Hello, I'm Romi Savova, the CEO of PensionBee. Welcome to our full-year 2023 results presentation, covering trading for the 12 months to 31 December 2023. For those of you who are new to the PensionBee story, we are a leading online pension provider. We exist to make pensions simple so that everyone can look forward to a happy retirement. We enable our customers to combine their pensions into one new online plan. We enable them to make contributions, to invest in line with their objectives with money managed by the world's largest asset managers, and ultimately to make withdrawals and enjoy their retirements. Our aspiration is to build a lifetime relationship with our customers, generating predictable and scalable revenue for our company and for our investors. 2023 was an important year for PensionBee as we focused on growing our market share and our customer base.
By the end of the year, we were serving approximately 230,000 invested customers. Reflecting on our growth since the time of our initial public offering in 2021, we have more than tripled our assets under administration to GBP 4.4 billion and quadrupled our revenue to GBP 24 million. In line with our commitment at listing, we achieved ongoing adjusted EBITDA profitability in the fourth quarter of the year. Customer acquisition continued to be a core pillar of our strategy for 2023 as we maintained our household brand name awareness and onboarded 46,000 new invested customers at a declining cost per invested customer. Our scalable technology platform enabled us to serve customers with delightful new product initiatives and contributed to our delivery of exceptional customer service, as demonstrated by over 10,000 Trustpilot reviews supporting our excellent score.
Throughout the year, we experienced broader liquidity in our shares, joining the FTSE All- Share Index in March and the FTSE4 Good Index in December. In early 2024, we announced our proposed expansion to the United States of America, the world's largest defined contribution pension market, in partnership with the U.S.-based global financial institution. The broadening of our geographic footprint will enable us to create a world-leading company in the consumer retirement market. We will now turn to a strategic update on our U.K. business. In the U.K., there are approximately 23 million defined contribution pension holders. PensionBee exists to serve the needs of these consumers with a particular focus on the mass market. Our customer base is diverse and broadly distributed. We have significant segments of customers in all age ranges and across all regions of the country.
Within the broader consumer base, recent data shows that pension engagement and planning remain inadequate. Approximately a third of consumers don't know how much their pension is worth, don't know how much they contribute, and don't know that their pension is invested. Nevertheless, interest in pensions is growing, and approximately 5% of pension savers consolidated pensions in 2022, a growing proportion since 2020. PensionBee exists to fulfill the substantial needs of consumers, helping them to bring their pensions together, have visibility on their savings, grow their contributions, and ultimately help them to retire financially secure. Not only does the consumer need remain broad, as the world's third-largest market, the U.K. pension market continues to grow in terms of assets. There are approximately GBP 1.4 trillion in defined contribution pension assets, and approximately GBP 1.2 trillion of those are transferable into a new pension like that offered by PensionBee.
Within the defined contribution pension market, median pension pot sizes continue to grow. As a result of the consumer need, the growing overall market, and growing individual pension pots, there is an enormous opportunity for PensionBee to continue increasing its scale and its market share. To continue capturing the market opportunity, we believe it is important to own our customer relationships so that we can fully understand the evolving needs of the consumer base and ultimately serve them more effectively. To that end, we have invested GBP 55 million in the PensionBee brand, becoming a household name in less than a decade. Over 2023, we harnessed the efforts and investments of the last decade, focusing on high-return brand channels such as radio, sports sponsorship, and consumer advocacy.
As a result, and as our brand has grown, we continue to attract more customers organically, with organic traffic representing approximately half of our overall traffic. As a result of our growing brand and our data-optimized approach to marketing expenditure, we have reduced our cost per invested customer. In 2023, it cost us approximately GBP 213 to acquire an invested customer, a substantial reduction on 2022's cost per invested customer of GBP 252. Moreover, each GBP 1 of marketing spend generated GBP 88 of new assets for PensionBee, a 69% increase on 2022. And of course, our overall customer base grew by 46,000 new invested customers. Our household brand and in-house marketing capability are a true asset to our business as we continue to focus on our goal of reaching 1 million invested customers over the medium to long term.
When it comes to serving our customers, we know it is important to offer a delightful product experience so that they can enjoy retirement planning. To that end, over the course of the year, we made a particular investment in our content, ensuring it is available and easily accessible in our app. For our retirement customer base, we made it simple to pay themselves a salary through retirement directly from our product and directly from the app. Taking a more holistic view of our customers' finances, we offered them life insurance to help them feel confident they are protected should the worst happen. Alongside our excellent product experience, we continue to serve our customers on the phone, online, in writing, and in person.
We are enormously proud of our approach to customer service, prioritizing availability and rapid response times as demonstrated by short waiting times and quick response times to customer queries. In 2023, we also met our customers in person around the country, traveling to Brighton, Birmingham, and Manchester. Our stellar customer service is reflected in our excellent Trustpilot score compiled on the basis of over 10,000 reviews. At PensionBee, we prioritize investing for our customers in all respects. In 2023, we launched our new Impact Plan following close collaboration with our customers who wanted to invest exclusively in companies solving the world's great social and environmental problems while growing their pensions. We also implemented Voting Choice, our voting policy that represents our customers' views on material issues of long-term value generation with respect to the companies they invest in through their pensions.
For a second year running, we received an excellent score from our Governance Advisory Arrangement, which rates the value for money received by customers in our retirement plan range. Turning to our technology, we continue to invest in our proprietary technical capabilities, which enable us to serve the mass market at scale. Following close to a decade of technological advancement, we distinguish ourselves through our purpose-built technology stack, which is already designed to accommodate millions of new customers. We focused on our customers' experience straight through processing of pension transfers through automation and, of course, security. Our scalable technology platform enabled us to increase our productivity, which has approximately doubled since 2020 as measured by invested customers per staff member. As compared to the industry, PensionBee continues to stand out among the competition.
In a large study of approximately 6,000 investors, consumer finance company Boring Money studied investor perceptions of 24 companies, scoring each in 10 categories that matter. PensionBee was first among the 24 companies in the categories of customer support, quality of communications, and tools. PensionBee was in the top five for website experience, value for money, app experience, ease of use, trust, and articles. Overall, PensionBee received top scores in nine out of 10 categories and earned six awards for Best Buy Pension, Best Investment App, Best for Customer Service, Best for Low-Cost Pension Under GBP 50,000, Best for Beginners, and Overall Value for Money. Our corporate development also continued as we joined the FTSE- All Share and the FTSE4 Good indices. In addition, we reported under a number of ESG and sustainability frameworks with respect to issues that are material to our business.
We also received recognition from the Mayor of London as a leading business reducing energy consumption. Looking forward to 2024, we will continue to advance our strategic priorities in the U.K.. We will continue our cost-effective brand investment to maintain brand awareness, aiming to reduce our cost per invested customer and increase net inflows per pound of marketing spend. We will invest in customer experience and encourage customers to add more contributions and transfer more pensions. We will invest in productivity with the focus on pension transfer automation, developer tooling, and AI trials. We will maintain excellent response times and availability for customers while increasing the quality of service, and we will continue to streamline content and tooling on the website, enabling customers to self-serve further.
We will review the core plan range and ensure alignment with customers and customer expectations over the next five-10 years, and we will engage further with customers through voting on holdings in line with their views. Finally, we will focus on resilience, ensuring our operational availability and introducing further cutting-edge cybersecurity tooling and training. I will now hand over to our Chief Financial Officer, Christoph Martin, who will take you through our financial update for 2023.
Thank you very much, Romi. Hello and a warm welcome to everyone. I'm pleased to cover the financial section of the full year announcement. In this section, I will cover the core financial aspects of PensionBee's business model. First, I will outline the long-term business model of PensionBee, which is addressing a vast, structurally growing, and underserved consumer market. Second, I will elaborate on the aspects that make our revenue base recurring and predictable in nature. Afterwards, I will expand on the nature and structure of our cost base and how its scalability helps to drive operating leverage and visibility on profitability. Lastly, I will conclude with the forward guidance. I would like to start talking about our addressable markets and long-term business model. First of all, PensionBee is serving the vast, structurally growing, and underserved transferable pensions market with our scalable business model.
We are serving the market by solving a genuine consumer pain point through offering an easy-to-use consolidation and pensions product. Second, we charge a simple, transparent fee of between 50-95 basis points with an average of 64 basis points. This fee covers all aspects of our service, including asset management. Thanks to our high retention rate of 96%, continued contribution and consolidations of our customer, coupled with resilient revenue margin, our revenue base is recurring and predictable in nature. Lastly, we have a scalable cost base, which consists of discretionary marketing costs to drive growth, variable money manager costs paid to our reputable and recognized asset manager partners, and primarily fixed technology platform costs. In conclusion, we are addressing a vast and structurally growing addressable market with a predictable, scalable, long-term business model.
Having covered the vast and structurally growing market we are serving, I would like to cover what makes our revenue base recurring and predictable in nature. We continue to deliver consistent and robust growth from existing customers through our high retention rate, recurring and compounding asset growth, which subsequently translates into strong revenue growth thanks to our resilient revenue margin. We are pleased to report continuous high customer and AUA retention rates of greater than 95% of existing customers who are continuously consolidating further pots and contributing into their lifetime pension pots at PensionBee. Similar to previous periods, the data showed all customer cohorts delivered positive net inflows in 2023. This serves as a good reminder of the long-duration, compounding nature of the AUA base. With an average age of around 40, our customers demonstrate a long-term commitment to saving with PensionBee, growing their assets with us every single year.
As a result, we maintain high visibility on our asset base every single year. Next, we converted the compounding asset growth into recurring revenue thanks to our resilient revenue margin, which was 64 basis points. As a result, we converted asset growth into revenue growth of 35%. In conclusion, thanks to our effective new customer acquisition and high retention rate, we generate a compounding AUA base, which, due to the resilient revenue margin, leads to a recurring and predictable revenue base. The revenue base is thereby highly predictable and visible for future years. In addition to driving strong growth, in Q4 2023, we have delivered on our long-standing goal of achieving ongoing adjusted EBITDA profitability, consistent with guidance since our initial public offering in 2021, and despite the substantial macroeconomic volatility we have witnessed over the previous few years.
On this page, we shed more light on our controllable scalable cost base, which allows us to generate operating leverage and can be broadly categorized into three categories. First of all, we continue to see scale benefits in our marketing cost base. In 2023, we spent approximately half the marketing budget while achieving higher gross inflows compared to previous years. Second, the scalability of our technology platform and other operating expenses. The scalability of our technology platform is underscored by the fact that technology platform expenditures only grew ca. 7% while revenue grew by 35% year-over-year. Third, money manager costs, which are variable in nature and represent 14% of revenue, growing by 15% year-over-year compared to revenue growth of 35%. As a result, in 2023, our cost base reduced by 14% while our revenue increased by 35%.
Our business delivered strong growth while at the same time demonstrating the scalability of our cost base and resulting profitability in Q4 last year. This also serves as a read-across for 2024, where we expect to deliver our full year profitability target with strong growth driven by net flows from new and existing customers, coupled with continuous strong cost discipline thanks to our ongoing automation and efficiency improvements. As for our balance sheet, we have a strong cash position, recording GBP 12.2 million of cash at the end of December. The predictable nature of our business becomes even more visible over a longer time horizon. Our financial visibility is rooted in, first, the revenue base, where the majority of revenue is already acquired from assets accumulated in previous years, and second, scalable and highly controllable cost base.
First, on revenue, the data shows a high retention rate (top left chart) plus resilient revenue margin (top middle chart), which lead to a recurring and predictable revenue base (top right chart), where the majority of revenue is already substantially de-risked and, in fact, visible at the beginning of the year thanks to previously acquired cohorts. Second, on costs, the controllable and scalable cost base is achieved thanks to increasing efficiency in marketing spend (bottom left chart), coupled with a fully invested and continuously scalable technology platform (bottom right chart), to facilitate an increasing revenue base that provides us with confidence in our forward predictability on profitability and cash flow (bottom right chart). In conclusion, PensionBee's business model has forward visibility thanks to our visible revenue and scalable and controllable cost base. Next, we want to provide future long-term guidance for our U.K. business.
We are pleased to reiterate our guidance, confirming that we aim to deliver sustained, high revenue growth. While we have demonstrated significant growth to date, we remain one of the few that our focus on the mass market of pension savers will enable us to deliver sustainable further growth as we pursue a market share of around 2% of the GBP 1.2 trillion transferable pensions market over the next 5-10 years. We are preparing to onboard approximately 1 million invested customers with GBP 20,000-GBP 25,000 in their pensions, creating a revenue opportunity of around GBP 150 million in the long term. At the same time, having invested in our brand and technology over many years and having achieved ongoing adjusted EBITDA profitability in the final quarter of last year, we are poised to continue delivering increasingly profitable growth over the medium to long term.
Our primary financial goal for 2024 is to deliver full year financial profitability by the end of the year, being also clear that we consider this goal on a full year basis rather than on a quarterly basis. As we look forward to the next few years after 2024, we expect to grow our marketing investment and invest in our growth, always maintaining our focus on profitability as an underpin. We have recently announced our proposed U.S. expansion in partnership with a large U.S.-based global financial institutions. Under the proposed strategic relationship, the U.S.-based partner will provide its expertise and substantial marketing funding. Correspondingly, PensionBee's financial contribution will be financed from the existing resources of PensionBee Group PLC. As a result, our U.S. business does not change our existing guidance. I will now hand back to Romi to update with more information on the proposed U.S. expansion.
Thank you very much, Christoph. As we look forward to our U.S. plans, we would like to provide more information on the opportunity. The U.S. has the world's largest defined contribution pension market. Given the context of this enormous opportunity, PensionBee sees the potential for its U.S. business to grow rapidly, becoming at least the size of its U.K. business, which itself is growing, over the next decade. In the U.S., PensionBee will enable U.S. consumers to easily consolidate and roll over their 401(k) plans into a new individual retirement account. We will first turn to the broader defined contribution pension market. The U.S. has the largest pension market in the world, with approximately $36 trillion of assets and $22.5 trillion in defined contribution assets. Approximately two-thirds of U.S. retirement assets are in defined contribution plans.
Similar to the U.K., there has been a long-term shift away from defined benefit plans. The U.S. has a long-standing system of workplace defined contribution saving, which will be further bolstered through Secure 2.0, a reform that will bring more small and medium-sized enterprises into the workplace Defined Contribution market. Despite its size, the U.S. market is predominantly focused on more affluent consumers. As a result, the majority of Americans do not yet have an individual retirement account. PensionBee can reach these consumers and consumers who are dissatisfied with their existing IRA through effective marketing using its well-developed marketing approach. We expect consumers in the mass market to have approximately $50,000 in defined contribution retirement savings. Following extensive research and market testing, it is clear that consumers in the U.S. are motivated by control and convenience, seeking an easy way to roll over or consolidate their old workplace saving accounts.
As we considered the approach to the United States, we wanted to ensure the key success factors that have made us successful in the U.K. also resonate with U.S. consumers. Our U.S. research indicated that our likable and approachable brand, our straightforward product offering, our scalable technology platform, high-priority customer service, and curated set of investments would appeal to the U.S. consumer, enabling us to extend the key elements of our approach to retirement saving to millions of Americans. As you can see, we are a leading online pension provider solving genuine problems for consumers. We operate in the enormous market of defined contribution pension savings, acquiring our customers directly and owning our customer relationships for the long term. Our scalable technology platform enables us to grow rapidly and efficiently, underpinning our competitive advantage. Our simple long-term business model demonstrates growth and strong margins.
To conclude, we will briefly update on our current trading in 2024. Trading in 2024 is positive and tracking well against our objectives, which are to increase net inflows in absolute terms and net inflows per pound of marketing spend compared to 2023. We look forward to a number of further updates and engagements with the investor community. Thank you all for taking the time.
If you would like to ask a question, please press star then one on your telephone keypad. Participants can also ask questions using the Ask a Question button on the webcasting page. We will pause for just a moment to assemble the queue. We'll take our first question from William Hawkins with KBW. Please go ahead.
Hello. Thank you very much for taking my questions. I have three, if I may, please. On slide 24, so I think you've updated the total market potential to GBP 1.2 trillion from GBP 700 billion previously. I think that's the only change on that slide, just to confirm. Can you just help me understand why that really quite significant increase? Is it just market movements, or is there something else going on? And apart from just confirming that your market opportunity is huge, does that increase from GBP 700 billion to GBP 1.2 trillion kind of change anything? Because they're both very big numbers. Secondly, please, I'm wondering if you can be a bit clearer about what flows have been like year to date. Again, it's great that you're growing, and I understand that that compounds the balance sheet.
But again, it'd be interesting to just get a bit more clarity on what you've seen at the start of the year for flows, please. And then, I mean, lastly, there's loads to learn about the exciting move into America. I guess beyond what you've already told us, could you talk a little bit about how you're going to be splitting your own management time and how you're going to be thinking about the leadership to evolve in America? I appreciate you've got a much more honed machine in the U.K., but at the same time, you're still going to have to be developing that. So I'm interested about how you're managing your bandwidth between the new opportunity and the ongoing growth in the U.K. Thank you.
Thank you very much, William. All excellent questions, and we're very happy to take them in order. With regards to the first question, which is about market potential and the new estimates around the transferable pension market, as you know, pension data in the U.K. comes from a variety of sources, including the ONS and, of course, the Financial Conduct Authority and the Pensions Regulator. These updates get released at different times. The most recent update we had was actually from the Financial Conduct Authority, which released its Financial Lives Survey based on 2022 data. Within that, they estimated the proportion of adults who have defined contribution pensions and the estimated sizes of those pensions. So compiling that overall survey data together yields a total defined contribution pension market of around GBP 1.4 trillion.
We were then able to look at the size of the active workplace pension market, which is, of course, the proportion of the market where employers are actively contributing. Based on the total number of those pots, as well as the average sizes, we're able to calculate that approximately GBP 200 billion is within the active workplace pension market, which essentially leaves the rest as being transferable. Of course, that transferable segment of GBP 1.2 trillion would include, on the one hand, the large and growing personal pension market, which is the market we participated in, and of course, also the preserved workplace pension market, which is the market where the dormant old workplace pensions sit. The growth we believe is actually very reasonable compared to the last set of estimates, which were based on ONS data compiled a couple of years ago.
We do see that estimate also aligning with well-known trends within the market, including, of course, the transfer of the workplace pensions market into the personal pensions market and the fact that many individuals continue to leave their jobs and leave their workplace pensions behind. That will, of course, be growing. In terms of, does it change anything for us? I think you're pretty spot on. The market opportunity remains enormous. We have brought the estimates a little bit closer to today's date, so much closer to sort of 2022 publicly available data. That update reaffirms that we operate in a vast and growing market, of which there is an enormous opportunity for us to continue capturing market share. That should cover point one. Point two was around flows to date.
We have provided some guidance in the presentation, which is that trading is positive and tracking well. As you know, our goals are to increase net inflows on absolute terms relative to 2023. That goal is very pertinent because we have previously stated that our overall marketing budget for 2024 will be very similar to our marketing budget in 2023. And so we are therefore primarily focused on the efficiency of that budget in absolute terms and also on net inflows per pound of marketing spend. You'll have to tune in for our Q1 results update to get the full details on this quarter. But what I can say is that pension consumer confidence alongside broader consumer confidence is up. And that is, of course, very pleasant to see. So that should cover point two. Point three is your question around America.
It's a very good question because it is, of course, a huge opportunity. We're very well placed to execute on it because our technology, our proprietary technology, is an asset that we have been working on for close to a decade now. And so we have in place a lot of the function and capability around the growth in America. From a personal perspective, we absolutely expect to be challenged and stretched. There is significant overlap in U.K. and U.S. time zones. But we will definitely be making use of the fact that we operate very well online. And so you can expect to see us dividing our time well between both markets.
Of course, in the U.K., as a well-established business, we have a very strong cadre of individuals within all of our departments who will also be stepping up to the challenge of growing the company overall. We feel very well placed with the approach and are very excited about the opportunity as a management team and have full confidence in growing both of our markets.
Excellent. Thank you for the insight.
We'll take our next question from James Allen with Liberum. Please go ahead.
Hi. Good afternoon, guys. Two questions if I can. Firstly, what is the definition of organic versus inorganic customer traffic on page nine? And then secondly, I think when we've previously spoken, you mentioned that the CPIC is expected to be a tad higher in the U.S. versus the U.K.. Are you expecting to use different marketing channels in the U.S. given different customer habits, or will they be broadly similar to the U.K.? I'm just trying to figure out why the CPIC is a bit higher in the U.S..
Thanks very much, James. Very happy to take those questions in order. On the first question regarding organic versus inorganic traffic, organic traffic is the traffic that comes to us directly. So it will include people who come to PensionBee.com spontaneously, whereas inorganic traffic tends to be the traffic that will come from paid marketing channels such as search. And therefore, the point of this chart is really to illustrate the impact of the brand, the long-term impact of the brand, really, which is to grow the spontaneous arrivals to PensionBee.com. And that illustrates that we remain top of mind and front of mind for U.K. consumers when they think about where to go to get their pension sorted. On your second question, which is regarding the CPIC in the U.S.A, we think it's important to be conservative to begin with.
We expect the CPIC to be around the upper end of the U.K. experience. That has to do with a newly launching product and is very much rooted in conservative assumptions around the kind of cost that we would pay on the digital channels. Our expectation with regards to that market is that we will initially focus predominantly on our digital channels where everything is very measurable, and we will build and extend our data asset of customer behaviour and customer conversion and continue to optimize. But we think it's important to start off rather conservatively in our earlier estimates. Thank you for your question.
Great. Thank you very much.
Again, if you would like to ask a question, press star then one on your telephone keypad. Participants can also ask questions using the Ask a Question button on the webcasting page. We'll take our next question from the line of Alexander Bowers with Berenberg. Please go ahead.
Hi everyone. Just two questions for me. On the topic of marketing spend, I think you mentioned in your guidance that you expect to grow marketing investment sort of post-2024. Would you be able to give me more color as to kind of what level of marketing spend you expect in sort of 2024 sorry, 2025, 2026? And then sort of the second topic, just on the U.S. partnership, you mentioned the U.S. partner sort of contributing to marketing spend. Could you give us a ballpark view as to how much sort of PensionBee will be spending both, I guess, on the marketing side, but then also on sort of building out the team there on a sort of a yearly basis, if you can? Thanks.
Hi. Good afternoon, Alex. Thank you very much for your question. Let me take the first one around marketing spend and the guidance that you have commented on in the presentation before. So I think what is very important to understand is that we are addressing and serving the transferable pensions market, which is an enormous market, as we have touched on before, where we are uniquely positioned to really capitalize on our brand and positioning to capture and increase market share in that market. However, we do balance that kind of growth element with profitability and ensuring that we are growing on a profitable basis. So this idea of profitable growth is incredibly important, which is also tying into then the long-term thought process of how we think about the company. So the first and very crucial priority is therefore to always ensure that we are profitable going forward.
And as you have noted, in Q4 2023, we were profitable on a full quarter basis. And we have also guided that we are expecting profitability on a full year basis this year. So we expect this to continue so that the subsequent years will all be profitable. However, and then here's the balance to the growth element, we do see then an opportunity to invest that excess cash back into the business to drive growth and ensure that we capitalize on our positioning and capture an increasing market share in this enormous market that we are serving. So what that means for your particular question and how to best think about it, I think we think about it in a way that we would continue to scale, particularly on the marketing side, until we reach kind of a steady state equilibrium. What made that equilibrium be?
I think one data point you may want to look at is the marketing spend that we had in 2022, which was around GBP 17 million. Then reflect on what are the variables that have changed in the market, such as the market, of course, has grown because of an additional contribution by employees. Also the awareness around the problem that we are addressing has also grown, which also impacts how receptive consumers are on that consolidation message. So having said that, it would not be unreasonable to assume a steady state medium-term marketing budget that is a little bit north, so above that GBP 16.6 million that we spend in marketing in 2022. Then, of course, as we then continue scaling it from that point onwards, there would be a much lower growth thereafter once we have achieved this steady state marketing point.
I hope that answers your first question. I would tend to Romi for the second question.
Thank you very much. I believe the second question is very much focused on additional information regarding the U.S. partnership. We don't have any further guidance to provide compared to what we stated a week and a half ago. The partnership is a very attractive financial opportunity because it will see us investing a small one-off amount of money from our direct balance sheet into the venture. With the partner's contribution, it means that we will have the capital and resources to grow a business that is at least the size of the U.K. business over the next 10 years. Of course, the U.K. business itself is a growing business. We hope that provides you the further context that you need around this particular opportunity.
But as you know, as things develop and as we come a little bit closer to the launch, we will release more information on the commercial arrangement and the expected growth plan of that business. Thank you very much for the questions.
There are no further questions on the conference line and no questions submitted via the webcast page at this time. I'll now hand the call over to Romi Savova for any closing remarks.
Thank you very much. It's been a pleasure to interact with everyone in the investor community and in the analyst community as well. We're looking forward to having more discussions with you around year-end results. Of course, we'll look forward to seeing many of you around our Q1 update as well.