Good morning, ladies and gentlemen, and welcome to Software AG's analyst and webcast call for its preliminary Q2 and first half of 2022 results. Following the release of an ad hoc disclosure last night, Software AG published the preliminary results for the reported quarter and for the first six months of 2022, as well as the presentation used in this call. Today's call will start with a presentation from our CEO, Sanjay Brahmawar, followed by our CFO, Dr. Matthias Heiden, before opening up the lines for taking your questions. Before we start, here are some housekeeping remarks. This conference call is also being broadcasted via the web, and you may access the web via our Investor Relations website. The webcast will display the presentation slides related to this call, and the same slides are available for download on our website. The webcast, including full call with questions, answers, and the names of questioners, will be recorded and made available for replay later today. Finally, let me remind you of our disclaimer statement, which is shown at the beginning of the presentation and is valid for the entire call. Thank you for your patience. Now over to Sanjay. Thank you, Robin. Good morning, everyone. Thank you for joining our call this morning at short notice. As you will have seen, our ad hoc announcement from last night shows that in Q2, we delivered our fifth consecutive quarter of Digital Business product revenue growth and robust group profitability. Our Q2 organic Digital Business product revenue growth was 8% in the quarter and was up 9% in the first half. Our Digital Business ARR also continues to grow in the double digits, demonstrating the strength of our strategy and validating our market opportunity. Also, our organic non-IFRS EBITDA margin was 25% in the second quarter and was 22% in the first half. This shows we are seeing the profitable growth on our P&L that we set out to deliver at the start of the Helix program. In a quarter where we had the deals to deliver at the upper end of our full year range, it's frustrating that a late quarter execution challenge led to Digital Business bookings below our plan. Our linearity trend wasn't right, and we didn't leave ourselves enough time to close a small number of larger deals before June 30th. None of these have been lost to competitors, and with continued hard work through early July, some of them have already been closed. I want to be clear that this shortfall in execution versus our own ambition is an internal issue we can fix. We have taken tangible action to ensure we aren't left in this situation again. First, as you will have seen from our announcement last night, Joshua Husk has been appointed to the role of CRO, and Benno Quade has been appointed to the post of COO. This expands our management board to six members in a change that will strengthen our sales execution and bring end-to-end accountability to all of our operational excellence and simplification activities. Scott Little will be leaving Software AG, and I would like to thank him for his contribution to the business over the last few years. On Joshua, his skill set is ideally suited to helping us push the acceleration phase of our Helix strategy forward. He's a proven sales leader who has built and scaled sales organizations in highly competitive markets and has held senior roles at organizations including First Data Corp, IBM, Intel, Oracle, and most recently, the cloud company SambaNova. He has experience across all go-to-market functions, including direct sales, alliances and channel, product management, and inside sales, and is extremely focused on razor-sharp execution, productivity, and customer success. Benno, who some of you already know as a management team member from our last CMD, is exactly the right person to fill this role. He has been with us for 10 years and knows the company and our strategy intimately. He has held the positions of Chief Legal Officer, Chief Operating Officer for the go-to-market organization, and has most recently held the post of Chief Customer Success Officer. Second, we're working extremely hard to close the deals we weren't able to execute in Q2. As I mentioned, we're making solid progress on this part of our plan. Third, we'll bring the established test and improved processes used to validate our largest deals to a broader set of key deals planned for the second half of the year. Together, these changes will support more effective sales and go-to-market execution, bring our leadership structure more in line with our industry peers, and better enable us to drive sustainable, profitable growth. During our Digital Business close in Q2, we observed the early signs of a prolonged customer decision-making due to clients having to manage a changing macro environment. This exacerbated some of the execution challenges we experienced at the end of the quarter. While our overall demand market environment remains robust, we anticipate this change in decision-making behavior will extend into the second half of the year, increasing the possibilities of delays in closing of deals. With these factors in mind, we are adjusting our full year 2022 guidance for our Digital Business bookings, which I will expand on in a moment. The rest of our full year 2022 guidance remains unchanged, as does our organic ambition for full year, FY 2023. In terms of the rest of our organic Q2 performance and where it leaves us for the first half. At the top line, we delivered Total Product revenue growth of 1%. Our organic recurring revenue growth also continued, increasing 1% in the first half. This represents 91% of the first half Total Product revenue and 74% of the total revenue. In our Digital Business, organic product revenue grew 8% in the second quarter and 9% in the first half. Subscription and SaaS bookings made up 89% of our bookings total in Q2 and 77% of the total in the first half. Outside of our bookings performance, we were encouraged to see that our Digital Business ARR continued to grow strongly at 11%. On top of our organic business, we also continue to be extremely pleased with our acquisition of StreamSets, which delivered growth of over 50% in the second quarter. Our revenue synergy pipeline, where we are targeting the U.S., U.K., Germany and ANZ first, has seen us build over 30 opportunities in a few weeks, giving us clear proof point that the value creation opportunity is both real and exciting. Including StreamSets, our Q2 bookings grew 27% year-on-year, and our ARR was up 19% on the prior year period as the integration of StreamSets further bolsters our platform for growth. This performance means that on an organic-inorganic basis, with the addition of 2.5 months contribution from StreamSets, product revenue for the Digital Business was EUR 247 million in the first half, in line with our expectations. For A&N, our Q2 bookings performance was in line with our expectations, declining 63% year-on-year against an unusually tough compare. First half bookings declined 26% and lastly year-on-year A&N product revenue declined 12% in the first half. I'm pleased that our Digital Business product revenue performance reflects the tailwind of our shift to subscription and SaaS, and shows the fundamental growth profile of our business is increasingly resistant to quarterly bookings fluctuations. The demand we are seeing in the market also remains strong. Digital transformation remains a clear priority for our customers and our technology is mission-critical. Companies need our technology to build out their digital backbone, make data available, launch new business models, and to become more resilient in these challenging economic times. However, the current customer decision-making dynamics lead us to expect the possibility of further delays in closing deals through the second half. Along with our softer Digital Business bookings performance, this means we have adjusted our full year 2022 guidance for Digital Business bookings to between 12% and 18% growth. All other full year 2022 guidance metrics remain unchanged, as do our organic ambitions for 2023. My confidence in our ability to meet this revised Digital Business guidance is based on the following. As of today, our second half pipeline coverage is better than it was at this time last year. The pace at which we are creating pipeline is 2 percentage points better. This is a clear indication that the demand environment supports the outlook of our business. The maturity and deal mix for our H2 pipeline gives us the high degree of confidence in converting these opportunities into bookings. The forward visibility we have on A&N deals also underpins the unchanged growth expectations for this segment in 2022 on 0%-5%. Our strategy and our business model, coupled with our relentless focus on profitable growth, gives us confidence in delivering on our organic product revenue growth of 7%-11% and a non-IFRS EBITDA margin of 20%-22%. With that, Matthias, over to you. Thank you, Sanjay, and good morning, everyone. Now let's take a closer look at the quarter's preliminary numbers. I'm going to walk you through each of our business lines and our total group performance. First, showing our organic results and then showing the contributions from StreamSets. On StreamSets, I'd just like to echo Sanjay's comments about how pleased we are with its performance so far. Now to our Digital Business. On an organic basis, Q2 Digital Business bookings of EUR 96.5 million represented year-on-year growth of 7%. As we have already mentioned, we are working hard to remediate the execution challenge we faced during the quarter, and I firmly believe we have the plan in place to ensure our Digital Business fulfills its potential. First half, organic Digital Business bookings were EUR 176.2 million, representing growth of 11%. Within our Digital Business bookings mix, it's worth noting the contribution from SaaS, which was up 4 percentage points year-on-year to 25% in the quarter and was also 25% in the first half. This increasing portion of SaaS is in line with the market trend we are seeing and the increasing demand for our cloud-native products. In total, our organic bookings in the first half dropped through to organic Digital Business product revenue at a ratio of 47%, in line with our full year planning assumptions. Second quarter organic Digital Business product revenue was EUR 130 million, representing growth of 8.4% year-on-year. In the first half, organic product revenue was EUR 240.9 million, or growth of 8.5% year-on-year. Organic ARR within our Digital Business, a key factor in building the quality and predictability of our overall revenue stream, was EUR 447.4 million at the end of Q2, and had grown 11% year-on-year. As Sanjay mentioned, our product revenue performance and our strong ARR growth, both driven by the tailwind from our shift to subscription and SaaS, shows the fundamental growth profile of our business that it can withstand volatile bookings in a given quarter. Now, including the contribution of StreamSets, Digital Business bookings in the second quarter and first half grew 27% and 22% respectively, while product revenue grew 13% and 11% over the same periods. Again, including StreamSets, Digital Business ARR had grown 19% year-on-year at the end of June. In A&N, we delivered second quarter bookings of EUR 16.3 million. This represents an expected decline of 63% against a very strong comparator period from last year. We also saw a large deal expected in Q2 brought forward into Q1 this year, which has exacerbated the effect, and a small number of deals moved into Q3. For the first half, A&N bookings were EUR 48.9 million, which is equivalent to a 26% decline year-on-year. We have good visibility of the A&N deals planned for the second half of the year, and we do feel confident in achieving our A&N full-year 2022 bookings guidance. Our bookings to revenue ratio was 74% in Q2, in line with our full-year planning assumption of around 75%. With the increasing share of subscription in our A&N revenue mix, overall A&N product revenue declined less than bookings at 29% year-on-year to EUR 51.8 million. Moving on to our overall organic performance, total bookings landed at EUR 112.8 million, declining 15% year-on-year against a very strong comparator period from last year. These bookings translated into Q2 organic product revenue of EUR 181.8 million and H1 product revenue of EUR 348.7 million. This represented a decline of 5% in the quarter and growth of 1% in the half year. The increasing revenue tailwind coming from our transition to subscription and SaaS, and the confidence we have in our ability to substantially improve our bookings performance through the second half, convinces me we remain capable of delivering on our organic product revenue guidance of between 7% and 11% for the full year. On recurring revenue, as Sanjay mentioned, our organic stream continued to grow strongly during Q2, reaching EUR 169.3 million in the quarter and EUR 317.2 million in the half year. On a half year basis, this represents 1% year-on-year growth. Including StreamSets, Total Product revenue was EUR 187.6 million in the second quarter and EUR 354.6 million in the half year, showing a decline of 2.5% and growth of 2.9% respectively. StreamSets contribution was EUR 5.8 million and was delivered in a period of two and a half months following the close of the transaction. Importantly, this figure represents StreamSets IFRS revenues. At the time of the acquisition, we provided an estimate for the non-IFRS revenue impact to the group of between 12%-16%. To gain a better understanding of the underlying revenue development, please note that taking into account the net negative impact from the accounting policy change to IFRS, as well as the impact of the PPA, StreamSets non-IFRS revenue was EUR 7.3 million. When combined with our first half organic product revenue of EUR 348.7 million, total non-IFRS product revenue was EUR 356 million, representing 4% growth year-on-year. On Professional Services excluding StreamSets, revenue declined 4% in Q2 and in the half year. Our Professional Services margin was in line with our plan. With the contribution of StreamSets, Professional Services revenue declined by 1% in Q2 and was flat in the half year, achieving a margin of 17.4% in both periods. When combined, our Professional Services revenue and our Total Product revenue gave us second quarter total organic revenue of EUR 219.9 million. First half organic revenue was EUR 426 million. With the contribution of StreamSets', total group revenue declined 2% in the second quarter and grew 2% in the first half. Now, turning to our cost development. Excluding the impact of StreamSets, total costs in the quarter were EUR 173 million, representing an increase of 5% year-on-year. In the first half, our total costs were EUR 349 million, an increase of 4% year-on-year. Even though this increase is below the 5%-6% corridor we are expecting for the full year, this is influenced by the other income in the quarter, which largely relates to FX gains resulting from the StreamSets transaction. As we look forward, we feel comfortable with the EUR 35 million-EUR 40 million expectation we set for 2022 at our Capital Markets Day earlier this year. Turning next to profit. Again, excluding the impact of StreamSets, our non-IFRS EBITDA margin was 24.6% for the quarter and 22.3% for the first half, slightly ahead of our full year guidance range. As you can see on the slide, group non-IFRS EBITDA was EUR 49.4 million. The impact from StreamSets in the quarter on group non-IFRS EBITDA was -EUR 4.6 million, in line with our expectation at the time of the acquisition. Beyond what Sanjay and I have shared today, we will of course provide a more detailed update when we report full Q2 and first half results on July 27. With that, we'll now take your questions. Robin, back to you. Thank you, Matthias. Franzi, please go ahead and open up the line for questions. May I ask the questioners just to take one question at a time, please? Ladies and gentlemen, at this time, we will begin the questio- and -answer session. In the interest of the time, please limit yourself to one question only. In case of more questions, please ask them in the second round or call the investor relations team after the call. Anyone who wishes to ask a question may press star followed by one. If you wish to remove yourself from the question queue, you may press star followed by two. Anyone who has a question may press star followed by one now. One moment for the first question, please. The first question is from Michael Briest from UBS. Please go ahead, sir. Great. Thank you. Good morning. Just in terms of the unchanged outlook, I appreciate what you're saying about H1 and you know, the close rates at the end of the quarter. Clearly for 2023, are you implicitly saying that things go back on track from January 1? At the CMD, you were talking about 15%-25% DBP growth, bookings growth for both 2022 and 2023, but that you're assuming that returns on January 1, and that's the underpinning of the 2023 target. Can I just ask clarification on the deal slippage? Was there anything you could say about the type of deals? Was it Europe? A lot of companies have called out Europe. Was it new logos, renewals? Just anything you can say about where those, the characterization of those deals that slipped? Thanks. Hey, good morning, Michael. It's Sanjay. Let me take those questions. On the first one, what we are saying about 2022 unchanged guidance and then going into 2023 is that we have very strong visibility of 2023 revenue, and that is strong. It's based on the contracts, and a large majority of that revenue comes from SaaS and subscription contracts that are signed in 2019, 2021. We also get the benefit of the SaaS that we sign in 2022, which is somewhat negative for the revenue now in 2022, but actually, you know, creates a positive impact in 2023. Of course, our NRR is developing positively. Now, the guidance change is not based on any change to our demand. We do see the demand as strong with the clients. There is, you know, a slowing down in terms of decision-making process that we've seen. From a perspective of overall demand, that has not changed. That's the reason why we don't see an impact on the 2023. In terms of the slippage, well, you know, there are some customers that are based in Europe, but also one or two in North America. The type of deals that we've seen are, you know, a mix mainly around the new wins that we have, you know, exceptional new wins that we hope to be able to announce and share with you very shortly. They are very strategic deals. The reason for the slippages are mainly because, you know, those customers and those CEOs actually have a lot on their plate right now, and so have asked us for a little bit more time to be able to conclude contracts. We've already started investing in these customers to support their deployment. You know, none of these deals have been lost. They are basically all, in the process of being closed, and some of them have already been closed. Thank you. Sort of industry-wise, there's not particular sector that's affected? No. I would say some of them are in. I would say manufacturing is one area, yeah, I would say. Some in supply chain. These are the two areas I would say. Thank you, Sanjay. Sure, Michael. The next question is from Sven Merkt from Barclays. Please go ahead. Good morning. Thank you for taking my question. Maybe starting quickly on the other income from Q2. Obviously, that is a quite substantial number that will have an impact on the full year margin. My question is, how do you think about this within your guidance framework? Does this give you kind of more comfort, or is it really required to hit the full year margin target? Then I have a follow-up question. Thank you, Sven. Morning. It's Matthias. Meaning in the sense of more comfort, it certainly does support the margin. It does balance it out. But as you saw this morning, we remain unchanged on our margin guidance for the full year, for which I do not rely on the FX support. I will manage the company diligently in this direction, certainly together with Sanjay. If we have pockets in the second half of the year in underperforming areas, let's call it that, we will manage the cost accordingly. Okay. Understood. Thank you. Secondly, could you give us a bit more color on Scott Little and why he left, and to what extent this impacted execution this quarter versus maybe there's a bit of a wider issue around execution? Let me take that one then, Sven. Look, I think, you know, good succession planning and you know bringing the right talent together is a continued process. This is something that we've been working on. You know, as I said, it does take time to bring the best team together. We've been considering the right skill sets that are required for the next steps in our transformation. Joshua has been, he's a well-known figure in the industry. He's worked at great companies like IBM and Oracle, so he's been on our radar screen for some time. We thought that this was the right time to make the change to be able to set ourselves for the next part of our transformation. He comes with very strong experience around scaling businesses, executing, you know, around the tight timelines, et cetera, and developing the transformation of the business. It's not so much just execution related, it's more around what is the set of skills that we need as we move into the next phase of our transformation. Okay. Thank you. Sure. The next question is from Knut Woller from Baader Bank. Please go ahead, sir. Yeah. Hi. Just looking at the DB momentum, I was a bit surprised in the presentation to see that the renewals were relatively weak in DB in the second quarter and below second quarter 2021. I would have expected the first meaningful renewal cycle to see here a more pronounced figure, and this brings me back to the previous question of Michael. Did some deals also slip in renewals, or not? What is the reason then for the relatively weak renewal momentum in the second quarter 2022? Thank you. Thank you for the question. Knut gives us the opportunity to clarify and give exactly that additional color. We can give you comfort that there were no slippages in the renewals scenario. I think the work of the renewals team reflects that the investment that we made in this is giving us the payback in as much as they remain on track with working on the renewals pipeline that is leading to positive results. We need to consider the timing of the renewals and their, call it seasonality. There is a larger portion of the renewals sitting in the second half, in particular, in the fourth quarter. This just has to do with the timing of the original subscription deals, which obviously determine the timing of the renewals also. That can be derived A, from the length of the Helix transformation, meaning the increasing volume of subscription when we started the journey, and B, the normal seasonality of the business, which you can also then expect to be reflected in the seasonality of the renewals. Excellent. Thank you, Matthias, for clarifying that. Just a quick follow-up. If we look now at the third quarter, and you mentioned that some larger deals have already been closed at the beginning of July. Can you give us some more insight into what percentage of the bookings has now already been closed early in the quarter to de-risk on the linearity or improve the linearity of the quarter? Thank you. Knut, hi, it's Sanjay. Look, I think as I said, we made a real good fast start and you know, we're working through all of these big deals, which are very exciting new wins that as I said, I'm looking forward to be able to share with you shortly. As we come to the 27th, when we get to that stage and we'll do another call with you, we'll share with you exact percentages of how much we've already closed. I would just like to say to you that couple of the big deals are actually very exciting new areas that are end-to-end digital backbone type of deals that we are in multi-million-dollar kind of deals that we will be able to announce. You know, I am now personally involved in three of these deals and personally connected with the CEOs of these companies. Very exciting, very unfortunate that we couldn't get the job done before the thirtieth of June. At the end of the day, what is so important is we are beating competition in these cases and we are winning on new business. That's what I'm going to be very excited to share with you by the 27th of July. Great. Thank you, guys. Sure. Thank you. Ladies and gentlemen, as a reminder, if you wish to ask a question, please press star followed by one on your telephone. The next question is from Kathinka De Kuyper from JP Morgan. Please go ahead. Hi. Thank you very much for taking my questions. Two for me, please. First of all, can you comment a bit on your retention rates and give some color on the split between gross churn, cross-sell and upsell? Have you seen increased gross churn in Q2? Secondly, can you comment on when you started to see the delayed decisions in the business? Was it more towards the end of the second quarter, or did you see it from the beginning of the quarter? Thank you. Hi there, it's Sanjay. Let me take the second one, and I'll ask Matthias to comment on the first one. On terms of delayed decisions, you know, we saw this very much coming into the last part of June, I have to say. You know, all along the quarter we've been having, you know, very strong discussions with clients and working to a close plan. As you know, in our whole process it is all about defining a close date and then hitting the close date. Unfortunately, we had a poor linearity in Q2. There were several of the important key deals were actually, you know, kind of tail-ended towards the end of the quarter. As I was explaining in the previous answer that, you know, couple of the CEOs, and I personally spoke to them, they said to me, you know, we have so many things on their plate right now. There were supply chain issues. They're thinking through the inflation, the interest rates. It wasn't a conversation around we do not need the capabilities, we do not need the technology. They definitely need the technology because it's a key part of their strategy. But they asked for a little bit more time to just run through their process. I think that's what we saw very much towards the end of the quarter, and unfortunately, we could not, you know, manage to backfill those larger deals with other deals, try to pull forward other deals. Had we known a little bit earlier in the quarter, we would have been able to, you know, kind of replace those deals with possibly some other deals that were in Q3 and pull them forward. Unfortunately, even the last two weeks, it's very difficult to switch out big deals, you know. That's the unfortunate situation. However, it'll make for a very good fast start in Q3, that's for sure. Hi, Kathinka. I'll take the piece on the retention rate. No change in gross churn rates at this point. I take your question as inquiring whether we see changed decision-making behavior also when it comes to the renewals. That is not the case. The investment that we made into the renewals organization is paying off because the NRR trends positive and is in line or a little bit above our planning assumptions. No bad news to report on that front. Thank you. Thank you. We have a follow-up question from Michael Briest. Please go ahead. Yes. Just on headcount, can you give an update on where you were at the end of June? Any commentary around attrition rates, salary pressures, whether things are getting better or getting worse maybe, and if you expect to make any broader changes to the sales organization with Joshua arriving? Thanks. Hey, Michael. So on the headcount numbers, I would like to move that to the 27th, if you don't mind, and we'll give you exact numbers on the 27th. I would say we haven't seen much more attrition than what normal. It's you know, kind of pretty much the usual. We don't see much churn in our sales organization right now, but you know what? The sales people are now fully focused on actually getting to their numbers and making their numbers and their money by the end of the year. So I don't see issues there. In terms of structure and the team below Scott, that team is pretty solid and stable, so I don't see any major changes there. However, of course, Joshua will come in and you know will probably strengthen the team and you know kind of look at areas where he wants to further bolster based more on transformation rather than just regional execution. That's the way I would look at it. You know, happy to talk more about that on the 27th. Can I give you some color on the wage inflation question, Michael? I think that much we can certainly do already today. The way to think about it for you is as follows: We see the impact of the wage inflation to 2022 as limited, given that the bulk of the executed merit increases was based on the budgeted inflation rates, which were lower than the current ones. However, to add, we expect an impact on 2023 cost base. Yet there, we're also confident that most of this can be offset by price increases in line with respective local inflation rates because we've got these standard clauses in our contracts. This is the same message that we gave in the last call, just updated with the execution information on the merit increases. Okay. On price increases and salary increases, when do they apply? Is there a sort of annual salary change date, and would you apply price increases whenever things come up for renewal or, you know, obviously new deals at a certain time? It's the first of July on the merit increases, and the price increases are executed as part of the annual renewal cycle. That depends, Michael, on the individual customer situation when you come to the renewal, and that ties back to the answer that I gave to Knut on the timing of renewals. Okay. You think that if inflation's 8%, you can get 8% on your, you know, software? If the contract has the CPI clause or a J 62 clause, right, we usually apply it and execute it. Yeah. Customers so far have been accepting this because they signed the original contract with us. Let's be a little bit more realistic on this as well. Of course, the negotiation situation might arise, but I think what we're saying is that the net result will cover the inflationary pressures that we're seeing. Sometimes you can turn the mere discussion around the price increase into an upsell opportunity. That one, if there's more value to be gained for the customer, is something that is easier to swallow in the customer's approval process. Hopefully that is helpful. Yeah. Michael, just one more thing to add. You know, I mean, if you think about the technology like webMethods and ARIS, et cetera, where they are embedded into the customer's operations, it's pretty mission critical. They're not ripping this out and being able to change. Therefore, that also ties into what Matthias said, right? We do not see so much resistance around our price increase conversations. In one or the other cases, we of course value bundle it. There is a positive for both sides also. Thank you. The next question is from Nicolas David from ODDO BHF. Please go ahead, sir. Yes, good morning. Thank you for taking my question. I have two. The first one is a clarification regarding the Digital Business bookings guidance of 12%-18%. Is this number, are these numbers, constant currency or not? Which is not really clear for me. The second is the Total Product revenue guidance and your level of confidence to reach, or comfort to reach the guidance following. Because I appreciate the fact that your revenue is now very recurring, but that's true also that bookings are supposed to provide some revenue in first years given the business model. Given the revision of the bookings guidance, how comfortable are you with this product revenue guidance? Notably, regarding the middle of the range, should we still see this as a realistic one or should we see rather, the lower end as more realistic? Thank you. Okay. I'll leave the constant currency one to Matthias. He can share that. Let me go on the confidence level on the Total Product revenue. Look, you know, our guidance is based on operational bottom-up budget, you know. That's the way we have built it up. We have very good forward visibility of the revenue, and that's based on the type of contracts, the customers that we are dealing with, how much of that is renewals, how much of that is related to A&N versus DBP, that split mix. The other good part that we have now is that actually we've got the full deployment mix of H1 contracts. We really understand what revenue we've already locked down in H1 and how that is deployed at customers. All of that, when you put that together, and then we know the pipeline that we have. You know, our pipeline coverage normally we need about 2.8x, and we are at that coverage right now. The pipeline is better in terms of coverage than last year, and the pipeline pace is roughly about 2 percentage points better than last year also. If you combine the portion that we have to get from new business, the portion that is in the bag based on renewals, with the A&N contract that we have a high level of reliability, all of that put together in a bottom-up build of the forecast gives us confidence that we'll hit the revenue number. That just leaves me to confirm that the revised guidance is also at constant currency. The original guidance was also a constant currency guidance. That's clear. Thank you very much. Thank you. We have a follow-up question from Knut Woller. Please go ahead. Yeah, thank you. Just a quick one. On the other income, Matthias, what would have been the other income excluding the cited StreamSets effect? Give me a moment on that, Knut. Yeah, no worries. We would, if we do the number crunching, and it's a little difficult, Knut, to keep all the impacts separate. The impact, I would say, is around EUR 10 million or a little bit below that. Yeah. That's how you should think about that. Great. Thanks very much, Matthias. Thanks for following up. Okay. There are no- Yeah. Yes. If I can jump in? There are no further other questions. Robin, go ahead. Yeah. Thank you. Thanks, Franzi. Thanks everybody for your time. I think that concludes today's call. If you have any follow-ups, do contact the IR team. If we don't speak to you, have a lovely weekend. Thank you. Thank you. Thank you, everyone. Bye-bye.