Hello, and welcome to Quickbit Year End Report for 2020, 2021. Throughout this call, all participants will be in a listen only mode. And afterwards, there will be a question and answer session. Today, I am pleased to present Hammad Atezefan, CEO and Simon Atevorki, Head of Finance. Please go ahead with your meeting.
Thank you, Evelina, and good morning, everyone listening in, and Warmly welcome to this earnings call for Quickbit for the Q4 year end 2020, 2021. My name is Hammad Abu Issefand and I'm the CEO of Quickbit. And with me today here on this call, I have Simon Affewerki, Head of Finance. In today's call, we will present the key highlights for the quarter. We will talk to and touch our growth and growth strategy.
We'll go through our products as well as details around our financials. I aim to, in the end, wrap up with some of my key focus areas, the coming months ahead and a Q and A session. So, I've been the CEO for Quickbit for about 2 weeks. And I have To say it's been very encouraging, but also hectic days in the office. It's in many ways refreshing to engage and to see The commitments and the company and the teams working and working focused towards our strategic Priorities, which I will talk to in a few minutes.
I am very enthusiastic and passionate about the company And are really looking forward and eager to lead our organization into the next phase of our growth journey. With those introductory words, I would like to get going. So operator, please, next slide. We're looking at the Q4 highlights, and we are showing a stable revenue of SEK842 1,000,000 on par with the same quarter last year. We did, however, experience a weaker May, which I will talk to later on, which was then followed by a stronger than normal momentum in June.
The gradual increase in transaction during June Led to a total higher transactions for the month. And in the quarter, we also saw an increased number of onboarded e merchants. And as you know, e merchants are one of the cornerstones in our growth in the affiliate leg, and we continue to see a high demand in what we consider an Looking at the gross margin for the quarter, it amounts to 3.6%, Generating a gross profit of SEK30 1,000,000, which is in line with our previously communicated ambition at 4% over time. During the quarter, more specifically during the month of April, we announced that we will not move forward with acquisition DCS, digital currency services. And the main purpose and reason for that is that we have been Able to build up our own organization in terms of capabilities, which actually allows us to foster and drive these kind of processes in house.
And that's in many aspects more cost efficient and efficient overall and something that we're happy about. And a token of that is obviously the approved registration from the Swedish FSA announced a couple of months ago. Next slide, please. So this is really our pillars for growth, Our strategic priorities that will lead us into the future growth of Quickbit. And to the left, we have Innovative Financial Services.
And this is essentially our Quickbit app. It's our banking Service, it's our card service, it's our affiliate service and it's our coming merchant service. And this allows us to go from innovation to creative financial services that adds value to our customers and this is the vehicle for that innovation. During the quarter, the Q4, we launched we prepared ourselves for launch when it comes to the Quickbit app. And during that period of time, we were in quite intimate dialogues with our customers, which allowed us to Enable an intake of great number of feedbacks.
And this feedback is valuable to us and something we're creating a process for From going from feedback and IDs into value creating services. We want to be much faster in going from IDs to revenues in that sense. Sustainable growth, I mean, in essence, that means we will stay and continue being growing profitably. And we do that by making sure that we have the pillars of profitability enabled. And a part of that is what we announced a couple of days ago when we announced the partnership with 1 of the largest acquirers in the industry, Worldpay.
Companies like Worldpay enable our growth In the affiliate link and something that we will continue focusing on going forward. But it's also a token Of quality, it's in evidence of Quickbit becoming a company that is qualitative in the perspective of big players such as Worldpay and something we're extremely happy and proud about. Now we're entering the consumer business. And with that, we need our customers to feel secure transacting with us. We want people to feel comfortable and secure using Quickbit.
In that lies a great lot of work establishing a strong market leading brand. And during the quarter, we onboarded our Head of Brand, which is actively working on a brand refresh and also looking at targeting certain segments In our app launch where we will drive adoption using marketing campaigns. Now the 4th pillar in our growth story is really about people and attracting the best people in the industry. I personally believe that if we are successful in launching innovative financial services faster and better than anybody else, If we are successful in our strategy and execution of sustainable growth And if we are successful in creating a market leading brand, that's the natural platform for people to get attracted by Quickbit and something that we are very engaged in. During the quarter, we hired our Head of People and Culture, And we are taking the 1st structural steps in building our talent acquisition and retention capacity and something that I'm very, very excited about.
Operator, next slide please. So a few words about our growth and growth strategy. I mean, I've been in the company for 2 weeks, but I do have a very, very crisp view on how we should grow our business. And believe me, the team has 2. And I will break this up in B2B and B2C segments.
So if we look at the B2B segment, which today is constituted by our Affiliate offering. We are going short term to grow that besting by nurturing our existing merchants. I call that adoption. Adoption meaning that we want more from everybody. We need to nurture them, foster them and continue staying relevant.
From a market perspective, we intend to grow by increasing number of merchants. We call that uptake. So for our B2B segment, in the short term, it's really about driving adoption by staying relevant and close to our customers, Driving uptake by increasing and making it easy for merchants to onboard using Quickbit affiliate. In the long term, it's all about launching new capabilities or services. We will do that using our merchant platform.
And the merchant platform is once again the vehicle where we innovate going from ID to services for our B2B customers. And in the long term, we are looking at expanding into new territories, new markets. From a B2C segment and perspective, the short term is really about creating new services. We have launched our app and we need to make sure to become much faster and more focused in launching services that our consumer wants. We have a pipeline and I'll talk to that in a slide or 2.
And that work is extremely I would say it's very much ongoing and something we are very happy to continue working with, hoping to come back to the market with some good news later on. In the short term, we drive adoption by creating new services. So when it comes to the Quickbit app and the banking that is ongoing and the card facility, The long term is really about entering new markets and finding synergies with the B2B work that we are ongoing. With that, I would like to move on to the next slide, please. Thank you.
So, yes, we launched the Quickbit app. It was in many aspects a very successful launch. And we were actually, during the first period of time, top 5 in App Store as a financial service app, Which is also a token of how appreciated our product was. And I personally have gone through most of the feedback And the feedback is overall very, very encouraging and positive. But it's also feedback that we foster and furnish into making us Better and more successful.
That means that we're taking the feedback, harmonizing it with our own plans and creating A series of services that we intend to launch to the market that includes new coins, That includes the banking capability and of course, the card capability. Now before we do that, we have to ensure that we are ready to Scale, not only from a services perspective, but also from a technical perspective because once we start scaling With new capabilities and also geographically, we have to as a company be fully prepared for that. Next slide, please. So we are looking at the Quickbit affiliate And I mentioned that we saw an uptake in transactions during June. And I want to say that during the month of May, We targeted a technical update, which really in essence we're focusing on increasing The conversion rate.
The conversion rate is very important to us as a company and something that allows us going from Initiating a transaction with Quickbit to finalizing it. And that's a part of our adoption strategy. Now the return of that investment showed and resulted in a better June and something we are very happy and proud about. I did mention the merchants. So the merchant is one of the cornerstones in growing the affiliate business.
And as you can see, we've had a very good uptake in number of merchants the last period of time. If we compare ourselves a year ago, we have more than 2 50% increase, but just looking at the previous quarter, we're at a 10% increase. So we really do have the platform and the baseline for growing this business and something I am very optimistic and passionate about. So together with adding acquiring partners and adding merchants, driving adoption, I believe we have the good foundation for future growth within the Affiliate segment. And with those Last words, I would like to hand over to Simon.
Thank you, Hammad, and hi to everyone listening in. And let's go through the Financials for the Q4 or April to June 2021. I am on Slide 7. On the left hand side, we see our revenue development for the last few quarters. Our revenue in the Q4 amounted to SEK 842,000,000, Unchanged versus Q4 last year adjusted for constant exchange rates.
We are displaying stability in our revenue After as the graph shows, a fiscal year of large fluctuations. And just to pick up on Hammad's revenue comments, we did experience Relatively weaker May, driven by improvements that we've made to our Quickbit affiliate offering. The effects of which we've reaped already now in June with the with on the one hand improved security and visibility in our revenue streams. But secondly, and very encouragingly, steadily increasing transaction volumes in June. I want to spend a few words on how we measure our momentum to sort of have a common view on the progress of Quickbit.
We look at our daily transaction volumes internally or we call it average daily volumes, whose long term trend we track internally to measure our momentum, to measure our progress and to make decisions, not the day to day or even month to month Fluctuations such as in May. And by that measure, we conclude that we are seeing higher than normal average daily volumes in June, suggesting that the improvements we made in May not only positive, but also lasting had positive and lasting effects. So when we look at our average daily volumes, we are seeing an upward trend since the turn of the year, which is further encouraging. In other words, or put simply, Our average daily volumes in June exceed the levels we saw in our Q3, which by every measure was a very strong one. On the right hand side, we are showing the development of our gross margin and we report a gross margin of 3.6% in the 4th quarter compared to last year's 3.8%.
This is in line with our ambition to over time average 4%. Our strong cash position and our clear priority and focus on growth allows us to go below 4% in gross margin from time to time, if we deem it to be supportive or conducive to our growth over the long term. Given the development of the gross margin, I think it's useful here to talk about What can affect the margin from time to time? There are a number of factors in play in any given quarter. For example, we have a differentiated fee structure across our acquiring banks, illustrating how important it is to have more acquiring banks and to continuously hold a dialogue with our existing ones to to achieve attractive terms.
But we also have a differentiated pricing structure depending on the geographical location or depending on the merchants. Next slide please. We are looking at our income statement for the Q4. And let's take a moment to walk through our cost base and what can be expected going forward. More specifically, let's look at our cost item, other external cost or in Swedish, which includes mainly nonemployed staff or consultants, Some transaction costs, legal and financial costs.
In the Q4, it amounted to SEK 23,000,000, up from SEK 20,000,000 in The Q3 or last quarter. First, some of these SEK23 1,000,000 And in other external expenses, are one offs or extraordinary costs of SEK3 1,000,000, mainly related to non cash legal or due diligence expenses that we incurred in conjunction with obtaining the option to acquire DCS. These have up until a decision was made regarding DCS been reported in our balance sheet as prepaid expenses. Further some SEK 9,500,000 compared to SEK 8,500,000 last quarter, our transaction or volume based cost and commission to introduce us To acquiring bags that we've talked about before. And when we talk about our costs, when we have done so or before, we have indicated Basically, 2 underlying and sometimes divergent trends in our cost base.
On the one hand, we have our underlying expenses that are driven by a larger organizations and growth or growth investments. And as we said before and because we prioritize growth, Quickbit App and Quickbit Card and future products will demand gradually increasing Investments in these areas. We obviously continuously evaluate our costs, but I want to reiterate that we believe these investments are vital in a Competitive, young and developing segment like ours to gain ground now to achieve long term value in the future. On the other hand, we also have what we call reducible costs. Those are variable transaction costs or introducer fees.
We are, for example, hard at work to establish our own relationships with acquiring banks and with more acquiring banks, which would gradually over Time reduce and or remove introducer fees. The other day, we communicated that we've entered a partnership with Worldpay, demonstrating our efforts Towards that end, Worldpay is a leader in the payment segment and our partnership is a milestone for Quickbit. We are in dialogue with a series of New acquiring banks that we have in our pipeline, and we have been for a while. We've really been prioritizing those efforts. It is important for us to have several acquiring partners.
That is how we decrease dependencies towards any given partner. That is how we reduce our transaction costs and that is how we reduce our introducer fees gradually and over time. I think with those words, that sort of highlight what we focus on from a cost perspective, I want to hand over back to Ahmad for some closing remarks. Next slide, please.
Thank you, Simon. So just a few words and reflections on the coming week as I settle into the new role And assessing our strengths and capabilities and where we have to improve, We are going to assess ourselves, both technically as well as organizationally, making sure that we are ready and fit for growth, both in terms of Expanding ourselves into new markets as well as expanding our services offerings. We're going to continue focusing on driving revenues in our affiliate leg by nurturing our merchants and our customers and driving a higher uptake by onboarding more of them. And we're going to continue focusing on stimulating This business by accelerating the dialogue with partners such as World Bank, which enables us to grow. And I'm very happy and eager to host an investor event and we will come back to you with that during the Q1.
And with those words, I would like to now start the Q and A session with questions from starting with questions from Equity Research Analyst, Magnus Gog from Erik Penza. Thank you very much.
Thank you. We have a question from the line of Magnus Gok from Erik Pansa Bank. Please go ahead.
Yes. Hello, Amade and Simon. I have a question regarding the technical changes in May that lowered the revenues. Is that a one off thing? Or do you expect something similar will occur in the future?
Hi, Magnus. So this is Hammad here. I mean, we will continue always driving performance in everything we do. A part of that is identifying improvements and technology improvements that drives business output such as conversion rates. As we see now, we don't see or foresee any of those changes coming in, but it has been one of those Highly prioritized changes, which enables us to increase our efficiencies.
So with that, As of now, I don't see that. But this is something in our ambition to continue driving performance.
I understand. Thank you. And regarding the gross margin, do you think for the I feel like that it will average around the level this quarter 3.6% or will it average more around 4% In the future.
Hi, Magnus. Well, we've communicated an ambition to over time report a gross margin of 4%. The quarter before this one, we had 4.4%. And the quarter before that one, I think we have some 5.5%. And in this Q4, we record 3.6%.
So our ambition is not that we every single quarter record 4%, but it is that we over time average 4% and we stand by that ambition and obviously working very hard to uphold that ambition. We don't foresee any reason we don't currently foresee any reason to change that ambition. Quite opposite. We are optimistic about upholding that ambition to over time average 4%.
Super, thanks. And other receivables increased Compared to the last quarter, what was the reason behind the increase?
We've We talked about our we talked about the items on our balance sheet quite extensively before. So on the one hand, we have rolling reserves Related to deposits we made previous deposits we made to previous acquiring banks of about SEK 55,000,000. They are largely unchanged from they are unchanged from last quarter. On the other hand, we have what we explained, obviously A 3 day approximately 3 day difference between when we record revenue and when we actually get paid. On the same way, when we record cost and when we actually disperse Money out to merchants.
And what we are seeing is the effects of that 3 day lag between when we record and when we get paid for a transaction. We have tried to extensively sort of Elaborate on that in our quarterly report. You're seeing the same sort of effect on the other side of the balance sheet in on the liability side. And those 2 together also have an impact on our Net working capital. And what we are essentially doing is not Certainly in opportunistic way, but we are maximizing our cash management to make sure that we are using That time difference to our advantage to the highest extent possible.
That obviously means Trying to collect money from our transactions as soon as possible and to To have flexibility of when we can make payments out. Essentially what that means is that we have, right, we have a that would result in either 1, 2 or 3 day Free of charge, free of interest financing for the company.
Yes. And the rolling reserve, do you expect it to decrease in the future or stay at the same level as this quarter?
A few quarters back, the rolling reserve amounted to approximately SEK 120,000,000. And since we communicated our efforts To have those deposits repaid and when we ended a partnership with our previous acquiring partners, we've been able to gradually, if not Regularly, gradually get it down to SEK 55,000,000. I think we've shown a track record of redeeming back our funds, And we are constantly in dialogue with our acquiring partners. And we are absolutely positive that the remaining funds in those deposits We'll end up in our move from our balance sheet from our receivables to our cash position.
Super, thanks. And other external costs, how do you expect it to evolve in the future? I understand it's hard to get into details, but will it be around this level in the future or decrease in the future or higher.
As I mentioned in the call, there are 2 underlying or divergent trends in our cost base. 1 is, as Hammad has pointed out, we're in a growth phase and an expansionary phase. And We are obviously making those investments that we deem to be necessary to in this time in this segment ensure that we gain the ground in a very competitive market to achieve long term value For our shareholders, but not only shareholders, our users. And those entail, for example, investments in branding and investments in Staffing and customer acquisition costs. On the other hand, We have what we call volume based or transaction related costs.
Those can be to our acquiring banks or those can be to our introducer fees and so on. And we are hard at work and I think we demonstrated that by announcing our partnership with Workday that we are we have a laser focus on getting our transaction cost and our introducer fees reduced or removed gradually over time. So I know that doesn't answer in what direction our other external costs would head. But I think if we break it down, we can have it's I can give you a more nuanced sense around what's happening sort of underneath the hood.
Yes, I understand. And in the report, you touched upon the list The transfer to the exchange NGM main regulated, do you still expect that to happen Sometime in the future and in that case, in which time frame approximately?
Quickbit has since, I would say, almost a year or 1.5 years back, Not only gone through a pivot, but in every measure, governance wise, financial wise, operationally, Quickbit is a much more stable and mature company than it was a year and a half back We today have a completely independent Board. We have Set up process we have and are continuously working on setting up processes and routines that are behooved us for being a financial A listed company. And even though we interrupted the process to move to NGM Main Regulated, Our ambition still stands to move Quickbit's stock to a regulated market exchange and then regular Handelsplatz. Now regarding time frame and where is I'll leave that to the Board to decide. And we will have we have dialogues with the Board on those matters, but I can't come back with a time frame.
But the work is ongoing internally to make sure that the Quickbit is prepared to be on a regulated market exchange. But I also want to point out, while I'm at it, There are synergies in ensuring in setting up those routines and processes that are required to go to a regulated market exchange, Not only to go to a market exchange of that kind, but also from other aspects, whether they are security wise, whether they Whether it is from a regulatory aspect or from an operational aspect, what we are trying to do is to make sure that Those synergies converge so that we get the most out of those efforts and investments that we are making to set up those Routines and processes internally.
Super. Got it. And A more general question. Since the last report, how do you view the regulatory landscape For cryptocurrency in general, do you see any major changes that will affect Quickbit? There has been some changes in China, but I expect that it will not affect you in particular.
We obviously, there has been some been focus around the Crosshairs of cryptocurrencies and the compliance landscape, not only from a geographical perspective, but also A number of actors in our space that have felt the regulatory pressure. Now It would probably be best to have our Head of Compliance or the Chief Compliance Officer here, who is, In my view, the sharpest compliance mind in our segment in the Nordics. But we are functioning in an evolving space, Where many times the regulatory framework is not set and even less so across different geographies. And as the adoption of cryptocurrencies is increasing over the last 12 to 18 months, Regulators and legislators are trying to catch up in the same way that they tried to catch up when it came to privacy questions or When it came to large tech companies, sometimes that gets rushed and sometimes that might even at worst, they might get Sloppy. We are seeing a we have seen a 5th AML directive femtepenikvest Directivat, Which is which sort of stipulates a minimum level for European for the European Union.
Then every each and every country will have to interpret that or if they wish, put additional layers on top of it. So what we are seeing is obviously a regulatory landscape that is evolving. Regulators and legislators are catching up and so are we. But we have deployed a large amount of resources into our regulatory capacity. And we because we are absolutely convinced that the regulatory pressure will only increase with time.
And we are our ambition is to stay ahead of that curve. And we believe that It will be a competitive edge in the future. So we will continue to deploy resources and make investments into our regulatory capacity. But Whether sort of the recent changes have affected us, I can't comment on.
I understand. Thanks. And you answered my other questions in the presentation. So thank you for your time, Simon and Amar.
Thank you, Magnus. Thank you, Magnus.
We have a question from the line of Thomas Carlson, Private Investor. Please go ahead.
Hello, Thomas. Yes. We have some questions from the Stock Platoon Discord regarding institutional investors. You mentioned last quarter that you were going to up your efforts on that front. Any words?
We are obviously continuously working on strengthening our Investor Relations, both in terms of holding a fruitful dialogue with our retail investors, but also reaching out making sure that we are Establishing dialogues with institutional investors. And that those efforts can manifest themselves in different ways, Everything from participating in conferences as we did in New York a few weeks a few months back To as Hammad mentioned, holding an investor update, which we aim to do in the Q1. And We will continuously try to sort of strengthen those capacities. But obviously, we are continually holding dialogues With investors between the quarters. And we also sort of update on our website when we have events that are occurring and when we have participated in events.
And I think I find that to be an ordinary course of our work or at least my work And now also Hammad's work. And we look forward to, I think, upping our efforts in that sense very much. Obviously, we believe we have a very strong case. We will not only
Operator speaking, please can you move a bit closer to the microphone?
Yes. Is that good? We're not only reaching out to dial reaching out to Both institutional and retail investors and intensifying our dialogues, but also making sure that we build and work on our case and communicate it very clearly. We believe we have a compelling case and we need to make sure that we relay our view on that case in a good fashion.
Okay. Okay. A question regarding the app. How are your plans for introducing new coins in the near future?
So as I Somehow outlined throughout the presentation, we have work in progress in enabling additional coins. So that's definitely something which is coming. Now as I mentioned, we strive To have a quite intimate relationship with our consumers, making sure that we have the relevant points, which our consumers then later on will transact using. So the short answer to the question is, yes, we are announcing new coins. We will continue driving new coins based on what and how our consumers act and adopt to.
Okay. Okay. What about the Expansion plans beyond Sweden and Norway for the app. Can you elaborate anything on that?
Yeah, sure. So the highest priority right now is to make sure we complete some of our services capabilities, as I mentioned. We need to drive a few more services. The banking, I mentioned, the new coins as well as the card. And after doing that or in parallel in conjunction and something I'm doing right now together with the team is assessing Our elasticity to scale up both from an organizational perspective as well as technical.
But I think I was clear that we have a strategy to grow both in terms of adding new services as well as adding and entering new markets. And something we will come back to, which market it is.
Okay. And as for the beta phase of the merchant, Any words there? Are we on track time wise, etcetera?
So I am I mean, I've been here for 2 weeks. Right now, we're assessing the platform in the sense. And I mentioned that There's ongoing work with the merchants and plans on nurturing existing business legs Such as the affiliates, which is growing extensively. And we're also looking at the synergies between the platforms and how we evolve the services. So we are definitely in the midst of working with the merchant platform.
And in parallel to that also aligning that with the new capabilities and new services we are launching in the app platform.
Okay. The general view for the merchant is that The legal landscape is much less complicated compared to the app. Would you say that's a correct view?
I think Simon briefly spoke about the different Maturity of various countries and how they see cryptocurrencies and how certain countries are adopting faster than others. We are, as a company, looking at synergies where we want to be and we are not looking individually then in terms of Quickbit app versus Quickbit B2B segments. So It is somehow a moving landscape, but it's very much higher in pace of adoption than it was a year ago. And the maturity that countries are showing is encouraging and the adoption from society in general. We read as well as you do Every day that there's new companies opening up for transacting through cryptocurrencies.
So the landscape is slowly moving in the right direction. We as a company are Very well positioned and focused on growing that part of the organization, building strength And trying to pioneer in many aspects. So I would say that You would see in general maturity adopting faster the coming year than we have seen before, I would say. That's our prediction.
Okay. Okay. The partnership with Worldpay, Do you think that that will expand or stay where it is right now?
Could you just elaborate on what do you mean with expand? I mean, it's a partnership and it's an onboarded partner for ours. How do you what do you refer to as expand?
One Pay is a huge company with lots of services. So I'm just curious if you will Work in other areas as well with Worldpay?
Well, Our partnership with Worldpay mainly relates to acquiring services, which is where we find Common ground, meaning where we have a demand for services and they have a supply of that. And that's what where our partnership currently encompasses. But you are correct in the fact that it's Obviously, a conglomerate that has numerous lines of business, but our current partnership encompasses The services which we need, which is acquiring services. Now towards that end, Worldpay is, as anyone can read, one of the more prominent actors in the space. But not only that, But has extensive and deep knowledge about our space, about our crypto space.
So this is We're obviously very happy about entering the partnership with Worldpay, not only because it's a prominent actor in the space, but because Of their experience of working with crypto companies, their conscious initiatives and conscious focus to reach out to crypto space and collaborate with them. I believe as they say themselves, they work with 5 of the top 10 crypto companies in the world. And now Quickbit has been added to the list. Our job now is to make sure that we are one of those top 10 now in the coming years.
Okay. Thank you. Last question. How will the Quickbit board be in the future?
Ahmad, obviously, also serves on the Board. And I answer this question to make sure that he's not yapping or to have some arm length distance to the question. Obviously, that will be up to the Board to decide on how they choose to What kind of composition they choose to have in the Board going forward? Obviously, any Board will have many things to take into consideration. One is that, Hammad is our new CEO.
2nd is that we still have our ambition to move to a regulated market exchange. And 3rd and 4th is to make sure that we have the competencies that Quickbit needs to support the leadership and the management of the company From various points of view. So without speaking on behalf of the Board, there are a number of considerations that the Board has to make, But we will leave it to the Board to make those considerations.
Okay. Okay. Good answers. That's it with questions from Isaac. Thank you.
There are no further questions registered, so I hand back to the speakers for any closing remarks.
So Thank you very much, Evelina. I do want to iterate the work in terms of the Execution we're undergoing now preparing ourselves for growing the company, both in terms of adding New services as well as entering new markets. Our focus on growing our affiliate business and making sure that we foster that in the right way. And with those final words And the fact that I'm extremely happy and eager to lead this company and this new journey, I would like to thank everybody on this call And looking forward to have this dialogue again in a few months.
Thank you very much. Thank you.