Good afternoon, everyone, and thank you for joining the Majorel Analyst and Investor call, following this morning's publications of our reviewed H1 2023 results. I'm here together with the team and with Thomas and Otmane. We'll talk you through the results in a moment, after which there is time for some Q&A. The presentation can be found on the website, together with the half year interim report under the publications, and I kindly point out the disclaimer on slide 2. In terms of agenda, we will start with an introduction by Thomas, followed by the half year results and the full year outlook by Otmane. After that, we are very happy to answer your questions. So without further ado, I would like to hand over to Thomas. Thank you, Michelle, and a warm welcome to everyone, also from my side. The first half of 2023 was an eventful period for Majorel, where we managed to continue our successful journey. Before we deep dive into the presentation, a few initial remarks. First, we are really proud that despite a continuing challenging and uncertain environment, we have been able to deliver a good performance in H1 2023. In particular, the 11% like-for-like growth in EASA. You remember, this is our Europe, Africa, and South America segment, and the solid growth of net revenue of 16% in CEA, so in China and East Asia, are really a testament of our strong position. This is also reflected in our H1 operating EBITDA and our strong cash flow and cash position at the end of 2023. Really, a big thank you to all our clients for their trust and for all our team members around the world, for their passion and commitment in these times of change. We do not take this for granted. Second, with regard to the big event in the last month, the public cash and exchange offer for all Majorel shares by Teleperformance. As you all have seen the recent public announcement, announcements by TP and us, you know that the process is well on track. We are happy with it, and as you have also read, the boards of Majorel supported the offer again in our latest position statement and recommended to its shareholders to accept the offer and tender their shares. Of course, there's a certain, I'm gonna say, impatience, given the process and time required, but this is life, and we manage this step by step. Third, Majorel is in a strong position, but we are, however, not immune to the challenging environment which we expect to continue in the second half of the year. Later, Otmane will explain how the different elements impact our business outlook, but as you have read in our applications today, and not surprisingly, we see some challenges for the top line, but we expect also a continued good performance on the operating EBITDA side. We are also really looking forward in Q4 to the closing of the tender offer process with TP, of course, subject to all necessary approvals and clearances. Of course, whilst the tender process is ongoing, Majorel is a standalone company, and we are all very happy to report on our performance in the first half of 2023. Let's get into it. I suppose many of you have seen our introduction pages before, so I'll be very brief. The core of Majorel is unchanged. Our constant drive every day is to be client-centric in everything we do. This means building meaningful, long-term, strong relationships with our clients around the world, which is the foundation of everything we do. Our mission is, of course, also unchanged. We are a tech-enabled global BPO CX company. It means that we have the privilege to take care of the most valuable assets of our clients, their relationships with their customers. In order to achieve this goal, we combine three things, as you know, human talent with processes, meaning deep domain expertise across many verticals. Of course, technology is closely embedded in our business and augments our human talents. Our shared values are unchanged. Creativity, excellence, and respect really binds us together across our global footprint, and we make a difference by offering our clients and their customers reliability and agility in this constantly changing world. You've seen the next page already a couple of times. It's all about building a truly global platform, east to west. Noteworthy, maybe today, is the change in working from home, whereas we have been at 42% of team members working from home at the end of December, this number is now being reduced to 38%, and of course, includes also colleagues adopting a hybrid working model. Our strategic map is also unchanged. We continue to build businesses across the entire CX services spectrum, covering from left to right, customer interaction services, business process services, and tech and expert services, which of course, include also our new platform, Majorel Infinity. So what are the highlights over the first half of 2023? Group revenue and net revenue grew by 8% year-over-year, delivering really a solid top-line performance... Unfortunately, FX impact for group revenue was -1%, in particular, given the strong euro vis-à-vis certain currencies. Like-for-like, net revenue growth was +10%, and as you can see in our definition of like-for-like, this does not include the FX effect. We were also able to demonstrate growth across all business segments, in particular in the EASA, so Europe, Africa, South America, and CEA. Furthermore, we delivered robust profitability in the first half of 2023 and in line with our operating EBITDA guidance. Otmane will guide you through these numbers later in more detail. We also continued our expansion with existing and new clients, with net revenue retention of 111% and 30 new logos in the first half of 2023, the same number of new logos that we had a year ago. On April 26th, now it's almost 4 months ago, Teleperformance announced the proposed acquisition of Majorel after signing a tender offer agreement with our majority shareholders, Bertelsmann and Saham. And now on August 11th, a few weeks ago, TP announced the launch of the tender offer, and on the same day, Majorel published its position statement supporting the offer. Lastly, on August 17th, so just a week ago, we launched Majorel Infinity, our new platform brand within our tech and expert services, focusing on Asia Pacific, on which we'll elaborate more in a minute. Let's go to the next page. Strategic KPIs. To be honest, no big news here. The development of our strategic KPIs has been really in line with our midterm targets. Global Internet representing 52%, so pretty much stable compared to 2022. Content services, slight growth to 24%. Telco reduced to 8% of net revenue, and tech and expert services stable at 9. Also, our offshore share is relatively stable, given two trends, on the one hand, a push for more offshore, in particular in our English-speaking clients, while on the other hand, we really have a strong development in some onshore countries, in particular in Europe, namely France. Next page, as we talked about, on August 11, we published our position statement, recommending to our shareholders to accept the offer and to tender their shares. As you have seen, the indicated timelines in the different publications, which include an envisioned deadline for the tendering of the shares on October twentieth, and the expected closing in Q4, of course, subject to these different antitrust clearances. I think it's really noteworthy to mention that TP, as announced two weeks ago, has already obtained antitrust clearances in three of the eight respective jurisdictions, and we're really there on a good track, that we're very much looking forward to proceed further. And then, as I said, last week, we launched Majorel Infinity. What is Majorel Infinity? It is a platform for digital consumer engagement services. So everything around consumer data and insight, technology, digital marketing, strategy and services in the APAC region. In comparison, we launched Majorel X. This focuses more on CX transformation services in the areas of consulting, technology, and design, focused on the EMEA and Americas. Majorel Infinity really builds on our year-long expertise in this area. We are servicing more than 70 clients in that region with over 600 specialists, and as we have got more demand across the region, we launched this blended platform to accelerate our growth ambition in that interesting segment. So this is the first part. With this, I hand over to Otmane to give us some more details on our financial numbers. Over to you, Otmane. Thank you very much, Thomas, and good afternoon, everybody. I'm happy to be here today and present to you the H1-2023 results, starting with the financial highlights. As Thomas said, we are proud to have been able to deliver solid growth, robust profitability in line with our previously stated guidance, and ended the first half of 2023 with a strong cash position. Slide 15. First of all, the double-digit growth that we've seen as outlined by Thomas. Group revenue of EUR 1,068 million, up EUR 76 million year-over-year, which is 8%. Our net revenue was EUR 1.058 billion, also up by 8% year-over-year. Like-for-like, net revenue growth was 10%, as mentioned by Thomas. The contribution of the acquisitions, partially offsetting the ending of the COVID-19 business as planned. Our growth was mainly driven by existing clients, with net revenue retention of 111%. Operating EBITDA was stable at EUR 177 million, resulting in an operating EBITDA margin of 16.7% in line with our previous guidance. Group profit reached EUR 80 million, 7.6% of our net revenue, resulting in earnings per share of 0.80 versus 1.01 in H1 2022. A particular highlight was our strong balance sheet, and I'm happy to confirm that we closed the first half with a very strong cash position, with free cash flow of EUR 92 million, leading to a cash conversion rate of 52%. The cash from operating activity was EUR 116 million. Our very positive net cash position of EUR 154 million has improved year-over-year, as we were at EUR 105 million at the end of 2022. And we further reduced our economic debt to EUR 24 million versus EUR 67 million at the end of 2022. On slide 16, if we look in more detail at our top line growth, we see the growth from EUR 992 million in H1 2022 to EUR 1,068 million in H1 2023, which is an 8% growth of our revenue. And our net revenue grew from 976 million to EUR 1,058 million. And as you might notice, the gap between net revenue and revenue has further decreased. As we said, the pass-through revenues have decreased, and COVID-19 business has ended. On slide 17, we can see that the adjusted for the impact of FX, group revenue growth in H1 2023 was +9% year-on-year, with an FX impact on group revenue of -1%, compared to a positive effect we had in H1 2022, of +2%. Mainly driven by the Egyptian pound, the Chinese yuan, and the Turkish lira. On slide 18, regarding the like-for-like growth that we always communicate on, there has been a EUR 100 million incremental revenue increase, which translates to 10% like-for-like net revenue growth. As you can see, the contribution of Alembo, Findasense, and IST, with an incremental EUR 19 million, partially offset the decline of EUR 37 million as a result of the ending of our COVID-19-related business. On slide 19, as Thomas said, we're very pleased that each of our business segments has contributed to our growth in H1, with EASA growing 9% year-over-year, contributing EUR 62 million to net revenue. GEMS growing 6% year-over-year, with an incremental contribution of EUR 12 million, and CEA contributing double-digit growth of +16% or EUR 8 million. Let's now deep dive on the different segments. On slide 20, EASA demonstrated continued growth despite the ending of the COVID-19 business, which has in the past, been fully recognized in EASA. Taking into account the contribution of the M&As, being Alembo, Findasense, and IST, which was EUR 19 million in the first half of 2023. Adjusting for this, the like-for-like net revenue growth is 11%. From an operating EBITDA perspective, EASA generated EUR 117 million in H1 2023, to be compared to EUR 120 million in H1 2022. There we saw a decline of our margins from 17.4%- 15.3%, also as expected. Looking now at GEMS on slide 21, we see a 6% growth year-over-year, which is purely like-for-like, as we didn't have any COVID-19 business in GEMS and no M&A contribution. The key drivers, as usual in this segment for the growth, are the increase of net revenue with Global Internet players, particularly in the U.S., the Philippines, Malaysia, and Kenya. However, in the first half of 2023, we saw a slowdown in the growth, in particular with our global internet clients, compared to the other segments and to the prior year. The overall growth in H1 2022 was +35%. Furthermore, we see a weakness in demand in the other verticals, as well as a negative impact from FX. But we're happy to see that the operating EBITDA margin in GEMS remains stable at 22.2%, with an operating EBITDA of EUR 52 million, +6% year-over-year from EUR 49 million in H1 2022. Now on the third segment, CEA, China and East Asia. We're pleased with the recovery of the performance in CEA. If you remember, we had some severe impacts from COVID lockdowns last year. CEA, in H1 2023, contributed 6% of group revenue, also in line with management expectation. Net revenue growth of +16% has been driven by Japan and South Korea, as well as digital clients in China. From an operating EBITDA perspective, CEA doubled its contribution to the group to EUR 8 million in H1 2023, from EUR 4 million in H1 2022, resulting in an operating EBITDA margin of 14%, compared to 7.6% in H1 2022. Now, if we look at the bridge of operating EBITDA on slide 23, we see that GEMS and CEA contributed positively to the development of operating EBITDA. Overall, operating EBITDA developed in line with prior guidance. Now, if we look at our EBIT and group profit on slide 24, there you see that EBIT went slightly down to EUR 118 million in H1 2023, and represented 11.1% of net revenue. Our group profit was EUR 80 million in H1 2023, 7.6% of our net revenue. Now on our cash flow position. So as I mentioned, we had a very strong cash flow in this first half, and our free cash flow reached EUR 92 million, compared to EUR 36 million at H1 2022, where we indeed had some specific impacts from IPO-related costs. The cash conversion rate was at 52%, and CapEx declined from EUR 38 million last year to EUR 28 million in the first half of this year. Our financial profile, as you can see on slide 26, is therefore very strong, and we maintained our level of cash and cash equivalents, reaching EUR 278 million at the end of H1 2023, and had a strong net cash position of EUR 154 million, leading to an economic debt of EUR 24 million at the end of H1 2023, compared to EUR 67 million at the end of 2022, thus further improving our already low leverage. Now, slide 27 is a recap of the overall PNL, where you can see the different developments of each of these KPIs. Let's now move to the full year outlook for 2023. First of all, on slide 29, net revenue shows the trajectory of our... Sorry, slide twenty-nine shows the trajectory of our net revenue and the development we've had since 2019. Our outlook is based on Majorel's current assessment on the development of the business in 2023 and the general CX market, combined with economic and labor market conditions in the company's global geographic footprint. For the second half of 2023, we continue to expect shifting client needs, softness in demand, absence of COVID-19 related business, and continued inflation, especially wage inflation, due to the challenging and more volatile environment. Moreover, ongoing macroeconomic uncertainties serve to highlight the importance of ongoing vigilance. We maintain our net revenue guidance for 2023 of EUR 2.15 billion-EUR 2.25 billion, and excluding COVID-19 related business in 2022. This results in net revenue growth of +6% to +11%, as already stated. Given the prevailing challenging conditions, we don't expect to be in the upper half of this range, while high volatility, including FX, remains. Now let's move to the guidance on Operating EBITDA on slide 30. Here, again, you see the development in the past years, and with EUR 177 million of Operating EBITDA achieved in the first half of 2023, we show a pretty strong start to the year, representing a margin of 16.7% in line with guidance. This demonstrates strong margin performance despite the challenging environment. For Operating EBITDA margin, the guidance is unchanged, and we expect for the full year 2023 to end between 16.5% and 17%, also factoring in the aforementioned effects, as communicated before. We will continue to execute our proven strategy, driven by the expertise and commitment of our people, and build on the trust and loyalty of our long-term clients. To summarize, we are really proud that despite the continuing, challenging and uncertain macroeconomic environment, we have been able to deliver a good performance with solid top-line growth in H1 2023, with all of Majorel business segments contributing to this result. As mentioned by Thomas, the process with Teleperformance is well on track, with closing expected in Q4 2023, subject to antitrust clearances, and we are looking forward to the closing of the transaction with Teleperformance when some of the uncertainties will cease to exist. With that, Michelle, I hand over back to you. Thank you very much, Otmane, and thank you so much for your presentation. I propose to the Q&A. The first question comes from Wolfgang Specht, Berenberg. Yes, hello, good afternoon. Congrats to the solid print. One remaining question from my side would be, you delivered or over-delivered on my free cash flow expectations. And one main driver was an optimization of your working capital. Can you give us an idea if, let's say, we can expect some more? Is there still headroom for an improvement, or is already most of your working capital now optimized? Well, the performance we had in the first half with this 52% Cash Conversion Rate is definitely above the expectations that we had. So we are very happy with the performance. And indeed, I mean, at the end of last year, I commented on the fact that we've seen some change in behavior of some customers on the payment delays, and we've seen some increased working capital across the board, especially in China, where we had some impacts from the COVID lockdowns. And we're happy that in this first half, we put things back under control and that now we're expecting to sustain this level of working capital and this level of cash performance. Okay, thanks a lot. Maybe follow on on your EASA segment, where we see some pressure on EBITDA, given that the COVID business is ceasing. Is there any chance that little COVID business could come back with, let's say, new vaccination campaigns somewhere across the world? Or is this, let's say, a done deal for you? We don't expect any COVID business this year, Wolfgang. I hope it is not necessary that this campaign that we see in the last years again necessary for society, but we don't see any COVID business for us this year. Okay. But also no lockdowns in China, mainland or other world regions that could slow growth into- Not as of today. I mean, as you have seen from the numbers that have also shown us, there is a good recovery in China. Of course, there, the economic outlook, we have to see this developed in the next month, but we don't expect any widespread lockdowns. Okay, thanks a lot. Helpful. Next question comes from Oscar Val Mas, JP Morgan. Yes, good afternoon, Thomas and Otmane. Two questions from my side. The first one on GEMS. So you've had two very strong years of double-digit growth in 2021 and 2022, but that stepped down this first half. I think growth is probably negative, like for like in Q2. Could you just comment on where you're seeing the weakness? Is it in trust and safety? Is it in traditional CX? So that's kind of the first question on GEMS. Do you—like, where do you see that? Do you see that slowdown continuing with GEMS markets? And then the second question is, we've talked about this a lot recently. It didn't come up in your presentation that much today, but on AI adoption, could you just give us an overview of the conversations you're having with customers? Are you seeing volumes decline, and is that driven by AI, kind of Gen AI already, or is this... And what are customers saying around Gen AI? Thank you. Thanks, Oscar. If we start with your first question first, with Otmane, and then I cover the second one. Sure. So hi, Oscar. So as you know, GEMS is more exposed with this global English to the U.S. market and to U.S. customers, and of course, to the general drop that we see on the demand coming from the U.S. customers. So for sure, when you compare to the growth that we see in EASA and CEA, definitely there's a specific impact on the on GEMS, and we've seen in some geographies higher impacts of this drop in volumes. It's also important to mention that the overall negative impact of effects that we've seen. We've seen a higher negative impact in GEMS, and there this is also generating some headwinds for our for this specific on this specific topic. The third point is usually GEMS was roughly in line with the growth of Global Internet. And there, here we saw that even for Global Internet players, we've had more negative impacts in GEMS than compared to the other segments. So if you take the overall growth of Global Internet is 15%, while you see the growth that we have in GEMS. Maybe to put it in perspective. Yes. Just to put it in perspective, Oscar, as you said, clearly, GEMS was the growth engine for our business in the last years, with like-for-like growth rates north of 30%. Yes, as Otmane explained, we see definitely in that area for us, with our exposure and portfolio, the slowdown, and that's sort of some of the challenges, if it's clients onshore versus offshore, in particular in this Global English, Middle East segment. Also, that's definitely one of the biggest shifts we probably see if we look at the development of our different segments. Luckily, I would say, if I look at H1, it has been partially compensated that EASA, now our European business with Africa and South America, was able to compensate for this to some extent, giving the strong growth also with local, with regional clients in that area. This is the key challenge also for the second half of the year, definitely. To your second question, AI, what we have created is, we call this Majorel AI Alliance. It's a multidisciplinary task force that try to coordinate and handles our different activities in that field. And we feel like many new technological developments, that there's not one size or one key fits all. So we have many different conversations with client, many different pilots and solution in place. You might have seen in our interim report, where we highlight, for instance, Maya Cognitive. This is a AI solution primarily focused on the Spanish-speaking market. We are launched a whole new suite of conversational AI solutions with Majorel X, covering, in particular, the Middle East, Europe, and Latin America. So that's where we try to bring our strength into play, that we are talking with clients on various fronts. It's not always, let's say, ChatGPT, but conversational AI solutions, voice of customer solution, consulting support, transformation support, to addressing the different needs and trying to build a more cohesive approach across our different activities in the group. But there, again, I would say it's just the beginning. It's also this landscape is quite evolving after all the hype to really see what does this now mean for our business. And there again, we try to be a good partner to our clients. Okay. Thanks so much. Sure. Please. Sorry, I don't know if you were finishing, Thomas. No, please go ahead. I was gonna ask just a follow-up on the first question on GEMS. That was useful color. Could you just say if it's, is the weakness driven by Trust & Safety, or is it driven by the core business and the core CX business? If you look, I think if we go back to the chart, Michelle, on Content Services, Trust & Safety on the KPIs, you see that our relative share for Content Services has increased. So there you see always relative to our overall growth, an increase of the exposure, so stronger growth, and that our overall share with our Global Internet client is the same. So if you then factor in your analysis, as you were right on a slowdown of the growth with GEMS, that you can see it's more focused, the slowdown of our Global Internet client in the English-speaking segment, and they are more on the, let's say, non-Content Services, Trust & Safety area. Great. That was very useful, Thomas. Thank you. So ladies and gentlemen, if you want to ask a question, please, press nine, followed by the star key on your telephone. So the next question comes from Nicole Manion, UBS. Hi, everyone. Thank you for taking my question. Just one on the offshore mix. That looks kind of flattish-ish year-over-year. Maybe would have expected that to pick up a little bit more given what peers are reporting. So if you could just touch on maybe some of the reasons for that and what demand you're seeing, that would be helpful. And then the second question, I think you've touched on this already, but the slowdown that you've seen means that you still outperform most of your peers, and I think the guidance suggests that that will sort of continue. Is that mainly down to the geographic mix, i.e., less U.S. exposure, or is there anything else you could pick up on there as well, or things that you think you're doing better, kind of execution-wise? Thank you. Thanks, Nicole. Arnaud, you want to start? Yes, absolutely. So, Nicole, on the offshore mix, we are happy to see that on the first half, we've had some very good developments on domestic customers onshore. So it's more the sustained growth that we've had. And to be honest, in some areas, it offset the slowdown we've seen with the global Internet players. And the fact that we sustained a pretty healthy growth on the domestic customers in some onshore countries, allowed us to keep the overall growth of Majorel at a satisfying level for this first half, and therefore, has an impact on the offshore mix. On outlook, look, as we said, it's hard work every day. We try our best to develop this. Definitely, we are now in a different environment in the industry as a whole as last year, and as we have tried the last six months to deliver against our guidance and outlook, we will continue to do this in the next months. Obviously, Q3 and Q4, as you know, is decisive. In particular, Q4 is the strongest quarter, typically. So that's why, as we said earlier, we're really looking forward on the one hand, that the tender process ends and that we can sort of, are getting there to the end of this process, and then do our best for our clients and with all our team members, in particular for the final sprint, at the end of the year. Okay, thanks. Maybe just a quick follow-up on that, in particular, the U.S. clients and the Internet clients. Appreciate, as you say, that feels like quite unpredictable and fast-moving. Is there any sense that that gets worse before it gets better? Or what's your kind of current outlook on how that's sort of tracking? I hope you would have some—It's hard to predict, as you said. We see positive and negative. It's really hard to predict. I think we really try our best to keep our heads down on execution because that's what matters, that we do a good job every day, and then the results will follow. It's really hard to predict. I mean, it's like, I think you're asking more a macro question. I think for us, it's being focused on the business day by day and trying to do our best to continue delivering. As simple as that. I mean, sorry, can I give you more details? But it really boils down now getting through, and yes, in some areas we see we hopefully have reached a certain level, in some areas, not. It really remains to be seen now how the next month will pan out, really. Yep. No, that's what I said. Our approach, step by step, day by day, I think is at least what proves us pointing in the right direction so far. Very clear. Thank you. There's one more question. Michelle? Yeah, there is one more question. Once again, a reminder, if you want to state a question, please press nine, followed by star key on your telephone. So the next question comes from Nicolas Tabor, Moneta. Good afternoon. Thank you very much for taking away my questions. Can you hear me well? Yes. Yes. Yes. Great. Thank you very much. So firstly, I just want to try and understand what the visibility you have now, just not until Q4, but also next year. I mean, where are you in terms of taking orders? Are you taking orders for still this year, or are you looking at 2020 for now in your discussions with your clients? And how is that going for Global Internet clients and for the other clients? I mean, how are the discussions? Is there a dichotomy between different types of clients? And then the second question I would like to ask is regarding the margin evolution. So you very well flagged and explained the different challenges going back to the office, wage inflations and so on. Just trying to understand where is the low point we should expect to reach? So, I mean, gross margins been doing correctly, but EBITDA had some, some pressure. Is it expected to continue here? I mean, what's the moving parts, and when can we expect stabilization? Thank you very much. May I start and then hand over to Otmane. Starting with your second question, when we were in midst of COVID, we said we had an expectation that work from home will stabilize between 30% and 50%. I think we are right in the middle of it. It has come to a slowdown, this movement back to office, and I think there we are, in a way, a certain reflection of society on the different countries, that people that have started to work from home see the benefits. Some provide a more, hybrid work model, and some are essentially 100% back to site. I would do expect that hopefully by the end of the year, we see some further stabilization, then we can provide a better outlook. With regard to the outlook for next year, we're just in the process, obviously, of our annual process, bottom-up, so there's really too early to have indication how this will look. In a way, and that's what you hinted to, having a broad portfolio, being able to cover many verticals and having a truly global presence is the best risk mitigation that you have. Because as you see in, let's say, the overall environment, certain industries are flourishing where other industries have challenges. Some industry are pushing more for outsourcing, some remain and wait and see. And having a broad portfolio, Otmane said it earlier, that allows us to hedge certain risks to cover certain movements. If we see a strong development with our continental European clients, we see a further decline with Telco. We have some different developments in the Middle East versus North America. It's key, no, I think to be also resilient in these times of change. And maybe over the global clients. So what's the trend here? I mean, do you see—I mean, that's just the start of the slowdown for you, and we should expect, like, a 12-month comp base to have to be lapped before we can come back to, let's say, a cleaner base. And are they giving you any indication on when they think that their economic cycle will, let's say, be more stable? Is it just like one round, one year of economies for them and you're part of the process, or have they maybe no visibility, I don't know? That's, I mean, that's fascinating to see, because obviously we are B2B service provider, catering to the needs of a broad portfolio, also of different global high-tech clients. There, as we always said, we covering high-tech clients in the Americas, in Europe and Asia, across many different verticals, from e-commerce to social media, from ride-sharing to streaming platform, from software companies. So it's really this broad portfolio, and the discussions we're having with each one of them is very different. We have clients that we recently won, actually last year, that see explosive growth, where we're adding and trying to build a global expansion, whereas others are having difficulties. Now, and exactly this, this discussion, being close to them, trying to cover them, is something that will determine how successful we are in the next 12 months. What visibility we have today is that the next month will be more challenging. That's why we also indicated that we expect to be not in the upper half of the net revenue guidance. Being also with clients, if I look back, experience tells, in these difficult times, it's the best foundation to also be at their side when times are better. Great. Great. And, and just- I'm sorry. Just maybe one last one, which is not forward-looking, but how have you seen your market share evolve in trust and safety services? I mean, there's been a lot of moving parts. Clients have changed their way of thinking about it, maybe, and then their costs and so on. How have you seen that evolve for you, up until now? So not forward-looking. So we always said trust and safety is a core part of our business. We always believe we do an incredibly important job for our clients and society. I think being true to our promises, working hard with our clients, as I said, through difficult times and good times, is key. And for us, this remains a part of a business where we really are, let's say, positive now on all the opportunities we see in that area. Great. Thank you very much for all your answers. So with that, I would like to thank you on behalf of the team here for your attention, and in case of any follow-up questions, please don't hesitate to follow up with us. Thank you and have a nice afternoon. Bye, everyone.