Thank you very much. Good morning, everyone, and welcome to the first quarter presentation from Loomis. My name is Patrik Andersson, CEO of Loomis, and with me here today I have Kristian Ackeby, CFO, and Anders Haker, Chief Investor Relations Officer. I will start by giving a shorter overview of the quarter and then open up for questions at the end. Let's start the presentation and turn to the next page, which is the disclaimer page, and then we move on to the next one, which is page number three. In my role, I get a lot of questions regarding the payment landscape and also the role of cash, of course. I'd like to just make a couple of comments on that question. Firstly, cash is the most important payment method in the world. First of all, I think that it's worth mentioning that inclusion is very important. Cash is important from a social perspective, as many households are unbanked or underbanked globally. Many people are dependent on cash as the payment method. We also see from a recent ECB study that 70% of the point of sales and person-to-person retail transactions are done in cash. Cash is the dominant payment method for smaller amounts, especially. Cash is also growing when it comes to circulation. If you look at the two slides, on the right-hand side, you can see the cash in circulation in the Eurozone, but also in U.S. dollars. As you can see, has been growing steadily the last years and at the rate of 5%-6% CAGR and has been increasing, especially now during the COVID situation, when many central banks have printed a lot of money, which is now in circulation. How about the market then? What we see very clear is that when countries open up from the pandemic, we see a short-term significant increase in volumes when that happens. We also believe that there is long-term growth, stable growth, in the future. We can see that when countries are opening up and then during a short period of time, the volumes are coming back. However, to be honest, there is a structural decline in the Nordic markets, but that has limited impact on the Loomis group, and that is nothing new. That has been going on for some years, as you know. Nordic now is accounting for about 7% of the total Loomis group turnover. It's a limited part of the group still. When it comes to the pandemic, of course, that has had an impact on Loomis, but it's not as bad as many people believe. We look at Europe, we had a negative organic growth by 19% in Q1. We see that people are spending money. The economy is churning, however, on a lower level. Also when we look at the U.S., we had, of course, an impact from the COVID situation in the U.S., but we reported a 3% organic growth driven especially by SafePoint and ATM. All in all, cash is important now and will be so also in the future. Let's turn to the next page, which are the highlights for the quarter. I'll go through them quickly and then come back to some of them later in the presentation. First of all, I'm very pleased that we now have rolled out Loomis Pay also on the Swedish market. That's a big step for us, of course. We have acquired the cash handling business of the Swiss Post. This is very much complementary to the business we have in Switzerland when it comes to CIT, CMS, but also SafePoint. We are acquiring 1,300 SafePoint from the Swiss Post, which we are adding now to the portfolio. We had a real growth of - 6%, and what's important here is the acquisition we made in Finland of Automatia in Q4, but also the acquisition we made in Sweden in Q2, which is boosting the growth. Organic growth was then at - 9%. Of course, overall lockdowns affected revenue during the two first months, but we saw that the volume started to recover in March, and we are now expecting to improve further with less restrictions. I come back to that a bit more. We had positive growth in the U.S. compared to Europe, that is due to the structure of the customer portfolios. Also less closedowns than in Europe. Operating margin was at 8.7%, including Loomis Pay was at 8%. We can see that especially the U.S. operations are really driving the profitability of the group. We'll come back to that as well. Operating cash flow was close to 100% also in the quarter. What we have done in terms of protecting the cash flow is really working. Let's turn to the next page and just look at the growth. This is how to just illustrate the margin developing in a bit of a perspective. We had a low point in Q2 2020, we have seen a good recovery after that. The issue we have had is that societies have been opening up and closing, it's been quite a volatile development during the last couple of quarters. Let's turn to the next page and start with Europe. As I mentioned before, real growth was at -1 4%. What we are now working very much with is to integrate acquisitions of Automatia and Nokas in Sweden, that is progressing according to plan. We had organic growth of - 19%. Of course, that is due to the pandemic. We now have a much more optimistic view on Q4 and Q3, based on what has happened at the end of Q1. We are more optimistic now for the coming quarters. What is driving that is, of course, less restrictions in society. Society is opening up, also that the vaccination program is rolling out across Europe. We also believe that in Q3, there will be more domestic vacation than before, and that is also helping to drive the economy, drive spending, and also helping our volumes. Operating margins, of course, impacted by the lower volumes, but also improving during the quarter. We have done significant cost reduction programs across Europe, and that will help us in Q3, Q4 to support the margins. Let's turn to the next page and turn to U.S. Overall, a very strong performance. Again, I have to say it's a fantastic result. We see now that organic growth is picking up, is now at 3%, steadily increasing. SafePoint revenues continues to expand, and we had more than 11% organic growth in Q1, which is really, really nice to see. We're now exactly at the spot we want to be when it comes to SafePoint, and that is now accounting for as much as 18% of the total U.S. revenue. We also see a very strong trend when it comes to ATM revenues, which are picking up significantly also during the quarter, but have been doing that throughout the year. We have been very focused on keeping the high quality service in our branches, and that strategy has been working very well. We are attracting new customers and market share is increasing for all services. We can say that we have also won a couple of new vaults when it comes to CMS. We also see that the CMS outsourcing is taking place or speeding up right now. Operating margin was 16.3%, all-time high for a first quarter ever. Of course, it's the mix from SafePoint and ATM, which is helping, but also the efficiency programs that we've been running for some time, and we always do. We are very optimistic about the U.S. short term, midterm, and long term. Let's turn to the next page, which is then Loomis Pay. As I mentioned, launched in Denmark last year and in Q1 in Sweden. We have signed agreements with new customers, but also existing customers in all markets. The reception has been positive in all terms. Merchants are prepared to switch to our solution, which is a cloud-based POS system, and the technology and the service is working very well. We also see that by switching to Loomis Pay, the merchants can focus more on customers and revenue than before because Loomis Pay makes their life much easier. The addressable market in the Nordics is SEK 15 billion, and Sweden and Denmark together is SEK 9 billion out of that SEK 15 billion. The revenue and also operating results, which is not very much, is in line with expectation. We will see a ramp-up of the revenue as societies are opening up, of course, but also when we have been able to penetrate the market in a better way. The ambition, as we have said a couple of times, within five years, we should have a SEK 3 billion revenue coming from Loomis Pay, and a positive operating result is expected during 2023. We will invest net about SEK 100 million a year in the coming three years to support the launch of Loomis Pay. It's also supporting our cash business. When we present Loomis Pay, we also integrate the SafePoint solution, for instance, in that total package to the retailer. It's a win-win situation for the cash business and for Loomis Pay. Let's turn to the next page. As we look at the P&L, which I don't have any detailed comments on, I just want to summarize the quarter and where we stand. U.S. is continuing to perform very strongly, also compared to a strong Q1. Don't forget that. I expect a very positive development short, mid, and long term. Europe has a much lower cost base, and as vaccination speeds up and society is opening up, margins will improve and come back to pre-COVID levels. Loomis Pay is launched in both Denmark and Sweden, and the reception has been positive. Loomis Pay is performing according to plan. We also continue to have a very strong pipeline when it comes to M&A. There are a number of targets that we continue to work with, and I'm very happy that we could close the deal in Switzerland to even strengthen our position further in Switzerland. All in all, we are on the right track, and let's turn to the next page. I say, operator, we now open up for questions. Thank you. If you would like to ask a question, please dail zero one on your telephone keypad now to enter the queue. Once your name has been announced, you can ask your question if you find your question is answered before it's your turn to speak, you can dail zero two to cancel. So, once again, that's zero one to ask a question or zero two if you need to cancel. Our first question comes from the line of Viktor Lindeberg of Carnegie. Please go ahead. Your line is open. Thank you, and good morning. I was just looking at the Loomis Pay. This is a very nitty-gritty question that you recorded revenue of SEK 2 million in Q1, and that seems to be a bit lower than the trend you saw in Q4 and also Q3, these new numbers you provide us. Can you tell us a bit more about what is going on that? Secondly, you have, of course, the ambition target in the coming years. Can you tell us a bit of how back-end loaded we should expect this to be? Is there a significant ramp-up period before you start to recognize revenue here? Second question is on client retention and if you've seen any material change there in this quarter or recent quarters, where you may change the either volume or pricing components in some of these contracts, or maybe when client basically cancel contracts. Those are my two initial questions. Thanks. Okay. Thank you. I'll start by answering the second question and Kristian take the first one. When it comes to client, we haven't lost any clients, as we can see. Of course, clients have sort of reduced their services and so on, but due to the pandemic, we haven't lost any clients. Of course, everybody wants to have lower prices, but I also think that we have been able to keep prices on a good level, and we have been able to increase prices somewhat in the U.S. market. Not so much in the European market, but in the U.S. market. I'm not worried about the clients. We keep the clients, and we are actually gaining clients in the U.S. market. I'm not worried about the price pressure right now. Yeah, that's the answer to that question. Regarding the revenue and the trends related to Loomis Pay, most of them sort of revenue in Loomis Pay is from transaction fee, and the transactions have been less during this quarter due to the more strict lockdown. It's directly correlated with the restrictions in the society. When you look into the revenue trend in the future, you should not expect to see the significant increases in next quarter or the quarter after that, since it is a process where we are selling first, and then the volume starts picking up, and then it will, of course, be a more exponential increase later on in this journey. All right. Thank you. Maybe I can follow up on SafePoint. It's been a great success in the U.S. You have also been explicit on your ambitions in Europe, you've not been talking that much about SafePoint in Europe. Could you maybe provide an update on where you stand now in terms of installations and contract and the pipeline and so forth? That's right. I think that in comparison to U.S., it's been a bit difficult to sell SafePoint in Europe during this last year, to be honest. We are making good progress. It's a big focus in the European organization to sell SafePoint and other automized solutions. We are doing quite good. We have a good install base in Europe. It's a big focus. I think that also with now what we got from the Swiss Post, we have a good number also in the European market. I'm really optimistic about SafePoint in Europe. We are making progress in the U.K. now, also in terms of SafePoints. It was a bit slow in the U.K. market, but now we're also making progress there. We actually got a couple of new customers in the U.K. market when it comes to SafePoint. It's moving. It's been a bit slow due to the pandemic, but it's picking up again. Okay. Thanks. I'll get back in line. Thank you. Our next question comes from the line of David Drew at the Bank of America. Please go ahead. Your line is open. Good morning, gentlemen. I've got a few questions from my side. I think just sticking with Loomis Pay, I'd just like to understand, as the revenue of this business ramps up, is there perhaps any impact on your traditional services in terms of revenue, such as CIT or CMS perhaps being cannibalized in the event that an existing customer adopts Loomis Pay? Just switching to Europe overall, we are now halfway through the second quarter. Could you perhaps give us some color on what the sort of volume levels are like compared to Q2 last year? Just give us a sense of the sort of environment. I think my third question perhaps leading on from that, are you able to provide an organic growth exit rate for March for your two regions and at a group level? Thank you very much. All right. Thank you very much. Well, let's start with Loomis Pay. What we are trying to do very much is to combine these two solutions. Just give you a couple of examples. We have a customer which has our traditional CIT CMS service, for instance, or even SafePoint. We try to build on that and offer them Loomis Pay. We're trying to combine these two solutions into one. Of course, that's the whole idea that we're building on the customer base we're having. That is quite common that we do it like that. We also see cases which is going in the other direction, that we have customers that don't have any CIT CMS service. They're doing that themselves. They have a couple of examples like that. What we do then is then offer them Loomis Pay, and at the same time, we're trying to offer them also the payment service, CIT CMS. It's quite remarkable that that is working very well to start by selling Loomis Pay and then building on that, selling the CIT CMS service. We're trying, if anything, they are complementary or even they're building on each other. I think that this is the way we're trying to sell Loomis Pay. By doing it like that, I think that both Loomis Pay and then also the traditional business will gain from this. When it comes to Europe and volumes, well, it's very difficult to say exactly because, well, the issue we're having is that societies close down and open up, close down and open up, and then partially they're opening up and partially closing down. It's very difficult to give some kind of baseline what's going on. What we can see is that when societies are opening up, even partially, the volumes are coming back. People are spending money. There's so much money in the wallets of people that they like to spend. We see quite a quick volume growth in that sense. It's very difficult to give you an answer exactly where we stand. When it comes to March, I can only say that March from a growth point of view, from a volume point of view, was much better than January and February. These two months were not so good, but March was, U.S. is going very well anyway. We see quite a significant pickup in March, both in Europe and the U.S. I don't want to get into detailed numbers on each month, because then I have to explain that all the time. It was a significant difference in March compared to the other two months. Great. Thank you very much. Thank you. Our next question comes from the line of Johan Eliason of Kepler Cheuvreux. Please go ahead. Your line is open. Yes. Hello, Johan here. Thank you for taking my question. I was just wondering a little bit on the Loomis Pay and the market opportunity you mentioned there in the slide, SEK 15 billion. Is that sort of for the integrated offering or is this sort of the market opportunity for the digital payment part, you think? Yeah. No, I hear myself here, but that's what we see that sort of the space in-store payments, both digital payments in store for our target customers, which are small and mid-sized enterprises, restaurants, cafes, bars and so on. That's what we see. That's the market. The market for all payments, it's much, much bigger. The relevant market for us is around SEK 15 billion. Okay, good. I was just wondering, we have obviously here in Sweden seen a dramatic drop in cash usage, but I think also sort of spreading to the core of your client base. We saw Plantagen, for example, a mid-sized chain that has stopped accepting cash. Is that a threat to this rollout, you think? No, we don't see that. We can sell Loomis Pay to both cash customers and non-cash customers. What's interesting is that what we see is that when we offer Loomis Pay and also our CIT CMS services, customers are more prone to accept cash again. They'll say, "Okay, fine. If you have this solution, it's much easier for me to accept cash." Again, it's really a win-win situation where we both sort of push for the Loomis Pay solution, but also for our cash services. We've seen that in a number of cases. Excellent. Just finally, on the RCS software that G4S had, have you seen Allied sort of putting out any tender offers for that part of the business? Would you be interested in acquiring, or do you think Allied will keep that and expand the cash part of the business? We haven't seen anything. Of course, it's early days. I think that Allied just got their hands on G4S, they are quite busy. Let's see what happens. I think that would be interesting for us to have a look and to value the technology part of G4S, for sure. When that comes to the market, of course, we will be one of those companies looking at that, for sure. Did you look at this the previous round? I guess G4S had it out for two years or so. No, in our business, it's constant dialogues around different assets all the time and so on. We have been interested of that for some time, yes. At the same time, I have to say, we are now also pushing our own recycler solution in the U.S. and we have a couple of pilots. We have a couple of customers, a number of customers, but we also have a number of pilots going on. We have our own solution that we are pushing quite hard in the U.S. market as well. We're not dependent on that. Of course, it's interesting, sure. Okay, great. Thank you very much. Thank you. Our next question comes from the line of (Malte Sidel) of (Mr. Industry). Please go ahead. Your line is open. Good morning. I was wondering about the long-term outsourcing trends. How has it been impacted by the pandemic, you think? If anything, I think that it's been supported by the pandemic. Let me just give you an example, and that's the ATM business in Europe. I don't think, to be honest, that we have seen such a big, nice growth in the ATM business if it wouldn't be for the pandemic. The banks have focused more and more on the ATM side, advising customers to use the ATMs, and then at the same time, they have outsourced to us or others. That, I think that volume will stay outsourced, and that is due to the pandemic. I also think that the SafePoint business is, because retail is now looking for more efficient solutions to be able to decrease the number of people in store, employees, and then SafePoint and also Loomis Pay are two really excellent solutions to do that. If anything, that sounds a bit strange. I think when it comes to the development of the technology part and the outsourcing, I think that COVID has helped that. It's not helped the overall volumes, I agree, but it's helped the development of the cash industry. Here, we are very well-positioned, I have to say. The technology part in Loomis is really good. That's good to hear. Thank you very much. Thank you. Our next question comes from the line of Karl-Johan Bonnevier of DNB. Please go ahead. Your line is open. Yes, good morning. A couple of questions. If I start on Pay, to give us some sort of better idea about how this business model builds up, as you pointed out, Kristian, it's a back-end-loaded model. Would it be possible, say, in the future, to maybe start contemplating also giving installation numbers or customer signing numbers so we can get a feel for how the business is ramping in some way? Maybe that's something you can allude to a little already now? That's okay, K.J. That's fine. It's a question which is valid. It's early days still, so we have tried not to reveal any sort of numbers on the stores and so on, because firstly, it's a bit of a case of confidential numbers, of course. We need a couple of quarters really to set the ground and get going and speed up the installation and focus on sales. We'll come back with the relevant KPIs, so you will be able to track and follow that in a good way. Exactly those KPIs, we'll see. Of course, it should be transparent how that is developing. Let's give us some more time on that one. The only thing I can say that the technology is working very well, surprisingly well, very few hiccups. It's smooth, and it's working. The technology part is really there. Service part is really there. For us, it's all about selling. To be honest, in Denmark, we've not been able to visit our customers. We've not been able to go to our customers and show how it works. Of course, it's been a bit of a challenge in that respect. Despite that, we have been able to sell quite a number of installations. What I'm trying to say, it's a bit early days. We'll come back, K.J., with more information on that. Fully understand. I appreciate all the disclosure you can do in the future, because obviously it's going to be easier for us to follow the development. Looking at SafePoint in the same way, could you give us any number for the net installations in Q1 or the installed base at the end of the quarter? Yeah, no, we are continuing on the same speed as we had last year. It's very difficult now because we have such a big base of installed numbers that we need to protect. So it's a bit unfair to the people to just talk about net new installations. But I can say that 2021 will be a new record year when it comes to installation. So it's going very well also when it comes to installation. Looking at installation numbers, is that something you will give us on an annual basis going forward so we can follow the base development, or? Yeah, we can come back to that so you can get a better understanding of the base. As I said, it's a bit tricky now because we have more than 35,000 installations. It's such a big job just to protect that base. I think that what we're now focusing much more on is the growth rate of SafePoint. We will be around between 10% and 15% growth. That's what we said, and that's what we're keeping. To keep that, we need to really protect the base of the business. That's why we're more focusing on the growth rates of Loomis, of SafePoint. I can tell you, I can assure you, K.J., it's going very well. Excellent. On that topic, have you seen any changes in churn rates of clients in this offering, looking at what has happened during the pandemic and all the things that must have affected your client base? What we saw in the beginning, of course, that smaller retailers had problems to keep the services. That was a small part. We have bigger clients in the U.S. which are not that dependent. More stable, I would say. Very little churn. If anything, we can see that there are very high interest from customers in the SafePoint solution based on the discussion we've had before around being more efficient and so on. If anything, there's more interest right now from customers and it's working very well. Now when you acquire the SecurePost and you get an installed base in Switzerland of SafePoint, how does their business model compare to the one you have been driving in the U.S.? It's the same kind of KPIs or is the European version that they have been successful with very different? No, it's the same technology, same business principles. Of course the hardware is a bit different, the software is a bit different, but it's the same model. You have long-term contracts, you have the pickups, you have the provisional credit, and so on and so forth. That's the same model. Excellent. Just finally from me, looking at Europe and the reopening that we are all hoping for Q3 and Q4, the effect of that, if you are looking, say midterm to, say slightly longer term, is there any reason after the reopening that the European margin shouldn't revert up towards, say its historical levels? No, we expect margins in Europe to pick up to historical levels, yes. Excellent, thank you very much, and looking forward to the Capital Markets Day and the new outlook when it comes. Thank you, K.J. Thanks. Thank you. Our next question comes from the line of (Shamir Popat) of (Shamir Capital). Please go ahead. Your line is open. Hi, thanks for taking my question. Yesterday, the board received authorization to repurchase up to 10% of shares outstanding. Given where the share price is today, can you please update us on the latest thinking as it pertains to buying back shares? Thank you. Yeah, that's right. We have that now as one tool in the toolbox. We have the mandate now, let's see what we do with it. We are of course, evaluating constantly different options. Otherwise from that, I don't have anything to say about that. Of course, it's a signal to the market that if the share price drops too much, we will of course act. It's a bit too early to say exactly how and when. Okay. Thank you. Thank you. There's one further person in the queue. Just as a reminder to participants, if you do wish to ask a question, please dial zero one on your telephone keypads now. The next question is from the line of Johan Dahl at Danske Bank. Please go ahead. Your line is open. Yes, thanks. Good morning. I appreciate, Patrik, you don't want to talk about monthly performance, but is it fair to say in Europe that all the money was made in March, i.e., loss-making in January, February, or is that too aggressive? That's a fair assumption, I would say, yeah. Okay. Can you just help me out also on the issue? If you look on FTEs for the group, it came down, I think it was some 700 people sequentially in the first quarter. Still, you argue that you will see savings in the group clearly ramping up here end of Q2 going into H2. I just find it a bit difficult to sort of peg those two against each other. Can you just help us understand how much of those structural savings have been realized and how that will ramp up? Yeah, good question. Sometimes FTEs are the most difficult numbers to capture in reporting. When it comes to the FTE reporting, and if you look into our labor costs, for our direct labor costs, which the restructuring mainly relates to, are at the same level as Q1 last year, which means that we have had a good saving in that setup. If you look into the total revenue is down slightly more than SEK 800 million for the group, the effect on EBITDA is slightly about SEK 200 million. Of course, there are some benefits taken already in that. The bigger benefit you will see when the volumes are back and we don't need to take employees on again to the same extent. That's when we will see the margin expansion that Patrik also mentioned earlier. It's really, when you look forward from here, if we talk savings, it's really a revenue recovery. You will have realized sort of full cost reductions pretty much in Q2, I guess, then? We are following the plan that was put in place in the autumn 2020. We said that we will see the full impact from the savings in the run rate when we end Q2. Got you. We don't have the full impact yet. That's correct. Okay. Can you see any potential impact regarding the stimulus checks in the U.S.? What have you seen there? I think that what we're seeing is that people get more money to spend, of course, and that's positive for us. I don't think that's the big driver behind our growth, but it's a positive element for the economy as such and spending levels, I would say. All right. Thanks. Thank you. We've had a couple more questions come through. The next is from the line of Riccardo RomIati of One Investments. Please go ahead. Your line is open. Hi. Thanks for taking my question. Going back to this last point on the saving, can you maybe please help us understand how the efficiencies that you achieved in Europe will help and support the margin to go back to historical levels? Maybe give us also a timeframe for the latter part of the year, but mostly in 2022, when the volumes will be back. If we start by looking into where we have made the sort of the savings and what they would do. One part is of course short-term to support that it doesn't go worse than it sort of is when you don't get subsidies. The longer-term part is that we have closed a number of branches, so that should help the efficiency, and that would take out some fixed costs. We have also made changes in the organization to have a more efficient structure. That are the most important ones. The biggest one we have referred to earlier is U.K., but it has also impacted other countries where we have made changes and also other countries where we have closed branches. That is what you will see. How the margins will gradually come back, I will not give the guidance on that. I think that we will see gradually margin improvements in Q3 and Q4. I think that, as you said, I think that by the end of this year, beginning of next year, we should do. With the disclaimer that societies need to open up, the vaccination program needs to work. Otherwise it's very difficult. Assuming that, I think that, as you say, Q3 and Q4 will be a step in the right direction, and by the end of this year, we should be, and beginning of next, we should be in a much better shape than now in Europe. Okay. Maybe a follow-up on France, which should reopen in May. How relevant is that on the performance in Q1? Do you expect the reopening of this important market for yourself to give a significant boost to profitability? France is a very important market for us, and it's been almost completely closed, which has a significant impact on us. It's important that France, Spain, U.K., these markets open up now, and there are good signs that that is happening. That's why we are more optimistic now. France needs to open up. If we should get back to the old levels, these big countries in Europe need to open up. I think what we will see is that when the economies open up, there will be a boost in consumption because I think the people are saving quite a lot. There's a lot of money out there. I think there is a longing for going to restaurants, cafes, bars, pubs, whatever. If anything, we should see maybe a bump in one way or other before we find a normalized level. Great. Thanks a lot. Thank you. We have one further question in queue. That's from the line of Viktor Lindeberg of Carnegie. Please go ahead. Your line is open. Thank you. I think we've sort of touched upon the topic, on the reopening now in the U.S., which is maybe this early bird, highlighting the trends and where we're heading also in Europe. On CIT, that has been a bit mute now during the pandemic. Can you tell us how you've seen this progressing in the reopening of society? Also how we should think about this now in the next coming quarters and year when the business mix will sort of normalize and shift a bit to having a bit higher content of the lower margin business again? Are you coming from having cost savings, et cetera, or slack in the operation that would allow you actually to keep margins at current levels, give or take? What we can see is that I think that CIT has not picked up back to the same level as we had before in the U.S. because the economy has not sort of come back to the same level. I think we will not see the big growth rates in the U.S. coming from CIT. It's more about from CMS, SafePoint, ATM, which is good news because that is helping the mix. That's what we've seen in the couple of last quarters, that the mix is improving. If anything, there should be a good and positive mix shift in the U.S. As I said, we're not chasing the last CIT contract with low margins or low prices. That's not what we want to do. We rather wait and then push the SafePoint solution, for instance. I don't know if that's answering your question, but that's at least how we see the market. You're saying more of a structural shift now to your CMS related services, ATM services, maybe CIT will be a structurally lower level, also given your churn. Yeah contract. I think just to clarify also, I think when we talk about ATM and SafePoint, that is a combination of CMS and CIT services together with a smart safe and the technology involved. That also can drive CIT services. If you look into U.S. numbers for Q1 this year compared with Q1 last year, the CIT in relation to total revenue, when we describe it from an accounting point of view, it is at a similar level around slightly above 60%, but that is less retail and more ATM and SafePoint. I think that's important when we look into the CIT as such as what I think maybe you are referring more to the CIT on the specific retail side. Yeah. Correct. Now it has been a bit confusing looking at that ratio, the 33%, 34%, give or take. despite the migration to higher growth in SafePoint and call it real CMS services. All right. Thanks. Well, did that help at all? I think both yes and no. I see your point. We can look at it separately if you want as well. Yeah, thanks. Thank you. As there are no further questions at this time, I'll hand back to our speakers for the closing comments. Thank you very much. Very good questions, and we stop here. I wish you a very nice weekend when it comes. Thank you very much. Bye-bye.