Paradox Interactive AB (publ)

Hello everyone and welcome to the Paradox Interactive Quarter 3 2023 livestream. I'm Fred and with me I have Alex. Welcome. Thank you, Fred. How are you? I'm good. Good to be here. I just wanted to start by saying that we've gotten a couple of game related questions sent in to us and this stream is not for answering game related questions in general. I'm going to comment a bit on Cities Skylines 2, even if it's outside of the Quarter, but Apart from that, I would like to ask everyone to go to our respective pages for the games where the teams have their dev diaries and they answer questions about the games, etc. So we'll keep this to the reports and to the finances in general. So let's kickstart this. That's me. And as we know, our quarters vary quite a lot. It has to do with what releases we have in said quarter. So Q3 this year was... Probably the quarter since we listed the company with the least action, if you want to call it that. So it was very slow on releases. It has to do partly with that we had a heavy Q2. We're going to have a heavy Q4 with releases for most of our main titles. But it varies naturally. But we aim to perform more equal over time as well with our releases. So another thing that is worth mentioning is that the first game from Paradox Arc was actually lifted into our portfolio. And that is across the obelisk that has performed fairly well for us. It's not going to be a record-breaking seller yet, but we'll see in the future. It shows some good promise there. So, going through releases and announcements is fairly quickly done, as I already mentioned. We had Wards and Wardens for Crusader Kings 3, Dawn of Wonder for Victoria 3, and the first bigger DLC for Across the Obelisk, Sands of Ulimin. We also announced the game Millenia, which is due for release in 2024, in the beginning of 2024. Commenting a bit on Cities Skylines 2, which is obviously the biggest release for us this year. We always have to remind people that it's a marathon and not a sprint. So our core games are always planned for the long term. And the most important metric that we have is player retention and engagement. And now it's only been 36 hours after release. We can see that the initial player numbers are good and sales are off to a good start. Mostly in line with how we planned, actually. So we're fairly happy. But speaking of being 100% happy, we know that performance hasn't lived up to player expectations to some degree. And we work every day with Colossal Order and the team at Paradox to optimize and to continuously update the games so you can follow the game in all our social channels or through the games page as well if you want to get more updates there's going to be a lot in the coming weeks so i want to recap a bit about our growth strategy that we went through in the deep dive of paradox that were held in may for everyone all shareholders and everyone interested in investing in the company so we have as you know a portfolio of core games which we work with over time and our first growth strategy is to if we click that is what we call dig in namely releasing content for our live games where we have a lion's share of the player base and people who want updates and the people DLCs that we charge money for. And you see in the coming quarter here, you have releases for Stellaris, Europa 4, Age of Wonder 4, Victoria 3, Crusader Kings 3 and Hearts of Iron 4. So it's going to be a packed quarter, quarter four for our live games. If you look at the next part of our growth strategy, it's called Stock Up. It's basically we make games that we are fairly certain that our core audience of six million people who play our games every month are going to like. So you have games like Foundry, Millennia, Cities 2 that I already talked about and Star Trek Infinite that released earlier in Q4. It's off to somewhat a bumpy start as well, but it's doing fairly well also. So we hope to build on the Star Trek game going forward. The third part of our growth strategy is called breakout and this is where Paradox Arc or what we call the new games team comes in. So we're looking to find new niches or find new games that has a breakout potential and the potential to make it into our main portfolio where we continue to support the games for 10 to 15 years into the future. Some of the examples from here is Across the Obelisk that I already mentioned, but also Mechabellum, Stellaris Nexus, and releasing later on this year, I think, is Space Trash Scavenger. Right. And with that, I want to leave the word to you, Alex, to go through the numbers. I might comment on the numbers as well. Thanks, Fred.

And thanks for the repetition of the strategy. So let's dig in. Let's start at the very top. So revenues for the quarter came in at 426 million compared to 458 million in the third quarter of last year. And you that follows us knows that our revenue and financial performance is heavily dependent on two things. One, what we release in the quarter. But also when you compare two quarters against each other, it's a difference in currency movements between them. So if we look at those two factors, we can see that the currency movements from a year ago has been slightly in our favor. Dollar is up a little bit, but the British pound and euro is up roughly 10% from a year ago. So that benefits us. So on that side, we're good. Release-wise, as Fred mentioned, we have had a very weak quarter because we released on almost everything in Q2 and we have a lot lined up for Q4.

As compared to Q3 last year, where we released a lot of DLC for most of our live games, if I remember correctly.

Yeah, you're right. So Q3 last year was almost like Q2 this year. We released for... We actually released for all five big franchises, something. So Cities, Stellaris, Arch of Iron, EU4, and CK3 all got some form of DLC or expansion last year. Plus, we released Across the Obelisk. And this year, you showed all three releases. And it's only Across the Obelisk that was a $20 expansion. And that's a fairly small game, so it doesn't have a massive impact.

Right. So it's mostly catalog sales and different sales drives, etc.

Yeah, we had, as always, steam summer sale ending in the beginning of July. So that helped us and catalog sales. So bearing that in mind, we think that 426 million from a quarter like this with very little releases is a rather strong performance.

Top line is not bad.

It's not bad and now we normally as you see on the screen we compare this as always with the same quarter of one year ago but it's also interesting perhaps to compare it to the most recent quarters like Q1 and Q2. Then there is also a reason why we are slightly down, and that has to do with the Game Pass deals. We get Game Pass revenues when we launch a new game on the platform, but also when we renew games, when we renew licenses. The renewals don't come evenly throughout each quarter. In Q1 we had a renewal, in Q2 we had a renewal. But in Q3, we didn't have a renewal. So that adds to the bumpiness a bit. So that also explains why Q3 is slightly less than, for example, Q2 and Q1.

Yeah. You want to comment on the number of employees as well there?

Yeah, I'll get to that. So we normally state the top five contributors revenue wise, and it's no surprise this quarter, Stellaris, City Skylines, U4, Harts of Iron and CK3 as most of the quarters. Now let's say operating profit came in at 85 million SEK compared to 221 million one year ago. So that is a decrease of 61%. So as we already mentioned many times, the financial performance and mostly perhaps the profit is highly dependent on what we release in the quarter. And I think releasing one DLC or one game one month earlier or later makes a huge difference if you look at one single quarter. And I think that stands out in this quarter if you first look at operating profit and compare these two quarters, and then you look at operating cash flow for the same quarters. Operating profit is down 61%, but operating cash flow is actually up. We will come to the cash flow later on in the presentation, but we are having higher operating cash flow in Q3 this year than we had one year ago. That has to a large extent to do with the fact that the cash flow is one month delayed. Both the cash we pay out and the cash we get in. So it shows the sensitivity of what we release. One month will make a huge impact on a single quarter. And that's why we often nag about this, that don't look at one single quarter, regardless whether it's a strong or less strong quarter. Profit margin wise 21 percent down from 48 last year. A few reasons why it's down of course less sales that's the biggest factor. Then another factor is that this Q3 we have had significant marketing costs for games that haven't gone live in the quarter. So especially Cities Skylines 2 we've spent obviously a lot of marketing in Q3 already.

The re-announcement of Bloodlines 2 came in the quarter.

That's right. Lamplighters League, we took marketing costs already in Q3 even though we released the game the 4th of October. What else do we have?

It's also worth mentioning that the new games team now work under different circumstances. So all the costs there are taken day and date and we don't add anything to the balance sheet. So it obviously... It's going to be our way of operating going forward, but it hits this year a bit more because we have very few releases and we have costs for almost all the games. It's like 12 games or something like that in the portfolio and they all have at least small costs. So it impacts the year as a whole as well. So it's important to take into consideration comparing to a couple of other of the years. So it's, yeah. It's for us.

It's for us. And then finally, what we could mention, one thing that differs this quarter compared to the Q3 of last year is that we have had both in Q1 and Q2 and again now in Q3, a collaboration with two other companies for VR games for Paradox Brands. It's a collaboration where we don't risk anything and we are a license grantor. But we are also part of the funding that happens. So some of this funding comes in as a revenue for us and then we just pay it through to the developer.

It's a low margin. It's not a lot, but it's low margin.

It's not a lot and it has zero impact on our profit. So I think it's a very cost efficient way to try to reach new players for our games. But of course, it hurts profitability because it has zero profitability. Correct. Now you mentioned, well, equity through asset ratio continues to increase. solid numbers of employees by the end of the period 627 it was 654 one year ago but if you follow the streams you know it was 676 at the end of june so we are down that 49 ft's And that has to do with the closing down of the Arctic and Talasic studio that we communicated already six months ago. But it has impact on the headcount now in Q3. And also adjusting harebrained schemes in Seattle during the development of Lamplighters League when they went into less resource demanding phases of the game, we reduced staff. So 627, but the reductions are for those three reasons are gross wise more, but then we have increased here in Stockholm. So we have increased on Paradox Development Studio, especially during this third quarter, adding people for existing and new projects. Now let's go a bit more into detail. So this is our classic chart where we show revenue in green and our three main cost type in yellow, blue and red. As you can see, looking at the revenue that we have already discussed, but it's very evident here how much volatile our revenues are. If you just look at one quarter, we will look at the picture where we have rolling 12 months and there it will show much more stability. And I think that's a much sounder way to look at it. But this is where it looks like quarter to quarter. But let's continue with the costs. So our three main costs added up to, let's say, 343 million SEC in this quarter, and it was 264 in Q3 2020. But they were 545 in Q2. So we are considerably up like 79 million from the same quarter last year, but we're down in cost 111 million from the previous quarter. And You see it in the table and you see it also in the chart. The cost items that varies that goes up and down is COGS and selling expenses. Admin costs in red stays very consistent. So let's focus on the cost of goods sold and the selling expenses. Cost of goods sold, this is the cost we have to make the games. So development costs for internal studios, for external studios, royalty we pay, amortization we have on game development. Depreciation we have on acquired assets. A lot of different things that are needed to generate revenue.

Because we only have one goodwill item, I think, in the balance sheet. And that's like 20 million SEC. And the rest is depreciated over the years. How many years do we depreciate if we buy a company?

It depends on the asset that we acquire. So normally, if it's a game included, then it's 18 months. If it's not a game, but a trademark or similar rights, then it's five years. With one exception, I think, and that is a world of darkness catalog that we depreciate over 10 years because it had had a very solid revenue generation. So then, therefore, we chose a longer period. But for everything else, like harebrained schemes, Triumph, Prison Architect, Plarion, we amortize that over a maximum of five years. So that means, for example, that harebrained schemes that we acquired a little more than five years ago that has been fully amortized so on the company group balance sheet it amounts to zero. But let's say the largest part of the cost of goods sold that is or let's start with the number so it's 255 million Q3 this year compared to 197 same quarter last year. So it's up. But again, if you compare it to the second quarter of this year, then we had 338. So compared to that quarter, it's down significantly. The cost of goods sold is built up by a few items as I mentioned. Let's quickly go through the main of them. The biggest one is amortization. When we develop games that we consider to be proven. Then we capitalize and then we advertise. As Fred mentioned, since two years back, we took a new approach to development of high risk projects. So we do that through a separate team called New Games Team. And during the early high risk phases of the development, we don't capitalize the cost, but instead we take them as a direct cost. It shows up in COGS, but it shows up directly. And as Fred mentioned, As this new games team and their investments have increased over the years and become a larger part of our total game investments, that means that the cost of goods sold is going up. But this is a temporary thing because these costs would have ended up as COGS sooner or later anyway, if we would have capitalized them. But then they would have shown up as an amortization or a write-off.

It's also to avoid the sunk cost fallacy when you have things on the balance sheet for future write-off. We believe that it creates a totally different mental state when it comes to closing games they shouldn't continue. That's a part of it as well.

I think it's a very important part of it. So if we look at amortizations then, it was 114 million in Q2 this year compared to 56 of Q3 last year and 155 of Q2 this year. And I think the amount of amortizations has to do with what we release. So if we recently have released a lot of big games or a lot of big DLCs, this amount will go up. So I think to understand a bit the best is to compare it with the recent quarter. So that's Q2. Then we had amortizations of 100 and how much was it? 155 million SEC. And now it's 114. So it's down like 41 million SEC. And that is because in Q2 we released 801-4 and with our digressive amortization model we amortized roughly 40% in Q2 and with time the amortization goes down so in Q3 we amortized 20% only. So that's a big difference. The same with CK3. That was not a new game, but it was a massive expansion that we released that had taken a lot of people one year pretty much to make. So that also came with a huge amortization. 40% of one year of development cost taken in Q2. Now in Q3 it's only 20%. So that's why it goes down. We touched a bit on World of Darkness. That's the VR game that we are collaborating about right now. That didn't exist last year but it exists now. It adds up the revenue but it also adds to the amortization. But that was the same in Q2. We mentioned that we amortize or depreciate our acquired businesses and assets. So that that's included in the cost of goods sold pretty much every quarter. It's around 20 million SEK that we take as cost. Now, Herbain's scheme has been fully amortized, but we have added one now, and that is across the Obelisk since we acquired the IP to that.

The IP and the gaming rights from the developer. Correct.

So that is 20 million. Then also included in COGS we have other amortizations and that is where the rent ends up. That's roughly around 10 million SEK per quarter. That went up a little bit due to index increases from inflation. No write-offs in the quarter but it was the same one quarter before. We will see write-offs again when we come to Q4 as we have announced through a press release from Lamplighters game. Then we have an item called, we group them in the report and call it royalties, tech costs for our publishing organization and non-capitalized development cost. And that we have touched a bit on it. So non-capitalized development cost is, for example, new games teams development that has gone up. All in all, it's 110 million for all these royalties, tech costs for the publishing organization, non-capitalized development costs. 110 million in Q3 this year. And it was 112 million Q3 last year. So it's very similar. And it was 153 in Q2. So we're down in Q2. And the reason why we're down in Q2 is mainly driven by royalties. We had high royalties in Q2 thanks to us releasing on Cities, generating royalties to Colossal Order. But also the release from Age of Wonders 4 gave us a lot of revenues. And there we have an earn out to the sellers of Triumph, who we acquired the studio from, that is based on the performance of Age of Wonders. And it performed great in Q2, so therefore we had a lot of... So it's money you're happy to pay out. I'm very happy to pay this money. I hope they will increase in Q4 when we hopefully should see improvements in revenue again. What else can we say about non-capitalized development costs and tech costs for publishing is left and so that's 85 million. It was 81 million one year ago so it's not up that much. It was 103 million in Q2 so we are down again versus Q2. One big reason why this goes down from Q2 is actually the profit share. So Q2, we had a massive profit of plus 300 million. Now it's less than 100 million. So it's a plus 200 million difference. And six and a half percent of that goes to profit share. So it's like 14 million sec of profit share. And since the majority of the staff is in the studios, that goes into COGS. So that is also a cost I like to have, not only personally, but because it's a sign that we have done very good. But it works as a hedge. When the profits are down a quarter, the costs are also slightly less. Selling expenses. Let's move on to that one. 65 or 66 million last year. Sorry, this Q3 compared to 44 million last year. I think it was 90 million in Q2. Yes, it was Q2 this year. So it's up against last year, but down versus Q2 of this year. So it's two things that drives selling expenses. One is what we release and the activities we have in the quarter for what we release. And normally Q3 is very slow in that way. It wasn't last year, but it sure was this year. So we haven't spent that much on the three DLCs that we release in the quarter. But we have already released a lot in Q4. And we have, as you mentioned Fred, we have re-announced Bloodlines. So out of this 65 or 66 million, Almost half of that is cost for games that have not just been released. And that was not the situation back in Q3 2020. Sure we had some cost for Victoria 3 already in Q3 but it wasn't that much. So that's all I think about selling expenses.

Admin is business as usual.

Admin is business as usual. It's normally around 22-23 million SEK. It doesn't move much as you can see on the red line. Other income and other expenses. So that is mainly movements in currency. It was a huge movement in dollar during Q3 last year. It went up almost 10% I think from the beginning to the end of the quarter. This year it has moved but if you compare start of the quarter to end of the quarter it's not much movement and therefore we don't see much impact on that part. It doesn't show here, but we haven't included it here because it's normally a small part. But below other income and expenses or below EBIT, we have financial items. And that is, I think it was minus one million SEC last year. It's like effective interest. That's how you account for rent. This year it was plus three million. And the reason why it has gone up is that we get interest on our cash position. So, of course, when the interest goes up, It's challenging if you have a lot of interest-bearing debt, but we have zero interest-bearing debt. Instead, we have interest-bearing cash. And then it's not a bad thing with the slightly higher interest.

We'll have a reason to come back to that, right? Yes. In the cash flow statements.

Yes. Let's move into that, I think, or maybe we have a couple of slides before. Yeah, we have two short slides. This just shows, I think, the volatility between the quarters. Sometimes if you look at three, four quarters, you can spot a bit of a trend, but it's difficult on this view. But what I want you to take with you from this picture is that You should be prepared for that it goes up and down that it often does. Sometimes you can have quarter where profit drops more than 50% and then you can have quarters where it goes up more than 100%.

We used to say that between quarters it will go up and down but over time it will go up.

Yes, and that leads me to the next slide. So this shows the same numbers as in the last slide, but we have grouped it into four quarters, so it's a rolling 12 months. And then the trend becomes much, much clearer. Sure, there are bumps here and there, but over time, it's a steady march upwards, both in terms of revenue and in profit. If you look at the very latest quarter unfortunately we have had looking at revenue we have had six seven quarters of constantly going up now we have a bump but we are doing all we can to make that bump go away and continue the march upwards.

The fact is that since I joined Paradox in 2003, we've grown organically every year, except for two years, and that was 2014 and 2021. Yes. So it's been from, I think we had 11 million in revenue in 2003. So it's been quite a journey, I would say. So our goal is always to grow the company and the business and the games, obviously. And sometimes we succeed and sometimes we don't. But over time, I think... We have a pretty good case on our hands.

I couldn't agree more. Now to cash flow. So two things to point out here. Let's start with the cash flow from operating activities that we already touched upon. So even though that the operating profit is considerably lower this quarter compared to the same third quarter of last year, you can see that cash flow wise we're better. This Q3 were up to more over 250 million SEC. And one year ago, it was just below 250 million SEC. So I think this shows a bit the sensitivity in looking at just one single quarter, because the main difference between the cash flow, the operating cash flow and the operating profit is one month delay. Then there are some other things as well. But the main explanation is that factor. Now, the other thing that I want to point out here is it looks like and technically we have invested quite a lot this quarter. I need to check my notes here, but it's 359 million SEC in investments, but it's 161 million of it. So less than half is investment in game development. So 161 million. Q3 last year was 167, so there's not much change there. The remaining 198 million is just us placing our excess cash into some bonds. So short-term bonds, I think the average time is six months or something like that. So it's governmental bonds and similar things, low risk, to get slightly more return on our excess cash.

So close to 200 million.

Yes, very close to 200 million. I can also point out, going back to the green one, if we do again look at rolling 12 months, we have had a positive cash flow from the operating activities of 1,270,000,000. So that is an all-time high. And I think that's a very nice milestone to go through. Total equity, total non-current assets. So this shows equity, this is pretty much our accumulated profits over the years reduced with the dividends that we have paid. Total non-current assets, the by far majority part of this is the capitalized development that has continuously gone up over the years. Because we have been in a phase where we have invested a lot and not released much. Now we have started to release. So I expect the yellow to start to move downwards a bit and then to stabilize again. Was that the last slide? Yes.

That was the last one and we have a couple of questions. Like I said for specific game related questions please visit our websites or social media and ask directly to the teams because they're more knowledgeable about the games and the decisions being made about the games than we are here actually. They're updating it frequently. Very frequently with the developer diaries and other things as well. A question for you.

A question for me. That is not directly game related. What are your thoughts on acquisitions right now?

Well, acquisitions, we have the same strategy as we always had. If there's a great opportunity to acquire a good company, we would look into it. But acquisition is very far from being our core strategy. We focus on growing our company organically and making games together with developers that we trust and that we think can do a great job for us. It's not our primary focus, but it might happen. We'll see. We have money in the bank and we have stable finances. And that's a good place to be. So we'll see. And a question for you here. Headcount has decreased a lot of the past year. How will that impact OPEX?

Very specific. Yeah. So... In two different ways. Some two years ago, we canceled several projects. And with that, we also adjusted the headcount in our publishing business. Publishing costs, personnel costs and other costs, are taken as costs immediately. They are taken as OPEX. So with reduced publishing headcount, we see a direct impact on our costs with OPEX. Now over the last six months the headcount reduction has been in our studios Arctic, Thalassic and Herbin schemes. The cost for those headcounts are capitalized and amortized so at the end of the day we will see the same cost reduction coming through in the P&L but in short term you don't see it because Those costs would have been capitalized and then amortized when the DLCs or the new games that they were working on would have been released. So I think we are seeing some impact already now, but we will see slightly more impact in Q3 and even maybe next year from actions already taken in terms of result. So back to you Fred. What are your overall plans for console ports of your games in the future? Will we see more simultaneous releases like with Age of Wonders 4?

Well, the answer to that is that we are first and foremost a PC games company, meaning Windows, Linux, Mac normally. But we do make our games on consoles where it makes sense and we think there's an audience for it there. It's a much smaller audience in our experience, but it will basically be on a case-to-case basis depending on the game and depending on the format of the game. But like I said, we're Windows or PC first. Alex, has the DLC subscription offer for some games achieved the financial success expected internally?

So did we have any expectations?

I don't know. I've never seen anything.

I mean, not really. So what we have done is we have subscription offers for the DLC catalogs on EU4, Heart of Iron 4 and CK2. And this has, I think, performed better than we would have expected. So it's still on very small numbers, but the increase after launch has been steady and we see very interesting KPIs in terms of retention and churn. This is something that we at this moment are still just doing to explore to see whether if this is a way to consume games and DLCs that our players like. Do they prefer this compared to buying them one by one? and learn how the user behavior is. So that is why we are still running it. I think we are very pleased with the results so far, but before it has a significant impact on our financials, we will have to take, of course, decisions whether this is something that we should push for or to what extent we should do that.

It might be interesting to take into account for upcoming releases, maybe.

Yes, for sure. Do we have more questions? Okay, this is for you, I guess. Now that Astral Rifts for Stellaris has been produced by or at least in conjunction with Abracam, so that's an external studio, will we see more DLCs for our core titles being produced in association with external studios?

I will have to repeat myself from the former question and say it's obviously a case-by-case basis in this case as well. We have actively been looking for companies to help us out on our live games and on our grand strategy games. But we know that our games are complex. We use our own engine in most of our games. So... it's been hard to find the right partners but when we do you know we welcome to work with external studios as well that's um that's not that's not a problem but uh it's a case by case basically if you find someone who want to work with us that works really well with us we will at least give it a shot is that the last one Yeah, Alex, can you give some color on selling expenses? Do you expect them to come up in Q4 from the sales release and all other DLCs coming out?

Forward-looking statements.

That's good. Forward-leaning.

I like that.

What are your predictions in Q4?

Well, if you have looked at our streams before, you know that we are very reluctant to give guidance on upcoming financial numbers. Can I say something about this? Well, we are releasing a lot of things in Q4. We have released Cities Skylines. The game is performing very good in terms of usage. So, of course, we will continue to market that. We will release several DLCs. We will, of course, have marketing expenses for that. And then we have announced that next year we will have Foundry, Millennia, Have we set a new date for Life by You? March 5th?

Yeah, March sometime.

I think we will start to see costs in Q4 for those games. Just as we have seen costs in Q3 for the games released in Q4. It's the nature of the beast. Maybe because we will have the combination of both having a lot of releases in Q4 and having a lot of releases coming up after the quarter.

It will balance itself out eventually. Releases will lead to selling expenses. That is a causal connection. We can verify that.

Fred, how many games are in your pipeline and are being developed at the end of Q3?

Oh, I was not prepared for this. It must be a new question. Because the honest answer is... I'm not sure actually exactly the exact number, but it's quite a few. And at Paradox Arc, we'll look at things all the time. So it's games coming in and being scratched off the whiteboard all the time. But I guess it's like 10 to 12 at Arc and like 8 to 10 something in the main pipeline as well. But do you have a better idea answer on this. Next time I will make sure to know exactly the number if you ask the question again on the Q4 report stream.

I think we stated it in the report and I think we stated 9, but that is as of the date of the report. So that means that we have taken out Cities Skylines 2, Land Fighters League and Star Trek. So back counting I would guess it would make it to 12 then back in Q3.

Gotcha. Yeah, that was my gut feeling as well. Eight to ten, so nine fits perfectly in there. But next time I will know for sure. But for a new games team, it's harder to say because the games move sort of in and out of the pipeline all the time. Because it's games, if we don't see progress, we'll scratch it off our books right away. So more things happen there.

That seems to be the end of the questions. If we haven't answered your question, but you have sent something in, or if you come up with questions after the stream, send them in. You have the email, and we will try to answer them as quick as we can.

Perfect. And looking forward to seeing you again in 90 days, end of January.

Yeah, the Q4 report we do roughly a week later. So it's the beginning of February. I think it's February 6th or something close to that.

All right. Make sure to log in and watch us then.

See you then.

See you then.

Thank you for watching.

Ciao.

Bye.