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Hello, good morning.
[Foreign Language]
[Foreign Language] We're back. So, I'm Jussi Tahtinen, the CEO and Co-Founder of Nitro Games.
I'm Antti Villanen. Chief Strategy Officer and Co-Founder together with this handsome young gentleman.
Yes, and very much welcome to our Q3 webcast. It was a pretty action-full quarter, this one for us at least. And we have quite a few things to talk about again.So as usual today we're going to be going through the report highlights, what was behind the numbers and performance that we saw. Then, we're going to talk a little bit about what's happening overall with the strategy and where we're headed, how we're progressing with that.
And then reserve some time for the questions.
Yes. Yes. There was bunch of questions that we received in email, so thank you very much for that. So we'll be answering those in the end. And then, of course, we're going to talk about Autogun Heroes, because that's something that, people seem to be very interested in. So we're going to be reviewing where we're going with the launch phase so far, and all those things.But without further ado, welcome also if you're a new follower and perhaps checking us out for the first time. So as a quick introduction, we are Nitro Games. We're your mobile games powerhouse based in Finland, with partners to just here and there and everywhere. We've been around for quite some time, a little bit more than 16 years.
16 years started from PC, then we've been focusing purely for mobile. And now it seems that the market is developing towards the cross-play, cross-save and our old skills from the PC and console is becoming valuable again.
Yes, pretty useful these days. So like Antti said, we are more and more returning back to multi-platform, especially when it comes to cross-play gaming. And our business is two-fold. So we do our own games, which we call our games business, where we seek to develop the games and self-publish those and handle the live operations. That's essentially the risky part of the business, where we're seeking hockey sticks.
And then we have a service business where we are selling our services, building games, parts of the games, providing different kinds of gaming services to Tier 1 companies from the industry. And we've been very happy and lucky that we've been able to work with such good companies throughout the whole history and deepening those relationships as we speak.
Yes. Indeed, indeed. And of course, we'll have a look at what we have currently on going on that front and how things look moving forward as well. And we're then get to the report. So what we released earlier this morning is our Q3 interim report and basically third quarter, if we look at the top line that was our record quarter. It's the biggest revenues we've ever delivered within a single quarter. That's mostly coming from the fact that our games business started to deliver revenues earlier this year as a result of us starting the launch phase with Autogun Heroes. While in the B2B service business, we were going through a little bit of transition phase of completing some projects and starting up some new ones. And moving forward, we of course are seeking for both businesses to continue growing.
Yes, I think the last period, third quarter was a great example of focusing on winners.
Yes.
So we put lots of effort in Autogun Heroes and launch phase of the very promising game. And at the same time, on our service business, we focused on -- depending on collaboration with Digital Extremes and signed 2 deals, 2 deals with them with the total value, roughly EUR 2.5 million.
Yes, these new deals. I think the total order value is a little bit more than EUR 9 million those process combined.
Yes.
Yes, indeed. And on the bottom line side of things, we basically delivered quite a big drop in our EBITDA, which is mostly a result of one of costs related to the fundraise we did. We finalized the preferential rights issue during the quarter, which came with high costs, as well as invested pretty heavily on the launch phase marketing for Autogun Heroes. Those things we're also going to talk in more detail when we go through the numbers and stuff. But that's the overview of the third quarter.Then we also did some technicalities like we changed our liquidity provider on the stock market, and also held an extraordinary general meeting where the shareholders gave the mandate to the Board to resolve on the new stock option plan, which they did.And then, if we look at Nitro this year, let's get the slide where we have an overview of our strategy and where we're going with that. This is pretty much a slide that we've had in our webcast presentations.
Ever since.
Yes, yes, yes. For a long, long time. And why we like to repeat this is basically to underline the key message that we have a clear strategy with a very clear focus on the Action & Shooter games. And right now this year, what makes us so excited about the strategy is that, we're finally approaching the point when the strategy is starting to deliver both in terms of the games business and the partner business.And we find ourselves more and more living our vision already on a daily basis here. So if you look at our portfolio, it's all about Action & Shooter games at the moment. If we look at the future opportunities, we have at hand in the games business we have great opportunities with Autogun Heroes, but also down the line in the long run with more titles to come and in the partner business we're seeing exactly the same. So we're working on bigger and bigger projects and bigger -- longer and longer horizon down the road.
And it says that the market is developing also so that our vision going forward is very, very good fit for the -- what market is looking for and with the launch phase of Autogun Heroes and deepening collaboration with the Digital Extremes. We are already living through our vision.
Yes, yes. And this is something that, I think we are in a happy place because we've been operating for so long. So we've seen so many different cycles coming and going on that market, and so many different platform generations coming and going. And it really seems like the concept which was part of our vision -- sort of defining our vision that Action & Shooter games always become the leading category on any platform. That very much seems to be the case. Okay.And a little bit about our team. So during the third quarter, there wasn't too much activities or changes in the team size and everything, apart from the fact that our scalable structure actually again delivers what it's built to deliver. So the way we operate is that we have our 2 studios in Finland. We have our -- what we call our core team here, which is, professional seniors who handle everything. Then we have different partner studios here and there and everywhere. And that's the scalable part of the organization.So when we complete some projects and start something new, we're able to again reshuffle on the partner studio side, but the core team actually stays pretty much as it is throughout these changes.
And the scalable partner network also gives us the tools to answer the market changes. Now that the cross-play -- cross-play coming into the game, we can answer to those kinds of needs from the market. And also, as you said, scaling up, scaling down.
Yes.
And those, the model -- also the model is something that quite a few companies that we are talks, whether it's partner business or our own games, they are very interested about the model because there are risk management and cost saving tools also within the model.
Yes, yes. And it's great to see that also evolving in the direction that we find ourselves more and more working with certain studios over and over again. Projects come and go, but the people are the most important thing, whether it's our in-house people or the partners that we work with.Then if we have a look at the mobile games market and all the games market in general, but definitely mobile games as part of that, what we've been basically preaching throughout this strategy period is that how it makes sense to focus on the mid-core category in the long run. The Action & Shooter games are definitely part of the mid-core category on mobile, simply because that's where you have your core gamers and people who play games as a hobby and keep investing into those.For us, what it means is that, since we develop Action & Shooter games, we're also definitely on the side of mobile games development where it's more about the production value and a little bit heavier productions than you might see in some other categories. But on the flip side of the coin, there's also opportunities for longer term retention and better monetization available.
And combining that with our long, long, long experience from the -- PC and console and those kind of big games answering the market needs that are raising. I think we are in a very good position with the offering that we have and the market positioning where we are.Also the consolidation that has been happening on the market past few years have resulted in a situation where there ain't that many independents studios capable of serving those big people and we are in a very good position on both on our market positioning but also being -- being independent at these times.
Yes, yes and our ability to basically offer our services to whoever is asking and whoever is in need that gives us a great outlook moving forward as well, especially, if we look at what's happening in the PC and console side of things where mobile games already represent roughly 1 quarter so 25% out of all the revenues coming from Shooter games.Of course that's dominated by some of the Tier 1 IPs like you have your Fortnite, PUBG, Call of Duty, and so on. But what we're seeing is more and more of IP holders thinking about market entry with a cross platform mix for the purposes of not just the game side but also on the marketing side. And that puts us in a sweet position because we're able to offer not just the mobile games development, the software part of things, but also the marketing and live of understanding on that front.
Yes. It seems that, if the strategy was for the big players a few years ago, like a mobile also, now it might be even the mobile first.
Yes, yes, exactly. And part of our strategy is definitely our portfolio. And our portfolio strategy means that our project and game portfolio goes through different phases. So in some earlier years, we've been in phases where it's been about expanding, like starting a lot of new early-stage game development projects, getting those through our MVP process and step-by-step killing projects that are not performing the best and focusing on the ones that are and same thing on the partner business side. We've had periods in our history where we had a little bit more projects and then we selected which ones worked the best and then focused on those and kept expanding those accounts moving forward. And right now, what we're going through is this sort of phase where we are very much focusing on winners on both sides of the portfolio.
And expect to again someday widen the portfolio.
Yes, yes,
I think during the period, it was a very smooth transition by completing the one project with Supermassive Games and pretty much at the same time starting the new project with Digital Extremes and very happy that we finally got approval to announce also what we are working with One Game with them and Warframe Mobile being -- and Warframe franchise being such a great on the market, being one of those evergreen unicorns and being able to work with such a great company and such a great brand and IP. And then we have one unannounced project still with the same partner and hopefully can reveal that.
So thumbs down the line. Yes. And overall, I think the direction where we're headed now with the dynamics between these 2 businesses is that on the games business side for the time being the focus is very much on Autogun Heroes as that it has the logistic potential that we're seeking for there.But moving forward further into the future, of course, we're seeking new opportunities. We of course have some stuff ongoing that we're considering, but for the time being, the focus is very much on Autogun Heroes.And on the partner business side, I'm very happy to see us expanding more and more in the direction of working on much, much bigger and more complex products like this AAA type of stuff, which we of course couldn't afford with our own limited funds that we have available. So it gives us the best of both worlds.
And our PDs funnel seems to be working and picking up those bigger and bigger -- and better and better projects all the time. And we are in a very good position with that.
Yes. I'm happy with the reputation growing and us getting access to better and better opportunities and also scoring those cases.Then let's talk about Autogun Heroes. We have a pretty frequent dialogue with some of our most active shareholders, which we appreciate and like a lot. And it seems that especially recently, quite a lot of the questions and contacts are about Autogun Heroes and people are asking about this, which is cool because while very oftentimes we cannot talk too much about our partner process because we're under watertight NDAs and things haven't been announced. So there's only a limited amount of stuff we can talk about. But since Autogun Heroes, it's -- our game, our brand, we can talk about that.So let's go through a update about the launch place, like where we stand now. And this slide here is a little bit repetition from the old, but we wanted to still include this in here just to basically recap what we have said before. And we've got quite a few questions that is this still the case? Do we still think this is? So the answer is yes, it's still very much the case.So essentially our whole process of working with different games and the MVP process is all about finding the winners. In our games business, we're not interested in finding something that's eh, like lukewarm success. That's not the point of the business, but the point of the business is to find something that has that potential for scalability and that hit game potential.
And as we are working, very data oriented. So I think even the signal that we are investing something is already a signal that we are confident that there is a return someday.
Definitely, definitely. And with Autogun Heroes, where we stand now is that we believe that we definitely found this winner in our process. That's why we went into the launch phase. And it's clearly, the the biggest sort of investment into any launch phase we've ever done because we're so damn confident based on the data that we have seen. And we believe that this game definitely has the potential of becoming one of these scalable free to play games where you can deliver anything in the excess of EUR 10 million in annual revenues in a scalable fashion.And that's where we're going through right now, as we can see from our roadmap on this slide, which again is a repetition from the old. But basically what we're doing now is going through this launch phase that we started at the beginning of June when we put the game on the market and opened up all the different countries and tested that everything works. In July, we started to scale up the game and we started to also see revenue grow. So the first 2 things we've kind of like already done.Parallel to that, we've been further developing the game. I think we've managed to increase the average lifetime value of our players with some, EUR 0.20 already during the launch phase so far and many other KPIs in a significant way. We still have development work ahead of us, so we're definitely not done yet, but progressing as planned.
I think what is good to remember that the launch phase is not like a common rule in our industry or not even with the mobile games, but it's always case-by-case. And there has been a launch phase of 18 months with some games that we have seen some games have 6 months and everything in between. So it's not like a one set launch phase. But we are looking for quite short, comparing the industry.
Yes. Although, of course, we -- cannot compare ourselves to some of the industry leaders who can just, throw tons of money to begin with and fix things on the fly. So we need to be very mindful about every step that we take. And the whole point of this launch phase is obviously that we need to prepare the game and the business case and all the marketing activities and everything for the actual live operation space for years to come as we figure out all the nitty-gritty details about the performance and potential in different countries and make sure that we have the best possible setup for the long-term materializing the success of Autogun Heroes. And part of this mix is, of course, also to discuss with different partners and so on about what setup overall is the best for the game.Then if we have a look see on the data side. So what we have seen so far with the game, if we look at the KPIs like retention and monetization, same things that we have said, even before the launch phase and earlier in our updates is that our game very much starts to deliver revenues very soon. So we start seeing players converting into paying customers during day zero already and so on. And what we've been extremely happy with is that we have been able to maintain that high level of retention curve, high level of monetization throughout expanding the audiences, because that's usually one of the biggest things that you're concerned about before you expand the game is that, okay, what if, the overall performance decreases because you can't find quality players in a way and so on. So we're very happy that we've been able to maintain that high level.
And conventionally, I think it's quite normal that the longer you go with the launch phase, the more you start to focus on long-term retention and the content and we are exactly on that spot as we speak now.
Yes.
Now all the effort are more in the longer-term game-play and enjoyment and traction for the player after 1 month or 2 months.
Yes, and if you look at our day 60 and day 90 retention numbers on the slide that we're showing now, those are numbers that we're very much focusing on at the moment. So we are expanding the day 60 and day 90 player experience and seeking to uplift those numbers still a bit during this launch phase. But so far so good. So they have already improved throughout the launch phase. So we're very happy seeing that.
There has been some surprises like how well some Asian countries have been performing and Japan and South Korea has been performing exceptionally well. And those were a bit of a surprise for ourselves also.
Yes, we usually always expect the Western markets to be the best performer because that's where we focus on and the United States has very much been delivering that good performance that we wanted to see happening. But Japan and South Korea, of course, that means interesting opportunities moving down the line beyond this launch phase.
Somebody has been curious about the volatility of the curves.
Yes, yes.
I think it would be good to open up that.
Yes, so we wanted to display a little bit about the development of the daily active users which essentially shows the amount of players active with the game on a daily basis from June 1st to the end of the third quarter. And also the sort of curve when it comes to daily new users, which essentially means what amount of those daily active users were new users at any given day and then the daily revenue.And what we can see from the graph is that the game responds very nicely into the daily active users. So if we increase the amount of players, we increase the amount of revenues. That's, of course, what we want to see and expect and not a big surprise but very much in the category of positive things.And then on top of that, what you can see is certain spikes up in the revenues and those are basically a result of us doing different things with the game in the live operation space. So that's a part of the launch phase which we started now during the third quarter and which we're going to be doing more and more as we move forward in the launch phase, but playing around with different live events and things like that.
Testing what works.
Yes, yes. When we can kind of like get more out of the DAUs that we already have. And why the curves go like this is basically a result of our user acquisition strategy. So like we've said earlier, we have roughly EUR 2.5 million for user acquisition budget during this launch phase and out of that we've spent a little bit less than EUR 2 million so far. So we haven't, spent it all but we've spent a considerable amount, which means that we cannot be spending on a high level every single day but we are actually acquiring users in sort of bursts and then we're seeing DAUs increase and measuring those cohorts and letting the matcher do the necessary tweaks and stuff and then we again do a burst in the user acquisition.
You might see a chart or curve like this from some bigger player just incrementally growing.
Yes, yes.
But we need to a little bit tone down, measure, collect the data and then again boost.
Yes. Because they can absorb the continuous losses and just focus on the return down the line in the long run like after 100 days, after 180 days and so on. But with Nitro Games financial resource, we need to be very mindful how we do the spending so that we keep the overall company spending at bay and get this step-by-step progress that we want to see. And then if we look at what's still going to be happening during this launch phase moving forward. So unfortunately --
So unfortunately, here we need to be a little bit selective. It seems that there are a few friends from the industry following quite closely what we are bringing into the game. So new features are all in a very high level of what we are doing.
Yes, yes. So we've now taken basically the sort of policy for the lack of a better word that we don't disclose any upcoming features in detail, because we've seen certain competitors are picking up on those and we don't want to see too much of that happening. So -- but essentially, launch phase continues. And what that means for us is that on the game side, we definitely focus on the best performing countries, which we call our Tier 1 countries. And we keep working on the remaining tasks, which means that focusing on the day 60, day 90 experience and then whatever happens --
…more content and keeping players longer and longer into the game.
Yes, yes. There's a new update that was just put out. We haven't yet started the Halloween hunt event, but you can kind of figure out that that's probably going to start soon-ish. But we don't want to give an exact date. And there will be plenty more of those still during the launch phase. So basically entertaining and bringing more things to do for the longer term players. That's the focus point still during the launch phase.And then all those things happening after the first 90 days of game-play, those we're going to be focusing on then in the live operations phase and moving forward because free to play is a marathon. It's a never ending journey. We always keep adding more and optimizing.
We also combine these seasonal big events on top of the smaller events every now and then.
Yes.
Not just the big seasonal things, but it might be every weekend something or every bi-weekly something.
Yes. And on the marketing side, right now what we're doing is that after the third quarter, we've choked down on the spending and user acquisition for the time being for a while. And we're basically letting the cohorts mature and collecting data, verifying that everything comes through as it's supposed to come through. At the same time, we're currently focusing on pretty heavily on the so-called organic running. So what happens outside of user acquisition and what we can do on that front, it hasn't been the focus point so far.
Platform rotation is something that we're working on at the moment.
Yes, yes. Since now we know that things on the -- when it comes to the acquired users through paid advertising, that's been the focus point for very good reasons because that's all about the scalability. But now we also want to focus on the other side of the coin for a while.And with these activities, we are now then seeking to wrap-up and complete this launch phase. And then early next year, we're at a position where we should have a pretty clear understanding of what's the best strategy for the game when we go to live operations phase. What exactly are the ROAS windows that we're targeting and what is the role of dedicated partners and all those types of things.And then this wouldn't be a webcast for a financial report unless, we actually checked through the financials. So if we look at the third quarter and the year so far. So like we said in the beginning, from top line revenues point of view, this was a record quarter. We delivered the biggest revenues for a single quarter yet.And also at the same time, on the bottom line side, the EBITDA was depressed a little bit because of mostly of 2 things. One, the one of our costs associated with price issue and then the cost associated with Autogun Heroes launch phase marketing.And moving forward, of course, we're seeing the very much continue on our step-by-step approach towards profitability. So that's still very much in our plans and managing that we get there systematically with our approach.And if we look at where the revenues came from, something that we've been very happy seeing this year now from summer and moving forward is that our games business has started to deliver revenue. We've delivered roughly EUR 1.5 million now this year so far, out of which close to EUR 1 million came during the third quarter. So that's obviously well in line with our goals moving forward. Of course, we're seeking to keep increasing that as we go.And on the service business side, we then again saw a little bit less revenues because we were going through this transition phase, completing 1 project and starting up 1 new one.
Even it was very smooth transition, still there is a kind of bad financial effects.
Yes. And of course, moving forward, we are seeking to continue working our way up step-by-step when it comes to that business as well. And then when we put this into the sort of longer timeline, I think the whole sort of step-by-step approach from our point of view long-term, it's working out, but this second quarter and third quarter obviously get hindered by this one of course, that we've been discussing earlier.But moving forward, the plan is still very much what we've been saying all along, that step-by-step progress towards profitability. We keep increasing the top line while we keep our costs at bay and focus on controlling secondary costs. We still want to keep investing very aggressively to the winners, but all the secondary costs, we want to be very mindful and controlling. And this is how we plan to continue moving forward.Then enough about us talking and let's see if we have some questions.
There is some questions here in the chat. First one, when do you expect reaching break-even?We don't give future guidance, so we don't say that specifically, but we want to be very clear that our whole strategy is based on the fact that we want to get there step-by-step, but we don't want to pinpoint the moment in time because our financial performance is so volatile overall and we don't do financial guidance.Then, can I get a T-shirt now then? Depends on what type of T-shirt you want. I think we still have quite a few T-shirts.
We still have some nice T-shirts at older games.
You can drop me an email with your home address and we'll see what we can do about it. No promises, but let's see. Then there's a question about is partnership to Autogun next step? We don't know yet, so we have been discussing with –
There are quite a lot of interest towards the game and we've been talking with, if not all, but pretty much all big players from the industry and discussions continue. That's one potential avenue, either regional partnership or even global partnership.
Yes, yes. So those are things that we're very much looking into, but it's all part of this launch phase, like we've been saying all along, figuring out the best long-term strategy for Nitro with the product. So we don't want to exclude, but then again, we don't want to say that definitely there will be a partner either.Then there's a question about the NERF and the revenues and are we happy with the revenues from that game and what are the future plans for that?With NERF: Superblast, we've intentionally decreased our investments into that one very significantly during the summer and during this third quarter. So from revenues point of view, it did not play a material role anymore and this is part of our approach of focusing on winners. So the reason why we are focusing on Autogun Heroes so heavily is because of 2 things. One, Autogun Heroes is returning faster and more in terms of money spent on user acquisition; and 2, we have limited financial resources available in Nitro because we're not one of the companies with insanely big watches, so we need to be very selective.Then a question about Autogun and with the revenue potential. Yes, so we do expect Autogun Heroes to be very much a scalable, free-to-play game and we believe that by doing the next steps right with the launch phase and then into the live operations phase after that, that it definitely has the potential of becoming this plus EUR 10 million annual games.
But bear in mind, we are still in the launch phase.
Yes, yes.
We are not yet in a scalable form.
Yes. Then let's see, we have some questions in the email regarding user acquisition spending for Autogun. We have earlier indicated EUR 2.5 million during the launch phase. Are we currently in line with this goal or have we spent more or less than expected so far? The answer is we're very much in line with that goal. So like I said, we have spent a little bit less than EUR 2 million. Overall, so we still have some in the budget reserve for this one.Then there's a question about, is there a possibility of extending the launch period if whatever the reasons are? Well, of course, everything is possible because it's our own game. Currently, there's nothing like that in the horizon, but things might change because it's a game business, so things usually happen so.
And on the market, you can see launch phases from 3 months to 18 months.
Yes. Then there's a question about third-party sources and the data visible in those and so on. We usually don't want to comment on third-party sources too much because that's their data, not ours. But I hope that the graphs that we showed earlier on in the presentation give you an idea of how those might compare. But during this launch phase, we've seen, for example, crossing positions being volatile, because it's a direct byproduct of doing a user acquisition burst and you get more users and so on. So that type of volatility is of course…
We've been testing quite a lot of different markets, different channels, so you might see a spike in some bit of a strange country or some bit of a strange channel only because we are testing those.
Yes, yes. And I think that's also a good point to throw because we've gotten questions earlier about why aren't we advertising in this or that country too much. That's all part of the launch phase plan. So we're very selective in where we put our user acquisition spending into, which means that, there are definitely countries and territories out there where we're not investing that heavily.And also in terms of the platforms, we're still very much investing on the Android side. Like we discussed earlier, we get so much more data points out of Android compared to what we can get on iOS. So at this point, we're definitely still very much more on the Android side. Moving down the line in the road ahead, things will of course evolve and change, but that answers why you haven't seen too much on iOS yet. Yes.Then there's a question about revenue targets for the launch phase with Autogun Heroes. The answer is absolutely none. We are not targeting any specific revenues during this launch phase, but what we're targeting is the validating and measuring and getting the data about the long-term performance potential with the game. That's the whole belief. Of course, we're doing and generating revenues while doing this. So we're monitoring, but that's not the target.
More important to find the revenue potential for the several years rather than generate some specific number now.
Yes, indeed, indeed. Then there's questions about costs a bit more for the third quarter. How much was user acquisition? I think out of the cost for user acquisition in the third quarter are roughly EUR 1.7 million in total. Since the materials and services were EUR 2.5 million in total, that of course plays the dominant role. The rest of the materials and services are your usual outsourced services and other type of activities since we work with these partner studios.Then questions about Autogun Heroes, these payments -- these acquisition payments that we pay to the original developer. During the third quarter, we paid roughly EUR 0.5 million. The next payments will be next year. And these are balance sheet items, so they're visible in our cash flow but have no impact to P&L.
Cost of rights issue.
Yes, and loan payments. So the rights issue was a big one, of course, during the third quarter. And in total, those costs were close to EUR 900,000 out of which we paid interest for the Bridge loan roughly EUR 200,000 and in total, paying back the Bridge loan and the interest associated with that resulted in roughly EUR 1 million on the cash side. So the rest of that was done through converting the loan into shares and things like that. So I hope that gives an answer on those.Let's see if there's anything more. No.
I think we have the most active audience ever. Thank you so much for such many great questions and hopefully we were able to clarify.
Yes. So if we would somehow wrap all things up, I think third quarter was something that was very much full of activity on our end. Like we said in the beginning, transitional quarter in the B2B service business, completing old stuff starting new stuff with our –
Focusing on winners. I think it was the main theme in the whole company.
Yes. With a pretty damn solid outlook for the future on that part. With games business, super exciting quarter. We are happy to see more and more data, more and more players, and us getting closer to where we want to be step-by-step as we now push forward.
More and more partners interested about the game and lots of discussions and negotiations and evaluations.
Yes, yes. So overall, we are very happy with how we're doing here on our end and very determined to deliver moving forward.
And I think on the service business, the market trends are meeting our offer and our vision quite well. And we are seeing that on our PD funnel and we are seeing that on the cases that we've been negotiating and also able to be closed.
Definitely, definitely. And we still have a few months, or not a few months, but still some time left this year to deliver and very much planning to do so. Thank you all for joining. Thank you all for those good questions this time. Have a good one.