Kambi Group plc

Welcome to the Q3 report presentation. My name is Mia Nordlander, I'm the SVP Investor Relations and Sustainability. And today I'm here with our CEO, Vennie Bæcher, and our CEO, David Kenyon. We will hear a presentation from Vennie and David, and thereafter we will have time for questions. You can either call them into me directly, but please remember to press the pound key plus five, or you can send them directly to the chat. So once again, very welcome to this presentation. We will start with some highlights from Vennie. Thereafter, David will talk about the financial summary. Then Vennie will come back, talk about some commercial and strategic updates, and then we have a summary followed by Q&A. So over to you, Vennie.

Thank you, Mia. And good morning. Q3 was another busy quarter for Canby, with Euros and Copa America tournaments ending, and several important partner signings. We reported a solid underlying growth, with operator turnover increasing 14%. And despite the higher than normal margin, we also saw a 16% rise in revenue when accounting for last year's pen transition fees and one of license revenues. With KTO, we signed a fast-growing top 10 brand in the Brazilian market. Rush Street Interactive has enjoyed great success across the Americas by utilizing our sportsbook. We are delighted to have signed a long-term contract extension with Rush Street to secure important revenue for Canby. Shortly after the quarter, we hit a key milestone in our modernization strategy. We presented our new product portfolio and announced partnerships with Hard Rock Digital and Ray Du Pitaco for our new promising Odds Feed Plus product. And just this morning, we announced a new share buyback program of 12 million Euros, a size significantly larger than what we previously done. Handing over to you, David.

Thank you, Werner. Good morning, everyone. So to start with the summary of the quarter, revenue for the quarter is 43 million, with an increase in both operator turnover and a higher trading operator trading margin than Q3 last year. Last year's number of 42.1 million included some non-recurring items also, 2.6 million of non-recurring license revenues, and 2.3 million more pen transition fees, fees which actually ended in July 2024. So excluding these one-offs, revenue was actually up 16% year on year. Earnings for interest, tax and amortization on acquisitions was 4.9 million. And our total expenses were 39.4 million. Excluding FX from these numbers, expenses were 38.5 million, which is at the bottom end of the cash flow in the quarter. And this led to an increase in our cash balance by the end of September to 60.5 million. And as Werner mentioned, we're really pleased to have announced this morning a 12 million buyback program, which will run until the next AGM in May 2025, putting our strong balance sheet to good use. This is the operator trading analysis we present. It's an aggregation of the results across the turnkey portfolio, with the blue columns being an indexed version of the operator turnover, originally set at 100 when we first floated. And the orange line there is the aggregated operator trading margin across the portfolio. So firstly, the operator turnover, that was up 14% from 602 in Q3 last year to 687 this quarter. We saw growth from our new customers, in particular, Livescore and Svenska Spell, as well as growth from our existing operators. We also saw this quarter the final matches of both Euro 2024 and the Copa America, with 11 and 12 matches respectively in the quarter. And of course, the Olympics in July and August. These increases were offset by both Napoleon and Kindred in the U.S., which added zero turnover in this quarter. But all in all, a 14% increase in turnover. The margin was 10.4%, which compares to .8% in Q3 last year. This .4% is obviously a high margin, higher than we typically see. And we saw high margins, especially in the NFL, in baseball, and in football, in particular in the Copa America. So these factors, which were offset by those non-recurring items I mentioned in Q3 last year, led to revenue increasing from 42.1 million to 43 million. In terms of our cash, we had 52.7 million in the bank at the start of the quarter. This was boosted by our operating profit of 3.6 million, to which we also add back amortization on the intangibles required through our M&A, another 1.3 million. We saw a positive movement on our working capital in the quarter, especially with debtors decreasing due to some payment timing differences on some of our larger accounts. And all in all, this led to an 8.1 million increase in cash, to 60.5 million. As I mentioned, today we announced a 12 million buyback program. This is in line with the capital allocation strategy we announced earlier this year, to return capital to shareholders through buybacks, whilst preserving sufficient capital for our operational requirements. This program takes us through to the next AGM, where we'll likely seek a fresh mandate in order to be able to carry on this kind of buyback program long term. And with that, I'm going to hand back to Werner.

Thank you, David. Werner, when I joined Camby three months ago, I already knew that I was joining a company with great potential. But today I'm even more excited about all the opportunities for Camby in its evolution into becoming the home of premium sports betting solution, offering now seven standalone products. Of course, our Turnkey Sportsbook remains our flagship product. And we believe that the quality of exactly this Sportsbook gives all our other modular products the edge over the competition. But not everything is going in our favor. For example, Kindred and Leo Vegas moving away from our Turnkey Sportsbook. Looking ahead, Camby's customer base will continue to evolve, which means we want to have clear goals and we want to have a more diversive partner structure going forward. We won't be overly reliant on a small number of operators anymore. To increase productivity and to remove inefficiency from our operation is relevant for long term success. Based on a very strong balance sheet, work is already underway to further reduce our cost base moving forward. We want to work smarter and faster. On the whole, I'm very passionate and I see a bright future for Camby, even if the short term requires us to roll up our sleeves. A lot has happened since our last quarterly presentation and you can see some examples here on the slide. Camby completed nine partner launches in the quarter. In July, we launched LifeScore brand Virgin Bed in the UK and Ireland. We signed a front end agreement with Puff, we are our Shape Games division. Puff will now have access to our new software development kit to have even more control over its front end client. And it would be a miss not to mention the long term extension of our partnership with Rush Street Interactive. This agreement secures important revenue for Camby. And it's one example why we've been working on opening up our sports book to enable even greater differentiation for all of our partners. Rush Street has enjoyed great success across the Americas by utilizing our sports book in their own very unique way, by integrating it deeply into its own proprietary platform. And I will talk a little bit more about some of these examples here on the slide later, including the signing of KTO, the launch of our new product portfolio, and also our odds feed plus deals with Hard Rock Digital and Ray De Pitaco. For the past two years, we have been speaking a lot about Camby becoming more flexible and about our modernization strategy. The development has taken a little longer than hoped due to change priorities related to the wins of LifeScore and Svenska Spell. We are excited about all seven products we're offering now and Camby's evolution into becoming the home of premium sports betting solutions. We are excited about the new product we believe each product is either market leading today or has the potential to be soon. But why are we so convinced that our turnkey sports book gives all our products the edge over the competition? Our new odds feed plus product is a prime example of this. Through a simple integration of a single API, operators can gain access to Camby's full library of unique premium odds, including those from ABIOS and Tesseract. And we name it odds feed plus because we believe it provides operators with more than what is available elsewhere on the market today. Because our odds are actively traded and managed through our turnkey liquidity, our large turnkey liquidity, being sharpened constantly by the billion of bets we trade and manage each year. This edge was underlined by a number of very prominent sports book signings in the last few weeks. Clearly, odds fit plus has already proven that it can and will increase our addressable market. Hard Rock Digital is a very good example about this. While it will also demonstrate its ability to retain partners like Radio Pitaco, who would otherwise have left us. We continue to work hard to make sure that we can offer our partners leading products in their local markets. With our premium turnkey sports book, we've had two major developments. Firstly, it was great to sign KTO. Probably not a brand everyone is aware of, but KTO over the past few years has become a fast growing top 10 player in the Brazilian market. With the Brazilian regulated market expected to open in January, KTO realized it required a sports book now to compete with the big global players. And a product they can trust is always 100% compliant with these new regulations in Brazil. That KTO has decided to transfer to Kambi from its incumbent sports book supplier is clearly a vote of confidence in the quality of our products for the Brazilian market. Secondly, we've been a proud partner of Rush Street Interactive since 2018. Supporting their growth not only in the S, but also in Latin America too. And I'm delighted we have the opportunity now to build on this relationship over the coming years with a long term extension of our contract. Since we've officially launched our new OZFIT Plus product just a few weeks ago, we've seen great interest. Particularly at the G2E show in Las Vegas and the SBC Summit Latino America recently. We are very proud that we could sign our first two OZ deals with partners in the last few weeks. The edge over similar products in the market was underscored by the recent partnership agreement with leading US operator Hard Rock Digital. An example how our new modular products increase our addressable market. In terms of Ready to be Taco, we had a Turnkey Sportsbook agreement with them in place previously. But RUP were always open with us that they would be looking to build an in-house sportsbook based on their existing fantasy sportsbook platform at some stage. Or their Turnkey deal was due to expire already next year. So I'm delighted that we have agreed a long term deal now with our new OZFIT Plus product and we will remain an integral part of their sportsbook for the years to come. RUP is an example demonstrating the ability of our new modular services and products to retain partners that would have otherwise left. Outside of the Turnkey and our OZFIT product, we have also seen developments across front end and eSports. We continue to see solid cross-sell and upsell potential for these areas. Talking front end first, which is delivered by our Shape Games division. We have signed two new partnerships with Camby Sportsbook partners in recent months with Puff and with Shockta. Both deals show the full flexibility of our front end services. With Puff opting to leverage Shape's software development kit, while Shockta will utilize Shape's fully managed front end services. Looking to eSports next. After a commercial successful year so far, ABeos launched eBasketball, a new product only a few days ago following the continued success of their eSoccer product. And in Q3, ABeos partnered with Camby Sportsbook partner Svenska Spell to deliver its full eSoccer offering including odds, streams and widgets. Both examples show our ambition to realize further synergies from recent M&A. While new market regulation in general has been moving at a slower pace than we had anticipated, we look forward to the launch of Brazil, which is expected to take place in January. Based on our great success in neighboring states and countries like Colombia for example, we believe we have a market leading product for Brazil. We've already spoken about the signing of KTO and Rated B. Taco, which is evidence of the quality we have. However, we also have a number of other partners set to enter this market and we look forward to supporting them to do so. There are ambitious industry expectations for Brazil, as you can see from the forecast on the chart here. But it's also important to remember that this has long been a gray market. The current gray market leaders will be entering the regulated market along with some other new market entrants soon. Meaning competition will be fierce in Brazil. Nevertheless, new market regulation is always a plus for Canby and we look forward to seeing what Brazil will bring for us. So to summarize, several new partner signings and extensions. We are delighted to see our modern products gaining traction, underscored by the recent partnership agreements with leading operators. Our new OZFIT Plus product has already proved it can increase our addressable market while also demonstrating its ability to retain partners that would have otherwise left us. With more products in the pipeline for our modular services, we are adding a new revenue stream on top of our existing turnkey sportsbook business to further accelerate growth. And with some bigger operators moving away from our turnkey sportsbook, of course, we have some near-term headwinds to manage. But we are very excited about all the opportunities for Canby's evolution into becoming the home of premium sports betting solutions.

Okay, thank you, Werner. Thank you, David. It's now time for questions. You can either call in to us here. Please remember to push pound key and five or you can send them directly to me in the chat. We have a few questions. Martin Annell, DNB. Good morning.

Good morning, guys. Can you hear me? Yes. Perfect. Thank you. I want to start. Can we just start with a question on your minor changes of the full year communication? I think you fine-tuned down your revenue for the full year and also lowered the cost guide. Can you comment on the reasons for these small adjustments? Thank you.

Yeah, I mean, I would say, hi, Martin, I would say they are small adjustments. On the revenue side, it's really a narrowing within the original range. So that was 170 to 180. Of course, at the start of the year and in the earlier stages in the year, there were so many moving parts in that revenue number from customer marketing spend and activity to churn or new signings or margin. A huge number of variables. So it's really now later in the year we were able to really narrow that down and really it's just narrowing towards the centre of the range. OK, not quite on 175, but it's very close to the centre. On cost, I think we've been kind of flattish throughout the year and looking ahead, we're now quite clear on what our costs are going to be during Q4. We can say with confidence to a two million range where that's going to be. And that's very much at the low end of what we said at the start of the year. So all in all, I think the position is broadly what we expected it to be. And, you know, it's no real changes from our perspective.

And just a minor follow up, if I look at the midpoint of your revenue for the full year, it's an implied number for Q4 is slightly below that for Q3. Although we know that Q4 is sort of the biggest quarter in the industry. Can you just explain the headwinds, why this is? Thank you.

Yeah, firstly, I should mention the, obviously, the pen transition fees, which we had 1.1 million in July. So they will stop. So that's obviously a headwind. Then we had a high margin in Q3. I don't think we can expect that high margin to continue. I expect that to normalise in Q4. But that would be offset by the seasonality. So the full quarter of, in particular, NFL and soccer. So, yeah, all in all, that kind of gets us to that new range that we set out.

Okay, thank you. And on the cost situation, and you mentioned, that efficiency focus ahead. And I guess we're only in the very early days of this. How much do you see? How big is the potential here to focus more on efficiency?

So I think it's clear for an incoming CEO that operational excellence is something you're looking already in the first few days. So of course, I see also some cost saving potential here in Canby, although we always manage our costs prudently. So of course, AI is a big topic, not only in our Deseret division, but also across the whole business at Canby. We're looking at it at the moment where we can use more AI tools in the company. If we have the right size of all our teams, it's also something we're looking in. If we really focus on areas with high growth potential. So there are many areas, and we look into all areas where we can get more productive and we can be more efficient going forward. Some of these cost savings are already underway. And David talked a little bit about it. We are already now coming in flat with costs. We will talk more about, in Q4, about our expectations of these cost savings.

Will you provide a folio guide for 2025? Will you have this revenue range and cost range?

Certainly the cost range and quite likely the revenue range. I mean, there's obviously a lot of moving factors, like I mentioned earlier. So yeah, I think we'll look into the revenue but probably and definitely the cost range.

Okay, thank you. One final question from me is to you, Werner. If you look at the OBSFED Plus product and you compare it to similar products from competition, what would you say is the main edge in Canby, given your experience from other companies on the supply side?

Yeah, so first of all, we are a premium sportsbook supplier. So comparing our products to the products of data suppliers, I think is that we don't provide midpoints of markets or something like that. We trade actively our odds based on a double-digit billion liquidity we have simply on our turnkey sportsbook. This means our odds are sharpened, they are traded. Why Hard Rock Digital, for example, acknowledged that adding our OBSFED Plus product in addition to existing data supplier OBSFED they have already integrated will benefit them. So we have experience over 14 years now at Canby to fine-tune our systems, to keep the customers, the punters out there engaged. So I think the edge of this product is the big turnkey liquidity but all the nitty-gritty details as well we've put into this product for the last 14 years now.

Okay, thank you guys, that's all for me.

Thank you Martin. Next one is Oscar Rundqvist from ABG. From ABG, good morning.

Thank you very much and good morning. So just the first one I would like to talk a little bit about the guidance as well and sort of what it's baked into this obviously very high trading margin in Q2 and Q3 alongside, you know, Euros and Cup America. I think Rush Street sent out a conference call that the October football results in the US were very, very player friendly. So just wondered, I mean, your guidance is, you know, assuming a normalised margin for the remainder of Q4 but it's a weak, you know, October trading margin already baked into your guidance. Thanks.

Yeah, yes it is. So it is baked in. Yeah, but, you know, hopefully for the rest of the quarter we'll see a more normal margin which, so yeah, no reason not to expect that really.

I think when Richard Schwartz talked about the football margin in the US, this was two weeks ago and the quarter was quite young so situation has changed in meanwhile a little bit so we're in a more normal level now again.

Okay, got it, got it. Thank you. Then just the next one, wanted to hear your thoughts about the sportsbook margins. Obviously, I mean, they're trending, you know, higher and higher and I guess it's a result of the increase in parlay bets and just looking at, I mean, I think it was a bit ago, I mean, Plutter had the CMD presentations, talked about, you know, the structural revenue advantage of, you know, a higher structural hold in sports betting in general. So just wanted to hear your thoughts, I mean, how are you going to balance this trend? So, I mean, obviously you could either, I mean, exploit the higher structural margins by, you know, increasing the hold rates or else, I mean, you could make the prices more competitive to try to gain market share from, for instance, you know, Flutter and DraftKings, etc. So how do you balance this and what can we expect from you going forward?

Yeah, I mean, I think we've always talked about an optimal trading margin so, you know, and one that, you know, provides the right level of payback to the players so they can enjoy the experience and, you know, and for the operators still to make the right level of money that they're looking to make. We've also obviously got payback tools whereby operators can flex that payback according to their needs and their marketing campaigns. So, yeah, and then you see the increase in prevalence of parlays, which obviously push up the margin. So, you know, it's definitely one we keep looking at. In our mind, we set what we think is the optimal margin and then it's up to the operators to adjust it if they see fit.

I think this trend is also driven a lot by the increasing importance of bet builder and our market-leading bet builder product. And you mentioned it, Oskar, so more and more parlays. This is because of our bet builder product but also let's say that the betting behavior in North and South America is a little bit different than what we were used to in Europe with more single in-play bets. So having more parlays now and a different regional footprint also comes into this.

All right, perfect. So are you saying it's more on the operator side to sort of adjust the hold rates here rather than from your side?

No, it's always a joint approach. So when it comes to trading the perfect margin to have a high entertainment factor for their Panthers customers out there, this is a very joint discussion we have quite frequently with them. It's not there, it's not our decision, it's the experts working together.

Got it, perfect. And I mean, just as this sort of opportunity arises, I mean, do you see any evidence of, you know, assuming that, you know, you have a stellar product and, you know, a very good trading platform? So, I mean, do you see any evidence of, I mean, if you could undershoot, like Flutter, for instance, their odds on sort of the same sort of parlays or games just by having a lower hold rate, do you see any evidence of gaining market share due to that?

If you're talking about Flutter and DraftKings and therefore specifically about the US, I think the success of Rush Street Interactive in the US underlines and their growth rate that our product is very, very competitive. So we are working hard because our customers expect to be at least on par when it comes to product odds with the very, very big ones out there. And again, I think Rush Street is a very good example that shows that our product is at least as good as the ones of very big tier ones and tier zero operators.

Perfect, thank you. And just then on the pipeline, obviously, I mean, you announced that you buy back buybacks this morning. So just looking at the pipeline going forward in terms of new signings, so I mean, you're talking a little bit about, you know, not having to have, you know, a similar sort of dependency on individual customers. So I guess that your main approach now is to go for modular signings. Are you seeing an interest from a few of the big operators? Or can we expect like, you know, a bigger magnitude of the number of signings rather than going for the big ones? Or how should we think?

So please let me repeat, we definitely will not lose focus on our turnkey sportsbook, right? This will be also our flagship product going forward. But yes, with this new modular product, specifically with OZFIT+, we see a lot of traction on the market. And the clear goal is to increase our addressable market. There are many operators out there, many big operators, but also mid-sized operators who have in-house sportsbook and who would be never customer of Camby. But with these new products, we can address them, we can work together with them. And Hardrock in the US, I think, shows that there is interest in our product and also G2E, SBC Latin America in the last few weeks. We only announced this product a few weeks ago. Please don't forget, shows that we are very comfortable with looking to our sales pipeline, not only for modular products, but also for the turnkey.

Perfect. Thank you. Sorry, I have a lot of questions today. But if there's any color on the Kindred and MGM roll-off in terms of timing, could you say anything on that?

We don't really have much color. I mean, I think you're going to have to wait for them to announce their position. I think Kindred talked about rolling off one market in Q4, but we don't really have any more anything to add to that,

really. All right, an MGM, nothing on the Vegas?

Nope, nothing further to add.

So we signed an extension of the contract with Leo Vegas MGM last year, as announced, and the acquisition of typical US sportsbook is also quite fresh. So it's only a few weeks ago they signed this deal. So we are in close discussions with them, also about our new modular products, of course, but also about how a roadmap from their side could and should look like. But I think they are still in the planning phase about this.

Just a reminder that we have a minimum guarantee with Kindred, of course, with the contract that ends in end of 26.

35,

sorry. Yeah.

Perfect. And on MGM, I think they're launching in Brazil together with a partner, right, with a better MGM international brand. Is that something that you, you know, are preparing to power or is that something that is excluded in your contract?

So we signed a contract for the internal expansion of the business last year, but in which markets we are going together with them is commercial sensitive information and is confident and unfortunately I can't disclose this.

I see, I see. Perfect. Thank you. I just have a final question. I mean, you have elaborated a little bit on the previous capital markets day about, uh, assumptions on the market shares. Do you have any market share, market share targets in Brazil that you could share with us?

No, because the market is quite immature. We know that hundreds of operators have applied for a license. Uh, we think we're in a good place with RDP, with KTO and some of our existing customers, but the situation will change. Uh, after the licensing has started a lot and will be not comparable to what we have seen now in the pre-regulated phase. So we have no clear expectations here, but regulation as mentioned is always in favor of Campi normally.

Perfect. I'll stop there. Thank you very much guys. Thanks. Okay.

Okay. I think that was, um, what we had from the conference call. Now we have time for, uh, for questions on the web. Uh, I start with you, Werner. Uh, now when you are coming in with fresh eyes, it would be interesting to hear your view on, on competition and campus position in the markets.

Yeah. So I can only repeat that, uh, we see ourselves as premium sports book company, so the question before about data suppliers, our main competitor clearly is open bet out there because as premium, uh, supplier, we are looking for the bigger and the mid-sized, uh, customers. I think having transitioned or we will transition now, uh, customers from operators who had incumbent sports book suppliers before shows, especially for Brazil and Brazil clearly is for the whole industry at the moment, the focus area that we have after a very successful, uh, period in the U.S. and more to come with California and Texas, a very good product also now for South America. And after this South American rush now, of course, please don't forget that the whole Asia Pacific region is coming also up in probably the next few years starting. Yeah.

Thank you. Um, a few questions about gray markets and what you think there. Um, can you elaborate a bit, please?

I think we did some reviews here, of course, and we've learned a few things in the last few years. So what we learned, we learned that in the U.S. and in the Netherlands and some other examples, of course, it was not a good idea to be active there already prior to the regulation because cool off faces or even being kept out from licensing was the consequence of being in this market. But on the other hand, there were markets like now Brazil, for example, but also Germany and many other examples where operators having been there already prior to regulation had a big, big advantage. They had a big customer base already. They had active customers and degenerated revenue even before. So my answer is we always look case by case, country by country on all these pre-regulated markets. And Brazil is an example, but also upcoming other countries could be an example where we decide if from a legal, from a license perspective, there is no risk for us, no material risk for us to go in these countries even prior to regulation.

Okay, thank you. David, a question for you. You will have an EGM soon. Can you explain why we will add squeeze out rights there?

Yeah, I mean, firstly, the background to the EGM is, you know, since we repaid the bond last year, our articles of association had many references to the bond holder that needed to be tidied up. So that's why we kind of started with this small project of updating the articles. At the same time, we just did a more general review on what should be in a typical modern articles of association as we're relatively old. And then squeeze out was a quite standard provision that made sense to include, I think, for the benefit of shareholders, frankly. So yeah, it was just one of the tidy ups we're making or proposing at the EGM.

Thank you. This is for you, Werner. You have a long talk about Bet Builder, that is best in class. And now it's been around six months since you signed Qwiff. What are the discussions with new customers like for Bet Builder?

Yeah, so in the last few months, we were fully focused on optimizing and providing the Bet Builder product to existing Canby network of more than 40 customers to make Bet Builder available now, like our managed trading service as well. Also, a standalone product is one of the main points on our agenda for the next few months. Please don't forget that our Bet Builder product supports pre-match, live betting, cash out, early payouts, so features no one else can offer on the market today. And we also integrate in the background now odds coming from Tesseract and all their capabilities into this product. So we will go to the market with Bet Builder soon, but at the moment we are fully focused on our existing network.

Thank you. David, one for you. If you look at the revenue mix a few years ahead, what percentage do you think will come from Modules?

Modules? It's a million dollar question. A bigger percentage than now for sure. We've obviously got high hopes and Verna presented the product portfolio. I think we don't know exactly where the revenue growth is going to come from in those, but we've got hopes across the board. But Tonki will remain the flagship, as Verna said, and typically you make a higher rev share on that. So that will always, I think, be the clear majority of revenues, but I look forward to seeing how the others develop. It's quite hard to say right now.

Thank you. Verna, this is for you. Do you have an update on the long-term financial targets?

I think we talked a little bit about it already. So first of all, this is a decision the board has to make. But we think to have targets in general is important, but if and when we announce new targets will be decided by the board.

David, there's a question about costs and recruiting a new CEO. Anything you can share there? We're very transparent with our costs.

Yeah, I mean, I can say all the costs relating to any hirings are accrued as we incur them. And so they're already presented in the Q2 and Q3 reports, so they're fully accounted for in what we've presented. Nothing else to come.

Here's a question. I think I can take this one. Historically, you send press releases to all new customers. Is this something you will continue with in modular customers? I think our strategy is to, of course, press release the most significant customers, but of course, this is a great opportunity for us to talk about new signings and give more color and flavor. So I think not every modular customer, but of course, the most significant. And our goal is to be as transparent as possible. Question about time when we launch with customers. It took some time for 7-Eleven to launch. Any color you can share there, maybe, David?

I don't know the specifics of 7-Eleven, but generally I know we're very fast to market and have actually got a reputation in the market. And it's the USP for us to be faster than the competition in launching customers. So typically, it can be with a good collaboration, it can be a few weeks really, I think, to launch. So it's

a great example where we've been very, very fast with launching. So we're ready as soon as

our example. We signed them only a few weeks ago and we see absolutely no problem to launch them on 1 of January. So sometimes it's about contract negotiations. It's not a technical issue we have. We are very fast in integrating and deploying new customers on our platform.

Okay, I think that was it for today. Thank you very much to Werner and David. Thank you very much for the questions. Can we present the Q4 report 26th of February? And of course, if you have questions, feel free to reach out to the IR departments and we wish you a very good day. Thank you.