Okay, I think we can start right now. Good morning. My name is Basak Karakus. Today's webcast is presented to you by Tim Thurn, our CEO, and Henrik Bergentoft, our CFO. The presentation will address the Q1 of the FY 2022, but also the CEO speech as part of our virtual annual general meeting. In the first part, Tim will give a short introduction and comment on the financial highlights in Q1, followed by an analysis of the sales development before he finishes with commenting on the key events. Henrik will guide you through the financial review before he hands over the microphone to Tim, who will summarize and comment the year 2021. In case you wish to ask a question, please raise your hands.
You're gonna see a hand icon at the bottom of your screen, and I will open your microphone at the end of the presentation. Please take note that we will not be taking any questions in the chat. A recording of the webcast will be available on the C-RAD website after the presentation. With that, I hand over the microphone to Tim.
Great, Basak. Thank you very much. Let's get started with a short introduction and the financial highlights. C-RAD is active in the field of cancer treatment. Our customers are hospitals and clinics that fight cancer with radiation. In modern high-precision radiation therapy, accurate tumor alignment is crucial for a safe and successful treatment. C-RAD positioning products are supporting this process and are fully integrated in the clinical workflow. Over the past years, C-RAD has been growing significantly and generated last year SEK 260 million in revenue at an operating margin of 14%. We are starting the year with a very strong momentum in order intake and measurable growth in all regions totaling to SEK 81.5 million, a growth of 23% in the quarter. Yet another quarterly order intake record.
Revenue decreased by 6%, whereas we see continued growth in all regions with the exception of China, which was affected by the pandemic and related lockdowns. As a consequence, operating income dropped significantly to SEK 0.2 million. With order intake exceeding revenue, order backlog continues to grow with 33%, especially in our service segment. Let's take a closer look at our sales performance. It is very encouraging. We can deliver measurable growth in order intake in all regions. A huge unmet demand for cancer care in the APAC region creates an underlying demand for high-precision radiation therapy equipment. This in combination with C-RAD's strong presence and an excellent market position in the region creates a momentum reflected in order intake growth of 34%.
It should be noted that also order intake was affected by the lockdowns in China, with significant reduction in bidding from March onwards. Last year, C-RAD established its presence in India, a very vibrant market with a strong desire to provide state-of-the-art radiation therapy at high growth rates. I believe a very good potential for C-RAD in the mid and long term. Continued growth in our largest region, EMEA, as well as the Americas, with 19% and 18% respectively. In the U.S., we were able to secure yet another order from MD Anderson with multiple C-RAD systems to be installed in their newly built proton facility. Another large order has been won from the university hospital in Germany. Looking at the product categories, the lifecycle business essentially tripled compared to previous year.
Healthy growth for our laser business and our largest category shows a stable result in comparison to the previous year. This again relates to a large extent to the drop in order intake in China, which is essentially contributing primarily to our sales of lasers and positioning products. In conclusion, a very strong momentum in order intake confirming the interest in our products and solutions. Our business reflected in revenue, but especially in order intake, is subject to a very distinct seasonality pattern, whereas usually the H2 of the year is significantly stronger than the first two quarters. This is since many customers are hospitals and clinics which have an annual budget cycle aligned to the calendar year. Looking at the revenue.
Total revenue decreased compared to last year with 6% due to the unfortunate return of the pandemic in China that has contributed to stalled installations and delayed payments. Strict lockdowns in major cities have affected customers and our long-term distributor in China that in consequence took less deliveries as compared to previous quarters. Looking at the APAC region, excluding China, sales has grown with 13%, so also here a very healthy development. Americas continued a positive trend with a revenue growth of 64%. EMEA grew with 10%. APAC decreased with 45%, with China being the region significantly decreased revenue compared to last year. The lifecycle business continues to grow with a high pace of 47% over last year's Q1 . Let's zoom in a little bit on the service business or the lifecycle business as we call it.
The lifecycle business is primarily the sales of service contracts and it continues to grow rapidly in order intake by 195%. I mentioned service revenue grew 47% to approximately SEK 10 million in the quarter, constituting 18% of the total revenue versus 12% in the previous year. This is an important driver behind the improved gross margin. Let's comment on the key events during the period. We succeeded to expand our cooperation with MD Anderson network. I touched upon this a little bit earlier in the presentation. MD Anderson has multiple installations with the C-RAD surface tracking system at various sites, basically in the larger Houston area. Now, the team at the newly built Proton Center has decided to adopt the C-RAD solution as well.
This is a huge success for us and underlines our dominant performance, specifically in the PT sector and the success we had with MD Anderson team to implement their surface tracking program. Another large order can be reported related to the university hospital in Regensburg, where the customer decided for the C-RAD solution to implement surface tracking. It is very encouraging to see these commitments, in my view, another confirmation that the technology is on its way to become standard of care. An important milestone on the journey was taken by the publication of the report by the AAPM. A dedicated task group by the American Association of Physicists in Medicine was assigned to provide technical guidelines within surface imaging.
The conclusion of this report was that the clinical use of surface imaging has increased dramatically with demonstrated utility for initial patient positioning, real-time motion monitoring, and beam gating in a variety of anatomical sites. Similar work groups on European but also on domestic level are working on similar guidelines to enable centers to adopt the technology seamlessly. I would like to comment a bit more on China. As we are all aware, the measures taken by the Chinese government have a significant impact on the population as well as public life. The situation is affecting also our team, our customers, and our distributors. The number of biddings or tender procedures has significantly decreased since the lockdowns were implemented. This affects order intake as customers are placing significantly less orders.
With people being in lockdown, hospital operation is reduced to a minimum and installations are, by and large, postponed, which is creating an adverse impact on deliveries and delayed revenues in the region. It's not certain how long and to which extent the current measures will be maintained, but we believe it's temporary. We believe that this market has a huge unmet demand and a commitment from the government to invest in cancer care. C-RAD is in a strong position and is market leader in the surface tracking space in China. Therefore, we have decided to continue to invest in this market and strengthen our commercial organization to support direct sales, our OEM relationships, and also our distributors. If we expand a bit on the strengthening of our commercial organization, we have the very firm belief that surface tracking is on its way to become standard of care.
We are very positive about the potential for our technology in the mid and long-term perspective. To further enhance future growth, we have decided to strengthen our commercial team by adding roughly 1/3 more salespeople in strategic markets in Europe, North America, and as I mentioned before, in China. We believe that C-RAD has a great opportunity out there. There is a demand for high-precision patient positioning equipment, and the demand is expected to grow. We want to engage with more customers and by that, drive adoption with a higher pace. Davis, I hand over to Henrik, who will guide you through the financial review.
Thank you so much, Tim. We will start by taking a closer look at our P&L statement. Revenues for the quarter decreased by 6% to SEK 56.3 million in the quarter. In constant currencies, the decrease was 10%. As Tim already commented on, the decrease completely relates to the current situation in China. Our gross margin came in at 64% for the quarter, and further comments to follow on the next slide on that metric. External expenses for the quarter amounted to SEK 14.9 million and are in line with the level of the Q4 2021. The increase compared to last year mainly relates to increased travel and physical market activities as the pandemic has eased up in several markets besides China, of course.
Personnel expenses for the quarter amounted to SEK 21.2 million, also in line with the Q4 of 2021. The driver behind the increased cost compared to previous year is an enhancement of the organization, primarily within sales and services. The average numbers of employees was 69 during the Q1 2022 compared to 57 last year. At quarter end, the number of employees in the group amounted to 70 compared to 57 last year. Operating income for the quarter amounted to SEK 0.2 million and a margin of 0.3%, a significant decrease from last year. Gross margin and operating expenses are in line with recent quarterly levels, whereas the lower revenue is the one factor explaining the decrease in operating income. Net results after tax in the quarter amounted to SEK -1.2 million.
The tax expense refers solely to the reversal of deferred tax assets for the Swedish entities and does not affect cash flow. This slide is displaying our gross profit margin and revenue over a longer period of time. As already mentioned, the gross profit margin in the Q1 2022 came in at 64% as compared to 61% last year. Fluctuations in the gross profit can be expected between periods as it is dependent on the product mix and the variation of sales channels in our different markets, where a larger portion of direct sales was the main driver behind the improved gross margin compared to the same quarter 2021. In addition, the growing portion of service in revenue has a positive impact on the gross margin.
As clearly shown by this graph, the gross margin has a positive trend improvement over time. This slide displays our revenue and operating profit over the last six years. As seen, there's a clear positive trend over time. That said, there is a seasonal pattern in C-RAD's operations. The second half of the year is usually the strongest period, both in terms of order intake and revenue. This is due to the fact that a large number of customers are hospitals and clinics, which have an annual budget aligned to the calendar year. As the larger part of C-RAD's cost base is fixed, fluctuations in revenue have a direct impact on the quarterly operating profit, as seen now in the Q1 2022. Volatility in order intake and revenue between quarters and markets is to be expected in our business also onwards.
This slide displays our balance sheet at the end of the Q1 and our cash flow during the Q1 with a couple of comments to be made starting off with the cash flow. The negative working capital is a result from a higher inventory level, and that is a deliberate measure to be able to secure capacity to deliver onwards in the challenging times of supply chain. Also negatively affected by delayed payments from our customers in China. Still, we end the quarter with a cash position of SEK 150 million, and on top of that, an unused credit facility of SEK 20 million. The company is completely debt-free, and we have a solidity of 76%. Order backlog. As I believe you all know, the order backlog represents orders that have been received but not delivered nor invoiced.
The backlog amounted to SEK 451 million at the end of the quarter, an increase of 33% compared to the same period last year. From the total order backlog, SEK 229.5 million relates to products and SEK 222.1 million relates to life cycle business or service contracts. Out of those, SEK 38 million, representing 17% of the order backlog for life cycle business, will be recognized as revenue within the coming 12 months period, as service contracts are recognized as revenue over the contract period. The service contracts can be up to eight years, while the most common contract period is three years-five years. That marks the end of the financial presentation.
Yes. We are closing the first part of our presentation, but before we start, I mean, Tim starts presenting the second part, I would like to remind you that at the end of the presentation, we'll be taking the questions. But Harry, can you please make sure that your microphone is turned off while Tim is presenting? We have received some messages regarding that. So yeah, thank you. Now I'm handing over the microphone to Tim.
Thank you, Basak. Great. Let's move on. Our vision is to provide superior treatment in radiation oncology for all patients. How do we get there? C-RAD's mission is to be the preferred partner to ensure safety and efficiency in advanced radiation oncology, helping to cure more cancer patients and improve their quality of life. I would like to sum up some of the highlights from last year. In the beginning of the year, the Patent and Market Court of Appeal confirmed C-RAD's entitlement to a patent application, and the verdict was published on April 23. This is now the final and definite decision and verdict in that particular case. During spring, C-RAD opened an office in Delhi to better serve the Indian and the South Asian market.
The U.S. region has a huge demand for state-of-the-art radiation therapy equipment, making it one of the fastest-growing markets worldwide. Another legal case at the Patent and Market Court was rejected the claim from a former employee for compensation for an invention
That decision was published in July, has been appealed by the counterparty, and further progress in the case is pending. More in fall, towards the fall, C-RAD announced that the Catalyst+ HD system has successfully been validated with Elekta's newest linacs, the Elekta Harmony. All Elekta linear accelerators are now certified for compatibility with the full capabilities of the Catalyst family of products. Another event also in fall, C-RAD and another US-based linac vendor, which is Accuray, signed an agreement to develop an interface between the C-RAD system and the Accuray Radixact system with the purpose to enhance the treatment specifically for breast cancer patients. Just before Christmas, C-RAD received a purchase order from the Belgian company IBA regarding the supply of C-RAD's surface tracking solution for two Chinese proton centers.
The net order value amounted to SEK 20 million. If you look at the financial highlights, last year, focusing on order intake, revenue, and the result. Order intake grew with 13% last year. Revenue grew with more than 20%, 21% during 2021, and we generated operating income of SEK 36 million or 13.8%. I think all in all, we have shown that the interest in our solution is picking up quickly. We have shown that we can grow this organization, we can scale up this organization in a profitable way, during last year. If we look at the C-RAD technology, C-RAD is among the vendors that help our customers to improve cancer care. Cancer is among the leading causes of death worldwide.
Three methods have been established to treat cancer, which is surgery, it's chemotherapy or drug therapy, and radiation therapy. We are focused and active in the field of radiation therapy, and our products are used to improve patient safety and increase efficiency. The demand for our products is driven by the worldwide implementation of high-precision treatment techniques. C-RAD saves lives and increases efficiency. The C-RAD technology is used for supporting stereotactic treatments. With the implementation of this high-precision treatment protocols, the number of treatment fractions can be reduced significantly from around 30 with conventional treatments to around 10 fractions for stereotactic procedures. At the same time, we improve the patient safety. The C-RAD system contributes to ensure that the patient and only the tumor is treated with radiation and reduces the risk of radiation damages.
All this comes at an additional investment of only 5% of the total investment to equip a cancer treatment radiation room. I think one very important pillar of our growth journey is the adoption of the technology and it becoming standard of care. There are several indications that we see that support our assessment that the technology is becoming standard of care. I want to frame some examples. The proton therapy, which is kind of the spearhead of precision radiation therapy, we see that essentially all new centers and upcoming centers are selecting surface tracking as part of their patient positioning portfolio. Another example, we have mentioned before a tender that has been published last year in Spain, where the government went out to shop for 85 linacs.
As part of this tender, surface tracking was made mandatory, meaning that all the linear accelerators need to be equipped with surface tracking. I think that are important confirmation and important steps in the right direction to make the technology standard of care. If we look at the market and the potential in the market, there are roughly 12,000 linacs installed worldwide. We believe that approximately 9,000 linacs of this 12,000 linacs are installed what we call advanced markets. Now, if we say the technology is becoming standard of care, so it might not necessarily be 100% of the 9,000 accelerators being equipped with surface tracking. It might be 75%, it might be 80%, it might be 85%, somewhere there.
The point that motion management or surface tracking is on its way to become standard of care gives us still a huge growth opportunity with the current market penetration of just above 20%. There is another 60% or more to grow. The other point is, if we look at the performance, C-RAD's performance over the last years, we have been outperforming the market. The underlying driver of the adoption of this technology is what we see in the lower right corner. There is a very strong trend in a transition from conventional treatment fractions or treatment schemes towards so-called high precision, which is stereotactic treatments or hypofractionation.
In order to deliver this in a safe and efficient way, the C-RAD solution is selected. If we take more the clinical angle of the adoption of the technology, we see that five or six years back, the technology was primarily used for breast cancer treatments. If we talk to our customers today that have already selected the C-RAD technology, we see and hear that currently they use it for more than 70% of the patients that are treated at the center. It has clearly developed from a niche solution for certainly very important indication, breast cancer, towards a solution that can be adopted more or less on all patients. Also a very encouraging development. Based on that, we look at the market potential.
When we look at the market potential, we are essentially looking at three pillars. One is adopting the technology to new linacs sold. Of course, there is a huge installed base, there is an opportunity for retrofits. As we saw earlier, the service business is becoming a more relevant and important pillar for our business already today, but even more moving forward. The potential for new linacs, we see, the potential to be SEK 1 billion on an annual basis to equip new linacs with surface tracking technology. If we look at this upgrade bucket or retrofit bucket, currently 20% of our sales is done as retrofits, meaning the linac is already installed, a few years old, but the customer decides to adopt the technology. That is twenty f-- around 20% of our revenue last year.
Then the service contracts, it was 13% during last year, but we also saw a steep upward leaning curve in the revenue development. All in all, this determines the market potential that we see for the technology and for us moving forward. To close with the reasons for an investment in C-RAD. Certainly, C-RAD creates value for the society in the fight against cancer. C-RAD has a proven and well-recognized product in essentially all parts of the world. With our comprehensive market access, in many cases, we can work directly toward the customer or through partners. It is very important to see that the surface tracking technology is becoming standard of care, and this unleashes a significant growth potential for us.
Last but not least, I mean, C-RAD has a very stable financial platform, which helped us also in these turbulent times, for example, to build up stock levels and secure our supply chain. I would like to close my presentation with a statement about last year where C-RAD has strengthened the organization during 2021, primarily in the service organization. In addition, we have continued to invest in new product developments to intensify our cooperation with the OEMs. The latest example is the integration with and the validation of the Catalyst+ system with the Elekta Harmony linac. I would like to take also the opportunity to thank all our team members, our customers, and our partners for the commitment and the trust that they put in C-RAD last year. It is great to see the progress that C-RAD made.
We ended the year with a high level of interest in the marketplace for our solutions, and we are in an excellent position and well prepared to continue in 2022 working towards our goal of making surface tracking standard of care. The year 2022 has certainly begun with turmoil in the world scene, where C-RAD has exposure to China, but less to the tragic situation in Ukraine and Russia, where we have no local C-RAD employees and so far limited business activities. Despite the turbulences, we remain confident that surface tracking is on its way to become standard of care, and hence our plan to increase our sales activities is another confirmation of our firm belief in our solutions and the potential it holds. Thank you very much.
If you want to learn more about C-RAD, join one of our next quarterly reports, but otherwise, more short term, we are attending the ABG Sundal Collier Life Science Summit, which takes place this year on May 18. Please join us for that presentation. With that, I hand over the microphone back to you, Basak, for the Q&A session.
Thank you, Tim. Yeah, I think now, yeah, I can see people are raising their hands right now. I'm
Great.
I'm gonna unmute. Yes, Erik. Please go ahead. Yeah.
Hi, Tim. Again, I hope you can hear me all right.
Yes, we can.
Very good.
Good. I have a couple of questions today, and I'll take them one by one. Starting off, conditions in APAC obviously still a concern. Just to sort of understand the timing of these issues, for Q1, I believe that for most companies, this was something that was felt in late Q1, from say mid to early March. If the timing was the same for you, I mean, the impact seemed very significant. It was just that short of a period. Could you provide any color on the sort of timing of the slowdown and effects in Q1? If these sort of impacts are still persisting into Q2, to what sort of extent?
Yeah, Erik, very good question. Thank you very much. To start with, I mean, if we speak about the APAC region, I would like to emphasize, I mean, it is really a very local topic for China only. I mean, if we look at the entire APAC region ex-China, we had growth both, and quite significant growth both on the order intake side and also on the revenue side. I think the concern is really isolated to the Chinese market.
I think what we have seen is that in the beginning, or let's say halfway into the Q1 , the installations went down, the number of installations went down, the pace of our distributor being able to perform installations and thereby also accepting new deliveries from C-RAD went significantly down. What we have seen, that is more towards the end of the Q1 , you are absolutely correct, that the new biddings essentially stopped towards the end of March. There were very limited biddings now in April as well. This is an ongoing situation.
As the lockdown in major cities, I mean it's not only Shanghai, went into the lockdown, this situation become even worse because customers were just not going out for their biddings. I mean, then the question is, the second part of the question was, how is that going to develop? I mean, I don't dare to speculate, how the lockdowns are going to be released and when they are going to be released. I think it is very clear that the interest from the customers are there, is there, customers are interested in the technology. Nothing has changed from that perspective. It was just not the opportunity to, for them to go out in the tender or bidding process.
I think we are very much depending on the development of the lockdown and as soon as they are released or relaxed, we are expecting business to pick up again in China as well.
Thank you very much for a good answer to that question. You sort of touched upon my next question as well about the sort of visibility. I noticed that Varian felt sort of confident enough to reiterate full-year guidance and say that the sort of missed installations here in Q1 and perhaps also in Q2 should come in the later part of the year. Just like thinking about the installation plans you have and the sort of capacity for catch-up in H2, do you still feel confident that you could perhaps recover these missed installations in H2, or will sort of installation capacity be a constraint in that sort of sense?
I mean, yeah, two parts for the answer here as well. I mean, first of all, I mean, whether or not we can recapture everything in the later part of the year really depends on how long the lockdown is going to stay in place. I mean, I doubt that other companies have better possibilities to predict that. However, I would like to emphasize that the model that we have implemented and also partly driven with or during the pandemic, where we have, to a large extent, trained distributors and partners to deliver all the services for us, allows us now in times of peaks, installation peaks, to use that resources to support us in the installation process.
Overall, I'm rather confident that as soon as the situation relaxes and the market opens up again, that we can recover the installations.
Okay. Very good to hear. Also questions on the sort of increase of the commercial team, which you said would be about 1/3 . Just thinking about what sort of costs do you expect to add here? It would also be quite interesting if you would be able to go into a bit more detail on the sort of rationale and the need of beefing up the commercial team, so to say in terms of regions and et cetera.
Yeah. Yeah. No, absolutely. I mean, look, I mean, I think it boils really down to the standard of care or the technology becoming standard of care. I mean, we have had many proof points. I mean, as a matter of fact, also now during this first quarter, where, again, ex-China, which is a very isolated issue, we have seen that the market is developing very well. I mean, the C-RAD solution is well accepted by the customers. We have been winning important customers like MD Anderson, for example. So I think overall, we are on a journey where our future success very much depends on how quick are we going to roll out the technology to our customers.
I mean, the principle basically by strengthening our sales organization, that we are able to have more customer contacts, either direct or together with our partners, which might be OEMs or distributors, but more customer contacts to push the technology faster into the market. I think there is a huge untapped opportunity, or untapped is maybe the wrong word, but where we see potential is with the installed base. Maybe not in all market, more in the private market, but upgrading the installed base. There are opportunities for us by strengthening our sales organization to drive the adoption even faster compared to now. That is the rationale to increase the sales organization.
If we look at the regions, I mean, for obvious reasons, I don't want to be too specific here now, but I think there are certain markets in Europe where we are under-represented. I think there are opportunities. Customers are looking for the C-RAD solution, are interested to talk to C-RAD, to learn more about the C-RAD solution, and that are the markets that we want to address. North America, it's a huge market. It's reflecting roughly 45%-50% of the world market. We still have even though we have grown the organization, and even though we have this collaboration with Elekta, which is working very well, there is still a huge untapped potential.
By strengthening our organization, we want to get a larger share of the pie. When it comes to China, I mean, China has been growing significantly. I mean, over the last years we had over 30+% growth rates. We believe that the current situation is a very temporary thing. We believe that the market will open up. We see a strong interest from the customers. We see the clinical results that are being published. We see the presentations that are done about the Sentinel technology at the conferences in China. People are excited, people are enthusiastic, people want to adopt the technology. Now it is a matter to get in touch, in contact with more customers in a shorter period of time.
Perhaps I think that was the first part of your question, the cost side. We will not disclose any details here now. However, our objective is and continues to be to grow the organization profitably. Of course, it takes investments in order to, you know, build up the sales organization. We believe it's well worth the investment now, investing now into the sales organization and harvesting the fruits shortly thereafter.
Yeah. Thank you, Tim. Makes a lot of sense to me. I agree with you. Then just the last question here from my end, and then I'll jump back into the queue. I'm just trying to understand the sort of order intake situation.
Yeah.
A bit better. I mean, service has had a very strong quarter.
Yep.
It was a bit weaker for products. It's the decline year-over-year, despite fairly supportive FX. The comps was then again, fairly challenging. I just wanna understand how reflected the sort of order intake is of the market situation right now.
Yeah.
For the coming quarters. I mean, you have these two slightly larger orders that total about SEK 19 million-SEK 20 million. That both included the sort of multi-year service contract, which both helped lift Americas and EMEA, which is not something I can expect to happen every quarter, even though I would like to. I guess what I'm trying to ask and say, if we look at some sort of normalized order intake situation, do you see any softening of demand from customers on the order intake side as well? Perhaps for APAC, but then again for other regions as well, or is there still a solid momentum all around?
Yeah. Yeah. No, I mean, absolutely not. We cannot see that the momentum is going back or falling back. Here, I mean, it is very much related to China. I mean, order intake did not develop to the same extent as expected also in China, even though it was more towards the end of the quarter that the biddings went down. It had an effect, and we saw this effect in our order intake. China is a market where we predominantly do not sell service contracts. It is very much focused on product sales and as a positioning product and also the laser business.
That's why, I mean, basically what China fell short is also reflected in the order intake for positioning products predominantly. That is one aspect. The other aspect, and I think, I mean, if you look at the last quarters, the order intake for the positioning product came in very strong. And there is always some volatility over the year or over the regions as well. I think we simply need to lift this effect at a certain point in time. I mean, service is coming strong in another quarter, maybe the order intake for the positioning product is coming in very strong. There is a normal built-in volatility to the model.
We cannot see any changes in the interest in the market. I think the confirmation or the step to, you know, continue to invest in our sales organization. I mean, we are pretty bullish about the market. We have quite some expectation on the market. We see a huge potential. We see that the market is developing in the right direction. It is now a matter of, you know, accelerating the growth by putting in the resources to make it happen.
Okay. Thank you very much, Tim, and thank you to Henrik as well. That was all for me. Thank you.
Thanks, Erik. Do we have any other questions?
No, Tim, I mean, I cannot see any other raised hands in the chat area. No.
Okay, good. I would like to thank everyone for attending today's webcast and wish you all a good day.
Have a good day. Bye.