Hello, and welcome to Acast Webcast with Teleconference Q3 2021. Through the call, all participants will be in listen only mode, and afterwards there will be a question and answer session by phone. Just to remind you, this conference call is being recorded. Today, I am pleased to present CEO Ross Adams and CFO Emily Villatte. Please go ahead. Welcome to our Q3 2021 Earnings Call. It's great to welcome all of you back, and welcome of course to anyone who is new to this. Before we kick into the numbers, I believe it's worth reminding you all about what our core Acast strategy is, especially for those of you who are new to this call. Podcasting is an incredibly fragmented space, and sometimes hard to understand who plays what role. I'm here to tell you how Acast, or at Acast, we hold the central role in hosting, distributing, and monetizing content for creators. Our vision is built around the creator and the creator economy, and effectively being that two-sided marketplace, servicing the main two stakeholders, who are of course the supply side, being the creators or podcasters who are at the center of all we do. Today we represent 35,000 growing creators. In turn, we have the demand side, which are the 4,000 Acast+ advertisers that advertise with us month in, month out, and the transactional monetization of content in general from the 68 million monthly active users that we regularly deliver content to on a global basis. Everything we do and build is to support both sides of the marketplace. It's our mission to enable podcasters of all sizes to be fairly rewarded for their craft, distributing their content to wherever an audience is able to listen and discover their show. For advertisers, we offer advertising solutions that reach an immersed, targeted, passionate, and engaged audience of affluent listeners, while always respecting the unique relationship and bond that our podcasters have with their listener, at the same time driving maximum effectiveness and ROI for the advertisers. These are key and unique to Acast as a pure play podcasting infrastructure company. As mentioned in the last earnings call, we're super excited about our membership and subscription technology that will enable thousands of podcasters to earn and be rewarded in a new way for their craft, which is complementary to advertising revenue. I'm pleased to announce that this unique technology is on track and will be brought out of beta, launching by the end of Q4 2021. Since we saw you in the last time, we've been onboarding more and more beta partners, and continue to see some fantastic results as the product evolves with the more we learn. Acast+ can be used of course in multiple ways by podcasters. Gaining a subscription from the likes of ad free tiers, to extended episodes, to bonus content, and so much more. The number of subscribers we have seen actually from our beta partners is now in the thousands and we cannot wait to see what this does in 2022. However, as an audio company, we thought it would only be right if we play you some audio from our podcasters. Every single week we have many of our 35,000 podcasters unprompted talking about Acast and why they love us. These clips are chosen from just a handful of our podcasters from all over the world, and hopefully gives you an idea about not only the relationship we have with them, but what it means to each of them by delivering our mission to distribute their show as far and wide as possible, whilst fairly monetizing their craft. Please now play the audio clip. We wanna shout out Acast, especially Sarah for us at Acast too, because we both are Acast podcasters. I started working with Acast, who do incredible work helping me get clients that I can resonate with, you know, you can resonate with. Thank you to the incredible team at Acast. They're an amazing team of people. To be building independent digital broadcasting that is making, you know, financial sense to make. 'Cause this was, let's be honest, an expensive hobby for the first six years. Before I met Acast, this was an expensive hobby. I never made any money off it until I met the Acast guys. I also wanna applaud actually the way Acast has covered Mental Health Awareness Week this week. It has been incredible. It has. Among all the other podcast networks, Acast has been honestly. Mm-hmm Absolutely on it with the types of discussions they're having, and not holding back on the amount of content either. Due to 18 months in a pandemic and now an uncertain future climbing back towards live, including our Australian New Zealand tour being postponed, we've had to think of another model. Acast have saved the day. Now, the upside of this is that Acast have turned out to be really wonderful partners, and it means we're going to be able to do new podcasts and expand. Acast is our platform that hosts our podcast, and I've gotta say, they're cool. Yeah, they're great. And- They've got a stable of incredible podcasts. Oh yeah, all the best ones. Yes, podcasters never lie. We are effing cool. One of the other reasons that podcasters love us is that we care about distributing their content to reach the maximum audience possible. The way to do that is to distribute their craft to all platforms in the open ecosystem. All possible podcast apps, all of the web players, at-home devices like the likes of Alexa and Google Home, anywhere basically you can listen to a podcast. Of course, the beauty about distributing shows far and wide and helping platforms like Apple, Spotify, Facebook surface more and more Acast podcasts to more and more of their users means that more listens for us to commercialize off the back of that. When podcast listening platforms grow market share, we in turn gain from that growth also. The podcast ecosystem is continuing to exponentially grow month-over-month, year-over-year, and we are playing a key central role in that growth globally. To monetize efficiently, there are some fundamental building blocks you need, and it all starts with the listener listening to content. This is our MAUs or monthly active users that we distribute content to. Each unique listener listens to multiple shows, providing us listens and usage to monetize through the likes of impressions or inventory. Overall, on top of that, next-gen ad tech and targeting, including the ability to manage yield and pricing of premium content, gives us a huge advantage as we attract and move over more and more brand advertiser budgets from the likes of radio, streaming music and digital. Lastly, as podcast content travels so incredibly well, especially actually English-spoken content, you need to have teams based locally to be most efficient at monetizing each and every local listener and local advertisers. These building blocks have been fundamental to Acast's approach and success to date. Talking of success, as you can see here from our seven-year history, we have capitalized on that structure by effectively doubling our revenue year-over-year consistently and launching in more and more markets as and when we see demand and supply start to accelerate. This is why we represent such a dominant market share in the podcast industry globally, and I'll come on to some of those amazing stats in a few slides. Emily, over to you for this slide. Sure. Yes, we just want to reiterate the financial targets that we have put to the market in contrast with our track record. By way of recap, we have guided to organic net sales growth on average 60% for the period 2020 to 2025. Just to recall, in 2020 we did 69%, and we're pacing well this year. We've guided to maintain at least a 37% gross margin and to reach EBITDA profitability in the next three to five years time. Being a growth company, we're not guiding any dividends in the short to medium term. Back to you, Ross. Great. The financial highlights for Q3. Once again, we're powering ahead with another very strong quarter. We delivered 89% net sales growth or 87% organic growth when adjusting for currency effects. We have a healthy gross margin of 36% in line with the same quarter last year, and we saw a material improvement of our EBITDA margin from -22% in Q3 last year to -16% in Q3 this year. Emily will present the financials in detail shortly. In terms of some business highlights of the quarter, we have the following. The number of shows that joined Acast's platform hit 35,000. That's 4,000 new shows that have joined us within the quarter. This includes some fantastic shows such as Fearne Cotton's Happy Place, one of the current largest shows in the U.K. focusing in the health and wellness arena. In Canada, we signed Donovan Bailey, the 100 m Olympic champion's new show called Running Things, which is making a huge amount of noise over there. Also in the U.S., we teamed up with a huge show called Comedy Bang! Bang! on the subscription side. Our quarterly listens reached 891 million. We had strong net sales growth, especially in the Americas, which led the way with 111% or 123% when looking at organic growth. Just after the end of Q3, we heard the fantastic news that the largest British publisher, the BBC, will be renewing their contract with us, and this time signing for three years. A deal, of course, we are very, very proud of retaining. In terms of some market highlights, we had quite a few, which you might find quite interesting. When looking at privacy, it's important to understand that the recent Apple iOS update had zero effect on Acast and our ability to target and track ads. New listener data was released by a study by eMarketer, and their research showed that 40% of internet users in the U.S. currently listen to at least one podcast a month, meaning 180 million unique users. This is predicted to grow to 60% in the next three years. They also highlighted that European listening is currently at 78 million monthly active users. At Acast, we increased our reach and market share to deliver content to 68 million monthly active users per month in September alone. Reach and scale is so important to brand advertisers as they continue to invest more and more into podcasting. Interestingly, of the 68 million monthly uniques that we reach at Acast, 16 million were in the U.S., which equates to 13% of all U.S. podcast listeners. Incredibly, Acast reaches 44% of the entire European addressable podcast audience. I'm gonna repeat that statement. Acast delivers content to 44% of all podcast listeners in Europe, regardless of where they chose to listen. This shows the stellar growth we've had and continues to have, and our strong position we hold now globally, and especially in Europe. Remember, the European population is just shy of 750 million, highlighting the future growth opportunity. However, another stat for you, and more impressively actually, when looking at our first market launch, which is Sweden, we deliver content to 6 million uniques every single month out of a possible 10 million entire population. This again highlights that we have the right strategy and the size we are in market to deliver more podcast listeners for advertisers than anyone else. Facebook continues to roll out podcast listening through its platform, and also yesterday, Samsung launched its podcast proposition, preloading their podcast app on all Samsung Galaxy phones, and Acast was an inaugural launch partner, making all of our 35,000 shows available to those smartphone users. Samsung have almost 30% market share of the mobile phone industry, dominating the Android space. The podcast space with both Facebook and now Samsung pushing their own listening platforms continues to fragment the open ecosystem further, which in turn strengthens Acast's position as the podcast space continues to flourish. It's also worth noting that programmatic sales grew 263% in Q3 2021. Now for the next part of the show, numbers with Emily. Thank you, Ross. Appreciate that. That was a great update. All right, let's have a look starting from the top. In Q3, we delivered beautiful 89% growth. As Ross has said, 87% organic growth, adjusting for currency effects. There were no other M&A or other inorganic effects in the quarter. All parts of the business contributed to our growth, and it was great to see everyone contribute. There were no particular effects from seasonality, so this 89% net sales growth, we are serving straight up. Moving on to our gross margin and gross profit, we saw gross profit grow to SEK 97 million in the quarter, which represents a 93% growth on the same quarter last year. What this means is that gross profit continues to grow slightly faster than our net sales. When we round off that gross margin, we get to a 36% result, which is slightly above, but still largely flat on that same quarter last year. Also worth noting is that we had a similar product mix in the Q3, which compares well to the Q2 of the year. All right, moving on to our EBITDA margin, which continues to improve. It continues to improve because we are growing revenues significantly faster than operating expenses, and this has resulted in the EBITDA margin improving from -22% in Q3 of 2020 to -16%. As you can see here, the EBITDA and adjusted EBITDA results are in line. We had immaterial adjustments related to the IPO of SEK 31,000, but it did not have any tangible effect on our result. All right, moving on to looking at how our monetization of listens continues to improve. We achieved an average revenue per listen or ARPL of SEK 0.3 in the month, which is an increase from the SEK 0.17 achieved in the same quarter last year. With that, we had listens grow by 10.1% to 891 million. However, we did have this Apple bug effect, which we discussed in our Q2 earnings call, and this has been widely reported in the industry. Now, our lovely insights team, they have estimated the effect on Acast from this Apple bug. They had to apply a certain level of, shall we say, fingerspitzengefühl in undertaking this analysis. What they came up with was a negative effect on our reported listens of 53 million. When adjusting for the Apple bug, our underlying baseline listens were 944 million, which equates to growth of 70%. This is the same story that we've had in previous quarters, that our revenue continues to be fueled by increased and improved monetization and also underlying listens growth. When looking at our cash flows, we had a facing effect of working capital, which you can see here in this slide. What's hiding underneath this is that some of our large agency clients, particularly in the U.K., they have implemented a new payments portal, and Acast has done work to integrate through an API. We've had some implementation technical issues and process issues, and that has resulted in a larger amount of overdue accounts receivable in this particular quarter. Once this system is fully operational, we anticipate that this effect will unwind. Moving on to our segments and highlighting that everyone is contributing to our growth. The Americas is notably leading the way with 111% reported growth in the quarter compared to the same quarter last year. As Ross said, 123% organic growth, which is a great contribution. Everyone is contributing. Europe is growing well at 84%, and our other markets are also growing at a stellar pace. Everyone is not just per usual contributing with that sales growth. All our segments contributed positive local contribution profits or CBIT in the quarter. Europe remains the dominant local profit contributor, reaching SEK 26 million local profit contribution for the quarter. Underneath these figures, we have local countries and local markets who have all delivered to plan and are contributing in a fantastic way. Over to you, Ross, to wrap it up before we get peppered with Q&A. Great. There have been some recent events that fell outside the quarter that we feel are worth mentioning. As highlighted earlier, we are very proud of retaining the contract with BBC for their monetization and of their podcast outside of the U.K. Remember, BBC is not only the biggest publisher in the U.K., but it's also one of the largest podcast publishers globally. To retain that for another three years is quite a feat and highlights our market-leading technology and ability to monetize all their hundreds of shows most efficiently. Thousands of new shows continue to join Acast, but more recently, a fantastic show joined our roster in the U.S. called Sex With Emily. We also had Flashback Forever join out of Sweden, where it's one of the largest shows. It's worth noting quickly that Sex With Emily left SiriusXM for Acast, where she had her long-standing radio show, and she joined Acast to focus on her podcast full-time. It's also noting that we also had a great signing out of Mexico with a very popular podcast, Estás Rica. We've strengthened the Acast leadership team with our co-founder and Chief Product and Technology Officer, Johan Billgren, starting a new role as Chief Innovation Officer, clearly with a core strategic focus on new innovations for Acast. Johan Billgren is passing across the CPO or Chief Product Officer title to Matt MacDonald, who has over 15 years prior experience in podcasting and came across to Acast with the RadioPublic acquisition that we did almost a year ago. Also, Jonas Björk, who's been with Acast for the past four years and held previous senior tech roles at Spotify, now steps up to the CTO, chief technology officer, position. Two key roles that strengthen our seniority in management within tech and product as we continue to rapidly scale. We also established our international team with the appointment and promotion of Megan Davies to MD International. Megan Davies and her team will be focusing on the rest of world and advertiser demand outside of our current 12 launch markets, doubling down operations where we see accelerated demand. Megan's team has sold campaigns already in over 20 new markets outside of our current 12, aiding our expansion efforts and focus, for example, in the likes of the Netherlands, Singapore, and Italy. As mentioned, Q4 will see Acast+ launch out of beta, and we continue to see huge success with Acast+, the more and more partners that we onboard, and we're super excited about what this could do to achieve for Acast and our creators in 2022. With that, we move o n to our Q&A. Ladies and gentlemen if you wish to ask a question you have to press oh one on your telephone keypad. Question will only be taken by phone. Ladies and gentlemen if you wish to ask a question you have to press oh one on your telephone keypad. We have our first question from Emily Johnson from Barclays. Please go ahead. Hi, it's Emily here. Thank you for taking m y questions. So the first one I have is regarding the 123% organic growth for the Americas in Q3. That obviously includes not just the U.S., but also Canada and Mexico, which you only launched in 2020. Can you break out the U.S. growth on a standalone basis in Q3, please? My second question is, do you have any color that you can provide on Q4 trading so far? How much visibility do you have over December, for example? The third question is around the re-signing of the BBC contract. Were there any changes to the terms of that contract to be aware of? And is Acast involved in the BBC's podcast subscription service being launched in the U.S. and Canada? If so, what's the impact from that? Thank you. All right. I might take the first two, and you can add some color. Yeah. You pick up on the BBC. Sure. All right? Yep. All right. Great. We will break out the U.S. when we report the full year, as we report the markets that have over 10% share of revenues. We haven't broken it out in Q3, but watch this space. It's coming up in Q4. What you can expect to see is that our smaller launch markets, having started from zero, naturally they will have a faster growth at this point in time in their journey. It's great to see Mexico, U.S., and Canada all having great momentum and contributing to that growth. Now, in terms of Q4 guidance, we've got good visibility. We feel good about Q4, and I might just quote prominent podcaster Adam Martin and his show, GABA, which I can recommend. I quote, "We are exactly where we need to be in terms of Q4." Great. On the re-signing BBC, yeah, that's a fantastic deal for us, you know, a deal we've had for three years now, and to have again for three years highlights the strength of our technology and ability to monetize. We don't disclose terms of contracts, but we're very pleased obviously with the result of that. When it comes to subscriptions, BBC have some podcast shows that they exclusively launch to BBC Sounds, and they have done that for a number of years. And, you know, that's the kind of content that they'll be seeing on other subscription services. I can't comment about our conversations with them on the subscription side. We've been purely focused on the ad-supported model and being their provider of technology. So hopefully that answers your question, Emily. Super. Just on the U.S. growth rate, are you able to give any indication of, you know, obviously, if you've got Mexico growing from a very low base, it will be well ahead of that 1% to 3%. Do you have any ballpark of where the U.S. was relative to the overall America's growth that you can point towards? We haven't provided any ballpark at this point, so we're just going to stick with Mexico and Canada growing at a faster pace, and we'll disclose all of our figures when we come to the end of the year. Okay. Thank you. Thanks, Emily. Thank you. Next question from [Tariq Mattawiya] from APG. Please go ahead. Yes, thank you very much and good morning and congrats on a great Q3 results here. I was wondering if you could provide some flavor on the underlying average revenue per listen development here year-on-year, which looks really impressive. Could you give some comments on what's driving the development? Is it primarily an improved sell-through rate, or did CPM have an effect as well? Thank you. All right. As you noted, even adjusting for the Apple bug effects, our underlying average revenue per listener, ARPL, increased to SEK 0.28 as compared to SEK 0.17 in Q3 of 2020. A significant growth. We're happy with that. Now, this growth comes from both steady and strong CPMs and an increased sell-through rate. We are getting better at monetizing our entire portfolio. The likes of the international team stepping in and working on our international listens is helping that, and every single market getting further and further into the listens portfolio and monetizing those shows in a better way, so increasing the sell-through rate. It's great for us, but it's also great for our podcasters because we get to pay more podcasters more money. I'll just make one more note on CPMs. As Ross highlighted in market highlights, programmatic revenue increased by 263%. That revenue was also underpinned by an increase in our programmatic CPMs, which I think is a real show of strength and a testament to the ad tech and targeting that we attach to that product. Does that help, [Tariq]? Absolutely. That's very helpful. If I can follow up on the U.S. there, it sounds like the growth was really impressive. Of course, despite Mexico and Canada having higher growth. I was wondering if you could give some flavor on, like, when you go after these bigger names in the U.S. on a relative basis, how do you typically go about signing those names? What's that operation like? On that, I'm also wondering, I think it was iHeart that's been pretty active of late with some big signings. I think it was the NBA and maybe the NFL as well. Are those types of deals, are you going after those as well, like similar to BBC in the U.S., or is that sort of outside your scope for that market? Thank you. Yeah. I'll answer that one, [Tariq]. Good morning to you. In America, you know, we've got to remember, America was a fairly mature market from a monetization point of view, and it's actually incredibly fragmented. A lot of the publishers represent themselves for sales, and so it is incredibly fragmented. However, all the new podcasters coming through, a lot of these are independent shows, of which we're signing many of them. You know, we have our product, our SaaS product, where we are onboarding, you know, thousands of new shows in America automatically. We then, of course, speak to the likes of agents, the likes of talent direct, the likes of shows direct, and, you know, of course, we're pitching Acast on what we can do for them. Dynamic ad insertion is becoming the normal technology which we invented 7.5 years ago. Once you introduce dynamic ad insertion, of course, you open up to a lot more brand advertisers because you can track a lot of the campaigns and measure campaigns, which is what digital advertisers require. When you do dynamic ad insertion, you know, we spoke about it earlier, but English-spoken content travels incredibly well. Therefore, between 15% and 30% of all American listens or content produced in America is actually listened to outside of the States. You know, American advertisers want American listens and American audience, whereas, you know, we are focused internationally in each market because advertisers are inherently local. We can monetize that 15% to 30% better than anyone else can. We're seeing a lot of wins through that kind of unique area as well. There's multiple ways that we do pitch for content, but I think when you have a great roster of content, there's kind of a flywheel effect. It naturally attracts other content and that's exactly what we've done in all countries, which is why you know we are the number one platform in Europe and you know we've now reached 13% of all the podcast audience in the States. We're a very successful machine and network effects. Sounds good. Thanks for that flavor. Then I was wondering also if on Acast+ I think you mentioned it will be launched before year-end and it's currently in beta phase. Yep. Does that mean the launch there, does that mean that it will be basically available for all of your shows, that they could sort of switch that on and utilize it however they want to, or? Apologies if you mentioned that already. That's all right. No, Acast+ is our kind of unique subscription technology, which as you know, has been in beta for some time as we've been testing it out, working out what customer service support it needs, what features are being used, which features it's missing. We've kind of rounded that product incredibly well. We will be launching that towards the end of Q4. We're not gonna disclose exactly how we're gonna launch it. We'll leave that to the end of Q4, but we're super excited of course, about what that can do for our creators in 2022. It's another revenue stream that we can start building for them and of course us in turn. That's kind of all we can say about Acast+ at this point, but all I can say is we're very excited about it. Okay, cool. Finally from my side on the product development side, is there anything else that's worth mentioning there with regards to contextual or Conversational Targeting and sort of new parts of the product being launched? Or is it more about the gradual improvement and you'll announce in the future? Yeah, we continue to improve all of our products and, you know, we've had that change in the leadership team as well. We have even more focus now on all of our products. Conversational Targeting, we are leading the market in. It's a really unique technology in that we can convert audio to text, instantly finding out and running that through sentiment and understanding what sentiment, what keywords are being spoken and target accordingly. We're learning all the time around new targeting methods and improving our product set as a whole. Acast+ is really the product that we wanna mention today that we are super excited about. Thank you. That's all from me. Thanks. Thank you. Last question actually registered is from Dennis Berggren from Carnegie. Please go ahead. Good morning and thank you for the presentation. I think you clearly highlighted that all markets are contributing to growth in Q3. Would you be able to quantify how much the markets outside your top three markets are contributing to growth in the quarter? Perhaps also give an indication of how much of the growth is being driven by creator signings in 2021 versus expanding on your previous relationships. All right. I don't have the exact numbers in terms of the markets outside of the top three, but per previous guidance, all of our markets are contributing in a stellar fashion. We will disclose all of this at the end of the year. I'm very happy with the U.S. I'm very happy with the U.K., very happy with Sweden, very happy with Ireland, France, Germany, Canada, Australia, Mexico, and our rest of world teams. Everyone's contributing great. Full disclosure will come at the end of the year. We have a similar trend as previously when it comes to the dynamics underlying our listens growth. We both have an underlying growth of the shows that we have signed previously, and we're also signing new shows that contribute to our growth. We have a very low churn of podcasters. When they come onto our platform, they like to stay, they love the experience. Those who are in the creator network, as you heard, love our team and they continue to grow with the platform. Growth is coming both from having very low churn, growing the current podcaster listener base and signing new shows. I also, probably to add to that is the likes of, you know, Samsung launching yesterday. You know, new platforms are launching all the time. You know, what Facebook's doing as it's, as it comes out and starts to roll out its proposition. We're gonna see great growth from those platforms as well. Growth in shows happens in multiple areas, and it's a blend of everything. Hopefully that adds to the mix and we're sure it will. Ross, just one more thing. I forgot Norway and Denmark. They're doing great though. Yep. All right. Thank you. Seems like, yeah, growth is pretty much everywhere. Yeah. What should one expect regarding the pace of new geographical expansions? I think you've mentioned pre-launches in the Netherlands, Italy and Singapore. Also, are you satisfied with the current expansion pace? I mean, this should be quite important given your ability to really monetize content globally. Yeah. For us, we've been looking at, you know, accelerated demand in each market. You know, different markets are at different level. If you look at what we've done in Europe so far, actually reaching 44% of the addressable podcast market is fantastic, but there are more markets to put flags in. You know, the international team have sold in 20 other markets outside of our 12. You know, I should hope that expansion will accelerate and let's see what news we can bring on that in the future. Perfect. This, my final question. On, could you say something from an industry perspective, what are you seeing, I mean on the demand side, between advertising and sort of these paid access to content options, I mean subscriptions now approximately five months after Apple's launch of podcast subscription, and how is that affecting the sort of demand for Acast+? I mean, Acast+ has been in beta, and what we're seeing is some fantastic results. We have multiple partners trying it out on different levels. Some are just trialing out ad-free as a first tier, and anyone can switch that on once, you know, we decide to open it up and when we decide to open it up to everyone. You know, there is unique content. You know, it takes time to prepare for these subscription sites 'cause if you want the most successful subscription platform, you really have to prepare what you're going to offer in exchange for your listeners subscribing. There's a blend, and we're gonna start to release more and more results on that. What we're seeing so far is that subscribers are in the thousands, and we expect that to accelerate quite quickly as we start to open up that product. It normally on average, you know, we're seeing that it's giving our podcasters an extra 20% revenue on top of kind of ad revenue when they start to open up at least the ad-free tier within the subscription and switch on Acast +. Perfect. Thank you very much. Thanks. Cheers, Dennis. Thank you. There is no more question for the moment by phone. Ladies and gentlemen, i f you wish to ask another question, please press oh one on your telephone keypad. It's zero four by one on your telephone keypad. Any written questions, we will be answering throughout the day as well, if you do have a written question that you've submitted. It seems like we don't have any more question by phone. Great. Back to you for the conclusion. That's it. Thank you. Please obviously do tune in to investors.com, investors.acast.com/subscribe. If you wanna hear more, do follow our Medium blog. This will be available as a podcast as well, and pre-recorded. We look forward to seeing you at our Q4 Earnings Call next year. Thanks very much.