Good morning. Good morning, and thank you for joining us here this morning. You're about to hear the Solocal performance for H1 2022. I'm going to start by taking you through the business update and give you an update on the strategic plan. Olivier Regnard will share with you our H1 2022 performance, financial performance, and then we'll have Q&A should you have questions for us. Now, if you'll allow me, I'd like to lay before you a few highlights for H1 2022. The first development is that after three years of transformation of Solocal's business model, we have, in the course of this first half year of 2022, managed to shore up our future model. We are now renewing our contracts by tacit renewal. As you will see, this renewal model is extremely virtuous, and it's been tested out and carefully managed throughout the first six months of this year. Now, along with this new model, I would like to report a high level of satisfaction. Satisfaction with the ability of our incumbent sales force to own this model. Our generalist sales force, who experienced the previous model, well, they have fully owned the end of the migration and the implementation of the acquisition of cross-selling and up-selling. As you will see, this high performance has contributed and will continue to contribute to Solocal's growth. Now, these generalists, the incumbent sales force, did very well in H1. This is not so much the case for our hunter sales force. They were not in a position to deliver what we had forecast for the 2022 budget. They were not able to deliver simply because we had not sufficiently staffed that hunter sales force for H1 2022. As I had announced, we wanted 190 hunters, and at the end of June, we had reached 150 hunter headcount, and that is not sufficient. Yet, our ARPA is stable. We're still growing. We're still creating value through our customer portfolio. Our customer base stands at 300,000. That was the June 30 figure. There is a slight decrease, and I'll come back to that later on. As a result, we have been led to adjust our 2022 guidance both for the top line and the EBITDA, which is now -5%. Now, the EBITDA is stable. The recurring EBITDA is stable, which means that mechanically, our profitability will increase, and our cash position is well ahead of forecast. As a result of which, we will be able to make a cash repayment of the RCF in the amount of EUR 10 million as at September thirtieth of this year. Now, if you'll allow me, I'll go into further details with you, and I'll review with you this business model, which is now fully shored up and implemented at Solocal for the long term. This H1 showed 65% of our orders achieved through automatic renewal. EUR 125 million are booked. Thanks to that automatic renewal, we grew by EUR 38 million relative to last year. Thus, this model is fully installed, and for the long term. It is fully in place. It is the alpha of our Solocal model. That being the case, the adjustment variable of that model will be the churn. The omega of the model is acquisition. Our ambition, clearly, is to acquire more customers than we lose. Now, as you can see here on the screen, we have major channels which allow us to acquire new clients. Unsurprisingly, the most powerful channel remains the field sales, which accounts for about 60% of our acquisitions. It worked very well in H1, a bit more through the incumbent sales force than through the hunters, and it is our priority channel for acquisition. Telesales did very well in H1. It's growing, it's developing, and it's ahead of its targets by 2%. Key accounts suffered slightly in H1, but we expect to recover our key accounts in a better situation in H2. Now, as I was saying, this model at Solocal has an adjustment variable, which is our ability to retain our customer base. We ended H1 2022 with a churn rate of 14.9%, which is an increase of the churn rate of 1%. This was expected. We had forecast it, and we had announced it when we gave our Q1 performance results. Now, why did we expect that increase? Well, simply because this model is in the process of settling in on an ongoing basis. Since 2019, the 12-month cohorts have already been renewed on several occasions, which was not the case for the 24-month cohorts. In 2020, the decision was made to contractualize 24-month contracts. The first 2020 cohorts were managed. The renewal was managed throughout the first half of 2022. Now, those cohorts are quite large. In H1, 2022, we almost doubled the number of contracts to be renewed relative to last year. As a result of that, I am quite satisfied with this churn rate because the stakes were very high. It was critical that we succeed, and we were able to contain that churn rate. Now, the next critical step is to ensure that the 12-month and 24-month contracts are fully shored up as part of our routine operations. Now, this churn rate will be contained and controlled and even decreased if and only if the customers are satisfied with our services. I've always said this, and I will say it again, customer satisfaction is all important. Now, what have we done to ensure that this is successful? On June 1st, we recruited a customer journey manager who reports directly to me. This manager is in charge of installing a sustainable customer strategy that satisfies our customers. Concurrently, we undertook to change our sales approach, our tone. We now receive our customers more successfully, and we have four indicators which are flashing green. We are on the right track towards increased customer satisfaction, whether it's onboarding, cross-selling, retention, value development. We are improving the quality and the customer satisfaction on every count. Concurrently, we have fully installed our communication tool, which allows us to record our communications and analyze the dialogue to discuss what the pain points are for our customers. We've acquired a lot of information, and we're now in a position to make quick and effective corrections. The customer base, as I indicated, lands at 300,000 customers. That's a slight decrease of 4,000 customers. You will have understood by now we've lost fewer customers than at the same time in Q1 of 2022. Yet the critical issue is acquisition. 9,000 customers will not suffice to cover our churn. Thus, it is critical that we continue to work to quickly grow that customer base. Now, our retention rate continues to hold its own. It stands at 53%. Since the beginning of the year, I've been driving for Solocal value creation, and you can see that the ARPA is stable relative to Q1, 2022. It's grown over 2% relative to the same period last year. It stands at EUR 1,350. The value creation strategy is delivering results, and we're convinced that we can collect the dividend of all of these efforts in the upcoming weeks and months. This strategy is ambitious, it's true, and this ambitious strategy has been illustrated by the fact that we've been working hard on our websites now. For the last four quarters, we've been developing our website range, both in volume and in value. What we do is try to combine in parallel acquisition and value, cross-selling. As you can see in Q2 of this year, we've increased significantly these results. Unfortunately for us and for the H1 landing, the websites are very inertial due to the fact that they have to be created, so you don't immediately see the results in terms of revenues. As you will see in the next weeks and months, this strategy is indeed going to bear fruit when it comes to the top-line results. As I've stated, we have been working hard to implement the October 2021 plan. It's a robust plan. It's a sound plan. It's going to be deployed further and continuously. As you can see, we've worked very, very hard. We've actually achieved a great deal when it comes to performance management. We have implemented everything that we had planned to make sure that this plan is in place for the long term. We have methods and solutions which are in place. Henceforth, it will be essential to improve our transformation plan, the organizational transformation plan for our sales force, because in H1, we didn't fully achieve what we had forecast when it comes to the hunter sales force. What occurred, and what do we intend to do? Well, what occurred is that we had a plan to hire 190 hunters and, in fact, headcount is 150 at the end of H1. When it comes to the headcount, we had closer to our goal of 190 than 150. The next step is to consolidate and flesh out that hunter sales force. What developed? For one thing, the labor market became very, very tough. It's very tough. This is not just Solocal's experience. The fact is that salespeople are very much in demand at the moment, thus, every potential recruit is faced with several attractive job offers every week. If we want to retain them and make them loyal, we have to support them. It may be true that we did not do everything we could to create that or to generate that loyalty, and we lost some. We took three measures to offset this. For one thing, we worked hard on onboarding. Our new recruits told us that owning the totality of the range, presence, websites, and advertising, was very complicated. That since May, this has led us to focus very hard on two ranges, the websites and digital advertising. This works because they sell websites and advertising. The second dimension has been to provide training and support. This will have to be improved. We need to really be right by our new recruits' sides, and we have to make appointments. It's difficult for newcomers who join Solocal to immediately pick up the phone and score hits. Telesales in the first few months will be setting the appointment calendars of our salespeople. We have a pay package which is very competitive. The fixed portion plus the variable portion are quite competitive. There's no doubt about that. The pay package is very attractive. Yet, in the first few months, the variable portion is non-existent. The new recruits have a difficult time of it in the first few months. Now, with these three measures that we've laid out, we're going to improve the loyalty of our new recruits in H2. As I've said, the incumbent sales force, the generalists, 200 of them at the moment, have fully assimilated the attrition, the absence of the migration that they had to manage, that they have had to manage for the last few years, and they retain the same degree of productivity. They rolled over from migration to acquisition very smoothly, very successfully, and they performed very well. They're now cross-selling very successfully. It is quite evident that the recasting of our pay plan at the end of 2021 was not, you know, did have an impact on this performance. I would like to recognize that performance. Lay credit where credit is due. Now, what needs to be done now to deliver our acquisition targets and our growth targets? Well, this needs to be examined at the microeconomic level for greater clarity. What you have here is a snapshot of our geographical organization regionally. As I announced when I announced the 2021 business plan, we operate on one leg. In fact, we're only addressing 50% of our market at the moment. When I announced that, we've acquired 9,000 customers during the quarter. That's 9,000 customers during the quarter at 50% of the French market. You can see this under the Hunter heading. We have three regions which are very successful. Three others are doing better, but they're still lagging behind and they're under expectations. I'm going to ask our teams to focus harder on those laggard regions. They need to progress faster. Yet, remember that for the hunters, the six regions all pulled ahead throughout H1 of 2022. Similarly, our sales force, the incumbent sales force, the generalists, progressed in Q2. They progressed relative to Q1, so they pulled ahead everywhere. Now, the next step is to ensure that our commercial performance is homogeneous across the entire territory. We've grown. That's the first message. The second message is that the high-powered regions are selling all of our products, and they're selling them very successfully. The powerhouses are doing very well. There's no quality issue when it comes to our digital solutions. The difficulty has been an organizational and a sales performance issue. Now, this business plan that I had announced comprised my intention to restore trust on the part of our customers, and trust on the part of our internet users. Now, the customer has been approached by the customer success manager for the first range or the internet websites. Now, since July, we have had a customer success role for new clients who've taken out contracts for websites, and this has been very successful. Gradually, we're going to roll out the customer success manager approach for the other ranges of our offer in the next weeks and months. Now, I had also announced that we needed to tell the story of what we provide our customers, and so we needed to quickly review our reporting processes, which were very difficult to find and, between you and me, very difficult to read. Now, in the span of six months, the product teams completely revisited our reporting materials. They're all fully accessible now through the digital assistant called Solocal Manager. Now, I would like to note here that Solocal Manager has made a leap in usage of 20% relative to last year. One-third of our clients today are regularly consulting Solocal Manager, and this is something I'm extremely pleased to note. When it comes to PagesJaunes, as I've said before, we've changed the recommendation engine. We've since last April set up our new app, and we're now labeling our professionals. This is now completely in place. Our professionals have been labeled on PagesJaunes. The label is called Super Pro, and it's going to be deployed along our first vertical, the housing vertical. That was what I wanted to report to you, and I'm now going to hand over to Olivier Regnard, who will take you through the H1 financial performance. Thank you, Olivier. Good morning?. As Hervé told you, the revenue is down by 6.2%. For H1, revenue is down by 7.5%, slightly lower than what we had anticipated because the acquisition rate, as Hervé has told you, is lower than anticipated. The product mix is different. We've really stressed website sales because this is a powerful tool for loyalty, but the impact in the revenue will only be visible over the next 24 months. The Booster Contact product had mixed results in H1, and that product, if you sell 100, is fully recognized immediately in H1. Similarly, we were penalized by less favorable performance for key accounts and the renewal of products that had been forecast for H1 for the key account division should be significantly improved in H2. Now, you may be wondering how we had reached stabilization, and we're now declining. Well, similarly, because the headcount has changed. As Hervé indicated, on December 31, 2020, we had 400 salespeople. Now we have 200 of the generalists, the incumbents, and 150 hunters who are young. They're new recruits. They have yet to settle into their positions, but we expect great things of them. Now, how do the different product ranges perform? We have three types of products. The Connect range, which is a product which gives you digital presence. It's your appearance on the internet. It's very buoyant. It's a retention offer, a loyalty building offer. It's buoyed along by our Telesales channel. It's up 17% relative to the same time last year. We've corrected the figure for the inertia of the website range. We're aware that for the websites, there has been a slight drift. But Booster is down 19% with two impacts. We're penalized by a key account offering, which is not yet been fully renewed. We're expecting product launches for H2, which will buoy us up. To that, you have to add Booster Contact, which got off to a difficult start, but which is going to kick in successfully in the next half of the year as things settle down. Revenues end at EUR 201.2 million, to be compared to EUR 214 million at the same time last year. The order backlog is stable relative to March. It stands at EUR 214 million. The secured revenue figure, which is a figure that we track throughout the year, it stands at EUR 339 million, which means that today, if none of our contracts were to be renewed, and if no sales were to be achieved, we would have secured revenue of EUR 339.4 million at the end of the year. Now, this figure is down relative to last year by some EUR 25 million, which contains the hangover of a change in business model for some 12 million EUR, and it also breaks down for a second component, which is the lag on the realization of our plans, and that's why there is that slight dip. Now, revenue's down by EUR 60 million. That's been completely offset in EBITDA terms by significant savings. Now, what savings did we achieve? On the one hand, we decreased staff costs by EUR nine million, and we decreased our external expenses by EUR four million. When it comes to staff costs, one-third of those savings were not chosen. They were simply the result of the fact that we were unable to retain as many of our staff as we had desired, so we spent less money on their salaries. We spent less money, it's true, but we would have preferred to have those people to pay to generate sales and revenue. The additional EUR three million are due to or achieved through good control and good cost containment through H1. So EUR 56 million in EBITDA, EUR 28 million in margin. A gross margin of 90%, very high, and an operating income of EUR 29 million, thereabout. Now that operating income contains the interest expense, EUR 14 million. Those EUR 14 million, that's EUR nine million, the cost of the debt. EUR two million of the cost of the debt incorporated into our leases, which are corrected according to the IFRS standard. Three million due to the amortization of restructuring of the maturity of our debt. After tax, the net income is EUR 10.6 million, which is very close to last year's figure, which was EUR 11.5 million. That performance, the operating performance, made it possible to generate a recurring operating cash flow of EUR 25 million. That's EUR 56 million of EBITDA, EUR 15 million negative impact of working capital requirements, and EUR 15 million of CapEx. That 15 million decrease in the need for working capital is due to a slight decrease in the working capital for our customers, which has leveled off. It leveled off in H1. It will deteriorate in H2 because of the seasonality effect. It's just a mechanical effect because in August, our sales force is off on their summer holidays, and there's also the impact of an order intake, which is lower than anticipated. The second contributing factor is that we have a change in the working capital requirement variation in the other category that's EUR -7.4 million, and that is the reimbursement of the tax liabilities of EUR four million compared to EUR two million the previous year. We no longer have EUR three million to pay back for that tax and social liability, which will be fully paid off at the end of this year. The working capital requirement is also seasonal in nature. Which affects us adversely in the others category and the suppliers category, this half year compared to the previous half year. The CapEx is stable, slightly down by EUR 50 million for the year, and we generated EUR 25.6 million in recurring operating free cash flow. Which if you take away the interest expense, EUR nine million, and the end of our restructuring plan costs for 2018, 2019 generates recurring cash of EUR 13 million. If you take away from that 13 the payment of our rents and the reimbursement to the Bpifrance as part of our ATU loan, the net variation in cash is EUR two million, which allows us to post a cash position of EUR 80 million, which is quite sound. When it comes to the debt structure now, a few quick reminders. Our net debt stands at EUR 171 million. Which if you factor in the EBITDA, which is in the banking document, so it's corrected for the IFRS, we have a lever of 1.6. The ISCR is 5.2. ISCR lever is 5.2. Relative to the covenant, there exists a significant and comfortable amount of headroom, which is why we decided to pay back EUR 10 million in cash of the RCF that we were to pay off at the end of September, with a maturity of 2022. We were expected to pay back between five and 10, and the decision has been made to pay back the maximum allowed, which is 10, as per the banking documentation. I will now hand over to Hervé, who's going to give you a few words of conclusion. Thank you very much, Olivier. Well, to conclude, this is something that I had announced when I announced the business plan. 2022 is and has indeed proven to be a year of consolidation. I was right about that. This H1 of 2022 is a historic H1 for Solocal because we had to manage the phasing out of our transformation plan. We needed to roll over from a model of renewal to a subscription model. This model was fully closed out on January first of this year, and we discovered, developed, and managed what was to become our target model at Solocal. Solocal's teams were very, very successful at this. I would like to thank them for their performance because this was not by no means a foregone conclusion. Now that the subscription mode mechanism is fully confirmed and stabilized, we now have a renewal of the 12-month cohorts. We now have a renewal of the 24-month cohorts behind us. We're fully covered when it comes to our customer contract scope. Indeed, the hunters, our acquisition model, will be ramped up more slowly than we had forecast. It will be slower because, again, we're up against exogenous market factors. It's necessary to give our new recruits time to settle in on the ground, particularly in what I would call fragile territories. This takes time, support, and training, as well as onboarding. That the revenue figure was adversely affected this H1. We will continue to work hard to control costs. This is not our priority. Our priority, as Olivier has told you, is to grow our customer base. We will be very careful to carefully tend to our competitiveness and keep costs down as much as we can. The free cash flow generation, we forecast it, EUR 30 million at the end of this year. This is a slight decrease relative to what had been forecast in the 2022 budget. Yet, the cash position is very favorable. EUR 82 million is an excellent piece of news. That was the figure at June 30th of this year, and the debt ratio is 1.6. This simply means that Solocal is in very good financial health indeed. Our strategy, our medium-term strategy is unchanged, and that medium-term plan is growth. We will be adjusting our targets, as we go in H2. Thank you very kindly for your attention, and we're now very happy to answer any questions you might have. Thank you. Thank you, Hervé. Thank you, Olivier. We have a few questions about the sales force. We're being asked where the Telesales force is located. What are their intervention and expertise levels? Another question about Telesales for the internet websites because we have a dedicated sales force for websites. All right, to answer the first question, you want to know where our telesales force is located. Well, it's located in France. In mainland France, and some of them are in Portugal, and some of them are on Mauritius Island. We have deployed a value strategy. Our high-value, our very high-value clients, our middle-value or medium-value clients, and our low-value clients. I'm not sure we will continue in this manner. This is something that we're currently considering. We're currently reviewing how to best deploy our sales force to address our customers and support them most effectively. The situation I've just described to you is the current situation, but it may very well be adjusted throughout H2. As to websites, while the customer success managers have been recruited and have been established in Angoulême, near to where the websites are actually created, so that they're very close to the production warehouse of these websites. Question. What's the sensitivity of your business model to a recession that's announced for 2023? Our business model is shored up by a very large customer base, and they are very diversified in nature. We only have 1% receivables, which is extremely low, and it's just another expression of how robust our customer base is. Now, of course, we have to remain cautious. We have to be conservative when it comes to the macroeconomic context, which is very complicated to contend with. Our customer base diversification is a significant strength, and should there be a recession, we are convinced that SMEs will need clients, and they will need to do business, and so clearly they will need our services. We have exactly the services they need to acquire those customers that they need and retain them. We are convinced that we have the assets and the ability to withstand a possible recession. Question about your 2023 guidance and the recruitment of salespeople in H2. I can answer the first question about guidance for 2023, and Hervé can answer you about the recruitment in H2. Now, as we've indicated, the deployment of our business plan has continued and will continue. It will be rolled out as expected. It will be a bit slower than expected, particularly when it comes to the territorial development of our hunters. That's why we made the necessary corrections in the revenue forecast, and our medium- and long-term goals will be again adjusted once the hunters are fully established. Once we have better visibility. Year-end, we will adjust our medium-term goals without in any way decreasing our ambition when it comes to growth of the top line in particular. To answer the question about recruitment, well, we will continue to recruit. As I've indicated, we have 154 hunters at the moment in place, fully operational, and the plan is to add to that team, add new salespeople, particularly in those fragile areas, the center of France, the west of France, the east of France, and the Lyon area, the Rhône-Alpes area. Those are the territories which will serve as real growth drivers in the future. Our new recruits will have to be retained successfully to ensure that all of these plans materialize. The better a job we do supporting our hunters, the better they perform, so it's absolutely critical to support them every step of the way and ensure that their loyalty is very high. Question about the debt What's the interest rate that you anticipate for the next three years, and how does the company expect to renegotiate that debt? As to the interest rate, as you know, we have an interest rate which is very sweet. It's Euribor 3 months floored at 1%, to which there is a 7-point margin or a 7% margin attached, rather, and we have a non-call period on the bond of, which is March 2023, refinancing will be a priority in 2023. Clearly, we will be considering that, right from the end of the year. All options are open at the moment when it comes to refinancing private debt bonds. We will be open to any possibilities. As indicated previously, the refinancing will be a combination between the market context, which is not very favorable, and the financial performance and the sales performance that Solocal will have managed to achieve. A communication campaign had been planned for PagesJaunes. Is that still in the cards? Yes, it is. That campaign has been scheduled for Q1 of next year. We have produced it. It's now being tested out. The concept has been run by a few consumers. It's been tested out with some potential clients as well, and it will be fully operational early in 2023. We have a few questions about customer satisfaction. Could you say a few words about how you address it and whether or not you publish your survey results? Are they available? As you will know by now, we have got an NPS. It's called the NPS. That is published annually, and it's usually available at the end of the financial year. It's sent out in March of the following year. That's the standard that we refer to. But beyond that, I've added a few in-house sensors that allow us to determine whether or not we're improving our relations with customers or not. Those indicators are the ones I reported to you earlier according to a few aspects of the customer journey, which we feel are critical and sensitive. The loyalty that's a process for which we have a number of sensors, and those sensors allow the Telesales force to determine whether or not we're on the right track, whether the way we address customer requests is successful. These are internal sensors, and they are flashing green. They have shown that in the last few weeks we have been progressing very, very nicely. I'm quite optimistic when it comes to our ability to improve customer satisfaction throughout the rest of the year. Question about the websites. Is their revenue figure going to increase in H2 or in 2023? It's going to increase slightly in H2 of this year and will increase in 2023, is the answer. You have to bear in mind that when it comes to the websites, when we book an order of 100, that order of 100 is recognized. The technical expense is recognized during the period, depending on the nature of the website. That's booked somewhere between one and four months. The totality of the revenue is booked when the website goes live over a period of 24 months. You book an order in January 2022, there's a long inertial period we've undertaken to completely revisit our existing sites, to limit churn, to improve the value added, to improve the value to our customers of our websites. All of this is going to kick in, but not immediately, and slowly but surely. We're absolutely confident that the website revenue will increase. I would like to add on that subject an additional comment, which is that, as you know, we have three website ranges. We have the Essentiel, Premium, and Privilege. Now, depending on the nature of the range, their production time, the production lead times, the manufacturing lead times are very different. Very different indeed. If you take Essentiel, in six or seven days, you can have a website. In the Premium range, it takes 25 days to get that website up and running. In the Privilege range, it could take a month and a half or even two months. Those are very different lead times. Those lead times have got to be taken into account when you analyze how we showcase the professional. Is the contract going to be for consideration? Is it free? And so on. The critical factor is the loyalty of our customers. The downside is that, yes, the contribution to our revenue stream is achieved at different rates of speed. Question about the hunters and the necessary recruitments. Will there be an increase in the salaries, and will your payroll costs increase as a result of your recruitment goals? Answer, no. As I've indicated, our salary package for the hunters is well within market standards. No hunters have left Solocal because of our salary package. There have been concerns about lack of support or training, and also the difficulty I mentioned that during the first few weeks, the hunters haven't sold anything because they're settling in, and so they're not collecting on their variable pay portion. That's something that we've worked to correct and improve. As of July, the approach will offset that difficulty. There's not going to be a massive increase outside of the budget that we have posted for the payroll. The payroll devoted to the hunters for H1 2022 will be less than what we hope to be paying in the next half year because we want more hunters. We want more of a sales force to boost the revenues, ultimately. The more we sell, the better we'll be doing. That means more hunters on board. Question about the contents of PagesJaunes. How could you improve it? Answer. Well, to start with, we are improving daily. At the moment, we have a department that's devoted to Solocal content, and the improvement has been significant in the last few weeks alone. We are completely convinced that contents are all important. How have we gone about this? Well, one thing we've done is to try to track and identify enterprise creation and enterprise shutdowns, you know, when businesses are created and when they go out of business. Ours is the most up-to-date website when it comes to that, when it comes to new businesses springing up and old businesses going out of business. In H1 of this year, we created more than 600,000 businesses at PagesJaunes. That right there is a direct answer to the question about the creation of professionals, which is critical. The second parameter is PagesJaunes's ability to be relevant. Relevant in its contents by professional. Are the opening hours correct? Are the pictures in place? Out of 4.7 million professionals, PagesJaunes today has got an enriched content. For seven million professional, we've enriched the contents, both cold and hot. We do what we call moderation for our professionals, whether they're clients or not. 60,000 moderations a month. This allows us to ensure that the information is accurate. This is a certification process at every level. I would like to add to that, Hervé. I'd like to say that the Super Pro labeling process is going to increase the value and the quality of the information available. This information that the internet users can access. This will apply not only to Solocal's customers, but will also apply to the 4.7 million professionals that we list. This will be initially for the housing vertical, but there will be no discrimination between customers and non-customers in that regard. The churn rate is up, has increased over the last two quarters. What can you announce about the churn rate? Answer. The churn rate, given our past experience, and the experience throughout H1 of 2022 for the two... The 12-month and 24-month cohorts, well, we have about 15% of a nominal churn rate for those cohorts. The 24-month cohorts sold in 2020 in a period that, you know, we were seeking our footing when it came to subscriptions. Well, I mean, you know, unsurprisingly, that was a challenge when it came to achieving loyalty. I think we did very, very well. I think we were very successful in weathering that period, and I think our churn rate is quite acceptable in that regard. We'll have one last question, and it has to do with the market, the competition that Google might represent, and the competition of some specialized websites. How does Solocal withstand that competition and where's Solocal's footing in that competitive landscape? Answer, that market is one where we're surrounded by several players. We've got the ultra-specialized players when it comes to presence, websites, digital advertising. Often businesses of medium size. The other contingent, the majors, Google, Facebook, and others. Now, among those major players who are our competitors, we also have partners. From that standpoint, we're extremely watchful. We're very, very careful in our relations with them. We know where not to tread and how to proceed with them. Our assets are our algorithmic strength, our expertise, our technical strength. That is all buoyed up by our sales force. Those major players don't have that sales force. That is I mean, the sinews of Solocal is that extremely professional sales force. It's going to be a matter of, not conceding an inch of ground and being very, very close to our professionals, staying very close to our customers, and, ensuring thereby our growth independently of Google and Facebook. Much for that contingent. When it comes to the specialist competitors, well, we'll just have to get better and better at what we do. It's that simple. We'll have to be more and more effective in, pushing our ranges. When it comes to presence, we've been improving. The presence products are very, very effective. Our websites are being completely refashioned and repositioned, and that's potential growth right there. The remaining challenge will be the digital advertising strategy. What I can tell you now is that in H2 of this year, we will be rolling out offers that allow us to recover the leadership in digital offering, digital advertising. Definitely by early 2023, we will start broadening, enriching, extending that offering because that is the way in which Solocal's positioning will be fully shored up. The more we become the one-stop point of accountability for our customers, the better we will be able to hold our own. We have to absolutely stick to our professionals' needs and listen to them very carefully and craft the solutions that will allow us to lock them in. Thank you very kindly. That concludes this session, thank you very kindly.