Welcome to today's event where we have the pleasure to present Penneo. To help us through the presentation we are joined by the company by CEO, Christian Stendevad, our CFO, Casper Christiansen. The half year results fresh out of the press today is the reason for this event. Something caught my eyes, growth okay, but guidance kept, but a little bit back end load of the growth. Looking at the customer intake, I think a big increase in the customer revenue kind of supporting the investment and growth, but that was what caught my headlines. I'm sure you will come more into it. As always, do not hesitate to ask questions down in the box below, ask in Danish and English. In Danish, I will try and translate to the best of my ability, do it through the presentation or after, but I will make sure to get through all the questions. For now, I think I will hand the call over to you, Christian. Thank you very much, and thanks for all of you for attending this call. We have this agenda where we'll make a short introduction, and this time it will be even shorter than normal. We will go into the H1 result, and then the outlook for the rest of the year. The short presentation of who Penneo is. We are business to business software as a service company. We have above 2,400 customers, and we are focused on digital signature, document workflows, and maybe that's what we are most known for, but also our product Know Your Customer or KYC that are under the Anti-Money Laundering or AML regulation. We have customers in Denmark, Sweden and Norway, Finland and Belgium, and Germany. Our aim is to become the preferred platform for auditors and accounting across Europe. This audit accounting, this is our what we call our tier one and the key vertical, and out of that we go to other verticals. That was the short presentation. If you would like to know more, then we have both presentation on our homepage or please reach out. Now I will go into the numbers and spend a little bit more time on those. On the H1 result, if we now dive into them. Our ARR increase in H1 increased by DKK 8 million- DKK 63.5 million in H1 2023. That corresponds to 33% year-on-year growth at the end of this first half year. We had a Net ARR Retention Rate that amounted to 140%, consist of two things, ARR churn rate that amounted to 3%. We have kept the low churn that we have also seen earlier, and then an uplift amount to 17%. Then we have an ARR for new customers amount to DKK 4.8 in H1, compared to DKK 5.7 last year in 2021. When we look at those three key figures here and sum up, this is the result of our repricing of our sales focus from Sign to selling KYC to pursue the market demands that we are right now experiences. This we have done through the whole H1. We said it already at the beginning of the year and with our annual report that's, of course, and also in Q1, it continues into the Q2. The focus on KYC is a key to our future growth. We experience the demand right now, and we wish to win as many of the large auditors customers as we can, as we see them as a strategically important for our growth, similar to what we also saw with our Sign. Years ago, when we won the Big Four in Sign in both Denmark and also in the Nordic, that helped a lot to win other audit and accounting, and also this network effect that we have experienced over the years to other verticals. What is to be said about when we are selling KYC and also onboarding the customers and especially these Big Four audit and accounting customers, it's heavier than selling Penneo Sign. The sales process is a little bit longer and a little bit more complex. That is also something we have experienced the first half. When we also look at the results and we also mentioned the report, in addition, the result has also been influenced by a higher than expected turnover of commercial staff in Q2 in combination with our ramp-up of new sales. We have net hired more than we say goodbye. We are net more salespeople, but it was not planned that some of them would have left or not all those that have left. When we then simply compare when you're switching from one that had been ramped up with somebody who's being ramped up, yeah, then there's a difference in that. When we look back and compare H1 this year with last year, we also see that that's what we at least assume is that COVID helped accelerate the digitalization and thereby also the demand for Penneo Sign compared to where we are today. That had also an influence on this. In general, we would see that the key driver for KYC is compliance, and that there's an urgency, that there's increased requirement for documentation of the process, and also more audit of our customers that they live up to the regulation, and we see that have an impact also on the urgency that they would like to talk to us. The key driver for Sign is efficiency. It's also important for many customers, but this has less urgency into it. So that's what have influenced the numbers. If we look at the average revenue per account, that has increased by 21% in H2 compared to last year, or H1 compared to last year, H1. It's a consequence of the upsell to existing customer by 114% and also increased in ARR to new customers. The EBITDA amounted to -9.7, that's as a result of our investments after we raised capital and our guidance remain unchanged both on ARR guidance and also EBITDA. I will come back to that at the end of the presentation. If we also from a business point of view look back to H1, what have we accomplished and what have been working on? At the end of Q1 and the beginning of Q2, we raised a growth capital of approximately DKK 60 million, and we were listed on the Nasdaq Copenhagen Main Market. That basically kicked off our Q2. Our key focus has been to continue to growth in foreign market and our whole expansion. We can also see that the 60% of our new biz come from foreign markets in Q2 this year compared to 40% last year. It's an increase in that. As it also stated here, and I've also mentioned before, that the KYC has been a key focus, and therefore we are very happy with some of the strategic KYC customer wins that we have had. We won PwC Denmark, that was an existing Sign customers where we have upsell our KYC to. This was in May, and in June we won PwC Norway. What is special about PwC Norway is that it was not an existing Big Four customer. They're not using our Sign, but so we could onboard them with our KYC. We are very happy, and they are both good examples of our strategy with KYC. We will now continue to pursue the other Big Four and basically Big Ten, the largest audit and accounting. We have also made investments in our growth strategy and investment with the raised capital. What that can be translated into is hiring more people. As part of that, we have in Q2 hired a talent acquisition or our own internal recruiter to help us speed up the recruitment. One of the areas where we can see we have succeeded in our product development, where we have got new people on board. We have also in our sales transformation on the way we are organizing our sales. One of the examples is that we now in Belgium have our local representation. In general up until recently it was a focus that everything was out of the Copenhagen office. Now when we grow, and especially for our European expansion, then we see the strategy is that we set up a local representation. It is easier in this market, and I think more beneficial to have them close to our customers, and we are ramping up that team, and we are looking into the same when we enter other markets. We also focus on how to be more specialized as we grow and both having specialized team for the inbound we have today and outbound, and we get that split. We also invest in sales excellence on how we can ramp up our sales quicker and simply get more specialized in what we do. Last but not least, what we have not mentioned before is that we have worked heavily on getting on the European Union Trusted Lists. I have a special slide for that. It might be busy, but the key takeaway from that is that we have established the infrastructure and all the processes and have been audited for being a qualified trust service provider offering qualified e-signatures across Europe. We are right now in the process at the last part where we hand in to the authorities and wait for their official approval to be EU approved. We will get the stamp of being qualified trust service provider. We are still missing the last step, and we expect that to happen here at the, here in H2. To get this stamp, it ties directly into our mission to deliver on the highest level of trust, not being depending on other third party providers. Here I've just mentioned a description and say what are the three levels to make it easy. There is a simple standard where you can do it with an image or others. These are the low level. Then the Advanced Electronic Signature is a much more secure way of signing, and that's what we experience in Scandinavia. That's enough of signing annual reports and others. That's where the level we are living up to. In Europe, from a legislation point of view, there is an even higher level that's called Qualified Electronic Signatures. Only a few are able to do that, and that has a legal effect of a handwritten signature in all EU countries. All members have had to accept a Qualified e-Signatures. There are areas in other countries where that is necessary. Basically by being on this Trusted List and own that structure, the infrastructure, we are able to give that certificate help us in our European expansion. We are focusing a lot on KYC as I told you, but definitely also on our Sign in our European expansion. Soon when you look up on the trust list and on Denmark, the Danish state and Nets that are on it, and then soon Penneo will also be listed, but it's only for the few. This is one of the things that we have also been working on. That was a business overview. Now I will hand it over to you from some of the numbers, and you can go into a little bit more detail, Casper. Thank you, Christian, and thank you for now letting me having the most interesting slide that we come into. No, joke aside, I assume that a lot of you out there are used to see this slide, so I'll just dive briefly into it. At the dark blue column here, you can see the annual recurring revenue coming in for the customers who became customers in 2014 and so forth. What you can see of the slide is that every year, all our cohort is growing, meaning that we are able to grow the customers coming in more than the customer churning. That's unique for us, I guess. We're pretty proud, and the story is continuing here. Even though we have experienced a bit slower upsell to all our cohorts from last year to this year, if you compare to the previous year, then it's still a great figure to see that all our cohorts is growing even this year. Next slide here shows our overall growth from DKK 47.6 million- DKK 63.5 million in the last twelve months from H1 last year end of H1 and H1 this year. If you look at the left side on this chart, you will see that the uplift from our customers is 17%. It's a lower percentage than we presented last quarter. The churn is the same strong number. I guess that you might also see a 3% ARR churn as a strong low churn. We are satisfied as long as it's 5%. On the other hand, we see ARR new biz it's 90%. It's also a bit lower than we are used to see in the past quarters. What's new in this chart is that we now show what's the beginning value for new customer subscriptions and the beginning value for the signing subscription. By subscription, I mean the annual recurring revenue. Casper, that's. This chart shows how much the growth in ARR when we divide it into the domestic market and the foreign market. When you look at the domestic market, it's a yearly uplift on our portfolio with 29%, and it's including also new customers. For the foreign markets, it's 50%. When you compare to the last report we released, it's slightly lower on the domestic market and the foreign markets it's a bit lower. What I would like to highlight here in terms of our internationalization is that if you see on all our new biz coming in in this quarter, specifically Q2, more than 60% of the new biz ARR is coming from foreign markets. If we compare to Q1 this year, it was a bit over 50% coming in of our new biz, and compared to Q2 last year, it was under 40%. I conclude we're on the right track when it comes to our internationalization. This slide shows how our SaaS numbers is progressing. As you can see here on a 12-month period, we got 411 customers in on an average AR deal size the first year on DKK 22,000, and on average, it cost DKK 32,000 per customers getting in. If we dive into Q2, we can see the 12-month average is pretty much the same when we're talking about CAC. On the AR first year, we see a very strong number. I guess if you open our old report, you can see that we got a lot more customers in Q2 last year, but on a lower average deal size. This year is like we are getting bigger customers in, but not as many as last if we compare to the same quarter last year. Christian has already mentioned one of the reprioritization upselling the newer customers. I want to mention here that a part of this average number, the DKK 28,000, is including one big auditor in Norway, which is fair to mention also. If you see that we are getting in our new biz customers is being bigger first year here, and you see that we have an uplift on 14% on our customer portfolio, then you can see the increase from DKK 23,700- DKK 25,000. It's an increase in our annual revenue per account, and it's driven both from the uplift and the bigger new biz customers. If we dive into our P&L, first of all, our revenue is only growing by 20% compared to 33% that's why I say only. On a technical level, you need to understand that up until 2018 we sold on a price model where we combine a bundle of signatures with a low subscription. We still have some customers being on that model. If we had invoiced what we invoiced just after the quarter ended in the end of Q1, we would see a growth approximately on the same level as the ARR growth. When it comes to our cost of sales, we see the growth is almost following the recognized revenue. Why? The contribution margin is 81%, so it's slightly lower. It would have been stronger if we also had recognized some more invoice, as I just mentioned. Other external expense, you can see the growth here is only 16% if I compare to the previous year. It's a slow ramp-up on our costs. I think here it's fair to understand that in 2020 we raised a lot of money on the original IPO, and we deploy a lot of them into the infrastructure of, for instance, a new ERP system and CRM system and so on. We are still investing in that, but it's not the same growth within this cost. I think it's pretty much what you can expect from us in this H1 since it's the tail end of the first investment plan we set out during the original IPO. On this thing, staff cost, it's pretty much the same here, where we have only increased the staff cost by 36%. It was a higher ramp-up the previous year. I guess that's it. The last slide shows just what I said before, that now we are in the beginning of a new investment plan, while we also expect that, when we grow DKK 1 in ARR, it would cost more 'cause we are willing to front-load a lot of costs to see that we are growing. I think it's fair to highlight and also understand here that our free cash flow is influenced by costs to the Nasdaq Copenhagen Main Market. All the external costs for that, help from the auditors and the lawyer and so on, is included in Q2. If we hadn't had that, the number here would be lower, and the price per ARR would be lower. I think as an investor, you need to accept that in the beginning of an investment plan you will have a higher price per ARR, and then when you're at the end, you will see that the cash drain isn't that deep anymore since the subscription base and the revenue are following after your increase in, for instance, cost, staff costs. Thank you. For the outlook for 2022, the guidance for 2022 is unchanged. A year-over-year growth of 40%-49%, based on the numbers DKK 77-DKK 82 compared to the DKK 55 last year. That remain unchanged. We will continue, you know, our focus on rolling out Penneo KYC to audit and accounting in the Nordic, and we're also intensifying the investments in the European expansion through audit and accounting. Both things are there. And you can see from, of course, we have also learned from Q1 and Q2 on how it is. Some of the deals today are larger in KYC and then also a little bit more binary, you know, yes or no, but they're also rewarding, and there is a demand for it right now. If we go to the next one, that is the guidance on EBITDA, and that is also DKK -15-DKK -20, representing that, you know, same unchanged and representing that we are investing. That's based on we are executing our plan to growth investments in our sales and development organization, and that is basically laying out the foundation for growth into 2023 and onward. We have mentioned here that, for the first time in any of our reports, that these growth investments will be carried out. We will provide careful monitoring, you know, the whole market and on how that is going. Right now, as we experience it, KYC is regulated and will continue to be regulated, so there will be a demand for that. Also our Penneo Sign helps with digitalization and being efficient, so you save money. It's something that we will look into it, but right now it's not because we have seen it. Maybe just short comment- Yeah ...before you hand over the mic to Michael, 'cause you said this comment that I can see you are backloaded on your growth this year, and I think that you're using the same calculator as we do. Since we are maintaining our guidance, then you can see last year our growth was pretty strong in H1 and not that strong in H2. Since we can see it in our funnel and so on that this is the case, that we are maintaining our guidance, then a natural outcome of that is that, yes, this year we are backloaded on our growth. Perfect. Yeah, Casper, I think you already alluded to one of the questions, let's take them one by one. Do you see any change in the competitive situation? We see it in the subset that there are competitors out there, and they continue, so we need to continue to be sharp. We also are seeing that we are winning our deals and our fair share of it. It basically the competitive landscape is like it is and has been. Like it is. Is it unchanged or a little bit more competitive? It's basically unchanged- Unchanged. ...where we meet them, we have just the same kind of competition that we have seen so far. I know there's a lot of talk of big U.S., you know, not growing in U.S. and maybe starting to look in Europe, but are you more protected in the regulated businesses? How competitive is the field when you look down on your very strong verticals, the auditors, the regulated, the AML, like KYC, you know? Is there that much competition in those verticals and in those areas? It's a very good question because when we are focused on that vertical and do it very good, it for us has been a good strategy so far, and we also expect it to be a good strategy going forward. When you are specialized in a vertical, then you have an advantage compared to those that are spreading across, you know, all industries. There is a difference. We have specialized in what we do, and therefore we see that we have a clear competitive advantage. We need to be aware of it all the time, and we need to be sharp, and we need to continue deliver more and more value, and that's what we try to do every day. There's a question. Any special reason for slowdown in uplift? There's a small slowdown. Is it the KYC, as you said, or are there other reasons for this? I also saw you mentioned that you had a little bit hard time getting on the staff you needed in your commercial organization. Is there also a little bit of that in this one? Yeah, yeah. There are these three reasons. That is KYC by upselling. It's more complex and take a little more longer time to do it. Yeah, then rewarded by a larger deal size, but that's one thing. The other thing is that we have saw in Q2 is that we are ramping up our sales, but we also have seen some that are leaving, and that had the temporary influence on our performance. Then when we compare specifically to last year, we could see that we expect that the COVID was a big help for us in that digitalization. When everybody was at home, they really needed from our Sign product. It was a good way of getting the efficiency in the process. Maybe that helped us a little bit more than that this year. I think it's also fair to say that if we decided to push more on the network effect than usual. Normally, we talk about this three-tiering system. If we prioritize to put pressure on that, on that tier three, I assume we could have higher growth rate. For now, it's more strategically important for us to focus on the auditors, KYC. We invested in the company, and we have done a lot to make a great process in the product. Now it's also most important for us to take this deal, big deals. If you look back on the historical line for Penneo, what we also did back then was to prioritize the strongest candidate within the audit and accounting. After we succeed by co-creating the platform to their specific, or not specific, but their strong needs or strong requirements within the platform, then we afterward took the aftermarkets down in the auditors and afterwards other verticals. I think the phase right now for Penneo is being in this kind of, we need to win those customer with the strongest prerequisites to build our platform as strong as we can for the future, if it makes sense. By reprioritizing that instead of just pushing on the network effect. Yeah. We have raised money in order to do both. Originally, we came out and say, "We have our Sign, we will continue that, and now we raise money to also focus on the KYC." Now we have that we did that. Before we raised the money, we said, "Okay, but the demand is right now." It's now they are asking, why not just make that shift? Of course, when we fuel the whole organization, we can do both because that was the intention. There's a question here. A big jump in revenue on new customers, the average revenue of new customers. Is it solely KYC driving that, or is client in new market, you know, abroad also bigger? I know you mentioned a client. Do you have the number if you strip out that client, or are you willing to give that? Here's the question also, do you actually see bigger clients also going abroad? I think it's a very relevant question. I think it's a fair question. What I'm also giving out in the report is that the Big Four in Norway was our best deal, and it has an impact on the average number. Of course, yes. That's the most clear answer I can give you. In terms of know your customer, it's yeah, it's a bigger deal. Normally we assume it's the same deals, and it has a fair share of the new customers in percentage of the value. Let me know if it wasn't clear. No, I think it was clear. A follow-up on that one. Actually, you know, we might make a too early connection, but if you get a larger client in to start with or getting client in on a higher revenue, is it harder to upsell them, you know, to move it up the ladder? Will that put pressure on that, or is there no connection there? I think it's fair to say if you're an auditor, a Big Four auditor? Do you want us to just handle 10% of your customer portfolio, or do you want us if you shift from manual process to fully software? I guess the most auditors would prefer to have the entire portfolio, so when the auditor is coming, they can use the software to prove that they are complying with the regulations. I think signature is more driven by the efficiency. You can start out in one department, then we can grow, and then we can take new use cases. If you know your customer, then it's more normal to take the full-scale approach on all your clients at once. Yes. Then there's a question also here, how much of the upselling is consumption-based? I guess you mentioned in your report that you are used a lot during the COVID-19 last year, and also that maybe influenced the uplift. Yeah. I think it's fair to say we are not decreasing in engagement, but it's more the growth in engagement is lower than the previous year. It's not that we're decreasing in engagement. No. It's more that the growth is lower just to correct it. To clarify that. Yeah. They accelerated somehow. We still have growth, but last year was even higher compared to before and after. So- To answer the question, it is consumption-based. The price is based on how much you consume, but you make some commitment on your minimum consumption. We say, okay, and often, for example, we've signed. We go in, you know, also it might be a one or two partners. We do it for our customers, and then it is expanded to all the other ones, and then it's across all annual reports. They also do an HR and then do it others, and then they expand. As they expand, they commit to more and therefore also the ARR goes up. That's how the whole upselling is working. It is in that sense, the more they use it, the more they have to pay. It's more like a stair-step on the subscription revenue than it is directly consumption. One signature, one euro, or what you might say. Maybe calling it consumption-based is From a pricing point of view, it is in two steps. In reality, when you average that out, then it's, you know, the more you use it, the more you have to pay. Yep. Could you provide us with some guidance regarding the increase in staff costs? You know, looking forward, what do you expect there? I think that we need to stick to our official guidance. We cannot give out any new guidance on the call. A clear answer will be sorry. Yeah. Perfect. I understand. There's a question here. I guess the main risk to reaching your future goals is getting the right people on board at the speed you need. What are you doing to get success? You talked a little bit, you elaborated a little bit on something, but is there something else you are doing? Yeah. It's first of all to get them on board in the first place. That was our internal recruiter or talent acquisition specialist that we have hired. The next part is to have them to stay, and we are very focused on this fast ramp-up of them, so they also feel that they can deliver value to it. Then we are measuring constantly on the whole employee engagement where we can see it has increased when we look in Q3 and Q4 and until now as an improvement. When there are weak points, we work with it. It's something we very much have focus on. If I should understand you are actually pretty successful on getting people on board. It has been keeping them in a very competitive world that has been maybe the main challenge. Yeah, in some areas, and now it wasn't. In other areas, it's the same that have been there for a long time. It's a little bit different on where it is. It is interesting also how that the dynamic is working because right now we were so happy that we could raise money and we're now expanding and growing. We are not desperate to some new because now we have a plan for the coming years. By that we can see we now can attract because some other ones, they may be in another situation. I basically would love everybody just to for full speed ahead, but we might get now an advantage because now we are growing and have a positive projections here compared to others, so we get more candidates in as we see it right now. There's a question, how many companies are on the EU Trusted List? Yeah. It can basically looked up. You can simply google EU trust list, then there's a EU list from European Commission, so you are all able to look it up yourself. Often there are some authorities just like we have in Denmark that are on it. There are maybe some banks and others. Then there's a few of the other vendors that are also there. But it's clearly. I would say we are really narrowing down the number that are able to do it, which give us the advantage that we are also able to do it. So it strengthens us and obviously give us a competitive advantage. But we are not the only one, so to be said that. But it requires some strict requirements in order to be there. With the increased investment in growth you have financed, do you expect the growth rates to go up from the current level that you're guiding this year or be at the same level? We have only guided for this year and when we have the estimation for the coming years, we will of course get out with new guidance. For now, the thing we have done is, yeah, we are investing to continue the growth, but we are not being specific on whether basically it is if it's 30, 40 or 50 or 60. That we will go out when we have concrete guidance and knowledge about that. We are investing in order to continue growth, that's for sure. The next question was: keeping guidance will demand higher ARR in the second half than in the first. What supports that? You know, I understood your answer about that your growth rate will be easier, so the ARR growth. But I also guess on an ARR level, you need to go up from 8% to something a little bit higher than what you realized this first year to reach the amount of ARR you are guiding. Can you elaborate a little bit on what are you building your expectations on? Yeah, yeah. Basically, completely correct. We are building up to that we have been diving into all the numbers. We are looking at the performance, we are looking at the pipeline, we are looking at the deals and the deal size, and out of that, we have concluded that we are still within the guidance. I think. So that's the reason why we are keeping to it, because we really believe that that's what we are going to meet. According to the EU trust list, is this approval critical for the EU expansion while it's not necessary in Scandinavia? Is it a critical point to get that for your EU expansion? Yeah. First of all, because we have not got it yet, because we have not sent it in, and then we are waiting for the formal. We believe it's a formality just for, because we have done all the work and got audited on. Is it then a prerequisite for growth or not? It's not a prerequisite, but it will strengthen us. Compared to Scandinavia, we are in a situation in Scandinavia where with your electronic ID and the signature like Penneo, it is approved by authorities that you can buy a house or lease a car or sign an annual report. In other countries, some of them are okay with advanced signatures, but others require this higher level, which is not in Denmark, Norway and Sweden. There are differences. The more we go, for example, in Germany, they are very focused on the majority need to be qualified signatures. For example, in Belgium, the employee contracts need to be signed with qualified signatures or handwritten. Even the advanced, it's not good enough. It will simply give us an advantage here. That's the different legislation. What is also important is from an EU legislation, you cannot require more than the qualified electronic signature. With being on that one, then we are on the highest level. There's no discussion whether it is valid enough or not. It's in our, now in our control because now we don't have to buy from third parties or other things. It's our solution. We also from a brand and positioning and flexibility, we are able to offer on the highest level. Flexibility and expansion going forward in the whole Europe or whole EU where the legislation is. There's a question here. What are your estimated market share in the domestic market, i.e. Denmark? Yeah, we have not estimated, but we have the majority of audits and accounting in Denmark. We have a little bit less in Norway and Sweden. Of course, we are in the early stage in Belgium as an example. In Denmark we are a known brand, but we still, you know, say as you can see on the numbers also in Q2 this year, we are still growing that market. There are still more customers to come than there was. A lot of them that have a need for our solution. Then of course KYC will help us in the upsell. That's revenue on top. Some software companies report that customers have a longer process of deciding. They're not stopping the product, but deciding to invest in some new. Are you also experiencing that? If that actually slows your growth, are you considering lowering your investment in growth if the you know the uncertain economic times out there kind of push a little bit down on the growth rate? That's a very good. Yes, we are also experiencing that, there's an extra ask to get the budget released just because it was released earlier this year you have to, you know, the company need to ask one more time to get it released. So there's a little bit more cautious at many customers. It has not stopped us. They not say, "Okay, you don't even get the budget." There are some extra round. From a sales point of view, we just, you know, we have trained say our staff and also the champion at the customers that you have that part of it, and then we calculate that into our process and our estimation. To answer the second half, if it suddenly turns out that simply everything slows down, then no decisions are now coming in, we don't sell. Of course, our investments is based on that we meet our numbers because we invest everything we earn, and then with the extra capital, we put something on top. If suddenly it slows down, we will never run out of cash. Therefore it will have an influence if suddenly our numbers is way down because of that. So far, we have not seen it, except that yes, we have seen the first sign, but not with an influence on this. Perfect. I think that was the last question. Thank you to you, Casper and Christian for taking us through that, and thanks to the audience for a lot of good question. May everybody have a nice day. Bye-bye. Thank you, Mike. Thank you very much.