Operator: Welcome to this Netcompany interim report for the first nine months of 2026. Today's call is being recorded. If you have any objections, please disconnect at this time. For the first part of the call, all participants will be in a listen-only mode. Afterwards, there will be a question-and-answer session. To ask a question, press five star on your telephone keypad. I will now hand the call to your speakers, CEO André Rogaczewski and CFO Thomas Johansen. You may now begin.
André Rogaczewski: Good day, and welcome to this presentation of Netcompany's results for Q3 2026. My name is André Rogaczewski, and I am the CEO and co-founder of Netcompany. I am joined today by our CFO, Thomas Johansen. Before we get going, there are some important disclosures that I need you to read through. Could we have slide number 2, please? I will pause for 30 seconds here and let you all have a read-through of these important disclosures. We go to slide number 3. The topic of today's presentation is our performance for Q3 2026. I start by walking you through the business highlights for the quarter. Once I am done, Thomas will go through the financial performance of the quarter and the financial guidance for 2026 before we open the call for questions. Can we have the next slide, please?
André Rogaczewski: I am pleased to report that our growth momentum from the H1 of the year has continued into Q3, where we grew revenue by more than 8%. This brings our accumulated growth for the first 9 months of the year to more than 28%, a testament to the fact that both public and private customers continue to embrace our AI-powered product and platform offerings. Looking at our geographic performance, we have seen growth across all markets, most significant in the UK, which has grown more than 42%, highlighted in the quarter by the NHS win. It becomes increasingly clear that our offerings align very well with the largest market for IT services in Europe. Our AI orchestration tool, Feniks AI, continues to gain traction across all our entities. What is particularly encouraging is how customers are responding to the solution.
André Rogaczewski: They are valuing the security and sovereignty embedded in Feniks AI, which in turn enables them to implement and work with the agentic agents faster and better. Can I have the next slide, please? Our strong momentum from the H1 of the year has continued into Q3. We delivered group revenue growth of 8.1%, which brings our accumulated revenue growth for the first 9 months of the year to more than 28%. Based on this strong Q3 performance and our solid visibility into the remainder of the year, we are raising the floor for our full-year 2026 revenue guidance with 2 percentage points. Growth was broad-based across the group and demonstrates our underlying business strength and, critically, our relevance in the era where AI is truly reshaping the market. Can I have the next slide, please? A significant growth factor in the quarter was once again our UK business segment.
André Rogaczewski: In Q3, we were able to announce another win in this segment that underscores Netcompany's position as a trusted digital partner for the UK public sector. Netcompany has been appointed as a digital delivery partner for NHS England's adult screening programs. This is a 5-year contract valued at £250 million, a partnership that began in September 2026. We will be supporting all 7 national adult screening programs, including breast, cervical, and bowel cancer screenings. These programs reach millions of people across England every year, making this a generally mission-critical partnership. Beyond operating and maintaining existing screening services, we are also driving next-generation innovation in this contract. We will be delivering a new national breast screening service and an enhanced cervical screening service that includes digital invitations and at-home HPV self-testing kits. These are not just technological upgrades.
André Rogaczewski: They represent a shift towards a more personalized, data-driven approach that specifically targets communities that screening has historically been underserved with. The ultimate goal is clear and compelling: find diseases earlier, reduce the time between invitation and result, and increase uptake through more accessible and targeted screening pathways. This contract reinforces Netcompany's track record in delivering mission-critical healthcare services for the NHS and demonstrates our capability to lead complex, high-impact digital programs at a very high scale. Can we have the next slide, please? The market for AI is evolving rapidly, and we see a clear shift in focus. AI adoption is still accelerating across industries, but increasingly, organizations are moving beyond pilots and concepts.
André Rogaczewski: The real emphasis now is on the actual delivery of solutions, proven products, and platforms that deliver sovereign AI for highly regulated businesses. As part of the EU's tech sovereignty package, the Cloud and AI Development Act, the so-called CAIDA, proposes a framework of four Union assurance levels. These levels are designed to classify cloud and AI service providers for the public sector, and they represent an important step towards ensuring European digital independence. The first level focuses on data residency and basic self-assessment, the foundational requirements. The second level adds supply chain transparency and control safeguards, ensuring visibility and governance across the supply chain. The third level introduces EU corporate control and staff citizenship, strengthening European control and accountability. The fourth level represents the highest standard with strict foreign immunity and full stack control, delivering complete sovereignty and independence.
André Rogaczewski: At Netcompany, we are in a leading market position, delivering sovereign AI for highly regulated businesses across all four levels. This capability gives us a significant competitive advantage as European organizations navigate these new requirements and seek trusted partners who can meet their sovereignty and compliance needs. We have the technology, the expertise, and now the market validation to execute at scale in this space. It makes me genuinely proud of what our teams have accomplished so far, and it makes me excited about what lies ahead for Netcompany. With that, I will now pass on the word to Thomas, who will go through the numbers. Thomas, please go ahead.
Thomas Johansen: Thank you for that, André. I will go through our financial performance for Q3 2026 and our updated revenue guidance for 2026. If we move past the breaking slide number 8 and straight into slide number 9 in one go, please. As André already mentioned, we continued the strong start of the year with 7.6% revenue growth for the group, excluding Netcompany Banking Services in constant currencies compared to Q3 2025. Currency has impacted revenue growth negatively by 0.6 percentage point in the quarter, resulting in reported revenue growth for the group, excluding Netcompany Banking Services of 8.2%. For the total group, revenue increased 7.6% and amounted to DKK 2.3 billion in Q3 2026.
Thomas Johansen: Growth was driven by 7.6% growth in the public sector and 8.8% growth in the private sector. As in previous quarters this year, revenue growth in the quarter was particularly strong in Netcompany UK, supported by existing and new contract wins. Netcompany Denmark grew revenue by 2.6% compared to the same quarter last year. Revenue growth was impacted by allocation of around 150 client-facing FTEs to the Netcompany Banking Services segment, impacting growth negatively by approximately 4 percentage points and lower revenue in Germany and Sweden, impacting revenue growth negatively by approximately 3 percentage points in the quarter. Netcompany SEE & EUI grew revenue 4.8% compared to the same period last year. The growth was driven by increased revenue from both public sector, including the EU, and the private sector, which grew 3.8% and 8% respectively.
Thomas Johansen: Netcompany UK continued the strong growth from the H1 of the year and grew revenue by 42% in Q3 2026 compared to the same quarter last year, driven by both the public and private sector, which grew revenue by 50.8% and 19.5% respectively. The growth was a result of increased engagements with both existing and new customers. In Netcompany Norway, revenue was on level with the same quarter last year, and in Netcompany Netherlands, revenue increased by 15%. In Netcompany Banking Services, revenue increased 7.6% compared to the same quarter last year. Can we move to the next slide, please? During the first 9 months of 2026, Netcompany Group, excluding Netcompany Banking Services, grew revenue by 12.6% in constant currencies.
Thomas Johansen: Growth was driven by public sector, including EU institutions, which grew 12% in the first 9 months of 2026, as well as the private sector, which increased 14.5% compared to the same period last year. Can we move to the next slide, please? In Q3 2026, adjusted EBITDA before allocated headquarter cost for the group, excluding Netcompany Banking Services, was 20.6%, an increase of 0.6 percentage points compared to the same quarter last year, despite additional costs associated with the Netcompany INEOS cycling partnership. Group adjusted EBITDA margin before allocated headquarter costs increased to 18.9% in Q3 2026 compared to 17.3% in the same quarter last year. In Netcompany Denmark, adjusted EBITDA margin improved significantly sequentially from Q2 2026, with 11.5 percentage points to 27.8% in Q3 2026.
Thomas Johansen: Compared to Q3 last year, adjusted EBITDA margin decreased slightly by 1.6 percentage points, which was mainly caused by increased marketing costs. In Netcompany SEE & EUI, adjusted EBITDA margin was 16.3% in Q3 2026 compared to 12.3% in the same quarter last year. Netcompany UK adjusted EBITDA margin increased to 15% from 13.8% in the same quarter last year as a consequence of strong operational performance and stable administrative costs. In Netcompany Norway, adjusted EBITDA margin was -2.1% in Q3 2026, and in Netcompany Netherlands, margins increased to 24.6% in the quarter. In Netcompany Banking Services, the adjusted EBITDA margin was 12% in the quarter, an improvement of 5.6 percentage points compared to the same quarter last year as cost synergies are being realized.
Thomas Johansen: The integration is progressing as anticipated and synergies are materializing according to the original plan. Can we have the next slide, please? In the first 3 quarters of 2026, the group, excluding Netcompany Banking Services, realized an adjusted EBITDA margin before allocated cost of 17.4%, in line with the same period last year, despite both lower revenue, increased cost to agentic AI, and the partnership with Netcompany INEOS Cycling Team. Can we move to the next slide, please? In Q3 2026, we employed an average of 9,653 FTEs, which was an increase of 171 FTEs or 1.8% compared to the same quarter last year. The increase in FTEs was related to both client-facing FTEs and FTEs in the product development unit, which was then partly offset by reduced FTEs in the administrative and support functions of the group.
Thomas Johansen: To enhance and streamline our product and platform offerings and to further embed AI capability into these, all efforts around product and platform development, as well as AI initiatives previously anchored within the business segments in Denmark and South East Europe, was moved into one central unit, product development, as of January 2026. In Q3 2026, the number of FTEs in this unit increased by 134 FTEs compared to the same quarter last year as investments in adopting agentic AI into our products and platforms accelerate. Attrition rate for the last 12 months was 16.8%, which was a decrease of 1.2 percentage points compared to 18% in Q3 2025. Can we go to the next slide, please? The group generated a negative free cash flow of DKK 170.6 million in Q3 2026 compared to negative DKK 55.5 million in Q3 2025.
Thomas Johansen: The development was mainly driven by development in working capital and to some extent also impacted by continued investment in our product and platforms and increased tax payments. The main negative drag we have on working capital in 2026 is the change in level of prepayments from the former owners of SDC, now Netcompany Banking Services. At the time of the transaction last year, SDC held a positive cash position, mainly based on prepayments received from the then owners of around half a billion. These prepayments have not been maintained in the new ownership structure of SDC, where the banks are now in a commercial model with us in terms of Netcompany Banking Services. So rather being the owner of their own banking central, they now have a commercial relationship with Netcompany Banking Services.
Thomas Johansen: This explains more than half of the negative development in our working capital year to date for the group. Compared to Q3 2025, trade receivables increased, and advanced payment from customers decreased, driven by products reaching milestones and being invoiced. Trade receivables was then further impacted by outstandings of close to DKK 300 million from customers related to RRF-funded projects, which will be collected in Q3 2026 in connection with the release of funding from the European Union. Days sales outstanding increased from 53 to 61 compared to Q3 2025. Adjusted for the RRF-funded project, days sales outstanding would have been unchanged compared to the same period last year. Can we have the next slide, please? Revenue visibility end of Q3 2026 for the group, excluding Netcompany Banking Services, amounts to DKK 7.4 billion, an improvement of 10.5% compared to Q3 2025.
Thomas Johansen: Visibility for Netcompany Banking Services amounts to DKK 1.75 billion and solely relates to the private sector. Can we have the next slide, please? Based on revenue growth of 12.6%, excluding Netcompany Banking Services for the first 9 months, and taking into account the current backlog and weighted pipeline, we raised the lower part of revenue guidance for 2026. For the group, excluding Netcompany Banking Services, revenue growth is now expected to be between 8.5% and 10.5%, which was previously between 6.5% and 10.5%.
Thomas Johansen: Guidance for adjusted EBITDA margin, excluding Netcompany Banking Services, of between 17% and 20% is maintained. For the group in total, we raised the bottom of the revenue growth guidance for 2026 to between 18% and 20.5%, which was previously between 16% and 20.5%, while we maintain adjusted EBITDA margin expectations of between approximately 16% and 19%, all in constant currencies. With that, the detailed walkthrough has been concluded, and we will open the call for Q&A. If we move to the Q&A slide and open the call, please.
Operator: Thank you. To ask a question, please press 5 star on your telephone keypad. If you wish to withdraw your questions, press 5 star again. We will have a brief pause while questions are being registered. Our first question comes from the line of Claus Almer from Nordea. Your line will now be unmuted. Please go ahead.
Claus Almer: Thank you. I will do 2 questions one by one. This is probably for you, Thomas. The whole guidance structure on your EBITDA margin, if you do the math, then implicitly in Q4, if you are looking at the mid to the higher end of the range, you really need to step up on the margin side. Maybe you can lay out what scenario you see to end in that upper end of the range. That would be the first one.
Thomas Johansen: The answer to that is not going to be as detailed as you would require, Claus, and I think you are going to appreciate why. The difference in the range of the EBITDA range guidance has to do with the revenue mix. It is clear that the higher percentage of revenue generated in Q4, which is related to license revenue, that can be income recognized in Q4, the higher the margin will be. It is solely depending on mix.
Claus Almer: Sure. That was also what I expected you to answer. Maybe a follow-up on that part. Do you see some really large license projects in the pipeline that might be signed in Q4?
Thomas Johansen: Without discussing timelines for when contracts are signed, then we do see a number of large projects in our pipeline that have a significant amount of licenses.
Claus Almer: Sound good. The second question, probably not a big surprise, cash flow or net working capital. The tie-up of capital so far in 2026, should we expect net working capital go to, the increase in net working capital should go to zero full year? Could you give some color on what to expect for Q4? I know you said there is DKK 300 million in Greece, but is there more color to be added?
Thomas Johansen: Yeah. Without going into detail as what the working capital is going to be for the full year, if we take the first nine months, the working capital have a drag of DKK -950 million-ish negative. For Q4, that will not be reversed. We are not expecting a positive working capital, as you probably would imagine, of DKK 950 million in Q4. On a quarterly basis, we do expect positive working capital in Q4. But we are dragged for the full year by the lower level of prepayments from the former SDC banks. Then specifically in Q3, we have a negative impact on working capital. In addition on that, with the DKK 300 million on the RRF projects, which are being collected in Q4 as opposed to Q3.
Claus Almer: Okay. Just to be sure, fair enough, it is not going to be breaking even on full year, but would the net working capital reduction in Q4 be more than the DKK 300 million you are getting from Greece?
Thomas Johansen: I cannot discuss the working capital in Q4, Claus. First of all, we are not guiding on it. Second of all, it is Q4, which we are in the middle of. But logically, we will expect an improvement in working capital in Q4. First of all, from the collection of the RRF outstandings and other impacts also. But the number I cannot give you.
Claus Almer: Fair enough. That was all for me. Thank you.
Operator: Our next question comes from the line of Yiwei Zhou from SEB. Your line will now be unmuted. Please go ahead.
Yiwei Zhou: Hi, André and Thomas. Thank you for taking my questions. I will have three, and I will do one at a time. Firstly, I just want to follow up on the cash flow. When looking at 2025 and also what level you would like to end for this year, looking at cash conversion is much lower than the old Netcompany. Is there any structure change here that we should expect the cash conversion would be lower going forward for the medium long term? If you can give a target or soft guidance on the cash conversion.
Thomas Johansen: There is nothing for the old Netcompany, and it is a little bit difficult to talk about the old Netcompany Group, because we have acquired Netcompany Banking Services, and it is part of the Group. So going forward, we do not expect any structural changes in what was Netcompany before Netcompany Banking Services in terms of the cash conversion. Then specifically for 2026, we have had this drag on working capital with Netcompany Banking Services due to a significantly lower amount of prepayments from the former owners into now a commercial counterpart, namely us, which of course has a huge drag on working capital. That is not expected to be carried on into 2027, basically mechanically, because all the impact has been taken in 2026.
Yiwei Zhou: Okay. Is it possible to give soft guidance on the cash conversion for the medium long term?
Thomas Johansen: We are not going to guide anything for 2027 or onwards at this point in time, Wei, and I am sure you can appreciate that.
Yiwei Zhou: Yeah. Fair enough. Thanks. My second question is on the growth guidance. Implied it is a significant slowdown in Q4.
Thomas Johansen: Which markets you are seeing the weakness? I think, of course, when you look at the year to date and then the range for the full year, which gives you the implied guidance for Q4. Remember, there is a little bit of a mix, if we look at the group in terms of what is Netcompany Banking Services and how much is that impacting Q4 and not. When we look in Q4 and compare to Q4 2025, we are comparing with a very strong 2025, which of course then makes comparisons a little bit harder. Overall, we maintain our full year guidance, and we have raised the floor.
Thomas Johansen: For the group, 18.5% to 20.5%, which is fully in line with what we started with the year with, and hence also, therefore, not anything dramatically surprising to us in management in terms of how Q4 is going to look like or anything that will have any impact whatsoever on our view on what the future is looking like. Mathematically, we have a year this year where relative growth has been strong in the beginning of the year, and then not relatively as high compared to last year in the end of the year. Overall, we are in what we started to guide for the year with, and we have raised the lower end of that two times now.
Yiwei Zhou: Okay, fair enough. Last question, capital allocation. Realized that your current share buyback program, with the DKK 2 billion commitment you announced along with your 2025 Capital Markets Day will soon be completed. Should we expect more shareholder return, or you are, again, looking at deleverage or more M&As?
Thomas Johansen: All of that we will address when we guide for 2027. The good thing about that is that it's only, what, 3 months, and then you'll have the more details on that. As of now, we cannot comment on what our expectations are for capital allocation in 2027 and onwards.
Yiwei Zhou: Okay. Thanks. I always jump back to the queue.
Thomas Johansen: Thanks, Ming.
Operator: Our next question comes from the line of George Webb from Morgan Stanley. Your line will now be unmuted. Please go ahead.
George Webb: Yeah. Hey. Morning, André and Thomas. Three questions from my side, please. Maybe firstly one for you, André. You flagged how AI developments in the market's evolving rapidly in your opening remarks and some of the factors you are seeing. I guess nowadays, in some ways, a quarter feels like quite a long time in this environment. So curious around a bit more detail on how you are seeing customers evolve their technology and procurement decisions. Is that changing at all, and how you are continuing to evolve Netcompany's position?
George Webb: Second one, just Thomas maybe, could you talk a little bit about the structure of how prepayments worked on the banking services business? Was it annual prepayments in Q1 for employee cost of the year? Was it something a bit different? That would be helpful to understand. Thirdly, just on the SEE and EUI business, that step down in growth in Q3. Just to go into a bit more detail, how should we be thinking about that? Was that as the RRF scheme is coming to an end, that this is a logical thing towards happening, or is there any other factors we should be aware of? Thank you.
André Rogaczewski: Thank you, George, and thank you for some great questions here. I think everything that customers are talking about right now is basically agents, and even more agents. Everyone wants to enforce and put in AI agents and in particular for them to work and to get the benefits, these agents need to orchestrate and work with the older systems, or we need to modernize these older systems. Now, if you can have that discussion with customers, modernizing their systems and also putting in those agents, doing the work and doing it in a sovereign and in a controlled way, you are really relevant in them choosing a vendor. And this is exactly where we are.
André Rogaczewski: We have the platforms and the products where we can build new solutions upon, then we have an agent infrastructure set up with sovereign AI, where we can, as a part of these projects, realize the benefits of putting in agents. I think we are moving towards an era right now where we will see more and more systems being replaced basically by agents. That does not mean that the systems do not exist. They are just underneath the agents, serving the agents, the agents will be working with each other, serving our employees in our businesses. That is a really compelling and interesting development when you come in and you modernize systems.
André Rogaczewski: Everywhere we win at the moment, everywhere where we are tendering at the moment, that is a very important part of our proposition. I have to say, in that respect, we are leading. We are leading technologically, but we are also leading vertically in some of our strong verticals. That goes for tax customs, that goes for the airports, it goes for the whole utility and transportation verticals. We are putting in agents to help our customers, but we cannot without modernizing all the old systems. It is a good combination, we have been positioning ourselves for this for quite a while, but now we are actually seeing it happen. Thomas, I think.
Thomas Johansen: Yeah. On the structure of the prepayment in the formerly known SDC, now Netcompany Banking Services, those prepayments have indeed been structured as an early payment in the year to cover ongoing work. So basically front-loading cash flow into SDC and then eating of that instead of paying paid when you send the invoice. So that has been the structure historically in SDC, which then changed when they moved from owning the banking central to having a commercial relationship with Netcompany Banking Services. So nothing extraordinary in that other than, of course, it has a drag on working capital, which is quite significant and is explaining the main negative development this year.
Thomas Johansen: On the SEE business, what we have seen, in particular, during the last couple of quarters in 2025 and the first couple of quarters in 2026 is that there has been a run to complete, in lack of a better word. But a run to complete a number of the RRF projects, the technical part of that is that they have to be completed, they have to be audited for funding to be released. Therefore, that has been extraordinarily busy on that side, which is now more normalizing. But when you then, of course, look quarter to quarter, then it looks like all the business is disappearing, which is not the case.
Thomas Johansen: It is more a matter of how the overall timing has been in terms of the workload for the projects to be complete and for them to be audited so that the European Union can release the funding according to the rules and regulations under the RRF, and thereby abiding to the payment in year, in 2026, which is the deadline for those projects. So it is more a timing of that, George, and then we continue to see strong demand from our services and our offerings, both in SEE but also in the European Union. A number of very large initiatives are ongoing right now in the European Union. Just to mention one is the ViDA, which is VAT in the Digital Age, which is a significant undertaking done by the European Union. So we are looking into continued growth, we expect, in that part of the business too.
George Webb: That makes sense. André, can I just come back on your first question? It is interesting because you were citing customs and tax on the AI agent side. I guess then, are you hearing from your perspective that governments are moving just as fast as private sector in terms of being open and willing to use these AI agents in their future structures? Or I would have guessed that maybe they would be a bit slower, but maybe that is not what you are seeing.
André Rogaczewski: Absolutely. They are really moving faster than I think anyone expected. But of course, they have requirements. There is a reason why the CAIDA was invented, and there is a reason. We really have to guard rail and make sure that the AI agents they are using is responsible AI. So they need to monitor the agents. They need to have a log about what did the agent do and why did it do what it did.
André Rogaczewski: It is not just taking some arbitrary agent somewhere in the cloud and using it on a society critical system. You cannot do that. That would be completely unresponsible and illegal. But if you have the infrastructure where you can log and you can be absolutely transparent about what the agent does, then that will yield at, and it will just change the entire dynamic of administration in the public sector. It will happen.
André Rogaczewski: It has to happen. If you look at the. It is real great business case for any society, and we are seeing it across all geographies. Everyone is looking into how to use AI agents in a confined regulatory environment. Here we have a leading position in both.
George Webb: Cool. Thank you.
Operator: Our next question comes from the line of Balajee Tirupati from Citi. Your line will now be unmuted. Please go ahead.
Balajee Tirupati: Hi, thank you for taking my questions. Two, if I may. Could you share view on the Denmark business? Firstly, could you share color on allocation of FTEs to Netcompany Banking Services segment? What was this towards and when is it likely to reverse? On public sector in Denmark, which remains weak against your initial expectation of growth catching up in the year, is the pipeline conversion taking longer? Second question on gross profit performance in Denmark, which does stand out despite mentioned drags on the revenue growth. I do appreciate that headcount growth is muted, and there has been some license revenue. Do you see further upside here factored within your 2026 margin target or improvement has to come from outside of Denmark, where gross margin has rather been in check despite higher growth? Thank you.
André Rogaczewski: Well, I will do the first two ones, and then you can do the third one, Thomas. Yes, it is absolutely well-spotted that we are putting in some more resources into Netcompany Banking Services, and it is because we are finally seeing the possibility to build services there that we can also see we are actually growing in that area. Again, back to the agents and back to being able to orchestrate what an agent does, and we are actually investing into being able to use agents and AI agents, giving that ability to our banks and also selling it as separate modules to other banks, not even being part of our core banking services. So we have put in some people to help with that, and I think that is a very wise decision.
André Rogaczewski: Now, when it comes to the market in Denmark and the public sector, we have recently won a few considerable deals, and I see the Danish public sector being digitalized even more in 2027. It is not that our visibility or what we are looking into has weakened. But the decision of putting people into Netcompany Banking Services is because it is really where we can use AI agents immediately. We are bidding for some really interesting public sector deals to be won, both in Q4 and Q1. I am slightly positive on the public sector and the private sector. We are also gaining traction on very large deals. All over, having all that said, I think the Danish market, we are one of the biggest players, but we still have a great opportunity here.
Thomas Johansen: On margin, Bala, again, difficult for me to do a full decomposition of margin buildup in Q4 and onwards market by market. But you are absolutely correct in your observation that margin has increased in Denmark, which to some extent also was what we have been discussing and expecting, and also discussing with the market, given all the initiatives that has been put in place. That is good to see. Whether margins will then pick up further or in other geographics is not something I can comment on other than say that for us, it looks comforting and promising around the group.
Balajee Tirupati: Appreciate it, Thomas, and thank you.
Operator: As no one else has lined up for questions in this call, I will now hand it back to the speakers for closing remarks.
André Rogaczewski: Thank you all, and have a great day.
