Welcome to everybody online and here in the room to F-Secure's quarterly results event for Q4 2022 and the full year 2022. Without further ado, let's have a look at what solid performance amid challenging environment means for us. The highlights for our business, we have continued to grow our business and revenue, even in the relatively challenging conditions of 2022 as a whole, and maybe even more pronounced towards the end of the year with the rising inflation and interest rates. Revenue continues growing for multiple quarters in a row now when we compare quarter to quarter with previous years. Our operating environment, like I said, has been relatively challenging. There has been one event that has been profitable for us or beneficial for us, which has been the FX rate, which was favorable as the dollar was relatively strong most of the year, which turned around in December. Otherwise, the world has been throwing wrenches our way most of the year. We have focused in Q4 very heavily on our rollout of our all-in-one application, which in 2022 consisted of our mobile clients, so Android and iOS clients. More about that later. We've always said that we want to be a highly profitable company. We also want to be paying around 50% or more as dividend. What we're proposing now to our annual general meeting is that we would be distributing 78% of the group net profit as dividends, which translates to EUR 0.07 per share. That's the overview. Overall, I would say that, you know, if we look back into 2022, you know very well that we de-merged from WithSecure mid-year, and there's been an incredible amount of projects running inside the company, which have had to do with establishing our independence as well as the normal business. I think that from my point of view, this was a very good performance from our team, and I would like to extend my huge thanks to every single fellow in F-Secure. Let's have a little bit of a look on our strategic execution against the main growth initiatives that we've stated before. The first one is the increasing our average revenue per user, especially through our all-in-one app, so F-Secure Total. In Q4, we signed up 10 partners for F-Secure Total once again. All in all, we now have 35 partners who have signed up for F-Secure Total, so roughly a quarter of our whole partner base. That was good progress considering that only this week we've actually launched the full product also with support for Windows and Mac environments. We've also seen that our, let's say, benchmark that we've set for ourselves, that we would aim for a 1.35 increase in average revenue per user. We're clearly going over that right now. It's actually over 50% increase to what we've seen in ARPU for the users that have moved to Total. From that point of view, we're ahead of the plan. However, there's always a however, I say, in this case, we've got relatively high-value regions moving first to Total, so this may go closer to our benchmark of 1.35 value multiplier, we'll see. For now, the theory seems to hold very well and solid. We've oftentimes talked about the development of new products and developing our current offering. On that front, we launched F-Secure Sense at a Finnish operator, Elisa, during Q4, we have more to follow in the early part of this year. Very, very busy work with those go live projects with our operator partners in Q4. We established on the first of November a new product business cell that we call Embedded Security, and we'll talk a little bit more about that later. We're glad to say that we've already signed up our first partner for that offering, so we're well on the way of getting that business cell getting into a flying start. Finally, we have seen that the kinds of tools, skills, capabilities, and value that we've been able to bring to our operator partners, the CSPs, communication service providers, that translates very well to also other sectors like insurance, banking, payments, and so forth. In Q4, we signed a large European bank, a leading bank in that country, for F-Secure Total and a large Nordic bank, both Total partners in the future. These are services that will be rolled out in the near future. We've also seen very active pipeline development in the sectors that we've been targeting and, you know, we start to be a regular guest at banking and insurance conferences, for instance, that take place especially now around Europe to begin with. We have wanted to give you a feel for how our future looks like in our own aspirations. This is how we see it. This journey has started in 2022 by establishing independence. We've talked about this for the past quarters, and most likely this holds nothing new for you. 2022 was the year of independence. 2023 is the year of the all-in-one app. Like I said, 25% of our partners have already signed up for Total, so 75% remains. We've set ourselves a very ambitious goal where we want to be by the end of this year. And also, this week, we have launched the full Total generation of product to our direct business customers. That became available on Tuesday and will start campaigning on Monday. That's the theme of this year, and naturally, the main value driver for several years, but especially this year is the one when we are wanting to make a big push on this front. In 2024, we had a session for our own internal folks earlier today, and I said that innovation is also allowed in 2023, 2024 specifically is the year when we will be aiming to double our customer base. We've said that we have roughly 16 million customers that we serve today. By the end of 2024, we want to be above 30 million and we want our service at that time to be a service that talks to people. This is the biggest thing. If you think of the consumer cybersecurity field, applications have mostly been hidden under the hood. You install them, and then they do their magic, and then you're safe. What we want to do is to go beyond this. We are busy designing in-app communication that will help people take the most, make the most out of the service, for people to get insights, to get guidance on how to protect themselves better or how to protect themselves from certain threats, you know, to be wary of the kinds of things that are out there, lurking in the dark. We're also looking to innovate in the area of securing more digital moments. You know, previously what we've looked at is that there's endpoint protection, there's VPN, there's this, that, and the other. Now we look at, okay, what are the kinds of digital moments that we can start securing? That's, the focus. We have new things in the pipeline, such as Trusted Shopping, that we want to help people feel safe when they go into e-commerce sites that they don't necessarily know from before. How can we create a stronger sense of security in that kind of moments? That's just an example. We're looking naturally because we want to double our customer base, we're looking onto finding ways how we can enhance our market reach through bigger and bigger partners all the time, be they CSPs or these new vertical partnerships that I referred to earlier. In 2025, that's when we feel that, you know, we're already delivering in a big way the number one security experience that we have as our vision. Our internal aspiration is double-digit revenue growth in 2025. Our midterm guidance remains to be high single digit, but that's where we've set our own target. you know, what I say on the slide here is that, our value proposition is sense of security on the internet. My statement would be that if somebody asks us, "What business are you in F-Secure?" We're in the business of providing sense of security on the internet. That's our business. That, in a way, gives you a feel that when we are innovating how our services and software can develop further, any kinds of things that provide meaningful sense of security, added sense of security for people, that's the business we're in. That may also be a little bit of a link to our brand refresh that we'll talk about later, that we're now more of a lifestyle brand than just pure play cybersecurity as we used to be. What the security experience requires is that we're highly data-driven, naturally always protecting the privacy of our users and using the data to the benefit of users' experience, and being context aware so that we can guide users in the very specific moments that they're in. Finally, you know, I talked earlier about the typical cybersecurity approach, which is that good cybersecurity is out of sight, out of mind, and it's somewhere there under the hood, and it's protecting me. We want to go beyond. We want that people who use our services, after three months, after one year, after two years, they get better at, and better at securing themselves. They get smarter in keeping themselves safe on the internet. This is what we want to do, a service that, in a way, educates users to get better. Naturally this has to happen in a way that you want. If you want it to be quieter or you want it to be chattier, the kind of, you know, the guidance and insights and information you receive, you can throttle it the way you want so that it talks to you at a pace that feels right. That's, in a way, the vision of how we're developing our strategic path from 2023, for the next couple of years. We've slightly adapted the way how we present our growth focus areas. We're looking at two different things, though. One is that how are we going about our brilliantly simple security experiences path that helps us grow? Secondly, how do we expand our market reach? If we start from the brilliantly simple security experiences, this is how we intend to deliver on that promise. First step is the all-in-one app. Let's move from several apps into one, which covers all the crucial digital moments that people go into. That suite of capabilities and digital moments that we secure will keep on expanding with several new things every year. Secondly, security that we embed into network appliances, for instance, like Wi-Fi routers, home routers, that can protect the household and all the people and gadgets in it without the need to install an app. We're going a step further in making it easier for people to secure themselves. Finally, Embedded Security, which is a new area that we have established as a product business cell, that adds security capabilities into the apps that you already have. If you go to your phone and you scroll the first two or three screens, and you look at the apps that you can see there, that is where we would like to be. If the app is not there today, maybe we can help a service provider to get it there because there is more, let's say, attractive value in using the application, downloading it, and taking it into use. I'll talk a bit more about that in a bit. About expanding our market reach. So new vertical partnerships, banking, insurance, financial technology, payments, retail partners or electronics retail, digital goods retail, these are the partners that we're signing up. We now have, you know, if we think about retail, we have roughly 40 partners globally. If we think of new vertical partnerships, I believe we have 11, and CSPs about 130. Now we have about 180 partners which generate us active, revenue all the time. In terms of geographical expansion, we have been for already a very long time, we've been very strong in Europe, but our growth aspirations are highest in Asia-Pacific, Japan, and North America, which have all turned out to be very good growth areas for us in the last couple of years. For instance, with SENSE, we've been signing up partners now in the second half of 2022, where we are looking at new kinds of partnerships so that we want to sign up partners who can also act as resellers of our SENSE proposition to operators, broadband operators across the world. They already provide, for instance, routers or CPEs, to operators, so they could also bundle our security proposition into that router and resell our whole solution. That, in a way, is something that we hope to speed up the go-to-market process also with SENSE. A few words about Embedded Security. I would like to reiterate something that I mentioned to our own internal audience today. Embedded Security forms an integral part of our strategy of becoming the number one security experience company. It is because we think that, you know, when we minimize the activities that we require a consumer to do to take security into use, the better we are. The better we are if we can embed it into something that people are already accustomed to. They already have the app or service, they already have the credentials, they already know how to use it, the scope of that service just expands. What kind of companies could this be? Anybody who is already in some shape or form in a business where extreme trust is an integral part of their value proposition. And, you know, it can be all kinds of industry segments or customer segments or partner segments that we can have a look at here. Currently we're seeing interest from CSPs, payment providers, banks, to some level in insurance companies. What we're seeing in our new vertical partnership initiatives is that for some, Total is the best way to move forward, and for some others, they would like to embed our capabilities into their application and service. This allows us to be flexible to serve these partners and their end customers with a proposition that is most meaningful for them. The kinds of capabilities that we can bring in Embedded Security then cover endpoint protection, privacy, identity, family protection and so forth. We're naturally also, as we are developing our Total proposition to cover more digital moments, we will see those same things appear available as Embedded Security capabilities. Let's have a look at our new brand. That's our new logo, but the new brand is so much more than just a new logo. The new F-Secure, as we call it reminds you more most likely of a lifestyle brand than what we were before. We want to be showing people who are real. We want to be showing you digital moments in normal life, not polished smiling people, you know, in the, in the pretty, stereotypical manner. Here you can see some examples of, for instance, what our adverts will look like in the upper left-hand corner, you know, posters. You can see to the right of that how we will look on the web. By the way, if you go to our new web f-secure.com, you will already see how this brand comes to life. In the lower left-hand corner, you see how our applications look like and, you know, all in one in Total. Up there in the right-hand corner, you can see, for instance, what kind of messages we may be sending in the insurance sector. Your house insured, your car insured, your digital life F-Secured. We've turned maybe we have to, you know, get this into the official dictionaries that there is a new verb which is called F-Secure. We're starting to use it as a verb now. You can see some of the illustrations that we use and the kinds of messaging that we are going to be applying across different channels moving forward. These are just some tasters for you and I'm sure that some of you may be seeing our campaigns going out starting from next week, for instance, here on Helsingin Sanomat and Kauppalehti. That's all from me. Now I would like to hand over to our Chief Financial Officer, Sari Somerkallio. Thanks, Timo. Hello, everybody. As you can see with Timo, we are wearing the new hoodies. The whole company has gotten these just this week, and we are all very proud, and it's nice to see the internal atmosphere that we have. Good to be here. Let's look at the numbers. Our growth in Q4, and most of the slides are on Q4, I have only one summary slide of the full year. Growth 4.3%, and I'm really happy to show that we also have now the currency neutral numbers. With comparable exchange rates, the revenue increased by 2.9%, which is obviously a lower number, but I think we need to tell you that truth as well, and the intention is going forward to report the revenue also in this way so that we have both versions available. When we here look at the numbers for the regions, we see actually that there is quite a significant difference in the regions between the reported and currency neutral numbers. On the top, we have the rest of the world, which is mainly Asia and Japan. The comparable growth is 12%, and that's quite a nice level, and we are happy with that and know that there is potential within that region. North America and Nordic countries are around 6% point something, and that is sort of an okay level. We, of course, see more opportunities now with the new Total, but that's quite a good level. The challenges we see then in rest of Europe, and here the story is exactly the same as before. We have a mixed bag there. Poland continues f ollowing the regulatory changes last year, we see an end to that and we hope that it will start looking better, but it was not yet, but hopefully during this year. On the other hand, we have Germany continues to be a good market on the direct business side. A very mixed bag there. Then looking at the channels, in the early parts of the year, direct channel was growing more. Now it's the other way around, so direct is under 4% and partner business is above 4%. Maybe a bit surprising here, you look at the deferred revenue, which showed like in Q3, signs of going down and now it is actually up from both previous quarter and the same quarter last year. This is now we added the pie on the bottom, which is indicative numbers, but the deferred revenue, even though it's mainly about DB, it's not only about DB. There is also a small partner business share and a significant retail business share. In the retail business, there are many longer subscriptions, and there during Q4, for example, Black Friday, Black Week type of events within retail were growing very positively. That's why maybe a surprising number there in the deferred revenue, but showing that billings were higher than the revenue growth that you see. Yeah, Timo mentioned that we have mentioned it already last time. In the direct channel, it is the new sales where we see challenges. You've heard about the companies selling devices, how hard the times are for them, and that's reflected here. Renewals are still okay, so in that sense, we remain positive. As this new Total launch now was mainly on the DB side. Of course we are hopeful for the future and turning that trend. If we look at the cost, good reminder the same as last time that we should not compare with last year. We have lost some synergies due to the demerger, and we are ramping up both the independence capabilities on admin side, but also on R&D side and investing for the future. That's why the overall level is higher. Also the functions, the cost don't tell the right story, we have not like many doubled the admin cost, but it's different way of allocating the cost. The truth is that during this quarter, where the cost level was quite high, it is the admin part where we have ramped down because there most of the TSAs ran out at the end of the year. There, the cost pressure was highest. Then maybe if R&D looks low, we are focusing on that. There is this different allocation of admin makes that look lower. And also we have more CapEx in that area as we have built our R&D infrastructure. There's some CapEx involved as well. Definitely we continue to focus on R&D. It's not so that we would just be pouring money into admin. Unfortunately, this annual comparison will start making sense of as of Q3 this year. Still bearing with the not so useful comparisons. A reminder of the TSAs, a similar table that we showed after Q3. There is some differences but very similar level of TSA cost compared to Q3. Here, going forward, again, repeating that, especially in that admin side, we will have just some minor finance TSA and on IT side, most of the TSAs run out during the first half of this year. Admin part will significantly go down during this year. Looking at the profitability, gross margin on good level, not as good as in Q3, but the Q3 was exceptionally good, so nothing special in that story. In terms of then the EBITDA margin, I understand that 34.6 looks low and it was a little bit lower than you expected for us. No surprises in this quarter. It was a result of this investments for the future that we knew that this was going to be a weak quarter in terms of profitability. Now getting rid of that, some of that TSA load down and working with our own force in the admin part. This will start improving. Very brief repetition of the full year. Full year growth at 4.5%, so a little bit better than the last quarter was. In EBITDA, again, let's not compare to last year, but just concluding that 39.6%, it is the around 40% that we said, even though it is a lower end of that range, but fulfills our criteria more than well. Quick look at the balance sheet. Maybe pointing out some highlights. We started with quite a thin balance sheet when we started our independence, but you see that cash now at EUR 23 million, so we have accumulated quite a lot, and equity ratio is already at 40%. Now quite a solid position there. No concerns on that front. Of course, this is how we calculated it when we started after the demerger. Looking at the dividend, Timo shared this already, but about EUR 0.07 per share. That's 78% of the net profit for the latter half of last year, which is the relevant comparison. You have many times asked that what our dividend policy of around or above 50% means. It can mean, for example, this. Really we want to ensure that when we don't have other immediate use for the funds, it should go to the shareholders and we should not become a bank. Yeah, for the balance sheet, it's then EUR 12 million cash that will go out in early April when we pay this out. Outlook for this year, of course, interesting part. We have a little bit upgraded versus last year the growth expectation. We know that we are in a business that grows globally. We also know that the world is not really looking very nice at the moment. We still look at the USD rate, we look at the inflation and the consumer sentiment, and we know that these are sort of uphills that we have or headwinds. We have also ourselves made a lot of investments into our products and we are looking for the new channels, everything that Timo just went through. We see a lot of opportunities. Of course, when we have the opportunities in the pipeline, there is certain lead time. We don't know exactly when we are signing and when we will launch and how the ramp-up goes with the new customers. Yeah, plans are really we wanted to increase the upper range because we have ambition for that, but kept the lower end because we know that the world is not really helping us. That's the story for the broader range. EBITDA also broader range than previous year from 38%-41%, so we definitely aim to be at the higher end, and if growth is good, we should definitely be there. Of course, if the growth is challenging, so with our high gross margin level, then it's difficult to get higher than 40%. Of course, depends on how we are making the investments then for future growth. As, as we have said that we follow this Rule of 40 logic, sometimes if there are good investment opportunities for the future growth, you might sacrifice something. These are still the ranges that we work within for this year. No changes to the, to the midterm financial targets, these remain exactly the same as they were. That's our story this time, we are now happy to take questions. Yeah. Felix. Do we have a mic? We have a mic. Yeah. Yes. Hi. Felix Henriksson, Nordea. I have a few questions. I can go one by one. First, really on the growth guidance, you sort of mentioned some of the underlying assumptions that you have on it, and if we sort of put everything macro-related aside, what sort of needs to happen operationally for you to end up at the higher range? Is it all about these sort of new verticals and so whatnot, but could you give a bit more color on that? Yeah. I would start by saying that it depends really on the speed at which our partners deploy Total and start promoting to their customer bases. That is the way biggest lever for added value. We signed up 18 new partners during 2022, and many of them have already gone live at the end of 2022 or are going to do so in the first half of 2023. Like Sari just mentioned, it's always a bit of a, an unknown how quickly their user bases start growing. I would say that that's the second bigger one. These partners that I'm referring to there can represent either CSPs or the new vertical partnerships that we've signed. Naturally then, as a third one, which I would say is the smallest lever in the short term is that we're naturally looking on to signing also completely new partners that we don't have today. You know, if we sign them in Q1 or Q2, it will take a bit of time before they start creating revenue generation. Great. I think we could say that, of course, we have made plans to get to the upper end, and then we understand that world is uncertain and that's why we have left space at the lower end. Basically, you know, you've had pretty good momentum with signing new Total partners, and now it's just a matter of how fast they will actually roll out the product to their customers. Got it. Then on this Embedded Security product, could you just describe a bit on the pace of the rollout for this product and when do you expect this to be sort of a revenue-generating stream for you guys? Starting from H2 this year, maybe closer to the turn of Q3 and Q4. The difference to something like Total is that Embedded Security is about embedding our capabilities into somebody else's app or service. There's always quite a bit of work involved in making that whole solution work and be ready for launch to customers. It's a longer cycle of deployment compared to Total, but shorter than SENSE. Maybe also we say that we are really good with CSPs, with the integration and how the delivery projects go. Of course, embedded is something new, so we have not, like, optimized yet that. There is, of course, a learning curve for us. Right. On the margin guidance, 38%-41%, you know, there's quite a bit of a range in that guidance. Just wondering, is the sort of wherever you end up on that range, is it more about how fast you will be able to deliver growth? Is there still some uncertainties regarding cost? Is cost something that you have pretty good visibility and revenue growth is the bigger uncertainty? I think revenue growth is big in the sense that the gross margin is so high, so it just has an impact. Of course, with the... It's easy to forecast the running cost, but then it's a question of how much we do these future investments. Of course, we, like, every month look at the status and take decisions on what more to do or not. Thanks. Okay, final one from me. At 2025, you're seeing or targeting double-digit growth. Could you just put this into perspective of what you're expecting from the underlying market growth and how big of market share gains you're requiring to reach this target? Is this figure an organic growth figure, or does it also include some M&A on top of that? This figure that we're referring to is organic, and where we expect to be in 2025 is roughly double market, growth speed. Thanks. Atte Riikola from Inderes. Maybe a little bit more about your growth guidance. If you split it up between direct business and partner channel, do you still expect the direct business to grow this year even though the uncertainty in consumers is pretty high? Yes, we do expect growth from there. We think that this Total launch that is happening exactly now, it is really an important thing, and we expect a lot of growth from there. Also, we are doing marketing investments also outside the Nordics, where we hope to get traction. We've said that Germany has been good, and now it is getting bigger, and still we see the same growth numbers. Of course, it starts to be more euros as well. All right. Then about the Embedded Security, what kind of business model do you have for that business? It's an evolving business, so we don't know all the kinds of, in a way, earnings logics that we may be entertaining. For sure, we're seeing a similar kind of per user type, per user per month type of, logic that is so common to us in the, in the CSP sector today. There may also be abilities to make it more of, let's say, for it to become part of a certain merchant's proposition where they may where there may be some other services also available, not necessarily competing ones. In that case, it may be a rev share. Those are definitely two models that we can already state, but, we don't know precisely what other kinds of things that the future holds. All right. If we look at your investments in CapEx terms, in Q4 they were coming up. What kind of CapEx levels you are planning for this year? Yeah, I guess Q4 was probably quite high. There are things that are related to our infrastructure. There are some of these infrastructure type of things even this year. For example, Q4, we had our ERP system. We are still working with our CRM. There are things like this, but I... Yeah, higher than historically. I don't think it will get higher than it was now. All right. Last question. Now when you're launching your new brand, is there gonna be, like, some kind of bump in your marketing expenses in Q1? Yeah, of course, there is marketing involved when you do things like that. All right. Thank you. Yeah. Let's check if we have some questions online. Yes, we have a couple of questions. Let's start with Veikkopekka Silvasti. The Embedded Security offering sounds interesting. Can you describe the revenue model of this business? Okay, we just covered that. I think it's the same question. We just covered that quickly. it's going to be per user per month type of revenue model, or revenue share in some cases. That's the way we see it today. I would say that's one of the areas where we may see a lot of innovation in the future into what kind of environments consumer security can be embedded. we are as interested as Veikkopekka in understanding what all those models could be. Yeah, it's new for us. It's new for the partners. It's really a new thing. Yes. The second one from Veikkopekka. What kind of price hikes your growth guidance of 4%-8% include? Right now, as we are working both in the partner sector and the direct sector, we are guiding our direct customers to, let's say, more valuable packages than where they were before. The kind of, you know, all the roads are leading to bigger entities of product which come with higher ARPU. That's the main thing. We're, in a way, wanting to increase the ARPU, but we give people more when they go for that higher ARPU. We give more value. We have not necessarily, you don't see a price increase in direct business, but you will see that people are pivoting towards higher value. On the partner business side, we are implementing partner agreement updates as they come up for renewal bit by bit to include, for instance, inflation clauses that have, may have not been there before. Naturally, the ones where we have had them already, a minority, we can apply those at our will. I think it's quite a multidimensional question because we have price lists, and then we have the sort of discount structures that we give to our customers, and there can be inflation causes. Then we, when we are upselling and starting to sell Total, it's a new price versus what they bought earlier. You know, overall the ARPU will go up due to many reasons. Mm. Thank you. Second one from Veikkopekka. Do you see a risk of increased churn when you start transferring current direct channel customers to the new Total products? We have certain customers who have been using, like, years-old product versions, and we will start converting those towards our new proposition, and we want to have all of our direct customers there by the end of this year. I am absolutely certain that there is some churn, but we believe that the higher value and the higher ARPU that we will be getting from the new higher value offering will, you know, the difference of those two will be clearly positive. Mm. I mean, absolutely there will be some users that we will lose, but overall we believe that we will be gaining in pushing everybody to one product. You know, if you think about this operationally, we've had lots of apps to support and maintain and develop, and we're going into one. We're also by getting everybody onto the same generation and a single product, that's going to mean quite a bit of freed up bandwidth...... Mm ... to develop new. Obviously this is a question we have thought about quite a lot in knowing the consumer sentiment and always when there is a disruption. It's an opportunity, but it's a risk as well. We've really thought about it, how to make this conversion as easy as possible for our consumers. For example, we have increased the number of people in the customer care so that they can support people who have questions in the conversion situation. The final concluding question. This is from Jaakko Tyrväinen. Your growth guidance, what do you see as the key driver in 2023? I guess this is also a similar question that we had already. Sorry, can you repeat, Iina, please? Your growth guidance, what do you see as the key driver in 2023? Driver. Driver. Yeah. Okay. It is Total and our speed of execution together with our partners to get that implemented and launched to customers. You know, our partners have a choice of just proposing Total to new users that they're signing up or also to users that have already been customers of some F-Secure service. If they go for the whole base, then it's naturally a bigger bump. That's one thing, and the second one naturally is that how much traction can we now get in the direct business. New sales has been difficult in direct business. Naturally, we want to change that current now. That's the second lever. The revenue recognition in our partner business, in a way, creates faster revenue because in direct business we oftentimes sell one-year or two-year agreements. Those are only recognized month by month. The partner business in that sense is a faster way to improve revenue. Thank you. Those were all the questions. Any other questions in the room? All quiet on the Ruoholahti front over here, and no more questions. We can conclude this day's event. All right. Thank you for everyone. Thank you, everybody. Thank you very much for attending. See you in April. Bye.