Welcome to today's presentation, where we have the pleasure to present MapsPeople. To help us through today's presentation, we are joined by CEO Morten Brøgger and CFO Jesper Tidemand. Today, the main subject of today's presentation will be your Q3 financial report or, and the results, and of course, also the notice you gave on potential capital requirements to the market. As always, you are very much welcome to ask questions in the box down below. Do it through the presentation, I will see if it fits in, or else we will take it in the end and pick up everything there. And as always, you are very welcome to ask in Danish also, and I will try and translate to the best of my abilities. But for now, I think I will hand the call over to you, Morten. Perfect. Thank you, Michael. I think we're gonna go through today just a little bit by the isolated highlight numbers for Q3, then talk a little bit about all the things that's going on and explain that in further details, and then go back to explaining how the business is going. In the end, Jesper will basically give us a good walkthrough of the Q3 results. So let me start by giving a little bit of an overview. We grew our ARR from the business again this quarter. This time the quarter grew around DKK 5 million in ARR, delivered and invoiced, which constitutes around 11% growth from the quarter before that. And that puts it to a place where we are growing 75% year-over-year. So still a very nice growth in our ARR, invoiced and delivered, and that has been the focus for the company for the last year, so I'm pleased that we continue doing this in a good way. You will also see that the majority of that growth comes from our core growth product, which is MapsIndoors. Mainly all the growth in the third quarter came from that product, DKK 5.5 million, again, which is 15% growth, quarter-over-quarter on that product, and already like more than 100% year-over-year from our MapsIndoors products. And we continue to have an extremely healthy net retention rate. I will speak about that a little bit later, try and explain, why this is, why, why this is something that we expect will continue in the future as well. We did also, last week, come out with a company announcement where we were, downward adjusting, our guidance on where we end the year in annual recurring revenue. We used to be guiding from DKK 77 million-DKK 87 million, and we're now guiding DKK 58 million- DKK 54 million. We are, maintaining our guidance on, recognized revenue, of DKK 38 million-DKK 45 million, and we are maintaining our guidance on EBITDA, negative minus DKK 52 million-DKK 62 million. Let me talk a little bit about this one. There's a couple of things that was impacting that adjustment on our ARR guidance. The first one is that we made some mistakes that we found out, and we, of course, corrected them and then, and announced them to the market. A lot of these mistakes was how we counted churn when customers was churning away, and the mistake was stemming from when we used to report contracted ARR to now delivered and invoiced ARR. It's a little bit complicated, but let me try and do the best with a good example there, because it's really important to us, right? When we used to have contracted ARR, we had partners who had committed a contract. These partners have end customers. If one of the end customers was churning away, it didn't change the contracted value that the, that the partner had with us, and thereby was not implicit churn in that one. Clearly, when we moved to report ARR as invoiced and delivered ARR, that methodology, it didn't work, and not all of it had been cleaned out the way it should be, so we've done this. There were some periodization mistakes, as well, or incorrect elements stemming from the same, I would say, root cause in this one, and that fundamentally meant that we had to adjust the ARR accordingly, so this is now been corrected. This had an impact of around a little bit more than DKK 6 million. Of course, the numbers in the financial report in this presentation has been corrected with that number, so it's a like for like and apples to apples comparison that is in here. We also foresee that it's gonna take a little bit longer, converting all these Framework Agreements into Prepaid Platform Licenses. Despite the good growth we have from our partners, a lot of these contracts are running out next year, and we were somewhat too optimistic about our ability to convert them into Prepaid Platform Licenses this year. And we're now seeing that it's going to take a little bit longer for some of these contracts, and it makes more sense to expect them in the beginning of the year. It simply will take too much negotiation leverage away from us to do this and to hurry this, and we feel that it is more likely that this will happen during 2024. So we adjusted our guidance with this one. And the last element that impacted that is we have a large customer from the Point Inside acquisition, which is currently under renegotiation, and we're flagging that as a risk that this could renew, and this could not renew, and that is around DKK 3.5 million as well. So we took all these elements into account when we adjusted the guidance of our ARR. It should also be fair to say that we did protect ourselves in the purchase agreement of Point Inside about all this stuff, that half the purchase amount, which is in shares, is held in escrow until all the contract has renewed. So should it not renew, this actually means we will be able to claw back half the purchase agreement from that escrow account. That is not our intention. The intention is, of course, to renew this contract. Now, these things and adjustment here clearly also impact our P&L, and thereby also our cash going forward. So this means that we are now looking into at the moment a capital requirement through this year and to the end of 2024, somewhere between DKK 15 million-DKK 20 million, which we're currently working on solving. Clearly, if we renew this customer I just spoke about before the year is over, then it's DKK 3.5 million less that you can take out of that spend. But currently we're working with that. We have the opportunity to draw down the last loan we have with EIFO, but that is triggered by certain ARR targets, where with these adjustment, we're a little bit behind. So we're having a discussion on how we can do this, and we'll be continue working both on the loan side and seeing whether we need to do a targeted capital raise as well. But that is not something we have a concrete plan on exactly how it's doing. It's something we're working on, and we feel comfortable that we can do this. Is it fair to say, Morten, that most of this, because you keep your revenue and you have beat the guidance, unchanged despite of this? So is it fair to say that these delays are primarily affecting 2024 and your ability to run it up? If you had started the year, you would have had more revenue coming in. So is that a fair assumption to kind of give to this and why maybe you haven't changed your revenue and earnings guidance for this year? Yeah. These things are these things are not really impacting us that much. Some of them are a little bit, but clearly, when we talk ARR, it's the annual recurring revenue, and we and we invoice most of our annual recurring revenue and most of our contract 12 months in advance, which means we get the money on account before we deliver the services over the next coming 12 months to the customers, right? Yes. Whereas we are only recognizing revenue through the period that we deliver the goods. So if you pay us DKK 120 for a year, then we recognize the revenue with DKK 10 every month, like very simplified. Yeah. Yeah. So clearly that means that sort of indirect half an input on how we can recognize revenue. If it's churned or delayed, then we'll have an impact. But the later in the year that this happens, the less impact it will have in this accounting year, and the more it will have in the next accounting year. Next accounting year. Clearly, since we are keeping our guidance, the underlying business here is healthy, and clearly we are also managing our cost in a very strong way, I would say. I hope that answered the question, Michael. Perfect. Good. So that's really with the guidance, but we are, as I said in the last point here, we are very comfortable that we deliver revenue and EBITDA within the 2023 guidance that has been out there. So we've kept these, we kept these unchanged. And you will see that when Jesper goes through the number, where we are in revenue, where we are in EBITDA, it'll clearly indicate that we are very comfortable there. Good. Let me talk about some of the good, healthy, underlying components of the business. Again, you will see here on this graph, where we are showing the last four quarters, you will see that there is a nice growth that I spoke about in the first page. You will see again that we grew DKK 5 million on our ARR in Q3 from Q2 to Q3, so 11% growth here. And you'll see that most of the growth is really coming from MapsIndoors, which is like completely aligned with the strategy that we've been communicating. You'll see still a pretty strong growth on a year-over-year basis as well. Now, just to put a little bit more worth, I tried to put it in the text here as well, 'cause again, it shows and tells a little bit more about this business and the elements of stability that's been brought into it when it comes to where's growth being generated from. Around half of this growth in Q3 came from existing partners. So existing partners were selling more to their, customers and ordering these services to us, and we delivered them and could invoice them, right? So the partner strategy is absolutely working, and more than half of our growth comes from existing partners. So this strategy that we've been working with and what we've been communicating the last couple of quarters are still working fine, and it's still on track. And I would say, let's also remind ourselves that Q3, when it comes to business to business, is always one of the weakest quarters in the year because people are spending a lot of time on vacation. So I'm actually very happy about this, both our overall result and what is coming from our existing partners. We also had a bit of expansion from some of our existing large direct customer. This was mainly driven from one very large international global direct customer as well, which fundamentally renewed their contract and grew it from $180,000 on a yearly basis to $360,000 on an annual basis. So we still have some very healthy large direct customers, and that is also a good sign. Then what also makes me happy is that around a quarter of that growth came from new partners that were signed up into our business, that we signed and delivered in this quarter. So partners that we have not had revenue from before. So all in all, I'm actually very pleased with the overall performance for the quarter. Of course, I would always like it to be better, but I'm actually pleased with it. But the way that the growth is coming in is exactly what we've been working on, and that seems to be delivering fine, and I foresee a similar picture for the coming quarters. Morten, I don't know whether you published this or tell that. How much of this is coming from the existing order book that you are converting into an invoice, and how much are from new business coming that you didn't have lying in a potential order book? Can you give us some feeling of that, and yeah. Yeah. I think, I think the best way to articulate it is that the majority of the DKK 2.3 million coming from existing partner growth is from that order book, right? That's the way to look at it. Clearly, the expansion of this large customer is not from the order book, that's a new order. And clearly, the DKK 1.3 million from new partners and customers is not from the order book, that is new stuff going into the order book. Yes. Perfect, thanks. Good. Let's talk a little bit about this one. And clearly you can see that some of the correction in the ARR we have here is reflecting this one. So I think that the things to really keep an eye on here is the cohorts from 2022 and into 2024. The two top graphs on the left, and you will see that we've added some good chunk of business on this, and you'll see that this continued to grow. So this is exactly what we talked about, customers and partners in particular, who keeps selling more to their end customers and buying more from us. So this is showing the picture there going forward. That's also what's fundamentally paving the road for this, very healthy net retention rate, that we have, that I want to put a few words on, on the next slide, right? But you can clearly see it here, in the past year, that, the ARR base that we have in from, from that period, and those customers are growing, through this year. You see with all the stuff that we put on top of it this year to date, or the last 12 months, it actually also shows that, continuing this trend will be, will be extremely, helpful for us. Let's try and talk a little bit about this one, because the net retention rate of 129% is really good, right? It is just underpinning that this partner strategy is working. So the partners that we get activated, the partners who is using our product to help them grow their business, and and having successful partners there, is driving growth into our business and is driving growth into our ARR. And that is giving us a very nice net retention rate. And again, just to make sure that we all understand that, if we, for instance, end this year with DKK 50 million in MapsIndoors annual recurring revenue, and we maintain and we maintain a net retention rate of 129 for next year, that means that that customer base of DKK 50 million will generate DKK 15 million of new ARR next year. So it's a pretty significant growth that we are currently getting from these customers. And keeping that at that level will continue to deliver a pretty significant element of growth in the future, right? And this growth really comes from existing partners adding new customers and new projects to their customer base, and thereby into the product that they consume of ours, MapsIndoors. There's no price increases or anything in here. This is fundamentally just business as usual, being driven primarily with our partners and some of our large customers, as we mentioned, which has expanded their contracts with us. And the way that the business is going right now, we do, we do see a very good rationale that this very healthy net retention rate will continue into Q4 at comparable levels that we've seen last quarter and this quarter as well. So this is not two lucky quarters, it is an underlying business trend we have. And clearly, it will be more and more difficult in the future to retain them at 129%. But it's a very good trend. But that's just the law of math, right? As you grow bigger, I guess what also made it healthy when I see this, that it's not only conversion also from the order book that drives the ARR, it's actually, if I can go down to it, a bigger part that is driving from your expansion, not only on the order book converting it, but that your customers get new customers, and this big renewal with a higher price that is driving it. So I guess that that is also a healthy sign, is that correct? Yeah, it comes, it comes from that. Some of it also comes from the order book, Michael, to be very honest. Yeah. Because we have, we have partners who was like, let's say they were like, DKK 1 million last year, and then they have an order book, and they are starting to deliver according to that order book, and they go up. So it actually also comes from this order book. Clearly, the order book, and clearly the frameworks, and clearly the partner ecosystem is a lot of the rational behind this high net retention rate on our revenue. If I should say, say something about this, where have we seen it? And this is not on the slide, but where have we seen this growth coming from our customer base that is delivering this one? It is, again, clearly, the partners we have within the corporate office space and employee engagement. We've seen high activity in the event space and the sport venues. Again, so this is continuing after the pandemic. We're seeing some things in the public safety element. And again, the healthcare has also been a sector that is driving a lot of the growth here. Like, super, super healthy underlying verticals that is delivering some of this growth from our partners. So, it is broad-based. It's not only driven by the office segment, which of course maybe constitute the biggest opportunity in the short term, but it's actually broad-based. And secondly, whether you can answer that, and secondly, you have been talking about retail, but there's no mention of that in the reporting. So should we look a little bit away? Is that still too early for you to drive something there? No, you should definitely not discard this as well, but right now we're talking about net retention rate. We did not have a lot of revenue in the retail sector 12 months ago. Ah, of course. Yes, yes. It hasn't, it hasn't really hit us here yet. I know. No, no- But you also don't mention it in your reporting when you described it, the market growth, so, so that was why I was wondering. Yeah, but that's mainly because not a lot of growth in Q3 came from the retail space. Perfect. but there's still- Yes ... there's still quite a lot of activity in that also in our sales funnel and sales pipeline. Makes sense. Yeah. Let's talk about this graph, which is pretty important to me. This graph shows our CAC, Customer Acquisition Cost payback, which fundamentally means that when we spend money in marketing and sales to acquire a new customer and new ARR, how long time does it take us to pay back the investment in sales and marketing? And I've been speaking about this the last quarters, that that was too high, and we needed to get it down, and we set an objective it should be below 18 months when we end this year. And that was important to me because we needed to have a very capital efficient growth engine being set up. The really good news here is that we, in Q3, surpassed our objectives for the quarter, and we got our CAC payback period down to 14 months, meaning that every time we grow, we grow our business with 140, we pay back with 100 a month. So it takes a little bit more than a year to pay this back, and since the lifetime value of our contracts are still around 60 months, or 60 months plus, it's a very healthy business, because then you have like 60 months minus 14 months, where the gross margin for this business, or these customers are contributing into the business, right? The profitability of the business. So getting this down to 14 months is a good solid achievement that I'm happy about. And clearly also this is important because most of our customers are paying for this business with 12 months up front. So this means that it is almost balancing. I would even say if it gets below 12 months, I would claim, Jesper may claim differently, then we're spending too little on sales and marketing. So if we can stay in this area here between 12 and 15, I'm actually very happy for an enterprise SaaS business on how it's growing, specifically when we talk about these net retention rates that we have in the business in the previous phase as well. So I think getting to this level of 14-month payback on our sales investment for new revenue is... I'm actually very pleased and very proud that we did this. Clearly, streamlining our sales, focusing on what it is, and delivering the growth in our ARR, these two things goes hand in hand here, right? But the initiatives that we put in place and what the sales team are working with are showing the results here. And clearly, that will now be the objective to basically manage it here just above 12 months going forward. So I think with that, let's go to all the real numbers, and I'm gonna hand over to Jesper. See, he's been looking forward to it with a little smile here. Thank you, Morten. Let's get the real number, Jesper. Please, please go ahead. The real numbers. No, I think what you said was also real, but. But yeah, it's of course the P&L, the recognized revenue, the recognized numbers. If we see third quarter, we delivered recognized $10.7 million in recognized revenue compared to Q2, where we also delivered $10.7 million. It hasn't changed, but if we look in the notes in our Q3 report, you'll see that our MapsIndoors revenue, recognized revenue, has increased 14%. So we have increased our MapsIndoors business, but the total revenue is stable. But yeah, MapsIndoors business is increasing, and that's also connected to our ARR, that's also increased in Q3. But total year to date $30 million, and our guidance is in the range $38 million-$45 million. So we are, as Morten said, pretty comfortable that we are, we're going to deliver in the range of the guidance. If we look at other external costs, it's DKK 5.4. In Q2, we had a cost at DKK 6.1. So it's, we have reduced our costs to other external expenses. And also, as I mentioned, when we presented the Q2 reporting, our cost reduction we carried out in April is, we're going to see the effect, and we're also going to see the effect in the Q4. And it's the same story when we look at our staff cost. We had this month, or sorry, this quarter, DKK 20.1 compared to DKK 22.1 in Q2. So that's the same also to this, is that there, of course, there are some vacation and holiday allowance adjustments in Q3, but mainly because of cost reductions. And it leaves us to our EBITDA. We delivered DKK -12.8 in Q3, compared to DKK 15.7, so it's also a reduction of 20%. And we are also very comfortable that we are going to deliver in our guidance range at the DKK 52-DKK 62. So yeah, in general, we'll see the carried out cost reductions made in April, that we're going to see the effect, but we'll see the full effect in Q4. But we see some effect in Q3. So, did this quarter, we still don't see the full effect? There is still something running through it, and of course, into the full year of 2024, I also guess annualized. So this is not the picture where if we look at this, that we could just forward it. Is that correctly understood, that you still have a part? How big a part? And I know that's sometimes hard to quantify. How much of... Is it 50% you are through, or 75% through, and what should we be looking for in Q4? Morten, can you put some... I'm not sure about the numbers, Michael. Oh. I can't give you a number. I, I- If that's what you're asking for. No, no, I'm not asking for a number. It's to get a feel how much you are through your cost programs. And what we are seeing here, 60% implemented, 70% is implemented, or something like that. I'm not asking for a specific number. I know you don't guide on quarters. A lot of it was out in the end of August, start of September. So we'll... Yeah, maybe 50% in the Q3. So- Yeah. Yes, perfect. That makes sense. That I understand. Morten, sorry, you're muted. Sorry about that. And I also not to have background noise. All the cost reductions are implemented, but since some of these cost reductions are related to salaries, there are termination periods where you will continue to pay through these termination periods. And they differ from individual to individual, right? Sometimes. So it's when these are ending, and they should all have ended towards the end of Q3, some of them a little bit earlier. That's why, I would say the way we see it, we probably see in Q3, around 50% is my big- Fifty percent ... my best guess here, right? You'll see a little bit of an improvement from that in Q3. And then on top of that, we continue to work very focused on simplifying our organization, making sure that we have like very lean processes, very focused on our customers, you know, short dialogue, and that will continue to drive additional efficiency in the business beyond what we did back in April. But you'll see us continue to be more efficient going into 2024. Perfect. I think these trends are important, right? If I should sum up here from my point of view on what Jesper said, right? The business is going well. The recognized revenue is where it should be. I hope you can see why we kept the guidance on that and on EBITDA. And we have good visibility, and we have good cost control in the business. And clearly, that means with the AR growth that we're delivering, let's say it's around ±100% in our guidance here. With these cost efficiencies that is being delivered and a constant focus on simplifying the businesses and the processes we have, this will drive a significant improvement on our EBITDA and our profitability, moving into 2024. Perfect. Should we go through some questions? There's a question here: What is your order book end of Q3, and is something lost when comparing to the start of 2023? To kind of get a feel, have you lost something on the way, not converting it, or is it primarily delays converting this to invoice, the... And I don't know whether you want to give a number on the order book at the end of Q3. It's a little bit of both. I don't think that the order book has significantly changed. It's probably like a little bit smaller than it was, but no significant changes. But clearly, like, what happens when you're trying to convert a Framework Agreement into a Prepaid Platform License and talking to a partner to invest upfront, that requires giving some concession into this one. And thereby, you know, reducing the unit pricing or reducing the committed amount. And this is also fundamentally one of the reasons why it's not necessarily the best idea to push this through, because then these concessions might be too big. It's more important to get the customer live and see how they're working, right? So I think there's nothing significant changed in the order book, we are converting from it into ARR, and a lot of the new customers that we have coming on board directly as prepaid platform licenses and go directly from, like, signing an order to being invoiced and then into ARR. So they're not adding into the order book. So we are eating a little bit away of it on a quarterly basis, which is exactly as planned, right? Maybe a follow-up question on that. When the customers that you convert to this prepaid, when converting them, do they have the end customers already, or is it you converting to an agreement maybe with some reductions? Or are you seeing—do you have a feel whether they have an end customer? Because that would kind of indicate better health and better chances of converting it. So a feel of the main reasons why you are still successful on converting something. That's a really excellent question. I wish there was a simple answer to this, but it's, it's kind of like a bit of both is the true answer here, right? It's fairly simple. How do we incentivize a customer to go into this one? The customer need to see an upside into that as well, which means that converting into Prepaid Platform Licenses, all other things equal, are easier, and there is a better joint value proposition if the partner has customers that they can migrate and move into this one. Or they have, like, big sales and marketing pushes where they know that they're gonna grow their customer base in the near future. And some of them are incentivized to do this, and they get the license with a start date and an end date. Yeah. Yeah. Perfect. Then there's the question to the stock price and maybe more about the liquidity, which is very low, and whether you have given any thoughts on maybe how to bump up that liquidity. I know it's a question a lot of smaller companies and medium-sized companies are battling with. So have you given it any thoughts on maybe how you could look at the liquidity? Yeah, well, clearly, the business is fairly, fairly good and fairly healthy, like the structure from a working capital point of view, right? Because most of our customers are invoiced upfront, so we get the cash in before it actually turns into revenue. So from that point of view, the business is very traditional, very healthy SaaS point of view. Clearly, with the reduced guidance on the ARR, we are looking into a requirement, a capital requirement to get to the cash flow break-even in 2024 for somewhere between DKK 15 million and DKK 20 million. And we're looking into different ways, as I said, like some of it, some of it are loans that we're talking to loan providers about. We're gonna work on that dimension. Clearly, we're gonna work on renewing the customer that I said, because if that renews, that will help a lot, 'cause that is out of the forecast right now. There may be an opportunity to raise a little bit of additional capital to discuss with our board. Perfect. Then you actually asked, answered another question. I asked it very wrongly because I talked about stock. I meant the share. Uh-huh. You know, your share and, and liquidity- Oh, that, ... in a low, low amount, say, but that was actually about the composition of the, maybe on the capital raise, and that you already have answered by this one, so that's perfect. Yeah. But it's about the liquidity in the stock, and that's why, you know, a lot of small companies are fighting with getting, you know, some liquidity- Yeah ... in the stock and so on. But have you made any thoughts on maybe how to better that? That's about the knowledge of the company and so on, I guess also delivering the results- Yeah ... the market want to see, and, and so on. But so there's a question here, whether you have given it any thought that this, low liquidity that a lot of, companies are suffering, about right now? Yeah, I would definitely preach into that choir. It is a little bit of a problem that there's so low liquidity on this one, right? I think I wish there was a quick fix on this. I don't see it, and if anyone sees it, I would like to be inspired, right? But it is, as you said, we need to keep talking about this company, but we need to tell the story. We need to be telling the story, how big the market this is, and that this nice little Danish company have a good chance of actually impacting that large global market. We need to keep delivering the growth in our business that documents and validates that vision, and then we need to explain that. And then hopefully, you know, there will be more and more people who buys into it. Yeah, here's actually something, it kind of makes sense. This whole Digital Twins, this whole smart buildings, I see the use cases. I start seeing it on my own phone, and I start using it, so there is a big market out here. And then you, it's easier to relate to, right? From that point of view, and I think that will expand the market. But clearly, we also need to be better at communicating that and who we are and the role that we're playing in it. And Jesper and I have discussed this, and there's been a couple of new initiatives. We also brought on board here this month, actually, a new Chief Marketing Officer who will also be helping us on the communication side as well. Perfect. And a lot of your product is your logo down there on the bottom, you know, so people can connect it with the, with the share if they use it, or is it your, is it your partner's logo, or how is that, just a small follow-up on that? ... Yeah, it is mainly the partner's logos that I know. Yeah, yeah, yeah. Then there's a question on this EIFO loan. What is the milestones you didn't live up to? And if you live up to them in the future, can you draw on that facility then? I don't know whether you want- Yeah ... to be specific on the milestones you didn't live up to. I guess you indicated it was something to do with the ARR. It's more maybe also the question here, if I understand it correctly, that if you live up to it in the future, if you reach those targets that were set to draw on this EIFO loan, will you then be able- Yeah ... to do that at that point in time? It's not, I would say, time-capped, you know, that you should have reached it by now, or and then you don't get it. It is a milestone which was related to ARR. I don't think I can go into the details on this call. No, you don't need to. This is exactly the conversation we are having. Perfect. Perfect. And then next, your answers, you answered the question about that you are both looking at equity, and you are looking at, at debt, so you have answered this. Then there's a question: Do you expect further consolidation in your sector, in the current macro environment? I guess there's some hesitance still, so is that pushing on the consolidation in your business, and are you looking at it? Are you... I know you will not answer me the question on whether someone has contacted you, but, there is some pressure on, still on some sectors. So do you see any more consolidation talk out in your industry? I personally is convinced that there will be consolidation in our industry, right? It's a new industry. It's very fragmented. There's a lot of things that are moving. There's a lot of moving pieces, and the consolidation can be like very narrow in the path that we're in, but it could also be forward and backwards consolidations. So I would be surprised if you don't see consolidations in that one. I think that that's my general view on this one. 'Cause you are right, if there were anything, we wouldn't comment on it at this point in time. No, no. Oh, I know that. So well, I had to ask. Perfect, Morten and Jesper, that was all the question and answers from the audience. Thank you to both of you for taking us through your presentation and answering questions, and thank you to the audience for listening in. May everybody have a nice day. Thank you.