Afternoon. On behalf of Montega, welcome to the earnings call of the New Work SE regarding the Q1 figures of 2023. The COO, Petra von Strombeck, CFO, Ingo Chu, and Patrick Moeller from Investor Relations will give you a presentation on the results in a moment. Afterwards, there will be enough time for our Q&A session. Questions can then be asked by audio line or chat. We are looking forward to the results, and I hand over to Petra von Strombeck. Hello, welcome everyone to our Q1 update. Thanks for your interest and for joining us today. As always, Ingo is sitting next to me. He'll guide you through the financials later. You might have read our ad hoc release with the lowered EBITDA as well as top-line growth guidance, as well as the price release yesterday. Before we talk about New Work SE numbers, I'd like to give a quick insight into how we view the current trends in the employment market. This is a short-term observation, and we clearly do not believe this is a mid or long-term trend. What is our observation? You might find it also resonates with previous discussions you've had with companies in Germany. While experiencing good acceleration in terms of demand for our recruiting services last year, the situation changed quite rapidly at the beginning of the year. The market sentiment, particularly among SMEs, which is our core market, took a downturn. EY carried out a survey among 1,200 German CEOs, published in mid-January 2023. The overall viewpoint was clear. Almost 60% of German companies expected a severe economic decline at the beginning of the year. As a consequence, six out of 10 companies were planning to cut costs in the first half 2023, which certainly includes hiring costs as well. To get additional proof of this, we tracked the development of job ads in Germany through our job crawler technology. As you might know, our crawlers scrape almost every company career website in Germany on a regular basis. We discovered a downward trend of 7% in open vacancies in the first three months compared to the second half of last year. This is in line with the employment market research that HeyJobs recently carried out. It shows that until the end of last year, there was a significant surplus in open vacancies compared to active job seekers. That has changed quite significantly in January, continued through Q1, as you can see. A significant increase in job seekers currently almost equals the number of open vacancies, which declined based on the research. Last but not least, as you saw in the press, some of the job portal players reduced their staff quite significantly as a reflection of this. That's it in terms of setting the scene. We felt it was important to point this out up front, so you're aware of the current market. Nevertheless, we believe the situation won't last long. Midterm, we expect the gap between active job seekers and open vacancies to grow again, which will result in increased demand for recruiting solutions. That leads me to our Q1 summary. As you can see, our core HR solution business grew by 11% despite the overall market conditions. Group revenue is still growing, but profitability and key KPIs are down year-on-year on the back of lower than anticipated growth. That's also the main driver why we took down our EBITDA guidance from EUR 108 million-EUR 111 million, which it was before, to EUR 92 million-EUR 100 million. We decided to continue to invest in our strategy, although we obviously work on the cost side, as we believe in the long-term opportunity and the fact that the current market environment is only a temporary headwind. Here are the key financial KPIs in detail. This is obviously not a great picture compared to previous quarters, but pretty much the outcome of continuing with our product and marketing investments since we do not expect the current downturn in the market to last forever. Please also bear in mind that even if our HR Solutions business is experiencing double-digit growth in Q1, the overall group growth is still diluted by our legacy B2C business, where we expect to see a further decline in paid memberships given the ongoing repositioning of the XING platform. How did our two core SE destinations develop? Let's start with kununu, the market leader for workplace insights in Germany, Austria, and Switzerland. Looking at the C-side of kununu, its content offering, reach, et cetera, we see that kununu achieved a record quarter with the strongest growth in workplace insights, both quarter-over-quarter with EUR 710,000, and also year-over-year with EUR 2 million. The development of kununu's inventory is essential as the data collected from employees is extremely valuable to anyone about to change employers. Every employer review, salary data point, or even corporate culture analysis helps people make a more informed decision as to which employer is the best fit for them. In turn, reducing frustration and ideally also early employee churn when kununu matches people with companies based on numerous filters and criteria. On the product side, we added the new reactions feature, which gives users the opportunity to respond to reviews with helpful or agree. This means that Kununu is now interactive for the first time, with reviews enjoying a form of social proof. The prerequisite for this reaction is having an account with a valid email address with which encourages users to log into Kununu. The next step is to introduce the reactions features to employer reviews, which is expected to be launched in May. We also launched the MVP of the profile dashboard for employers. This lets employers track reviews and understand activity and interaction with their Kununu profile. XING, our C destination with 21.7 million members. We are currently transforming from a regular online social network for business professionals to a pure jobs network, where members and users get access to almost every job vacancy in Germany, thanks to our crawler, in turn helping people to get found by more than 20,000 recruiters, and providing people with insights and valuable input on potential employers. We added 1 million new members during the past 12 months, with 200,000 net new members in Q1. That's lower than the past quarters, but perfectly normal given the high penetration versus the total addressable market of around 27 billion white collar workers today. With more than 10 improved filter options and informative culture information, as well as comprehensive salary data, XING helps people find the right job for them and their needs among the abundance of jobs available. Furthermore, on the back of our strategy to reposition XING to a jobs network, we opened up our jobs section to everyone, which was only available to locked-in users in the past. We also carried out our B2C marketing campaign to highlight the launch of our jobs marketplace for everyone. Moving on to our HR solution business, which as of Q1 accounts for 70% of total revenue. As most of you know, selling digital HR Solutions like employer branding profiles, job ads, and active sourcing licenses is our core monetization and growth driver. Although most of our revenues are 12-month subscriptions, any kind of short-term downward market trend also impacts the way our clients, HR department and recruiting players allocate their respective budgets. This is what you actually see when looking at Q1 customer development. On a net basis, we lost around 18 clients after having added around 300-400 per quarter last year. The revenue difference between the fourth quarter last year and the first quarter this year is mainly driven by the more transactional Job Ads listing business. As mentioned earlier, when tracking the development of Job Ads in Germany with our crawling technology, we observed 7% decline compared to the second half of last year. This is clearly a market influence. Despite all these challenging circumstances, we managed to grow our HR Solutions business by 11%, which is considerable when comparing this to other job portal players in Germany or abroad at the moment. When looking at current rating, we do not see an improvement as of today, and we expect things to easily recover in the second half of the year. Last but not least, here are a few remarks on what we've done for our B2B recruiting customers in Q1. Remember, we introduced our new B2B brand onlyfy in September last year. As part of this, we launched the first version of our talent acquisition platform, onlyfy one. Our aim is to build an integrated talent acquisition platform for HR departments and recruiters, where corporates get a seamless branding and candidate sourcing experience. After having launched the first version in September, we accelerated our product development speed and actually went from one major release per year to two releases per year in order to achieve outwo ambitious targets within the next two years. With the new spring release, we combined the two products, onlyfy one Application Manager and the onlyfy one Job Ads. Customers of onlyfy one Job Ads benefit from greater efficiency and convenience in recruiting. The ads are published on XING, the largest German language job network with 1.4 million job ads per month. In addition, employers automatically receive suitable recommendations from the XING job platform, which has over 21 million members directly after the job is published, and have the option of writing to these talents individuals directly via the system. If desired, customers can also increase their reach many times over with targeted social media campaigns. Even greater reach can be achieved in combination with the onlyfy one Application Manager, where ads can also be published on up to 900 other high reach channels such as other job boards. For hard-to-fill positions, targeted high performance campaigns can be booked on social media channels to increase an ad success rate. By integrating company ratings and culture data from the kununu employer rating platform, job seekers get a complete picture of the potential employer and benefit overall from convenient user experience. Despite short-term headwinds, we continue to invest in marketing and product development as we believe the current market sentiment won't last forever. That's it from me for the first part. With that, I hand over to Ingo. Thank you, Petra. Hello, everybody. This is Ingo, and I'm going to talk to you about the Q1 numbers in more detail. As already indicated in our February call, the start into the year 2023 has not been easy. While our long-term opportunity and our strategy remain intact, the current market weakness impacts our short-term financials. Let's start with the executive summary. Key message points are as follows. Number one, revenues came in at EUR 75.9 million and 2% growth year-over-year, which is less than planned given the weak market. Number two, we continue to increase our access to talents on the C-side. Both XING and kununu have grown their non-fin metrics, and that is important because that's the basis for our monetization, especially in HR Solutions. Number three, pro forma EBITDA came in at EUR 17.9 million. Number four, operating cash flow came in at EUR 33.9 million. Number five, we've updated our guidance to pro forma EBITDA of EUR 92 million-EUR 100 million. I'll give you more details on the following charts. Let's start with the P&L. Revenues came in at EUR 75.9 million. That's up 2% year-over-year. You can clearly see that the weak market situation has impacted our revenue growth. We've talked about that in our February call. The market does not show signs of improvement yet. HR Solutions have grown double-digit. Given the weak market, that is good, but it is also clearly significantly less than we had planned. Marketing solutions revenues are also lower than planned because of the weak economy. Direct B2C monetization is down according to plan for the strategic reasons that we've already talked about. Altogether, this leads to 2% year-over-year growth on a group level. Reported EBITDA amounts to EUR 15.5 million. That's down year-over-year. The key driver here is revenue development, but you also have an extraordinary one-time non-operating restructuring cost item of EUR -2.4 million. The majority of that concerns XING unit. As you know, XING is our most important brand, which we are currently repositioning to a job network. Now, with the more focused new positioning, we need fewer people building the platform and more budgets for marketing. We structured to be able to reallocate funds. Overall, on a net basis, we keep increasing our investment in XING to drive usage from talents. Reported EBITDA margin comes in at 20%. Now, pro forma EBITDA came in at EUR 17.9 million. That's down year-over-year. Compared to last year, pro forma EBITDA margin came down from 34% in Q1 2022 to 24% in Q1 this year. You will remember that in the first half of last year, margins were abnormally high as we were not yet in full investment mode then. This year in Q1, we are in full investment mode. Combined with the lower than planned revenues, that of course impacts our bottom line. We've started countermeasures on the cost side. Not to the extent that we endanger our long-term strategy. Depreciation amounts to EUR -7.2 million. That's down year-over-year. Compared to last year, we had fewer extraordinary platform write-offs. Reported financial result amounts to EUR +0.4 million. That's up year-over-year. The delta compared to the previous year, mainly stems from revaluation of financial assets. Last year, we had a negative book loss of EUR -0.8 million. This year, we have a book gain of EUR +0.4 million. If you take out that effect, pro forma financial result would be around zero, which is a little bit better than previous year's level. As you know, basically in this line, we show accounting only non-cash cost for discounting these payments according to IFRS and now also some positive interest. Reported net income amounts to EUR 7 million. That's down year-over-year. Pro forma net income amounts to EUR 9.2 million, which is also down year-over-year. In the next chart, you can see profitability by segment according to our new segment reporting. You will remember from the February call that we have adapted our segment reporting and that there are basically two major changes. Number one, we put the recruiting business and the cost for the corresponding C-side talent access by operating, for example, kununu and XING into one segment. As a consequence, revenues and all related costs are shown in the same segment. Number two, we allocate more costs which are actually incurred by businesses, but which are centrally managed from the central and other line to the business segment line. One very obvious example is, for example, real estate cost, okay. Effectively, the margins in new segment reporting in the segments have now more of a full cost character as opposed to a contribution margin character in the old segment reporting. Overall, we are convinced this way we can be even more transparent to you. Now let's move on to the segments which are showing reported figures. The HR Solutions and Talent Access segment came in at EUR 7.7 million in segment EBITDA. That's down year-over-year. In this segment, you can see revenues from recruiting, cost for the go-to-market for recruiting, and cost for Talent Access. That segment shows the heart of our new winning aspiration. We want to become the number one recruiting partner by winning talent. This is where the growth will come from and where we invest in go-to-market on the B side and in increasing Talent Access on XING and kununu. The B2C segment had EUR 10.2 million in segment EBITDA. That's down year-over-year. That is XING paid membership business and respective costs and InterNations. This is our former historical core business, which is now a cash cow. The marketing solutions segment came in at EUR -0.1 million. That's down year-over-year. It shows the advertising business and the respective costs. It's a non-strategic by-product business, and it has turned slightly negative on a full cost basis because of a weak advertising market. On a contribution margin basis, it has a margin in excess of 14%. On the next slide, you can see the revenue development by segment. As you know, revenue-wise, there are no major changes compared to the old segments. HR Solutions revenues came in at EUR 53.3 million. That's up 11% year-over-year. As we've said already, currently the market is weak, given market uncertainty. Sentiment is still low, as are recruiting activities. If you look at other companies in the sector, they're slowing down as well. Despite adverse external circumstances, we managed to grow double digit, which is good if you look at the market. If you go one level deeper, all solutions have grown with employer branding and our product bundles being particularly strong in growth. B2C revenues came in at EUR 19.5 million. That's down 15% year-over-year. This development comes as planned. Key driver behind the development is the direct B2C monetization at XING. InterNations, which is only a small part, is growing again. As you know, 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 HR Solutions on the B side. Let's look at the B2B marketing solutions segment. Revenues amount to EUR 3.1 million, down year-over-year on the back of a weak advertising market. Let's have a look at our cost structure. These are reported figures. In Q1, personnel costs before capitalization amount to EUR 43.8 million, which is an equivalent to 58% of revenues. That is up year-over-year, and this includes restructuring costs, as I've already mentioned. If you exclude those, personnel costs will be approximately EUR 41.4 million or 55% of revenues. As you know, we have invested in growth throughout the last year, so we do have full year effects now. Key areas in headcount investments are onlyfy go to market, kununu, and some central tech teams. If you look at marketing in Q1, overall marketing costs amount to EUR 13.1 million or 17% of revenues. That's up year-over-year. Here we have increased the volume of our branding campaign to drive XING in its repositioning as well as performance marketing to increase talent access for XING and kununu. You've seen, kununu made significant progress here and accelerated in content acquisition as well as traffic growth. The last cost line, other operating expenses. You all know, it includes as usual external services, legal audit, consulting, payment processing, service, server hosting, and other costs. In Q1, other operating expenses before capitalization amount to EUR 11.8 million or 16% of revenues, which is up year-over-year, especially driven by headcount. Cash flows. Operating cash flow, excluding organizer cash amounts to EUR 33.9 million, down year-over-year, driven mainly by lower LTA. We could compensate in part because we've worked on networking capital improvements. Cash outs for operating investments amount to EUR -9 million down year-over-year. This is mainly driven by higher capitalization, which reflects a stronger focus on product innovation. Cash outs for interest paid, foreign exchange and rent amounts to EUR -2.5 million. This is mainly lease cash outs. If you look at last year's figure, you might remember that it was positively impacted by a lease incentive of EUR +2.8 million. With that, free cash flow before dividends and before organizer cash amounts to EUR 22.3 million. Now let me give you some context regarding our updated guidance. As you've seen, HR Solutions business is growing significantly less given short-term market weakness. This reduces our headroom for investment significantly. Now, we have started countermeasures on the cost side, but there's a limit. If you cross that limit, you harm future growth. We were faced with a decision between cutting back our investments and making EBITDA guidance or keeping up investments and taking down EBITDA. Now, given our strong belief in our long-term opportunity, we opted for keeping up our investments despite current short-term market situation. Based on that reasoning, we updated our guidance to an absolute pro forma EBITDA of EUR 92 million-EUR 100 million. That's it for the numbers, we're now happy to take your questions. Thank you very much, Mrs. von Strombeck and Mr. Chu for the detailed presentation. We will now move over to the Q&A session. Questions can be asked by audio line or chat. If you would like to ask your question directly to the management, please raise your virtual hand. If you have dialed in by phone, please press the star key followed by nine to enter the Q&A queue. You'll be then asked to unmute yourself by pressing the star key followed by six. We already received the first question. Please go ahead, Mr. Benjamin Zoega. Thanks very much for taking my question. I just wanted to try and better understand the investments made already in Q1. What did they relate to in particular? I know you mentioned the personnel costs and the marketing, but any further detail would be really helpful. What do you intend to invest in over the course of 2023, which results in the revised EBITDA outlook? A second question, if I could. Just trying to better understand what's baked into the new guidance from a macro perspective. I think you mentioned on the call that you expect a recovery into the second half, but with no signs of improvement currently, do you think there's a risk of the macro picture deteriorating further before a recovery maybe more into 2024? Thanks very much. Okay. Let's start where do the investments go? You have to look at it in the context of our winning aspiration, which is we want to become recruiting partner number one by winning talent. These are actually the two buckets we are investing in. The recruiting partner number one part is everything where we sell our solutions to HR customers. There we've especially invested in go-to-market capabilities, and that is salespeople. Salespeople, but also sales processes. You will find that especially in the personnel cost side. On the part of the winning talent side, we have two major brands, that is XING and kununu. If you look at XING, we have invested especially on the marketing side. One is brand marketing to drive the repositioning from a general social professional social network to a job network. We've also invested into performance marketing to actually grow access to talent in various ways for the job market, for the network in XING. If you look at kununu, it is in part personnel to further build the product, and it is also in part marketing to further drive awareness for kununu. That is basically the major buckets where the investments have been in Q1. If you look at the personnel, that part of course is going on. Of course, we are giving the current macroeconomic situation pacing further increases in personnel when it comes to go-to-market and also. We are, you know, we have significantly reduced our plans to grow headcount short term. That's on the investment side. On the macro side, obviously we looked at current trading and what we've experienced so far in Q2, and we basically based our assumptions on our top line assumptions on the current trends we see on Q2. Nevertheless, we continue to believe that there will be an upswing in the second part of the business or of the year. We did a kind of realistic, prudent assumption in our guidance, and this is why we also guide an EBITDA range. I hope this answers the question. Yes, thanks very much. Thank you very much. We received another question from Lukas Spang. Please go ahead. Yes. Good afternoon all together. Maybe a follow on the previous question. You made your guidance in February and that was very early in the year. If we compare your previous guidance to the current guidance, was obviously Q1 at the end already below your expectations that you had in February, that we also now have a lower base for the second half of the year, which you still see more positively Than the first half year. Would it be a right interpretation? Well, I think the difference between what we've said in February and what we are saying now is that in February, we actually were still expecting a significant uplift in the second half of the year. We do not see in the past weeks, in the past months, anything that actually gives us confidence in that. Basically, the general macro upswing from the second half of the year, we have postponed that just as Petra has explained. That is the major difference. That is the major difference between what we said in February versus what we have to say now, to be transparent. You still see an uplift, but not a significant uplift anymore? As I said, we plan with the ongoing trends that we see now in Q1 and also in Q2 in current trading. That's what we predict for the rest of the year ongoing. You said you expect a better half year two. A better second half year. Was that a misunderstanding? What we said is that we think the sentiment will turn. We based our prediction on, as I said, a realistic assumption of we currently see. Okay. Then on the B2B segment, can you give us, a number or indication how much of the B2B's revenue is really recurring? You mean the HR Solutions part? Yeah. The B2B marketing solutions part is 100% transactional. No, no, the HR. Okay. HR is around 70% is recurring. Okay. You mentioned the one-off costs in Q1. Is this only a Q1 topic, or will there be other one-off costs in the coming quarters? At this point in time, with regards to the restructuring in the XING brand, where we are reallocating costs, you know, from personnel costs to marketing costs because of the change strategy and the new repositioning, that's it for XING at this point in time. No further one-offs? Not at this point in time. Okay, thanks. Okay, Mr. Spang. Thank you very much for your questions. We will move on with Nicole Winkler. Please go ahead. Thank you. Good afternoon, everyone. I actually have four questions. First, when looking at the EBITDA and EBITDA margin, is there any limit for you when you would stop continue your investment mode and start taking cost efficiency measures? Second, looking at current trading? Excuse me. Can you speak up a little bit? Acoustically, it's very difficult to hear you on our side. Sorry, I try to speak up. Yeah. When looking at the EBITDA and EBITDA margin, is there any limit for you when you would stop continue your investment mode and start taking cost efficiency measures? The second question would be, at current trading, do you still expect double-digit growth for your HR Solutions in Q2 and the remaining quarters? The last two questions are geared to the B2C segment. What are your expectations for the segment? Are you expecting a further accelerated decline after 2023? Are you expecting that you will reach its low point? Can you give us some more color on the shift to a job network and where you stand currently and how and when do you plan to materialize it? Okay. You take the EBITDA and I take the EBITDA 1. What we've always said that on a full year basis, in investment mode, we are aiming for 30% or low 30% EBITDA margin. That continues to hold true. Okay? When it comes to cost efficiency, we regularly look at efficiency measures, and we've started taking some already and of course, we continue to do so, because it just, you know, whenever we have efficiency potential, it gives us headroom for investment, where we do not depend on revenue growth to have headroom for investments. If you look at Q2 and Q3 and the HR Solutions segment, we continue to expect year-over-year growth. B2C? With B2C, that was the question on the color of the jobs network. Now if you look at what we've done so far, first of all, there is new management in place. We have done a reorg that is structuring our organization towards a job network and fulfilling on that job network. The first major step was opening up our jobs section for the outside world and not just XING members. Further things will happen, the product will transform over time, it is also obviously a marketing effort to reposition formerly known business network to a jobs network and offer the talent the best job search, the best access to recruiter and all kind of guidance concerning their career. This repositioning project is not a sprint. It will not be done in a few weeks or months. This is a step-by-step approach we take towards that repositioning. It will take some time to get there. As far as monetization on the C-side is concerned, we always guided, and we are actually, it's exactly on our expectation what is currently happening. We always guided a double-digit decline of the B2C business, slightly accelerating from last year. That's what we guided last year, and we are exactly on track if you look at the first quarter, and this trend will continue over the year. Okay, thank you very much. If there is a follow-up question, Mr. [inaudible], we kindly ask you to raise your hand again. We received one question via chat from Mr. Peter [inaudible]. To meet your 2003 EBITDA guidance, OpEx needs to fall in Q2 to Q4 from around EUR 66 million underlying to around EUR 61 million. What should we assume for OpEx in the next quarters, such as personnel, marketing, and other expenses? Our marketing investments are always clearly higher in the first quarter. Yeah. Because traditionally the job market is more relevant on the talent side for the first quarter. We did a major campaign for the repositioning of brand, of the brand of XING, in the first quarter. Overall marketing spend going forward will be less. That's a fact. As we said, we started working on the cost side and will continue to do so. We've talked about XING restructuring, we've done the restructuring. It will become effective from April on. That is something that you will see on a personal cost side and other costs, basically, whatever's possible, we're saving this time because we rather invest that into marketing. Okay, thank you very much. We received another question from Marius inaudible. Please go ahead. Mr. inaudible, please unmute yourself. Well, it seems it's not working. Well, Mr. inaudible? Unfortunately, we cannot hear you, Mr. inaudible. I kindly ask you to place your question in the chat. We would move forward with a follow-up question from Mr. Benjamin Zoega. Please go ahead. Yeah, thanks very much for taking some more questions. I just wanted to dig a little deeper on the dynamics around HR Solutions demands. Have you seen any particular areas of softness, for example, across specific sectors or perhaps different trends between large corporates and smaller SMEs? Just on sticking on HR Solutions, it looked reassuring that customer losses remain very limited so far. With the majority of subscriptions on a 12-month contract, just wanted to check if there's any particular seasonality around customer renewals we should be aware of. Finally, if I could, just to clarify some of the earlier questions, what trends have you seen so far in Q2 in terms of HR Solutions and marketing demands? Have April and May been roughly in line with the Q1 trends? Thanks very much. To start with the last question first on the trends, we have not yet seen a revamp of the market, and there is no kind of upward trend if we look at Q2 that lets us reconsider the market environment has or our assumption of the market environment. Q2 continues to be weaker than we originally expected, as was Q1, so far for the trend question. When it comes to the seasonality, what you do have usually Q1 is a strong quarter, Q3 is a strong quarter. If you look at the free to churn basis, basically in Q1 where potentially people could churn out, that is in Q1, that's true, and that would be in Q3. Q1 being stronger than Q3 in general. For Q2, I don't expect, you know, huge shift. What you do see, and you will remember that we've done price increase across many of our HR Solutions and that they come into effect over time as contracts renew. We started September, October last year. Until September, October this year, you might see some higher churn, which is normal and which has been factored in the decision whether to raise prices or not. On a net basis, it was positive. That is regarding churn. When it comes to have we seen any particular sector, which is soft or not, I mean, I'm not aware of it. It's if you look at we do have large companies, but our core target group on the HR Solutions part is the Small and Medium-sized Enterprises. In that large and very broad segment, there is a general reluctance in when it comes to hiring and investing in recruiting and employer branding solutions. There is no particular sector which is good or bad. At least that's, I don't know. Agreed. Yeah. Thanks very much. That's really helpful. Thank you very much. We received from Marius Schwarz the questions via chat. If I got you right, the new guidance is still anticipating a recovery of the economy, but the extent is lower. Is that right? Well, I think maybe we did not make this clear. I mean, we do expect the market to recover in the second half of the year. What will be the impact to the financials, which were the basis for our guidance? There is not much impact there. If it goes up in Q4, order entries might go up in Q4, but revenues will be basically then go into the year 2024. Maybe because we've heard many questions about the uplift comment, which is rather about, you know, do we believe that the intention between the uplift comment was, do we believe that we are going to stay like this until the end of 2024? No. You know, at some point in time, it should go up again. Will you see this in our numbers this year? Not to a large extent. That is the basis for our guidance. If, let's say, the recovery moves on the timing front for a few more months into 2024, the impact on our guidance should be limited. I think that. I hope that makes it clear for everybody here because we received a lot of questions. Okay, thank you very much. Another question from Mr. Furberg. With regards to your marketing spends, are you currently satisfied with the returns you see? Do you track talent satisfaction on your platform, and how has this changed over the past months of repositioning the network? We do constantly track all kinds of satisfaction with a job offer, with usability, et cetera, et cetera, et cetera. We do have all kind of KPIs that we track with users, in-brand analytics, et cetera. That's a monitoring we have been doing for a very long time. It actually the satisfaction level is stable for the last years, I would say, as the major turn in the into a jobs network is yet to come or is in the first steps. The satisfaction with the traffic from the outside world that it opens a job network to, there is certainly a higher satisfaction because before it was completely closed to non-registered members. That makes a difference to the outside world. Okay, thank you very much. We received a follow-up question from Nicole Winkler. Following up on cost efficiency measures, can you give us some more color what you have already done in Q1 2023? Okay. Well, the big thing which also has a lasting effect is restructuring at XING. Also what we've done, once we, you know, the more we saw that top line is not coming as planned is we've been particularly tough on everything which is other costs. Okay. We, you know, whatever, cut traveling and entertainment, and we looked at other costs in terms of technical licenses, et cetera, et cetera, looked what everything is there and took out. We have counter effects or, of course, from inflation on this cost item, but that's where we looked at. We looked particularly at personnel. We looked at personnel, but also especially in the sense of should we grow personnel as we originally planned? Of course, the answer is clearly no, and we've taken that down. That is probably the second toughest level that we have if you look at other costs than personnel costs. In terms of marketing, because we believe it's important for our strategy and our new operating model, which has a higher importance on marketing than the old operating model. Basically what we've done is, we looked at where have we been more efficient than we wanted. These efficiency gains we've taken down for marketing. In the end, on the effectiveness of the marketing, even with less budget, we still have the same and what we have according to plan. We've, instead of reinvesting the efficiency gains, we've taken them to protect bottom line. Okay, thank you very much. I received another question from Wolfgang Specht. We kindly ask you to the time to limit your questions up to two. Please go ahead. Sorry, I didn't get that. Yes. Hello, good afternoon. Ah. On the cash flow side, your operating cash flow and free cash flow held up quite well versus the slide we had to notice on the EBITDA side. Do you expect this pattern to continue for the remainder of the year? On your CapEx plans, should we, let's say, call the first quarter as a proxy for the, for the remaining three quarters, or should we expect any peaks or lows in your CapEx pattern? Okay. Now if you look at the cash flows, you have to see that if you look at the seasonality of the cash flows, a lot of it is from changes in net working capital, and that comes from the renewals, which are especially in the strong Q1 quarter. If you look at, if you look at the quarterly development over, for example, last year, we had a very strong positive cash flow from the change in net working capital. Over time, it gets eaten up in the following quarters. What we've done this year is we've deliberately worked on net working capital improvements, so you have some positive effect there as well. It's not going to be... You won't have a cash conversion from EBITDA to operating cash flow like we have in Q1, in the coming quarters. That's not going to happen. When it comes to CapEx, about three-quarters of that is capitalization from internal software development, and you can assume that for the remaining quarters. Thanks a lot. The order of magnitude is fine. Thank you very much. We also received another question from Lukas Spang. Please go ahead. Yes. Just one follow-up on capital market and confidence from your side to the capital market participants due to the strong share price decline today at around 20%. I think one measure could be that you as a management do some director dealings. Is this an option for you as you both are part of it and you have some colleagues behind you that this is a measure you would consider to also make your confidence in the company strategy? Well, we've been. As a group and as a team, we don't have a rule or a, you know, it. We treat this very, very individually. For example, my personal opinion is there's a lot of times where I would like to buy stocks, but in the old company. Being an insider, buying is a good signal. If I want to sell it for whatever reason, maybe just because I need the liquidity, is always a bad signal. That has personally kept me from doing director dealings. Now, if you look at our compensation structure, what you will see that from our total target cash, approximately 60% is variable. Out of that 60%, about 40 percentage points are a long-term incentive, which is tied to stock. Whatever we get allocated stays with the company and is tied in its development to stock price for four years. In the current NTI for four years, and the NTI before that for three years. If I take that together, actually, I do have a significant part of my assets in that virtual share program. I think our incentives are clearly aligned. In terms of signaling, it is very individual. Maybe you can say what your attitude is. True. I mean, I invested a small part, but once I joined, and it's exactly that, I keep it forever. Other than that, we are linked to the share price. We have not discussed it in the group of board members, but I'm happy to take your comment to the other board members. Okay, thanks. Thank you very much. Well, it seems that there are no further questions. Thank you very much for your questions. Thank you very much, Mrs. Strombeck, Mr. Chu, and Mr. Möller for your presentation and your time answering all those questions. I will hand over for some final remarks to Mrs. von Strombeck. Well, thank you very much for your interest and for your time and your questions today. This was clearly not the start in the year we expected, but we thank you for your trust, and see you at our annual shareholder meeting in May. Thank you. Bye. Bye-bye.