Good morning, everyone, and welcome to the presentation of Awardit's third quarter of 2023. My name is Erik Grohman. I'm the CEO of Awardit since March last year. This presentation will be recorded, and you can find it online, published after its completion. If you have any questions, please put them in the chat, and I will pick them up in order, after the presentation. First, briefly about Awardit. Awardit is the market leader in loyalty and gift card solutions, and we have a broad offering that cater for all needs within gift cards and loyalty. We work with our clients on everything from strategies to concept development of gift card programs and loyalty solutions, all the way to supporting with key ready SaaS-based platforms, all the way to supporting with product, supply, logistics, and customer support. The business was founded in 1999, and we have made 12 acquisitions to build our portfolio of services since the IPO in December 2017. Today, we are 297 employees, including the latest acquisition of IPO that was concluded yesterday. Our offices are based in Stockholm, Gothenburg, Copenhagen, Hamburg, Wels in Austria, and Weingarten in Germany. Today, we are the largest company and platform for loyalty, incentive, and gift card solutions in the Nordics, and we also have a very strong position in DACH, which is German-speaking markets in Europe. Our vision is to continue to build on this position to become the industry leader, uh, on the European market. Our mission is to, uh, help our customers to improve customer satisfaction, retention, and sales. We are a one-stop shop that has a toolbox of technology and services that cover all parts of the loyalty and incentive and gift card value, uh, chain. We have, uh, more than 250 programs, uh, in the Nordics, reaching more than 15 million consumers, and a very wide reach in DACH, reaching, uh, actually more consumers than that in, in DACH as well. Historically, we have shown strong organic growth in our core business, high level of scalability in the business, and also, we have also been able to add valuable acquisitions throughout time to our core business. We work in two main business areas: loyalty and gift cards. If you look at our timeline of acquisitions, we have made nine acquisitions in the Nordics, building this position of a unique strength in supplying a one-stop shop solution for loyalty and gift card solutions. Then we have made our three latest acquisitions in DACH, starting with Prämie Direkt in December 2021, Connex in Austria in February this year, and now IPO in Germany, as of yesterday. I will talk a little bit about this later on as well, of course, in this presentation. Now, looking at Q3, we see continued growth in both loyalty and gift cards, so both our business areas. In loyalty, we have a 20% growth compared to third quarter last year. Our organic growth in the loyalty business area is 9%, and we can see that our big clients in the loyalty business area continue to grow with us. Even though the market is challenging for some clients of ours, we continue to grow our business together with them. I believe this shows the strength of our core business and our resilience to tougher market conditions. And also, just to mention that last year in the third quarter, we had extraordinarily high sales through SAS EuroBonus, as there were some turbulence related to SAS during the third quarter last year, and this additional sale we did not have this year. So despite of that deteriorating the comps, we still had an organic growth of 9% in the loyalty business. And also worth mentioning is that the German market situation remains challenging throughout the third quarter, and especially within rewards management, which is the business of Prämie Direkt. So there we have a negative growth in Prämie Direkt for the quarter compared to last year. So lion's share of the organic growth in loyalty comes from the Nordic loyalty business. Here also, on top of the organic growth of 9%, Connex adds SEK 16.5 million in loyalty revenues for the third quarter. Looking at gift cards then, we had a growth in the quarter of 52%. Here, however, the organic growth was negative, so we had a negative growth in total, organically, of -2.3%. All growth in the quarter coming from the addition of Connex, and Connex added SEK 23.8 million of gift card revenues in the quarter. MBXP had a negative development of -2.9% for the quarter. Here we see that we have managed to come back to decent levels at Coop Denmark. So Coop Denmark now, at the total level, is back to the same levels as last year. However, we see a slower sales in experience products in MBXP, still in Coop. So, for those who remember, we had an index of around 80% on Coop Denmark for experience products in the second quarter. Now, in the third, we are at around 90% of index compared to last year, so it's improving. But also on the total level of sales of experience products as a segment, we are a bit lower than last year, and that is what gives MBXP a negative growth compared to last year. Then the Swedish gift cards business, related to processing in Retain24, is growing, and we are adding new customers to the platform, contributing with profitable growth in the gift cards business. So, looking at the total for the quarter, we had SEK 249.5 million of revenues, of which Connex contributed SEK 40.3 million. And this then entails a 27% growth, of which 7% in total organic. And then again, that's driven by a growth in our largest clients in Awardit loyalty programs and partly in gift cards in the Retain business. In Zupergift sales, we had a growth of 82% and had face value sales of SEK 20.6 million, compared to SEK 11.4 million in the third quarter last year. However, breakage from Zupergift was lower in the quarter, and that's mainly because of a shift in the mix of sales channels, where we had a different mix of sales channels in last year's sales compared to two years ago. So we see higher sales in face value, where we also earn margins, but gradually lower percentage of breakage from Zupergift. And in the third quarter, we had SEK 0.7 million in breakage from products sold last year, while last year's third quarter, we had SEK 1.5 million in breakage. Then, if you look at the earnings for the quarter, we are at SEK 7.9 million, compared to SEK 20.1 million in last year's third quarter. The main reasons for this decline and the difference in earnings is the results of MBXP that is still substantially lower than last year. MBXP is our fully owned subsidiary gift cards business based in Copenhagen, Denmark. We also see a weak market in DACH, and especially in Germany, affecting the business, especially on Prämie Direkt, bringing in a negative EBITDA for Prämie Direkt. To To go a bit deeper into these two different areas. So on the one hand, we have MBXP, and on the other hand, we have DACH and our business in that region. First, looking at MBXP, for the quarter, the business has stabilized compared to last quarter, but still the result is much lower than last year. We see an underlying, an underlying business that is, profitable, but we had in the quarter, a bad debt loss and inventory write-down, which we have earlier communicated. And here, in MBXP, as most of you are aware, we have changed the management, where I am now the interim CEO of the business, and we have initiated an internal audit in order to establish a correct earn-out to be paid for the business. The earn-out calculation is still to be finalized based on, the internal audit that we have initiated. The early indications from the internal audit is that there are effects from periodizations of earnings, revenues, and costs that affect this year negatively and could potentially have affected other years positively. So we see an effect of how accruals of revenues and costs have been made in the business over the years. This is the indicative results from the internal audit. We are awaiting the full internal audit report end of this year, and then based on that, we will calculate what the earn-out of MBXP will be. We believe that what we have in our books today exceeds what the earn-out will be in the end, but we await the final internal audit report to establish a firm position on the earn-out calculation. But we also believe that the fourth quarter will continue to see a negative development in MBXP compared to last year, due to these one-off effects coming from different kind of accruals. However, we believe that for 2024, MBXP will be profitable again. When it comes to DACH, we have two effects in DACH bringing the results to a negative result. One is, and they are equally sized. One of the reasons is Connex bringing a negative result into the group of SEK 3.3 million for the quarter. And this is expected due to the seasonality of Connex, and it's mostly in line with last year's numbers as well, and the seasonality that we see in the business. Most of the earnings in the Connex business comes in the fourth quarter, which we are now heading into, of course. And we see that for the full year, Connex is on track to deliver on par with our expectations. So we don't see a. We're not worried about the results in Connex for the full year, and we see a strong development moving into the fourth quarter. Then the other half of the negative results for DACH is from Prämie Direkt, and here the negative result is lower than expected. And we are seeing a slower German market affecting our ability to sell campaigns and activities to our clients in the third quarter. And while revenues are on par with last year, slightly lower, we see a negative margin development isolated to the third quarter due to a mix, a change in mix of clients. So we see some clients with a lower margin profile, taking a larger share of the business in the third quarter. Here we see a stronger end to the third quarter and a stronger opening to the fourth quarter. So we don't believe this is a level of profitability that will be there forever. We believe we will come out stronger, obviously, in the fourth quarter, but a slow market for sure, and a difficult situation in terms of sales volumes in the third quarter. So again, half of the downfall in earnings come from MBXP, basically, and half from DACH. In DACH, half is from from Connex, which was mainly expected, and half is from Prämie Direkt. Also to mention, we have integrated the organizations between Prämie Direkt and Connex. We are seeing improvements in the cost base. We see that that will improve over time, and we see that savings will be achieved on a full- year basis next year. So we see improvements in the cost base for the combined Connex and Prämie Direkt organization, and we also see business synergies realized that has not yet had full effect in the third quarter, but will start getting effects from fourth quarter moving forward, such as sales of the shop solution from Prämie Direkt into Connex sales channels. We also see a strong pipeline of new clients that has been signed and some of them onboarding in Q4, some of them onboarding beginning of next year. So strong pipeline overall in DACH as well. So then looking at the core business of Awardit here in yellow, which is then defined as the business excluding the acquisitions made in 2021 and 2023. So here we have excluded the business for the third quarter of The Inspiration Company, of MBXP, of Prämie Direkt, and Connex. So in the sort of core business of Awardit in the Nordics, we have a 12.4% growth in the third quarter of 2023. And again, this is even though we had a very strong sales with SAS EuroBonus last year, so the core business stands strong. And then for the third quarter, Connex adds SEK 40.3 million to the new business here pictured in blue, meaning that excluding Connex, the rest of the new business does not add any growth, actually. And that is mainly due to MBXP being challenged, as I have been describing, and also the weak market in Germany for Prämie Direkt. And looking at the gross margin for the third quarter, it was in total 31.1% for the group, and that compares to 28.1% in last year's third quarter. And here, Connex, as you might know, comes into the group with sales of higher margin products. So Connex contributes to a higher gross margin on the total level. In MBXP, we have a lower margin, and this is due to an increased redemption still of experienced gift cards, and this is also partly due to these accruals and one-off effects of costs and revenues that we see, and that we are looking into as part of the internal audit. And we also have an increase in Zupergift sales, as I mentioned before, and this increase deteriorates the gross margin of Awardit CNS. So Zupergift sales is included in the loyalty part of sales in Awardit CNS and not in the gift card sales when you look at the split between loyalty and gift cards. So moving on, looking at the P&L, obviously, we have rather strong growth in terms of net revenues, but does not translate into earnings for the year-to-date. If you look at this picture, you can see that last year we made most of our results, obviously, in the fourth quarter, coming out of the year with an operating result last year of SEK 71 million. Coming out of year-to-date last year with SEK 25 million up until Q3, while this year we are at a SEK -2.5 million for the operating result. Looking at the net revenue, we are at 250, almost 249, compared to 196 last year for the quarter. We have a growth in cost of commodities. This is obviously higher because we have higher sales, but again, this translates into a strengthened gross margin, where we are now at 31.1%, compared to 28.2% last year. In other external expenses, we see an increase where Connex contributes with SEK 5.8 million, and comparable other external expenses increase with SEK 3.2 million, and the largest share of this comes from Prämie Direkt. Here, this is also mainly to do with the mix of clients and cost of logistics in connection to some of the clients that have been growing in the third quarter. This effect is also something that will rub off as we will, moving forward, find campaigns also on other type of clients. But we see this effect again coming in the third quarter from the mix of clients and especially one client segment that has been growing, adding cost to logistics. And for personnel costs, we are at 17.8% of revenues for the third quarter, compared to 10.7% last year's third quarter. And this is affected primarily by Connex coming into the group with a relatively high cost of personnel. And this is in order to be able to bring its products to the market. And as you know, as I mentioned, the gross margin of the products sold at Connex is very high. And then we have a staff of making sure these products can be sold into the market, which then adds cost to the business. And we also have a bit of a more expensive organization on a central level, on a full quarterly basis, compared to last year. This is a strengthened organization in order for us to be able to grow internationally and coordinate across the group in our growth. Looking at the cash flow for the third quarter, the operating business generates generated a positive cash flow of SEK 15.6 million, which you can see here in the green. Then we are in the investing activities and financing activities deducting SEK 2.6 million and SEK 2.7 million respectively due to investments in intangible assets and amortization. So after the exchange rate difference in cash and cash equivalents, which is SEK 2.4 million, the cash movement for the third quarter is positive with SEK 5.9 million. So coming out of the third quarter, our cash position is SEK 254 million, and our cash conversion for rolling 12 months is 76%, and that compares to 21.71% for full year last year. Then just looking at our latest acquisition that was closed yesterday of IPO in Germany, we see that this really strengthens our position as a group and our position in DACH. Looking at the pro forma, if we add 12 months of IPO and 12 months of Connex to a rolling 12 months of Awardit P&L, we would then have a net revenue of SEK 1.327 billion for the group. Our EBITDA is SEK 112 million as a total pro forma, including IPO. And IPO adds strength to the group in many ways. IPO is a leading company within reward management in Germany. And as I mentioned, the rewards management market in Germany is difficult at the market, and we have a difficult time growing in Germany. And we see a very, very good reason to join forces here and build a very strong player for the future. This we can do, building together Prämie Direkt, Connex, and IPO. Looking at IPO, they are on a 12-month basis, on a net revenue level, a SEK 200 million company, and their EBITDA is around EUR 1 million. This is, as we see it, then we have adjusted the EBITDA. The actual EBITDA was EUR 0.5 million for 12 months, but we have adjusted this for various owner-related costs of approximately another EUR 0.5 million, bringing it to EUR 1 million. These are costs related to the previous owner and the previous shareholder, that we will not carry moving forward as of the closing yesterday of the business, which means that we see the true EBITDA result of IPO as EUR 1 million. And the way we see it is that IPO complements our existing business. We have an integrated organization built between Connex and Prämie Direkt in Germany, and IPO further strengthens our offer in the market. It's a great fit with our people in the organization in DACH, with our capabilities in terms of tech, logistics, warehousing, and our offers to the market. It brings Awardit to become one of the largest players in loyalty solutions in DACH. Pro forma, we are now approximately EUR 52 million turnover in DACH, which is a bit less than 1/2 of Awardit as a group. We also have more than 1/2 of our employees now in DACH. So really showing the importance of DACH here as a market to us. We truly believe that even though DACH is DACH in general and Germany in particular is a rather weak market as of now and for the third quarter, we see a really strong potential in building a position for the future, where we can achieve synergies between IPO, Connex, and Prämie Direkt to really establish ourselves as the leading player in the market and grow and also realize synergies of scale from the combination. Very happy about this, this, this latest addition to our group. To summarize then, we see a continued organic growth in the existing business, and I believe we will see higher revenues also from the existing business, the, the organic business moving forward, and we will see higher revenues and improved results already obviously in Q4 and also beyond. So next year, we are in a position that we can grow from and that we will grow from. Also, the acquisitions of Connex and IPO provide a strong position in DACH. It's a perfect fit with Prämie Direkt, and we have the potential to continue to grow in this region, and we will benefit from synergies of scale. So strong position now, not only in the Nordics, but also very strong position to continue to grow in DACH. We have projects ongoing to realize savings across the group. We have business cross-selling opportunities and other business-oriented synergies. We have initiated a cost savings programs of SEK 15 million- SEK 20 million, and we see this will be realized fully, within next year, and we are on a good path to achieve this. We have started to see the first effects this year, but the full effect will be seen, well, you can say mid-next year. We will see the full effect from these cost savings. Also, we have a potential to launch Zupergift, and not only Zupergift, but also other branded own brand gift cards that we have in our portfolio in additional variants and in new markets. We have just recently launched Zupergift in DACH through our Connex sales channels, and we see some first signs that are very positive in that. We also have a steady flow of new customers. We bring in new customers, both within our gift card and loyalty segments. We have a strong pipe of new prospective customers, and we have signed several clients that are onboarding now, both in gift cards and loyalty, already in the fourth quarter this year. We keep adding both interesting type of customers and customers very similar to the ones we have to our portfolio. Also, there are additional value-creating acquisitions that we have identified and that we have begun discussions with. We have a strong cash position of SEK 254 million at the end of the third quarter, which continues to provide us with a strong buying power. In MBXP, we have an ongoing internal audit in order to ensure a correct valuation and an earn-out payment that is fair and correct, and this is yet to be completed. Nothing of the earn-out has been paid yet. The internal audit, we believe, will be finalized before year-end, and then we will calculate the earn-out. We believe what we have in our books for the earn-out is higher than what the earn-out will finally be, but we will wait until the internal audit for our final evaluation of this. We continue to have a vision of becoming the leader on the European market, and we are really building for the future. We have a strong position that continues to grow organically in the Nordics, and we have a stronger and stronger position that where we can realize synergies of scale and where we can continue to grow also in DACH moving forward. So I believe we are in a stronger position now for growth than we ever have been, actually. So with that, I will leave it for questions. So please, if you have questions, put them in the chat. Yes, I will translate. The acquisition of IPO, have they—a re they reliant on any other larger clients, on top of the customer that has been paused and mentioned in your memo? So, the three largest clients stand for around half of the business, so there's not one client that is, you know, no additional client in the same size as the one that has been paused. They have a large client portfolio of clients that have been with them for a long time, and that we believe we can obviously continue to work with and continue to develop also over time. Then next one is, Germany and DACH is slow in Q3, but still you choose to make an acquisition in IPO. Do you believe that 2024 will be a better year? I mean, the market is weak. It is more difficult to sell shorter-term loyalty solutions and programs at the moment. But as an example, with Prämie Direkt, we haven't lost customers. We are still having the same customer portfolio, and we continue to be in dialogue with our clients. And we believe that, I mean, we are building this market for the future, and we are establishing ourselves as the leading player with the best solution for the market and for our clients. So when the market will turn around, we will be there to serve the market with the best offer to the market and to our clients. And also, we will realize synergies of scale in doing that, being able to, over time, strengthen our portfolio of services and also strengthen our margins. So in that, I believe IPO is the right choice for us to really continue to build this strong position in the market for the future, for sure. Next one: Do you expect a similar effect from SAS EuroBonus as last year now, depending on what happened recently? So we have seen an effect in the beginning of fourth quarter. It's not to the same size and scale as last year, but that there has been an effect of increased revenue in the SAS EuroBonus shop in the beginning of fourth quarter from the change or the new ownership set up in SAS. But it's not the same size as what happened last year. It's lower, but it brings a bit of extra revenues to the fourth quarter this year. Next question. Q4 2022 was boosted heavily by MBXP. You mentioned in the report that you expect significant negative year-on-year effects on EBITDA in Q4 2023. Can you quantify a bit further there? What was the EBITDA for MBXP Q4 2022, and can you give some more color on significant? And also, how should we understand the margin for MBXP, both short and longer term? It was 31% Q4 2022 and 48% Q4 2021. Any comments here would be appreciated. Thanks. So do you have the last year's revenue for MBXP? Now, EBITDA for MBXP last year, Q4, I don't have that from the top of my head, but you can say that it will be negative compared to last year because there were one-off sales last year that were recognized as revenues last year and then affecting us with costs this year. And these one-off sales, we will not have this year. So comparably, we will have lower revenues in the fourth quarter for MBXP. And those lower— I mean, the revenues we had last year that we will not have this year also had very high profitability in Q4 last year, and they have affected this year negatively in terms of redemption. This is. I have talked about this before in other calls. This is from an added sales channel end of last year for experience products within B2B sales. So we did extraordinarily high sales end of last year in B2B for experience products, and there we had high profitability last year, and then we had high costs this year for this. This is due to the model of periodization of revenue and cost applied for experience products in MBXP. I cannot give you a guidance for MBXP for Q4. I believe it will be profitable, but it will be much less profitable than Q4 last year due to this periodization that we have seen from last year's B2B sales. And when it comes to the margin over time, we will come back to that and are awaiting the internal audit report to establish the margin over time in MBXP. So I will not comment any further on the development of MBXP in terms of margin over time and how that has been shifted between years, because that is something we are looking into in this internal audit that we are now conducting. So next question. Gross margins, excluding Connex, continues to decrease. Is it all because of MBXP, or is it price pressure from inflation, et cetera? Can you increase prices and strengthen the margin anywhere in the business? Any new large customers in the pipeline? So I'll start here. The gross margin continues to decrease, excluding Connex. It's because of MBXP, and it's because of higher sales of Zupergift that deteriorates the margins on a total level. The price pressure from inflation, we also see in primarily in Prämie Direkt, where we have lower margins. And the lower margins there come primarily because we are not selling the volumes that we wish on our high-margin clients. We have increased sales on low-margin clients, and obviously this is from price pressure, from inflation, and from the current market situation in Germany. And obviously, we work over time to increase prices and strengthen margins in the business. We are gradually— I mean, in DACH, we are working to combine the offers of Prämie Direkt and Connex, and in there, we will increase our share of loyalty programs that are points-based and full scale over time. This will increase margins. Synergies of scale through purchasing, warehousing, et cetera, will also increase and strengthen margins over time. So, we are working constantly, of course, to strengthen our margins across the business. And then again, in MBXP, we see lower margins, partly due to accruals and costs and revenues that have been periodized over time, which affects this year negatively. And next one was, are there any large new clients in the pipeline? Yes, there are new large clients in the pipeline. We had a number of clients signed in Q3 that are onboarding for Q4. Some are onboarding next year. This is primarily in—w e also have a pipeline of some very interesting clients that we hope to be able to sign on soon, both in DACH and in the Nordics, for large-scale loyalty solutions. Next question is: Will you change the way MBXP recognizes revenue and costs? This is currently under investigation. It will be part of the findings from the internal audit. I mean, the way that costs have been recognized in MBXP has been a way of working since before the acquisition. It was not changed because of the earn-out model, where the financial models were not changed due to mainly due to the situation being an earn-out for MBXP. Now, of course, we have an opportunity based on what we find in the internal audit, to actually change the way that we recognize revenues and costs. And I believe that there will be findings to indicate this. This is something we should look at for sure. "Any update on the buybacks? Expecting the program to start buying shares now following the report." So, yes, there is a mandate to the board to buy back shares. The board has had inside information up until today, and now, of course, there is a possibility to start buying shares from tomorrow moving forward. And if there are shares bought, they will be reported, of course, on a frequent basis, weekly basis, we will report if there has been shares bought back from the market. Do the cost savings include IPO, or will the cost savings from IPO be on top of the SEK 15 million-SEK 20 million?" The cost savings from IPO will be on top of the SEK 15 million-SEK 20 million already identified and that we have already started to work with. And from Carlos, "The lower result in 2023 Q4 in MBXP is due to change in recognition of cost and revenues. Will you change the accounting method? Can you quantify the impact?" So it's a bit too early to quantify the impact because this will be part of the findings from the internal audit. And also, again, if we will change the accounting method, it will be based on these findings. So we are awaiting this, and it will be concluded before the end of the year. Can you give me more information about Q4 in general? PD improvement, IPO, Connex." So, we are seeing that the end of the third quarter was stronger than the third quarter in general for Prämie. We believe there will be a strengthened fourth quarter. We see the first indications of improvements coming from the integration of organizations between Prämie and Connex as well, and the business opportunities coming from there. I mean, gradually, we will work now to also find synergies, of course, with IPO, both synergies and synergies of scale and cost. The former MD of Prämie Direkt is now from yesterday and moving forward, the MD of IPO, and he obviously knows the business very well of both Prämie Direkt and IPO and will work to realize these synergies across the group. "What is the gross margin progression you expect for the next year?" I don't want to guide on the gross margin for the group for next year, but obviously we are working across the group to again, to realize synergies of scale, to improve gross margins in each of our business areas. Now from Simon: "Can you say something about what you think the normalized profitability should be in MBXP when factoring in the revised accounting?" We believe the MBXP business is profitable when normalized. I don't want to comment any further on what the level of profitability is before we have the results of the internal audit, and also don't want to really guide for Q4 or next year. But we believe the underlying business of MBXP is profitable. "Should we expect the change to client mix in Prämie to be more permanent, meaning that profitability could remain lower compared to its history going forward?" So, the changed client mix should not be permanent. We are working very hard to achieve sales through higher margin channels and clients. So, profitability should become back to normalized levels moving forward. So I don't foresee this as you know, a permanent change in the mix. It's rather the effect of the growth of one singular client in the third quarter. "Can you elaborate about the Förskott, the Förskott från kunder, SEK 70.9 million on the balance sheet since this quarter?" This relates to Connex's previous quarter. It relates to Connex, and previous quarter, this was included in advances to customer short-term liability. And all of this is not short-term, so it's been reclassed. Short-term advance to customers has decreased with the same amount, so it balances out. That's correct. Yeah. I hope that that clarifies. And otherwise, please get in touch with me separate, of course. And then from Alexander: Do you see any effects regarding your international customers in the Nordics that is not yet using your programs in the rest of Europe now that you are a large player in DACH? So, and we see potential, of course, to expand on our current programs in the Nordics to other markets, and we are in dialogue with customers regarding that. And, it's actually an opportunity now for us that is as large as onboarding new large clients to our platforms. So we do have some very interesting discussions with clients where we are expanding our existing programs. I mean, partly across other markets outside of Nordics, but also within the Nordics. So this is still a potential to us that we are working with, and I believe this will bring in additional revenues and earnings for us moving forward, for sure. So, next one. The IPO follow-up. The three largest clients is around 50%. Do you mean existing ones or before the paused? Do you want to elaborate what the rolling revenue is without the one that has been paused? Yeah, so excluding the one that has been paused, the three largest ones are around 50% of revenues. So this is excluding the one that now has been paused. And, it's a client that has been coming. I mean, it's been large to IPO. They have been with IPO for a long time, and they have been larger at times and a bit smaller at times, but we believe there is a potential for the client to come back to us as well. Right. So how large are the deferred considerations on the balance sheet? This— Cecilia, would you? I don't actually—m aybe if you elaborate on that question for later down in the chat, and I can pick that up later. If you please want to elaborate on that, and we will pick it up. Then from Carlos: For MBXP, in fourth quarter, you are removing the B2B experience channel or just changing the accounting standard? So we will not have this kind of sales through the B2B channel of experience products at MBXP in Q4, this year. And this is because it was a new channel to us, last year, and it's been proven, difficult for us, with our existing, accounting methods, et cetera, to make it profitable and to make it, a sound business over time. So this will not come as a revenue, this year, and then also not as earnings for the fourth quarter. Next one. Regarding Prämie Direkt and IPO, is it possible to, within two years, move customers to one of the platforms and, close the other platform? I mean, we are looking at synergies, between IPO and Prämie Direkt, obviously. The tech platform and how we serve the clients is one of these areas. Warehousing and logistics is another area. Marketing and sales is a third area. And I believe, you know, achieving synergies of scale, of course, we want to work with, you know, as few technical platforms as possible, but obviously as many as we need to conduct good and strong business. I don't want to comment on if it's possible, but we are looking at these kind of synergies, of course, between the companies. "And then what cost synergies exist with IPO?" Well, as I mentioned, it's around warehousing and logistics, sales and marketing, and purchasing, and IT. So basically, most of what we do in Prämie Direkt, we also do at IPO, and we will find the best ways of working together in all areas. And in that, we will also be able to realize cost synergies. Right. So I'm not sure if I have any more questions. I cannot see any more questions in the chat, and I hope that the rest—the replies have been enough. If you don't have your questions answered or if you want to have other questions answered, please don't hesitate to reach out to me through an email or give me a call. I will be available throughout the day to answer any kind of questions. And again, I still believe we are in a strong position now to grow moving forward, to continue to grow and expand in the Nordics, to really, really, gain an advantage in DACH through our strengthened footprint, and to continue to grow there through our three business units, through synergies of scale, and from gradually sort of gaining scale in the market as the market also strengthens in DACH. So I believe we are in—e ven though we have weaker results for the third quarter this year, I still believe we are in a strong position for the future. So, and with that, I would like to thank you for your participation. Please, again, don't hesitate to get back to me with any questions you might have. You will find the presentation, both the PowerPoint presentation and the recording online at Awardit.com. So thank you very much, and, have a good day. Bye-bye!