or 820 respectively. Our hiring pipeline remains strong, with over 30 new employees joining the company on or after July 1st, and therefore not reflected in H1 2025 headcount. This includes more than 15 additions in sales and marketing, and thereof more than 10 are additional quota carriers. This growth reflects and will reflect our strategic hiring initiatives aimed at supporting our long-term objectives. Let's move to product on slide six. Over the past couple of years, we've successfully completed our transition to cloud-native architectures for all of our product lines. This achievement has enabled us to shift our focus since 2024 towards the next phase of innovation centered around AI services. In 2025, we've made significant progress in bringing these AI services to the market with several key solutions now available, including demand driver forecast and anomaly detection, both of which are already in general availability. Additionally, we are excited to announce that three additional services, vacation rate forecast, illness rate forecast, and workforce intelligence, will transition into general availability starting already in August 2025. Looking ahead, we are excited about the tremendous potential that machine learning and AI, particularly agentic AI, holds for the future of ATOSS in the area of workforce management. As we invest and innovate in this area, we believe that we are well positioned to support our customers' evolving needs. We plan to continue expanding our ATOSS service portfolio with additional AI-empowered solutions, leveraging the synergies and expertise available within ATOSS, and extend these innovations across our entire product solution portfolio, so to the other products like ATC and Crewmeister going forward. For those interested in learning more about our product roadmap and strategy, including agentic AI, please refer to the Investor Relations presentation published on our website this morning, which provides an overview of our plans and initiatives. We are excited about the progress we've made so far and the opportunities that lie ahead of us. Now, let's move on to the financial update and start with a look at the income statement on slide seven. As already said, we delivered a solid revenue first half in 2025, with revenues increasing by 10% year-over-year, driven by software revenues increasing by 12%. In particular, our cloud business continues to be the major driver for this growth, with a 30% year-over-year increase in cloud revenues, which now accounts for 48% of our total revenues, up from 40% last year. Our on-premise licenses, on the other hand, have declined a bit sharper than expected. I already mentioned the shift to cloud and subscriptions, as I discussed the order intake earlier in this call and order intake development in H1. Here, we will have to step up in H2 2025 and aim to address our customer base that is still on-prem with a particular focus. However, balancing incentives and initiatives for imminent license sales with our long-term view of moving our customer base to the cloud. This can be done, and it can actually be beneficial for our customers and ATOSS alike. For other revenue streams, consulting and other revenues increased year-over-year, whereas hardware revenues saw a decline in H1 2025. Overall, a solid revenue quarter, as I said, with a particular strength in the cloud business. In terms of profitability, we are on a very good track. Our EBIT margin came in with 34% above our guidance of at least 31% for the full year, and that despite investments. We will continue to invest in our headcount buildup, as said. Now, taking a closer look at our cloud and recurring revenue performance on slide eight, we saw cloud monthly recurring revenue grow by 29% in Q2 2025. Total annual recurring revenue, including both cloud and software maintenance, grew by 19% from H1 2024- H1 2025, highlighting the continued strength and consistency of our recurring revenue growth and giving us pretty good visibility going forward. On slide nine, we share a closer look at our cloud revenue and related metrics. Cloud revenue, as said, grew by 30% year-over-year in Q2, closely mirroring the trend of cloud MRR and underscoring the overall strength of our cloud business. We've also made further progress in shifting our revenue mix toward recurring, with recurring revenues in total now representing 70% of total revenue. Notably, our cloud and subscriptions share in recurring revenues has increased equally to 69% in H1 2025, up from 64% in H1 2024, underscoring the success of our cloud transition strategy. Furthermore, we have a strong cloud order backlog. Here we show the cloud order backlog for the next 12 months out, so annualized, which increased by 27% year-on-year, providing us with very good visibility and confidence in our future cloud revenue stream. Now, looking at the cloud development by product, please turn to slide 10. We are pleased to report solid figures. Our overall net retention rate remains strong, driven by high customer loyalty and low churn rates, in particular with ATOSS and ATC customers, so for the enterprise and the SMB business. On the expansion side, we have delivered solid growth with overall net retention rate at 111%, in particular healthy expansion with ATOSS customers and solid numbers for ATC. This strong customer expansion has contributed to a 29% year-over-year increase in annual recurring revenue. Taken together, these metrics point to meaningful growth opportunities, both through expanding our existing customer relationships and winning new businesses across all three product lines. This reinforces our confidence in a continued upward trajectory for ARR going forward. Let's now turn to our cash flow and liquidity on slide 11. In H1 2025, we recorded a net cash outflow of EUR 11.5 million. This was primarily driven by positive operating cash flow, offset by high tax payments, mainly corporate and income tax for 2023, additional advance payments for 2024 and 2025, as well as our dividend payment to our shareholders of around EUR 34 million in Q2. Given these effects, we closed H1 2025 with a liquidity position of EUR 91 million, compared to EUR 112 million by the end of last year, so at the end of 2024, yet significantly above the cash position at H1 in 2024, which stood at EUR 83 million. We believe that the cash position will further build so that we will have, by the end of 2025, we'll be above last year's figures again, or significantly above. With this strong cash reserve, we remain well positioned to continue investing in our business while maintaining a solid financial foundation to go forward. Now, ladies and gentlemen, this brings me to our outlook on slide 12. As we look back on a solid first half of 2025, our focus turns now to accelerating sales performance in the second half. We are off to a good start, with Q3 already seeing some closures of some slip deals from Q2. Against this backdrop, we remain optimistic about our revenue outlook for the full year, with expectations of coming in around EUR 190 million in terms of revenue. However, there's a slight risk related to software licenses and hardware development, potentially leading to a variance of 1.5%- 2% versus the target of EUR 190 million in revenues for the full year of 2025. Our margin guidance remains robust at above 31%, with a potential upside to 32% -33%, depending on revenue and headcount development. It's worth noting, though, that completing this guidance will mark, again, our 20th consecutive year of substantial top-line growth, and we are on track to meet our last medium-term guidance target set on the back of 2022, with a CAGR of 19% all the way through 2025. Now, looking ahead, our current medium-term guidance of EUR 245 million by 2027, representing a 13% growth rate from 2025 onwards, strikes us as a fair guidance. However, a lot will obviously depend on macroeconomics: our sales performance and organizational buildup in the second half of this year and beyond. We see significant growth opportunities in workforce management in the market across various fronts, including enterprise, SMB, Crewmeister, cloud transformation, and the expansion in the DACH region, as well as internationally. Adding to this, we believe that the workforce management market remains an extremely attractive space, driven by structural trends like cloud adoption, overall HR digitization, and growing regulatory complexity that we are expecting to see. After all, workforce management solutions are a key efficiency driver for our customers and our potential customers of the future, and substantially increase employee engagement with our customers' organizations. With a strong foundation in place, we are confident about our ability to capitalize on these opportunities and drive long-term success. That concludes the presentation part of this call. We'd like now to open the floor for questions, and I'm happy to dive deeper into any topics that you would like to discuss and that I'm able to answer. Thank you. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their telephone. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press star and two. Questioners on the phone are requested to disable the loudspeaker mode and eventually turn up the volume from the webcast while asking a question. Anyone who has a question may press star one at this time. The first question comes from Gustav Fröberg, Berenberg. Good afternoon. Thank you for taking my questions as well. First of all, really well done on the conference call, the inaugural one, so looking forward to many more to come. With that said, a couple of questions, two from me. The first is around the macro environment and the slow demand that you are seeing, both from new and from existing customers. Could you highlight if there are any sectors which are particularly challenging at the moment? Also, maybe if you can differentiate between new customers and existing customers. A second question on quota-carrying sales staff and the hiring that you are doing. How long do you think it will take before these new hires starting in July and later will become fully productive again? Thank you. Okay, thanks Gustav for these very valid questions. In terms of the macro, I mean, we've seen, I expand a bit wider. We've seen the macro developments from 2023, 2024, and this year evolving. 2023 was a year where, in particular, enterprise business was impacted by low demand because of cut budgets, etc. In 2024, that seemed to come back, and there was a bit of positive spillover effect from 2023 projects that spilled over into 2024, got closed in 2024. That led to the high comparables that we've seen in terms of order intake in H1 2024. This year, this is kind of normalizing. Enterprise was down versus the year before, so last versus 2024. With regard to SMB, there's a bit of a different cycle there. SMB was still very positive in 2023, with substantial growth. 2024 really saw the bulk of the negative sentiment in the particular German-speaking countries, with demand coming down. This is coming up right now. We see positive development within the SMB segment. On the international front, we saw 2024 with a substantial decline for various reasons. This is coming up right now as well. Maybe we'll talk about this a bit later. In terms of new and existing, I think it's pretty much leveled out, I would say. With existing, it is obviously noteworthy that the on-prem demand has come down substantially. As I said in my presentation, this has basically been the biggest surprise in a sense for us and leads to a bit of weakness on the imminent revenue side. Positively, as I said, the share of cloud is increasing, and that's obviously a healthy topic. Did this answer the questions that you had? The quota carriers, yeah, exactly. We do have a on the ramp-up of quota carriers. As I said, we've already started to build up. This has started in Q2. Q1 was not really, we didn't really start, and you see this in the headcount numbers as well of Q1. For the go-to-market organization in Q2, we saw some increase of headcount already, and even more in terms of hiring. These quota carriers, most of them, I think I said more than 10 to be precise. I think there are 13 that are already signed that will start as quota carriers in various areas in the second half. Normally, we assume a ramp-up to go like this for enterprise new business. We expect that they're fully ramped after 12 months. After six months, they're roughly 50% ramped, and then after 12 months, 100%. That's enterprise new business. Enterprise existing business goes a bit quicker. First three months, zero ramp-up, and after three months, already 40%- 50% ramped, and then after six to nine months, fully ramped. With SMB, the ratio is similar to the existing enterprise case. After the first three months, partially ramped, and after six months, fully ramped to contribute to our sales performance. Great, thank you. Just a quick follow-up on existing customer growth. I noticed NRR has come down a little bit from levels seen last year, et cetera, which would be on the cloud side. Is there anything in particular driving that on the cloud side, the slight reduction in NRR? Is it higher churn or just less upsell? I think churn, as we are giving right now as well, the gross retention rate, that at least for the full year 2024 was in the same ballpark, the churn as in the first half of this year. From our perspective, still perfect GRR or gross retention rate numbers of 96.4% if I'm correct for enterprise, meaning ATOSS, our solution portfolio for the enterprise market, and 96.2% or so for ATC. That's still a good number. I think it's not the churn. It has more to do with the share of projects that we've won in the years before, with particular ramp-ups that then increased the NRR last year, showing a bit higher. This is normalizing right now as the overall share of new customers of the cohort is coming down. It is to be expected, and I think I said that some years ago already, that it's to be expected that it comes somewhat down, but it should not go below 110%. 110% upwards, that would be, from our perspective, the normalized NRR that we should be able to attain for enterprise and SMB alike. Crewmeister is a totally different story. There, obviously, the NRR will most likely be for a long period of time below 100% because here you're dealing with very small companies, up to 50 employees. It's not a B2C, but it's similar to a B2C market environment and not a sticky environment like the enterprise or the SMB segment. Does that answer the question? Perfect, Christof. Thank you very much. Thank you. The next question comes from Hannes Müller, Warburg Research. Please go ahead, sir. Yes, hello. Thanks for taking my question also in this new format. I would have one on order intake. If we look at the targets you published in the beginning of the year, the new midterm targets, could you remind us what order intake growth rate is the basis for these targets and when you would need to change the midterm targets if low order intake or declining order intake were to persist? Thank you. Thanks, Hannes, for this question and a very valid point. I mean, I gave the guidance today that we see the midterm guidance even until 2027 with a revenue target of 245% as a fair guidance. Obviously, it depends still on the macro and further development in our sales buildup, et cetera. The assumption for the absolute minimum case for making this would be to have this year coming in roughly around the level of last year, which is what we are expecting right now. Next year, we could still live with just a very slight increase in order intake overall and still make the number. In 2027, there should be a bit of a more substantial growth in order intake in the ballpark of 10%, and then we are there. That should be, from our perspective, in any case, achievable. If the macro wasn't like it is right now, I would say it's rather on the conservative side, but right now, I would say it's on the fair side. We'll keep you updated if anything changes, but there's no need to change this at this time. Going further out, just taking the opportunity, obviously, our ambitious target for 2030, that is what it's called. It's an ambition. There are multiple ways of hitting this ambitious target. There's an organic case, but which would need higher growth rates than the ones that I just indicated, in the ballpark of 20% order intake growth rate from 2026 onwards. There's equally a semi-organic case to it where we would have to add some revenue streams by acquisitions. Okay, that's very helpful. Thank you. Thank you. As a reminder, if you wish to ask a question, please press star one on your telephone. The next question comes from Alexander Zienkowicz, mwb research. Please go ahead. Good afternoon. Thanks for taking my questions. I was wondering if you could elaborate on regional trends because you touched it earlier. I have another question on AI services. How much investment has gone into developing the portfolios so far, and what is planned going forward? My last one, other revenues, what's driving that line item? That would be helpful. Thanks. Okay, thanks, Alexander, for these questions. Now, regional, I answered it, I think, slightly already, but as I said, this year, our international order intake was stepping slightly up. We've won two new customers in the first half, and those deals that I mentioned that have slipped in Q2 into Q3, those were international deals as well. We had a good start in international then in Q3 already with two good contracts. One in the Netherlands, a large retail company that we've won in Q3, however, and one we've already won in H1 in the Netherlands. There was a French company in H1 that we've won, and one project where we worked together with SAP SuccessFactors in the Middle East, in Kuwait, building up their second customer on top of Qatar Fertilizing Company that we've won already some, well, two years ago. This is basically to your question on regionality. In terms of our international approach, maybe let me take the opportunity as well that we are focusing really clearly on Benelux plus Middle East in cooperation with SAP SuccessFactors there. We're moving or trying to make the market for France, but this is probably something which we will further discuss towards the end of this year. In terms of investment in AI, first of all, over the last couple of years, the foundation, as I said, for any AI services has been laid, which was the cloud transformation that we have been doing all the way from 2020 to the end of 2023, where we redesigned the entire system architectures of our enterprise and SMB product into a cloud-native service architecture. During this time, just to give you an idea, roughly 70% of our capacity in R&D went into this substantial system architecture change. We're extremely proud that we delivered on this two years, I think, before initially planned, or one and a half years before initially planned. That's a huge success. That gave us the opportunity to start investing into AI. As we are, I think, a very much bottom-line-focused company as well, we have good investments, but I'm not able to kind of give you the detailed amount for this at this point. The fact is that we have, as I said, I think I already indicated that on the back of, at the end, towards the very end of 2023, that our first services will go into the direction of forecasting. This year, as promised, we've delivered two that are already available, or actually, they became available on 1st of December last year. This summer, very soon, in a few days, on the 1st of August, the next three AI services will become available. One or two of them, I think, in the ballpark of forecasting as well, which is very much at the heart of our customers. One more generic workforce intelligence, which will allow benchmarking and other top topics. Going forward, we are currently in the planning process, and we will probably have to step up a bit the investments in terms of R&D going forward in terms of delivering on the agentic AI capabilities, which are clearly on our agenda going forward. Hopefully, we'll see deliveries within the timeframe of the next 24 months on this as well. Other revenues, there's one particular revenue stream that is built up in this, which is the process consulting. We have a consulting revenue stream, which basically reflects the implementation part, the technical implementation of our solutions with our customers. There, we do basically 80%- 90% of the implementations ourselves. That's this one revenue stream. In other revenues, we do have a strategy process consulting practice, which has contributed in this line item. It's still a fairly small but very effective and very important group within ATOSS for our overall performance. Great, thanks. May I place a follow-up on the AI services, the AI features? How do you monetize it? Is it add-on or is it bundled in your services? With the current AI services, there are additional services that have to be paid for separately. This doesn't mean that it needs to be true for all future services as well that we will bring to the market. It will be dependent on each of the services that we bring to the market. Okay, thank you very much. Thank you. The next and last question at this time comes from Niklas from Deutsche Bank. Please go ahead. Yeah, hi. Good afternoon. Thank you for taking my questions. Just a couple from my side. The first one is on your new CRO. What does Mr. Schreiner, I think, was it replacing Mr. Maris, bring to your company? How far can he help you with your longer-term growth ambition? I think you mentioned he has a background in German enterprise software. I was just wondering if this has any implications for your European expansion. Second, I think your gross profit margin in H1 was well above what you have in your plan for 2025, despite the lower licensing revenues. I was just wondering, how should we think about the longer-term development in gross margins, considering that license revenues will continue to decline with your progress in migrating customers to the cloud? Thank you. Thank you, Niklas, for this question. First, on Joachim Schreiner, he has a ton of experience in the SaaS industry. He's worked for, as I said, Salesforce, before that for Symantec and other companies, and recently for Parloa, I think. A lot of SaaS expertise, and that's exactly what we are doing. We deliver solutions for enterprise and SMB businesses on a pure cloud basis. Obviously, he brings tremendous expertise in the DACH region because that was basically what his home turf was for a long period of time with Salesforce. After all, I think he has built up the success of Salesforce in this area. He certainly has a lot of ties coming from Salesforce into other regions, whether in Europe or somewhere else. It certainly gives us access to a good network in the neighboring European countries as well. We don't see this, we see this as a tremendous benefit. After all, obviously, the foundation for our growth must be to grow as well in our core markets. As I said, there are so many growth opportunities in the German-speaking countries, like the move to the cloud, for example. In our proper field, my assessment or our assessment would be that you probably have in time and attendance and workforce management still 80% of the installed base that is on-prem. That's a huge opportunity for us and for this market to innovate into the cloud and to move this. Here, Joachim can help us on this substantially. Maybe to add to this, it does not make any change to our international strategy, where we are clearly focusing on the neighboring countries, Benelux and France, plus the Middle East, as I said. It sets the tone for strong opportunities in the DACH region as well. That's what we need in order to get to this order intake and new ACV growth from 2026 onwards, in order to even have a shot at outperforming what I just guided to. In terms of profit margin, maybe I'll explain the guidance a bit. I understood that some people have even expected that we could raise guidance on the EBIT margin for this year. We left it at at least 31%. That is fair guidance, given that we still see a slight risk on the top line. If the top line comes in at the lower end of what our variance indicates, then we want to be still able to do the 31% EBIT margin. That's how we guide to. That's why I said if we hit the EUR 190 million, then we should come in with a slightly higher margin of 32%+ on the EBIT margin side. In the long run, it is rather the cloud model that is actually helping us to at least create margin expansion potential. How we use this margin expansion potential is another story. There, it comes down to how much do we want to invest into AI, to the question of Alexander before. There certainly will be a need to step up some R&D investments there. Currently, we are at an R&D cost-to-revenue ratio of roughly 16%. Maybe we'll have to step this up. For this, this margin expansion potential that we will generate through the buildup of the cloud business model can be used for this, while still assuring a margin of 30%+. In the medium term, we gave guidances that already are capturing these margin potentials and our current thinking about how much we would like to invest of this margin expansion potential all the way until 2030, where we indicated that we want to be roughly in the ballpark of 35% EBIT margin. That's, of course, a very long period of time until then. Currently, with our 34% EBIT margin at H1, we have, of course, a solid business model that underpins that. At least there's a good shot, good possibility of even expanding this margin going forward. Did this answer your question, Niklas? Yeah, I was just wondering about the gross profit margin because that was much higher than I anticipated. That, despite lower license sales, is why I was asking. Okay. Now, the gross margin, yeah, I was going to the EBIT margin, sorry for this. The gross margin came in a bit higher because of our cost of sales that we projected. I mean, and there is a slide in the full presentation. I think it's slide 22 in the full presentation that was presented this morning. For the full year of this year, we had the expectation that our cost of sales would make up 24%, meaning that our gross margin would then come in roughly at 76%. Right now, we are having cost of sales at 22.5%. That was positively impacted, of course, to some extent with lower hardware sales, but that's not the most versus our planning assumption. We also have seen, despite success, and I've mentioned this, of our SAP SuccessFactors relationship in the Middle East and some projects in Germany as well, in particular in the medical industry, also with hospitals. We've won a nice hospital here in Germany, a university hospital. There were some commissions that we had to pay there, so some cost of sales for SAP there as well. Despite that, we had planned for an even higher share of leads being closed coming from SAP. That explains, I think, the somewhat better cost of sales or lower cost of sales than expected. That's very clear. Thank you. Okay. Ladies and gentlemen, that was the last question, and this concludes today's Q&A session. I would now like to turn the conference back over to Christof Leiber for closing remarks. Thank you for attending our first and H1 earnings call session. We will certainly keep that format alive and hope to see you again after Q3 with our next earnings call. In between, I'd like to express again my thanks for the ATOSS team for H1. H2 will have to step up a bit, and we'll find ways to deliver or hopefully even overdeliver on our guidances. With that, I thank you for attending, and see you soon. Ladies and gentlemen, the conference is now over. 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