F-Secure, I will be covering our second quarter results. I will be later joined by our CFO, Eriikka Söderström, to cover some of the financials in more detail. After these two sessions, we will have then a possibility for Q&A. Let me dive right into it. First of all, we had a strong growth quarter. We saw growth in all businesses. Revenue was up by 10%, and both corporate security products and cybersecurity consulting were growing as well as our consumer business. If we look at the corporate security products in more detail, which for us means the business security software and then the managed detection and response business, we saw growth in orders that outpaced the revenue growth and MDR specifically, we saw many new customers committing to multi-year deals globally. That, of course, is an important target for us as we seek to increase our recurring revenues. In consulting, our revenues grew by 19%. At the same time, of course, the comparison point from last year was hit severely by COVID-19, but nevertheless, we're very pleased about this growth. In consumer, the consumer security business continued on its growth track. You may recall that we had a record year last year, hitting EUR 100 million in revenue terms for the first time, and the growth track has continued this year. We saw a growth of 6%. Our operational costs are returning to pre-pandemic levels. We will discuss that more in detail that what were the different items that contributed to this. Overall, our adjusted EBITDA margin was 14%. Positive momentum across all businesses with our enhanced offering and also a 15% increase in our deferred revenue on a year-over-year basis give us good foundation for further business development going forward. If we look at the numbers a little bit more in detail, here again, as previously, you will see in the extreme left side, you will see the revenue split and growth by businesses year-over-year comparisons. Starting from the top, we had the cybersecurity consulting with dark blue, the corporate security products, and the light blue consumer security. From the top, the growth percentages respectively are 9%, 7%, and 7%. Looking at the geographies, how is this revenue split? You may recall that we are predominantly, of course, very much a European/Nordics company from a revenue standpoint. Of course, we do have business elsewhere as well, such as North America and Asia, and that is shown then in the bottom of these pillars. As you can see, quite positive development also geographically speaking. Finally, on the extreme right, we see the adjusted EBITDA development in H1 and the comparison to H1 2020, where one year ago, our adjusted EBITDA was EUR 17.4 million, and now we are at the level of EUR 17.8 million, so slight increase there. Looking more specifically into corporate security products, we saw a 9% growth, as said, in the second quarter. Here you see also the respective comparison, how this has developed over the quarters, so compared to last year, so quite good continued growth there. In business security software, especially, we've seen the growth in EPP business. You may recall that this endpoint protection business is something that we are, of course, known for. It is the business area where we have been very prominent in our business side of things. This has, of course, been further developed by enhancing our offering with the EDR offering. Overall, this market is developing quite positively, even contrary to some market predictions earlier on regarding EPP. We have seen some recent predictions that there actually seems to be quite strong demand for EPP at the moment. Of course, one could speculate that this is related to the publicity that there is around cybersecurity and some of the high-profile cases that we have seen. In Managed Detection and Response, this is the solution, as a reminder, where we have a strong common technology base that we share with the business security software part, but we're complementing that with our own expertise and services we are providing on top. We are going very deep in terms of the technology, taking advantage of the scale we have from the software, and then complementing that with very deep expertise that we have within our consulting and other organizations that are complementing this. I say consulting, I mean consultants working for MDR. There we saw strengthened demand and also many new customers committing to multi-year deals, which of course, is important because in a way, it's saying that we have gained the trust of these customers, and now they're ready to commit to longer-term deals. We have specifically won attractive business in retail finance and some critical infrastructure. Several deals were closed also in the U.S. and then, of course, Germany, France, and Finland that continued to be an important part of our European footprint. This picture shows you the F-Secure Elements, which is an offering we launched at the end of May. We've gotten very strong feedback about that. What is specific to this offering, yes, it is about the product offering that it contains, but it's also about enabling our partners so that they can build services on top of this offering. It is about offering the market, our partners, the end customers, flexible pricing models. We offer the customers actually the choice of how to consume our solutions. This is a trend that we're seeing in the market. We call it the servitization of security, that customers increasingly want to buy things as services. Combining this with the other Elements, such as also the partner program that we use for enabling our channel partners. This has been a successful launch, and we expect that to generate more demand going forward. A unified cloud-native platform. With the launch of this, and also before that, we've also seen a strong migration from on-premise to cloud-based solutions such as our Elements. This is an example of a recent case. I mentioned that we have won some multi-year deals with our MDR offering. This is an interesting market because it's one of those sectors in the market that is one of the faster-growing segments, but it also is one of the younger segments. The reason there is such market as MDR is emanating from the fact that many of our customers are looking for us to complement their own internal IT or security team, and they're turning towards us, not just for the technology, but also for the people. How we differentiate from competition here is the fact that in addition to having deep expertise, we also have the software that is the underlying capability that we are taking advantage of here. Here, the customer was a large Nordic retailer, very large, actually, 40,000 employees, where we have gradually built the relationship, gained their trust, and now we were able to sign a deal which covers 2,500 of their servers, and we are taking those under the auspices of our MDR offering and service, and we call it the F-Secure Countercept. We're very, of course, proud of this reference, which we're taking now forward and hopefully with a lot of other things to follow. Turning to consulting, where I said we had an attractive revenue growth of 19% in Q2. Despite the uncertainties and COVID impacting us, we clearly saw better performance, and we saw positive momentum in many of the regions, especially in U.K. and Nordics. Some regions still remain negatively impacted by the pandemic. That is a reality. Can't fully take that away. Of course, the fact that this is, of course, very much about, in some cases, meeting customers face-to-face, even though we have managed to move largely our deliveries also into remote mode. Also, we are taking forward our globalization, where we're able to offer demand-supply balancing, meaning that we can supply delivery from another country than where the customer is residing. This is yet another example. Here, the customer was an international media and telecoms company where we have built the relationship gradually. As often is the case with corporate cybersecurity, you need to gain the trust, you need to demonstrate your capabilities, you need to work with the customers. We are, of course, very much about that partnership with our customers. That is in the core of what we do. In this case, we were able to build this from awareness to relationship and demonstrating the impact, then finally having the commitment from the customer side to choose us to deliver the service. Of course, we foresee that we are able to build on top of this and turn this into a long-term engagement, which, in general, is an aspiration we have for our consulting business. Then consumer security, as said, continued the steady progress, the steady growth, and there you may recall that our revenues are coming from two primary sources. We have the operator channel, the telecom operators around the world. We have about 200 of those. It is very sticky once you're there because we're often part of their own application, for example, and we provide the security aspect of that. So long sales cycles, sometimes difficult discussions, but in the end, very sticky, good customer base. Then we have another part of the business coming from direct sales, direct online sales, which is primarily in the Nordics in terms of the revenues here. Positive momentum there, and specifically like to mention that some of the additions to our portfolio and that complement our current offering have, of course, offered us new opportunities, and new discussions are underway with completely new operator groups because of that. That concludes my presentation. I will now invite Eriikka to join me here on stage, and then after that, we will take questions after Eriikka's part. Thank you, Juhani. Let's move on to look at the numbers more in detail, how they look like when we consolidate them. Starting now with the income statement. The Q2 revenue was EUR 58.2 million and 10% growth, as Juhani was highlighting. We saw growth in all our business areas. Consumer security grew by 6% at EUR 26.3 million. Corporate security products grew by 9% at EUR 20.2 million, and consulting grew by 19%. Here, let's face that last year at this time, the second quarter of 2020, we were in the middle of the start of the pandemic. We didn't know what's going to happen, and we saw the demand, especially in consulting, taking a hit. A low comparison point, but a strong 19% visible now. Adjusted EBITDA, 14% of revenue, EUR 8.1 million. I'm sure that you want to understand better that you guys are growing, but the profitability is lower than it was last year. Here, if I already give a very short answer, we are getting back to the operational cost levels before the pandemic. We were extremely good at pulling the brake and making savings last year while we wanted to be cautious. Now we see that when we normalize, this is where we are. The EBIT, EUR 2.4 million. Between the adjusted EBIT and EBIT, you see the items affecting comparability, that we had EUR 2.3 million as a one-off cost related to a strategic review, which is then taking down the non-adjusted reported numbers. The EBIT, 4% of revenue in the second quarter. Cash flow was strong at EUR 12.9 million before financial items and taxes. EPS, we gained EUR 0.01 in the second quarter. If we just look at the main highlights from the first half, growth of the total company, 8%, all businesses growing, consumer 7% in the first half, corporate 7%, consulting 9%. Adjusted EBITDA above comparison period the first half of last year, EUR 17.8 million, 15%, and here the EBIT at 7%, EUR 8.5 million. We have net cash position and cumulatively so far, we have EUR 0.04 in EPS versus EUR 0.03 that we had a year ago. We were slightly down in personnel when we compare against a year ago. Let's look at some of the KPIs more in detail. They are the same ones that we have been looking at in the past. The deferred revenue KPI is an interesting one. Let me remind you about the revenue recognition, how we do it at F-Secure when we talk about the software business. We can get an order, the customer buys a license, for example, for one year. Let's start from that one first. There, if we sell that license, the customer starts using it already in June, we will then book revenue for one month out of the whole year. One out of 12 of the total value. That's how we then recognize revenue across that contract period. What is then outside of that actual month is called this deferred revenue, and that's what we see as a current deferred revenue below 12 months. We have deals which are three years, two years, even five years. I think the longest that I have known is six years. There, of course, the length means that also we divide it with that duration of the contract. We see that the non-current deferred revenue refers to that part of the deferred revenue that goes outside of the 12-month period. This is about the theory, but now looking at the numbers, 15% growth in deferred revenue shows us that we have had a good order intake quarter once again. We see that deferred revenue grows 36% on the long tail like the non-current, but also positive that this current below 12 months is now growing by 8%. That's the revenue that we have in the back pocket that we will then recognize when the time goes forward. Maybe one thing to mention about this one, that where does the deferred revenue in our company come from? If we look at the second quarter, about half of that came from MDR contracts. They are often multi-year contracts, and about half from the business security software. Let's dive into the operating expenses. As I already mentioned, the biggest single conceptual thing here is that Q2 2020, we saved costs successfully. If you remember, we also had the revolving credit facility that we drew cash in our bank accounts, and nobody knew what's going to happen, if you remember that time. Now in the normalized situation, we see that especially the sales and marketing cost has increased, and there the marketing activity has been already higher than a year ago. The variable salary elements such as sales commissions or long-term incentive plans, those have been growing compared to the situation a year ago. We talk about salary inflation, we do see that the market is getting now hot again, also from the industry perspective, but also looking at the employees. In certain countries, we face salary inflation, also taking into account that we delayed the salary increases last year. Those are ones that we agreed in the second quarter, we actually started paying in November only. That was in Finland, that's a big chunk. There were these COVID-19 related elements embedded in these costs. Of course, the cost of revenue, like the hosting costs, like when you get more business, you have also volumes for that part increasing. That was for the total. This picture is talking about the operating expenses, the OPEX part. Looking at the trend now for the adjusted EBITDA. The bars here reflect now the euro value of the adjusted EBITDA. How we discuss internally, this is now the apples to apples that we look at the operational profitability of the company, and this is what we follow. Adjusted EBITDA margin, then accordingly against the revenue visible there. In Q2, as we already discussed, so 14%, while a year ago it was 19%, but if we go one year before, so it was 9%. There is this improvement that we have been getting, but now the COVID quarters were very highly profitable while the cost was down and this revenue model kept on bringing the revenue, especially on the software side. Maybe not worth going into the details. I think that most of the listeners here know the table pretty well, but we wanted to open up in detail on a quarterly split, what are the Elements that are there between the adjusted EBITDA and the EBIT in the other operating income that was related to these contingent considerations, fancy IFRS language. In practice, meaning the acquisition-related earn-out that we had reserved, and we didn't have to pay fully, so we got that back. In the items affecting comparability, if you look at the second quarter, EUR 2.3 million was the number that we booked as a one-off there. The depreciation amortizations gradually declining, that's due to the acquisition-related PPA amortizations then declining when the time goes forward. That explains then how we end up with the EBIT here for the second quarter, EUR 2.4 million, 4%. From the operating cash flow side, as I already mentioned, it was good. We are in a net cash position despite the fact that we have made a term loan repayment according to the schedule that we have, but also we have paid the dividend payments in the second quarter. EUR 12.7 million net cash position and cash and cash equivalents, EUR 44.4 million. Net working capital was the one now contributing to the strong cash flow in the second quarter. Finally, looking at the outlook, which is unchanged. The corporate security product revenue, we expect to grow at high single-digit rates. The consulting business, we expect to grow, but we have the uncertainty I still mentioned here in the guidance. Consumer security, 6% growth we had last year, and now we say that we expect to grow approximately at the same rate as last year. For the adjusted EBITDA, we expect to remain approximately at the previous year's level. I guess, Juhani, now it will be time to take the questions if there are any. You probably have received already. Yes, we do. Next, we'll have the Q&A. We'll start from the room. We have a couple of analysts following the company here present. Yes, good afternoon. Jaakko Tyrväinen from SEB. Could you elaborate a bit more on the new initiative, F-Secure Elements? What has been the first take from customer and perhaps first signs of new revenue coming in? Secondly, what are your own expectations on that new initiative going forward? Okay, thanks. Yeah, the Elements launch at the end of May is a result of actually a longer initiative that has several components in it. I think the underlying thinking was really to look at it, what is required from a partner's perspective, what is required from the channel perspective in terms of the product? First we looked at. What kind of user interface is required? We look at how everything can be automated in terms of the order processing. We looked at what kind of training programs are needed for our partners. We looked at what kind of business models are required. Of course, ultimately behind this, we have a leading-edge native cloud-based technology as the back end that we are relying on. It's a combination of all of these things and really a culmination of that work was the launch at the end of May. I think some of the commentary that I've heard, and this is anecdotal, but some of the commentary was that this is really one of the best things that they've seen so far from many of our partners. For the previously mentioned reasons, that we've really taken a hard look from a customer's perspective, what is required, not only focusing on the product and technology, but overall, what is required to make our partners successful. We have, of course, worked closely together with them as well to accomplish this. Some of the results are coming in in terms of demand for the product. Of course, it's still early days, and we're hoping that we will be able to talk more about that going forward and share good news. Thanks. On the corporate products side, you cited that also EPP is growing nicely currently. Could you elaborate a bit more what is, if we split EPP and then MDR and perhaps EDR as separate revenue streams, how they are comparing to each other in terms of growth? We do not provide the breakdown between the businesses in terms of revenue numbers, but of course, we have been in the EPP business for quite a long time, that is one of our most established areas in the corporate security side. Of course, we built a position first on EPP, that has been later on complemented by EDR. These originally were two separate product categories. You had the EPP, you had the EDR. I would say that in today's market, we are increasingly seeing a bundle of these two things. Customers are really expecting to also see the EDR as part of the overall offering, we have been able to benefit from that because we've had very competitive solution for them. At the same time, I would say that overall, the EPP market is showing signs of increased activity. Most recently, if we look at the past few months, and that seems to be helping us, but also, of course, many other players as well. The difference between MDR and this EPP/EDR is that where in MDR we are taking our EDR platform, so it's the same technology, and then we are providing the customers with additional expertise services on top of that. Thanks. Last one, on the geographical split, we can see that the growth is mainly coming from the Nordics and Europe. How should we read this looking forward? Are you perhaps putting more efforts on your core areas, and what are the reasons behind the U.S. and rest of the world not growing so fast currently? Yeah. I think as you know, we have a broad portfolio in terms of our offerings. We have everything from software for consumers to high-value consulting for very large enterprises. Of course, geographically speaking, in certain geographies, it's very focused on certain areas, like consulting, for example. There we clearly have maybe the broadest footprint, geographically speaking. We're in the U.S., we're in Singapore, we're in South Africa, and so forth. Part of this is due to history because we have grown by acquisition, so we already have those customers in those companies that we have acquired. Also, there are other reasons. Being present in the U.S. market, of course, gives us an insight into the largest cybersecurity market in the world. Of course, it's important for us to understand what are the latest threats, latest trends in the market, and we are getting an additional benefit from there. I would say that from a strategy perspective and geography perspective, we are of course very European-centric, and it's important for us to establish a strong position in those European markets where we operate. Some of our businesses are also local in terms of language requirements, for example, and that of course means that in those countries, we need to have local presence and a local footprint. Some of our customers are global in nature. If we look at cloud protection for Salesforce, it is essentially an online activity, the whole selling and delivering. We have Fortune 500 customers that we are serving that are customers of Salesforce, and they are tapping into our offering through the Salesforce AppExchange. Everything happened almost electronically, you could say. To sum it up, I would say we are a European-based company with global aspirations. Okay. Thank you very much. Good afternoon. It's Veikko Silvasti from Danske Bank. A few question from my side also. Firstly, regarding the Elements, you said that this was basically for your customers, but who do you consider your customers in this sense? Is it the partners or the end users? Yeah. It's both, of course. We need to understand the end customer, which in this case is launched in the mid-market. We are serving mid-market companies through that offering, but we have a broad network of partners, about 6,000 partners altogether. Having said that, we have the desire also to increase the average end customer deal size, therefore we are moving a little bit up in terms of also the partner size so that we get the right type of partners, we largely have that in place now. Okay. Thank you. Then secondly, is the pace of order intake growth in corporate revenue maybe slowing, as previously you've said that it has clearly outpaced revenue growth? Can you describe this? I'm sorry, I didn't quite understand the question. The pace in order intake growth for corporate security products. Is the pace slowing down there compared to previous quarters? I could maybe comment on that one. Sure. Yeah -because this is somewhat related then to that duration part that, as we have also mentioned in those quarters where we said that we've had very strong order intake from the business security software, that the contracts have been also long by nature. Meaning that the size of those contracts has been creating a lot of deferred revenue as you saw the peak in the earlier quarters. It's not the right conclusion to say that it will be slowing down. That metric doesn't describe you that one. Okay, great. Maybe continuing a bit in this subject, can you give any color on how large is the monthly recurring revenue or SaaS revenue at the moment? Well, we haven't disclosed that one. It's detail, so maybe, Henri, we can look into what we share in the future. Okay. Fair enough. Maybe regarding the OPEX levels, is this the quarterly level we are maybe looking at for the rest of the year, or are there still some sales and marketing expenses that will probably increase for H2? If I start, you may add your own. Sure. Yeah. Sure. Yeah. Clearly, as we know, the world has not returned back to normal, so traveling is still minimal, and that also means from the marketing activities perspective that what will the future marketing activities look like, how much face-to-face time that will then provide, et cetera. It has an element into the travel cost as an example. There will be items that we will see increased cost levels. Also we do have the ambition as a company to grow, and that requires then also adding resources that even if you are seeing now flattish head count levels. The cost levels need to be increased also to support the growth. Yeah. We will be talking more about our future plans in the Capital Markets Day in August 31st. We can maybe dig more into detail. Okay, sounds good. Maybe one question regarding maybe a bit faster growth than expected in the consumer side. Has there been any fundamental change? Have you identified anything in the market that has basically boost your sales growth towards 6 to 8% levels? Well, I think it's a combination of many things. At the moment, of course, the market is quite active, so I think there's a lot of focus on security also on a personal level. Regarding consumers, whether it's security or privacy from their perspectives, I think that has increased in importance. That is one thing. Of course, some of these partnerships that we have built with our partners, of course, are yielding results now, so that we see that we're starting to scale some of those solutions. Finally, also there we have had very good work on the offering in terms of expanding with SENSE, with IDP, and then also offering all of the consumer offering under the same umbrella of what we call total. Instead of actually having to buy separate applications, as a consumer, you can buy total, which then covers several of the previous independent apps. Great. Thank you. Final question from me. Is the operator channel who are selling your consumer products, are they selling the total product or are they selling partial systems or partial products? That varies, so there's no conclusive answer to that. I think that varies from customer to customer. Also there is a difference. Some customers brand our solution and that the consumer only sees their brand, and in some cases, we are co-branding with the operators. Okay. Thank you very much. Thanks. Hi, it's Atte Riikola from Inderes. A couple of questions from me as well. First, your balance sheet starts to look pretty strong right now. Are you looking for M&A targets to boost your growth, or do you have any other capital allocation ideas? Yeah, I would say that regarding M&A, it's in the toolkit. I think we routinely, of course, look at our portfolio and make buy or partner type of decisions, and that, of course, can include M&A. All right. The second question about those EUR 2.3 million costs related to the strategic review. Can you open those up a little bit? Yeah. As you know, I'm fairly new in this role, and it's important that we were able to conduct a very thorough review of the company, of its strategy, analyzing several scenarios, analyzing current state, and seeing where we could take the company in the next phases. We have used some third-party support for this and hence the cost. The last one, do you think that you can keep your adjusted EBITDA in the double-digit% now when you're getting back to the normal growth mode? Well, currently, we are not making changes to our guidance. All right, thank you. All right. Next, we'll have some questions from the webcast portal. A couple of ones related to the operative expenses. This one goes to Eriikka. Have you seen an impact from these long-term contracts on sales commissions? Yes, we've gotten a good order inflow, and we are happy to pay higher sales commissions, as I mentioned, in the second quarter compared to a year ago. What about then, has there been any change in terms of phasing of cost items throughout the year? For instance, timing of sales bonuses. No changes that we could lead. It is also dependent on the performance of how the quarters go and how we pay bonuses and sales commissions. No change as such. Maybe from the marketing cost perspective, there are some items that might be earlier or later compared to what it was the previous year, especially under the COVID time. The timing is a bit different. Okay. Related to salary inflation that is mentioned in the report, what kind of magnitude are we talking about? It varies country by country. We can see countries where there's a very high demand for cybersecurity professionals, and we have also faced the situation where we have had to increase salaries. Materially is maybe the right word. I want to remind that there's also this issue that I was explaining earlier, that the comparison point in the summer last year, we did not actually include those normal salary increases, only from November forward. This was one of the elements of the saving portfolio that we identified to mitigate the risks related to COVID-19. Maybe just to complement that also, compared to one year ago, of course, we didn't similarly in a similar fashion accrue bonus payments. Mm-hmm. Yep. for people, and that of course, had another impact. Some of this cost increase is simply related to growth, and of course, there are other elements that are related to, for example, cost of delivery in our cloud cost or as such. Yes. Back to Juhani and the strategic review. I think you've pretty well already covered the purpose of the review, but then a follow-up. Is the current cash flow enough to keep all the product areas competitive enough, or is it possible that F-Secure decides to exit some of the business areas? Well, as you know, like any technology company, we are conducting a steady review of all of our products and businesses, and we are frequently analyzing the viability and the competitiveness. It's not a static thing. We're doing that all the time. Currently, we have nothing to announce or disclose. Okay, thank you. Still on the same topic, since it was a costly review, did you get anything concrete out of it? I think the Jury is out, and we will be communicating our strategy in August 31st. I hasten to add that what we found during the review was there's been excellent work done in this company, a strong foundation that we are benefiting already now in terms of the growth, and of course, we're building on that good foundation. Okay. Eriikka, have you increased your sales commission percentage in 2021? No. No. No, I was like wondering about what that yeah. Yep. Still continuing on the financials, which year will your acquisition-related amortization related to MWR InfoSecurity decline to zero? If I remember correctly, the technology part was in seven years. Would you agree with me, Juhani? Yes, I do. You could answer that, not to test me. On the topic of deferred revenue, which has grown at the rate of 10%-15% over the past three quarters, and the non-current part of it even more, is it fair to assume a similar 10%-15% organic growth rate for corporate security products for H2 and 2022? That would be a forward-looking guess or estimate given that we are not disclosing at this stage. Okay. The guidance that we have for the B2B products remains the same as it has been, that for 2021, we estimate the revenue in that area to grow high single digits. Yeah. One specifically to Eriikka. Could you provide a bit more color on why you decided to leave the company? That's a tough one because it's always a lot of things impacting. I was telling somebody that, "Hey, I've been reporting quarterly, second quarter in the middle of July since," I'm embarrassed to say, "Since 1994," for a listed company. It's been quite a long time, and it brings certain routines, and I think I still have an opportunity to do something different. I have not decided my next step, so I'm just taking some time off and seeing what the time will bring. All right. Going back to Juhani, we were talking about the consulting and seeing that there's also regional variation in the performance. What are the countries that are still lagging behind? Yeah, we haven't disclosed specific countries, nor would it be entirely fair because I think that this also varies quarter to quarter. We have, in certain regions, faced, for example, heavy price pressure, price competition, and in certain cases, we have decided not to participate in some of those. There have been different reasons for the variation, and I think while we've seen very good progress in consulting and good work done by Ed Parsons and his team, I think the work still continues. Our target, of course, is that all of our regions will be performing very well. All right. Continuing with Juhani, do you have any thoughts on the possible merger rumor between Avast and NortonLifeLock? Generally, we don't comment on market rumors, but I can very generically say that we don't necessarily view all consolidation as bad because, of course, there is less competition, and sometimes also the competition gets tangled up in integration activities, and that's a really good opportunity then for us to accelerate. Sounds good. Do we have any more questions from the room? Thank you. One more question. Regarding the sales commissions again, could we even, or could you even, in theory, decline your sales and marketing expenses and just roll on with your current contracts? Is it so that the partners who have sold, let's say, a license for three years, and then when the three years have run out, and then they will renew the license, will they get a commission again for renewal, or how does it work? I think that's probably a bit too detailed to open up here comprehensively, but I would just maybe mention that it's extremely important that we get a good renewal percentage because, of course, those are the customers that we've won, and it's always a kind of easier task, at least in theory, to keep those customers than win completely new ones. We have a lot of emphasis on that one as such. As to what is the right level in terms of my sales and marketing, sales commissions, and other costs, when you are a company with growth aspiration, of course, it means that you need to invest in that part as well. One of the areas that we are clearly very focused on keeping on investing in is marketing specifically because we think we need to generate demand. We need to get our message out there. We need to be able to communicate our vision, and we need to make ourselves interesting in this very crowded market, and we need to stand out. Having points of view and a credible story is one way to do that, and we intend to roll that out even more than what we have done currently. Interesting. Thank you very much. Thank you. all the best to you, Eriikka. Thanks. If there are no other questions, I'd like to maybe just mention that this is, as said, Eriikka's last interim, and we've been very fortunate to have her as our CFO. She's come with a wealth of experience, and she hasn't contented by standing still. She has also taken our finance organization to a completely new level in terms of the capabilities and systems we have. It is my pleasure to thank her for that work. Of course, we would have been extremely happy to keep her, but at the same time, I think there's a lot of sympathy for her personal decision, and I look forward to being able to introduce a new CFO to you at the Capital Markets Day on August 31st, where at the same time, I welcome all of you to participate. Thank you. Thank you.