Good afternoon, ladies and gentlemen, and welcome to today's earnings call of the New Work SE following the publication of the preliminary financial figures of 2023. The CEO, Petra von Strombeck, CFO, Ingo Chu, and Patrick Möller from Investor Relations will guide us through the presentation and the results. Afterwards, we will move on to our Q&A session in which you will be allowed to ask your questions directly to them. So, and having said this, I hand over to Mrs. von Strombeck. Hello everyone and welcome to our full-year results presentation. As always, the results we're presenting today haven't been audited yet, but obviously we don't expect them to change after the audit. We need to bear in mind that at the end of 2022, and even in the first month of 2023, we were quite confident about continuing our positive momentum we experienced in 2022. But as you all know, we had to adjust our forecasts and plans once we learned throughout Q1 and the beginning of Q2 that the market had changed quite drastically, leading to significantly lower demand for recruiting solutions, our main growth driver. Almost all employment market and macro indicators have taken a significant downturn since the beginning of 2023. Looking back, we certainly can't be satisfied with how 2023 developed in terms of top-line development. But despite the market weakness, we've achieved solid results and met our updated guidance. As you can see, we met our revenue projections and our Performer EBITDA even came in on the higher end of the guidance that was EUR 92-100 million. Our tight cost management throughout the year made us achieve an EBITDA margin of 32%. The HR solutions business reached EUR 219 million, now accounting for about 72% of our revenue. Looking at our non-fins, Kununu again shows a strong growth in workplace insights. I'll elaborate on our key numbers and achievements in the following charts. We ended 2023 with EUR 306 million in revenue, which is in line with our revised targets and on previous year's level. Our Performer EBITDA, which is adjusted for around EUR 4 million in one-time restructuring charges, is on the upper end of the guidance. Pro forma net income came in at EUR 39 million last year. So let's have a look at how our core business, HR solutions intelligence, developed last year. As always, we present the quarterly development of the so-called HR solution subscriptions customer base and the quarterly revenue development for the segment. Development of the subscriber base indicates that 2023 was muted, and we saw a small decline in customers induced by overall macro weakness and the general decline in talent demand. As a reminder, this number mainly consists of 12-months subscriptions for employer branding profiles, XING TalentManager, onlyfy one, and our 360 package. Segment revenues were up 5% on a full-year basis, which is solid given the muted demand side on the back of a weak macro environment. Actually, 2023 was the best year we ever had given that the business is constantly growing. Within the HR segment, kununu had a record year and performed strongly in 2023. I'll provide more detail on that in a minute. Our transactional jobs listing business and Honeypot are the main reasons for softer revenue development last year. Let me talk about XING and kununu in more detail. As most of you know, our mission for XING is to empower everyone to find the job that's just right. This not only addresses active job seekers but also everyone passively looking for greater job satisfaction, which is the majority of the working population. XING is the local hero. We give access to the hidden job market with more than 20,000 recruiters on the platform. We offer the largest job ad inventory in Germany with more than 1 million jobs on the platform. Our users can still leverage the network of more than 22 million other professionals plus recruiters to enhance their job search and get in contact with real people and not just job ads. Our insights about companies and personalized recruits are based on a wealth of data that delivers real user value. All of this makes our offering quite unique, relevant, and competitive. And on the next slide, I would like to talk about the levers we have to drive the number, quality, and recency of user profiles, which is particularly important for HR clients engaged in active sourcing. We picked eight examples to give you a better understanding on how we actively trigger registrations, logs, and CV updates from users and registered members. Basically, we have three different approaches. The first is what we call job triggers. We serve job recommendations, information about job applications, and salary benchmarks. You would, for example, get an info that you are underpaid in your job category in your city and better renegotiate your salary and check your market value. Setting up and designing professional CVs helps people access all the jobs out there, increasing the likelihood of being invited to an interview. Secondly, we continue to leverage the power of our network in countries. They are not gone. Our members get to see recruiters who visit their profile. And we now offer job preference, a free service that significantly improves CV matching with job ads. Last but certainly not least, we have a clear brand and performance marketing strategy. The different levers we pull on the product side, accompanied by a clear marketing strategy that drives the perception of XING as a job network, should positively impact our non-financial KPIs going forward. Looking at 2023, we have initial proof that our measures support important operating KPIs. Let's take job traffic as a first example. The job section attracts much more attention with traffic being up around 140% since we introduced the new user interface. The jobs proposition is highly relevant for our users. Second piece of proof, we see a significant increase in user applications for our paid job ads, up 179%. Third piece of proof, another important KPI for recruiters is the response rate, which is also up quite strongly by almost 50%. And on the more qualitative side, we've seen an increase in XING NPS, clearly indicating that customers like our new proposition. These achievements were an important foundation for the decision to increase our investment, mainly in brand marketing, to grow perception of our new value proposition, and to reach new and younger audiences. Speaking of reaching new audiences and actively communicating XING's new position as a job network, I'd like to briefly mention our two main marketing approaches we started last year and will continue this year. Following the relaunch of XING last year, this year the brand follows up with a major bang, ready to be seen in the jobs market like never before. For XING, 2024 is all about our new brand campaign and our Baller League sponsorship. And most importantly, it's all about the people. Our new brand campaign is designed to communicate our new positioning via our new TV commercials - you might have seen them - followed by digital out-of-home and other online channels. Our brand campaign already reached more than 300 million impressions in January alone. On top of the branding campaign, we also have founding partner and main sponsor of the new Baller League, which was established by former Twitter and DAZN CEO Thomas de Buhr as well as Mats Hummels and Felix Starck. This sponsorship allows users to emotionally engage with the XING brand, makes the brand tangible, and delivers an innovative form of storytelling surrounding drafts, jobs, and careers. It's a perfect match in multiple senses. We expect more than 100 million live views per session. Let's now move to kununu. We talked a lot about kununu in the past, and we'll continue to focus our efforts on expanding kununu's presence and reach as a leading platform for workplace insights in the German-speaking countries. During 2023, kununu also enhanced user value as well as B2B customer value. For our users, we launched Jobs at kununu. Kununu Jobs enables applicants to find all relevant information on a platform where they already want to find more about potential employers. By integrating job ads into a credible environment, kununu unites employer branding and recruiters. Last but not least, employers benefit by receiving applications from candidates who are ideally suited to the business. We quickly started working with large language models to improve user value, particularly for company profiles with hundreds or even thousands of reviews, by launching an AI-powered review summarizer. Kununu offers automated summaries of frequently mentioned company profiles' content using artificial intelligence. Users can quickly scan the topics that employees consider to be the most important at a company. Employers can quickly assess the mood among their own employees to derive targeted measures to improve the company culture. On the B2B side, kununu launched updates to the Top Company Seal. The Top Company Seal in the kununu profile header now attracts more attention to its users. The award is also integrated into kununu Job Ads, which boosts the appeal of applying for a vacancy. Around 80% of employers consider the award an important part of their employer branding strategy. Furthermore, the Top Company Seal positively impacts the number of job applications with an increase of almost 20%. That leads me to some more numbers on kununu, which actually set a new all-time high. More than 70% of job seekers visit review platforms to find out about employers, with kununu clearly leading the way among such platforms. kununu serves a clear need for guidance, and when comparing kununu with its largest competitor, they are the undisputed market leader. Also, kununu's performance KPIs reached all-time highs in 2023. The platform achieved more than 90 million user sessions, up 16% year-over-year. Even though almost every SME is already at least listed on kununu, we further grew the number of employers by 14% to more than 350,000 in 2023. Last but not least, searchable content consisting of rating, reviews, salary data, and culture details increased further to more than 10 million items by the end of 2023, laying a solid foundation for future growth in 2024. Speaking of this year, I'd like to remind you of what we presented in January. After having defined a new strategy in 2022 focusing on changing XING's position in 2023, we are now pretty much rebuilding the company and will make sure that structure follows our strategy even more than before. We'll focus our investments on XING and kununu. Organizationally, both XING and kununu will no longer just be C-side units but full-fledged marketplaces that can manage all offerings and relations end-to-end, including C and B-side. By joining end-to-end marketplaces, we'll create a more holistic approach to product development and marketing. This shift promises clearer priorities, quicker decision-making, reduced friction, and increased synergy. At the same time, this means we will not allocate new or additional investments to the onlyfy one B2B brand. We will wind down Honeypot. Unfortunately, and although we put a lot of effort into Honeypot, we don't see a path towards substantial and profitable business. Finally, a reduction of staff. We already reduced C-level management from five to three and will go down to two at the end of the year. Moreover, we will restructure our organization to reflect the new operating model. The reduction here is substantial. Approximately 400 FTEs are concerned. In the last couple of months, we analyzed our internal processes in detail and identified synergy potential and efficiency levers. All these measures will help us achieve our winning aspiration to become recruiting partner number one by winning talent. That concludes my part of today's presentation, so I'm handing over to Ingo. Thank you, Petra. Hello, everybody. This is Ingo speaking, and I'm going to lead you through our preliminary figures for the full year 2023 and Q4 2023. Now, as you know, 2023 was a year that, after a very successful year, 2022 had not started as we had planned. We had to adapt our plan and our guidance in May, which, of course, did not really make us happy. Today, we can communicate that we have met these new targets. Also, despite a difficult macro situation, we've made good progress at the repositioning of XING and at further growth of kununu. So let's start with the executive summary. Here are the four key message points. Number one, revenues came in at EUR 306 million. 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's important because it is the basis for monetization in HR solutions. Number three, performer EBITDA came in at EUR 97 million. And number four, we propose to pay a dividend of EUR 1 per share based on our communication from January. Now, if we have a look at the P&L, reported service revenues came in at EUR 306 million, more or less stable compared to last year. Pro forma service revenues equal reported service revenues. As you know, that is significantly less than we had planned after a Q4 in 2022 in which we grew HR solutions 19% year-over-year and in which the number of open positions peaked at an all-time high. From January 2023 onwards, labor market sentiment dropped significantly and, as a consequence, our top-line growth. Reported EBITDA amounts to EUR 92.9 million. That's down year-over-year, and it includes extraordinary costs for some smaller restructuring in 2023. If you exclude those, Pro forma EBITDA amounts to EUR 97 million. This meets our guidance from May of a Pro forma EBITDA between EUR 92 million-EUR 100 million. Reported EBITDA margin came in at 30%. Pro forma EBITDA margin came in at 32%. Of course, we're not satisfied with our top-line development. However, our cost management and our countermeasures allowed us to keep our margins. Depreciation amounts to EUR 44 million. That's up approximately EUR 6 million year-over-year. A large part of the increase is the one-time effect coming from write-downs on tenant fixtures in our Hamburg headquarters. The context is that we found a way to move out of that building at the end of 2025. As you know, we had signed the lease contract before COVID. And with the increase of home office post-COVID, we had too much space. We've worked hard and managed to find a new tenant who will move into our current headquarters from 2026 on. And we ourselves will move into new offices with significantly less space. We're really happy about this deal because, on a net basis, it will save us more than EUR 20 million over the remaining contract period of our current headquarters from 2026 onwards. Reported financial results amount to +EUR 2.2 million, which is up year-over-year. Year-over-year development is mainly driven by two effects. Number one, non-operating book profits on investments of our cash reserves. Number two, positive interests also on our cash. If you eliminate the book profits, this year's Pro forma financial result amounts to +EUR 0.9 million, up from -EUR 1.1 million last year. The majority comes from positive interest. Reported net income came in at EUR 36.9 million, which is down year-over-year. Reported EPS amounts to EUR 6.56. If we adjust reported net income for non-operating effects, Pro forma net income comes in at EUR 38.8 million, down year-over-year. Pro forma EPS comes in at EUR 6.90. Now, on the next chart, we're giving you some more context on the profitability by business unit. These are reported figures. As you can see, B2B, the recruiting HR solutions segment, contributed EUR 57.6 million to profitability. That's down year-over-year. Margin came in at 26%, also down year-over-year. The drivers here are mainly the extraordinary costs for smaller restructuring at XING at the beginning of 2023 and marketing investments into the repositioning of XING and investments into kununu. The B2C segment contributed a segment EBITDA of EUR 39.3 million with a segment margin of 54%, both down year-over-year. As you know, this development is driven by a decline in direct B2C monetization in the context of our group strategy. We want to become the recruiting partner number one by winning talents. Therefore, we focus on monetizing our talent access to HR solutions on the B-side instead of a direct monetization on the C-side through paid memberships. In the B2B marketing solutions segment, EBITDA came in at EUR 1.9 million. The margin is 15%, both down year-over-year. What we see here is a weakening advertising spend on the back of a weak macro situation. Now, on the next slide, you can see the revenue development by segment. As you know, there's no difference between reported and performer revenues. Let's start with HR solutions. HR solutions have grown 5% to EUR 219 million in a difficult macro environment. That is a good result if you compare that with other players in the recruiting space. But as you know, that is also significantly less than we had planned. After strong growth in the second half of 2022 and an all-time high of unfilled positions in December 2022, the situation had abruptly changed in January 2023. The number of open positions quickly declined to EUR 1.7 million, with white-collar positions being particularly hit. As a consequence, demand for recruiting solutions declined, which, of course, impacted our revenue development. Our transactional job ad business was particularly affected. At the same time, our employer branding business, which is based on kununu, continued to grow despite the difficult macro situation. Looking forward and based on our learnings from 2023, we plan HR solutions revenues for 2024 cautiously. We expect a slight decline in revenues versus 2023. The majority of that decline is driven by the wind-down from the Honeypot business. The rest is due to the weak macro situation. B2C revenues came in at EUR 73.4 million. That's down year- over- year as expected. A key driver is the paid membership business at XING. Whereas InterNations, after having been strongly impacted by the pandemic, have returned to modest revenue growth, XING paid membership revenues have declined significantly. We've discussed this. Financially, that hurts. But strategically, it is right. We want to become recruiting partner number one by winning talents. We have to maximize talent access. And as a consequence, we have to prioritize growing talent base over our direct C-side talent monetization. And that is what we're doing. For this year, 2024, as well as for at least 2025, we expect direct B2C monetization to decline approximately in the same absolute amount as in 2023. And we have included that in our plans. Now, B2B marketing solutions revenues came in at EUR 13.6 million. Next, let's have a look at cash flows. Operating cash flows before organized cash amounts to EUR 61.9 million, which is down year-over-year. Key drivers here are changes in net working capital given current billings development and also taxes. In Q4, we had a one-time extraordinary tax payment of -EUR 6.8 million in Austria from transferring intellectual property from Austria to Germany. That transfer will be cash neutral over time because we'll have corresponding tax savings over time in Germany. Cash outs for investment in our operating business amount to -EUR 28.7 million, basically on previous year's level. We did not have extraordinary CapEx for new offices last year. But we capitalized a little bit more, and total remained flat. We have a cash in of +EUR 12.2 million from shifting invested cash reserves to cash. That is a non-operating effect stipulated by IFRS rules. This effect does not increase free cash flow to entity or equity. Cash outs for rent amount to -EUR 9.3 million. It's up year-over-year. You remember that cash outs for rent last year included a positive lease incentive of plus EUR 2.8 million, which naturally, we did not have this year. The rest is due to the increase of rent per square meter due to inflation. With some other small items, that leads to free cash flow before dividends of EUR 36.2 million. Out of that, we've paid out a regular dividend of EUR 17.8 million and a special dividend of EUR 20 million to our shareholders. And with that, free cash flow after dividends amounts to - EUR 1.7 million. Now, if you exclude the IFRS effect from liquidating cash investments in the amount of + EUR 12.2 million, free cash flow to entity and equity before dividends is EUR 24 million. Free cash flow to entity and equity after dividends of, in total, EUR 37.8 million is -EUR 14 million. That's it for the full year 2023. To sum this up, we've kept revenue more or less stable despite a difficult macro situation and strategy-induced declining B2C monetization. We've made good progress on the talent side with regard to repositioning XING and growing kununu. Through our countermeasures on the cost side and with a performer EBITDA of EUR 97 million, we delivered on our updated guidance from May. Now, let's quickly go through our Q4 numbers. Reported revenues came in at EUR 78.2 million, down year-over-year. Reported EBITDA amounts to EUR 27.6 million, up year-over-year. Performer EBITDA amounts to EUR 28.1 million, also up year-over-year. Reported EBITDA margin is 35%. Performer EBITDA margin came in at 36%. Depreciation amounts to EUR 19.6 million. This includes the usual one-time extraordinary write-downs on software and the already mentioned extraordinary depreciation related to moving out of our headquarters at the end of 2025. Reported financial results +EUR 0.9 million. This includes non-operating effects from the revaluation of our financial assets, book profits on cash and assets, and the amount of +EUR 0.5 million. If you take that out, that positive non-operating effect to pro forma financial result amounts to +EUR 0.5 million. Reported net income came in at +EUR 6.3 million. It's down year-over-year. Performance net income amounts to +EUR 6.4 million, also down year-over-year. Let's go over Q4 revenue development really quick. HR solutions revenues came in at EUR 57.1 million. That's up 1% year-over-year. B2C revenues came in at EUR 70 million. It's down year-over-year. We've talked about the situation. Finally, B2B marketing solutions revenues came in at EUR 4.1 million, slightly down year-over-year. Now, let's talk about our dividend. We have talked about the situation in our call in general. As you know, our policy is to return a continuous and sustainable dividend. After having generously returned cash to shareholders in the form of regular dividends and special dividends in the past, our investments and restructuring program will decrease our local GAAP retained earnings and, therefore, our ability to pay dividends. Nevertheless, we had said in January that we wanted to continue to pay a dividend even during our transition period. As a consequence, we would reduce the dividend but aim to pay a minimum of EUR 1 per share. Based on this, we will propose to pay a dividend of EUR 1 per share for the year 2023. Now, let me emphasize that the bottleneck for paying dividends is not our cash or our cash flow. The bottleneck is accounting-driven in the sense that our retained earnings according to local GAAP are too low. That's it about the 2023 numbers. Let's briefly reiterate our outlook for 2024, which we had already communicated in general. As you know, we use absolute pro forma EBITDA as a KPI for our guidance. For 2024, we confirm our guidance from January with a pro forma EBITDA of EUR 55 million-EUR 65 million. As we've said in January, we have decided to accelerate investments despite a difficult revenue situation because we've made good progress at the repositioning of XING and at growing kununu. Also, we've decided to reorganize the company, which eventually will save costs. As a consequence of all of this, our profitability will be lower than normal in 2024 and 2025. Now, let me emphasize that we do not plan to decrease margins and bottom line forever. We aim to return to EBITDA margins of approximately 30% by 2026 provided macro economy. Short term, the bottom line situation is painful. But we believe that this is the right course for our company. Thank you. All right. Thank you so much. We will now move on to our Q&A session. For a dynamic conversation, we kindly ask you to ask your questions in person via audio line. To do so, please click on the virtual raise your hand button. And if you are dialing by phone, you can use the key combination star key 9 to enter the queue followed by star key six to unmute yourself. And if you're not able to speak freely today, you can also place your questions in our chat box. And we already received the first question from Mario. Please go ahead and ask your question. I hope you can hear me. We hear you very well. Great. So two questions from my side. The first one on the margin in the B2C segment. I understand that we will continue to see declining revenues. At which point do you expect the margin to suffer as well? So declining margin from this segment. And the second question is regarding your dividend. I understand that you will pay the minimum dividend in 2020 or you suggest to pay the minimum dividend in 2024. But how long should we expect the dividend to remain rather low? So will we see a lower dividend in 2025 as well? Okay. You might see a little bit of dip in the B2C margins, but nothing too strong. With regard to the dividend, we aim to return to our previous levels of dividend payment probably for the year 2026. Okay. Thank you very much. Thank you for your questions. Now we will move on with this question of Ben Campos. Please go ahead and ask your question. You can unmute yourself. Yeah. Thank you, guys. First of all, thanks for the presentation. And congrats to the Q4 results. My question is if you could provide more insight into the visibility of customer growth in the B2B sector because despite soft numbers observed in the indicators like IFO or the BAX index, there are signs of stabilizations maybe indicating a potential bottoming out. So what factors do you believe are contributing to this trend, first of all? And do you see the trough happening in H1 2024? Thank you. Actually, if we look at macro, we don't think that in the first half of this year, something will really change. I mean, all the indicators are still on a lower level. And we expect that to stay actually throughout the year. If you look at the macro indicators, Germany will be in a recession throughout the year. And that's also our planning assumption. So for the year 2024, we are really cautious planning on a recessionary scenario in the macro environment. And we don't see any trend in the indicators as of now. And that's certainly not going to happen in the first half of the year. Do you see further declines in your customer growth? Then following this, I think you mentioned this at a previous earnings call already. But you don't plan any price increases, do you, for this year? No, we don't plan price increases this year as we think in a recessionary environment, that's not a good idea because any price increase enables an exceptional actually stop of the contract from the side of the customer. That would increase churn, which we consider a risk in such a macro environment. No, so we certainly won't increase prices. Definitely not this year. To my question regarding declining B2B customers because it seems like they're quite resilient, right, in Q4. Do you see them to decline further? Is there potential for that? Or do you see them just being flat throughout the year? I mean, we don't give any guidance to B2B customer numbers. But surely, given the weak macro situation, we don't expect any growth in customer numbers. Okay. Helpful. Thank you. You're welcome. Thank you very much for your questions. Now we will move on with the question of Nizla Naizer. Please go ahead and unmute yourself. Hi. I hope you can hear me okay. Two questions on my end, one on kununu. Could you remind us again what the pricing strategy is like? How do you charge your kununu customers? And now that you're adding sort of job ads in there as well, is there a different monetization strategy there? And in terms of growth, could you remind us, is this coming from sort of pricing or also adding new potential employers as kununu customers? You mentioned 350,000. How many more are out there in the DACH region that you can go after? So some color on the addressable market would be great. The second is on the B2C revenue. Clearly, with the declines, we also get the question, could this just fall to sort of no revenue at all? So within that context, could you remind us how big InterNations is within B2C? Also, what type of customer would still be willing to pay for that B2C subscription and give you some sort of revenue in that segment? Thank you. All right. Those were a lot of questions. Let me try to tackle them one by one. If I forget any, please remind me. Sure. Sorry, Petra. Okay. No, no worries. So let's start with the kununu pricing. Actually, the pricing for the employer branding profile is linked to size of the company. So smaller companies pay a few thousand EUR. And bigger companies pay double-digit EUR amounts. So it's really clearly linked to the size of the company. And then there is the Top Company Seal that is basically the cheapest product, if you want. That is designed also for mid-market and smaller customers who want to actually embrace that new form of employer branding. The price is less than EUR 2,000. So that's really the cheapest of our products. And as said, we don't expect any price increases. Now, if you look at kununu growth last year, as we said, kununu has been, even in the difficult circumstances, the highest-growing segment. And growth actually came from both fields. We had a price increase. But we also increased the number of subscription customers on the B2B side. I hope that covered all the B2B questions. Did I forget any? No, all good. Thank you. All right. Now, on the B2C side, you asked for the size of InterNations. InterNations is roughly 10% of B2C revenue, to give you an indication. And no, we don't think that B2C revenues on the XING side will actually reach a zero. But there will be a bottom line. We have not yet defined on which level this bottom line is and where we will communicate that. We also are working on jobs-related B2C products that will certainly also have a certain potential. If you just figure the fact that somebody has lost his job and definitely needs a job literally the next day, there is a certain urgency. We think we can monetize on that need of people and create a jobs product that is more linked to our positioning. So there will be a bottom line. But for the next two years, we say that there will be a decline. Very helpful. Thank you. You're welcome. Thank you, Nizla, for your question. We received the question from Peter in the chat box. So can you comment on the OLG Court in Hamburg, so Oberlandesgericht, ruling that every person giving evaluation bears the risk of being identified or being deleted? Yeah, of course. Very happy to do so. Actually, we expected the question. Actually, we consider the decision of the Higher Regional Court in Hamburg as absurd and wrong. It contradicts the rulings of the Federal Court of Justice, so the highest court in Germany, which has repeatedly emphasized that anonymized reviews submitted on review portals such as kununu are recognized by law and has done specific judgments already in that area. It's important to understand that the decision of the Hamburg Court is merely an interim injunction proceedings. This decision was actually issued without hearing kununu. It's only a provisional legal thing that has been established now. There will be a main proceeding. Actually, we expect that in the main proceeding, we can turn that decision. What we have to underline is that we will clearly fight for the rights of our kununu users. We will not give up peer names. But given the ruling of the highest federal court, we don't see the kununu business model endangered in any case. I hope that answers the question. I hope so too, Petra. Then just a quick reminder at this point. If you have any open topics you would like to discuss, just raise up your virtual hand or place your question in our chat box. We have another question from Nicole Winkler. Please go ahead and ask your question. Thank you for taking my question. I have one regarding your sponsorship of the Baller League. Can you give us more color on this, please, especially in terms of marketing spending? Thank you. What we said is that we spend a double-digit million EUR amount for our brand campaign in total this year. Please bear with us if we don't give any details on the different spendings. As you know, we are the only of our competitors who actually is listed and has to give up those numbers. It's always a conflict between shareholder information and competition information. So please bear with me if we don't give any more details as of structure. Well, I think what we can say is it is the small element within our overall marketing spendings with regard to the repositioning of XING. So it's not the kind of Manchester United TeamViewer or thing that you might be thinking of. That's not the case. All right. Thank you so much. Thank you so much for your question, Nicole. Then just the last call. If there are questions you would like to ask to Petra, Ingo, or Patrick Möller, yeah, just let us know. In the meantime, I received the question in advance from a person who cannot be with us today. So he wanted to know, can you give us a more detailed update on the headcount reduction? Are you on progressing as planned? Yes. Actually, we are progressing as planned. We count on establishing the new organization starting from the 1st of April. Negotiations with our employee council work very well. So we are good on track to establish exactly what we wanted. All right. That sounds good. It seems everything is discussed. That's why we come to the end of today's earnings call. Thank you, everyone, for joining. You've shown interest. And thank you to Petra von Strombeck, Mr. Möller, Mr. Chu for your presentation and the time you took to answer the questions. From my side, thank you, everyone. And I just hand over again for some final remarks to maybe Mrs. von Strombeck. Thank you. Well, thank you, everybody, for your interest in your questions. Looking forward to the next earnings call. See you. Goodbye.