Better Collective A/S

Good morning everyone and thank you for joining us today for our webcast. My name is Mikkel Munch-Jakobskov and I'm the Vice President of Investor Relations, Group Strategy and Corporate Communications at Better Collective. As always, I'm joined by our co-founder and CEO Jesper Sirgo and CFO Flemming Pedersen who will help me walk you through our Q1 performance. Please follow me to the next page. We ask you to pay attention to this slide where we display our disclaimer regarding any forward-looking statements in today's webcast. Please turn to the next slide. Here you see today's agenda. Jesper will start by taking you through the highlights of Q1. Hereafter, Flemming will take you through the financial performance before handing back the work to Jesper for a business review and then we of course end the call with a Q&A session. So let's get going. Please turn to the next page as I hand over the word to you Jesper.

Thank you, Mikkel. Q1 marked another strong quarter for Better Collective with group revenue increasing by 8% to 95 million euros. Recurring revenue grew 14% to 53 million euros, cementing another high quarter with increased quality and revenue in earnings. Group EBITDA before special items was 29 million euros, down 13% as expected due to tough comparisons, which Flemming will expand on a bit later on. In early 2024, we announced the completion of the Playmaker Capital acquisition, making it the second largest acquisition to date in Better Collective's history. So far, the integration is progressing as planned and we are very excited to have welcomed the Playmaker Capital team to the Better Collective group. We achieved notable success when the state of North Carolina launched online sports betting with revenue structured on a combination of revenue share and CPA-based contracts. I've been very pleased with our performance in North America, where we have never been stronger positioned commercially. Post Q1, Better Collective acquired UK sports betting media ASARDS for a total consideration of 42 million euros, implying four times last 12 months EBITDA. ASARDS offers a comprehensive range of betting tools, art, reviews, and streaming schedules through its web and app-based platforms and comes with a significant amount of recurring revenue. Following the acquisition, Better Collective upgraded its 2024 full-year financial target by 5 million euros on revenue and EBITDA. Please follow me to the next page, where I hand the word over to Flemming.

Thank you, Jesper. Please follow me to the next slide, where we'll dive a bit deeper into the group's financial performance of the first quarter. As Jesper already pointed out, Q1 marked another good quarter, with revenue increasing 8% to 95 million euros, with organic revenue growth down 6%. The growth was attained despite the one-off overperformance last year during Q1, which included the US, New York, Massachusetts, and Ohio. These state launches operate on a CPA-based model, resulting in significant one-off upfront revenue, whereas the state launch of North Carolina during Q1 this year was a blend of recurring revenue share and CPA. As expected, the EBITDA was down -on-year due to the aforementioned impact from receiving revenue on an upfront basis versus recurring revenue share income. The margin was also impacted by our Playmaker HQ and Playmaker Capital acquisitions being dilutive to group margins in the short term. Please follow me to the next slide. Our recurring revenue grew 14% to 53 million euros, now including significant audience-driven revenue from Playmaker Capital, hence signaling another quarter with revenue of higher quality. Recurring revenue makes up 56% of total group revenue, which we achieved even though our core revenue share markets in Europe and South America saw a reduction of more than 10% in the number of soccer games in major leagues when compared to last year, as well as seeing a sports wind margin below last year. Overall, an impressive performance building for better collective sustainable future growth. Please follow me to the next slide. With the release of our 2023 annual report, we also disclosed our 2024 financial targets as displayed on this slide in gray. After Q1 closing, we announced the acquisition of a leading UK sports betting brand, ASOTS, which Jesper will be diving into later. With this acquisition, we upgraded our targets by 5 million euro on revenue and EBITDA for the full year of 2024, highlighting the high margin business it is. This means we now expect 395 to 425 million euro in revenue, implying growth of 21 to 30%, and EBITDA of 130 to 140 million euro, implying growth of 17 to 26% on that metric. The net debt to EBITDA ratio remains unchanged at below 3x. Following the acquisition of Playmaker Capital earlier this year, we also raised our long-term financial targets for EBITDA from 30 to 40%, now 35 to 40%, underscoring our confidence in achieving the synergies over time. This adjustment indicated that the buildup of synergy realization will be more pronounced in the latter part of our forecast period. During the quarter, we raised 10% of new equity, or around 145 million euro, for future M&A. During the process of dual listing in Copenhagen last year and the capital raise, we are excited to have welcomed a lot of new shareholders in Better Collector. Please turn to the next page, and then I'll hand the word back to you before our Q1 business update. Thank you, Flemming. Let's

continue and please turn to the next page. In Q1, we saw good performance across all markets. Europe and the rest of the world showed outstanding performance with an impressive 20% growth, of which 5% was organic. This achievement was fueled by widespread impact across markets. Turning attention to the North American market, we are delighted with the progress made in Q1. We achieved notable successes during the North Carolina State launch and the Super Bowl events. North American NDCs were up versus last year, but revenue was down 8% and organic down 22%, due to the already mentioned comparison and the ongoing revenue share transition. We increased our investment in revenue share, which will set us up well for sustained revenue in years to come. The mix of NDCs on revenue share versus upfront CP was similar as in previous quarters. Last year, we made our intention to acquire the sports media group Playmaker Capital, public and successfully closed the acquisition earlier this year. Having only taken over the company in February, we are already observing positive trends. The cultural fit between our organizations is excellent, and we see great opportunities to share knowledge across the teams. Overall, the integration of Playmaker Capital has progressed as planned, and we have already observed encouraging early performance marketing results during the quarter, stemming from affiliation revenue. I'm very excited to welcome the full Playmaker Capital team to the Better Collective Group. Additionally, our expansion into high-level media, i.e. podcast, YouTube shows, and social media content, has proven successful following last year's acquisition of Playmaker HQ. At one point, three out of the top five sports podcasts in the US on Spotify belong to Better Collective. This strategic move has enriched our product offerings and amplified our reach within the North American audience, cementing our leading position. As of now, we are looking into a busy summer with the European Championships and Cup of America, along with the Olympics, and preparations are already in action, including concept developments and brand strategies tailored to maximize our impact. We anticipate that the European Championship will be a significant sporting event for our group, positively contributing to growth. Please follow me to the next slide. After the closing of Q1, Better Collective has successfully completed the acquisition of the UK sports betting media brand ASOTS in a 42 million euro transaction. Rooted in the UK, ASOTS has over time experienced growing international interest, extending its reach beyond the UK borders. We recognize the potential in leveraging our local expertise across various regions to scale the brand globally, capitalizing on this expansive opportunity. Despite already maintaining a robust presence in the UK, this acquisition further solidifies Better Collective's position in one of the world's biggest markets for sports and sports fans. Established in 2008, ASOTS was founded with the aim of providing UK sports enthusiasts with an -to-use betting calculator. Over the years, the brand has expanded significantly, offering a well-regarded web platform featuring a range of betting tools, comparison features, live streaming schedules, an odds and parlay calculator, and more. Additionally, ASOTS has introduced a popular app that has garnered hundreds of thousands of downloads. The acquisition aligns with Better Collective's strategy exemplified on this slide of owning the full range of sports media across key regions, spanning from traditional sports book comparison brands to general sports media, social media content creators, e-sports communities, and beyond. The acquisition comes with a lot of recurring revenue, and we paid 42 million euros for the brand, which implies a -12-month EBITDA multiple of four times. As Flemming mentioned, we upgraded our guidance with 5 million euros on revenue and EBITDA for 2024. Please turn to the next page. We remain focused in building out a global network of leading sports media brands, entertaining a global sports audience. Currently, we engage with sports fans by having more than 400 million monthly visits across our network. Please turn to the next slide. On May 5th, just two weeks ago, Google activated a new policy focusing on third-party content across a variety of different commercial categories. This impacted the rankings and thereby trafficked to some of our media partnerships. Better Collective remains proud of the partnerships we have developed with general media and is working closely together with all parties involved to address the changes. An additional consequence of the update has been improved rankings towards some of the proprietary sports media owned by us, resulting in increased traffic. Better Collective mainly works on revenue share with our media partners. Hence, the short-term revenue and earnings impact from this change is estimated to be limited and thereby to be contained within current guidance. It is still very early days to comment on the mid- to long-term impact, hence what the NDC mix will be between owned and operated and media partnerships. Please turn to the next page. So to summarize the quarter, we saw solid performance across the group with good recurring revenue growth. EBITDA was 29 million euros, down 13 percent as expected due to tough comparisons. Better Collective secured notable success when the state of North Carolina launched online sports betting with revenue structured on a combination of revenue share and CPA-based contracts. In Q1, we closed the Playmaker Capital acquisition and since February, when we took over the group, the integration has been going as planned and we see a great cultural fit between us. We acquired a leading UK sports betting media brand in ASOS, securing a stronger foothold in that market. And lastly, we are now looking forward to a very busy summer ahead. This concludes our webcast presentation. I'll now pass the word back to the operator and open for questions from the audience. Thank you for listening in.

Thank you. As a reminder to ask a question, you will need to press star 1 1 on your telephone and wait for your name to be announced. To withdraw your question, please press star 1 1 again. If you wish to ask a question via the webcast, please type it into the box and click submit. We will now take our first question. Please stand by. The first question comes from the line of Peter Sebastian from Nordea. Please go ahead. Your line is now open.

Hi, good morning. Yes, I'm Fleming and Mikael. Thank you for taking my questions. So I have a few. I'll just take them one by one. First is on the Google update here, as you allude to Jesper. So I mean, you say that you see a negative traffic effect on your media partnerships from the new policy here, but that traffic on your own operator sports media portfolio has increased. So I believe what the market is looking for here is some sort of guidance on net effects. So could you provide any help or maybe try to expand on the dynamics here? So what could be the net effects of this new policy change as you see it?

Good morning, Sebastian. Thanks for the question. Well, let me start by our approach overall to the digital sports media market, which obviously is what we're very excited about. Our approach is that we want to be relevant in all forms of media consumption. So we started out with our owned and operated and have been building that and also acquiring a lot of those media in recent years. And five years ago, we then developed the media partnerships, which we are very proud of, where we work with some of the strongest media brands globally. A few years later, we acquired a paid media business that has seen substantial growth. More recently, we have acquired businesses focused on high level media producing podcasts, YouTube shows and a lot of social media content. And what I'm saying with this is that the category for us is where we need to have as much optionality as possible and have been successful in creating that. And I think this is actually so to come back to your question, we are now seeing sort of the effect of having that diverse optionality. As you rightfully elude to, we see an impact here on our media partnerships, but have also noticed a positive development in the search rankings and total audience to our own and operated. It's just two weeks ago. So to be honest, the net of this is very early to estimate. But again, we have restated the guidance that we have in place and therefore can absorb the effect within the guidance.

Okay. Thank you, Jesper. I appreciate it. And I guess you also restate your medium term guidance. So I guess you also think as of now that you can absorb this into your medium term guidance as well. Is that how to think about it?

Correct.

Okay. And then just a last question on this Google topic. So, I mean, considering that traffic is shifting from partnerships where you share margins, I mean, now talking from an affiliate perspective. So traffic is shifting from partnerships where you share margins to sort of your own 100% margin owned affiliate side. So is it fair to assume that there's also a scenario where the net EBITDA effect could actually be positive over time?

Again, it's very early days with this, but I do follow your question. And I would probably revert back to what I started saying is we're focused on the entire category and creating optionality and being best possible positioned for all forms of sports, entertainment, media consumption. And I think, again, this is actually a testament to this strategy, what we are seeing right now. But yeah, it's too early to comment on the effect of this for the long term, to be honest, Sebastian.

Oh, that's totally fair. Great stuff. And then just my last question on your latest acquisition, AceObs. It seems like a different beast compared to Playmaker Capital, at least, more towards traditional affiliation. Is this among sort of the last relevant pure affiliate assets for better collective out there? Or how do you view the sort of the &A-like landscape from here?

No, I would not say that it's the last. And I think it's in general we have a big pipeline. And just to give you a sense of AceObs and the developments over time, the first time we had a touch point with the owner of the former owner of AceObs was in 2016, where we were in contact and he wasn't interested in selling. And we have this very big pipeline that we constantly work with. And we have a wide range of sports media that we think are relevant in any given market. This is more relates to sports betting media, as you rightfully put it, Sebastian, more the traditional affiliate business where we started out in better collective. But in a market as big as the UK, we really want to own the whole range of media. So also the traditional sports media with news, we want to be relevant within arts. And in this case, like a betting calculator, we are also gaining with this acquisition. So to me, this is spot on to the strategy of owning the different kinds of media where we know there's a significant demand. As an example, AceObs has around a million monthly visits for this niche area of sports betting media. So to me, this fits well. And I believe we have also been able to secure an attractive deal for better collective.

Thank you a lot Jesper. Great stuff.

Thanks, Sebastian.

Thank you. We will now take our next question. Please stand by. And the next question comes from the line of Paul Yesen from Dansk Bank. Please go ahead. Your line is now open.

Yes, thank you. Thanks for taking the questions. I'm coming back to one of the answers you had before about the long-term guidance. First you say that you confirm the long-term guidance, and afterwards you say it's too early to assess an impact from the Google changes on your long-term guidance. So how should that be understood?

Well, we restate the long-term guidance. What we say is that since this change of policy, which it is, and just to maybe give a bit of color to what this is, it's a change in policy where third-party content providers to established media sites have been affected. And this ranges from voucher codes to restaurants, different kinds of coupon codes within many, many commercial categories, and then also within sports betting. And we know this is of course impacting our partners here. We work with them to mitigate the impact and basically resolve this. But we don't know the continued development of this. And I think it's relevant to know that when there are significant changes in the search landscape, it takes time to fully digest the evolution of this. Also coming back to the part of we are not really commenting on the long-term effects for our owned and operated, which as we allude to could also be positive in this scenario. So that's basically it. But the current changes and the result of those, we maintain this year's guidance and the long-term guidance.

Okay. And then when you say that your own and operated websites have seen increased traffic and rankings, then you say some of them, how shall we read the words, some is that two of them has had a positive impact and then 30 has had neutral or? Well, we

will not single out, but it is sort of on a broad range that we have seen a positive effect in our own and operated business and then on our media partnerships, some that are affected by this.

Okay. Is it possible to get any indications if you look at NDCs, how much is coming from media partners and how much is coming from your own pages? I was just thinking you say that about 300 million visits is coming from partner sites. That's 40, 45% of all your visits. Is that an indication of how the split of NDCs are as well or is it totally different?

We haven't commented on the mix of the NDCs related to the media partnerships and the own and operated. And we will not change that now. I'll probably just sort of restate that we are updating or making change to the guidance here so we can absorb the effect of this.

Okay. Then two questions on the financials on the quarter. You say that Europe and South America was impacted by less matches and also that the sports win margin was not favorable during the quarter. Is that a material impact on Europe or is it just to highlight some of the implications? So

the number of games, there is a fairly direct correlation between the number of games and the sports betting activity. So that is sort of, yeah, I said a fairly good correlation between activity levels and number of games. Then on the other part to the sports win margin, it was more or less as expected for us, but just noting that it was lower compared to last year.

And the final one, ASOTS, you say that it has a very high margin. Is that above 50% or so on the EBITDA level? I was just considering that you had the same change to revenue as you did to EBITDA based on the acquisition.

Perhaps I can answer that, Paul. Yes, it is. I think we can safely say that and refer back to the guidance. It is a very high margin business. And what we are gaining with that brand and the domain is also, as we state, a lot of recurring revenue that has been built over time. So the margin is very high. So that's correct.

Okay.

Thank you. Thank you. We will now take our next question. Please stand by. And the next question comes from the line of Oskar Romsqvist from ABG Sondelkalia. Please go ahead. Your line is now open.

Thank you. Good morning. Thanks for taking my questions. The first one, I would just continue on the guidance. So you upgraded the revenue guidance by 5 million, but I suppose that you have more than 5 million in contribution from ASOTS. So I just wondered, I mean, I guess that we could interpret this as sort of an underlying cut on the top line guidance or the target for 2024. So is this related to the Google update or have you seen any other sort of impacts on the top line except for just the Google update which came now in the beginning of May? Thanks.

Thank you, Oskar. Fleming here. The upgrade of guidance is solely related to ASOTS. And please remember that it is, we will include it for a period of, say, seven months after the acquisition. So in this case, revenue and earnings are very much, I can say, they are close. So hence that we have not included any other effects to answer your question directly.

All right. Got it. And then just I had a few questions on Playmaker. So it was breakeven in the first two months. And I know that you say that this was, I mean, this was very muted in the beginning and then it's, you know, seasonality-wise it's increasing towards Q4. So just wanted to hear anything sort of on the magnitude of that and if the first two months was in line with your expectations or if the sort of breakeven is slightly below. I know that you are, I mean, you say that you want to have some sort of transition towards rev share, which is, you know, weighing on the margin short term and obviously also on the top line. So just, I mean, if you could walk us through the beginning of the trajectory here for the synergies that you were talking about for Playmaker. And then also, if you again could just repeat, I mean, you're essentially buying a thoughts for a third of the valuation compared to Playmaker. And it seems like you have synergies or pretty visible synergies in both of them. So I know that obviously there's a different sort of mixing in Playmaker that makes it attractive. But three times the multiple is, you know, I mean, do you still think that, you know, 12 times is a pretty fair multiple for this compared to companies such as ASODs or is it very hard or difficult to find more M&A opportunities such as ASODs for four times multiple? Thanks.

Yeah, I'll try to answer and perhaps I'll start with the latter one because clearly they are very different in nature, as Jesper alluded to. And also it is our strategy to be relevant in all categories across sports betting and sports media consumption. Playmaker Capital, what we acquired with that was a vast portfolio of sports media across the Americas where we have not really, there's been almost no monetization on the performance marketing channel. So mostly display advertising, whereas ASODs is completely the opposite. So it's very, it's two different assets basically and thereby very difficult to compare with ASODs. We're also buying a lot of recurring revenue. So coming back to Playmaker Capital, it was really as expected in the early phases here. We expected to be in a break even mode. And now we are applying performance marketing and for the bigger portfolio, you can say what we call football sites within Playmaker being South American exposed. There we are going into the active sports season now. So there is some seasonality to it that we also had in our expectations. And so Playmaker Capital is playing out as expected. And to come back also on Jesper's comment on own and operated, that is a portfolio that is adding to our own and operated sports media with big audience. So it's both, if you can say, fulfilling parts of our way we want to be, but they're very different and also hence difficult to compare in trading multiples.

All right, got it. Just, I mean, sort of follow up on Playmaker then. So I think that you said when you acquired it that you expected, you know, muted growth or maybe, you know, flatish growth for the asset just because of the transition towards rev share on the top line. So I think it did 15 million when you acquired it in the last 12 months, EBITDA. So are you still expecting around a 50 million contribution on an EBITDA level or do you think that EBITDA should come down the first year after you have included it or you having it consolidated in your business?

No, it's actually still in line with our expectations that we would assume flat growth in the first year. You can say the two months that we actually included was two months earlier than we anticipated. So you can say that's the only change from when we did, you can say when we acquired it, we thought we would close in April. Now we closed with effect so we could take it in from February actually, so two months earlier, but the earnings expectations are unchanged.

All right, so flat, so still around 15 million for the first 12 months of inclusion.

Yeah, correct.

All right, perfect. My next question would be on the NDC. So given your transition towards revenue share contracts, I think your NDC development on a rev share contract is flat year over year. Also including small contribution maybe from the acquisitions and it also, I mean, it's 20% below Q2 last year, which also was a quarter without any big men's football championship. So I think that you seem pretty comfortable with the underlying performance or if I'm interpreting you right, how should we think about the NDC development? Is this solely because you're focusing on, I don't know, diversifying your revenue streams towards CPM and other stuff or how should we think about the underlying demand for your services here?

Yeah, thanks, Oskar. So basically we're satisfied with the development of NDCs given the different measures we have already discussed around the fewer state launches and fewer major soccer games during the quarter. One thing we have noticed is that Brazil is seeing a lower activity than in previous quarters. And we believe some partners are preparing for a larger investment spree in anticipation of rumored regulations expected later this year. However, we still have to protect the exact timing of these regulations as that is basically a speculation. But that is sort of what we have noticed in Q1.

All right, yeah, that's very fair. I think other operators have also highlighted Brazil as pretty, you know, a bit on the low side, ahead of the regulation. So I guess that that's a big NDC market for you, is that how to read it?

Correct.

Perfect. I think that was all for me. Thank you very much.

Thanks,

Oskar.

Thank you. We will now take our next question. Please stand by. And the next question comes from the line of Hjalmar Alberg from Red Eye. Please go ahead. Your line is now open.

Thank you. Maybe just one more question on media partnership and just looking into the Euro football championship. Do you think, I mean, actually comparing to historical FIFA World Cup, maybe you saw pretty strong growth on NDC. Do you think it would be tough to achieve the same kind of levels considering that media partnership might be soft at the short term? Or could you mitigate this by own assets, so to say?

Thanks, Hjalmar. As I alluded to in earlier questions, it's too early to assess the sort of mix of NDCs from the short term. From owned and operated and the media partnerships, we feel we are well positioned for the upcoming European Championship and we'll see a significant effect. So the answer would be that we were still really excited about this and think it will have a big effect on the performance.

All right. And looking on the US and North Carolina launch, which was late in March there, I guess you had a little bit more rev charred than CPA there than usual. But could you comment on anything on CPA levels maybe in that launch compared to Ohio last year? For example, is it the CPA levels coming down as well or are they similar in that launch?

Well, what we see in North America is a different agreement and deals with different partners. What we are truly excited about is that we feel we've never been as strong commercially as we are right now. And I think that that's a natural development of the position we now have in North America with a lot of different strong brands in various formats, both the written and in audio, strong on social media. And we really sense that on the partner side, it's being acknowledged, this position. And therefore, we commercially have never been in a better position than we are right now in North America.

All right. And looking a bit on overall seasonality and inclusion of Playmaker capital, we have your full guidance and we know Q1 now. But if you give some flavor on Q2 and Q3, maybe, I guess April, maybe it will be a bit softer in both terms of top-line contribution and therefore also profitability. And then Q3, Q4 stronger. So, I mean, will Q2 be kind of the softest quarter and then Q3, Q4 stronger?

I think we put out a full year guidance and we don't guide on borders. I would look to previous seasonalities. Also, if you can look back now, it was just in 22 that we had the World Cup during Q4. But normally you have these kind of tournaments during the summer and I would look towards those years to have comparisons.

All right. And just a final question, maybe on your strong balance sheet here, you see potential for M&A. Are you also looking at more kind of operational investments like the Advantage platform or will you mostly look at M&A in terms of capital investments?

Yeah, I can answer that. We are, of course, as you alluded to, always looking at new M&A. That's still an important part of our strategy. We have a very important project, as you alluded to, with Advantage that we are really focused on seeing through. So we don't have any other bigger planned technology investments as of now. So as you know, Advantage is a key project for us. So that's our core focus right now.

All right. Thank you.

Thank you.

Yeah, I think.

As there are no further questions on the phone line, I would now like to hand over for any questions on the webcast.

Yes, thank you. And there are a few. If we start, I think this one is maybe for you, Flemming. Could you elaborate about the raise in media partnership assets over the past quarters and I guess years?

Yeah, for some of our longer lasting partnerships, we are, you could say by IFAS measures, we are capitalizing certain parts of the payment structures as assets. And then I'm also sizing those over the duration of the contract. And then we have entered into new media partnerships, bigger ones also. So that is basically what is reflected on the balance sheet.

Yeah, thank you. And then Jesper, maybe one for you. We mentioned that we have 10 percent fewer football matches in Europe and South America during Q1-24 than Q1-23. How come? Would it all else equal be reasonable to expect more games in Q2 or how should it be considered?

Yeah, so the impact you'll see on the football schedule will actually relate to the big championships. So due to the World Cup being played in November, December 2022, it was a condensed schedule prior to that. So sort of in the fall of 22 and also a condensed schedule in the first quarter of 23 because of the pause from the World Cup in order to allow the players to rest just on the back of the World Cup. And now we have the upcoming European Championship and Copa America, which means that the league ends slightly earlier than in a year where there will be no big championships. So it comes down to the big championships that can affect the schedule of football matches.

Yeah, and then we have a question here in terms of some of your peers expect to become the long term winner following the recent Google policy change. Do you have any opinion on that?

Well, as I have said a couple of times, it's simply way too early to discuss. I may remind you that the update was made just two weeks ago, but fundamentally we remain very proud of the media partnerships we have built and are committed to assist our partners moving forward.

Yeah, and then we have a question here. Could you comment on the progress on Advantage?

Yes, it's progressing as planned. It's an important internal development project both on the technical side and on the sales capability side and significant resources are dedicated to this. So we're pleased with the

development. Yeah, and then we have another question that I can maybe take if we could share the percentage of NDCs in North Carolina that were on revenue share. That's not something that we disclose and never have actually specifically on state launches also due to competition basically. Let me just see if we have more. I think that was it. So thank you all for showing interest in Better Collective and for listening in. Have a nice day.