CLIQ Digital AG

XETRA:CLIQ

Earnings Call Transcript 2022-Q3

[Operator]

This meeting is being recorded.

[Sebastian McCoskrie, executive]

[Operator Instructions] After the presentation, there will be an opportunity to ask questions. [Operator Instructions] I will now hand over to Ben Bos who will lead you through the conference. Over to you, Ben.

[Ben Bos, executive]

Thank you, Sebastian. Good morning and a warm welcome to our third quarter 2022 results presentation. I'm Ben Bos, a member of CLIQ Digital's AG's Management Board. Today, I will present to you the highlights of the last quarter and our financial results. Then we'll open the floor for any questions you might have. Ladies and gentlemen, the CLIQ Digital Group has once again delivered a great set of results as well as exceed market expectations. Overall, our business is gaining significant traction, as you can see here. All major operating and financial metrics are up. We generated over EUR 8 million of operating free cash flow in the third quarter and reported a swing from a net debt position seen at the end of June to a net cash position of more than EUR 2 million at the end of September. Sales growth was more than 90%, and EBITDA increased to a record-breaking EUR 12 million in the quarter.

The driver of this growth was, as always, our number of subscribers, which we grew to 1.8 million. Bottom line, EPS year-to-date came in at EUR 3.30 and has now already surpassed 2021's full year's amount by more than 20%, and we still have the fourth quarter to come.

These results are, in my view, clearly a very positive signal in these challenging and stormy times. We are facing a looming global recession mark and markets are in [ turmoil ] with numerous profit warnings and households everywhere are tightening their belts because of soaring inflation. And on top of that, we now also see many streaming providers increasing their fees for customers.

The new German web portal and [ native ] apps under the brand CLIQ.de will be brought to the market on 15th of December. As most of you probably know, the initial testing phase of the beta version of CLIQ.de was extended in order to have more time to conduct additional performance stress test to secure a high load across the multiple content verticals. As I always say, it's better to [ stay ] safe than sorry. It's in everyone's interest to safeguard a smooth and successful product launch.

In light of this economic backdrop, we continued on our growth path. Our performance marketing approach, together with our dynamic pricing model, gives us the flexibility to adjust our campaigns and product prices according to different conditions making us a highly effective and profitable player.

Ladies and gentlemen, we managed to perform better than market expected for both sales and earnings. In the third quarter by 13% and 23%, respectively, as you can see over here. The sales split by service and by region in Q3 showed the predominance of our multi-content streaming web portals and the strength of our sales distribution in the different regions.

We are pleased to announce our first market entries into Latin America in the third quarter, included here in the region, rest of the world. These are just initial baby steps, I'd like to say, but of course, we do expect an increase in revenue stream going forward.

By product, our quarterly sales were driven, as expected, by an increase in paid subscriptions from our multi-content streaming web portals. These sales grew by an amazing 128% (sic) [ 127% ] to over EUR 67 million. And as you can see, our ad-funded digital marketing service is further declining in percentage of sales. We decided to further focus on selling predominantly our subscription-based multi-content streaming web portals and disembark, therefore, the ad-funded business in the third quarter.

Regionally, sales grew significantly across all major regions with North America and Europe growing year-on-year by 120% (sic) [ 121% ] and 63%, respectively. By the way, European sales growth accelerated further [indiscernible] quarter-on-quarter, a very gratifying result for the team.

Let's dive a little deeper into some of the key profit and loss line items. The group achieved record performance in Q3 with organic sales of EUR 77 million, up 91% year-on-year and 19% quarter-on-quarter. The cost of sales was driven predominantly by greater marketing cost to reach an increased advertising volume.

EBITDA in the third quarter increased further by 68% to over EUR 12 million, an all-time high, and the EBITDA margin came in at a strong 16%, in line with the previous quarters.

Year-to-date, profit was up by 75% to over EUR 21 million. And subsequently, EPS for the first 9 months was strong at EUR 3.30 and this is 79% higher in prior year's first 9 months, already 20% more than the full year 2021 EPS of EUR [ 2.74. ] This performance clearly underlines the group's strong growth path.

As you probably know from my past working in the music industry, I was always a fan of compilations and Best Ofs. And here is one of our Best Of slides to show you the quarterly business development from 2019 until today. The trend lines highlights the sales growth versus the marketing spend growth, and this clearly demonstrates the scalability of our business model, which you can see here.

In the third quarter 2022, our marketing spend for subscriber acquisitions to our streaming web portals increased by 5%, which led to an overall marketing spend of over EUR 30 million, leading to a further expanded subscriber base of 1.8 million at the end of September. And the value of this subscriber base has grown to the lifetime value of customer base or the LTVCB as the quarter-end closing grew sequentially to EUR 131 million.

Ladies and gentlemen, as you probably know, marketing is our primary business driver of subscriber and sales growth and thus an important key performance indicator for the CLIQ Group. Currently, there are lots of [ emerging ] headlines, such as digital ad boom grinds to a [ halt ] and reports on slowdowns in advertising sales. At CLIQ, we can say that our marketing activities remained strong and continued to lead to higher subscriber numbers and thus sales.

Our total marketing spend in Q3 went up by 120% year-on-year to over EUR 30 million. The actual spend reflecting the cash out in the quarter for acquiring new subscribers was duly capitalized. These assets or so-called contract costs help grow both group sales and the lifetime value of the customer base.

The amortization of the contract cost over the subscriber's lifetime amounted to nearly EUR 24 million, in line with the sales realized with these subscribers.

In percent of total sales, the marketing costs were at the high end of the range between 28% and 32%, which we have seen consistently over the last 12 quarters.

Cash is king also at CLIQ. The EUR 5.8 million net debt position reported at second quarter -- second quarter and swung round in the third quarter to a debt-free position of -- as of the 30th of September. Our net cash position totaled EUR 2.1 million, a sequential improvement of EUR 8 million, which was broadly in line with our operating free cash flow generated in the quarter.

So to recap, in July, we entered into a new financing agreement with consortium consisting of Commerzbank and Deutsche Bank for a total credit facility amounting to EUR 37.5 million with an optional increase to EUR 57.5 million. The financing facility has a duration of 3 years and can be extended to a maximum of 5 years.

The operating cash flow was driven by strong year-on-year capital growth despite the higher outflow from contract costs, the capitalized marketing spend, which fuels the group's sales and subscriber growth.

The cash flow from -- cash outflow from investing activities in the third quarter of 2022 increased only slightly despite investments of EUR 2.6 million in the CLIQ.de platform development and newly licensed contracts. These investments were offset by the one-off cash inflow resulting from the discontinuation of the business activities relating to the ad-funded digital marketing services.

The cash outflow from financing activities in comparison to prior year included a significantly higher dividend distribution of EUR 7.2 million.

So let's go to the balance sheet and looking at the balance sheet in full, our total assets grew to EUR 128 million driven mainly by our contract cost and equity ratio at the end of the third quarter amounted to 58%. The investments in the CLIQ.de platform and prepayments for licensed content led mainly to the higher intangible assets seen here. The increased business activities resulted in higher trade receivables as well as trade payables and other liabilities.

Ladies and gentlemen, management is pleased to reiterate the group's full year 2022 guidance to sales of at least EUR 250 million and an EBITDA of more than EUR 38 million in 2022 and a total marketing spend in excess of EUR 90 million.

For those who won't stay on the call for Q&A, thank you so much for listening and hope to see you soon again.

[Ben Bos, executive]

So ladies and gentlemen, I shall now begin our live questions-and-answer session. [Operator Instructions]

So our first question today comes from [ Fiona. ]

[Unknown Analyst]

Congratulations on the results. First of all, can I ask about in terms of the marketing spend, we're still seeing a big uplift in the number of subscribers in North America. And previously, the messaging had been more about how you were accelerating in Europe. Can you tell us how that marketing spend split between the regions and give us some more insight on that, please?

And my second question is about the new bank facility. I mean you're now generating a lot of cash, but yes, this is quite a big resource, cash resource, for you. Can you tell us more about your plans with that, please?

[Ben Bos, executive]

Okay. Thank you, [ Fiona. ] And well, we basically do not release any information on where the marketing spend has been spent actually per continent. But in general, you can say that it follows also in line with the increase of the revenue itself. So that's quite flat on both sides in that respect. So that's in respect to your first question.

On the second question, the bank facility can be used, of course, for working capital purposes. And we see, of course, with our cost of marketing, which we always spend during the months itself and knowing that we will receive the member subscribers or the subscriber income at a later stage because that goes, of course, month by month, you clearly see that you need -- especially when you increase your marketing spend, you also need more working capital facility. So this can be used primarily for this purpose.

Then secondly, of course, we also have a small facility in there or [ reasonable ] facility in there for acquisitions, which we do not have used yet. So thank you, [ Fiona. ]

[Felix Ellmann, analyst]

Can you hear me?

[Ben Bos, executive]

Yes, loud and clear. Thank you so much, Felix.

[Felix Ellmann, analyst]

Wonderful. Well, first question, the CLIQ factor was very robust, in my view, in the quarter you reported. And I wonder how you did this with regards to the size of the marketing budget. It could have been expected that it will be at least going down a little when you have to put so much money into the machine, let's say. Maybe you spend a word on this. Maybe it's due to the economy, maybe the other bidders of the marketing were not that aggressive that quarter. That will be interesting.

The second one, if I read Latin America, just small information. Are you re-entering Mexico?

[Ben Bos, executive]

Those were your questions, Felix?

[Felix Ellmann, analyst]

Yes.

[Ben Bos, executive]

Okay. Thank you so much. Well, first of all, regarding the CLIQ factor, which stayed strong, and thank you for that, although thanks to the team. They know where to buy the media exactly. So I think that's a great achievement by the team, first of all. And secondly, of course, we see market conditions changing.

All over, advertising volumes are coming down, but for the bigger part, what we've seen, if I'm reading newspapers, it's from TVCs or TV commercials, which have come down mostly. But this has -- of course, also has slight effect on online. Although in some regions, it still goes up. Other regions, it still goes down. But we were able and team was able to buy at very favorable prices. So thanks for that.

So regarding Latin America, we are not used to release any specific market openings, as you know, as we are only reporting on a continent base. But we are looking into different region -- or within different countries within the Latin American region, I can tell you.

Well, thank you, Felix. Over to Marie-Therese.

[Marie-Therese Gruebner, analyst]

I have a few questions. I will ask them one by one, if you don't mind, no. And the first question regards the North America, we've seen 58% of your revenues. I was wondering if there's any currency effects in the top line growth you are reporting. What would it be currency neutral?

[Ben Bos, executive]

[ Well, ] a straight answer to this question, yes, we have seen some effects for a very small percentage despite the fluctuation of the dollar versus the euro. But of course, the greater part of our costs is also in the same currency. So we buy our media in the same currency as we do have our revenue coming in. So there is a natural hedge, I would like to say.

[Marie-Therese Gruebner, analyst]

Yes. But I mean, we've seen a lot of companies reporting massive currency effects in the top line growth with the dollar strengthening year-on-year. And in your case, the U.S. is a particularly large chunk. So I'm just a bit surprised to hear it's a small effect in the overall top line growth because the dollar has significantly appreciated year-on-year. I'm talking about just the top line, Ben.

[Ben Bos, executive]

Yes. Well, to be honest with you, we looked specifically in the margin, and we see the margin effect, which came in between 2% and 3%. I have to come back to you [ on that. ]

[Marie-Therese Gruebner, analyst]

I mean just to give you an idea for some other companies we cover, the currency effect is up to 20% for -- in the top line growth they reported, so I mean I'm assuming it's going to be in this. But nevertheless, standard top line growth, no doubt about it and way ahead of our expectations. So very well done there.

My next question has to do with the -- with your guidance, which you are not increasing despite, as you said in the opening remarks, beating market expectations. So why is that particularly your Q4 would imply like EUR 55 million, EUR 56 million of sales and then EBITDA of 8% to meet your guidance. And in light of what you achieved in the third quarter and in light of, as you say, the macro environment playing in your favor plus the German portal launch on the 15th of December, I'm just a bit surprised and I think, as you can see, the trading levels of the stock, I think the market was probably expecting some kind of guidance hike.

So if you could shed some light on your thinking behind this, that would be great.

[Ben Bos, executive]

Yes. Well, if there would be a guidance hike, at this moment, of course, we should go out with an ad hoc. That is very clear. But we are closely watching our results. And of course, we guided the market by a revenue of over EUR 250 million, which can be explained quite broadly. But again, we are looking into it and watching it very closely.

Then in line -- you also made a remark on CLIQ.de launch in December. This is not a revenue stream, which really make a big change this year for our revenue guidance, so to say.

[Marie-Therese Gruebner, analyst]

Okay. And on the margin, I mean, 16% -- I mean 9 months, Q3, it's holding up at very nice levels and yet we are guiding, top of my head, 14%, 14.5% for the full year. Are you concerned about anything in particular?

[Ben Bos, executive]

We are not concerned, for sure not. But as said, we are closely watching our development in the coming months. And if we see any reason to change our guidance, of course, we will come back to you straight away.

[Marie-Therese Gruebner, analyst]

Yes. Sure, sure. And then last but not least the -- what was it again, net debt, net cash streaming. I think that's all I had, Ben.

[Ben Bos, executive]

Yes. And just coming back, Marie-Therese, on the guidance. Of course, we want to be cautious. I hope you understand.

[Marie-Therese Gruebner, analyst]

Yes. Sorry, Ben, one more question. Marketing point, are you seeing -- are the prices coming down for you, which would play in your favor, obviously?

[Ben Bos, executive]

Well, not particular. We see very slight uptick, as you see, as just asked by Felix back in our CLIQ factor from 1.45 to 1.46 now. Thank you so much.

Antoine, the table is yours.

[Antoine Lensel, analyst]

Well done for the Q3 results. I have 2 questions, if I may. The first one is how are you going to address LatAm region in terms of payment means? Will you use more mobile carrier payments than other regions? And as it is more expensive than other payment means, should we expect the third-party cost to slightly increase in percentage of sales going forward?

[Ben Bos, executive]

Okay. Well, thank you. Most of -- we expect that the primary payment method will be credit card in the market, Latin America, whereby we are using different payment service providers. And yes, as we all know, the pricing as such of our products in a region like Latin America is generally lower as well as the marketing costs are lower.

So we're always looking, as you know, in our model to the performance indicator, the CLIQ factor, as we still sometimes [ meant, ] call it. And in that respect, we -- especially in the beginning, the third-party costs can be a little bit higher. But once the volume goes up, you see that flattening out. That's what we do expect.

[Antoine Lensel, analyst]

Okay. And any idea of like a ramp-up period, how could it last [indiscernible]

[Ben Bos, executive]

No, not yet. It depends on how quick we can enter certain markets and how the development will be going forward.

[Antoine Lensel, analyst]

Okay. And maybe another question regarding competition. Netflix is expected to launch ad-supported offer by the end of the year. The monthly price could be between $7 to $9 per month, so much more affordable for price-sensitive consumers. Do you see it as a significant competitive offer to your multi-content offerings? And do you believe it could have a risk on your business model going forward?

[Ben Bos, executive]

Well, for us, it's always hard to elaborate on these, well, competitors. But they only -- well, what we have seen -- let me come back to Netflix first. You've seen they are big in movies and series and they also tried to launch and they still launch the gaming vertical in their product offering. So now they try to do also sports. But the majority of their business, of course, stays in the movies and the series as we can see so far.

But we offer -- and we have a different model. We offer 5 different content verticals, which I think is a great proposition for the consumer as such. And that's a big differentiator, I think, towards these players in the market.

[Antoine Lensel, analyst]

I see, I see. But for me, your biggest strength was a multi-content offering with an attractive price. And with this kind of offer coming into the market, maybe the competition will be a bit harder in the coming quarter was just my feeling.

[Ben Bos, executive]

Well, they will address for sure different consumers than we do. So we are not afraid at all of their entering into this market space as well.

[ Jamie ].

[Unknown Analyst]

Congratulations on the numbers. I was just wondering if you could just talk a little bit about -- in the press release, you talked about the operating review, to talk a little bit about the sort of stabilizing lifetime customer value and the drop in the Profitability Index. If you could just give us a bit of color on what's happened there.

[Ben Bos, executive]

Yes. Well, the lifetime value I think it's quite clear that this is connected to our multi-content offering as the greater part of our revenue today is the multi-content offering. So it doesn't surprise us that we have about a lifetime value, which is quite stable.

And actually, I think that's very good that we can achieve those results with this flattening of the lifetime value.

Can you please repeat, [ Jamie ], your other question regarding the...

[Unknown Analyst]

Yes. Just to talk a little bit about the Profitability Index and the drop from year-on-year and where you think that might stabilize?

[Ben Bos, executive]

Well, it goes hand in hand, and I believe Felix was referring to that already earlier in this call that in the past, of course, we're driving lower volumes in relation to marketing spend, whereby we significantly now increased year-on-year these expenses.

And while spending more on the market, you see that you don't always can achieve those prices, which you did in the past with lower volumes. So rather than concentrating fully on the Profitability Index and try to optimize that to a max, but then losing the volume, we now concentrate on, of course, stabilizing and getting still the right profitability index in but with a much bigger volume.

[Unknown Analyst]

Okay. Great. And Ben, sorry, just connected to that, is there any change in the recent cohorts of customers you've taken on? Any changes you're witnessing?

[Ben Bos, executive]

No, not specifically. Thank you, [ Jamie. ]

And [ Andreas ].

[Unknown Analyst]

Can you hear me?

[Ben Bos, executive]

I can hear you loud and clear.

[Unknown Analyst]

Great. And congratulations on your Q3 results. You talked about earlier that you had some M&A activities looking at it. Are you in contact with any potential targets at the moment?

[Ben Bos, executive]

Yes, we are, but we are not in a situation where we can elaborate more on that because it's all in a very early-stage discussions. So we are quite, I would say, picky on this and not going down the road all the way, although we could do attract maybe nice adding to our product portfolio or marketing systematic. But we are Dutch and we -- yes, we are looking to prices as well. And we probably expect prices of companies, the valuations coming down going forward as the markets are changing and hopefully then we can jump in there at the right time.

[Unknown Analyst]

Sounds nice. And you were talking about that you're progressing your development of the CLIQ.de platform. Have you experienced any issues with the delay of the quality assurance platform? Or is everything running smooth, and are you expecting the launch in December to be successful?

[Ben Bos, executive]

We are not further seeing any possible further delays. So we are on track now, and we do expect to launch on December 15, absolutely.

[Unknown Analyst]

Great, great. Just a single question for [ alles ]. Are you expecting to use existing platforms when you're targeting the Latin American market? Or are you trying to develop new platforms that has all the multi-content, which is quite region or locally focused.

[Ben Bos, executive]

We have one digital warehouse where we can [ tap ] into. And of course, it's all being classified for which markets we can use, which content. So we can make the choices and compile a nice offering for the consumers. Thank you, [ Andreas ].

[ Ivo ].

[Unknown Analyst]

Can you hear me?

[Ben Bos, executive]

Yes, I do.

[Unknown Analyst]

Excellent results. Congratulations. Just one question regarding the sales growth quarter-on-quarter. So we have 19% sales growth and we have a growth in the subscriber base from 1.7 million to 1.8 million, which is about 6%. Could you please put a little bit more color on that one. I thought the effects come from the exchange rate. But as I understood, it's not so much the exchange rate. So sales growth 19% versus subscriber growth 6%.

[Ben Bos, executive]

Well, there are 2 -- actually 2 things in there, and thanks for reminding me on the exchange rate. The exchange rate I was elaborating on earlier during this call was only on the margin, so not on the top line. So yes, of course, there is a bigger effect on top line. So there, you're absolutely right that there is a correlation between the number of subscribers coming in and the top line growth in revenue. And this is the first part.

Second part is, of course, we are talking here about roundings. So it's not specifically 100,000 difference between the 1.7 million and 1.8 million. So that's the second reason.

Marie-Therese, I see you have another question. Is that correct?

[Marie-Therese Gruebner, analyst]

Yes, Ben. Just a follow-up, just 2 things. First of all, when you say that the ForEx impact is 2% on the margin, are you talking about 2 percentage point of margins or 2 percentage in absolute? It's adding 2 points of margin? Or is it adding 2% in absolute terms?

[Ben Bos, executive]

In absolute terms, last one...

[Marie-Therese Gruebner, analyst]

Okay. Good. That's easy. And then the second one, come back to Antoine's comment. Does the fact that these guys are trying to venture into more verticals, the Netflixes and Amazon, I mean this is something a new development, I would say. And obviously, they want to offer more for consumers with what they are paying. Does it change your thinking on pricing for the German portal you're about to launch? The introductory offer is EUR 6.99. Does it mean that you are more likely to be around that level going forward? Or what does it mean in terms of differential in pricing to the bigger streaming providers?

I mean this is a -- I think it's a major new development in the streaming market, right?

[Ben Bos, executive]

Well, yes or no. I mean I was referring already also to that and they tried to enter within the gaming industry as well. And I think -- they were not that successful in that respect, at least not to the volume as they are doing, of course, with the movies and series. So they are seen by the -- by -- I think by the consumers as a pure movie and series player. So it's quite tough to get the size of content, which they offer also currently towards the consumers in respect and also to sports and to games. It's a different market approach as well as we are direct marketers.

And we are doing performance marketing for our products, which is also a big differentiator with those players in the market, which are, of course, growing on organic growth as we call it, because people are going organically to their websites. Thank you.

Also, [ Fiona, ] second round?

[Unknown Analyst]

Yes. Just one more for me, actually. Could you tell us a bit more about what's going on in terms of content pricing? What your experience has been in the licensing market and whether it's changing as you scale?

[Ben Bos, executive]

Yes. I think actually in a positive way, [ Fiona, ] because I think due to the traction which we currently have and the size and volume of the company, we are becoming a very, very attractive player in the market for those content players and licensed source actually as we can drive volume.

So opposite what you maybe would think is that there are attractive discussions going on in -- on different verticals in respect of content.

[Unknown Analyst]

And any difference across the verticals, I mean, gaming, sport, whatever?

[Ben Bos, executive]

No, not particular.

And then I have the last one as I see on the list, which is Felix.

[Felix Ellmann, analyst]

Can you hear me?

[Ben Bos, executive]

I can hear you, yes.

[Felix Ellmann, analyst]

Perfect. I have 3 questions actually. So the first one would be your -- if we look at the U.S., your content cost there is the cost in euro or is it in dollar?

[Ben Bos, executive]

It is -- well, across the board, also there we have -- it's diversified. So it depends on the licensor, if they charge us in euros or in dollars. So it depends on the licensor.

[Felix Ellmann, analyst]

Sorry, can you be a bit more specific? I mean just for the content that you screen in the U.S., is it European content that you pay here? Or is it U.S. content that you buy over there because -- yes.

[Ben Bos, executive]

It's both. We have a general catalog, for instance, on movies, which we indeed pay in dollars. But we also have content coming from like the games, which we pay for in euros. So it's a mix. It's depending on the vertical. It's depending on the product, what the licensor...

[Felix Ellmann, analyst]

And you wouldn't have a sort of rule of thumb, how much of content is paid in euro versus how much is paid in dollar?

[Ben Bos, executive]

No, no.

[Felix Ellmann, analyst]

Okay. Okay. Perfect. And then the question -- the second question that I had is, if I look at the cash flow, what -- could you elaborate a bit on the change in working capital that you've seen year-to-date? Because it looks like that your receivables and payables sort of move a line, and it comes through the other liabilities. I'm just wondering what they are, please.

[Ben Bos, executive]

Yes, working capital mainly changed due to our further increase of our contract costs. So our marketing spend, which we capitalize on the balance sheet.

[Felix Ellmann, analyst]

Yes, that's a separate line item in the cash flow. I'm actually talking just about the working capital.

[Ben Bos, executive]

Yes. There, of course, it goes hand-in-hand with a further increase of our business, which you see in general that, of course, then your working capital needs are a little bit bigger.

[Felix Ellmann, analyst]

Yes, but it's a positive -- it's a cash inflow for you. So I'm just wondering if it's prepayments of customers or -- because if it's bigger working capital need, it would be an outflow, I presume.

[Ben Bos, executive]

Yes, that's right. I think that we were able also to finally get in some of the receivables quicker than we expected earlier in our calculation, so I think...

[Felix Ellmann, analyst]

I'm just wondering because if I look at the balance sheet, I mean, they grow sort of in line with your top line. It seems to be of the -- on your balance sheet, it's a line, which is other liabilities, which has been growing. I'm just wondering what those other liabilities might are? And...

[Ben Bos, executive]

Those are specific liabilities. Those are related to accruals, which we -- separate line items in the cost in the P&L.

[Felix Ellmann, analyst]

Okay. Perfect. And then just one last question, Ben, because I don't think we spoke after the delay in your CLIQ platform, I guess it was in Germany. Can you just sort of rehash for us what happened there in the delay? And when the new date -- when is the new date that you have in mind for the launch of that platform.

[Ben Bos, executive]

Well, the date of the launch is now scheduled for December 15. So that's quite clear. And we were just -- especially on the low time on the number of people, which could enter at the same time into and to subscribe to the services, we were facing some issues there, which we verified upfront. Thank you so much, Felix.

So I believe we are now -- so this was our last question. And thank you for you attending our video call today.

So today, we have also announced and posted all our 2023 financial reporting dates, which are much earlier than was the case this year. So if you have any further questions, please get in touch with Sebastian or Julián. And then [ let me ] say have a great day, and hopefully, see you soon. Thank you so much.