RaySearch Laboratories AB (publ)

Hello and welcome to the presentation of research year end report for 2024. My name is Eva Nelson and I will be the moderator here today. Joining us in today's call is Johan Lööf, research founder and CEO, and also Nina Glennberg, research new CFO. Welcome, Nina. Thank you. Johan and Nina will give you a short summary of the quarter, including the financials. And after that, we open up for questions and you can ask them either orally or in writing. I also want to remind you that this session is recorded and you can find it through the same link as you used for this Teams meeting and on the Research website. And with that, I hand over to you, Johan, go ahead.

OK, thank you, Eva. So I would like to start by welcoming all of you to today's webcast and also by welcoming Nina, who recently joined us here at Research as CFO. I'm happy to announce that our sales for the fourth quarter were highest ever, 323 million Swedish crowns, an increase of 8% compared to the same period in 2023. Operating profit was 74 million, corresponding to an operating margin of 23%. The improved margin was mainly driven by increased license revenue, which amounted to 160 million Swedish crowns. Order intake was 293 million, 4% down from last year, but we're keeping an upper momentum and opportunities for continued growth in Q1 and subsequent quarters look promising. Razor has a strong cash position of 463 million, stable cash flow and no loans. Considering the company's financial position and good future prospects, the board of directors proposed to increase the dividend from two Swedish crowns to three crowns per share. At the end of last year, the team at Trento Proton Therapy Center in Italy became the first in the world to introduce discrete proton arc treatments. The plans were optimized in Ray Station and delivered with a machine from IBA. Proton arc therapy is a method that has the potential to substantially improve treatments for patients. RACE Search has been a pioneer, and we played a crucial role in this development. And I'm happy and proud that the method now is in clinical use. In October, Genesis Care in the UK purchased RACE Station, Genesis Care has 14 specialist outpatient cancer centers across the UK, and the order will enable them to fully replace the current pinnacle treatment planning system with RayStation. RayStation will also improve Genesis Care's established adaptive radiotherapy capabilities and continue to support remote planning across the entire network. In early 2024, we acquired the product DragLog, which is a quality assurance system for chemotherapy. DragLog complements our product offering and represents yet another step towards achieving our long-term vision of providing software support for all types of cancer treatments, including chemotherapy and surgery. In January this year, we received our first DragLog order from the Children's Memorial Health Institute in Warsaw, in Poland. In the beginning of December, we exhibited at RSNA, which is the world's largest radiology conference. Among other product features launches, we present a new module for deliverability in RayStation. The method has been developed in collaboration between RaySearch MD Anderson Cancer Center and has shown significantly improved outcomes during liver ablation in the clinical trial. The reception at RSNA was very positive, and I'm looking forward to the development in this new and exciting area. Last May, we launched RayCare 2024A with many feature updates and improved usability and efficiency. And in September, an important milestone was achieved when Iridium Network in Belgium treated their first patient using RayCare together with TrueBeam. With RayCare now in clinical use with TrueBeam, we see a sharp increase in customer interest. Now let's take a closer look at the financials. So please, Nina, go ahead.

Thank you, Ilan. Starting with the overview of the quarter four, I think it's worth repeating that research reached an all-time high level in net sales, both in the quarter and for the full year. Net sales in quarter four increased by 8% to 323 million compared to 300 million last year. Adjusted for currency effects, the growth was 9%. The sales of licenses amounted to 160 million, corresponding to a growth of 16%. And the support revenue amounted to 131 million, which is an increase of 9% compared to last year. The quarter four order intake decreased by 4% from 318 to 305 million. The order intake for licenses were down 1%, ending at 159 million, and the order intake for support decreased 5% to 105 million. And it is important to bear in mind that the nature of the order intake, especially from licenses, that it fluctuates between the quarters, and that net sales can to a far extent be generated from orders received in the same quarter. The operating expenses for the period amounted to 235 million compared to 223 in the same quarter last year. And that corresponds to an increase of 5%. As also mentioned in previous quarterly calls, there has been a reclassification between sales cost and administration's cost in the 2024 Consolidated Profit and Loss Statement. And the effects from this has been disclosed in a separate table in year end report on page seven. Quarter four was another quarter of strong performance. Operating profit ended at 74 million and the operating margin was 23 percent. And that is eight percentage points higher than last year's 15 percent. Operating profit last year was 44 million. The cash flow from operations amounted to 103 million in the quarter compared to last year's 116 million. And it has been affected by fluctuations in contract assets and contract liabilities. The cash flow for the period was 24 million and we had higher leads payments in the cash flow statement in 2024. that was related to that we had lease payment that belonged to 2023 that was made in the beginning of January 2024. Moving on to the full year, order intake grew 8% from 1 billion 4 million last year to 1 billion 87 million in 2024. The order intake for licenses grew 13%, amounting to 523 million, and the order intake for support increased by 1% to 396 million. The full year growth in net sales was 17%, from 1 billion 22 million in 2023 to 1 billion 192 million. The sales of licenses increased with 30% to 576 million and support sales was up 14% to 473 million. Research ends a strong year with an operating profit of 260 million and a double operating margin of 22%. Last year's operating profit was 115 million and the operating margin was 11%. Cash from operations in 2024 improved to 485 million compared to 456 million in 2023. And the lower cash conversion rate in 2024, as I previously mentioned, is mainly related to fluctuations in contract assets and contract liabilities. The cash position at the end of the period amounts to 463 million, and that is a significant increase from the position at the beginning of the year, which was 344 million. Moving on, looking at the development of EBIT and EBIT margin quarter by quarter for the last two years, it reflects a stable and really strong outcome during 2024, and that research is on a good move towards the target of at least 25% operating margin by 2026. And the strong development is also visible on the next slide, showing the rolling 12 development in net sales and operating result starting in the first quarter in 2023 with a rolling 12 net sales of 866 million and the rolling 12 EBIT of 37 million and ending in the last quarter of 2024 with an almost 40% higher full year net sales and seven times higher full-year EBIT. Taking an even longer perspective on the development in net sales, it has been an almost steady growth development since 2008. The exceptions are 2020 and 2021, where sales was highly affected by COVID restrictions. And the recurring revenue from support sales was 40% of the total revenue in 2024. The end of the year backlog amounted to 1,813,000,000, of which 552,000,000 is expected to generate net sales in the next coming 12 months period. And that was all from me. Moving back to you, Johan.

Thank you, Nina. Okay, so with all-time high sales of 1.19 billion Swedish crowns, 70% higher than last year, and an operating margin of 22%, I think we can summarize 2024 as a positive year for research. In light of our performance during the year, the board has decided to, as previously announced, to raise the target for the operating margin to at least 25% for 2026. The previous target was 20%. And also, I've decided to propose a dividend increase to three Swedish crowns per share. With a solid year behind us, we are building on our strong momentum and see bright prospects for continued growth in 2025. Thank you.

Thank you, Johan and Nina. We now open up for questions. You can either ask your question orally or write them in the chat. If you want to ask questions orally, please press the hand button at the top in the menu in the Teams window. I will announce your name. If you want to ask a question in writing, just use the chat function. Again, and there are already three questions in the chat. So from someone that's anonymous, how much of the... You want to ask?

I see the questions. So the first one is how much of the revenue during the quarter comes from the large Spanish order? That means the Ortega order. And that's there is no revenue in this quarter from that order. We believe we'll see the first revenue towards the end of 2025. And then during the coming three years, that revenue will be generated. The question two is, on page five of the report, it says that the licensed revenue for the three largest contracts is 69.8 million Swedish crowns. which is 43.5%, should be 12% what is correct.

So Nina, can you check that? Yeah, I will.

It might be a question that we have to... I can answer question number three in the meantime, but we don't disclose the percentage of licensed revenue from RECA, but it's rather small in this quarter. Should we move on? We can take that in the background. Should we come back to that?

Then there's an oral question from Oskar Bergman. Please go ahead, Oskar.

Hi, guys. I hope you can hear me. Yes, we can hear you. Perfect. I've got quite a few questions, but they're not so much on the Q4 report itself. It's more of a general level. Take them one at a time then. Yes, exactly. Of course. I prefer that as well. So, I'm wondering if you can elaborate on what made Varian open up to interoperability with Raycare, considering electa is sent. And also, can you give some more background to Varian leaving the proton therapy field? Because I think you mentioned this before, but I failed to find much information on it.

Okay. The first question is, Why did they open up for interoperability? I think Varian has a strategy to, I mean, they have a big, they call it the Frico system program where they open up for vendors in the industry to connect to their equipment. And so that's their policy. Also, I think the demand from many customers having RayStation and having variant equipment, variant Linux, have simply asked variant to open up to RayCare. So it's been a balance of, it's been a combination of variant policy and the customer pressure, I would say. Okay, okay. The second question, I think I should, That's an internal Siemens question, I would say. I can only speculate, but... I can state the fact that Siemens had, let's say, a big adventure in carbon ion therapy back in the days, where they built three carbon ion facilities, two in Germany and one in China. And that was... I think not a very economically beneficial project for Siemens. So they sort of, I think they have been burned by particles, burned by carbon ion, burning in the carbon ion field. So, and now when they acquired Varian for the, mainly for the Linac business, they also got sort of protons in the package. And so my speculation would be that Siemens would wanted to get out of, from the particle segment again. But again, it's only my speculation here.

Okay. Thank you. Just a follow up question on that, because I mean, one, I think one could argue that very leaving the proton field would open up, you know, an opportunity for you, but I suspect that you're already sort of winning most of the orders with IBA in this field. Is that a correct assumption?

Yes, that's correct, although it really meant that we were very strong in the proton or in the particle segment even before Siemens left, but that made us even more dominant when Eclipse sort of, but there haven't been drawn Eclipse from Proton planning, but I guess the customer perception is that if Siemens as a company leave the Proton business, then they will not invest heavily in Eclipse. That's what I guess. So, but in effect, we win pretty much every 100% of of the proton particle orders currently, and we have 127 particle centers, which is maybe 85% of the market. But not only through IBA, we work with all of the proton vendors, and there are many. It's Hitachi, Sumitomo Heavy Industries, Mebion, Toshiba. It's a long list, actually, of vendors in Japan. in this segment, and we work with all of those hardware vendors.

Yeah, you have a lot of industrial partners, and I'm wondering if there's a stickiness to those collaborations. I mean, have you lost any partners in the last couple of years?

No. Yeah, we have very good partnerships with very many different companies. It's part of our strategy, and we really enjoy that.

Okay, thank you. And then I appreciate that you are very good on reporting the number of centers that registration is installed at. But can you give some more information on the number of licenses that are out there so we can get sort of an understanding of how many licenses there is at each customer center? That's a very good question.

I can give you approximate numbers. So let's say that we are very close to 1,100 centers now. i'm not mistaken it's 1096. um and we have sold about 4 200 race stations in total to those centers that's an interesting number because um the average number of linux in centers worldwide is 1.5 but since our installed base is a bit skewed towards larger centers. The average number of LINACs in our installed base, the 1,100, is three LINACs per center. And you need at least between two and three treatment planning systems per LINAC. And that means our installed base If they were fully equipped with RayStation, they would have somewhere between, I think, 7,500 and 8,000 RayStations, if you follow my reasoning.

Yeah, absolutely.

And so that means that there is still a big potential of selling more RayStation into our installed base. It's only a bit more than 50% penetrated currently. And that's also what we see. In every given time period right now, the license revenues that we get are 50% come from the installed base. So they buy more ray stations, and they buy more modules within each ray station. And on the module side, the penetration is even less. It's way less than, there are about 20 viable options for ray station, and there the potential is much larger than the additional 50% or so. Okay.

Thank you. Then maybe it's a stupid question. Why is it so that you have to use three to four TPS per LINAC?

The LINAC is the expensive capital equipment and it should run constantly. The trip and planning should never be the bottleneck. you have always a redundancy in treatment planning compared to the linux so you prepare because you don't see there is no direct link between the the treatment planning system and and the machine the treatment planning is done a few days before the first treatment starts the first fraction starts so um so this is a preparatory it's just about bandwidth and um it's a the number of needed treatment planning systems, it's just about what the patient throughput is. But this is like the established numbers that are in the field.

Okay. And this is not something that is expected to go down thanks to some sort of optimization or?

No, rather in the other direction with more adaptive treatments, because then you do a lot more planning. I mean, in a way with adaptive treatment, you do 30 times more planning because you plan essentially every day.

Yeah.

Because a patient receives 30 fractions typically. And then with adaptive planning, you make a new treatment plan every day. So that means, so yeah, there is nothing that speaks to a lower number of TPSs.

Okay, thank you. I see that a lot of people are also asking questions, but I'll try to finish with just three more, if I may. I know that Elekta and Varian are competing more on pricing compared to you I suspect and that you know when I look through my notes after having gone through your conference calls I see that you may have mentioned an average initial license fee of around 4 million kronor Is this a good ballpark number or is it a big spread?

It's a huge spread. And that was not the license. That's for what I have said. The four million comes from the first sale. When we get a new clinic, on average, they spend four million on that first configuration. I don't remember, but there are more race station licenses included in that. Typically four RayStation licenses, I would say. All right.

And are you comfortable in providing some sort of average license fee for RayStation and perhaps even RayCare?

Yeah, we haven't provided that. And it's very complex because it depends on so many factors. Understood.

All right. And then on adaptive therapy. Yes. If I understand this correctly, I mean, RayStation has the support for it, but there are other systems at the customer centers that are a limitation to this. Is that something that you will overcome by introducing RayCare at those centers?

Yeah, I think RayCare is almost a prerequisite for a good adaptive plan. You can do it without, you can do it purely with RayStation, but it's more efficient if you have RayCare. But you have to separate between online and offline adaptive. Because offline adaptive, meaning that you do the adaptation between fractions. So you treat and then you measure and the next day you come up with a new plan that's offline adaptive. And that you can do without RayCare support and without any support of the machine vendor. But online adaptive, which means that we create a new plan in less than two minutes when the patient is still on the treatment couch. So you take an image of the patient, two minutes later you have a new plan and you can treat. That requires collaboration with the hardware vendor, typically.

Okay.

Not always.

And you have Raycare at a few clinics now. Are you seeing adaptive therapy being implemented at those locations?

Yes, we see adaptive being implemented. Raycare is at only 27 sites so far, but we expect that to grow, obviously.

Okay, just a final question and then I will leave you alone. I understand that there is a consolidation in the US of RT centers and you have, I mean, you are mostly at the larger clinics in the US, but the smaller clinics make up like 80% of the total number. Is the consolidation positive for you guys in that market?

Yeah, it can be positive because you have less You can reach more clinics by just negotiating with one business partner. We have several clinics that are... Several of our customers are made up of a chain of clinics. Okay.

Thank you very much. Thank you. Thank you.

Any oral questions?

Any more oral questions?

In the meantime, we had a question that we parked. I don't see it now. Maybe you remember.

Yeah, it was a question of... In the report, we write that of the total license revenue, 69.8 million comes from the three largest customers, and that that is 12% of the license revenue. And the... The amount that is correct is the 69.8 million. And I'm not sure why we have written 12%, but that is wrong.

Okay. Very careful reading by this.

Yes. So, do you want to continue reading, Johan?

Yes, if I... Do I see the top, the next question? I need to scroll down.

There's one that you can't see, so I'll read it for you. What is your forecast for order intake during 2025 and increased turnover?

We don't make those kinds of forecasts. What we are saying in the report and during this conference call is that we have a positive outlook on both the order intake and the revenue growth for 2025.

Thank you, Johan. There's another question from Carlos Moreno. The marginal margin since Q1 23 is 68%. What is the delta of plus 326 sales divided by 226 profit? I don't understand why you can't see this question. Surely, unless OPEX takes a huge step up, you are going to power at least power past 25% margins. Is this because to make Raycare a proper sales success, you are going to have to put a lot more money behind it?

I didn't follow that, but I can still answer it, I think. The answer is no, we will not have to put a lot more money behind Raycare to make it a success.

That's a short answer to that long question. Yes, but I think that answers the question, because that was actually the last question. So I think you can read the next question yourself, Johan, because you see it on the screen.

Okay, on the full year 2024 year-on-year decrease in lease liabilities, did you have excess office space? Eva, can I hand that over to you? No, sorry. Lina, can I hand that over to you?

Yeah, I guess the question is if we have excess office space, right?

The answer is yes.

Yeah, exactly. So we have two floors right in this building.

Please add color to geographic sales trends. Why 26.5 downturn in Europe and Africa in Q4 2024 year-over-year? So that is, we see these fluctuations between the different regions from quarter to quarter. So that's quite natural. There can be a few larger orders that makes it a downturn or an upturn. But the nice thing is that they usually balance each other out. So when Europe is a bit weaker than Luckily, APAC and North America is stronger and vice versa. So they tend to even out over time. Perhaps more detail on whether order intake is a valuable indicator for you, considering there is a weak correlation between sales and this variable. Yeah, but the main reason, it is a pretty poor predictor for sales growth. And the reason for that is, as Nina indicated previously, that in a quarter, especially for licenses, and that's the main source of revenue for us, the order intake and the revenue happens in the same quarter. So order intake for a station, for example, is almost immediately converted into revenue. So you can have, so it's very hard to look at the previous quarter's order intake to predict the revenue for the next quarter because the things happen at the same time. So we can, it's still an interesting variable, but it's just that it has, it's not perfect for this type of prediction. I move on to the next question then. what i can read in the report there is limited revenue from raycare how long does it take from the first quote until you can invoice raycare that's a good question it takes a rather long time uh the from the first quote to i mean that's it can be six months it can be 12 months it can be 18 months uh depending it expands quite quite um a large it has a large span if we take the ortega order which is extreme in that sense we we got the the order in 2022 and we haven't recognized any revenue yet we will start to recognize revenue in 2025 this year so but that's extreme in the sense that those facilities are nine proton facilities weren't even built when we got the order. That's usually not the case. So it can be quicker, but not much quicker than six months, I would say. Can you please give us some more color on the contract assets and contract liabilities impacting cash flow? How do you see this developing going forward?

Yeah, I can. I can try to answer that. It is a tricky question because, as I said, it fluctuates between the quarters up and down. We have a negative operating capital and we see that that will continue. But we will have cash flow effects between the quarters coming from the contract liabilities and the contract asset, and that depends a little bit how we negotiate each order and the installments related to that order. Because sometimes, and if we can, we negotiate that the installments or the payments will go together with the revenue recognition. But sometimes we get paid upfront and sometimes we have longer payment schedules.

And especially for Raycar, I think the more Raycar we sell, sell, the more we are paid earlier. It doesn't match the revenue. We get the revenue much later than we get the actual payments from the customer. What percentage of revenue comes from customers leaving Pinnacle? I don't have that exact number now, but I think it's quite a lot. uh okay i can't say percentage of revenue everything combined with support but percentage of license revenue it's um probably 60 70 currently and that it varies quite a lot from market to market but there are the background to this question is that there are um pinnacle is declared end of life so after december 2026 pinnacle is actually end of life so so all the remaining maybe four or five hundred pinnacle customers around the world will have to convert to something else before first of january 2027 so that's why we see a strong revenue stream from such customers currently

Thank you, Johanna and Nina.

There were a lot of questions today. Good questions. Are there any more questions written orally? Maybe Oscar, you want to ask another question? Oscar Bayman, please go ahead.

Hi, yes, thank you. I'm back. So, on Pinnacle, you say that there is an installed base of roughly 4,500 systems.

Oh, yeah, Enix.

Yeah, exactly. And I'm wondering, I mean, this has to be replaced by the end of next year, but do you expect that a large portion has already been replaced, or do you expect us to accelerate this next year?

that's what I'm saying if they remain they haven't been converted yet right so there are this number is a bit uncertain but whatever number I say if it's 500 then they have to be converted still to something else to race station Eclipse or Monaco basically okay and

how should one think about the risk of manufacturers trying to lock in their new machines to only be compatible with their own treatment planning systems? Is this a realistic risk?

No, it's a very small risk because the customers won't accept it to start with. And this has been tried a few times, but always with customers becoming upset and then it doesn't work that way. the other thing is that there are coming more and more alternative machines in the field from various vendors like hitachi leo cancer care be big panacea and some others that will compete in this in this field so and they all all of these new manufacturers are compatible with ray station and raycare So there are many reasons why I don't see that as a risk.

Okay, thank you. Just a final question before I promise that I'm finished. It's okay. Okay, good. Because I understand that quicker and more effective treatment, obviously, that would save money for the customers. But do you have any type of number that you have communicated on how much a center could be saving thanks to RayStation?

We don't have that yet. We have various components of the workflow and aspects of the operation. We can calculate and show time gains at various customer sites. But we haven't compiled yet. But that's what we want to do at some point, to show how the Well, just model the clinic and see how much money the clinic can save by going to Ray Station and RayCare. That's something for the future. We want to do that, but we haven't done it yet.

Okay. And in the proton field, I mean, you have a pretty large market share of like 85%, you say, and then, I mean, I estimate you're 12% overall on photons. would you say that the I mean if you look at proton therapy that it's a lot more expensive than photon and when price is not really an issue and registration becomes a smaller portion of total costs related and I guess that sort of reflects the actual demand that you could you know see also for the cheaper photon fields if you follow what I say I mean the demand you see for proton could also be the demand you see in photon, correct?

Yeah, that's what I think. And I think another such indicator is if you look at the most, the highest ranking centers in the world, we have also very dominant position. So for the top 15 clinics in the world, 10 are customers of of the research so we have like a 67 percent market share in that top segment and so that that combined with the proton dominance should in the long run lead to a more reasonable market share in general for for research we shouldn't have 12 it should be something much higher

And in some markets, you are a lot higher. I think in England and Benelux, you're at 50%. That's correct. Okay. Exactly. All right. I'm happy with those answers. Thank you. Thank you.

Thank you, Oskar. We have another oral question from, sorry, Pekka Rantajärvi. Please go ahead.

Okay. Thank you. Can you hear me? Yes, we can hear you. Okay, great. First of all, congratulations for great performance in the 2024. It's very impressive figures. It's nice to see that you are doing so well. So you and your team have really been working and doing a great work. So thank you for that. Thank you. But the simple question that we were already talking about the role of order backlog here and it's not so valuable for forecasting sales in 25 and so and also you had this principle of not really giving sales forecast or so exactly for the ongoing year here but still it's very interesting of course to know how you see on this so What can you see or say about your idea of investments in sales and marketing for example? Are you investing much more in sales and marketing this year than previously or are you continuing at quite the same pace or in the same way like previously? So just to get some idea about how you see and what you are doing to improve the order intake during the ongoing year.

Okay, so we are investing, nothing drastic will happen during 2025. We are investing, we're adding some people in many different types of positions, including sales and marketing, in service, also in R&D, some, but the OPEX growth from 24 to 25 would be similar to the one from 23 to 24. There will be no drastic changes. So you have that and then you have our goal, the 25% EBIT margin in 2026. Yeah, that's the one we've locked down to have at least 25% EBIT margin and then then we can sort of adjust the OPEX according to revenues to achieve that.

Yes. Okay, thank you very much for that. Thank you.

Thank you. A couple of new questions in the chat.

Right. So, I think it would be... nice if uh if when you ask a question if you could present yourself i think that would be because maybe they are identified in the chat because i can see it there okay so maybe i should use this one

Hi, sorry, I don't mind asking a question just directly. Okay.

Are you Jamie Carter?

No, I had a later question. I wasn't sure what the order was like.

Please go ahead, and then I can.

So my first question was, if customers are not going to accept the lock-in for manufacturers' TPS systems, as you said, then why have they accepted it for the oncology information systems?

Yeah, I think that's for historical reasons. There was no alternative back in the days. These systems, they weren't called oncology information systems from the beginning. They were called record and verify systems. And they came with a machine from basically Läktön Värjan. So I think that's just a natural. It was not like you could choose anything else.

Okay, I see.

It has a historical explanation, I think.

And just the second question would be, if you could add a bit more color to switching costs for your treatment planning system, whether that's something that exists or whether through making your software so user-friendly, it's rather easy for customers to switch.

Yeah, we try to make it as easy as possible. But there is always, it is, there is some, well, cost obviously associated with changing systems and extra work. training, beam commissioning, and other things. Even though I would like to say it's perfectly smooth, it requires work and money from the customer to switch trip and planning system.

The training cycle, is that rather long?

It adds to the stickiness of the product. We have almost zero churn, very close to a very limited churn in our installed base. So, of course, it's mainly because it's a good system, but also because it's a bit burdensome to change system.

Okay. Understood. Thanks, Sander. Congratulations for the financial year.

All right. Thank you very much.

Thank you.

There is a hand raised.

Oskar Bergman, do you have another question?

I don't, sorry.

Your hand was raised. Are there any more questions for anybody?

No. All right. Thank you very much.

Thanks a lot for your participation today. It was a lively discussion. We conclude the session now and look forward to continue talking to you. And if not before, it will be when the interview report for the first quarter of 2025 will be presented. And that's on the 9th of May. So thanks a lot for today and goodbye.

Thank you. Thank you very much.