Good Evening, and Welcome to Quadient First Quarter 2023 sales presentation. I am Catherine Hubert-Dorel, Quadient's Head of Investor Relations, and I am here today with Geoffrey Godet, CEO, and Laurent du Passage, CFO. The agenda for today is on slide three. We'll try to keep this presentation short to allow as much time as possible for your questions. As usual, you can submit your questions in writing through the web, or ask question live by dialing into the conference call at the end of the presentation. Thank you very much, and with that, over to you, Geoffrey. Thank you, Catherine, and good afternoon. I am pleased to report a solid start of the year, with Q1 sales reaching EUR 256 million, or a Organic Growth of 2.1% for this first quarter. More importantly, and in line with our goal to develop subscription revenues across all our solutions, this increase has been driven by the accelerated growth trend in our Subscription-Related Revenue base. Subscription-Related Revenue grew by 3.1% organically, representing now 72% of our total revenue, or EUR 184 million of recurring revenues for the first quarter. This is clearly proving the strength of our business model, and it is even more relevant with the performance of our activities in North America. Our North American operation grew at 5.9% organically and represent now 57% of our total revenues. Today, North America each, I repeat, each of our three solutions are at scale and mature, all three growing in Q1, including our mailing equipment activity. This healthy level of recurring revenue, combined with the solid growth trend experienced in this first quarter, allow us to remain confident in the fundamentals of our business as we expect Quadient Organic Growth to continue throughout the rest of the year. We therefore confirm our guidance for the full year, as well as our midterm financial targets. Over to you, Laurent, for the details of this first quarter sales performance. Thank you, Geoffrey. Good afternoon and good morning everyone. I am Laurent du Passage, I'm Quadient's Chief Financial Officer. I'm happy to walk you through the Q1 revenue for Quadient. Moving to slide seven. As you can see on the chart on this slide, Quadient's quarterly revenue growth has been fueled in the past two years with the growth of subscription revenue along the way, making our business progressively more predictable. Q1 2021, subscription accounted for 68% of our EUR 246 million revenue, compared to 70% of EUR 256 million in Q1 2023. This also shows the growth of 3.1% just over Q1 2023 compared to Q1 2022. This trend is allowed by increase of yearly up to multi-year guaranteed contract, as well as monetized usage of the Quadient platforms that can vary in seasonality, but always is recurring. Overall, total revenue is trending up at group level despite the +EUR 30 million revenue decrease of divestments net of acquisitions along the period, as you can see below the chart. Moving to next slide. We can see the same quarterly revenue evolution, but split this time by geography, highlighting the positive evolution of North America thanks to a larger business model maturity and scale compared to many European countries, and resulting in a 5.9% Organic Growth for Q1 2023 year-over-year. This also reflects the return on investment we made in the last few years, notably benefiting from three acquisitions in both our software solution as well as our parcel locker. In Q1 2023, North America accounts for 57% of group revenues, meaning EUR 145 million, when it was only 50%, or EUR 123 million, in Q1 2021. This evolution is also positively affected by the forex impact over the period. International geography has been reduced also due to divestments. We've invested in our European operation in 2022, as you know, to organically launch and scale our software business and local solutions. Efforts are paying off. We see positive early results in Q1. These solutions are not yet at the scale necessary to offset the structural decline we see in our European mailing solution. Moving now to next slide. At group level, we are very happy to report a solid Q1 2023 revenue at EUR 256 million and 2.1% Organic Growth, supported by a double-digit growth in our ICA solutions at +10.4% year-on-year, reaching EUR 58 million of revenue in Q1. A still very resilient Mail-Related Solutions with -1.1% year-on-year decline at EUR 176 million. Last, a high single-digit growth for Parcel Locker Solutions at 8.7%, reaching EUR 21 million of revenue for the quarter. You can see the geographical split as well by region on the right-hand side, in line with the chart seen in the previous slide. Moving to next slide. As you see in this revenue bridge, total reported revenue evolution from Q1 last year to Q1 this year is +1.3%. However, this includes both scope and forex effect. To focus on Organic Growth, we need to exclude the EUR 3 million scope relative to the graphics in the Nordics, as well as shipping solutions sold in June last year, but also exclude the currency effect, favorable, due to the USD being on average a bit stronger than last year at the same period. When you exclude those effects, you can see the 2.1% Organic Growth, which is EUR 5 million over the quarter, made of +EUR 5 million in ICA, -EUR 2 million in MRS, and +EUR 2 million in Parcel Locker. I suggest we now move in detail into the solutions review. Over to you, Geoffrey. Thank you, Laurent a s discussed, many times since the launch of our back to growth strategy, the mission of our software business, Intelligent Communication Automation, or ICA, is to unify business communication and financial automation into one platform. We've been working towards the integration of all our software products into a single integrated cloud platform, which we call the Quadient Hub. The primary goal of this hub is to provide an intuitive and user-friendly interface and search for all the products, centralizing access into one location. Importantly, we're focusing on powering the platform with artificial intelligence and driving decisions with analytics to offer very insightful recommendation and data-driven improvements to our customers. Most communication that flow across the Quadient solutions, right, and including our software offering and as well, our physical mail solutions and our Mail-Related Solutions business, MLS, are either invoices, statements, payments, and other type of related financial business transaction or business communications. The Quadient Hub enables our customers to manage all these communications more effectively and more efficiently. With an API-first strategy, the Quadient Hub easily integrates existing technology stacks and such, including ERPs and legacy back-office systems. That allows us, allows the platform to automate the creation, the personalization, and the delivery of communication, we can do so as such, at scale, while we are unifying all transaction-related processes such as payments, credit scoring, reporting, and many more. The result in the unification of our award-winning, now an industry-leading solution into this unique hub, Inspire for CXM, Impress, and the recent acquisition, as you know, of YayPay and Beanworks. The platform was released in early April 2023, and we already have over 1,000 customers using it, giving them a single entry point into all of our solutions and all their features. In addition to the platform release, we also continuously focus naturally on improving the features from time to time offered by our solution. To that end, we have recently announced the release of our advanced AI, artificial intelligence-powered Cash App, notably for accounts receivable and for CFO customers. Moving to the next slide. Over the years, the Quadient ICA platform has continuously received recognition from third-party analysts, including Gartner, Forrester, IDC, Aspire, Quadrant, and many others. These analyst firms are, in a way, the voice of the market for these products now, today. I'm not gonna go into the details of each one of those rankings, only highlight a few for you today. IDC, that you have on the left-hand side, named Quadient a leader in their 2022 MarketScape for Cloud Customer Communications Management. The IDC MarketScape listed the customer experience strategy, our performance, the scale, and the implementation experience as a strength of our Quadient solution. In their 2023 Customer-to-Cash, Receivables Excelleration Matrix, The Hackett Group recognized Quadient the customer-to-cash receivable capability, notably. All in all, the solutions brought by the Quadient platform are very well recognized today and searched by multiple analyst firms, and the list keep growing. If we turn now to slide 14, I would like to focus on two new reports. Quadrant named our Inspire solution as the undisputed leadership position in the market for Customer Communications Management, or CCM, as Quadient Inspire continues to lead the way with innovation, scalability, and market-first capabilities. As discussed before, this position is also aligned to other reports from Gartner, for Forrester, from IDC, from Inspire, a truly multiple recognition, sorry, for our Inspire offer. Our more recent offers also are getting additional recognitions. If we look on the right-hand side of the slide, our account receivable automation solution, which came from our, the YayPay acquisition, has continuously been recognized by IDC in the past, and we're thrilled that Gartner has also validated and searched for the first time our solution in their 2023 Magic Quadrant for Integrated Invoice-to-Cash Applications. Recognizing notably a strength, Quadient's impactful sales strategy, commitment to customer success, and advanced AI analytics capabilities, notably in credit management. A first recognition in a survey ranking only nine firms out of 20 surveyed and within a highly and much more fragmented market. Moving to slide 15 now. I think we could say we have a great integrated platform, which solutions are well-recognized by the industry analysts, as we just shared just a few seconds ago. While we're very thankful for this recognition, I think the best validation comes directly from our customers. This slide presents a sample of the feedback our customer shares with the rest of the world. Again, I'm not going to go through each of these examples in detail, but I think it is important to highlight the strong positioning of our cloud offering on the market today. Among others, we can quote Quadient Accounts Payable Automation that has been recognized by several sites, such as the top performer, by the site FeaturedCustomers, with good reviews as well on Capterra. Our accounts receivable offering has been recognized as leader by the G2 Crowd, that you have as well at the bottom, as the best accounts receivable software. While our CCM capabilities have been praised, notably on Gartner Peer Insights that you could see on the right-hand side of the slide. Moving to slide 16. Let's now turn to some example of customer success and how we go to market. Quadient has intentionally diversified its go-to-market approach, and we focus today on two main thing: acquisition of new customers, and we do that through multiple channels, and expansion within an existing customer. If we start from an acquisition standpoint, we have three main acquisition levers, and I want to describe a few of them for you today. The first is our direct teams. I'm happy to share the progress that we made by direct sales teams, whether inside sales or field enterprise salespeople, and notably for the one that we launched in Europe last year, for notably AP and AR. You have here listed a few examples of both AR and AP new customers, both in France and in the U.K. We are building from our direct sales expertise in the U.S. to penetrate the European countries with our AP and AR offering. If I take a second example of our acquisition strategy, is our sales team also successfully cross-sell the ICA software solution into our existing mailing solution customers. I've been talking about that quite a few times. Our mailing sales teams did an amazing job again in this first quarter of 2023 by more than doubling the MRS cross-sell booking value versus the first quarter in 2022. This, from my perspective, again, demonstrating one more time the key strategic synergies across the Quadient portfolio. If I take another example, the Trois Moulins Habitat story, which is a French customer, is a prime example of this cross-sell capability. It was a historical mailing customer, which is a smart hardware user. They have purchased our software solution, Impress Automate, to complement their mailing management. This clearly shows the benefit and synergies of our solution when they come together and the value they collectively bring to our customer base. If we give a few example now and speak a little bit about our expansion strategy, we seek to ensure customers fully benefit from all the modules they purchase, naturally, and how they use them. Also that they can easily deploy and benefit from additional modules of the hub of the platform. This is what we call upsell, right? We upsell within a customer. If we take an example of Performance Systems I ntegration, I think, is a very good example of a Accounts Receivable customer, which but actually YayPay, upgrading its solution with our Impress modules for document assembly and presentation. The contribution from this upsell continue to increase year-over-year and contribute to our Annual Recurring Revenue growth, our AR growth. With now 1,000 customers on the Quadient Hub just in the last few weeks, we are at the beginning of the potential of what our upsell opportunities can represent in the future. Laurent? Thank you, Geoffrey f or ICA, revenue is growing by 10.4% organic in Q1. It's standing at EUR 58 million, with a reported growth at 11%. As you can see on the left-hand chart, this growth continues to be driven by a +20% growth from Subscription-Related Revenue, now reaching EUR 47 million for Q1, meaning 80% of the total. This is the result of the embarked Annual Recurring Revenue from last year, which has continued to increase to EUR 193 million at the end of Q1, with MRS cross-sell significantly contributing to this growth. North America continues to carry a very strong portion of ICA's growth. Licenses revenue continue to decline as expected, accounting for only 7% of revenue this quarter, while professional services decline has accelerated due to the change in business and customer mix. More SaaS and more mid-sized companies. Over to you, Geoffrey, for MRS. Thank you, Laurent t he performance of our mailing solution remain extremely strong, and the momentum has continued again to be solid now for many consecutive quarters, so we're quite happy and excited about it. For MRS, Quadient go to market focuses, like for ICA, across the focuses, sorry, are twofold: cross-sell and upsell our existing customers, right? That's our primary focuses. Our selling approach introduce increased value to customers as we integrate additional Quadient capabilities. To do so, we leverage, naturally, a very rich solutions and product offering today that combines not only our mailing equipment intelligence solution, and it combines it with the ICA software, but also with our parcel solutions. Today, we benefit from a robust and diversified go-to-market organization, as you know, that supports more than 400,000 customers and search across 27 countries, and we do so for both large enterprise, mid-sized customers, and also smaller organizations. The introduction of mail room automation software in the form of Impress Automate is a natural fit for customers that purchase our intelligent mail room solutions. It allows our folders and sorters to work faster and more accurately, and also allows us to optimize postal expenses without human intervention. It's another automation. As a result, we see hardware sales driving significant growth for Quadient software. In addition, the combination of both the software and hardware offerings are also helping us capturing new customers by offering them, naturally, equipment or new equipment for the first time. Let's take the example of Cineca. It's an Italian consortium of 116 Italian universities. We've been able to sell this customer two folders and sorters to ensure the accuracy and integrity of the important university examination communication for the first time. We also acquire new customers from our network of more than 100 partners and dealers. If we take an example, Major Business Machines, long-term dealer for us, has been selling folders and sorters to Competition, a U.S. nonprofit organization supporting children in needs, to manage its direct marketing mail campaign. As part of nurturing our existing customer relationship, our mailing sales professionals, mailing equipment sales professional, also help their own customers with their own digital transformation, as a result, are able to cross-sell our software, as we have just discussed. Now, conversely, which could surprise you, we can also sell mailing equipment to our existing software customers. If I take the example of Print Solution, it was an existing Inspire customer, our ICA, Intelligent Communication Automation, software customer, who has now upgraded its capability to manage short mailing batches with the purchase. There were three stations of DS-700 iQ, which is folders and sorters, which combine now both the strengths of our hardware and software solution as well. Moving to slide 19 for more details from Laurent on our financials for our mailing equipment business. Thank you, Geoffrey so a ll that being said, performance in MS continues to be extremely resilient, with the sales at -1.1% organic decline in Q1 and -0.3% reported at EUR 176 million, where Subscription-Related Revenue continues to account for 70% of total. This performance is fueled with a fourth quarter in a row of increasing hardware sales at +3.7%, that's notably driven by North America, also international, this despite a weaker contribution from France and U.K. Supplies have continued to show a positive contribution, which is a very good indicator of the level of usage of our intelligent devices. Backlog level has normalized, and supply chain tensions have eased at this stage. Over to you Geoffrey, for parcel lockers. Thank you, Laurent l et's take a little few seconds to describe our parcel locker business today. Like for our software and mailing solution, we have also focused on a diversified go-to-market approach for our Parcel Locker Solutions, and we have a stronger focus, naturally, on acquisition, as we intend right now to scale fast our install base. This comprehensive go-to-market approach allows us to address the needs of all verticals. Acquisition comes in several forms, from new contracts with retailers, for example, but also through the deployment of our open network of lockers. If we take an example, in the U.K., we've made progress, naturally, in securing sites to install our lockers, notably with the recent agreement with Rontec and APCOA for around 1,000 possible locations in the U.K. These are very important steps to ensure that our open network is successful, with lockers installed in very attractive locations. In France, if we take another example, we're making the same progress with a second carrier that we sign into our open network. Partnering to acquire customers is also important in the parcel locker business, we have another example with SMARTECH, which is a partner of us, who have added the Parcel Pending by Quadient locker solution to their portfolio in 2022 and now manage a pretty large and local contract with the Australia Post. If we turn to the cross-sell as well for the parcel locker business, you know, we take the example of the universities in the U.S, where we recently hit a significant milestones with more than 200 universities equipped with our lockers. Most of them has been cross-sold by our mailing salespeople. Universities have significant mailroom, right? That manage both large volume of inbound package and also mail. They are therefore existing customers of our mail solutions, traditionally, and find significant value in adopting the parcel lockers to now manage the distribution of the inbound parcels. Lockers adoptions from universities is fast, and they're also often a source of upsell, as we can sell them additional columns ordered or new lockers type added, which are usually the two most common source of upsell, as I highlighted in this last example of the slide on the right-hand side. Moving to slide 21 for more information from Laurent, our financial performance of the parcel locker. Thank you. For Parcel Locker Solutions, the sales are up by 8.7% reported, + 7.4% reported, with double-digit growth in Subscription-Related Revenue. Existing install base continue to strongly contribute to that growth, as well as the deployment of the recently signed contracts both in France and in the U.K. including the U.K. open network. The hardware sales are slightly up, thanks to the U.S. lockers installation, normalizing after recent delays, both in residential and retail segments. Important to note on parcel locker, total revenue has grown double digit both in the U.S. and in France. Over to you, Geoffrey, for the full year guidance. Thank you, Laurent for this information. Let me now move to the outlook and the recent business trends that we have experienced in the company. As we have detailed throughout the presentation today, all three solutions enjoy dynamic with strong commercial successes in our main markets. Demand for automations, whether it's for digitalization or e-commerce penetration, and last mile automation remains very solid, which fuels our future growth. While the recurring nature of our business model offers, on the other hand, a good visibility of future revenues. Overall, this is a very solid start of the year and a robust business trends across all three solutions, and that's what makes us confident in our ability to deliver our full year 2023 guidance. We therefore and consequently reiterate our full year 2023 guidance of around 3% organic sales growth for the full year 2023 versus the full year of 2022, and around 10% organic current EBIT growth. I want to thank you for your attention today. Laurent, Catherine, and myself are now ready to take all your questions. Thank you. Thank you very much. No, go ahead. We'll start with the question on the line. Thank you. Ladies and gentlemen, if you'd like to ask a question or make a contribution on today's call, please press star one now on your telephone keypad. To withdraw your question, please press star two. Please also ensure your lines remains unmuted locally. We currently have no question coming through. As a reminder, if you would like to ask a question, please press star one now on your telephone keypad. There are no further questions, so I will hand you back to ask the question coming from the webcast. Thank you. Please go ahead. Thank you. We have a question coming through, on PLS. How many lockers have you signed with Ferguson, in the U.S? Ferguson in the U.S, I think Ferguson probably close to 100, a little bit more potential installation for us. And probably the first batch probably represent half of that capacity, so it might be around the 50 installation, which are pretty large configuration. Thank you for this question on Ferguson. Thank you. We have another question on the guidance. Could you give a guidance on interest expensive for the full year 2023, to be compared with EUR 31 million in the full year 2022? Laurent, do you want to take this question? Yes, I will take that one. It's a very accurate one. Just as a reminder, and you're right to mention it, last year we had half of the usual ORNANE payment, we paid EUR 3.4 million for the ORNANE portion. We paid, as you mentioned, EUR 27.6 million of regular interest. Just to note that this EUR 27.6 is made of two parts: EUR 25.7 for the financial debt, EUR 1.9 million, which is interest on the lease obligation, which is the IFRS 16 treatment of the interest portion on the current lease we have. We obviously have an increase on that interest payment expected for 2023. I think that we can consider that you would have probably between half a point to a point of additional cost of debt because progressively, notably, we still have variable rates for one-third, basically, of our debt. We can expect that with gross financial debt at around EUR 800 million, we can expect between EUR 5 million-EUR 10 million of additional interest expense when it comes to 2023. Thank you Laurent. I think we have a question on the line. Operator? Indeed. We've got a question indeed from Jean-François Granjon, calling from ODDO. Please go ahead. Just a question regarding the Parcel Locker Solutions. We see for the first quarter a limited growth for the install base. So you reach 18,500 parcel lockers, so this a limited increase. Do you confirm the target you expected at the end of 2023, so to reach 25,000 parcel lockers? Good afternoon, Jean-François. Thank you for the question. It's a good question. We're going to reiterate what we said at the end of for the, in March. That, yes, we have the potential to be able to do around that 25,000 lockers installation, because this year we do expect some acceleration, naturally. We have the ongoing installations of the monthly installation, in particular in the residential segments, we have accelerations in term of specific programs. We're talking about sometimes retailers like Ferguson, that we just discussed, and we have the same thing in France and in the U.K. Will likely potentially impact H2 positively. More importantly, we have also the acceleration of the installation that we expect to have in the U.K. for the open network. The announcements, notably the fact that we have secured more than 1,000 sites, with two partners in the U.K, will help us naturally increase those installation as the months passes for the rest of the year. We are capable to have some quite strong acceleration from one month to another. A lot of the lockers have been already orders from a supply chain perspective, so they are already in storage, whether they're in the U.S or in particular, in Europe. We have seen them in our inventory at the end of 2022, so that we could be ready to fast-track any potential implementation. That being said, if we're a little bit behind or a little bit ahead, you know, it doesn't really matter, because our goal will be to overachieve those 25,000 installation anyway at some point in the year 2024 as well. Okay, perfect. Thank you. You're welcome. We have another question on the, on the telephone line coming from Mourad Lahmidi, calling from BNP Paribas. Please go ahead. Yes, thank you, and good evening I have two questions. First one on ICA. When I look at the comparison basis, it starts to be really easy in Q2. Are you to say that we should expect a growth pickup at ICA from the second quarter onward, from those +10%? Then a question on PLS. Thank you for sharing the usage number at 58%. Could you also give us some perspective in terms of how the usage number has tracked in the past 12 months? Where do you expect that to be in an optimal world? Thank you. On ICA, on the software side, we have not given a specific guidance for each of the solutions, no, for ICA, neither for Parcel Locker or MRS. What we did say, and what we have also achieved, is the acceleration of our ARR growth at the end of 2022, with a 22% for the full year Organic Growth on that ARR. Naturally, what we do expect in 2023 is to see that, at the end of last year, that future recurring revenue to materialize itself into recognized revenue in 2023. You could see it already materializing itself in the first quarter. To have the subscription revenue to be around, obviously, there could always be some seasonality on the usage, but to be around 22% or a little bit less, a little bit more, but around that. As we pass the different quarters, Q2, Q3, Q4 coming, we expect that to have that on a full year basis. Obviously, it's gonna continue to be fueled by additional bookings on new orders. As it relates to the full revenue of the software side, we'll have the in Q2, Q3, Q4, the impact on the license and the professional services that will make up the difference. This is what we said when we met in March last time around, is that the top line will progressively be less impacted by the decline on the non-subscription-related revenue, and therefore, we should be able to expect, on a full year basis, something closer to a double-digit growth for ICA. The second question was on... Was on the usage of PLS, which is also a very good question. Of top of mind, I don't have it here, but Laurent or Catherine will correct me, I think we're at 58% for the usage in Q1, which is in line with the seasonality that we have experienced in the previous years. As a reminder, on the full year basis, I think we probably finished 2022 at around 60%-64%. 64% 64%, something like that. 58% is in line with the fact that we have a peak usage in November, notably the months of November and December, related to all the e-commerce orders that are usually being processed at the end of the year. Naturally, when we start the year, we start at lower usage, and then it picks up again for the rest of the year. The 58% is in line with that, the seasonality we expected, and is in line also with the continuous improvement. It's a little bit better actually than what was probably in Q1 last year. Mourad, the question on the optimal level. Another good question on that optimal level. Today, at the 18,500 size of the install base, we estimate that an optimal utilization is around that +70% utilization, as we have to take into account the normal rotation of package, right? Because once you have a package, it's not being picked up at the minute, it is being dropped into the parcel locker. Same thing when we do the management of the consolidation of the returns. Somebody comes and wanna send back a package, they put it in, and then there's a idle time before the carriers can come and pick it up. As a result, we estimate for us, in our network, in this configuration, that 70% should be the maximum utilization. That's where, you know, by finishing last year around 64%, we do expect from year-on-year to be able to continue to improve the utilization of the network, which could also be diluted on the negative side if we have a strong increase of new installation, for which there is always a little time of maturity to be able to ramp up the utilization. But on a yearly basis and over the years, we expect that to be able to get closer and closer to the 70%. Thank you, and I have a follow-up point on that usage number. When you measure the usage, is it on the rental base or on the entire base, which also includes the lockers that you sold to customers? It is on the entire base, because we look. Okay ... the usage of the lockers, whether they are paid usage, on a transaction basis, you know, for the transactions, or whether they are included into any subscriptions, like the rentals, but also into the one that have bought the software. Because it's a sign for us of either way, of opportunity for upselling a particular installation. So whether it's in the case of a paid locker, we know we have potentially the capability to add additional boxes or lockers or package room, to an existing multifamily installation or universities. And if we look at the, on the, on the retail side, or with our contract, in Japan, with the different carriers, even if they have committed a fixed subscriptions, if we are maximizing that fixed subscription, it's also an opportunity to build up on the locker. That's something also that as a model, and I'm glad you asked the question because I think it gives me the opportunity to show, I think, the confidence and the maturity we have in that usage model. We took, we were potentially more conservative, naturally speaking, at the beginning of the installation, by committing the usage of the lockers on an fixed subscription basis, which guaranteed for us the revenue, from quarter to quarter, but also limited the upside of being able to monetize additional usage, which was to the benefit of some of our customers. I think now that we have a pretty decent experience, we are obviously ensuring that we could monetize and benefit from the full usage of the lockers, and therefore, in our mix, likely reduce the fixed subscriptions as we move forward and increase the paid usage over time. We see that with our implementation of how we look at it on the U.K open network, where the vast majority of the expected revenue will come from the paid usage in a non-fixed way. Thank you very much. You're welcome. We currently have no question on the telephone line, so we are going to switch back to the webcast questions. Please go ahead. Thank you. We'll move back to the question online. We have a first question on the MRS. What was the impact of the new e-invoicing regulation in France in Q1? What are your expectations for the year? It's a good question. The e-invoicing regulation in France, we know the law has planned a particularly planned schedule by which in, you know, particular milestones, with different level of enterprise in France will have to be able to do e-invoicing instead of physical invoicing. That being said, we are not there yet in term of implementation from a government standpoint, and all the different stakeholders are involved in that. We'll need to see whether in the coming months and quarters the government confirms the current timetable. That being said, we haven't seen any major change in the usage of our folders and sorters in term of the usage related to potential invoice that needs to be mailed to customers. Probably 50% or 40% of the volume on those folder and sorters are related to those invoice or financial documentation, or tracked to an invoice. We are under steady level of decline of transactional mail in France. That has been, I think, going on for the last probably two years. We've seen an acceleration started two years ago, but it's not accelerating from quarter to quarter. It's more or less a stable level of usage. From an activity standpoint, on the software side, though, we definitely see a high level of interest, early inquiries from many organization trying to anticipate. CFOs of mid-size or large enterprise, trying to understand how they can get ready their companies. Definitely we see from a demand generation perspective, a pipeline being built up of new opportunities as they mature, where you give naturally demos, you educate customers, then each enterprise after that, decide to receive their own time frame by which and by when they want to get ready for that. I think it's an early sign and more positive side on the pipeline generation on the software side, than any current impact on the mailing side, because on the mailing side, until and as long as most companies are not equipped on the digital side, we're probably gonna see a continuation of a strong mailing activities of those invoices. Thank you, Geoffrey. We have a bit more financial question on ICA. Can you tell us more about the contribution of YayPay and Beanworks to ICA's Organic Growth, and also give us a breakdown of overall churn over Q1? client accounts receivable and accounts payable modules are driving a significant part, significant growth, I mean, and we've shared that in the past quarter, but still above 50% year-on-year. Out of the EUR 5 million we saw on the bridge, of increase in ICA, about a third is coming from those modules, so it's very material and obviously, those two modules are very successful. When it comes to the churn, just to be accurate, the churn for Q1 was very limited when it comes to ICA. We are quite reassured that, you know, the embarked ARR and the new contract signed in the past quarters will continue to generate a significant chunk of growth moving forward and contribute to the overall growth of the software division. I could add, maybe more on the technical side, on the business side, is that as we have integrated or continue to integrate the Accounts Receivable, Accounts Payable, the former Beanworks and YayPay product, naturally, we are reorganizing the modules of those solutions, and we have other modules than just the Accounts Payable, Accounts Receivable, one of the former YayPay and Beanworks, that are related to those activities. From a financial automation perspective, we have now on Impress the invoice presentment, which is really a core module that is being used by both the Accounts Payable and Accounts Receivable modules. We have payments, we have other modules that are related to the usage from our customers on the basic Accounts Payable and Accounts Receivable automation. That's something that we believe that the Quadient Hub will fully benefit versus the, just the, the view by product that we had before. I think last year, just as a reminder, probably, even though we don't share, you know, discrete growth rate by product or modules, we were probably still around above 50% growth rate for the full year on the account payable and the account receivable modules, organically. I think we have no further question at this stage, we'll end the call there. Thank you very much for attending and for listening, and for all your questions. As a reminder, the next event for us will be the 16th of June with our annual general meeting, for financial, on the 20th of September with our H1-2023 results. Thank you very much. Good evening. Thank you. Good evening, everybody.