RevolutionRace Q3 presentation for the year 2022- 2023. During the questions- and- answer session, participants are able to ask questions by dialing Star five on their telephone keypad. Now I will hand the conference over to CEO Paul Fischbein and CFO Jesper Alm. Please go ahead. Thank you, operator. Good morning, everyone, and welcome to this conference call, where we will address the development of the third quarter of our fiscal year 2022/ 2023. My name is Paul Fischbein, and I am the CEO of RevolutionRace. Today, I am also joined by the company's CFO, Jesper Alm. For those of you who are not familiar with RevolutionRace, I will give you a brief introduction. RevolutionRace is an outdoor brand offering a wide range of outdoor products for people with an active lifestyle. We operate with a digital D2C model, meaning that we skip the middlemen and sell our colorful products directly to our consumers only via digital channels. By doing so, we can offer quality products with what we call unmatched value. RevolutionRace was launched in 2014 and has been listed on Nasdaq Stockholm since 2021. Our headquarter is located in Sweden, and we have approximately 130 employees. Our vision is to become the most recommended outdoor brand in the world. Even though we launched in 2014, we believe that we are just starting our journey. Our mission is to make nature accessible to everyone through our unmatched value. Nature is our playground, as we say. As you understand, we have high ambitions, and we already managed to grow RevolutionRace into a truly international brand. We have customers in more than 35 countries with a total of 18 localized webshops. On top of our own websites, we also sell our products via marketplaces such as Amazon in many markets. Beside our own organization of approximately 130 FTEs, we also have close partnerships with 3 warehouse operators in Germany, Sweden, and also in the U.S. to facilitate high service to our customers. We design all our products in-house and work together with more than 25 suppliers in the production process. What really makes us stand out is our engaged customer community. We are proud of our global community, which now amounts to more than 1 million followers on social media platforms. Last week, we reached 500,000 followers on Instagram. Our community and our ambassadors is also an important channel for inspiring people and showing our wide range of products. We work hard and creative to maintain a high degree of engagement and also encourage customers to share user-generated content with us. You can see some of the content produced by our community here on the slide. We know how to communicate, advocate with our customers, which has resulted in more than 470,000 unique product reviews, which is important. It strengthens our brand position. It is something that we are very proud of. We have satisfied customers, which of course is crucial to any company. The average rating of 4.6 out of 5 confirms that. Close relationships with our customers and their product reviews have always been a key part of our strategy. The reviews help other customers to find the right products. They also give us valuable feedback in our product development process. I wanted to highlight this as I feel it is one of the most important assets we have. 500,000 satisfied customers in many countries is something we are very proud of. Let's take a look on the highlights during the third quarter of our fiscal year. We can see that the growth journey continues. We are pleased to see that RevolutionRace continues to increase sales with good profitability in the third quarter of the fiscal year. Net sales in the quarter amounted to SEK 414 million, which corresponds to a growth of 13% year-on-year. One should also be aware of the very strong comparison numbers from last year. RevolutionRace is an international brand. We are continuing to grow and to win market share in many markets. In the third quarter, the non-Nordic markets accounted for a total of 78% of our total sales. This is a confirmation that we are on the right path in our international growth strategy. The Rest of the World region grew by 32%, and the DACH region continued to grow by 18% in the quarter. The sales development in the Nordics decreased, with a negative growth due to a tougher consumer climate. However, we estimate that our performance in the Nordics was in line with the general market development in the region. In the Rest of the World region, we are pleased to see that the Netherlands is showing strong performance, which is of course very promising when looking at the future. EBIT for the quarter amounted to SEK 87 million, corresponding to an EBIT margin of 21%. This is a good operating margin given the market climate, and we note the substantial discounts in the market due to high inventory levels. We still succeeded in keeping our gross margin at a good level. It is important for us to stay away from heavy discounting. Instead, we have chosen to slightly increase our marketing investments and long-term brand-building activities. We believe, with our strong market position and financial position, that now is a perfect time to somewhat increase such investments in growth markets. Of course, at the same time, at the balance level. When comparing to the result in the same quarter last year, we also have currency impact, negatively impacting results of SEK 9 million, which Jesper can describe more in detail later in the presentation. I also wanted to highlight the continued strong cash flow in the quarter. Our inventory continued to decrease for the second consecutive quarter by around SEK 46 million in the quarter, which is in line with the plan that we have communicated previously. The decrease in inventory has contributed to strong cash flow from operations amounting to SEK 101 million. We are leaving the third quarter with a net cash position of SEK 130 million. This feels extremely strong and something we want to highlight in the current market and provides a strong foundation for the future. We can, of course, deep dive into many areas, but one area I really want to highlight this time is our footwear category. Our biggest product category remains pants, but it is promising to see that other product categories are growing with high customer ratings as well. Our shoe assortment is also a result of our customers' feedback and our strong design and product development team. We'd started with launching one model in four different colors a little bit more than one year ago. Today we offer three different models in 30 colors, and we see that sales are growing fast, starting to actually show impact on total numbers. This inspires us to continue our focus on launching timeless, high-quality products that can be used often and over a long period of time, which is also an important part of our sustainability efforts. We strive to always to act responsible both socially and environmentally, and we call it A Responsible Race, which includes six priority areas. One interesting fact here is that we asked our customers how often they have worn their RevolutionRace pants. The answer was that 59% answered that they had worn their pants more than 100x. This confirms our efforts in producing and offering durable products that can be used over and over again. We are also proud of our very limited overproduction, and this is also commercially very important, as we want what we call the running assortment to account for the vast majority of our sales. Thus, our fashion and trend risk should be low. Now let's take a quick look at our markets in Q3. As I already mentioned, the non-Nordic countries accounted for a total of 78% of our total sales. The Rest of the World region grew by 32% in the quarter, with particularly positive development noted in the Netherlands. The DACH region continued to grow by 18% in the quarter. Sales development in the Nordics decreased, however, with the negative growth due to a tougher consumer climate and a weak market. We estimate that we perform in line with the general market development in the Nordics. With that, I would like to hand over to the company CFO, Jesper Alm, who will present and walk through the financial performance. Jesper, please go ahead. Well, thank you, Paul, and a good day to you all. I will talk you through our financial performance during the third quarter, starting off with our net sales development. As already mentioned, net sales in the quarter amounted to SEK 414 million, corresponding to a 13% growth in net sales and 7% growth in local currency, fueled by strong growth in the DACH region and the rest of the world. Net sales, over the last 12 months, exceeds SEK 1.5 billion. Looking into gross profit, we notice a good development with a growth of 12%, which is in line with a net sales growth of 13%. Gross profit in the quarter was SEK 300 million, growing from SEK 269 million last year. Gross margin came in at a strong 72.6%, which is a decrease by 0.5% point compared to the same period last year. Gross margin was positively affected by a favorable market mix, which was on the other side, offset by increasing cost of goods sold due to the strengthening of the USD. Moving on to operational expenses. We see an increase in personnel expenses compared to Q3 last year. However, in line when it comes to as a share of net sales. Other external expenses increased to SEK 186 million compared to SEK 150 million a year ago. This is due to higher logistics costs, increased market investments, and somewhat higher overhead costs in absolute terms. EBIT for the quarter amounted to SEK 87 million, corresponding to an EBIT margin of 21.1%. The lower margin compared to last year is explained by a somewhat lower gross margin, increased investments in marketing, and higher logistics costs. On the topic of balance sheet, we see minor movements overall, but I will highlight some topics on the following slides. Net working capital as a share of net sales decreased in the quarter as a result of sales growth and improved inventory levels, which leads us to the next slide. Our inventory continued to decrease for the second consecutive quarter by around SEK 46 million to a total of SEK 398 million, and this is pretty much in line with what we've communicated over the past couple of quarters. Cash flow. The decrease in inventory, together with the operating result, has contributed to strong cash flow from operations amounting to SEK 101 million, and we're leaving the third quarter with net cash of SEK 130 million. In conclusion, RevolutionRace has a solid financial position, growing profitably with strong cash flows, with net cash and an unused credit facility of SEK 600 million by the end of the quarter. I think that sums up my part and Paul, over to you. Thank you, Jesper. To summarize, we are pleased to see that RevolutionRace continues to increase sales with good profitability. We are now a truly international brand with non-Nordic sales accounting for a total of 78% of our total sales. We have a well-positioned customer offering, combining a strong brand with high-quality design and competitive prices, with great potential to continue to win market shares in many markets. Our focus is to generate long-term profitable growth, and we note that continued profitable growth, which so far in the fourth quarter, the current quarter, is slightly better than the third quarter, and we see strong development in the DACH and the rest of the world regions. That concludes our comments on the result. Before we finish, I would like to take the opportunity to thank the whole team at RevolutionRace, our customers, shareholders, and partners. I look very much forward to continuing to build on RevolutionRace's success together with all of you. With that, we are now happy to answer questions. Operator, do we have any questions? If you wish to ask a question, please dial Star five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial Star five again on your telephone keypad. The next question comes from Benjamin Wahlstedt from ABG. Please go ahead. Good morning, guys. Despite some of the products being sold right now haven't been bought at dollar peaks, I imagine, you improved the gross margin quite significantly sequentially. Of course, geographical mix and better euro rates support this, but have you also adjusted prices? If so, what magnitude, what markets does this relate to, please? Hi, Benjamin. I have some difficulties hearing your question, but if I heard correctly, it was related to the gross margin. Yeah, we are very pleased to see that in this weak market climate, we managed to keep the gross margin on a stable level, more or less in line with last year. At the same time, we have seen that prices of the products, the cost of goods sold is increasing slightly, mainly due to the U.S. dollar impact. However, we can offset that a little bit through our market mix. We have seen that our average order value, as you can see, have also increased slightly. That is also an explanation behind that we sell some products that are slightly on higher price levels. I don't know if that answered your question? I didn't hear it completely. Yes. I think it was a good answer. I can sort of follow on that as well. Is it possible to quantify this change in product mix or category mix in any way? We see, for example, as I mentioned, that the Footwear Assortment is growing. However, it's still, I mean. That is very promising and so that is taking some share of sales and that category has an higher share of has an higher average order value. However, it's difficult to quantify it. We do see that the market mix has a higher impact, I would say, than the product mix, in order to increase the average order value. Yep. Perfect. Thank you. Is it also possible to talk a bit more about the increased logistics costs? Is this related to index rent increases for 3PL partners or is there something else we should know about here? It's more the operational driven. The main cost, the main driver behind that increase in cost is related to that we have increased availability for our customers. For example, a year ago, we did not expose, for example, products that were lying on the shelves in the German warehouse to the Swedish customer, for example. Now we do expose and make all our products sellable to all our customers in Europe, meaning that some of the freight prices goes up slightly. As you can understand, shipping a product from Germany to Sweden is slightly more expensive than domestically within Sweden. I mean, it's not a big share of sales, but it has some impact. It has some cost impact, on the other hand, it also contributes to higher customer satisfaction, which of course also worth something. Yes. Absolutely. When did this change happen? Do we expect additional pressures from here in Q4? No, I wouldn't expect that. We have gradually increased that over the last couple of months and I mean, it's not a big increase in costs, but it's there and it has some slight impact on the numbers. Perfect. Then one final question. You commented in the presentation on the Nordic market developing roughly in line with you. Do you have a rough understanding of the DACH market growth in the quarter, please? We don't really have a good data point on the specific product segment we are operating in. We do believe that we are growing faster than the market in general in Germany. Yep. We have seen some data points on, for example, Svensk Handel Sportindex in Sweden, so we know how the Swedish market is developing, and there we can see that we are more in line with the market development. We haven't seen any. It has been difficult for us to find good data points in Germany. We believe we are performance stronger than the market in total. Yep. Perfect. Actually one final one. Could you perhaps comment on the recent campaign pressure? I would imagine this is most significant in the Nordics with several large players running these deep discounts. What do you see here going forward in terms of campaign pressure? Yeah. Yeah, we do note, we have noted definitely that some players have had high inventory levels, and as a result of that, we have seen heavy discounts and clearances, especially in the Nordic markets. That's for sure. We do believe and hope that will slightly or gradually decrease as I believe that many of those inventory levels have come down and it was more the winter season products that were discounted. It's very difficult for me to estimate how other players or the markets will develop in general. What we can say is that we are very satisfied now with our inventory position. We feel that. I mean, we said earlier that one should expect our inventory to flatten out over this year, and I guess we can say that we have delivered on that and, uh, we have a very healthy financial position and inventory position going forward now. I think it has been important for us not to take part in that heavy discounting. It has been important for us to, uh, balance growth and keep competitive pricing to the consumers and balance that with a good gross margin, which I believe we have also managed to do, even though we've seen a currency impact now impacting us a little bit on costs. So we are very satisfied with our own situation and position, and it's hard to estimate how other players will act going forward. Over the last couple of months, we definitely noted heavy discounts in the market. At the same time, also weak consumer climate. Given those two facts, we are, I think we are very satisfied with the performance that we have showed in this quarter. Yep. I agree. Thank you. Thank you very much. Those were all my questions for now. The next question comes from Niklas Ekman from Carnegie. Please go ahead. Thank you. A couple of questions from my end as well. Firstly, on the Nordics, can you talk a little bit about the reason for the weakness we've seen? This is 4 quarters now with almost consistent decline. I know you talk about a weak underlying market, but is, do you feel that your brand has reached maturity in the Nordics? Is there any chance to revive growth in the Nordics and is that a priority for you? Or do you rather see that you will focus on the potential outside the Nordics? Hi, Niklas. Well, we always strive to grow on all our markets. As you mentioned, we are in a more mature phase. However, I do believe that there are still a lot of growth opportunities in the Nordics. We hope to deliver more on within those markets going forward. I mean, we are seeing that we are becoming more, definitely becoming more of a truly international brand with 78% of our sales now coming from non-Nordic markets. I believe that going forward, these markets will continue to grow faster than the Nordics. As I just mentioned to Ben, I mean, we have seen some weak consumer climate in general in the Nordics. We have of course noted that. We read what everyone else is reading. At the same time, we have seen quite aggressive discounting, especially in the Nordic markets over the last couple of months. It's difficult to say how that impacts us, but I would guess that, you know, all those three things added up together, say something in total. Okay. Yeah. Thanks. Thanks for that answer. On the other side, of course, you have, rest of world, which is now almost equal to the Nordics in size. Can you talk a little bit about which markets in particular? You mentioned Netherlands, here, for instance. Also on the same topic, you talk about increased investment in growth markets. Can you give us some examples here? Are you talking basically just more marketing investments or anything else? Yeah. As you noted, I mentioned Netherlands, and that's because we see that Netherlands is now becoming one of the definitely biggest markets within that region. At the same time, it's continuing to show very promising growth rates. It's definitely a market that we will continue to focus and invest in. I think now is a good time to invest in that market and some other markets, given the market situation. It gives us, I mean, this climate also gives us some opportunities. I also want to maybe then mention, as you are asking, maybe I can mention the U.S. launch. We launched in the US some time ago, but we sort of started to push the U.S. button just, I would say January. We have since then seen very promising development in the U.S. We still have some infrastructural work to do there, relating to warehousing and freight. It's interesting to see that our consumer offering looks very promising in the U.S. We see that the U.S. customers, they seem to like what we're offering. However, bear in mind, it's still small numbers, but growth rate is very strong. I mean, since the launch in the U.S., we have seen very promising patterns if you compare it to when we, for example, launched in Germany. That is maybe some more a market that we can also mention at this point, even though it's still small. Very interesting. Can I follow- up on that? When you started in the U.S., I believe you had a very limited assortment, a very small range. Are you now approaching full assortment in the U.S., or are there still huge local adaptations? Are you still selling a more limited assortment? Is the customer behavior very different from other markets? When we launched in the U.S. in the beginning, we more or less focused on the sales generated from Amazon in the U.S. That assortment that we expose on Amazon or what we sell on Amazon, you can say it's roughly 10% of the assortment. What we have now done is that we have started to push the button when it comes to our own e-commerce. Doing that, basically, the full assortment is now exposed to the U.S. customers. That is definitely one thing that has happened over the last couple of weeks and months. Of course, that is one reason why it's taking off. That's one thing. The other thing is that we have started to invest more in marketing. That is one of the reasons why the margin is slightly lower, compared to or is lower compared to, the same quarter last year. We are increasing marketing investments in some selected growth markets. We believe now is a great time to do that. Netherlands and U.S. are two examples where we have increased marketing in relation to sales. As you know, you know us from the history, we like to balance growth with profitability. One should not expect, you know, us going bananas or on marketing investments. We do it on a balance level. Yeah. Very interesting. Thank you. On the topic of margins, you now report EBIT margins of 21% here, both in Q3 and on a rolling 12-month basis. That's well below your 25% target. How confident are you that kind of the margins have now bottomed, given that cost inflation is starting to ease, you're talking about markdown levels coming down, but at the same time, you're talking about increased investments in growth markets. How confident do you feel that maybe margins are now near the trough and should hopefully continue higher from here? When looking at this quarter, I, it's worth mentioning that we are compared to a very strong quarter last year, so I'm not concerned of the result development if we can just continue to deliver strong numbers as I believe we are doing in this quarter. If you look at the difference in EBIT or on our results compared to the same quarter last year, you can split it up into two buckets. One is more related to balance sheet related currency impacts, which is sort of related to hedging programs that we have. If you have follow-up questions, maybe Jesper can deep dive into that. The other bucket is more operational and the vast majority of the difference is related to the currency impact, not operationally related. The other more operational related bucket is split up into, I would say, three things. First, we have a slightly higher fixed cost. We have more employees compared to the same period last year. However, bear in mind that in relation to sales, it's the staff cost is flat. Also the number of headcounts have not grown over the last couple of quarters, which is of course important. This is a comparison to a year ago. We have increased marketing investments in growth markets, as I mentioned. The third explanation behind this is also the availability, logistics costs related to product availability, as I mentioned to Benjamin when he asked a question about logistics. We have some products now being shipped to consumers from Germany. It's not a big part of all the sales, but it has some impact. Super. Thanks for clarifying. Just to follow up there, I mean, given that you do reiterate your 2023, 2024 target of 25% margin, do you feel that you can imminently reverse this trend and start to report a higher EBIT margin from here? Yeah. I mean, we have a scalable business model. If we look at the top line target, we have a target of SEK 2 billion next fiscal year. Since I took over as CEO, if we take the last two quarters and add them up together, we've seen a growth of 22%, and we see that in the quarter we are in now. We are also now again growing faster than the third quarter. We are of course humble about the market climate, but we do believe that the SEK 2 billion is definitely within range. It is within range. It requires somewhat around 25%, slightly above that, maybe in order to reach the SEK 2 billion. Given that we have had 22% over the last 2 quarters, that is something that I at least feel that we can continue to aim for. If we can deliver on that, I think that the margin target is also within range and something that we are aiming for, especially since the biggest explanation behind the result decrease is related to non-operational currency impact. That is of course are difficult to control. Super. Very clear. Thank you for taking my questions. Thank you. The next question comes from Emanuel Jansson from Danske Bank. Please go ahead. Yeah. Hi, Paul and Jesper. Thank you for taking my questions. I think most of my questions already been answered actually. If just coming back to the exit rate in the quarter, you grew 7% organic in this quarter, and you're stating that you're growing slightly higher. Can we assume at least double-digit growth in Q4? Yeah, we are relating that note to the 13% growth rate. That is of course that is a double-digit growth and, so one can expect at least that... What we do is that we don't guide. What we do, disclose at this point is what we have seen so far in this quarter. That is that we are growing the sales is growing, faster or higher than the 13%, than we saw in the last quarter. Okay. That' s clear. Thank you. Also coming back, maybe you already answered, I do not remember, but have you seen any sequential develop? What's the sequential development in the Nordics, entering Q4? Yes. What do you see from the customers and, yeah? Yeah. If you look at the quarter itself without going into too much detail, we can say that January and February, and this comes to all our markets, I would say, including the Nordics, were weaker. It became stronger. The growth rate came back to a level where we were more satisfied in March. This has also continued into the quarter we're in now as we are growing now a little bit faster than the third quarter. Yeah, is. You can say, I mean, the development that we see now and also saw in the last quarter is that it's the regions, DACH and the rest of the world regions, that are showing strong development. That's clear. Yeah. Okay. And also coming back to you also, as you said in the presentation that you recently celebrated the 500,000 followers on Instagram, and that's obviously an impressive figure. I mean, you're now adapted to the online and social media world, when it comes to driving this kind of business and doing marketing. Looking at other peers or competitors in the Nordics and also in Europe, you're growing your social media fan base at a higher pace. Is it also reflected to the sales development, you would say, the number of social media growers as well? It's hard to comment on. I think what we do comment so far in this quarter is that we are growing slightly above the 13% when it comes to sales. We are over time always trying. I mean, it is important for us to grow our follower base on the social media platforms. We see that we are in total now, I think above 1.2 million followers on the social media platforms, of which 500 million is on Instagram. That is of course, very promising. Gives us opportunities to communicate with our consumers in a good way. We do see that our customer database is growing, so we're able to communicate with the customers through, for example, newsletters. But also more, very important is that our product reviews are growing pretty fast. We are now above 470,000 reviews. I think I mentioned that in the presentation, but it's really an asset worth highlighting, because that is. Yeah, it has been important from the beginning, and it is increasingly important as we are trying to enter new markets on a regular basis. Yeah. Okay. Thank you. Thank you, Paul. Then maybe last question from my side. In the recent 2 quarters, you talked about some changes in the marketing. I think in the last quarter, you had some extraordinary campaigns from TV commercial and YouTube series. I think the quarter Q1, you also mentioned that you're targeting more converting traffic. Have you changed any of that strategy going into this quarter, when you also say that you're targeting or increasing marketing spend in the growth regions? Yeah. That's a good question. I mean, we are now operating locally on our 18 different markets, so we are acting a little bit different from market to market. In some markets, we are more focused on building our brand as we are still small. In some other markets, we are focusing a little bit more on more higher converting traffic. It's not the one-size-fits-all. We are pretty much adapting it to every local market. It's a bit difficult to give a one answer to that question as it differs in 18 different markets. Okay. That's fair. Sorry, maybe last question from my side. It seems that you're satisfied with maybe inventory levels, or should we expect it to continue to slightly decrease in the coming quarter as well? We don't really guide on that. I mean, we, I mean, we are satisfied with the inventory level. I mean, we are definitely, we. One should be careful not to decrease it too much because we are definitely still in a phase where we want to increase our market shares and want to continue to grow the company at a balanced level. I can't really guide that it will continue to decrease over time. What we do, I mean, what you guys see is a reflection of a specific date, end of quarter. It's really hard to estimate exactly what kind of level it will have next quarter. In the upcoming months, we will see some inbound deliveries of the products related to the autumn-winter season. If that comes in already in June, it's hard to say, but we can expect it to come in in July and August before the next season starts. That gives you some flavor without guiding concretely on it. I mean, the main message is that we are very satisfied with inventory level. We have decreased it from, it was north of SEK 500 million just a couple of months ago. We are now below SEK 400 million. It feels very promising. Yeah. Okay. Thank you very much, Paul. That's very clear. That's all my questions. Thank you very much. Thank you. I believe that concludes the question and answer session. Before we wrap up, let's see if there are any questions also online, then I will read the question and try to answer it myself. The first question online is: Can you expand on the margin profile of sales through marketplaces like Amazon compared to your own sites? Yeah, we, when it comes to the gross margin, we or sales price, we totally control the sales price, and thus we also control the gross margin. We use marketplaces like Amazon as we are a marketplace merchant. We only operate with a commission-based model. We don't sell to marketplaces as a wholesale business. Thus we can control the prices and the gross margin profile is somewhat similar to our own sites. When it comes to marketplaces, as I mentioned, it is a commission-based model. The marketplaces take a commission. However, one can compare that to their own marketing mix that we have on our sites. It's a slightly different business model since it's commission-based model, but gross margin is intact. The second question is: How have volumes developed through the quarter and into April? As I said, it was a bit lower volumes in the beginning of the quarter. It increased in the end of the quarter. In the quarter we are in now, we have today disclosed that so far in this quarter, we are growing slightly above the growth rate of 13% that we saw in the last quarter. The third question online is that: Would you agree that 2022 Q3 was the final quarter impacted by COVID boost? The answer is that it's a bit difficult to exactly say what was behind the good sales. I mean, it's fair to say that the societies opened up during that quarter. We also saw that it was so that is one thing that we can note. We do note that the sales in Q3 2022 was very strong. If you compare it, if one compare it with the calendar Q4, our Q2 quarter, it was the Q2 quarter last year was SEK 397, and the sales in Q3 were SEK 367, so which means that the numbers were very close. If you compare the number of Q2 this year, this fiscal year, it was above SEK 500, and we are in this Q3 this year we are at SEK 414, so it's almost SEK 100 million lower. That gives some flavor that the third quarter last year was very strong compared to what we have seen in the past and, yeah, seasonality-wise. I guess that also concludes the question that we have received online. With that, I would like to thank you all for participating today and for your interest in us. We look forward to speaking to you again over the coming weeks and months, and may I also remind you that our Q4 report will be announced on August 15th. With that, thank you and goodbye.