Hello, welcome to the CDON Q2 Reports 2021. Throughout the call, all participants will be in listen only mode, and afterwards there will be a question- and- answer session. Today, I'm pleased to present Josephine Salenstedt, Chairman of the Board. Please begin when ready. Next slide, please. Thank you, and good afternoon to everyone. Thank you for joining the call today. I'm Josephine Salenstedt, and Chairperson of the Board. As our current CEO, Kristoffer Väliharju will hand over the leadership of CDON in a couple of days, we agreed I will present today. I'm 37 years old, and partner and shareholder of Rite Ventures, which owns about 26% of CDON. I've been working with active ownership, entrepreneurship, and technology growth companies for more than 15 years. With me on the call, I have Niclas Szieger, who is the CFO of CDON, and one of the persons to thank for the CDON we have today. I'm very happy to be able to present next to him today. I became the chair of CDON at the end of Q1 this year. Our CEO had to go on unexpected sick leave following a heart surgery, and our Chair at the time, Marcus Lindqvist, stepped in as Interim CEO. While Kristoffer eventually came back as CEO May 1st, he resigned just a couple of days after that. It has been a turbulent time without a long-term executive leader in place. What did we do? During these four months, the Board and I, together with management, spent our days shifting from long-term perspectives and very hands-on operational details. What can we fix here now? What bricks do we need to put in place to win in Q3? How can we rapidly increase the quality of our UX? What do we need to do today for us to be able to close and handle the acquisitions we want to make? What to do in terms of hires, team, culture, financing? We don't have time for all of it today. Jumping into next slide, I'll give you the high level story that I tell different stakeholders of CDON every day. That story starts with the market opportunity, what we want to accomplish, and some of the headlines on how to get there, how we think about the team and the leadership of CDON. In Q2, our short-term battles and the short-term wins. Traffic acquisition has, as most of you know, been an issue. While that is still a problem, now we actually feel some momentum. I'll touch upon what we do to accelerate that as well. On the next slide, let's start with the basic question, why CDON? As a Swedish citizen, I know CDON since many years. When I grew up, the internet came, email came, CDs came. CDON came and sold CDs on the internet. CDON did this very well and started to sell other stuff from CDON, books, PC games, that kind of stuff. Most of the Swedish people know CDON for this reason, because CDON was a great business. The music and book industry evolved, and CDON would have to develop as well. A couple of times, CDON tried to transform to a marketplace, and about two years ago, a successful transformation started. Today, CDON is a leading marketplace of the Nordics. Over 1,800 merchants sell more than 10 million products on our platform, and over two million customers come to CDON to do their online shopping. In the first place, why did a former e-commerce star decide to transform to a marketplace when the Nordic population hadn't obviously shown any interest in that type of platform so far? If we move ahead to the next slide, we'll see that more than 50% of global e-commerce goes via marketplaces, and the marketplace e-commerce grows fast. The latest number I heard was expected CAGR of 17% up until 2027. Example of strong European local marketplaces are Allegro in Poland, Bol.com in Netherlands, and Cdiscount in France. These companies typically have substantial share of the e-commerce sales in their markets. Allegro, I think, is over 50% market share, and Bol.com around 20%. Moving into the next slide, you can see that in many markets, the local marketplaces exist and grow alongside Amazon. The local marketplace typically have a quite clear offering and position toward merchants compared to Amazon. Merchants, depending on their needs and dynamics, chooses either one of them or both. This slide also highlights that while many countries are well above 30% in marketplace penetration, in the Nordics, we are well below 10%. In three out of four countries, even at 5% or below. Some argue that the Nordics has some special characteristics that makes the marketplace business model less attractive here. We at CDON haven't found or seen any convincing arguments for this. We believe that the main reason for the current low marketplace penetration here is the lack of a platform good enough going for the opportunity. To us, this is supported by Amazon recently entering the Nordics and the increased interest from merchants for the marketplace model at CDON that we have seen since Amazon entered. The underlying market trend is very strong, and there are only a limited number of platforms in the Nordic that could potentially go for that opportunity, and CDON is one of those. Moving on into the next slide, we note that the Nordic economy in itself is attractive. The population is about the same size as Russia, Australia, or Canada. The GDP per capita is about twice the European average, and the capital cities, Stockholm, Copenhagen, Oslo, and Helsinki are among the fastest-growing capitals in Europe. Jumping into the next slide, we can elaborate on the size of the CDON opportunity. We are glancing at Netherlands, which is quite similar to the Nordics in terms of size of population, GDP per capita, and culturally. Their local marketplace, Bol.com, have a 20% market share of Dutch non-food e-commerce in 2020. Would CDON have the same market share in the Nordics as Bol.com have in the Netherlands? We are looking at a SEK 55 million opportunity. On the next slide, we have pinned down four strategic pillars to build our execution priorities around. First, CDON aims to become the starting point of shopping in the Nordics. Right now, many customers in the Nordics know CDON brand, but we are not yet their go-to marketplace for their shopping. However, our aim is to become a destination. Second, CDON is designed to become a powerful sales engine for merchants, both local and international merchants. That means providing the distribution, platform, applications, and services to substantially increase the merchants' revenue. The power of the platform will be stronger for every new merchant and every new customer joining, and our service layer will be developed to help the merchants leverage that to drive their sales. Third, we shall do this by focusing very hard on our core categories. We will tailor our offering in terms of customer experience, merchants, fulfillment solutions around our core categories. This means that we will work very hard to certain merchants, making sure we do everything we need to get them. Could be UX fulfillment and terms. The same goes for customers. The experience for our end customers will be designed for us to win, specifically in the core categories. Fourth, we are going to create a strong local brand. This goes back to becoming a destination. Customer experience and growth will be integral part of all these work streams. We expect our growth story to include both organic growth and acquisitions. On the next slide, I'll elaborate on the first key pillar. Shopping online in the Nordics can still today, in July 2021, be both time-consuming and frustrating. If you don't know for sure what you want and where you can find it, your shopping experience tends to start with a Google search, opening of several windows to check out different websites, and going back and forth between different pages, comparing, checking specification, reading product reviews. At CDON, we aim to eliminate all of this, creating a frictionless shopping experience. Shopping research and selection tools will be the core of our offering. At CDON, customers should be able to find the best assortment, the lowest prices, the best tools to make their shopping decision, be it reviews, product specifications, sustainability implications of a purchase, delivery options, or whatever else. They should know that deliveries and returns are simple, convenient, and reliable. They should trust that the potential contact with customer service through CDON will be a pleasant experience. This needs to be true in all scenarios for the customers, independently of whether the selling merchant at CDON is the local retailer down the street, an American indie beauty brand, or a French home electronics mega store. Next slide, please. Next, please. Moving to Q2 and our business performance and execution priorities. While we managed to regain some momentum by the end of the quarter, we started off weak with negative marketplace GMV growth in April. We were negatively impacted by a steep decline in traffic and in all traffic channels, but with most effect in SEO and SEM. Obviously, mitigating the negative trend in sales was a top priority, and we took actions in several streams. I'm incredibly proud of what the team of CDON did in Q2. In May, we started to see some results of our actions, and we were able to close May at a positive marketplace GMV growth, and June was even better than May. We ended the quarter with June marketplace double-digit growth, and so far July has started better than June, with GMV marketplace growth of around 20%. We also made a lot of changes in the teams and the way we work. We made additions to our team at all levels and redid the division of responsibility. The goal has been to increase execution pace and speed up time to market on various projects, primarily connected to growth and customer experience, and we have seen an immediate effect from the changes. During the quarter, Kristoffer Väliharju decided to leave CDON as the CEO. I want to thank Kristoffer for his work at CDON. He has very successfully led the company from being a legacy e-commerce retailer to a leading marketplace. That's very hard, and I'm tremendously impressed by that. We are deep into the recruitment process for our long-term CEO. It is a thorough process. We want to make sure we find the right person. This takes time. While this is being done, the team is executing at a high pace on a daily basis. We need leadership there every day. That's why in the board, we decided to sign an interim CEO. I'm very happy to welcome Allan Junge-Jensen to CDON as interim CEO starting from July 26th. As you see on the next slide, Allan has extensive experience from fast-growing e-commerce and technology companies. We think he has the skill set and drive that we need now. We're prepared for having Allan to be able to hit the ground running in a couple of days. In sum, I'm very excited for Allan joining. Back to assessing our performance and growth. On the next slide, you can see our year-over-year marketplace growth compared to estimation of underlying e-commerce market growth since the IPO last year. In 2020, the underlying market growth was massive. We at CDON grew fast as well. In Q1 this year, though, even though we had a growth rate of 25%, the market grew faster. We lost market share. While we came in just below the estimate for market growth, we believe that by the H2 of Q2, we were in line with or even slightly above market growth. July so far looks better. However, early in the month and the estimates for the market are not updated yet by PostNord. As for the short and long term, being early stage in our journey, we expect bumpiness in our way also in the future. This means that some quarters we will grow little, and some quarters we will grow more. Over a longer cycle, though, we aim to take market share at a high pace. Next slide, please. During Q2, we launched CDON Ads. CDON gives the merchants the ability to bid on certain product keywords on the platform. Over time, this will add positively to our gross margin. More mature marketplaces typically have a more diversified revenue base than CDON. For CDON, a major part of the marketplace gross profit comes from merchant commissions. Commissions today represent over 90% of GMV, and the lion part of the rest is income related to payments. We expect to add new income streams as we grow. A year ago, we added merchant subscription fees. Now we launched CDON Ads. Zooming in on the operations of Q2, we see on the next slide that Q2 was a lot about optimizing our engine. Late Q1, early Q2, we were concerned. We didn't seem to get the leverage from our stable inflow of merchants and products. The platform shift in 2020 still took a lot of bandwidth. Development of our customer experience on site was slow. What did we do? Well, we put a lot of effort into analyzing and digging into what was the reason behind the lost momentum. We searched for straightforward explanations for something that had suddenly changed. We could not identify one single event that would explain the full situation. Our view today is that we suffered from a perfect storm. The platform shift and the IPO process during the fall had taken focus from developing part of the infrastructure fast enough. The underlying comparable numbers from last year were also tougher than before due to the pandemic starting end of Q1 last year. We digged into the underlying issues and how to fix them in terms of traffic acquisition, struggles in SEO, SEM, on-site conversion, and several parts of our customer experience. Doing that, we found ourselves repeatedly coming down to the same thing of product data and the structure of it. Up until now, we had been growing so fast we hadn't had time to develop and structure the data appropriately. As a result, we now suffered from slower processes in many areas. While we to some extent had the same problem with the previous platform, with the strong growth that we had had during 2020, we hadn't needed to really get our arms around the problem before. Now with slower underlying growth and exponentially increasing amount of data, structuring product data had become critical. It is a top priority to address this, and we expect incremental improvements during the fall. In order to mitigate the negative effects until we have turned around the trend in traffic acquisition, we started end of March to rework other parts of the engine, focusing on the part not directly related to traffic acquisition and product data. For example, we have developed our process for securing attractive products from merchants, and we have changed the way we prioritize and drive onboarding of new merchants. We are updating our routines and agreements regarding commission structure with merchants to enable more sophisticated and efficient merchant commission structures. This will increase our ability to acquire traffic efficiently and will help merchants to drive ourselves on our platform. We see results from this work in the increased average order values in the quarter and in increased conversion rates in June. I mentioned before our ambitions related to providing the best selection tools for customers. Obviously, in order to deliver on that, good product data is really important. That's why I'm particularly excited about our investment in Shopit communicated last week. As you see on the next slide, Shopit is a technology company specialized in big product data. Shopit's engine automatically improves and enhances product data by adding attributes to the products that CDON has. It will, in essence, help us to do product comparison on many other attributes and price. This is a key component in our strategy. We estimate that it will save us more than a year of development time and also to enable us to focus our tech resources on the next service layer of this. We also expect Shopit's technology will provide a solution to part of the product data structure problem that I mentioned before. CDON has entered into a commercial agreement with Shopit and at the same time acquired a 30% share of the company. In addition, we have an option to acquire the remaining part of the company within 18 months. Let's go to the next slide, zooming in on our team. While surroundings are unpredictable and unsecure, especially on CEO level, it is common that development of the rest of the organization is left behind. For CDON, we believe it is important to develop fast all the time, so it has been a priority for me and the board to make sure that we continue to develop the CDON team. In Q2, we executed on a number of changes in our team and in the way we work. I'm incredibly proud of the team we have in place now. The key people have that kind of commercial understanding and leadership we look for, great customer vision, and they have a great ability to drive execution at a high pace. In terms of Q2 changes, Eldar Terzic will re-join CDON as Chief Product and Technology Officer with main responsibility to create a great customer experience. Linda Andersson and David Olhed have both been critical to the transformation from e-retailer to marketplace. The last couple of months, they have been key to CDON regaining the momentum in the business. Now, Linda has taken on the challenge to make sure that we will reach category leadership in our core categories, and David will lead our work in developing our merchant offering and drive the performance of our merchants on our platform. We have also strengthened the team and their capabilities in several areas outside the management team, for example, within AI tech customer acquisition. The management team have been strengthened with top talent and competence within concept development and brand building. With this team and Allan in place as our interim CEO, I believe we have a strong lineup going into Q3. With that, I'll hand over to Niclas, who will walk you through the Q2 financials in more details. Thank you very much, Josephine. As previously mentioned, we've had a mixed quarter. It started out extremely tough, with sales decreasing versus last year in April for CDON Marketplace, before we saw improvements in May and even more in June. The improvements we saw during May and June was partly a result of new processes and a more data-driven approach together with merchants to secure availability on attractive SKUs. In total, we saw marketplace growth of 4%, but as said before, a positive momentum towards the end and going into July. Our momentum of adding new merchants continues and is now at 1,868, an increase with 355 new merchants in 2021. Our retail business continues to be phased out and declined with 48% in the quarter and is now 15% of total CDON volume. Moving to next slide, please. Looking at the income statement, we can see that the growth of GMV of 4% for marketplace resulted in net sales of SEK 41 million, a decrease of 15%, and a gross profit that also decreased with 15% to SEK 39 million. The reason for the lower gross profit is related to a negative product mix, and that we, during April and May, also gave selected commission discounts to merchants to push sales. During June, we did not give any discounts, and we saw commission increase with approximately 1 percentage point versus May. At the same time, we also, as mentioned, saw a higher year-over-year GMV growth in June. In total, marketplace gross margin decreased with almost 2 percentage points in the quarter versus last year. Our other segment, CDON Retail, continues according to strategy to be phased out, as the majority of the volume is related to traditional media categories, which is a declining market. As a result of the change in sales between marketplace and retail, total net sales declined with 40%, whilst the gross profit declined with 22%. Gross margin continues to increase as a result of the business shifting towards marketplace. This resulted in a gross margin that increased with 8.8 percentage points in the quarter and amounted to 38.4%. Our EBITDA amounted to SEK -18.7 million. This decline versus last year is mainly driven by lower gross profit, higher acquisition cost, and increased operating expenses. Moving to next slide, please. Looking at some of our KPIs and the drivers of the business. Starting with traffic, we did see a decline of 37%. The decline is seen in all channels, but with the largest drop in SEM and SEO. In total, approximately 80% of total GMV decline versus last year came from SEO and SEM. As a result of the decline in traffic, number of orders also declined with 26%. However, thanks to strong execution within other parts of our engine, we managed to deliver good growth within selected categories, which increased our average order value with 22%. Our customer base is 10% higher compared to the same period last year, and that is the customer that has purchased at CDON within the last 12 months. Also, as I mentioned before, the momentum of adding new merchants continues, and we have 50% more merchants compared to Q2 last year. Moving on to next slide, please. Looking at the balance sheet and the cash flow. As the CDON Retail is being phased out, we continue to decrease our inventory accordingly. In total, inventory amounted to SEK 60 million, which is 62% lower than last year. Cash flow from operations during the quarter amounted to SEK -60 million, compared to SEK 30 million last year. The difference versus last year is mainly related to lower EBITDA and inventory that during last year had a positive cash flow effect of SEK 50 million compared to SEK 5 million in 2021. In the quarter, we invested SEK 5.5 million in CapEx, which is the same level since last year, which resulted in a total cash flow of SEK -21.4 million and a cash balance of SEK 42 million. With that, I hand back over to you, Josephine. Thank you, Niclas. What should we take away from today? One, the opportunity is big. CDON is one of the few platforms that realistically could go for that opportunity, and I believe we are off to a good start with more than 1,800 merchants selling on the platform and over 2 million customers. On top of this, we have only scratched on the surface on the potential of adding services and other offerings. Two, from this on, we believe it is and will be an execution race. We also have the team in place to do what we want to do. Of course, we are in the middle of the recruitment process for the long-term CEO, and we will let you know as soon as we can. Until then, we have the best interim CEO candidate I can think of starting in just a couple of days. Three, traffic acquisition and customer experience are in focus. We are targeting product data quality and structure as a root cause that will help us get a long way in several dimensions related to this. We expect incremental improvements during H2, and Shopit will be part of that solution. Four, finally, moving forward, shareholders and customers should expect execution at a high pace. Okay, this is all I had for now. Thank you, and let's open up for questions. Thank you. If you wish to ask a question, please press zero one on your telephone keypad. If you wish to withdraw a question, you may do so by pressing zero two to cancel. There will be a brief pause while questions are being registered. Our first question comes from David Li from Lizard Investors. Please go ahead. Your line is open. Great. Thanks, guys. Maybe talk a little bit about, because you guys are able to add merchants at a still fairly rapid rate in Q2, despite the transition you guys are going through. I'm just kind of curious, what drove that merchant adds growth and, because the transition you guys are going through, why are they in a hurry to sign up at this moment as opposed to once the business recovers? I'm curious what the drive is behind it, and I have another follow-up. Okay. Thank you, David. Great question. Well, the onboarding of new merchants, that process works really well. We have had a nice inflow of merchants for quite a few quarters now. We see that the demand for what we are doing, what CDON is doing, and what marketplaces in general are doing, is high among merchants. We actually, when Amazon entered the Nordic market, we saw an increased interest from merchants to join the platform. Even though we are in a transition, I think from the merchant point of view, we are a highly relevant and important channel for them to drive their sales on. Okay. Maybe talk about market share versus Amazon, because by looking at traffic for the last quarter or last few months, I would say Amazon has been pretty aggressive in gaining market share. Maybe just talk a little about how concerning is that for you guys going forward, as you are going to come back and grow the business, return to growth. Do you have to take market share from Amazon, or how should I think about that market share during the last few months in terms of share loss? Yeah, sure. Well, Amazon is a great company. I have tremendous respect for Amazon, and I expect Amazon to take market share in the Nordics in general. Sure, yeah, we see competition from Amazon, but we see competition from many players in the market right now. As CDON is aiming for taking a substantial part of Nordic e-commerce, Amazon will be one of the competitors, right? At the same time, as I said on your previous question, we also see that Amazon sort of paved the way for us, putting marketplace distribution higher on the agenda for merchants. What we think is important is that we have a very clear offering towards merchants compared to Amazon. Here, one of the obvious unique selling points that we have is that we are local and that we know the market really well and that we speak the local language, but also that we try to be super easy to work with for the merchants and be very merchant-friendly. Yeah. Sorry. You go. Sorry. Yeah, most of you on the call know the marketplace landscape really well. I know that, I think it is still worth mentioning that in many countries you see that local marketplaces grow and thrive alongside Amazon. What is really important there is that you actually have clear positioning compared to Amazon. Last question, I'll jump back into the queue. Just, Allan, who naturally, someone probably know him from Boozt, given their terrific job they've done. Is that position the Interim CEO with the possibility of a permanent position, or is he just here for a temporary time being before you find a new CEO for the long term? Thank you. Yeah, thanks. I completely understand the question. If I were in your position now, I would ask the same. Unfortunately, I can't really comment on it. We are running a really thorough process, and we want to make sure we find the right candidate. I think Allan is a great option for interim position, but I can't really comment on what are the candidates for the long-term position, for many reasons. No, I meant is there a possibility that he is interim right now, that he will become a full-time six months from now, or he's only here for the interim position before you guys find someone permanent? Yeah, sure. Now we have a temporary contract with him. Would the board decide that he would also be the long-term CEO, that would be something that we would have to communicate in the right order with our shareholder base and so forth. Thank you. I'll jump back in queue. Thanks, guys. Thank you. Our next question comes from Adam Wyden from ADW Capital. Please go ahead. Hey, guys. Can you hear me all right? Yeah, sure can. Yes, you ready? Congratulations on making some nice progress. Sorry, Adam, I lost you there. Could you repeat, please? Yeah. It sounds like you guys have made nice progress with the Shopit acquisition and bringing Allan in and getting Eldar back on board and kind of going through the notes, it looks like the group [audio distortion], clearly you're seeing continued positive trends. Obviously nice to meet everybody in Sweden and having Stephanie join. Maybe this is helpful for you to explain to the rest of the audience and myself. My understanding coming back from Sweden is, the long-term vision for CDON is to build a destination, like an Amazon or a Shopee or something. Historically, your growth has come from paid search, i.e., PriceRunner, PriceGrabber, price comparison sites in Google. Within the platform change and obviously you had issues with SEO, SEM duplicate. Eldar is back. You start to see improvements on that front. Is it unreasonable to think that once we get the SEO and SEM fixed, that our growth rates can, just on paid search, our growth rates can approximate what they were before any kind of what I would say destination or organic initiative that would be the app, that would be increasing GMV per customer. You obviously had a tough comp, but you're already growing 20. Is it fair to assume that just based on, if we can go back to what we were doing before on the paid search front, that we can have similar growth rates, or is that something that was kind of a historical thing? Because you're already growing 20, and it's like that's even before really any organic initiatives. Okay. Thank you, Adam. Great question. Yeah. We don't provide guidance, but- Sure. July started off at a fairly good 20% growth rate on the marketplace. We're still deep into the process of working with fixing the part of the engine that's related to traffic acquisition, as you mentioned, SEM and SEO. Obviously when that is fixed, we expect that we will see results in the GMV growth as well. Coming back to the question of a destination, I would expect us to be on top of that, but we are not there yet. That is a long-term race. Step by step, we're going first to fix the quality of the product data. Shopit will lead for that, I hope and expect. The next step will be to really make sure that we provide a great customer experience so that customers want to come back and that they have CDON top of mind for whatever they want to shop, especially if they're doing our core categories. I don't know if that answers your question. Yeah, no, look, that's what's always been exciting to me about this opportunity is that, you guys have largely been historically before the platform change and things and all the rest, you guys were growing at 40%, 50%, 100% largely from paid search and price comparison with no app and no really amazing organic initiatives. This probably leads to my second question, which is if you think about your GMV per customer, right? We're basically at 1/7. I think that was the math that we did, like 1/7. We're touching like 10% of Nordic e-commerce shoppers, but we're basically only penetrating about 1/7 of them. I think it's probably the same thing. You're going to answer me the same thing. As the people become familiar with the destination and the UI, UX, GMV per customer can grow. The fact of the matter is that at least from what I can tell. Just based on paid search and SEO and SEM, this business can grow very, very quickly just based on marketplace penetration to begin with. Then you just layer on the fact that your GMV per customer is 1/7 of your peers, right? You're not getting any of the destination growth. It's really, really exciting. Can I ask you something else? When you talk about acquisitions, what is the framework for thinking about acquisitions? I mean, obviously, Shopit solved an immediate need in terms of data, traffic acquisition, and duplicate data and stuff like that, what other types of acquisitions would make sense in this context, in your mind? Yeah, thank you. You mentioned Shopit, that is a technology acquisition, right? When I think about acquisitions, I think about them, I would say in two or three categories, depending on how you see it. ShopIt is a technology acquisition. The second type, which is closely related, is acquisitions that would probably be software companies that could help us strengthen our toolbox towards merchants. I think even more higher up on the priority is acquisitions related to what I think of as building our core categories. It could be companies that would help us build a leading position in the categories that we want to have a leading position in. In case we think that if we make this acquisition, we can get to the position where we want to be faster at the reasonable price, we will go for that opportunity. Good. Well, I think this goes without saying. I mean, look, you guys are doing a fabulous job and navigating a challenging period. Look, as I said before, if we can get the right cost of capital that appropriately discounts the opportunity, the opportunities in front of you are quite numerous. Congratulations, and keep up the good work. Thanks. Thank you. Another reminder, if you do wish to ask a question, please press zero one on your telephone keypad. Our next question comes from Brad Hathaway from Far View Capital Management. Hi, Josephine and Niclas. Thank you for a really informative presentation. Very helpful. One question from me is, as you obviously alluded to, people here are paying attention to the traffic data. As we saw, we saw a huge drop-off in January and then a slow build through the rest of the year. I was wondering, could you provide a little more color as to what actually happened to lead to that steep drop-off and why it takes a while to fix that? Thank you, Brad Hathaway. Great question. Obviously, traffic acquisition has been a priority for us, both Q1 and Q2. As you said, we had actually just two, but especially one major drop in Q1. At that time, we had some technical issues that were specific technical issues with Google. It took us a couple of days to solve it, and that is solved now. It took us some time to get the traffic back. That is a specific event. That is not the same thing as I talk about when I talk about the product data quality and structure, which is a different thing. That is more of a root cause and goes into the core of how we structure data in our platform. That is taking longer and will take longer to fix. There are different ways to fix this, and some things we can do just become quicker, and some things will take longer, and we expect to do incremental improvements over time during the fall. I don't know if that answers your question, but the specific problem in Q1, that is fixed, but we also have a larger underlying issue that is still ongoing. Understood. I guess what I'm trying to clarify a little bit is you mentioned it took you two days to fix the issue in January, but then it took months for the traffic to recover. I'd love to understand, you were able to fix it technically, but it didn't flow through the results for a while. What drives the difference in terms of that timing? Yeah, it was not two days, it was just a few days, a couple of days. The short answer, we don't know exactly why we did not get back to the levels we were before. One reason for that is that we don't know what was the underlying changes in the market going on at the same time, because there was quite a lot of things happening at the same time. We can't really separate the different effects. We know that we worked really closely with Google on that specific issue, but we also have had other more specific issues that we worked on and fixed. We have this larger underlying issue with traffic acquisition in product data in general that we're still working on. Got it. Understood. The underlying problem with product data, that is also increasing when we onboard new merchants, because we then get more data onto the platform. During Q1, we onboarded quite a lot of merchants, that had also an effect, and we don't know exactly when that effect took place. Mm-hmm. Great. Excellent. Okay, switching gears, looking forward, obviously very excited to have Eldar back. Could you talk a little about maybe what some of his priorities are for the next six months? What is he really going to be focused on? Yeah. His main focus will be creating a great customer experience. It involves short-term fixes and long-term fixes. He will also be responsible, and he is responsible for customer acquisition. His short-term focus will be making sure that the product data and all the potential that we get from Shopit is leveraged as soon as possible. In the long term, he's responsible for making sure that we have a great customer experience and that where we are now, we are in a fix the basics stage. I hope that in short, we will be more innovative, and he will be responsible for driving that innovation process as well. Doing this, obviously, a key part is developing the product and the tech team. He will work a lot with the team, making sure that we always have the best talent and competence within the company. Okay, great. Final question from me, and thank you for being generous with the time. Obviously you are the chair of the board, and you're spending a lot of time on this. Rite Ventures has a fair amount, is a kind of a relatively long investment history. I'm curious as to what in your history and Rite Ventures' history, gives you comfort that you understand really the e-commerce opportunity here and the ability to kind of create the future of CDON? Thank you for that question. Rite Ventures, we are an investment firm. We are privately owned. We invest our own money. We have built our position by investing and working really close with entrepreneurs and management teams, both privately owned and stock-listed companies, software companies, and e-commerce. I would say e-commerce is one of our main focus areas. We have been, and are investors in a number of e-commerce companies, ranging from turnover of a couple of million SEK to SEK 5 billion. That's what we are doing, and what I would say what is shared between all these companies is that they are really, really good at creating great customer experiences and very, very strong customer communities around their businesses. We see that CDON is not there yet, but we see that CDON is in a good position to create that as well, and we think that will be a key part of the value creation in CDON, repeating the creation of a great customer experience. Excellent. Great. Well, thank you so much for all the efforts so far, and looking forward to seeing what you develop with CDON. Thank you. As there appear to be no further questions, I would open the conference to the speakers for any closing remarks. Sorry, that was the last question? I didn't quite hear you. That was the last question, yeah. Okay. Okay. Thank you everyone for joining the call. Look forward to speak to you later on or after Q3. Bye.