Bouvet ASA

Yes, we're ready. The clock is ticking. Welcome to the third quarter's presentation in... My name is Per Gunnar. We will follow a regular routine. I will tell you what we do, and Trude will talk about language. It is very nice that so many have come here. We are a group here, and we are on stream as well. We run a regular setup that we present. And then we'll have questions and discussions at the end. We have a mix, so everyone can ask questions, also on the stream. Third quarter. We are very proud of what this organisation has achieved this quarter. We increased our operating revenues by 84 million til 778 million kroner. And that is a growth in operating revenues of 12.1%. Then we increase our operating results by 9% to 80 million kroner. And that gives an EBIT margin of 10.3. I will comment a little more on that margin later. It is absolutely fantastic to be able to say that we become so many more residents on this team. When we finished this quarter and counted up, We never know how many we are, but at the end of the quarter, we do. We were 2,269. And that's really good. It's a growth in the last quarter of 110 good colleagues, with a lot of different competence. And that gives a growth in the last 12 months, which is also for us, if I can use the word back-record, it is that. In the last quarter, we have shown significant growth, and 257 in the last 12 months is very good. And because of that, and because of how the store works, and how our future prospects are, Styre BoVe has adopted an additional exchange rate for the fiscal year 2022 at 55 euros per share. A little back to 10.3, EBIT margin. It's really good. We are very pleased that we are creating and showing such robustness in the business. We are very happy about that. If we look at the underlying, it is actually even stronger than the 10.3. We have an extra day of work, and we have one day less of work. And that comes back to Trude, but that means that the underlying speed in the business is higher this quarter than it was the same quarter a year ago. We are very proud of that, because then we were proud of Q3, also last year. Very good. I just have to say that these results are created by 2269 committed residents. It is a fantastic job that is done every single day. We create exciting and fantastic solutions for a lot of important businesses in Norway. So the job that is done is the one that deserves the honor, the honor that we can present the numbers So thank you very much to all of you who are listening, here in the studio and on stream. All of you who have created these results. So thank you very much. A little about Drifta. Public and private. Since the end of the pandemic, we have seen the growth in private sector continue. What is important is that we are growing in both sectors. If we compare the growth in the different sectors, we are 14% growth in private sector and 8% in publicly owned businesses. What drives the growth in the private sector is the course we are in together with Equinor in energy transformation. But also within industry, such as housing, which we have talked about. That is what drives the growth in private. In public owned businesses, we find growth in companies such as Banne Nord, Kystverket, Statens Veivesen, Statnet, not least. I will get back to all of that. So, good development. Our sectors, we are growing very much and very positive development in oil, energy and renewable energy. I commented on Equinor, I will come back to some other businesses we work with and that we see increased activity on. Within the public sector, we are growing by 4%. And within transport and energy supply, we are well over 25%. So it tells a little about which sectors, where there is pressure, and where we develop the most. So I'm going to come back to that, and tell a little about the customers we work with there, and what we do. But then, in September, we announced that something we usually don't... There are not so many quarterly presentations you have been able to attend, where we have said that we have done exactly this. We bought a business, we announced that we were going to buy a business, and that business was headed inland, located in Hamar. It is a company of about 35 very good people. They have a competence combination that we know very well from Bove, because it is a lot of good, solid technical competence. We are talking about system developers on the Java platform, on the Microsoft platform. They are project leaders, they are advisors, and they are people with design competence. Actually, a competence mix that is completely in line with what we have in Øvribove. But even more important, it is an environment that is based on a culture that we could recognize. And that they could recognize in us. It was a culture that they express people first. You have heard that from this podium before. It was a culture, and it is a culture, that is based on community and division. It is actually the case that some customers abroad have called the company a never-so-small company. And in addition, they have 20 years of profitable operation. So then it is actually a small company. And then we announced that we would buy it, and it entered our business in October 2nd. So it is part of the Q4 report, so not part of the Q3 figures that we present today. I said that we don't do this very often. And we are known for, and we are very proud of, how Bovee has developed. We have built stone by stone. We have what is called organic. We have attracted and employed one and one smart head. And that has given us a fantastic business. It has given us the company we know today as Bovee. It has given us a broad range of competencies, and it has given us a geographical coverage that has given us this closeness to the customers that we care so much about. But it has given us something much more. It has given us a company that is based on a culture that we own ourselves. We have created that culture ourselves, and we own that culture every single day, and we are further developing it. And that is... is certainly the biggest value in BOV. But behind all these offices, and behind all these areas of expertise, there is a history of opportunities. We have bought small businesses, we have taken over small businesses before, and we have attracted specialists who have entered BOV as groups. We have taken on opportunities. When the opportunity that opened up with Hedit came, we did a thorough job of it. And that opportunity, with that match in culture and profession, was too good to say no thanks to. So then we did it. And we will continue to do this. But the most important prerequisite for us is that it is a solid match for every kind of corporate culture and motivation for the people who come in. And of course, professional collaboration. So we are looking forward to taking them seriously into action. And we hope that this will give people in the old Hedit the opportunity to work on even more national projects. And also, important for us, we want to take a place abroad. We, there are interesting customers, and we have existing customers who are abroad. So that's the place we're going to take. So we're looking forward to that. That was Hedit. And then we have the habit of talking about what we do. What do these 2,269 people do every day? We pick out some customers, and today I want to share a little about what we do together with Columbus. And this is... a collective movement from what they call being a collective supplier, supplier of collective services, to becoming a supplier of mobility services. What does that mean? They have always been a supplier that has delivered bus and freight boat services and transport. Their mission now is much bigger. Now they are going to make seamless, good travel experiences for the travellers in the Rogaland region. And that means to sew together and make a complete travel pattern between the bus and the ferris wheel, together with the hallway, bicycle, car sharing and train. And that is the social project we have been allowed to be part of for a few years. It has been a customer of ours for many years. This quarter we got renewed support, and we are working on exciting things. Columbus, like many other companies we work with, is very driven by and work data-driven, i.e. understand the data, or bring in the data they can use to improve their service. We work with those who deal with building data platforms and data lakes, to take out good analyses, to make the travel experience even better for the collective travelers. In addition, we work with real-time information. We have all been at the bus terminal, waiting for the bus and wondering how far away it is. We work with real-time information that is transmitted through the travel network. And then there is something we will work with more in the future, and that is what we call more automatic traffic management. And that is that those who drive buses should have access to information from many sources, so that they can give travelers an even better travel experience in terms of understanding the traffic picture and where things go fast and where they don't go so fast. We look forward to it. It is an exciting social project and it is exciting to work with. Then we have the coast guard. The coast guard's mission is quite easy to understand. It is about safe transport along our entire coast, and readiness for acute prevention. has been a customer of ours for a long time. And in previous quarterly presentations, I have talked about our bar. And in 2022, I also participated in a quarterly presentation, because we got many new contracts at Kystverket. And now it's been a year. And that activity, I foreshadowed that we will work a lot more with Kystverket. We will become a big customer, and we are well on our way to that. We work with a lot of people at Kystverket. SafeSeaNet is mentioned here. SafeSeaNet is about reporting. All ships that go along the coast, they report arrival and departure. In slightly unsuitable conditions, there are loss requirements. Then they require loss through this solution. And these are the solutions we work with. We also work with data platforms. We work with skydiversions. We work with what, here it says Power Platform, but what we commonly call low-code. That is, simpler programming tools for solutions, for faster delivery and development. And then we work together with Kystverket on something that is exciting. And I expect that those of you who are listening, there is always someone who uses their leisure boat. And then I hope you use Ohoy. If you don't use OHOI, you should look at OHOI after this presentation. That is a solution for us, us privatists, who travel on our own boats, who are ready along the coast, and there you get waves and notifications for overflights, and specific weather forecasts, which are for exactly that speed range. And that is an exciting solution that you must use. And then there is a parallel solution that is called Fiskeinfo, and that is for professional fishermen. Exactly the same, but more directed towards the industry. So there are such types of solutions. And then there is something exciting, and that is at the very end here, and that is about The same has been said about SafeSeaNet, which deals with transport in the North Sea and the Baltic Sea. We have and will have two new partners in NATO. This means that we at all levels in total defence will work even more integrated in the North. And here we are in a project that is about the waters in the Østersjøen and the Nordsjøen. To put that under one, and we will be allowed to be involved with the shipyard. So this is a very exciting customer, incredibly motivating solutions and exciting, so that's great. The last customer I would like to bring up this quarter is the UN Directorate of Foreign Affairs. Their task is to manage the immigration policy to the government. will only get more and more important. This is a contract that we won with a good partner. Our share of this is half a billion, and it is a long-term contract over eight years. Here we will work with the renewal and modernization of all the core applications for UDI. Incredibly exciting. Workform, modern, agile. We will be able to play to the full extent of the competence we have at Bove. Both technical, design resources, process management, product management, and so on and so forth. Extremely exciting. And again, an incredibly important task. So, back to our sectors. Oil and energy. And renewable. Our biggest customer is definitely Equinor. Everyone knows Equinor and the journey they are on with both the fossil and the renewable. Many of the solutions we are working on are exciting across all forms of energy. This quarter, where we have seen the most development and growth, is also a little more within businesses such as Able and Konoco Phillips. Energy supply. It grows rapidly. It has actually grown rapidly for a long time. I often say that Statnet is our biggest customer. That is a truth with few modifications, because it is Statnet and it is Svenska Kraftnett. Svenska Kraftnett and Statnet have for a long time worked closely together to make the Nordic countries ready to connect to the rest of Europe. And that is the mission they are in. So we are working very hard, and that is where we see both strong growth and very high activity, and very important milestones that we are moving towards. The other companies we work with are led by others in the energy value chain. So we're talking about companies like Haugaland Kraft, Lyse, Elvia, and so on. Public. 4%. Growth. The biggest customer we have there is the defense. Actually in an incredibly exciting development, because I mentioned new partners in NATO. And this will be exciting for us. There is no doubt that what we are working on there is a lot, there is a lot we are doing together with the defence, but not least we are doing a lot within command and control. Command and control, with new partners in the north, closer cooperation, closer cooperation, then we see that the activity and what we are doing there will only become more important. For society, and for the defence, and for us. And then we have, within transport, again, strong growth there. A lot of increased activity within Banen Nord and within the state road system. Banen Nord is about train promotion. It is those who manage all infrastructure, so all systems that make it possible for the service provider that drives the trains to have safe, safe and efficient transport on the railways we have in Norway. That is what Banen Nord makes available. And there is high activity. I don't know what you call it, but this has been a long, fine development. And now we are talking about that the ten largest customers of ours constitute a significant share, over 65%. There are two, I would say there are at least two factors that underlie this. One tells something about the sectors and the customers we are involved in. Digitalization is crucial. That is what makes it possible. So that is important. The other is This is from the customer's perspective, and is a trend in the market. It is about how important digitalization is, and how to connect strategic partners, long-term partnerships. This is an ongoing development that meets us. When you get the two of us working together, and we work with important customers who have big digitalization ambitions, then the development becomes like that. We have always had an ambition, always had a strategy, that we grow and develop together with our customers. And then we get this. It gives a lot of positive. We understand, we go even deeper into the business. We understand even more what our customers are doing. We can contribute in an even better way. And we get more trust. More interesting tasks for people in Bove. Great. And then you would sometimes wish that we could go out into the world and solve all the possibilities that we see on the digital front. We can't do that with the focus we have around the sectors we have, and the customers we have, and the long-term obligations we have. We stand together with the customers. So that means that we work with some new people. from quarter to quarter. What we see here, one of the, I can say two, I have mentioned one at a previous quarter presentation, it is the Norwegian Communication Authority, which is located down in Arndal, The second one is also interesting, because I was asked once where we want to develop ourselves further within the different sectors, and then I said two sectors, I said industry and health. And part of what we see here as new is just that, within health, directorate of e-health. It is one of the customers that we have worked with that we were not part of Q3 2022. Closeness to the customers. I'm not going to go into that much, but fundamentally in our strategy, it has always been that we are going to build competence and make it accessible to the customer. Lots of advantages. We understand the customer. We get closer. So we have always built local business. And all this local business is based on the same culture, but a little different. A little different angle in relation to the competencies that are required for the different customers. A small note here. We are known for not guiding, but I can guide one thing now, and there will be another office on this slide next quarter. That was today's guiding. But the regions that grow the most, where we have had the most influx in the last quarter, are Rogaland and the east. So from the net total of 110, we find that about 80-85 of them are divided between Rogaland and the east, our two largest regions. And then we have, it's nice, this is a quarter where we see that we grow in all regions as well, but slightly different numbers. But positive, positive. We live in a time Where digitalization... You can't open a single publication without reading about the importance of digitalization. And that also means that there is a screaming need for competence. And we all agree that this is about... We need more study places, we need more competence. And then things happen on the technology side. Art-intelligence, generative art-intelligence. That has suddenly become the debate topic of every man. And it occupies our customers to a large extent. We are so lucky, and that is an important part of Bove, even if it is not the largest part in terms of turnover, that is our course business. Our course business is also a little temperature measurement in relation to what is going on with the customers, what do they need. I want to highlight three categories of courses where people apply to us. People apply to us at Bovee to learn more about artificial intelligence. And that's exciting. It's about what it is, what opportunities are there, but there are a lot of challenges in terms of security, ethics, and what low-hanging uses we can go after in this phase of the development of artificial intelligence. So if you would like to learn a little about that, then just book a course here at BOE and come and hear everything we have to tell. We say that we work with digitalization. Digitalization is in any case two things. It is technology, and then it is people and organization. When we talk about change management, it addresses exactly that aspect, that this is about how we take this into the organization and how we get effect and gain in the business of digitalization. That is what our customers are extremely concerned about. Especially in these times where the focus is on where the budget has become narrower, the framework has become narrower, the priorities have become more important. Creating an effect is change management. And customers come to us in large numbers to learn more about it. And then I talked about UDI. I talked about modern ways to work with product development. This with product management is also a central theme in our industry, about how you create rapid value by building products, services. We call it products. It is of course a lot of technology development, but it is also a lot of team work, culture, and how you interact in the development teams. And that's what our customers come to us to learn even more about. I'll be happy to share that. And then, at this time, or in this quarter, every year, we use a lot of money. where the money is created. And where the money is created is all the employees in BOV. As I said, that is the greatest value. And every year we mark that partnership by doing engaging things together. Sometimes we are at home, other times we travel, and then we do things to strengthen the relationship in the company, strengthen the culture, remind each other that the most important thing in Bove is people. So also this quarter we have spent a lot of money on just this. Then there is perhaps something with that, if you work hard with what is about community and culture, and if we manage to build a society where people are seen and heard and get a good development, and we have a culture that includes and involves everyone, and we work with exciting things, that makes people get learning and good development, then the judgment that is created by that makes us get results like this. So here was what is called academic work, to make a measurement among young people who are on their way into their working life, about where they most want to work. And then it is all companies throughout Norway. And then we are quite humble, because this year we ended up among the top six of those companies. It is incredibly important for us. The most important thing is actually not sixth place. The most important thing is what it will drive us to work with every single day. Because that's really what Bove is about. What we work with every day to create this. But it's a lot of fun, that's all I have to say. It's a recognition of the work that's being done. It's a recognition of the community that exists, and what all the people in Bovee contribute to. So we're very proud of that. And now we're talking about employees and employees in Bovee. A great development. There are 110 new ones since last quarter. That is of course strong. The third quarter is always a quarter where we get quite a few in. And that's really fun. Maybe the first of August, when most of them arrive, that's a huge success. There are a lot of people in the reception all around, and we have big boarding programs, so that's really good. I'm even more impressed by the 12-month effect, that there are 257 people in the last 12 months. The most joyful thing about all of this is that it gives us in relation to competence flow. And this is not just a new term, this is well distributed in all experience categories, and it strengthens us in a fantastic way. And the job is to get it into BOV, to get people in tasks and meaningful work tasks, and over time we have become quite good at that. So we are also very proud of this. I just want to conclude when it comes to the employees in Bovee. There are 2,269. When we looked at the results this quarter, you are reminded again of the work that is being done. So I just want to say thank you to everyone who has created this. So with those words, I thought I would give the floor to Trude, and then we'll talk about the numbers. Yes. I'll tell you a little about what the perspective is.

I just want to follow up on Gunnar's point that it is very fun that we have become so many new employees. You can tell by the activity that is in the organization. It is high activity and we have increased our turnover. And we continue that good development. We have become 257 new employees. I just had to look back a little. Last year we became 179 new employees at the same time. And last quarter it was 249, so we set new records. That 110 people came in the last quarter is great fun. And that of course affects our results. So I thought, as I usually do, to look at the revenues, or the numbers first, and then the operating revenues, and then the operating results, and then afterwards we look at the impact of the changes in the operating revenues on the results, and then I take the content stream back to the beginning of the views. If we look at the key figures, the turnover has been 77.9 million. That has been an increase of 12.1%, as mentioned. The turnover has been 80 million, an increase of 73.4 million. And it gave an EBIT margin of 10.3 compared to last year at 10.6. And as mentioned, this quarter, we have had a day of work less, and we have had an increase in costs related to the new Agan, the extra Agan. I would also like to mention this with the operating interest rate, which had a negative with minus 117.4 million, which I will also come back to. If we take a closer look at the revenues, they have increased by 12.1%. It is nice that this increase is happening among our own employees. We had an increase of 15.3% and had a turnover of 96.3 million. If we look at sub-consultants, it has gone down by 6.3% to 73.5 million in turnover. If we look at sub-consultants now, they have 9.4% of our total turnover. And it is primarily single-standard consultants that we have had a reduction on. As for the other revenues, it has been at 11.4 million. If we then look at this with the turnover of our own consultants, which has had an increase of 15.3 percent, then of course we are very concerned about all these new employees, that we have increased by 12.1 percent, because that is where the biggest effect is on the number there. We have also had a positive effect on the increase in the hourly rate of 5.1%. Last year, we had a quarter that was still the second quarter with normal growth from COVID, where we had a higher factor of injury. This year, it has gone down by 0.7% points. But we still have a lot of demand for our services, and we work very well across regions. It may be due to COVID that there is a lot of activity across, both in sales and deliveries. And this means that we have one working day less. This change and the impact on the revenues shows that the fact that we have had so many new colleagues has given an increase of 75.7 million. The fact that we have increased the price by 5.1% has given us an effect of 32 million. has had a negative effect on 9.5 million, and also this with a 0.7 reduction in the rate of compensation, the percentage point has given 5.4 million. If we look at the results, Nens increased by 9% to 80 million, and the EBIT margin by 10.3%, which is the reduction of 10.6% from last year. The operating costs have increased by 12.5%, and we had a total revenue increase of 3.7% over the year. Then we have also taken up, especially for this quarter, this with the extra cost related to the employer's income of 5% over the total salary payment to the employee, and that goes over 750,000, and that has been in this quarter at 4.3 million. When we look at other operating costs, and we introduced this slide when we got the pandemic, and we want to keep it from selling on our operating costs, then we see that here we have only had an increase of 1.5% compared to last year. That was then the second quarter in relation to COVID. Then we see that it is beginning to flatten out. When we look at these costs that have been affected by the pandemic, such as travel, courses, recruitment and especially social and professional events, there has been a reduction of 10.1 percent, which is now 37.5 million. Other costs have increased from 15.4 to 40.3 million, and this is typically linked to our growth and inflation. If we look at the change in income as a result, we see that the number of employees has given an effect of 21 million. The fact that we have got an increase of 5.1 percent in the team price has given 25.9 million, and this working day has given a negative effect of 7.7 million, and also with a factor of minus 4.4 million. If you look at the cash flow from the operation, we have had a negative of minus 117.4 million. This has been related to the fact that the last day of the quarter was on Saturday, which means that many of the payments came in in October, the week after. Then we have this with the last 12 months, which has been at 318.1 million, and with regard to investments, it has been negative at 11.8 million, compared to last year's 7.8 million. I think I will hand the floor over to Begunar.

Thank you. Let's see. Then I will say a little about what we are thinking about in the future, and how we see it. Our whole background, when we communicate our outlook, is about where we experience we stand. The sectors we are engaged in, we experience have a significant pressure, significant prioritization around digitalization. And the customers that we work with within those sectors, they are in very important social tasks. So there we still experience high activity. High and increasing. In addition, it is the case that through the year we are about to leave behind us, we have won a lot. and we have been given many new extensions of existing engagement. And that applies to all the customers we work with, from Equinor, Statnet, Svenska Kraftverket, Forsvaret. We have communicated with Forsvaret, where we have received renewed trust and new major agreements. Banen Nord has been mentioned. Within all of these, and not least publicly, such as Kystverket and so on. Within all of these, we have received long-term extensions, and we have won new contracts. That means that the place we are at, and I know that there is a lot of talk about uncertain times and so on, but the place we are at is pretty good. And we are, as a foundation, very positive about the time we have in front of us. So that is both the contract we have won, the sector we are in, and the customers we work with. Then we have, and this is more general, I have been inside it, what is happening in the market. There is no doubt that digitalization is important for these large businesses we are talking about. And the fact that they connect even closer to the suppliers, that is absolutely certain. And we see that creating opportunities for us. We are a large actor, with a large breadth in the service spectrum, and such we are very attractive to go into these types of partnerships. So that is good for us, and that is good for our views. Then there is no doubt that customers have received extreme attention around the creation of value. We are in big, important projects. The value, profit-realization, the meaning of the entire service spectrum to Bove, by having technology competence and change management to ensure that we create value for it. also promises well for what we can offer our customers. It is also quite interesting, these times, I have said this earlier on quarterly forecasts, that rough weather days are not the worst thing to live with. There are different opinions about that, but let's say we have some rough weather days in the market today. The budgets have become a little tighter. Customers, there are some who suffer a little more. But that means that for BOV, it has given us access to more talent, more talented people who are looking for BOV. And again, that is all experience categories. All experience categories. And we notice that. And we see that in our growth and access to the number of employees. So that's good. Um... And then there is that with increased competition. There is no doubt that there are other times. And just looking at both competitors and the market in general, there are other times. And that contributes to us. On some competitors, on some customers, there will be increased competition. And then there will also be increased price pressure. So that is also part of our business. But still, it doesn't hit all that long-term. we have built into our long-term relationships and long-term contracts, which are the basis for the majority of our business. So with that picture, we look positively at the time we have ahead of us. there will be more competition in certain areas. We look forward to that. BOV has never feared competition, so that's just fun. But the main thing, as we said in our quarterly report, is that the main thing for BOV is that the outlooks are positive. So with those words, I was going to end. And if you want to ask questions, we have the opportunity for that. I'm not sure I'm the only one to answer questions. We have several here who can answer, so it's just a disclaimer. I'm not sure I can.

Hi, Peder Lundsen. Congratulations on good results today. Can you say something about the concentration of oil and gas, both on customers and on the total, and what you think about that?

Yes, of course. Oil and gas and renewable energy. If you look at the slide, just to make it clear, the sector division is based on industrial codes. Equinor, as an example, is categorized as an oil and gas customer in that department. In that department, you can also see that we put a footnote on it, because it includes renewable energy. So in general, I have to say, as I said before, that a lot of our activity at Equinor reflects the journey Equinor is on. So that means that many of the solutions we work on, They are both in oil and gas, but they are also renewable, and many of them are both in oil and gas and renewable. That... What should I say? That is... And our entire commitment to Equinor has given us a lot of good. I don't know what to speculate about the future of oil and gas. But the point is that what we work with in oil and gas, if any of what has changed over the years, we have worked a lot with oil supply. Now we work a lot in the core of the core systems with, among other things, Equinor. And especially Equinor.

Just a follow-up question then. Oil and gas is a big industry in Norway, but it is a significantly larger part of your business. Can you say something about the challenges that oil and gas are in, that you help them with, how they are different from some other sectors, and why it is overrepresented, and also just say something about how big it is, of the 44% approximately, just to get a feeling for that, if you can say something about that.

No, we are not used to talking about that. But examples of what we work with are, for example, the trading systems for Equinor for all energy products. So it's just a huge portfolio of many different systems. Thank you. Well.

Håkon Nilsson here. To Trude, regarding the extra 4.3 million in employment. Have you talked about how much, how many, how much of the employees in the start of Q3 who earn over 750,000, or even better, do you have a breakdown on how much you think Agan will be extra in Q4? On Q4, how many people are over 750,000 from Q4 and beyond?

We have made calculations, but I don't think we will go out, but we can clearly see that the number of people in Q4 will increase. That's when it starts to hit.

Kristoffer, a question about the increased competition you see in new contracts. You started commenting on Q2. Is that comment on Q3 the answer to the pressure you see in Q2?

I think Q3 is just a... When I talked about this in Q2, it was a bit more of a speculation. I think Q3 just confirms that. And I think some of what we have seen in the market so far, from other actors, competitors, in many ways confirms exactly what we speculated a little in Q2. It is just absolutely confirmed in Q3. So that's how it is. Other things? If that's not the case, I just have to say thank you for taking the way here, and thank you to those of you who have listened. And then we'll see you over the year with Q4. So we're excited about that too.