Morning, everyone. We just started the earnings call for our Q3 report. I can see the attendee list is now filling up here. While that is happening, you now know that you will be in listen-only mode to start. When we get to the end, then the Q&A, you can either ask questions by raising your hand and ask the question verbally, or you can type a question in the Q&A box, and we will answer those as well at the end of the call. With those administrative things out of the way, I will hand over to Vlad to start the presentation. Thank you, Stefan. Just as a reminder, my name is Vlad Suglobov. I'm the Chief Executive Officer of G5 Entertainment. Stefan Wikstrand is our Chief Financial Officer, who began the presentation. We'll take about 15 minutes to go through the slides, and then we can move on to questions and answers, and we'll open the line for questions. I'll start by giving you some of the highlights from this morning's report. If we can move on to the next slide. Revenue was SEK 360 million. This is up 10% year-over-year. If we look at it in USD terms, it's down 10%, and it was essentially flat in constant currency exchange rates of 2021. This puts our top-line performance in line with the overall mobile gaming market, which we see as broadly flat for the year. Our own games stood for 73% of revenue, compared to 66% the same period last year. The revenue highlight in the quarter was Sherlock again, up a strong 104% year-over-year and 13% quarter-over-quarter, and that's in USD terms. The game is continuing to grow. Our new generation games generated SEK 216 million of revenue, and they grew 8% year-over-year and 3% quarter-over-quarter in USD terms and stood for 60% of revenue, a new record. The Jewels family of games stood for 31% of the group's total net revenue. Again, Sherlock, the star of the portfolio now, reached 23% of total net revenue, and it was only 10% a year ago. As you can see in this chart on the right side of the slide, the game continued to perform and grow as share of our business over many quarters. We expect the game to continue to do so. To date, we have released five of the six new games that we were aiming for in 2022, so we should be on track to deliver on this goal. The gross margin was an all-time high 68%, driven by own games and the revenue they generate and store diversification. G5 Store combined with advertising revenue stood for well over 5% of total revenue, which is very encouraging for the continued expansion of advertising G5 Store and the gross margin expansion. As communicated previously, we invested in UA boost during spring and part of the summer. In August, UA spend normalized to the previously communicated range of 17%-22%. The total UA spend for the quarter was at 22%. From there, we kept UA spend consistent with the level before the boost, and we intend to continue with that level of spending. Basically back to 17%-22% and historically what we had prior to the UA boost for Sherlock. During the quarter, we repurchased 160,000 shares for about SEK 28 million. This brought down the number of shares in the market to 8,280,000, and this number has been trending down over several years now. All in all, we continue to have a strong position in terms of fundamental parameters of the business and financially as well. We remain profitable, we remain cash flow positive, and we are debt-free. Before I go into further slides that we always have in our calls, I'd like to spend time on the major news in this quarterly report, and that is our new games funnel and the changes we have made in the process there. Despite many disruptions this year, we have been working on changing the process of how we select and develop new game ideas. If we look back during you know the last 10 years, we have developed tens of games, but only a few became major hits. Other games took time, money and effort, but didn't make a big difference. We would like to find a way to avoid making games that don't make a difference, so we can save time and money and have a leaner organization. Accordingly, we have adopted a new development funnel. From now on, before investing in a new game idea, we will extensively test this idea in the market to make sure there's great potential. Many ideas would be rejected already at this point. If the market tells us there's potential for the idea, only then we will form a lean game development team and proceed to develop a version for soft launch with a limited amount of content. During soft launch, we will iterate and test the game against benchmarks to confirm the scalability of the game and the market. Every year, we expect that five to six new game ideas will actually make it to the soft launch development stage and into the soft launch stage, and only one or two games will pass the checks and will be released globally. This is based on our basically historic numbers. This is based on the data that we have and how we performed before looking back over the years and the success rate over time. The games that don't pass the checks will be discontinued, and the teams will move on to the next idea. This should really speed up our going through the ideas of the games in search of those where we can really deliver a product that scales to meaningful revenue, while also kind of streamlining the organization and making it leaner. This new testing and selection process is closer to what our peers are doing and closer, I would say, to the best practice in the industry. Because of the uncertainty whether the game is going to be globally released before, you know, it passes checks and released globally, we cannot capitalize development expenses on a new game until it is released globally. Accordingly, starting with the first September this year, we no longer capitalize development expenses on new games, and we actually had to take this large write-off of capitalized development expenses on games that have not yet been released globally. This write-off is on paper only. It is essentially an accounting change. It won't affect our operational cash flow or decision on dividends, and it won't even affect how we continue to work on these games. While this change is going to have temporary negative effect on our EBITDA margin, this effect will gradually go away as amortization declines over time. This new approach will also bring, as I said, some optimization in our organization structure as the teams working on new games tend to be leaner and, you know, we expect, so to speak, less waste and more shots on goal and more, you know, going faster through ideas in the search of the next big hit and arriving there earlier. To be clear, this change only affects two stages of the game development cycle that you see on your screen. The two left ones, sorry. Now let's look at the financials in the third quarter. As before, our new generation of games continued to fuel growth. Revenue, as I said, of SEK 360 million, which was up 10% year-over-year. Our own games again accounted for over 73% of revenue compared to 66% a year ago. New generation games is now the biggest segment of our portfolio at 60% of revenue, and that's up from 50% last year. Sherlock, our main growth driver, is responsible for 23% of our revenue and was up 104% year-over-year, in USD. Finally, monthly average gross revenue per paying user was a strong $61.2. We can note that this metric remains strong despite substantial dollar strength and that, you know, the fact that close to 40% of our revenue is derived outside of USA. This underlines, I think, the resilience of the consumer, if you will, at least during the third quarter, and we haven't seen really changes, in that regard, at least not yet. Let's look at the earnings and margins. Our own games continue to drive strong gross margin, and it reached a new high of 68% in the quarter, mainly thanks to higher share of revenue coming from own games, G5 Store and advertising revenue. However, EBITDA was -SEK 22.8 million, and the EBIT margin was -6.3%, adjusted for effects. The decline is fully related to two things, to the UA boost, which was still happening in one month of the quarter, but mostly to a one-time write-off related to the change in company's development funnel process. Adjusted for write-offs, EBITDA was SEK 49.7 million, and the EBITDA margin was 14%. If we make, you know, if we try to adjust for a higher than normal UA boost expenses in July, EBIT margin would have been 16%, very close to last year's. Again, fundamentally, the business is doing well. Now let's turn to the cash flow and our cash position. We've finished the quarter with the highest cash position ever for the third quarter, thanks to our stable cash conversion. Capitalized development expenses impacted cash flow negatively by SEK 45.2 million. During the quarter, cash flow from financing activities was negatively impacted by buybacks of SEK 28.2 million, so some more capital returned to the shareholders. Furthermore, we made non-cash write-offs related to changes in the publishing process of SEK 72.5 million. Total cash flow in the quarter was SEK -50.9 million, but total cash at the end of the period was SEK 182 million, which is again the highest end position for the third quarter ever. Let's turn to an update on our operating locations. We have continued our effort, our relocation efforts, with regard to our employees, and now we have new development offices in Armenia, Bulgaria, Cyprus, Georgia, Kazakhstan, Montenegro and Poland. Kazakhstan is in the process of being opened. Other offices already have employees on the ground. In total, we have had over 300 relocation applications, which we are trying to accommodate as swiftly as possible. You know, we're quite busy doing that. Despite the ongoing relocations, we are working at full capacity. Now let's turn to a brief outlook. We expect the revenue for Sherlock and for our new generation of games to continue to grow. We also expect our gross margin to continue to expand as our games become a higher percentage of revenue, as our own games become a higher percentage of revenue, and as G5 Store continues to grow. We expect our new development funnel to drive one or two new global game releases every year. In connection with this change in the development process, we will no longer be announcing soft launches of new games. We will only be announcing global releases from now on. As of September first, we no longer capitalize development expenses on new games until they are launched globally. You can expect less capitalization on the balance sheet and amortization declining over time. You can also expect that EBITDA will be more reflective of our operational cash flow because of this. We have lowered UA spend back to the communicated range of 17%-22%, and we intend to remain in this range of UA spending. There are many components actually in Q3, in addition to the change in the development funnel. We're getting some IT incentives in some locations. We're moving employees, which affects our expense currency mix and so forth. Then there's the changes in how much of the development expenses we can capitalize. It's quite a few things happening in the matter of one quarter. As an exception, rather, we are giving the indication of the EBITDA in the fourth quarter, taking into account all these things that are happening in Q3, and we expect Q4 EBIT margin to be between 13%-15%. Anyway, after buying back shares, we finished the quarter with a strong cash position. Once again, the highest we've ever had in the third quarter. We remain profitable, cash flow positive, and debt-free. We continue to follow our strategy, and we see positive momentum going into seasonally strong Q4 and Q1. I am grateful to all our employees for their hard work under such challenging circumstances, and I'm very proud of the strong accomplishments by the whole G5 team. This concludes my presentation, and I'd like to open the call for questions. Yeah. As a reminder, if you raise your hand, if you want to ask the questions verbally. We have Simon Jönsson. Let's see if I can figure out the technology here. Now, Simon, you should be allowed to speak as well. Thank you. Can you hear me? Yes. Yes, we can hear you, Simon. Great. So you gave your motives for adopting this new development funnel, and to me, it makes sense, feels reasonable. As you said, others work this way. I was just wondering, did you decide to cancel any projects doing this? We were going through our kind of a normal work process, and we did cancel, I think one game for sure during the third quarter. However, we have many more during the soft launch period. This change has been really going on. I mean, it was pending for a rather long period of time, but we got distracted during the first half of the year quite a bit. Yeah, that's that. We did. Yes, we did. All right. Thanks. Given that the UA was only 22% of sales here in Q3, it must have been much lower towards the end of Q3, right? Because it was still high for Sherlock in July, was that a tactical decision from you to hold back later in Q3? Well, we did as we communicated in advance of this UA boost. We said we're gonna do it for three months. It's gonna be two months of Q2 and one month of Q3, which is July. We did exactly what we said we will do. That's why one month of July was still above the normal range that we have communicated before. That's why the whole quarter is on the higher side of the range, because if you look at the quarters before the UA boost, we, I don't think we were ever at 22%. We were closer to 20%. That's why. Q3 is still on the higher side, and then, I mean, reasonably, you'd expect Q4 to be more in line with what we had before, the UA boost, which would be closer to 20%. Okay. Because it felt to me that maybe September and August was quite a bit closer to the low end of the range. No, maybe. Let's say, I think we didn't spend as much as we wanted in July. That's kind of a closer to the truth than the other two months were below normal. All right. Makes sense. The last from me, what can you say about the visibility into Q4 in terms of sales? Could you also comment on the current patterns for Hidden City and Sherlock? I think you said here, at the end that you see positive momentum into Q4. Is that mainly seasonality or is there something else you see in the market? First of all, I see the resilience of our paying users. If you look at our monthly average gross revenue per paying user, which is a big number of letters to pronounce. Essentially, this is how much we get on average from a paying user in a month. It's still a very solid number. It's considering the changes that we had in currency exchange rates, and that a large chunk of our revenue comes in euro and pound and Japanese yen. If you were just trying to apply that, it should have been much lower. I think the fact that it's such a solid number just underlines that the underlying trend really is for continuously growing number. If we were in constant exchange rates, this number would continue growing. That now it's kind of trending slightly down from the previous few quarters. That's again, that's natural considering just the currency exchange rates. I don't see red flags in there. I think that we certainly see lower engagement and lower active audience of users. This seems to be the reopening year, like the reopening has arrived big time, right? The air traffic in the U.S. is above 2019 levels for the first time, and so forth. Like, we have fully reopened in all markets, so we're back to some sort of baseline, and perhaps we're even overcompensating because maybe people feel like they have to spend a lot more time away from games to compensate for the two years of the pandemic. I think that going into Q4, we're gonna see engagement increase again. Maybe not strongly, but I don't think it's gonna go down. I think it's more probable that it's gonna go up. That's why I'm cautiously optimistic about Q4, because I'm saying that historically, back in the normal situation prior to the pandemic, Q4 and Q1 were more active quarters for the players to spend time playing mobile games for natural reasons. I expect to see that happen after weaker Q3, Q2 and Q3. That is my logic. I haven't seen anything contrary to this logic yet. You know, there are different reports from different companies out in the market, and some are doing worse, some are doing better. I don't think that. Again, I'm still fairly optimistic about Q4. I don't see anything terrible happening, at least not yet. Again, just applying logic, free games is something that's, you know, difficult to give up, right? It's always an alternative to all the other more expensive ways to entertain yourself, whether it's going out or enjoying entertainment on expensive subscription or a one-time purchase. In-app purchases are optional, but when people spend a lot of time, we always see them, you know kind of spend money proportionally in the games. This is the basis for my optimism. All right. Just a follow-up. It seems like you're saying that organically, the average revenue per user is still up. Is that correct? It's what I'm trying. You know, there's a bit of a confusion about organically. I've seen some analysts say organic growth referring to USD, you know, expressing everything in USD terms and saying it's organic. You know, to me, organic, the more accurate way of looking at it is saying that if the currency exchange rates were constant, what would we see, right? What kind of dynamic would we see? Yes. What I'm saying, if the currency exchange rates were constant from 2021, I think we would continue seeing the increase of the monthly average gross revenue per paying user, but we're not seeing that because of the currency exchange rates. Yeah, that's what I'm saying. Yeah, great. Makes sense. Thank you. Thank you, Simon. Thank you. We have Rasmus. I would venture a guess that it's Rasmus Engberg from Handelsbanken. It is, yes. Yes. I had some problems joining the presentation, so sorry for being late. If I ask a question that you already answered, just tell me and I'll listen to the replay. Just on the previous question, would it be possible for you going forward to maybe help us sort out the FX effects? Like what was the effects on your top line so that we could sort of take this question away? Is that something you can do or is it too complex? Well, you know, the reason why I made, you know, in the report the description of our dynamics so complex is because it really depends on which currency you look at it, right? Mm-hmm. In Swedish krona, because of the strength of the dollar or weakness of the krona toward the dollar, we're up 10%. If we look at- Yeah If we try to look at our figures expressed in USD, then obviously, you know, in USD we are down 10% just because, you know, close to 40% of our revenue expressed in USD compressed quite a lot, just because all currencies went down, right? Most of our most of these 40% or close to 40% of our revenue is derived in euro, in Japanese yen, in British pound, which have lost tremendously against USD. That's why it's kind of natural that our revenue in USD was affected negatively. Then looking. Sure At constant exchange rates, we did this exercise within the company. We tried to analyze it. If the exchange rates didn't change at the end of 2021, how would our revenue look like? That makes our revenue development pretty much flat compared to last year. That's the situation with regard to the top line. I think in this situation, when you look at the reports for the whole market, you have to keep in mind how exchange rates affected it. If you look at the USD figures for the whole market, and they're saying the market declined year-over-year, well, does it mean that fewer people paid less money? Well, not necessarily because maybe they were still paying in the British pounds, euros, and Japanese yen, or you know, in yuan, but then expressed in US dollars, you've got a smaller number. That's why everything went down. It's kind of a bit of a minefield this year. That's why we try to approach it from all sides in the report. Yeah, no, I was just wondering whether you would be able, going forward, to specify what the impact was in sort of, you know, given there's 10% growth here, what is FX and what is not FX there? But, you know, that's. That was my question. But we can get back to that. It's not a major thing. It will surely fluctuate back and forth also in the future. I'm sorry, just, I think we're saying exactly that. We're saying that you. Yeah, I know. Yeah. Yeah, it's +10% if you look in USD. Yeah 10% from FX. It's in SEK, it's minus 10% if we look at USD, this is also from FX. Underneath it all, we see more or less stable performance. Yep. Great. Just on the comments that you give about the cash flow, which does it mean that you expect your CapEx to be more similar to your depreciation in the fourth quarter? Exactly, yes. Yeah. Given the write-down now, is there any change in the depreciation in the fourth quarter, or is it roughly the same? I think, you know, because our depreciation cycle is two years, it's gonna start. Yeah roughly the same over the next two years. Is it supposed to go down? Because we wrote it off, right? It no longer- Yeah. Yeah, maybe it's just pretty much. Yeah, I think we're getting very close to the situation where our. Oh, Oh, you stopped me there for a moment. Yeah, the capitalization amortization. Yes. They will be. You can see that especially the last year we have had a wider gap between capitalization and amortization, which is what we sometimes refer to as net capitalization. Given that we don't capitalize on new games, you know, they will be closer, and thereby EBIT will be a better approximation for cash flow, or even better approximation for cash flow going forward compared to what it has been the last years. Yeah, I got that. I was just. I was just. But if we try- I was just wondering if I should guess about Q4, would depreciation be broadly the same as in Q3. Excluding the write-down, obviously. Yes. It would be broadly the same because it is primarily related to games that are in production and released, while the new games they would not, the amortization on the new games wouldn't start until, you know, maybe, as we did before, six months after release. All right. That would come later. Yeah It's going to kind of roll over in incoming quarters, and you will see the effect. Q4 should be roughly in line with Q3. Yes. Then just a final question. When you look back on the investment in UA that you did in particular in Sherlock, what are your takes now that we've had a couple of months without the push? You seem to be doing fine anyway, or how do you sort of interpret it? Well, we certainly saw some kind of an increased dynamic. Again, it wasn't as much as we were hoping for. The organic uplift wasn't as big as we were hoping for. We decided that's probably not the optimal way of doing it. We're still certain we're getting this money back and that we kind of helped Sherlock to continue on its growth trajectory and because of this push, it's going to be growing a little faster. With regard to the dynamic, it's going to be spread out because when we buy users, we expect them to generate revenue over time. It's not like it's going to be any concentrated and then it's not going to be there. There's this effect of this UA boost, it's going to be spread out over many months. I think it's going to help us and with, you know, with a little bit of luck and a little bit more attention from mobile players at the end of this year, we're going to see Sherlock reach new highs. As I said before, hopefully exceed revenue for Hidden City and they're pretty close right now. All right. I'll get back in line. Thanks. All right. Thank you, Rasmus. Thank you, Rasmus. We don't have anyone raise their hands, but we have quite a few questions in the Q&A box. The first one is regarding the other operating income, which is about 20% of adjusted EBITDA details comments. Well, as we write in the report, the other operating income and expense, they are reported net on one of the rows, is related primarily to revaluations. The parent, specifically the parent company, has a large chunk of its balance sheet denominated in USD. It is heavily impacted by the revaluation of the USD, which is what you primarily see in the other operating income. There are of course more effects going into there and some other items, but primarily it is USD exposure in the parent company balance sheet that you will see pop up, pop out there. We then have from Udler, if ad revenue is growing quarter on quarter in USD? I can say that yes, I'm tracking that number. It is growing quarter-over-quarter in USD. We can move on to the next one. That was a quick one. Does the leaner organization of fewer games that reach global launch that we can expect fewer employees a year from now? Well, a year from now is difficult to say because, you know within the next year, we theoretically can find a game that scales so well that we would actually need to create a large team to support it. Therefore the number of employees will increase. I would say for the next, you know, in the absence of big new breakthrough games, let's say over the next few months, you can expect the number of employees in the company to gradually decrease. Yes, that's what it means. Our current state of the company working on as many new ideas as we work on now will require fewer employees. The purpose of this organization and the new funnel is to find games that are so successful that they bring the organization to the, you know, new level. In that case, we will certainly continue strengthening the team to make sure we're fully staffed to support our games. Next question is it still possible to relocate Russian employees to new locations? Yes, it is. We are doing that. Yes. From an anonymous attendee, due to the change in how you develop games, is competition affecting G5 more than you expected? No, I wouldn't really say that. I think we were just looking at, again, the historical success rate and we were certainly working on some games and thinking like, is this the one, right? Is this the one of the five or is it the one of 35? We've been also, you know, overall over the last couple of years, we've been really thinking about the way, the processes and the formalization of the process of working on new games. Unfortunately the events of this year is kind of distracted us from doing that earlier. We have finally, you know, put ourselves together, looked at it and we said, you know, we basically, we don't want to waste time and effort on building these 35 or 30 games that we wish we didn't really do, which didn't really change anything. I mean, we've learned something and that's great, but in the end you spent on some games, we spent several years, a lot of time and a lot of effort, a lot of money. It's good if these games recoup the investment that they become slightly profitable, but over so many years, this really doesn't matter. We're trying to avoid these games and we're trying to make more games like Sherlock or Hidden City or Jewels of Rome, games that really drive progress in the company in terms of profitability and the top line development. I don't think the competitive situation has changed. It's just that we are maybe growing older and trying to be smarter about how we spend the time and effort and the organization is also larger. It's becoming kind of more difficult basically to manage. We were thinking about how do we kind of narrow our focus on the right kind of games and develop less games that in retrospect, we wish we didn't spend as much time on. Well, the next one, have you noticed that the cost of advertising for user acquisition has decreased since actors such as Facebook had a significant drop in cost per ad in their Q3 financial report? Yeah. It's, you know, it's the thing that I always say it's so difficult to comment on whatever, you know, average price of acquiring a user in the market because the way that our user acquisition works is not really based on that. I mean, theoretically, you can have a channel which, you know, sells you users for $0.10 and you expect to make, you know, $0.15 on average, or it can be a channel which charges you $100 a user, but you expect to make $200 back. Like, what's the average there? Did prices go up or down? Like, it's a bit of a meaningless question, at least to me. Maybe I look at this wrong, but it's hard to say. I understand what you are saying, since these companies are saying that there's less demand for advertising, that perhaps there's more space in the market for us. You know, maybe it is, but the way our algorithms work is that it would basically make it possible for us to spend more in line with our strategy. Maybe, if the situation would have been more competitive, we would be able to only spend less in Q3, and we wouldn't be able to spend as much as we wanted to spend, and maybe that will be the situation in Q4. Usually, Q4 is an expensive time to advertise on one hand. On the other hand, with a lot of new devices, this is also when players who are engaged exhibit patterns that indicate that they're gonna be spending a lot of money. But again, for game developers like us, it's usually difficult to compete with advertisers in Q4. Our advertising spend in Q4 usually is below what we are aiming for. Maybe this quarter, the situation is gonna be better. Maybe on the other hand, the ability to pay of the users is lower, and that's why, you know, advertisers are decreasing their budgets. Then maybe these two factors will even out, and we will end up spending. You know, the market's gonna find its balance, and we'll just be able to spend whatever we planned on spending. Unfortunately, there's just too many moving pieces here. If we look at the unit economics, when we are acquiring a user, we are basically looking at the user's behavior, and we are expecting to pay for the user, you know, money that we can recoup over the next number of months. Then we have an idea of how much of the total revenue of the game we're willing to reinvest in user acquisition, and that's how we do it. If there's gonna be more opportunity in the market, then we should be able to invest better, and we should be able to invest more. As you're saying, you know, maybe the dynamic in the market with the absence of main advertisers and the reduction of spend, maybe it will create an opportunity for us, but we'll see. I will combine two of the questions here. One is, do you have room for more buybacks? I think the simple answer is yes, we do. We do. Now we have a question, do you consider buybacks a stable process? I don't really know how to interpret that question. I think we can say that we are, you know, we are not committed to doing buybacks over, you know, in some form of a regular pattern. We can be a little bit more opportunistic about it than we are trying to be. Our goal is to deploy capital, you know, in an efficient way. I think the way we did it this year was rather good. We were able to acquire, you know, a lot of shares for a fraction of what we've paid for these shares a year before. We've averaged down the average buyback price substantially. Given the opportunity, considering that we are, you know, cash generative business, we're gonna use it to, you know, to bring benefit to shareholders. All right. A multilayered question. Jewels of Rome seems to be doing better the last months. Is it due to an update or is it user acquisition? I can try to answer that. It's hard to say. It's hard to say, but we certainly rolled out new important features in Jewels of Rome. There are unions now, which are kinda like clans, but they're not about competing, but more like cooperating or like competing in cooperation. It's just a basic functionality at this point, but we have a lot of plans for the unions feature. We see higher engagement of players that participate in unions, and we will bring a lot more exciting things and features and events based on unions. We certainly attribute some of that increase to the new functionality. Overall, we have a really interesting roadmap for new features in Jewels of Rome. You know, user acquisition team is always working hard to continue to promote Jewels of Rome. I don't wanna say it's not due to them, but it's certainly due to the great cooperation between the development and user acquisition on this project. There were new features for sure. Major new features. All right. Next question in that is Microsoft Store growing in general? It is hard to find data on that store. It is hard, from what I know, but you know, it's not like I have any insight into this. Generally I would say it is growing. Yeah, let's leave it at that. Are you seeing any other behavior on the player which is playing on G5 Store or downloaded. Mm From G5 Store? We generally see higher revenue per user. It's difficult to say why. I mean, we can speculate about it, and we can attribute it to a larger screen size. In Windows and Mac, screen size is larger. It must be due to the fact that maybe our most loyal players are comfortable downloading games directly from us and paying directly to us, and that sort of pre-selection of people willing to go to G5 Store ensures that we have better payers. We are. You know, every metric, engagement or payment metric that we see on G5 Store is better than we see overall. Also maybe it's because of the scale, like when it comes to, our user acquisition efforts into G5 Store or the overall player numbers, they're still small relative to other stores. It's interesting, I think. I hope that in a relatively short period of time, we can report that G5 Store is now larger than some other stores from big companies in our revenue mix. It hasn't happened yet, but we're going there. Yeah, let's stop at that. All right. The final The final one. Is M&A still possible? It is. Technically, I guess it is possible. I don't know how to answer this one. You know, for us, we are, I don't know, for the better or worse, our operational cycle seems to be very long, so to speak. Like, before we start thinking about something, you know, a pandemic happens, and then before we start getting used to pandemic, something else happens and then, you know, the big quantitative easing happens, and before we start thinking that we should be doing something, then the great quantitative tapering happens and we're glad that we didn't do anything that positions us the wrong way for the other phase. I think everything is kind of moving faster and faster in economy. You know, at this point, I think it feels really good to have a very stable business without the burden of debt and cash flow generating and you know and no regrets with regard to that. That said, it is. We'll continue looking for potential interesting companies and reaching out and chatting with them as we do. But we are considering the events of this year. We are understandably very busy with other things, and I think it's gonna keep us occupied for some time as well. Between our own business, our fundamental business, and taking care of things, we're not going to have a lot of time to seriously pursue M&A or even look that way. We're still gonna be. I mean, we're still looking at the market, and we're talking to some companies sometimes. That's where we are at a very vague non-answer. It's the last one on our list. Yeah. If we don't have any further questions, which we don't seem to have, I will hand over back to you, Vlad, for closing remarks. Well, thank you for attending our call and for following G5. Thank you for your questions. This concludes our presentations. Have a good day. Have a good day.