Good afternoon, everyone, and welcome to Rovio's Full Year and Fourth Quarter 2021 Earnings Audio C ast. ast. My name is Timo Rahkonen. I'm a Vice President of Investor Relations and Corporate Strategy at Rovio, and I will be your host for today. In today's audio cast, we will go through Rovio's Full Year and Fourth Quarter 2021 Financial Results. We will also cover our strategic priorities supporting our growth, dividend proposal, and outlook for this year. With me here in the studio are Rovio CEO Alexandre Pelletier-Normand and CFO René Lindell. After the presentation, we will host a Q&A session. In order to ask your question, please dial into the conference call number shown on the screen. Your question will then be placed in the queue and asked in order of arrival. Let's kick off now. Alex, please. Thank you, Timo. Good afternoon, everyone, and welcome to this Q4 and Full Year 2021 Earnings C all. all. Thank you for joining us this afternoon. We had an exciting quarter in Q4, so we'll start by covering the highlights, and then we will look at the full year right after. First, at the group level, we had a quarter of strong growth with revenues reaching EUR 78.9 million, which represent a 15.2% year-on-year growth. In terms of games revenues, we beat our previous records that we set in Q3 and reached EUR 76.5 million, representing 18.8% year-on-year growth. The organic growth excluding the acquisition of Ruby Games was 12.2%. As you might have guessed, this record is the result of the strong performance of our top games, Angry Birds 2, Angry Birds Dream Blast, Angry Birds Friends, and the gradual scaling of Angry Birds Journey as it approached global launch during the quarter. All of those games grew year-on-year in Q4 as our teams deployed successful holiday campaigns, which raised engagement and allowed us for more marketing investments. We also believe that our ways of working, our tools, and the wide appeal nature of our portfolio allow us to maneuver the post-ATT environment particularly well. Our profitability remained high during the quarter. Our adjusted operating profit margin reached 16.6%. This is lower than where we were in Q3, but it is in line with our expectation given the scaling of Angry Birds Journey. It was the first full quarter of Ruby Games in our books, and they had a solid one. They contributed EUR 4.2 million in revenues, which represents a 24% quarter-on-quarter growth for them, so we're really happy to have them in the family. Finally, as previously announced, our first Moomin games reached the soft launch phase at the end of the year. All right, now let's cover the 2021 full year highlights. Group level revenues grew 5.1% during the year, 3.2% organic, meaning excluding Ruby Games. On top of our quarterly records that we just covered in the previous slide, we also achieved an annual record for games reaching EUR 276.4 million, which is a 7% year-on-year growth. We kept a good profitability during the year. Our group adjusted operating profit margin reached 15.3%. Our operating cash flow for the year was EUR 44 million. We announced a meaningful strategic shift during the year to better tackle our reading of the market, so we decided to focus our efforts on casual games. Concretely, this led to the opening of a new casual studio in Toronto and a partnership with Moomin Characters to be the exclusive developers of Moomin-based games on mobile. In Q3, we concluded the acquisition of Ruby Games based in Turkey, and we already see how they reinforce our network of games and users. Finally, we made important strides regarding sustainability. We appointed a Chief Sustainability Officer, CSO, sitting at the leadership team level with the goal of placing sustainability at the heart of our strategic decisions. Angry Birds Journey, this is exciting, was officially released on January 20. It was more or less 12 months after the beginning of the soft launch phase. As you know, this is a casual take on our classic slingshot genre. The goal here was to reach a wide casual audience, which is in line with our strategy and is very well adapted to the new marketing landscape. Early KPIs are promising. It's currently our third biggest game. Given the wide appeal of the game, we are planning on doing top of the funnel marketing campaigns in the next few months. We will be working with celebrity talent, leveraging the power of their fan base and their social media reach. We are also planning on doing a U.S. nationwide TV campaign for the game. The objective, as usual, with this campaign will be to acquire additional users while following our governance of a one-year payback window. If we now have a look at the game in our live portfolio, as you can see, the trend for the whole year looks good. We grew the game's gross booking in the last three quarters with a nice bump in Q4. Angry Birds 2, Angry Birds Dream Blast, Angry Birds Friends all grew quarter-on-quarter and year-on-year. We kept them lively during the holiday, and we found good opportunities to do profitable marketing campaigns given the good fit between our portfolio and the UA landscape. Further, those games benefited from additional organic revenues coming from brand activities like our partnership with Roblox, with GEICO, and Angry Birds Reloaded on Apple Arcade. Angry Birds 2 recorded the highest gross bookings since Q1 2019. It is also starting the new year in a good place with a run rate of over EUR 150 million, which would mean another year of growth. We continue to see a very stable base of engaged user. One interesting KPI showing this is the fact that 60% of our revenues on this game are coming from users that spend more than a year in the game. The team plans to integrate more RPG mechanics during the year, making it further distant from the very casual Angry Birds Journey. Angry Birds Friends grew for five consecutive quarters as it celebrates its ten-year anniversary this month. The game also starts the year in a positive trajectory. Angry Birds Dream Blast grew in Q4 and passed the bar of EUR 180 million generated since its launch three years ago. Angry Birds Journey continued its scale towards global launch in Q4. You see it here on this graph in position four, but as we speak, it is now our third biggest game. We also generated in Q4 incremental revenues from updates done on Angry Birds Reloaded, and Ruby Games contributed four point one million euros, as you can see in the hyper-casual part of the graph. This was a quarter of growth for them with three games in the top 100 download position in the U.S. The rest of the catalog in pink declined as expected. With the addition of Angry Birds Journey but the removal of Darkfire Heroes, we currently have seven games in the earn or growth phase, excluding hyper-casual titles. Our pipeline counts eight games in different stages of development. As you can see on these slides, we have two games in soft launch. We have Moomin: Puzzle & Design, which is in early stages. In a totally different segment of the market, Ruby Games is working on their first hybrid casual games, Hunter Assassin 2. The goal here is to benefit from the low acquisition costs and high downloads of hyper-casual games while retaining and monetizing players better as casual games do. We're looking forward to see how this unfolds. In 2021, sustainability was put front and center in our strategy and operation. We created a new LT role to drive the area. Further, we defined our vision for sustainability, which is to lead the industry in creating safe and joyful gaming experiences that are crafted in a diverse and inclusive work culture while respecting our planet. We will achieve this by focusing on three focus areas. The first one is safe and responsible gaming, so that defines how we use players' data, the type of games we do, the way we monetize within those games. People and society, so this refers to how we recruit and work together as Rovians. It also includes our involvements in tackling societal issues, for instance, through our partnership with UNICEF. Climate and environment, making sure that we're doing our parts to reduce CO2 emission and also use our brand to bring further awareness to the issue. Each of those areas has concrete goals set up for the year. For example, we pledge to reach carbon neutrality in 2022. All right. As we start the year, it is useful to highlight the strategic priorities we will be focused on in the next 12 months. The first one is casual gaming. This allows us to build and focus on what we know best. This maximizes the synergies within our catalog, and wide appeal games perfectly fit with the current marketing landscape favoring broad targeting strategies. Brands, we want to continue to build and leverage Angry Birds, and we want to work with other brands as well, like Moomin. Future gaming, we will continue investing in our future by building products that capitalize on the trends that we believe will shape the future of our industry. We will do this while remaining true to our values and strategy. Finally, M&A, we will continue to seek targets that support our strategy, have a good cultural fit, and with whom we can develop synergies to create long-term value. As you see, we are in a good position to start the year. Our live games remain very solid. Ruby is integrating well. Our pipeline of new games is healthy. We have a new title out scaling well, supporting the growth. Finally, and perhaps most importantly, we believe that our strategy is well adapted to the current market landscape. Let's now go a little deeper into the financial results, René. Thank you, Alex, and good afternoon to everyone on the call. Let's take a deeper look into the Fourth Quarter and Full Year 2021 Financials. As Alex mentioned, we had a strong fourth quarter. We had good performance in our top three live games, which all grew year-on-year. In addition, we had continued incremental revenue from Angry Birds Reloaded on the Apple Arcade service, and this was also the first full quarter for Ruby Games in our books. As a result, the group revenue grew by 15.2%, and games revenue grew by 18.8%. The growth on a comparable basis, meaning excluding Ruby Games and using constant currencies, was 9%. Brand licensing revenue declined as per the trend for the whole year by 40.9% year-on-year. The Q4 profitability was at a high level. Group adjusted operating profit was EUR 13.1 million, and the adjusted operating profit margin 16.6%. The higher profitability year-on-year was driven by the strong performance of our largest games and the incremental profit from Angry Birds Reloaded. Although user acquisition was higher in Q4 versus one year ago, the strong top line drove the higher profitability. Looking at the full year 2021 figures, we had a year of growth, with group revenue growing by 5.1% and games growing 7.6% on a comparable basis. Ruby Games contributed by EUR 5.3 million for the last four months of the year and has been growing revenues month by month since the acquisition in September. The full year adjusted operating profit landed at a high level of EUR 43.7 million and an adjusted operating margin of 15.3%. This is slightly lower than in 2020 due to the new game launches during the year and the preparations for Angry Birds Journey launch, and consequently, a higher level of user acquisition. It's good to keep in mind when comparing 2020 and 2021 that 2020 was an exceptional year with a very low level of UA, especially in the first part of the year. Let's look at the user acquisition in Q4. The UA investments in the fourth quarter amounted to EUR 20.6 million and about 27% of Games' revenues and increased both year-on-year and quarter-on-quarter. The increase in UA was driven by the good performance of our live games, Angry Birds 2 and Dream Blast, and the scale-up of Angry Birds Journey in preparation for the game's global launch in January 2022. When we are launching a successful new game, such as Angry Birds Journey, that scales up very fast, it's natural that the UA grows fast in these months as well. Consequently, we're looking at the run rate today and where we think our UA will land for the first quarter of this year, we are estimating a UA level of around 40% of Games' revenues. We'll come back to this in our outlook for 2022. The fourth quarter operating cash flow was solid at EUR 70.3 million, and this high cash flow was driven by the high profit in the quarter. The total cash balance at end of the year was EUR 160.8 million. When we look at our audience network, we can see now the full impact of Ruby Games in Q4 as our daily active users grew to 6.5 million. The daily active users for our top five games has remained stable at just about 3 million. The amount of monthly unique payers also grew during Q4, thanks to the good momentum in our top games. The average revenue per daily active user for all our games dropped to EUR 0.12, as predicted when adding the Ruby Games about 2 million daily active users to the portfolio, as the hyper-casual players have a much lower ARPDAU than the rest of our free-to-play portfolio. The top five games ARPDAU grew to EUR 0.21 during the quarter. The Rovio board of directors proposes to the AGM that a dividend of EUR 0.12 is paid to shareholders in respect of the financial year 2021. Based on the outstanding amount of shares at the end of last year, this would amount to EUR 8.9 million or 25.6% of the net profit, excluding items affecting comparability. Finally, our outlook for 2022 is as follows. Building on the positive momentum in our top live games, the launch of Angry Birds Journey in January 2022, and having the full benefit of the Ruby Games acquisition from the start of the year, we are expecting strong top-line growth for the year. Depending on the speed of growth and the investments in user acquisition to fuel that growth, especially in the case of new games and our larger investments in new games development, the adjusted operating profit is expected to be lower year-on-year. The user acquisition investments for Q1 2022 is expected to be around 40% of Games' revenues. That concludes our review, and we are ready to move to Q&A. Thank you. Thank you, René. We are now ready to move on to the questions. To ask your question, please dial into the conference call number shown on the screen if not done so already. Operator, we are now ready for the questions. Thank you. Just as a reminder, if you do wish to ask a question, please press zero one on your telephone keypad. If you wish to withdraw your question, you may do so by pressing zero two to cancel. Our first question comes from the line of Ken Rumph from Jefferies. Please go ahead. Excuse me. Hello, everybody. I had a couple of questions. Firstly, in commenting that you guide for the revenue to be down this year, the operating profit to be down this year, you comment on UA, which I understand, but also increased development spending, and you obviously have some new offices and so on. Could you give an idea? UA obviously is gonna somewhat depend on how the game develops, and I understand your sort of policy governance regarding investments and returns. But for development spend, what kind of increase versus last year are you looking at? The second question I wanted to ask was a general one affecting the industry and relates a bit to that cost point, perhaps, which is what kind of wage inflation are you seeing in Finland and in the new operations in Canada and in Turkey for that matter, and what kind of staff turnover, compared perhaps to previous levels? Thanks very much. Yeah. Thanks, Ken. Basically when looking at the profitability in 2022, the biggest factor and driver, of course, is the user acquisition. That's definitely the one big element that is dependent on the speed of growth and as we are now, you know, really in the launch phase of Journey and seeing it scale up very fast immediately from launch, and we prepared already for it in December, then that's really the main thing which at this point of time guides us to a lower profit level. We are also increasing or at least planning to increase new game development resources, especially in the newer studios in Toronto and Montreal. These are incremental, you know, increases. No, they're not the major component of the total equation. We do see some wage increase from inflation across the different countries. I think this is very, you could say, very normal in the industry and nothing abnormal from that part. Yes, there are both, you know, activities both ways in the market. You know, we are recruiting and there are of course also people who are changing jobs in this market. I think that's something which goes across, not just the mobile gaming market, but you know, all the industries at this point of time. Okay. Okay. Understood. A couple of questions on kind of trends in the industry and your kind of interest in them. One is kind of alternative payment mechanisms for in-app purchases, and sort of how that might develop depending what happens with Apple and Epic and so on. Also the subject of NFTs, which is certainly a very noisy topic online. I'm not quite as negative as some people are in that sense. I think there's an opportunity, but also things to think about. Is there anything on either of those topics, is there anything that you have in mind? Thanks. Thank you for the question. I think we commented last year a little bit about the first part of your question, which is, you know, like alternative payment methods. We will follow how things are unfolding on that side. But what is certain is that from our side, we do see that we have, you know, a fan base, people that are really, you know, attached to the brand and the different games that we have to offer. For them, it makes sense to have some kind of fidelity system, right? To be able to benefit from playing different games that we have. Whether or not this will be, you know, complemented with a store will depend, as you said, on, you know, what's gonna happen on that front, you know, with Apple and other players. We're gonna follow the rules for sure. On the second part of your question, I think it's a very interesting one. We don't have plans of releasing, you know, games using the blockchain technology as we speak. As you know, you know, NFTs and play-to-earn games are quite controversial in our industry. You know, when we think of questions like that, we kind of refer to our identity, right, our values. For us, we say that we wanna craft joy. That's the first thing. We will continue to investigate on the technology and see if we find application that allow us to really bring additional value to our users, and let's see how this unfolds. Okay. Great. Thanks very much. The next question comes from the line of Felix Henriksson from Nordea. Please go ahead. Hi, guys. It's Felix from Nordea. I have a few questions. I'll go one by one. Starting off with Hunter Assassin 2, could you provide a bit more in detail of a status update regarding that game? How are the KPIs looking in soft launch right now, and what are you guys currently looking as the global launch timing? Thanks. Yeah. I mean, in terms of, you know, when we have a game in soft launch, we know when it enters, but we never know exactly when it releases globally, right? That's a good question. What we see in Hunter Assassin 2 is that the appeal of the game seems to be, you know, similar to what we saw in Hunter Assassin 1. We had tests going on around the world, and we saw a number of downloads that were very healthy. Now, of course, the ambition with this game is very different than the first one. We're trying to have a more sophisticated games with different ways of monetizing, with better retention, better conversion. That's a different ballgame, which is also something that is new for Ruby. It's the first time that they release a game that would be like this. We're gonna take the time it takes to really, you know, refine those last parts of the games, and let's see when we can release it. I don't have a specific date to share with you today. Okay, if we think of your sort of UA guidance for the first quarter of the year, does that sort of bake in itself anything related to Hunter Assassin 2 already, or is it mostly towards Journey and other games? Maybe I can answer that. I think the guidance includes, of course, Journey is the biggest UA investments we are planning to do. But of course, I mean, we, you know. It has room for some, you know, scale-up also in other games. Whether that happens or not, we'll, you know, see how the quarter goes. But in case there's a big launch and something scaling up very fast, then naturally it could be a bit higher than that. But overall, I think we're pretty, you know, comfortable what's kind of the likely range where we're gonna end up in Q1. Okay, good. That's helpful. Maybe just a housekeeping question on a couple of games of yours. First of all, Small Town Murders, are you sort of planning to ramp up UA again for that game after having a sort of a pause for Q4 and then Supernatural City that was pulled from the app stores recently? What are the sort of thoughts for that one? Thanks. Yeah. I think those are questions that are kind of linked together in the sense that those games are similar. Small Town Murders, as we said, you know, we kinda scaled down the team, we stopped the UA investment for a certain period of time, and the idea was really to, you know, concentrate on what we thought would make a difference and would increase the KPIs. The team has been doing this in the last few months, so now we're approaching the window where we need to test those modifications that we do and see how they unfold on the market, how they translate in KPIs precisely. We're about to do this and to test that in the following weeks. If this is good, right, then the UA investment that we do following those changes are lead to positive results, then we will scale it back as well. That remains to be seen. Thanks. That's helpful. A final one from me. Any plans for a capital markets day, this year? I know this is a topic that's been, you know, mentioned a couple of times in the analyst meeting. What are the current plans for that? Yes. I mean, that's something we have been discussing as well, but, you know, nothing to announce today. I think let's come back to that later. Loud and clear. Thank you, guys. The next question comes from the line of Veikko Silvestri from Danske Bank. Please go ahead. Hey, thanks. Congratulations on the great report, first of all. Just to get it right, Alex, did you say that Angry Birds 2 is at the moment running at the revenue run rate of EUR 150 million? I said 115, I believe. 15? Oh, got it. Fif-fifteen. Okay, okay. Is 115. We're a little bit over 115 right now, which is a growth from where we were even at the end of last year. Great. Excellent that I checked. Okay, great. Moving on to Angry Birds Journey. At the moment, over EUR 40 million revenue run rate. Do you have any idea at the moment whether this game could maybe cannibalize your other games like AB2, Dream Blast or Friends? That's not what we observe at this point. Keep in mind that Angry Birds Journey has been in soft launch for 12 months, right? That's one of the first questions we asked ourselves, and we wanted to make sure that you know this wouldn't be the case. Since of course, there's always a question, you know, when you're gonna reach scale, are you gonna see something that you didn't see previously in soft launch? So far, we don't see this as you're seeing the other Angry Birds games are actually performing very well right now. What we see is that there seems to be a lot of brand activities lately. There's been different partnerships that I listed, for instance, with Roblox, with GEICO, you know, with Apple Arcade. It seems that all of the games are benefiting from this brand activity. Plus, as I said, I think the fact that we're really focusing on casual games and that we have a very wide appeal brand is kind of a really good fit for the current marketing landscape that we see. I see. Basically, this implies if Angry Birds Journey does not cannibalize the other Angry Birds games, this basically implies that the fan base of Angry Birds brand is kind of growing with the game. This is what we observed so far in terms of total DAUs of people playing Angry Birds, all of our, you know, Angry Birds game. It is growing and, you know, it doesn't necessarily come as a complete surprise because that was the idea from the beginning to go after a different target audience with Angry Birds Journey. It is very, you know, wide casual. You know, it's a different game, it's a different way of playing. That doesn't come as a surprise. As I said, you know, we're also taking a certain direction with Angry Birds 2 that is very different than the one we're taking with Angry Birds Journey. We're even adding further RPG elements into Angry Birds 2. Those games are really not the same. Great. Well, then, on user acquisition, Felix already asked about this, but maybe just to confirm. You talked about U.S.-wide TV campaign and also influencer campaigns. These are quite expensive. Are these basically included already in the Q1 user acquisition guidance? Yes. What René said in terms of guidance for Q1 includes everything. Great. Basically, at the moment, this guidance implies that it will not go, you know, above, let's say, it will not be above 50%, the user acquisition cost as percentage of games, right? As a percentage of games? Maybe. I mean, like, René said, I think, you know, we're very, you know, confident with the range that we have right now. We believe that it's more around 40% for Q1. Good, good. Thank you. Maybe finally regarding this topic also already touched upon this kind of problems with attrition in the gaming industry and recruitment and so forth. Seems like if we exclude the Ruby Games, your head count in games actually declined year-on-year. What's up with that? Is there any commentary on that? Has the attrition been higher than normally? There's I think, you know, globally, and as René put it, you know, not necessarily, you know, for us, not necessarily for gaming, not necessarily for mobile gaming across industries, last year has been a year where there's been a lot of movement in the labor market. I think, you know, the main movements that we saw are kind of past now. We see more stability right now. It was a big kind of shuffling year, I think, for the workforce globally. Yeah. Okay. Understood. Final question regarding the recruitment you have ongoing in North America studio. Can you give any comments on that? How's the team building going in Montreal and Toronto? I think, you know, like Montreal is a very competitive market, but what we're doing is slightly different. I think it's interesting for people that are really interested in innovating and pushing the bar. The team is being built well, and we don't have any major issues on that front. Of course, we take our time because we're cherry-picking, you know, the best in those areas that we're investigating, so it takes some time. The team is being built and it's going well. Toronto is really new, right? We have the first step when you start a studio like this is really to build the core team, you know, that will be the foundation for everything else. Those people are particularly important and Judy is doing this right now. We have a very small team at the moment on which we will build in the following few months. You know, so far so good. You know, keep in mind that those are relatively small studios, so it's not you know, a big issues to recruit. Great. Sounds good. Okay. Really the final one. In soft launch, I guess you only have Moomin game at the moment. How is it looking in the game development pipeline? How many projects ongoing at the moment? Yeah, we have Moomin, as you say. Well, I mean, if I exclude, you know, all of the activities that is happening on the hyper-casual side of things. It is true that we have, you know, we have, for instance, our Copenhagen studio that is starting a new game. We have the Battle Studio as well that are quite early. We have a lot of games. We have eight games that are in development in different stages of development. We have a bunch of them that are quite early. You know, in terms of games that are reaching more, you know, the soft launch phase, well, we have Moomin at the moment, and as I already, you know, hinted towards last year, we have a game that is called Bad Piggies 2 that is in development in Stockholm that is also quite exciting, but still not quite yet in the soft launch phase. We're aiming at doing this a little bit later. Different- Great ... different games and different stages of development across the seven different studios. Beautiful. Thank you so much. Thank you for the answers. That's all from me. Have a good one. Just as a final reminder, if you do wish to ask a question, please press zero-one on your telephone keypad. We have another question from the line of Edward James from Berenberg Bank. Please go ahead. Thank you. Most of the questions have been asked already, but just a quick one on the broader user acquisition environment. If you could just give us some color on how that user acquisition environment has evolved over the last, say, six months, if it has gotten better and you're seeing better returns on user acquisition investments more recently, sort of positive trend there. Then also if you could just comment on the user acquisition environment and the difference between your core casual games and hyper casual and if there are any trends to pull out of that. Thank you. Yeah. I think that's a very interesting question because as you know, the landscape for user acquisition and marketing on mobile changed quite significantly last year. There are many elements there, but I think you know, one of them is that we were ready when those things happened. We worked as soon as we knew, as soon as it was announced in summer 2020 that those changes were happening. We started working with our partners, with Apple and with our teams in implementing tools that will you know, allow us to still have visibility post ATT. This really paid off, right? The fact that we have an idea because of our models that were adapted because we implemented Apple's framework to do attribution. We had an idea of the return on our investment, so we could continue to invest during Q4. Something that is maybe a little bit particular that happened last year is that what we saw across the industry and also for our games is that the CPIs during December declined, which, you know, we saw an opportunity to exploit that at that point. This is not typical because usually in Q4, especially at the end of Q4, the CPIs are going up, right? I think part of it is also the fact that, you know, this marketing landscape that is kind of really favorable to those broad marketing strategy, right, that are not trying to get very specific players that have, you know, high revenue potential, but really kind of more broad, wide appeal game fits very well with Angry Birds and with casual games. You know, Angry Birds in the past twelve years has been about that, right? Bringing joy to everybody, not to any segment in particular, and that fits very well with the marketing landscape right now. Yes. That's very clear. Just as a follow-up, would it be fair to say that it's having the strong brand of Angry Birds has made it easier in terms of that UA, ROI, and potentially when we're thinking about Hunter Assassin 2, because it's a sequel to a successful game, again, that should make it easier versus, say, the Moomin games, which might, you know, in a post-IDFA world might be more challenging? Or do you believe that actually just structurally your user acquisition stack is in a very good place to launch both strong brand and new IPs going forward this year? Well, I mean, like, Moomin is not necessarily a new IP. It's been around, right? Especially in certain market, it's extremely popular. The idea, I think you're right in your assumption that brands that are top of mind are probably doing better in the current marketing landscape. That's the idea, right? That's why the strategy is to focus on casual and, you know, leverage and build further the Angry Birds IP. You know, referring to the other part of your question when you talked about our UA stack, I mean, it's interesting to note that, you know, our teams really have a lot of creative freedom when it comes to, you know, the content that they put in their games, but they all use common tools. That's why, you know, when we do the changes that I talked about previously and we prepare for ATT, well, all of the project together, you know, benefit of those changes that are being done on the back end. This is also true. Just finally, is there a sort of stronger emphasis on cross-promotion? Just in the context particularly that you're sort of keenly focusing on casual games, which I think makes a lot of sense. If you just talk about that in conjunction with sort of cannibalization, which you seem to not be seeing. Yes. The short answer is yes, we are definitely trying to work on, you know, having better tools to do that even. We already do this, right? We think we can go even further, and that's the reason why it made sense to make the acquisition of Ruby Games last year. We grow our catalog of users as well that we can cross-promote between our games. René showed a slide showing the number of DAUs right in our network, which is going up. That's the idea. Awesome. Thank you. That's all from me. As there are no further audio questions, I'll hand it back to the speakers. Okay. It seems that was all the questions for today. Thank you everyone for your questions and joining us today. We wish you all a nice rest of the day and a relaxing weekend.