Very good afternoon, everyone. On behalf of Montega, Welcome to the New Work SE Earnings Call regarding the Q1 results of 2022. Thank you very much for your interest in dialing in. You will now hear a presentation on the respective figures by the CEO, Petra von Strombeck, and the CFO, Ingo Chu. The floor will be open for all upcoming questions following the presentation. Having said that, I hand over the floor to you. Thank you. Welcome everybody to our Q1 results update. Thank you for your interest, and thank you for joining us today. As always, Ingo is sitting next to me. He'll guide you through the financials in a minute. Let me start by saying that I'm fairly happy with the first three months of the year, but obviously our thoughts are with the people affected by the war. We have many initiatives within our company, and I'm very proud of our colleagues who have joined forces and organized shelters or brought urgently needed goods to the Polish border since the outbreak of the war. They show empathy and support while delivering great results, as you will see. When we look back to the outbreak of COVID, many companies were forced at the time to stop hiring overnight, with individual sectors such as hotels and catering halting their hiring activities completely during the first lockdown. The Ukrainian war is different. On the one hand, we're witnessing a dramatic humanitarian catastrophe. On the other hand, we are seeing very little impact on the labor market these days. The so-called BA-X index, which is an indicator of demand for labor, is at a record high with 135 points. That's above pre-pandemic levels and makes it quite clear that labor shortage or labor scarcity is more present than ever. We continue to see growth rates speed up quarter over quarter, thanks to this overall recovery and underlying trends. Let's start with a summary of our financial KPIs. They show growth and our non-financial KPIs perform nicely, too. We expanded the reach and visibility of our core SE destinations, XING and kununu. The B2B side of our business is delivering a very nice performance with customer and revenue growth accelerating again. Let me do a quick deep dive into three core financial KPIs. As you can see, revenue, EBITDA, and net income are up. Our pro forma revenue grew by 12%. That's slightly better than we anticipated, but please bear in mind that Q1 last year was the weakest quarter last year with a 1% revenue decline. Our pro forma EBITDA grew by 3%. Quick note here, pro forma means reported, so there are no deviations or adjustments this time around. Our comparison with previous year's quarter is yet somewhat distorted. Unlike usual, we choose not to run a brand campaign last year. This quarter, we continued our very successful Mach Dein XING, Do Your XING campaign after launching the new app at the end of last year. Pro forma net income is up by 3%. There are only minor deviations versus reported figures, which Ingo will cover later. How about operating performance last quarter? As you know, we have two important C-suite destinations under our New Work roof, XING and kununu. Both destinations help us win talents in the DACH market, which is important when it comes to monetizing the talent access we are building on going forward. Let's start with XING, the number one professional network in the DACH region. We now have 20.7 million white-collar professionals as our members, up 1.4 million versus last year and plus 350,000 in Q1 alone. You remember that we are in the process of reinventing ourselves by focusing less on providing a social media website for individuals that's about getting eyeballs and traffic to your personal profile, but rather about building a companion that guides you during your whole professional life while helping you make more educated decisions, such as when changing employers or negotiating salary. In a nutshell, we want to cater even more to the needs of our members, no matter what they want, no matter where they are in their lives. Our users need guidance for a world of work that's becoming increasingly fragmented. That's what they tell us. That is what they need, and that's where we can deliver. The app relaunch last December was just the beginning of this journey, and we have a clear roadmap as to what needs to come next. During Q1, we also rolled out the new architecture on desktop and small screen. We introduced new search filters for jobs and significantly improved in identification of fake profiles. We'll keep you updated on this journey of repositioning XING. Moving to kununu. Kununu continues to develop strongly and is by far the leading destination for employee insights. In total, users added 34% more highly valuable employer ratings, cultural insights, and salary data points compared to last year. The employment market has changed over the past few years, and employees are in a much stronger position these days, which is great. Salary is still a factor, of course, but not the most important one. According to our data, people primarily look for a new job because they want a more fulfilling workday, where they can also better contribute with their skills. Remember in our last update in February, we talked about our study with Fórsa, showing that willingness to change job has increased dramatically in the DACH region. More and more employees are questioning their work situation and scrutinizing their employer to decide if they are still a good cultural fit for them. Our study has just recently been confirmed by Gallup Engagement Index. For the first time, willingness of employees to change jobs in Germany is even higher than in the United States, where a huge wave of layoffs is rolling through the country and has been called the Great Resignation, and is now actually called the Great Reshuffling. This is why kununu is so important to our future strategy and success. We deliver transparency to the working population. This is real value nobody else out there delivers in that depth. Which is why kununu is one of our core investment areas this year, and we continue to monetize kununu on the B2B side by selling Employer Branding Profiles to corporates. Which brings me to our key growth driver, B2B e-recruiting, which accounts for 63% of our revenues today and has returned to growth rates of more than 20% in Q1. 26%, to be precise. With the onset of the pandemic, for the first time ever, our B2B customer growth stopped and even declined slightly throughout 2020. Only starting a gradual recovery in the beginning of last year. Towards the end of last year, though, we've seen pretty solid uptake in new corporate clients, very much in line with the general market recovery. With the easing of the pandemic, most employers are back to normal, meaning they are faced with structural hiring challenges I described earlier. Our position as the leading player when it comes to talent access helped us to convert almost 270 net new B2B subscription customers during the first quarter. In Q4 last year, we added 220 net new customers. That's 70% of cumulative customer growth for last year in total. There is more good news. First of all, we are experiencing an ongoing recovery of our job ads as well as bundle business that includes 360° of around 40% year-over-year. Second, we managed to increase ARPU on existing B2B e-recruiting customers by around 17% year-over-year. Last but not least, Honeypot, the reverse marketplace for software developers we acquired back in 2019, has successfully pivoted its monetization model from a transactional to a subscription-based model. In Q1, revenues are up close to 200% versus first quarter last year. This quarter's growth of 26% puts us well on track to achieve our group top line ambition of high single-digit growth. Again, please remember, last year's proxy was the weakest growth in our history. In a realistic scenario, our growth rate will decline slightly over the coming quarters due to the higher starting points from Q2 to Q4 last year. In other words, in a realistic scenario, we can expect slightly declining growth rates over the coming quarter. But again, we expect high single-digit top line growth. That's it from me. With that, I hand over to Ingo. Thank you, Petra. Hello, everybody. This is Ingo, and I'm going to talk to you about our Q1 numbers in more detail. Overall, we are well on track in executing our new refocused strategy. Let's start with a look at our key message points. Number one, our talent access through our client-side brands, XING and kununu, continues to grow. That is good because that's the basis for our monetization in e-recruiting. Number two, revenues came in at EUR 75.9 million and a 12% year-over-year growth. Number three, EBITDA came in at EUR 25.5 million. Number four, operating cash flow came in at EUR 38.8 million. Number five, we confirm our guidance for this year of EUR 104 million in pro forma EBITDA. I'll give you more details on the following charts. Let's start with our P&L. Revenues amount to EUR 75.9 million. As I've said, that's up 12% year-over-year. With that, in Q1, we have come back to double-digit growth on group level, which is good. However, please keep in mind that Q1 last year, we did not grow due to COVID, so comps are easy. Over the course of the year 2021, we had re-accelerated our revenue growth, so over the course of this year, comps will become more difficult. At this point in time, we stick to our full year revenue growth, accelerating from 5% in 2021 to the very high single digits in 2022. Reported EBITDA amounts to EUR 25.5 million. That's slightly up year-over-year. Reported EBITDA margin is 34%, and pro forma EBITDA equals reported EBITDA. Now, compared to last year, margin came down from 37% to 34% this year. You will remember that last year, especially in the first half of the year, our margins were abnormally high because of three reasons. Number one, we were in the intermediate phase after reducing our cost base through our COVID restructuring measures on the one hand and starting again to invest into growth on the other hand. Number two, we had a different cost seasonality, especially with regard to our marketing spending. Number three, last year, we were in lockdown, which also reduced our overall cost. As announced, margins are coming now back to the normal level in investment margin, which is in the low 30s. Depreciation amounts to -EUR 7.7 million. That's slightly up year-over-year. However, there is no special driver behind that. Reported financial result came in at -EUR 1 million. That's down year-over-year. This year in Q1, we had a book loss from revaluation of financial assets from our cash reserves. As you know, we invest our excess cash in low risk asset classes. Last year in Q1, we had a book gain of +EUR 0.1 million from the revaluation of financial assets. Now, if you take out these effects, pro forma financial result would amount to -EUR 0.3 million this year comparing to -EUR 0.2 million last year. As you know, this is mainly accounting only non-cash cost for discounting these payments according to IFRS. Reported net income came in at EUR 11.9 million. That's down year-over-year because of our financial result. Pro forma net income came in at EUR 12.4 million, which is slightly up year-over-year. Now, if we look at profitability by business line, if we look at B2C, in Q1, the B2C segment contributed EUR 8.2 million in segment EBITDA. That is down year-over-year and margin is down as well. This development reflects our investments in building the talent side with our brands, XING and kununu. The B2B e-recruiting segment contributed EUR 33.4 million to profitability. That's up year-over-year. Margin is slightly down given that we are investing, especially in the go-to-market in that field. The B2B Marketing Solutions and Events segment contributed EUR 2.3 million to profitability, slightly down year-over-year. If you look at revenue development, B2C revenues came in at EUR 23.1 million, which is down 7% year-over-year and came in as planned. Key driver behind this development is direct B2C monetization at XING. As you know, a booming labor market reduces the incentive to sell up to premium. Also with our refocused strategy, we concentrate on building our access to talent through XING. Short term, direct B2C monetization is less of a focus because we monetize our talent access through e-recruiting on the B side. Now let's have a look at our e-recruiting revenue development. B2B e-recruiting revenues came in at EUR 47.9 million, which is up 26% year-over-year. We're very happy that we are again accelerating our growth rates in our most important growth business. However, please do remember that comps in Q1 last year were easy. Finally, if we look at B2B Marketing Solutions and Events, revenues amount to EUR 5 million, which is slightly down. If you look at cost, here you can see reported figures in Q1. Personnel cost before capitalization came in at EUR 36.6 million. That's an equivalent to 48% of revenues. That is slightly up year-over-year. As you know, we are ramping up our investments into growth, and we are hiring, in particular on the go-to-market side and for our growth capabilities. If you look at marketing, in Q1, overall marketing costs came in at EUR 10.3 million. That's 14% of revenues. That's significantly up year-over-year. Here you can see very clearly our different cost seasonality this year versus 2021. Last year, we did not do our marketing campaign in Q1 because we timed it together with the XING relaunch, which we did in the second half of the year. That alone explains the 3 percentage points in lower margin year-over-year. The last cost line, other operating expenses. You all know it includes as usual external services, legal audit, consulting, payment processing, server hosting, and other costs. In Q1, other operating expenses before capitalization amount to EUR 9.9 million or 13% of revenues. This is up year-over-year. Unlike last year, this year in Q1, we were not in lockdown, and as a consequence, we are somewhat back to normal spending with, for example, yearly kickoffs, travel and entertainment coming back, et cetera. Now, if we look at cash flows. Operating cash flows, excluding organizer cash amounts to EUR 38.8 million. That's slightly down year-over-year, driven mainly by high tax cash outs. Cash out for operating investments amount to -EUR 8.1 million. That's down year-over-year. You will remember that last year we had extraordinarily high CapEx in connection with the move into our new headquarters. Cash outs for interest paid, foreign exchange, and especially rent amounts to EUR +0.5 million. This includes a cash in from lease incentive of EUR +2.8 million. If you exclude this one-time positive impact, this cash flow line would amount to -EUR 2.3 million, and this is mainly lease cash outs. With that, free cash flow before dividends, before organizer cash amounts to EUR 30.8 million. To sum it up for Q1. In Q1, we've grown revenues 12% year-over-year, driven by e-recruiting. E-recruiting is our growth driver going forward and continues to accelerate in growth. However, comps will become more difficult over time. EBITDA is in line with our margin targets and investment model, and reflects the different cost seasonality this year versus last year. We confirm our guidance of a pro forma EBITDA of EUR 104 million. That's it for the numbers, and we are now happy to take your questions. Thank you very much for your presentation. First, before we come to the Q&A session, please know that you can submit your question via chat or via the audio line by raising your hand. In case you dialed in via phone, please press the star key followed by number nine and then the star key followed by number six to unmute yourself. We will start with a question from Marius Fuhrberg. Mr. Fuhrberg, your line is now open. Yeah. Can you hear me? Yes, we can hear you. It's a bit quiet, but we can hear you. Okay, great. Let's pick it up. First question from my side would be with regard to the cost level. You mentioned that this certainly remains your normal expense level. Should we expect cost level to remain at this level for the coming quarters as well? The second question would be with regard to the B2C business. How strong would you expect the decline in revenues over the next quarters? From your perspective, what would you think of a basis for the B2C business where we should expect no more declining revenues from? Because to get your first part of the question, to be honest, it was something about the cost levels in Q1, but I didn't fully get it, to be honest. Could you eventually repeat your first question, please? Yeah, of course. It was about the cost level, and you mentioned that you're currently in a more normalized world again with regard to your costs. Basically, the question is just should we expect the current cost level of Q1 to continue in the next quarters? Well, I can take both questions. If you look at our margins on a full year basis, would be low and would be in the low 30s as long as we are in investment mode, which is what we are planning for this year. In terms of margins, you know, depending on our spending pattern, might decrease a little bit, but we will stay above 30%. When it comes to B2C, given that we focus on monetization on the recruiting side and that on the C side, it is not the direct monetization on the C side, but rather increasing access to talent, which is important for us in the short term. You can assume for the next quarters about the same revenue development order of magnitude as we saw in Q1. Okay, thank you. Any idea of where a strong basis would be for B2C? What do you mean? More long run perspective, I would say. You mean our direct B2C monetization? Yes. Exactly. Well, I mean, short-term, we're living with the situation as they are. Long-term, of course, we will look again whether we can, you know, stop the trend or actually grow B2C revenues again, but I wouldn't put that in your models yet. It's actually always a trade-off decision. Do we invest capacity in the network development and features for the whole network to make sure we have the best talent access? Or do we invest for a smaller group in premium features? Actually, for the time being, our decision is very clear that we do invest in talent access and best talent performance for all talents rather than just premium customers. Expect the trend to continue until we decide differently. Yeah. Exactly. I mean, from a group strategic perspective, and if you come back to our winning aspiration, which is become number one recruiting partner in DACH by winning talents, you know, your recruiting partner part is on the B2B e-recruiting side, and winning talents is on the B2C side. That's why on the B2C side, it is much more important from a strategic point of view to maximize talent access. As you can see. Exactly. In the results of the first quarter, this works out as a strategy. Yeah. If you look at the growth in the past eight years, if you look at where the absolute revenue growth came from, in distribution you will see the majority of the growth came from e-recruiting and not from B2C. Yeah. It's also the experience of the past. I definitely support this strategy. Yeah. How to think of B2C in the long run. That's very clear. Thank you very much. You're welcome. Thank you, Mr. Fuhrberg. We are now taking the questions from Fatima-Aysha Ayari. Your line is now open as well. Hi. I hope you can hear me okay. Yes. Yes, we can. Thanks. A couple of questions from my end. Firstly, you know, the current conversation that we get from a lot of our investors, the fears around the macro environment as well. I'm curious to understand if you're seeing any impact to HR budgets from your end. Is that a conversation that you're having, you know, with corporates also sort of tightening their belts in this environment? Or is it still robust? And how do you intend to sort of deal with this? Secondly, on the new XING app launch, could you tell us a bit more about engagement levels? Is it going according to plan? Clearly the positioning is now different to LinkedIn. What is sort of the gap between XING and the number of members and LinkedIn and the number of members? Some analysis there would be great. Lastly, when it comes to B2B e-recruiting, are your XTM customers happy with the response levels that they still get when they reach out to employees or potential employees, rather, on XING? You know, on the B2C side, just to see how that satisfaction level has also progressed. Some color there would be great. Thank you. Of course. Happy to answer your questions. First of all, how do we look at the economic environment, and do we see that HR departments are tightening their budget? Actually, the contrary is true. We see a booming HR recruiting business all over the place, and there seems to be no influence that we can see so far of the Ukrainian war. There is no impact, and the labor market for the time being seems detached in its development from the crisis. Actually, my personal reading, and that's just a judgment, is that somehow throughout the COVID crisis, a lot of HR department have rather reduced staff, and now when they came out of the COVID crisis, found out that it's super difficult to recruit people, and that actually limits their growth. I think they are hesitant to actually adjust their HR budgets because the demand is still very high in the market. So far we see a very robust HR recruiting market. I hope that answers your first question. When we compare XING to LinkedIn and look at the members, to my last knowledge, LinkedIn has just announced 18 million members, and we announced 20.7 million at the end of Q1. Basically what you can see is that we keep our distance to LinkedIn as always. We stick to the same, more or less, speed of development as far as members are concerned. Looking at activity and engagement and also your question concerning the response rates to the XTM. Obviously turning XING into a more job-oriented platform means that we are not necessarily hunting for eyeballs, multiple daily usage, et cetera. We are more looking at delivering to our customer the perfect job experience and guidance he needs in the job market. If we look at the XTM and how satisfied our customers are, I think we told you in the last call already that we did a benchmark study in the beginning of the year where both staffing agencies and HR customers both declared that they are more satisfied hiring via XING than they are via LinkedIn because they are more successful in filling their positions. That's the, I mean, that's the benchmark study from the beginning of the year we have. What we think happens in the market though is that the response rates, nevertheless, overall are slightly down just because there is so much demand out there. Mm-hmm. That candidates get a multitude of questions and responses and emails from recruiters, and this is why the response rates are on a market trend down. Nevertheless, XING's performance is perceived by our customers to be better than LinkedIn. I hope that answers your question. Yes, very much. Thank you. Thank you for your questions. We continue with the questions from Lukas Span g. Yes. Hi. Good afternoon to you. Lukas Spang, Tigris Capital GmbH. Maybe we can get a little bit deeper in the geopolitical uncertainties, because I think the probability for a recession is coming more realistic. In a general perspective, what would you expect in terms of revenue development or development in general for your several segments in a recession scenario? Actually, I mean it's pretty difficult to predict how exactly and when there might be effects. Please bear in mind when judging about future business, the demographic trend is the overarching trend and the relevance to be able to recruit talent nevertheless in a declining market where the workforce and the number of people being part of that workforce is actually declining will be a constraint for all industries. Recruiting stays a very relevant market. That's the first part. Then the second part, that's something we have seen during the COVID crisis already. Due to our subscription model, we usually don't see any abrupt reactions of our top line of business, but rather it is smoothened by the fact that we run one-year subscription contracts. Our business is very resilient. Yeah. To the macro discussion, let me add some figures there. You have about 44 million people working in the German labor market, and just due to demographics, we will lose 4 million-5 million out of that 44 million until 2030, okay? That's basically inevitable, right? That is large cohorts, the baby boomer generation retiring and only small cohorts entering the labor market. On a net basis, we're losing about 10%, maybe even more out of the workforce on the supply side in the labor market. The question is. I mean all the macro parts you're talking about is basically working on the demand side. You know, there has to be a very, very strong decrease in demand to actually counter the inevitable demographics effect on the supply side. The second one is, and Petra talked about that's not necessarily an item in the sense of number of people working, but it's the number of people changing jobs, right? We talked about the reshuffling. After COVID, you've seen that loyalty to institution has come down. You know, the Great Resignation, the Great Reshuffling. People are actually changing the jobs more often. That means if, you know, on average, let's say the duration for an employee working in a company is five years and is coming down to four years, that means actually the number of positions you have to fill in a given year goes up 25%. Okay? That's even independent of demographics. It's open whether this is a, you know, a temporary effect only, but it's definitely working now. It's also kind of independent. It's kind of independent because it, you know, it's kind of the Umlaufgeschwindigkeit part in the labor market. That's why there are reasons for decoupling of what happens in the labor market, which drives the demand for our recruiting solutions on the one hand, and what you see on the macro side in general. Okay. Thanks for the explanation. On your smallest segment, the B2B Marketing Solutions and Events, for your full year in the full year report, you guided for double-digit growth. Is this still the plan? What do you expect in this segment in the coming quarters? Because we now saw a little decline. I know it's also because of the restrictions we saw still in Q1. What can we expect in this segment in the coming quarters? Well, it's still open. I mean, it's a small segment, so whether it does double digit or whether it does high single digit doesn't really make a huge difference on- Will there be new restrictions in autumn? Yeah, on group level or not. It is, it's kind of open, but I mean the B2B Marketing Solutions and Events segment are transactional business, so they can fluctuate a little bit more. Events definitely is depending on, you know, being open offline, which currently is getting better. The signs are getting better. It's difficult to say. We are not yet in a position or not yet somewhere where we say we would take that down. Even if that happened, you know, it doesn't impact our overall group outlook. On B2B solutions, it's the same guidance. Would it be possible that you narrow it more, be more precise in the coming quarters if you have a better visibility, where you could end up in terms of double-digit growth? Maybe in the coming quarters, yes. Okay. Okay. Thanks. That's from my side. Thank you, Mr. Spang. We are now taking the questions from Simon Bentlage. Yeah. Hi everyone. I hope you guys hear me. Yes. Yeah. One question from me. It's about the B2B segment. I'm just wondering if you could give a little bit more color on what exactly has been driving the strong growth in this segment, particularly, yeah, speaking about kununu, but also, you know, active recruiting. I remember that last year, I think sort of the early reopening play was a bit also the passive recruiting. Maybe you can just spare a few words on, yeah, drilling down a little bit on the growth in this segment. To do so, actually we see growth in all segments of the e-recruiting business. The highest growth rates are within the transactional business jobs. That's one of them, and I announced already that this is roughly 40% up, year-over-year. Another factor that is important is also the bundles. We have a high increase in the bundles we sell, because given the high recruiting needs, many of our customers have decided actually to increase the usage of products to a bundle we sell. Those are the highest increases, but we see growth in all of the different segments. Okay, that's very helpful. Maybe you can spend just also a few words on how satisfied you are with the you know app relaunch. Basically, is everything in line with what you've been expecting, or are there you know certain points where you would've expected different results? Actually, everything is in line with expectation. That's true. A repositioning of a big brand is obviously a process, and it's nothing that you do overnight. We will shift perception and ship new features, and increase our performance on job orientation and job offering step by step. That's a process we started. We see very encouraging results and get positive feedback from users on the new features like the guide, et cetera, and we will be launching new things also. That's a process we will see over time. So far, everything is as expected. Okay, that's helpful. Maybe just one little follow-up on what you've mentioned earlier about the bundles. Mm-hmm. Can you sort of quantify what the penetration is in your customer base? Meaning what's the percentage of customers using bundles? Therefore, also, what's the potential that's left to be converted to bundles? Uh- Actually, there is a lot of potential left. If we look at the number of products they use, and this includes bundles, the number is 1.X, and X is not very high. Definitely there is a lot of room. As you know, we are working towards a seamless recruiting experience with one product where you can actually then easily access all the other fields and have a seamless recruiting experience. That will obviously then, in the future, also continue our uplift and cross-sell to other products. You have to compare the XING to about four types of solutions that we offer active, passive, employer branding, and applicant tracking system solutions. Then even within those four types of solutions, there is two, which is active and passive, where we can have a number of licenses, increase the number of licenses. Just as Petra just to give you the other side of, you know, XING is really low. All right. Very helpful. Thank you, guys. Thank you for your questions, Mr. Bentlage. Before we continue with some chat questions, kindly be reminded if there's still anything to be asked, please raise your hand or put it in the chat. There's a chat question wondering if you could elaborate a little bit on how it is possible or planned to further XING and kununu, how that could look like, and if cross-selling effects could be generated here or will be generated. Between the two C-suite destinations? Is that what? Between those two. Exactly, yeah. I think it's more a- Yeah. General question of understanding. Yeah, of course. I mean, we have two different brands that have different roles. XING is obviously the brand where I have a profile, where I look for a concrete job, where I get orientation. I have a personal profile, and I will get personal recommendation. On the other side, Kununu, as a review platform, is an anonymous platform. We will stick to that scenario and the two brands because both have an important role and cover that role. We will obviously cooperate between the two brands to strengthen one another. One example is that we have all the kununu reviews on the job ad boards in XING so that our jobs marketplace gets more relevant. We have recently integrated all the kununu, culture ratings, on the job ads to make sure that the people can also check whether they have the right culture. On the other hand, we use XING and XING Reach to collect reviews on kununu. Yes, there is a lot of cooperation, back and forth, and the two brands strengthen one another, and we profit from the synergies. Thank you for explaining. We will continue with another question, regarding your penetration of international markets and growing internationally. It is wondered which countries are the most important targets at the moment? We have a clear focus on the DACH market because that's obviously Germany, Austria, Switzerland. That's where all our strong assets are. I mean, XING has more than 20 million or roughly 21 million members in the DACH region. Kununu has millions of reviews in the DACH region. Thousands of HR customers are in the DACH region, so we are definitely a local hero. Our target is to be the recruiting partner number one by winning talent in the DACH region. We have no intention to internationalize. I think that was exactly what the question was about, so thank you for making that clear. There's another question from Katarina Klass. Your line is now open. Hi. Thank you very much. I was just wondering, in terms of the EBITDA margin, actually, when I look at the other years pre-COVID, the Q1 margin was always more in the 20% range, which I believe was due to the marketing campaign. I was now wondering why it is a bit higher than that in Q1 2022, particularly because the marketing campaign did take place, as it seasonally is planned for. Thanks. Yeah, good question. Actually, there's several reasons for that. Number one, you remember that last year we've been kind of in the intermediate phase between we had the positive impacts from our restructuring efforts on the cost side, but then at the same time, you know, we, you know, we used the leeway that we got there to reallocate these costs and actually to hire, to staff and drive other initiatives. I mean, what is helping us on the revenue side, i.e. talent is very scarce, is also kind of like inhibiting us on the input side, right? What we do see is that hiring is becoming more and more difficult, so we are not yet fully back in investment mode. That is one part. Then the second part is, yes, last year we were in lockdown. This year we were not in lockdown, but still somewhat inhibited. You see that like, you know, expenses like traveling and entertainment for our salespeople and marketing events, et cetera, are ramping up, are higher than last year, but they are not yet at the full level. That's why we are not in like for example, in Q1 2019, we had a margin with the marketing campaign of 28%. Now we are at 34%. Also, the marketing campaign in 2019 was a little bit bigger than this year. All right. Thank you. Thank you for this question. At this stage we have not received any further questions. It seems to be everything is answered for that moment. Hence we are coming to the end of this earnings call. Thanks again very much, Petra and Ingo, for taking the time, the presentation, and answering the questions, of course. Also to all analysts and investors, thank you very much for taking the time. I now hand over to you for some final remarks before closing this call. Well, thank you everybody for your interest and your questions. See you next time at our general assembly. Stay happy and healthy. See you soon. Bye.