Good morning, welcome to the Baltic Classifieds Group full year results presentation for the year ended 30th of April, 2023. My name is Charlie, and I'll be coordinating the call today. If you'd like to ask a question via the telephone lines at the end of the presentation, you can press star followed by one on your telephone keypad. I will now hand over to our host, Justinas Šimkus, Chief Executive Officer, to begin. Justinas, please go ahead. All right. Good morning, all. I'm pleased to announce that our second year as a public company was a great success. We have exceeded our guidance and met all our commitments, including financial, governance, capital allocation, and ESG. Our revenue grew 19%, exceeding EUR 60 million. Adjusted EBITDA grew 17%, reaching EUR 46 million, with an industry-leading margin of over 76%. Cash conversion was close to 100%, and we have significantly reduced our leverage from 1.7x to below 1x adjusted EBITDA. We are implementing our capital policy by buying our own shares, and the board has proposed a final dividend of EUR 0.017 per share to debate after AGM. In our view, this has been one of the busiest and most successful year in our company history. We had a strong annual revenue growth across all four business lines. We initiated a pricing event for our private customers a year ago, in April and May, and then improved our pricing and packaging for our business customers in autumn. The number of business customers has been strong, with 3% growth in autos, flat in real estate, a slight decrease in jobs, although still much higher compared to historical averages. The yield has improved significantly, with 30% growth in autos, 22% growth in real estate, and 17% growth in jobs. The private segment has been of a particular note, with significant growth in both listings and yield expansion. Overall, our core classified revenue was a major success, with both B2C and C2C contributing close to 90% of the total revenue. Revenue from the business customers grew by the impressive 21%, while revenue growth from the private was even higher, increasing by 25%. Our lead over closest competitor, which we consider to be the most important KPI, it remains strong across all major portals, ranging from 5x- 29x, depending on the portal. Additionally, we have successfully launched a new subscription model in the newest acquisition, GetaPro, based on our experience in the service vertical in Lithuania. BCG has achieved an impressive 45% reduction in CO2 emissions and maintained carbon neutrality across Scope 1 and Scope 2. This achievement was driven by the majority of electricity used from renewable sources. Additionally, BCG has maintained a balanced gender and diversity ratio, with 51% of employees being female and 49% male. Moreover, BCG was ranked as the second best performer within the technology sector of FTSE 350, with 45% of female in leadership positions. We completed our first employee engagement survey this year, and over 95% of employees are proud to be part of the team. I just want to stress the number, 95%. This dedication and commitment is what makes BCG such a successful company, and that it directly leads to such a high average tenure of eight years, which is remarkable in such a technology-driven company. Now I will hand over to Lina to speak about financials and more details. Thank you, Justinas. Good morning, everyone. We ended this year with highest ever revenue. Target is 15% growth for the group, and very happy to announce that our revenue grew 19%. This also means that we are now 44% bigger than we were 2 years ago at IPO. It was a very balanced and qualitative growth. First of all, because it came from the core classified revenue streams, B2C and C2C. Those are together representing 88% of the revenue. B2C grew 21% and C2C grew 25%. Second of all, growth was also consistently strong across the business lines, with autos, real estate, jobs and services, and generalists up 22%, 21%, 20%, and 13%, respectively. The portfolio we manage is diversified across both the revenue streams and business lines. The split by revenue streams is 49% from B2C, 39% from C2C, the remaining 12 comes from advertising plus ancillaries. As you can see in the upper right corner. 37% of the portfolio's auto business line, 25% real estate, 19% jobs and services, and 19% generalists. We have continued with our usual schedule of pricing events. In April, shortly before the period currently reported on, we introduced C2C price changes for most of our portals. These changes are reflected in the yearly numbers. In the middle of the period, from September, we introduced B2C price changes. We did it in real estate, auto, and jobs portals, and these contributed to the second half of the year. Because majority of jobs contracts are yearly, the price changes in jobs are rolling out throughout the 12 months since September 2022. Later, the operational KPIs will be discussed in more detail, but overall, in both auto and real estate business lines, we have more ads, plus we have increased the yield from both B2C customers and C2C listings. Our jobs board, which doubled in 2022, continued to grow 13% this year. It's now 130% bigger than it was two years ago. The services revenue grew 18%, which is including GetaPro, and the growth mainly came from more ads and yield improvement. Generalist growth was also driven by growth in the number of listings and revenue per listed ad. The resilience of our portfolio has been proven many times. Over the past three years, there were different market shocks, starting with COVID-19, Russian invasion of Ukraine, energy and food price shocks, high inflation, and rising interest rates. None of these had a significant effect to overall BCG portfolio. Despite the turbulences we went through, each of our business lines have maintained growth trajectory. The operating costs to EBITDA had zero adjustments this year. The biggest part of the operating cost is people-related costs. It accounts 65% our operating costs, and we do not capitalize any of it. The growth in people-related costs came from the fact that the team grew to 134 full-time employees, mainly in result of the M&A done in July. Wage inflation, long-term incentive plan costs, which base is building up to the expected level, and one-off deal related awards to acquired business founders. Wage inflation last year was 13%. A third of the team is in tech, higher wage inflation is no news to us, and we do yearly salary reviews. The expected public listed company costs materialized. BCG has employee long-term incentive plan, which is structured as a performance share plan. The cost base relating to it is expected to be growing during the 3-year period since IPO, because it's a 3-year award program. In July, the group awarded a list of employees with the second portion of 3-year awards. We also had one-off GetaPro deal related award to GetaPro founders. Because of it, the PSP cost base growth accelerated this year, and it's already close to expected annual level. Our marketing costs remain at approximately EUR 1 million a year. In absolute amount terms, we think that we outspend our competitors, but if looking at the percentage from revenue being 1.6%, this is a benefit of the fact that we are a locally well known portfolio of brands. Our websites are among the most visited in respective countries. We benefit from cross-marketing. In terms of other costs, this year, we had the first AGM-related legal costs, and the more significant other cost growth came from audit fees in relation to new accounting standards. Overall, BCG operates in a higher inflation environment, but the most significant component to inflation was energy prices, to which BCG is not too much exposed to. The majority of growth in costs relate to being a public listed company. Our EBITDA this year had zero add backs. It grew 17% to EUR 46 million, with 76% margin. At IPO, we were confident in the sustainability of group margin prior to the impact of listed company costs, and we outperformed that. In terms of profitability, we're now 40% bigger than we were two years ago at IPO. We're highly cash generative. Our cash flow from operating activities grew 18% to EUR 48 million, our cash conversion was maintained at 99%. After we left the IPO behind, this year, adjustments to profitability measures are limited. As noted, no adjustments were done to EBITDA, the only adjustments done to profitability measures are non-cash and relate to historic acquisitions. That's the amortization of acquired intangibles and deferred tax from it. Our adjusted operating profit is tracking closely to our EBITDA and grew 17%. We started the period with EUR 84 million loan and leverage ratio of 1.7x. Since then, during the year, we acquired a services portal for EUR 1.6 million, paid the first final dividend for the previous financial year in the amount of EUR 7 million, reduced the loan liability by partially paying down EUR 14 million of debt, bought EUR 1.5 million of company shares for future employee awards. Post AGM, we started buying back company shares. We've been doing that for seven months this financial year, and we purchased 3.4 million shares for a total of EUR 5.7 million for cancellation. We ended our year with EUR 70 million of debt and leverage ratio of 1x. After the year-end, we also voluntarily repaid EUR 7 million of debt, and the gross debt currently is EUR 63 million, with no near-term maturities. Our capital allocation priorities remain unchanged. We intend to use the excess cash that we generate in a year, within the same year or shortly thereafter. We will continue considering value-creating M&A opportunities, and all options for financing attractive acquisitions remain open. However, using cash is the most likely, and this will most likely not affect the dividends. We intend to return one third of adjusted net income each year via interim and final dividend, split approximately one third and two thirds respectively. An interim 2023 dividend of EUR 0.048 per share was paid in January, and the board is pleased to be recommending a final dividend of EUR 0.017 per share to be paid in October. We believe that share buybacks create the potential for significant value creation to our shareholders. The board would like to accelerate the allocation of excess cash towards the share buyback program will continue to reduce the gross debt. Thank you. I will now hand over to Simonas, who will elaborate on KPIs and product development. Right. Hello, again. In the next four slides, I will provide KPIs updates. Updates on each business unit. Structure of the slides remain the same as usual, so market context is provided on the top left, C2C performance on the top right, B2C performance on the bottom right, and the lead against the competition is at the bottom left. Let's start from motors. In 2023, automotive market in Baltics remained stable, but the number of transactions still 12% lower than pre-COVID. In a nutshell, supply is recovering, average car price keeps growing, dealer market margins keep growing as well, and we increased our yield, so we are in a good position to grow in the future together with the further supply recovery. The number of C2C ads is 24% higher than the last year. The first reason is supply normalization. The second reason is car selling time. It was very short last couple of years. Now it's more or less back to normal level, like in the pre-COVID-19 years. That is beneficial for us because we get more paid extensions, and we can accumulate more content on the platforms. In C2C, we have value-based pricing, which means that the selling, the listing price grows together with the car price. As you can see, average car price grew by 19% in 2023, so this had a positive effect on our yield. We also successfully implemented pricing actions and increased the number of ads as well. In B2C segment, yield grew by massive 30%. Two main reasons behind the growth: First one is the dealers had more inventory, and this means they have to buy more slots. Second reason is our pricing and packaging event. In bottom left, you can see that our lead versus closest competitor keeps growing. It's more than 5x in Lithuania and 29x in Estonia. The real estate market is normalizing. The number of transaction in 2023 was at a similar level of pre-COVID-19 years. I will remind you that 2021 and 2022 was abnormal years. Selling time was very short, the price grew extremely quickly. In 2023, real estate market dynamics was more sustainable, even though average price grew significantly by 17%. We directly benefited from the growth of price in C2C segment, as we have value-based pricing. Pricing actions were implemented in the beginning of fiscal year 2023. As a result, we have 14% revenue per ad growth, and number of ads grew also 14% due to the longer selling time. Bottom right chart, you can see that the number of agents is very stable because of already super high penetration. As a result of pricing actions, our average revenue per broker grew by 22%. In real estate, we further strengthened our competitive position. Gap between us and the nearest competitor is 20 times in Lithuania and 16 times in Estonia. Let's take a look at the jobs and services. Jobs market stays active. Unemployment rate in calendar year 2022 went down to all-time lows to 5.9%. Average wage keep growing rapidly. Last year, the growth was 13%. Market is very supportive for our business. It is challenging for companies to find employees, so companies tend to invest more in hiring. We grew our average revenue per customer by 17%. Main driver for the growth is the pricing actions we implemented. The customer base remained nearly at the same record high level as last year. Our job board keeps strong lead of nearly 9x over closest competitors. I would like to briefly touch on the services segment. It represents the C2C part of our jobs and services unit, so you can see the chart on the top right. This segment is the smallest one, but grows very rapidly. Last year, average revenue per ad grew by 51%, and it was supplemented by 24% growth in the number of ads. The generalist platforms had a good year. Growth of our biggest generalist, Skelbiu.lt, was impacted by several sources. First of all, the pricing actions on the platform itself, including implementation of the value-based pricing, as well as the pricing actions on verticals, because we have neutral packages combining verticals and horizontals. As the results mentioned above, Skelbiu grew yield by 14%. Our lead versus closest competitor in Lithuania grew from 15%- 19% in 2023, so we came back to extremely high lead we had during the first COVID years. As always, we are rolling out a lot of improvements to our platforms. I would like to mention a few of them in the next slides. Starting from Motors on the left-hand side. In Autoplius, we have new strategic partner who is behind the car financing product. It is the same bank we are partnering with in Estonia. Now we have better commercial conditions than before and higher growth possibilities. In Auto24, we also upgraded financial product. Now we can offer better terms for the car buyers, and we can finance more expensive cars. In the real estate, both in Lithuania and Estonia platforms, we introduced new product for the real estate developers, which is focused, tailored for the new construction. There is more prominence and branding for developers and more convenient way to explore new properties for the buyers. We also implemented the new monetization model, which is based on per project basis. In Naujienos, we also further developed virtual numbers for private customers. Now they can manage phone leads, and this way they can maximize the value they are getting from our platform. Now, let's move to Jobs and Services. On our newly acquired services marketplace, GetaPro, we implemented a subscription-based monetization model. Our experience operating services marketplace in Lithuania showed that this is the best monetization model at the moment. On the job board, CVbankas, we developed a role-based access management. This feature is essential for the big customers. They can create individual logins for the employees, so they can set different limits for the usage of our various services on the platform. In the general sections, we actually introduced packages for business customers on Osta.ee. This step improves monetization and helps to control the amount of B2C content on the platform. This way, we prevent C2C content from being flooded by B2C. In Skelbiu, we introduced the two-factor authentication for the high-risk logins. It helps a lot to secure both buyers and sellers on our platform. Aside from all the consumer-facing developments, substantial progress has been made under the bonnet. We successfully tested disaster recovery plan for our biggest Estonian websites, so websites were switched to be served from a different data center in a different geographical location. This development is very important to ensure our business continuity. At this point, I will hand over back to Justinas. Thank you. All right. Thank you, Simonas. It's always exciting to talk about the future. The future is bright. Our growth runway is significant and offers many opportunities for our company. To begin with, we have a strong focus on monetization, and our day rates are significantly lower compared to international peers. This means that our pricing and packaging could be improved to drive our revenue and profit growth. This we consider to be the core of our growth strategy. Secondly, we are developing ancillaries like financial intermediation and data products, and continue to explore M&A targets. This we call additional opportunities. The Baltic region has seen a period of unprecedented growth in the recent years. This is largely attributed to high export growth, strong trading balance, vibrant employment markets, and low unemployment rates. The region has also a strong credit profile and increasing in overall purchasing power. This positive environment has created a great opportunity for our clients, as well as our company, to take advantage of the growth and generate greater profits. Despite the recent economic slowdown, the Baltic states are still considered to be among the most dynamic and vibrant economies in Europe. The year has started strongly. At the beginning of the new financial year, we implemented C2C pricing and packaging changes across all our business units, and the early signs are encouraging. We will implement B2C pricing and packaging changes from September. The board is guiding to 15% revenue growth in 2024, with Auto, Real Estate, and Jobs and Services expected to grow marginally ahead of this number, and generalists below the overall group average. The board expects the company to maintain adjusted EBITDA margin for 2024. During this financial year, the board would like to accelerate the allocation of excess cash towards the share buyback program, while continuing to reduce the gross debt. Thank you for your attention. Now time for questions. Yeah. Yeah, great. Yeah, a couple from me. I guess at a higher level first, how do you think about the elasticity of your demand, you know, when you put prices up, just given the low level of prices in absolute terms and, you know, compared to asset values and the profit pools of your customers? I mean, presumably, those growing makes it actually hard to even grow your take rate, even if you are putting prices up a reasonable amount. Secondly, just on the sort of the packages and the sort of range of products that you're sort of offering increasingly, just give us a sense of the penetration of some of those more premium sort of packages within your sort of customer base. Lastly, you touched on the sort of services, sort of expansion. How do you think about the opportunity from that on a sort of three to five year view in terms of where it could get to in terms of size? Right. To begin with, the price was discussed, I think that we need to Well, put them two separate basket, the business customers and private customers. Once we have a pricing event for our business customers, we measure the churn rate, actually the churn rate is close to zero. Usually when we take a pricing event, we go with a price increase, but as well as the package improvement. We see that actually and we believe that actually our product for our business customers are the cheapest available product or the product with the highest ROI. We accept the price increases and then the packaging. It's maybe partly answering your first question, but once we are looking, for example, at our, you know, penetration of the more expensive or premium package, we see that actually, more than half of the customers are on the premium packages. It's another good indicator that actually they value, and they consider the classifieds and marketplace as a most or the highest ROI place to advertise. Speaking about the private customers, basically, we measure here the bounce rate from the payment window. Once the customer is inserting the ad, we measure what is the drop-off rate from the payment window. We have the internal metrics, which is what is a healthy one and what is not a healthy one. Basically, you know, we optimize our pricing based on this metric, usually in the pricing for the products, we have the value-based pricing. Basically, we are charging, applying a higher fee for a more higher value item. Basically, it's similar case to the business customers. We see a very healthy drop-off rates here. We measure once we put the prices through, we measure here the healthiness of that metric, currently, we think that with our pricing, you know, the runway is significant. With about the servicing, actually in the last few years, we consider the service to be the major growing vertical, actually we see it by the results. For example, this year, the revenue and service vertical grew over 80%. A year it was a small business, now it's becoming already a decent business. We are measuring the total addressable market in a way that actually service providers, who usually are professionals, and they are ready to pay for the leads. They are ready to pay for additional businesses. We see this category as a very rich category. Currently, here we have already our services are being used by over 6,000 customers, but overall, we see the market being much wider, much bigger. Currently, we are paying around EUR 20 per month. We consider that actually the fees could be much higher. You know, if we think about the next five years, we think that it will be the services and be it, you know, a very big category, maybe as big as the real estate. The second question was? Have I answered? Yeah. Sort of probably into the penetration of the packages. Yeah. Hi. Morning. Jessica Pok from Peel Hunt. Just got three things. Can you just talk a bit about, you know, you've given us a good highlight of what's happened over the last year in terms of macro. Looking forward, I know you've given the stats as how, you know, the Baltic regions compares to Europe, but, you know, what are your thoughts in terms of, you know, the car market and how supply will move over the next couple, next year, and also housing and also the jobs market? You know, just a quick overview will be helpful. The second thing is just on, related to the previous question, I guess, is, you know, it seems to be there'll be a certainty that you will do the price increases this year, but what kind of range can we be expecting? Because you've obviously got the benefits of the value-based pricing together with the increase in price will help, which will help you this year. The final one is just on M&A. You know, services, subset, the vertical, has the potential to become quite big, as you say. Do you see quite a lot of M&A opportunities to grow that as well? Yeah, thanks. Right. Maybe to begin with, macro. I think that, you know, we had a slowdown, like, by the GDP per-- GDP growth. We had a slowdown in the macro environment. In fact, I think that overall, we don't feel it in daily lives. If we look at the, for example, household income, it's growing 10% annually. The wages inflation is higher than the just, kind of, cost inflation. Unemployment was affected very little. Basically, kind of, in daily lives, we would say that it doesn't feel that, you know, the slowdown in economy. You know, if we think, you know, if we think, take a bigger picture, let's say the last 20 years, I think that Baltic region has never, ever been so rich and so prosperous. This kind of slowdown of 0.2% or something, it doesn't feel, you know, dramatic. Quite contrary. The next year, it is forecasted that the economy will continue to grow single digits, 2%-3%. It's kind of short-lived. If we are looking at the underlying markets, so basically, the automotive market feels very healthy because the number of transactions are on the historical averages. The vehicle prices continue to grow strongly, so our customers are feeling good because we are charging the commission on the car price. The automotive feels very positive. Real estate, we have a decline in real estate transactions, but I think that we need to very well remember that we are benchmarking to the last two years, and the last two years were abnormal in number of transactions. It was a lot of money printed, and people were trying to find a safe investment, and they were investing, buying real estate. Now, if we are comparing to those two numbers, we have a decline, but if we are comparing to the last 10 years' average, we have a normal number. Also, when we are looking at the underlying real estate market, we don't expect Let's say, our customers get into trouble, or, you know, kind of, we don't expect the bankruptcies, et cetera. We still see that the real estate market is also continuing to be healthy. About jobs, I talked, that the unemployment rate is not increasing. The wage inflation continue to be double-digit. Employment market, very vibrant. It's good. You know, station, it feels positive. You know, our view on the macro is better, let's say, than the numbers suggest. Pricing? Pricing. Basically, we are doing this year, according to our previous, you know, years' practices. We are basically don't change our approach. We consider that 15% annually is a sustainable, healthy growth. We are targeting a revenue growth of 15%. It includes both the pricing and the repackaging, adding additional value to the customers. Adding the new promotional services which we can buy and get more leads. It's basically, we are continuing the same track, trajectory of the past. Yeah. Mm. Last one about the M&A. Services, M&A. Yeah. I think that, overall, the market is becoming, at least what we have seen in the last 12 months, it's becoming more active. I think, more M&A targets are being on the market. Although I would repeat our, kind of, strategy, M&A, that we are very conservative in the strategy. We would like to expand through M&A, but we are looking for a good quality assets. I think that we have huge experience, and we know how to recognize a good quality assets. I think that, you know, almost every month we look at the current target. I guess, you know, those currently, so far we looked, they are not good enough to purchase. We consider our portfolio to be a very high quality. We don't want to dilute it. We will continue looking at the targets. The M&A market growing in terms of the, let's say, potential candidates, but let's see, currently, we are not in active pro talks with any parties. Yes. Thanks. Will Packer from BNP Paribas Exane. Firstly, in terms of your revenue growth, I think you've given us 15% every year since IPO, beating it by a wide margin. Can we just talk through the upside and downside risks? You've been putting through price increases materially ahead of 15% in recent history. Inventory is bouncing back from historic lows. Why shouldn't we think that there's upside risk to that 15%, understanding that, you know, you want to make sure that you put a number out there that you can beat? Maybe that's the first question, we can come back to the others. I think that one of the biggest reasons why we had a higher number this year, exceeding our guidance, was a higher inventory growth compared to the one we were expecting. Currently, the inventories are close to the COVID levels, and the real estate are even higher. We think that actually, next year, the growth of the inventory will kind of stabilize. Our pricing actions targeting 15% revenue are something what we do consistently over the years. Basically, I think that next year, what we are guiding 15% is, you know, it's not a conservative, it's a good guidance. I think that overall, I think it's a strong guidance because very few companies continue to grow 15% annually. I think that it's. In our view, it's a healthy and sustainable growth rate. How should we think of kind of local inflation in that context? Inflation's been very high in the Baltic region. You know, how do you expect this to develop? It's been very high. The peak of inflation was last August. It was around 20%. In June, the inflation was 8%. Already the beginning of next year, it is forecasted that it's likely that the inflation will be 2%-3%. We will be back to the, you know, normal level. My second question was on margin. I suppose, generally, execution's been very strong, but the margin level has dipped a little bit on some of these audit fees, et cetera. Are you confident now that the worst of those headwinds are behind us? Some of your peers in European classifieds have been disappointing on margins in their general business because of Pay & Ship investment. Is that something we should worry about in the medium term for BCG? With, you know, the likes of Vinted, with tanks on everybody's loans, that's a potential source of competitive risk if you don't invest there. Do you want to take the, you know, first part? Yeah. Yeah, the situation is that this year we had a couple of one-off items in our PNL, cost-wise. We don't adjust for it. One is increase in audit fees, news. The other one was the GetaPro related awards relating to the M&A. These fell into this year, and those are not in the PNL next year, so we won't have that. Although, the performance share plan-related costs will slightly go up next year to reach the cost base that we expect to have and expected at the IPO. Apart from that, in terms of investments, in the current model, we think that we're fully invested. When we are considering other ancillaries or other, you know, traditional potential business, we're looking at, you know, what investment that would require, but none of that is yet taken into consideration to make sure we go there. First of all, though, of course, we are considering the Pay & Ship model, and we have Pay & Ship model in Estonia for many, many years already. It's lower margin business for sure, but even if we will decide to move the direction, it's still the general segment is just a part, like the, let's say, significant, but not the major part of our revenues within the group. The impact on costs would be also quite minor, I would say. Thanks. Final question. For some time, there's been this competition authority investigation in Estonian property. It seems it's been going on for some time. Is there any update you can share as to where we stand on that? Unfortunately, no update. Currently, our views on that hasn't changed. We think that, you know, part of the investigation is related to our pricing. We believe that our pricing are low compared, especially once compared to international peers. It creates, in some cases, even if we are comparing the price per lead to our competitors. Usually these investigations take a long time, and just currently, nothing, an additional can share. Thank you. Just wanted to ask on the monetization models, where you said you've gone to a more subscription base for the GetaPro, which is probably a bit more similar to the Rightmove to Auto Trader style. I wonder if that progresses as you grow out and get even more dominant, and everyone gets more accustomed to doing things online? GetaPro initially had a different model, which is success fee from the completed tasks. This type of model works better for a small tasks, for example, and which has a very concrete price. Let's say, I need a plumber, which costs 100 EUR, so okay. Majority of the service providers actually offering bigger services, like I need to change a roof, I need to change a house, I need to do something. Those which are very hard to estimate the price of it. For those customers, the subscription model works better. We already are running the service vertical for four or five years in Lithuania, and we see that actually, monetization through the subscription model is kind of better, easier to understand for the customers and also better for us. That's why after acquisition, we changed from the success fee to the subscription. Basically, this is the way we think that in the future it should be monetized, this vertical through the subscriptions. Yeah. Will that change, I guess, follow into the other automotives or real estate verticals as well, going forward? Could you please say it again? I guess that move into the subscription model, where the customers find it a bit easier to understand. I guess it's also a bit more difficult to game. If you are a customer, where you might play how you're posting ads, or a subscription model, you've got less room to do that. I'm wondering if you would do that more with real estate or to automotives going forward, or that's not thought about yet? If I understood correctly. We have a subscription. We have the subscription model in. Yes. Everywhere, pretty much. Yeah. Yes. In real estate and automotive, we monetize the business customers through a subscription model and privates through the listing fee model. Got you. Thank you. You could ask Johnny. We could take questions. Operator, are there any questions on the phone? We currently have no questions registered via the telephone line. If you'd like to register a question, please dial star followed by one on your telephone keypad now. At this stage, we still have no questions registered on the telephone line. I'll hand back over to the management team. All right. Thank you very much for coming here. I guess now it's time for a big party after such good results.