Good morning, everyone, ladies and gentlemen. Welcome to the investor call with MilDef, with a very special focus on MilDef's reporting on the fourth quarter of 2022 and the full year of the very same year. A very exciting year for all of us, friends of MilDef. This call will be presented by our CEO, Björn Karlsson, and our CFO, Daniel Ljunggren. We expect approximately 45 minutes to be sufficient for the presentation and the following Q&A. A friendly reminder to all of us is to keep your microphones muted. Well, not Daniel's and Björn's, of course. We open up mics for the Q&A or state your questions in the chat, and I will moderate the lineup. For your information, we record this meeting.
Again, very warm welcome to the presentation about the MilDef's fourth quarter of 2022 and the full year of 2022. With no further ado, ladies and gentlemen, please take it away, CEO Björn Karlsson and then CFO Daniel Ljunggren.
Thank you very much, Olof, and thank you everyone for joining us today. We're here to talk about the fourth quarter, but of course, we'll also zoom out into the full year. We'll talk about some of the big things, and we'll talk about some of the smaller things. Great to have so many joining us today. I guess that some people are already thinking about the market reaction versus a fairly strong report. I won't go into many details on that early on in the report, but as we conclude this meeting, I hope that we will have traveled through the year and looked at some of those things that are important for short- and long-term investors into this company.
We'll go through Before we go into the fourth quarter, we'll look briefly at MilDef's universe and how our world looks and how it is expanding. We'll talk about some of the business highlights that lead to the finances that Daniel will talk about in more detail. Then we'll look into the future, where we stand today, the opportunities we have ahead, and of course, also some of the challenges. Then we have the Q&A session at the end. Just to put us in a context, this company was founded 1997, so it's 26 years ago. Almost two years ago, on June 4, 2021, we were listed on Nasdaq Stockholm. We're now more than 300 employees across 11 countries. We operate mainly in the Nordics, in the EU countries, and within selected NATO countries.
If we look at us from a shareholder perspective, we are now more than 9,000 shareholders in this company. Very happy about that number, we hope to keep improving that, and very happy about the interest in this company. The market cap, this is of course, something that fluctuates, but at the time of the writing, well plus SEK 3.3 billion traded on Nasdaq Stockholm Mid Cap, upgraded from Small Cap, where we entered in 2021, upgraded to Mid Cap from this year and goes under the ticker of MilDef. This is what we do. We digitalize the world where the stakes are the highest, requirements are the toughest, and when technology has game-changing potential. We are a full- spectrum provider of tactical IT across hardware, software, and services.
We serve customers within military, government, and critical infrastructure. We help protect the fabric of our societies. We are a technology company, working with some customers with very unique requirements. This is just a picture of what I've already mentioned before, 300 employees across 11 countries and additional markets where we have customers. This is something that we aim to expand more during the year. If we zoom in tight into the fourth quarter, if I steal some of the thunder from Daniel when it comes to the finances, there are lots of plus signs on this. If we look at the revenue growth, this is 57%, we'll also see that when we zoom out into the full year, we have the same level of growth, 57%, which we are of course very happy about.
The long-term target for this company is 25% per year. We don't discriminate whether that is organic or acquired growth. 57% is a little bit above that long-term target. The order intake, super important for us. These are, of course, our future revenues. With 27% order intake with a quite tough quarter to compare against, also feels very, very strong. That leads to an order backlog that stays above the SEK 1 billion mark, giving us very good platform to operate from in 2023 and beyond. That growth is 58%. Quarter by quarter, some of these numbers might fluctuate. We're also always following the gross margin very closely. We'll see as we also zoom out to the year that we are not just protecting but also improving our margins.
In the fourth quarter, standalone, that was the same as the comparison quarter. Even though the adjusted EBITDA margin in the quarter goes down, the absolute numbers are going up, and that is because this company is growing at a very, very healthy rate. Of course, these numbers come from somewhere, and if I just look into the fourth quarter, I want to emphasize and highlight that we're doing some things on an international scale that we believe will have also effects going into this year and the next. Two things to note here, lots of big international success when it comes to other international defense companies like BAE Systems, one of the major players on this market, that are doing business in a lot of countries. We're working on those relationships, and we're winning strategic big deals with those customers.
In the U.K., we have established a production facility. This goes on the back of a big program that we won a couple of years back called MIV. We won an add-on order for SEK 70 million. This is a 10-year program. It's big, and it also is giving us capabilities on the U.K. markets that we believe will be important going forward. Things like national production capability and national supply chains, addressing some of the security supply concerns that are growing in the world right now, and that we have a very good blueprint for how to match. Another highlight, if we look at the flag side of things, we just established MilDef Denmark in the beginning of this year.
This completes our flag collection in the Nordic countries, which we will come back to later in this presentation, are very important for this company in the future. We combine what we do in the Nordics home markets with how we expand in the EU and into the NATO countries we operate in. At the bottom right of the picture you saw, you can see that which was also press release, we won an order worth SEK 50 million for prototypes for the digitalization program of an army. Of course, prototypes is something that happens before a potential serial production. We look forward to continue on that development, delivering those prototypes for this nation and for many others to come. Zooming out to the full year, we turn 25 years old. This company is maturing.
We've always been in this market, and it's a trust market. The threshold is high to gain entry. We've been here for 25 years, and with this very strong reputation that is giving us a solid platform also to move forward from. That is proven by a couple of things. One of those are the framework agreements that we won last year. Two biggest we've ever won and some of the longest in time, and also some of the most open-ended frameworks, because we are moving into a more strategic supplier relationship in several markets, and this is important. If we look at the U.S. market, fastest growing market for us last year, really coming back from after COVID now and moving forward, we won the biggest deal to date with, for an Army program in the U.S.
Continuing to have success there. If we go to the right-hand side, the acquisition of Handheld Group, we've talked about that in many press releases, but this will become hugely important for us. Handheld Group gave us more technology than before, more market access than before, and a new customer segment that we really wanted to have access to. This is, it's a triple effect on that, and we look forward in 2023 to intensify what we're doing together, looking very, very promising. Just the last point here on the software side of things, OneCIS, which is our software for zero- day deployment of IT systems, also NATO- compatible, part of our NATO story is gaining international momentum.
Developed for the Norwegian Armed Forces, and together with the government in Norway, now expanding into two more countries, and that is really driving our software initiative forward. There are a lot of things happening. Work in an environment that was hugely challenging last year. I think that on the business side, we're very happy with the results. On the financial side, we're also very happy with the results. I guess the only thing that we weren't so happy with were the delays, in the fourth quarter. On the other hand, that is keeping us very, very busy at the first half of 2023. To look into those numbers, and explain more, about the year, I want to ask Daniel Ljunggren to take us through the financials of 2022.
Thank you very much, Björn, hello to everyone in this call. As mentioned before, my name is Daniel Ljunggren, I'm the CFO at MilDef. I will walk you through some of the financial highlights and KPIs. This is a slide showing Q4 isolated, also if the right hand, you can see the full year 2022 compared to 2021. We will not stay too long on this slide because it's not so easy for you to consume. If we take it row by row, you can see isolated Q4 net sales, SEK 350 million. That is an all-time high record for this company in an isolated quarter. That is a growth by 57% compared to same quarter last year. That is also the same growth rate that we are showing on the full year in 2022.
It's a very steep growth rate we can show here. Gross margin isolated Q4 was 46%. That's the same percentage and margin that we saw last quarter, last year. The most important here is I think as we look at the full year 2022, we can see that we have improved our very important gross margin by 3 percentage points from 45% - 48%. That is something that's really make a difference on our bottom line going forward. We also can see that on the full year that yes, the EBITDA is almost growing and doubling up.
We are increasing that by 87% from SEK 32 million to SEK 60 million. We are, even if we are not meeting our long-term targets of at least 10% on the EBITDA margin, we are increasing the EBITDA margin from 6.9% to 8.1%. We are showing that we are on the right path here when it comes to the EBITDA margin. I think we'll leave this slide and jump to the next one, where you can really see a big picture of our performance in 2022. This is for the full year on some of the very important financial KPIs. We grow the company by 57%. We have an order intake that grows with 59%. In absolute number, the order intake is almost around SEK 1 billion.
That indicates that we can continue to grow this company because we have a book-to-bill ratio that is above one. If we compare those SEK 938 million with the revenue at 2022 of SEK 739 million, we can see that we are performing and the order intake is better than we have had sales for 2022. Another indicator that shows that we will continue to grow this company is that we have been able to grow the order backlog with 58% if we compare to this 12 months back in time. The adjusted EBITDA, as I said, is growing with 87%. We almost double it from the last year, showing that we are not at, exactly at the right point where we want to be, but we are on the right path.
We came up to the next, now we zoom out a little bit and look at the net sales, the revenues, and also the EBITDA margin over a longer period of time. We can see that each bar is rolling 12 months. We can conclude that we for the fourth quarter in a row showing an all-time high net sales, which is, I think is very good for us given the circumstances and that we are also delayed some shipments to 2023. We can take the next slide, then we look into we zoom out even further in time as we do, because I think we should look at MilDef in a longer perspective and not always quarter by quarter because it can be lumpy as Björn said.
If we can see this picture, we have been able to grow this company with 30% year-on-year. We have a CAGR + 30%, which is a good performance. Even if we delay some deliveries here in 2022, we see a big jump here between 2022 and 2021. Also the order intake, which is very important, which is our crystal ball for how our future should look and our future revenue and future cash flow. We can see that we have now on a rolling 12-month basis an all-time high when it comes to order intake, and we are close to that SEK 1 billion in order intake for a 12-month period. Order backlog, as mentioned before, has grown.
If we zoom out here in time and look back how this company looked like, in the end of 2029 and also in the beginning of 2020, we can see that we have moved into a total different landscape. We have a total different crystal ball. We win bigger contracts. We have longer contracts in the order backlog. We can work with those, and we can find our ways forward. It's a total different landscape when it comes to how we have won business and how our backlog looks like. If we break down this order backlog of SEK 1.2 billion, we can see that planned deliveries in 2023, it says already SEK 759 million, which already is above our revenues for the 2022. It looks promising for the 2023.
We can also see that we have some orders in the order backlog that should be delivered from 2024 and 2025 and also something beyond 2025. For the 2023, the planned shipment looks very promising. Short snapshot over our current cash position and net debt situation. Net debt excluding lease liabilities is at SEK 168 million. We have a net debt through adjusted EBITDA that is 2.8x if we exclude the licensing liabilities, and that is due to the acquisition of Handheld was made here in September 2022. We should hopefully see that that will go down below our target of 2.5x. Healthy cash position and a very strong equity asset ratio I think has put us in a healthy position going forward.
If we just take and summarize some of the most important KPIs and performance we have done in 2022, we can see that growth is 57%. We are performing at all-time high revenue year. Order intake also an all-time high at SEK 938 million. We're growing with 59%. We are continue to improve our gross margin, which is very important for the bottom line, as I said. We are moved from 45% in 2021 to 48% in 2022. Operating cash flow is negative on the 2022. It's a combination of, we continue to grow this company, which is tying up more and more capital. The net working capital is increasing.
The landscape that we have had the past 2 years with the shortage of components, et cetera, where we need to build up an inventory to be able to deliver to our customers in reasonable lead times. We can see an adjusted EBITDA is going, even if it's not go all the way up to our long-term target, we can see it's going on the right direction. If we had added those SEK 100 million that it was delayed, it would have looked a lot better. Order backlog, as I said, is very healthy going forward.
Profit per share is improved a lot from - 0.03 to 0.37. Also in concluding bullet series that the board of directors proposed that the dividends should be any dividends for the 2022 considering that the growth rate the company is showing and the need for continued net working capital here 2023 that is relating to the growth we see coming forward. With that, I think we conclude the financial part of this session. I'll leave the word back to you, Björn.
Thank you very much, Daniel. I hope and I think that we'll get back to some of those numbers in the Q&A session. Before we do that, some things about the future. These are our three key focus areas for the MilDef Group during 2023. The first one is to maximize our Nordic business. We have a unique positioning here on our home markets, and we intend to capitalize on it and grow from that. Based to some extent on the business we want and also the history we have, we believe that we can do a lot more on these quickly growing markets. Combined, the Nordic markets represent a very big financial part of Europe. We look to fortify our organization.
We onboarded around 100 people last year, which means we're growing fast also in terms of numbers and in terms of the potential in the people we have, in the engineers, in the administrators, in the supply chain people, in the sales people. This is our potential to grow even more, and this is how we got to the point where we are today. We look at strengthening our leadership and making sure that we're even more resilient as a growing organization going forward. Last but not least, our NATO narrative is being accelerated.
We already deliver a lot of hardware and services and software to NATO countries. We continue to do more when it comes to interoperability and compatibility with NATO and our importance in that, in the digitalization efforts across NATO and our ambition to become a de facto standard for when you digitalize within NATO. These are our three key areas for the year. To get there, we use a few tools that we have. First of all, the markets where we operate, where we reuse the portfolio we have across all markets. There's still a lot of untapped potential on many markets, including some of the biggest defense markets. Talked about the U.S. before and the fact that we're growing super fast there.
There's potential to do more with the technological portfolio that we have, including what was gained through the Handheld acquisition. We continue to expand our portfolio. We come from a legacy and history of hardware. We are adding services, which is the fastest-growing segment, and we are also spicing this up with software, which is a very high margin and strategically important part of our portfolio. Last but not least, our M&A agenda. When we find the best companies and best people in the world that we think can make us even stronger, we try to join forces. We do this in a structured way. Our target is to make at least one significant acquisition per year, and we have done so ever since we made that our target.
The last one out was the one I mentioned before, Handheld Group, which is kind of a triple effect for us and that we look forward to exploring in 2023 how we can use that to expand even more. If we just summarize on the top level of what happened in 2022, the revenue growth is accelerating, and that is something we believe is important. We haven't yet seen the effects from the increased defense spending and the budgets that are being doubled around the world, but we still manage to accelerate our revenue growth. Of course, we do have a lot of tailwind from the increased attention that we see around the world.
We have protected and we have improved our margins, and we'll continue to expand into the range where we believe that we should be giving the technological edge and the importance of what we do. We are improving profitability, and we will continue to work on that, but that feels like we're moving in a very healthy direction. If we look at the agreements that we have won and the deals that we are winning, we are making strategic headway for the long term, and this creates a vehicle for a further expansion for us, both when it comes to the margins, but also for protecting the revenue streams and making sure that those flow freely going forward. Again, we completed the biggest acquisition to date. It was a huge year for us in terms of what we did, what we accomplished.
I think most of that is also well reflected into the numbers. I received a question from one of our colleagues to say, you know, "Are we reaching the edge of our expansion universe?" Well, I mean, we're still a small company. There's so much more to do, but we're focusing on our efforts to make sure that we can continue with profitability, with improved margins, and I think that we can accelerate that even more going forward. There is not a lack of opportunities in the world. There's not a lack of business, and there's not a lack of need for what we do. We have a pretty packed 2023 ahead of us, and we know what to do, but we also leave behind the 2022 that we're super proud of.
With that, I think it's time to open up for questions and answers.
Thank you.
Use the chat-.
Yeah
or use the Raise Your Hand feature or just speak up.
We have quite a few questions. Thank you, ladies and gentlemen, for adding questions in the chat. We have quite a few of those there, so maybe I should read them out and Daniel and Björn Karlsson will answer them. I'll go accordingly to the sent-in order. Do you want to evolve and elaborate on the gross margin Q4 2024 compared to Q4 2021 and going forward? Is it stable, or do you see an improvement?
I can take that one and answer that. If we look back in time with this company, we can see that we have done a very good journey when it comes to the gross margin. We have improved the gross margin over time. Now, we also went into 2022, we added more revenue streams coming from the software side, coming from the services side.
We have continued to improve the gross margin and been up. In Q3 last quarter, we were up on 51% in a isolated quarter. Going forward, I think we will continue to see maybe minor steps in improving the gross margin, but we will continue to improve it, but maybe not in the same pace that we have done the past 12 months, so to say. Here in Q4, if we look at the isolated quarter, sometimes it can be lumpy when it comes to gross margin. Depends on customer mix and the products mix and how the acquisitions are contributing as well to the gross margin. Absolutely stable going forward, I would say.
Thank you, Daniel. We have a question from Heinz. Is it only lack of components, read semiconductors behind the backlog of production and deliveries? Have inventories already been built up or how are the plans for this?
I mean, short answer, yes. This is the semiconductor component shortage that the world has seen during the last couple of years. That is the reason for the delays that we saw at the fourth quarter. We often get the question and we talk internally about whether that is in a situation that is improving or not. We see light at the end of the tunnel, but it's still gonna be a rocky road also during 2023. We see some improvements, and we also have mitigating effects, of course. Yes, inventories have been built up to mitigate some of those longer lead times that we have seen. We've done a lot.
We've put some new practices in place, and we're also cautious not to build up inventory when we don't have to. Even though we're moving away like the rest of the world from just-in-time, we're still cautious that we don't tie up too much of our capital in inventory.
Thank you, Björn. Joanne asked a couple of questions. Do we see a seasonal effect with continued focus on Q4 going forward?
I think it's fair to say that the fourth quarter has traditionally been a very big quarter for this company. That is also because we come from a hardware background where we've had lots of government customers, predominantly here in the Nordics, which means end of year deliveries, spending the budget and that kind of purchasing pattern. We see that this volatility is decreasing. We have more services which has a more stable revenue stream, and we also have a more international business with different budget years. I expect Q4 to be big also in the future, but I think that we'll see this evening out over the quarters, and that is something we work actively to reach.
Thank you, Björn. We are a tech and product company, and the next question is about R&D. Is the increase of R&D connected to any specific projects or for the overall increase the resources for product development?
Some of the things that happened in 2022 was that we saw an increase in incoming R&D projects. The backlog for our engineers is pretty much packed with the needs for the future. There's some mix in here of some specific projects that are connected to some of the digitalization programs that we talked about before, and we are also increasing our capacity. Daniel mentioned before that this accelerated growth is something that we see as sustainable. If we look at the order intake, if we look at the order book, we believe that we can continue to accelerate. Yeah, it's a mix.
Sorry for that. I can also add on that one is some part of the R&D expenses going up here in the fourth quarter is related to the acquisition of.
That's us. Sorry
... which also had capitalized development expenses in the balance sheet. When you make a depreciation of them, they will end up on that row in the P&L. It's also an acquisition effect where we see increased R&D expenses.
Okay. The next and in the chat, final three questions comes from Eric. The first one is good that gross margin is up 2022 versus 2021 by. Drop through to earnings very low. Added almost SEK 300 million in sales in 2022. Less than SEK 30 million to EBITDA despite gross margin expansion. Why should leverage improve from here?
I think that the easiest answer here is the fact that if you take the delayed deliveries, the SEK 100 million, and you put those on top of 2022 numbers, you can see that this is a game of scale. Our company needs, we have a certain sight on the suit, and we need certain revenue streams to make this scalability go all the way down. I guess that is the easy answer on that. As we continue to grow the revenues faster than we expect to need to grow the cost, I think that we will see this leverage coming through. I think the numbers show it. Again, an easier way is to just look at the delays, put them on those numbers and see where we end, and you see that the scalability does exist.
It's fairly well proven, but now we need to show it also in 2023 in actual numbers.
The follow-up question to that is short. Do we need to improve financial control visibility?
I think, yeah, Eric here relates to the press release we announced in mid-December where we are talking about SEK 60 million-SEK 70 million that will be delayed into 2023. Now when we close it, we will see that there is an extra SEK 20 million-SEK 30 million also slipping over to 2023. Has been a little bit tricky situation with the component shortage, and we thought that absolutely it was not going to be more than the SEK 60 million-SEK 70 million. When we, when we were very close and ended up in January, or entering into January, we realized that It can, it, in our business, can be one-to-one delivery that it's SEK 20 million that is slipping over a couple of days.
When you take all the revenues, when you ship things, the hardware out the door, it's, one or two days can make a really big impact. Of course, Eric has a good point here where we need to monitoring and measuring this very closely and look into how we can do better on this one.
Thank you, Daniel. The final question from Eric. Working capital development is quite negative, and you flag more is coming in 2023, leading to scrapped dividend. When will dividend return?
It's on the dividend question, I will not answer because it's not on my table. We will see when that will come back, hopefully already next year. That's a decision for the board of director and in the end, the AGM to decide upon. I can collaborate a little bit on the working capital development. It has increased. We have a combination of that. We are growing really fast. We also have a new world order where we can see that the just-in-time deliveries is not here for the moment. We need to build up the inventory. We need to shorten the lead times to be able to do business at all.
That is why we don't, or the board doesn't propose any dividends for 2022, that we see that if we should continue to grow in the rate we see going forward, we will need here and now, we will need those cash to be able to deliver up on the commitments we have towards our customers. Hopefully, we can go back. If we look one or two year out from here, we can come back to where we have a net working capital around 20%-25% of the net sales. That is something we measure, and we'll look into this very closely going forward, the development of the net working capital and how we can work with that. Now, I think here and now, it's necessary for us to tie up money.
If you look into the Q, for example, you can see that we have + SEK 200 million in accounts receivable, which will be paid here in January and February. I'm not really worried about that one. The one that we should really monitor and look into is the inventory development and how we can bring that down to levels that we have seen in the past.
Just I want to add one thing when it comes to the dividends. I think that this decision by the board, which we support, is also a show of responsibility in times where we are growing this company really fast and when there's some uncertainty on the market. I think to have a solid cash position and invest this money wisely is absolutely the right thing to do. I think a lot of investors will agree on that.
Thank you, Björn and Daniel, for that. Now we will actually leave the microphone if you open it up or I open it up to Eric, who will present his question via voice.
Yes. Thank you. I'm not letting you guys off the hook, just yet. I have three follow-ups on what you just stated. On the gross margin, it sounds a bit different tone there compared to previously. You've been indicating that gross margin should quite firmly trend higher based on mix from different aspects. Is that less of the case now?
I don't think so. I don't think that perhaps this was in the wording. There's nothing substantial. We have a bit double voice here. I'm asking someone to close their mics or their sound. Hang on. Well, what we're looking for and what we are aiming for continues to be the same. We want to move up from where we are now in the 45%-50% gross margin range up to above 50% and be in somewhere in this 50%-60%. We do that by coming closer to the customers. Higher up in the value chain, better mix of the products, introduction of software, and so on. I think that remains absolutely unchanged. There was nothing more defensive, I think, in this wording. Yep, it remains.
The Q4 numbers is also impacted by the acquisition of Handheld. Also something to consider.
Thank you.
Okay. Thank you.
We have one more question in the chat from Heinz of a different nature. Is there a significant aftermarket potential and repair/support component in sight for MilDef?
Absolutely. If we look at the way our potential for business development, this is one of our untapped potentials. We've seen in the past that aftermarket, an aftermarket portfolio is not something that we really have exploited or explored. The more that we now have the tail coming back from previous orders, I think this is a growing opportunity for us and something that we are looking into. This is also related to the fact that we've added services to our portfolio to a larger extent. So things like training and things like lifecycle management. When it comes to repair, well, to some extent, yes, but, I mean, our stuff doesn't break, unfortunately, so there's not too much to do. We'd rather just replace.
There's of course a big replacement markets and renewal of technology. Aftermarket is a huge potential, and the bigger we get, the bigger that opportunity becomes. We are working on that. Historically, we've done a poor job at exploiting it. Going forward, we will be better. I think that Eric also had another question. I'm pretty sure of it.
No, I'm good, actually. Thank you.
Okay.
Thank you.
Okay. Ladies and gentlemen, a few final seconds if someone has another question to add. Heinz says thank you for good answers, like, especially the replies regarding aftermarket and services. Thank you for that support, Heinz. Thank you, everyone. I think this will conclude this investor call. I'm looking at my colleagues, and Björn has a few final wordings, and then we will go separate ways. Take it away, Björn.
Thank you very much. I just wanted to conclude this meeting because I know that we have a lot of people in this meeting who's followed this journey for quite a long time and also some newcomers. I think it's fair to say that we have spoiled the market a little bit with the development of this company. We've grown so fast, and we've done so much, I think that there is an expectation to do even more. I feel pretty confident that we can. I just want to say that this comes from the way that we look at the opportunities we have. We look at the organization we have in place. We look at the scalability factors we worked with, the strategic platform that we have deployed.
Many things that have been put in place to make us ready to explore the possibilities coming from macro effects in this world where we are not negatively affected so much by interest rates or inflation and other things. We have other factors and other drivers taking us forward. I just want to say that it takes a little bit of effort to understand a company like ours, and I'm very happy, and I hear that in the question we see that so many have taken this time to understand this business. It's important for the future, and I think we're gonna be one of many companies operating in this domain. Probably the investments you've made into understanding this business will be worthwhile. Just a big thank you for being part of this journey.
We think we can do more, and we'd like to do that together with you. I guess that's the final words from me. All right. Thank you so much. Olof has just said thank you for great questions and responses. This concludes our Q&A session. Take care and stay in touch.
Don't be a stranger. Stay in touch.
Bye-bye.
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