Asetek A/S (A31.F) Earnings Call Transcript & Summary

Ladies and gentlemen, thank you for standing by. My name is [ Bobish ] and I'll be your conference operator today. At this time I would like to welcome everyone to the Asetek A/S Half Year 2023 Financial Report and Earnings Conference Call. [Operator Instructions]. I will now hand the call over to Peter Madsen, Chief Financial Officer. You may begin the conference.

Perfect. Thank you. And yes, welcome to this Asetek half year 2023 earnings call. Our Board met earlier this morning and they approved the report that we released a couple of hours ago and the presentation we released also a couple of hours ago. I'm here together with Andre Sloth Eriksen, our CEO and founder. Hello, Andre.

Hello. Good afternoon.

And what we will do today as usual is that we will run through a business update that Andre will handle and then we will come back and do a financial update that I will handle. And then we will, just like the operator said, do a Q&A session. And you can either wait and do it via phone, as instructed by the operator, or during the call, here the presentation, you should be able to type in your questions and then we'll see them as they arrive here. However, we will follow up at the end of the Q&A and do the answering of those questions in one go. With that I will need to figure out how to press this button. Disclaimer, please read. And then then over to you Andre for the Q2 highlights.

Yes, thank you. So just a quick summary of the quarter that we just passed. Revenue of $24.5 million, which is a growth of 45% over the same quarter last year, and among our top 3 record quarters ever in the history of the company. Gross margin is up 45% compared to 42% last year. And then EBITDA adjusted of $6 million compared with roughly $1 million in the same quarter last year. We have made more money than ever in the second quarter on the liquid cooling business. We have achieved a SimSports revenue of $2.4 million in the quarter compared to $1 million same time last year. Our half year revenue increased just shy of 30% to $39 million and EBITDA rose to $9 million from $0.4 million, half year or compared to same time last year. We completed our listing on NASDAQ in Copenhagen, and we raised $16.1 million. Our full year guidance was updated a few days ago with an expected increase in revenue for this year in the range of 40% to 45% compared to last year and a projected operating income between $7 million and $9 million. So, we are, obviously, seeing a positive momentum compared to where we came from, and despite the market challenges that are still there actually. So what we have seen so far is a strong interest in our products, both segments. Obviously, 4 liquid cooling is the dominant factor here simply because of its size. And we see a continued improvement in the liquid cooling market with higher order activities, more orders, bigger orders. And, of course, high focus on execution, both with us and our customers of product launches. Our recent forecast from customers indicate, let's say, a normalization of inventories and business activity for at least some of our liquid cooling OEM customers. The rhetoric question here, of course is what is normal? If you look back from today and 3, 4 years back, we also see an increased shipment rate on the SimSports side and we'll get back to all of this, of course. And I think we have been relatively successful in building a relevant brand and positioning in market communities. We have a focus on product development, launch of new products, launch of more products. We are focusing on efficiency, supply chain, both capacity and also our capabilities, obviously to strengthen our balance sheet. We have started now successfully shipments from Malaysia in cooperation with our existing contract manufacturers from China. And we are in the process of actually increasing our capacity in Malaysia, both in liquid cooling as well as SimSport (sic) [ SimSports ]. And I think the war in Ukraine, supply chain issues, inflation, interest rates, it's some monsters that are out there. Nothing we can do about them. It's just how it is. And in terms of visibility and high volatility in our OEM forecast, I would say that's more or less the same, as it's always been, and it's still there. Which leads me into the next slide that shows this perfectly. I was spending some time this morning looking at it myself and see if there is anything you can read out of it in terms of seasonality and periodic quarters, et cetera, et cetera. But my key takeaway for myself is that, the only thing that certain is that it's uncertain. There is simply no pattern in this. That's just how our business is laid out and how it's functioning. And then I think it's also obvious that, the more we sell, the more money we make, also in terms of percent. Nothing to complain about today, though, I would say. In terms of business focus, where we are focusing right now is on the gaming hardware. Right now we are a gaming hardware company. And our focus is on liquid cooling for OEM and for our channel partners. And on the SimSport side, we focus on, yes, just being the best of what we do, having the best products out there, designing the best products we possibly can and get them out in the market. I don't want to spend a lot of time on this slide we're going into. Perhaps, I could and should mention that we are actually shutting down our Silicon Valley office. That was a part of the cost reduction initiative that we did last year. Don't panic, because our people over there are scattered all over the map and the state anyway, so they were not really using that office a lot. So we will keep our employees, but we are just shutting down the physical office. And then, perhaps, I could mention also that, now we have Malaysia on the map as well since we have started manufacturing there. And to recap, for those who may be in doubt, we are having the Malaysia facility to -- I don't know necessarily know if the word circumvent is the right word to use. But to not have the U.S. tariffs. So for our U.S. customers we manufacture in Malaysia. Don't be fooled, it is still more expensive to manufacture in Malaysia than it is in China. But it's not 25% more expensive. So as such it's a win-win. And then we are, as we speak, outsourcing assembly of our SimSport products to Malaysia as well, because despite being more expensive than China, it's still significantly cheaper than Denmark where we're doing it right now. If we jump a little bit into the segments and we look at liquid cooling, then I think there are 3 key takeaways. One is, even when we were struggling a bit last year, looking from an overall perspective of the company, as you can see from this, the Liquid cooling business was actually still pretty strong and profitable. The second takeaway is that, exactly from now 4 years back the liquid cooling business have actually generated $80 million in EBITDA. That's something I'm proud about. And, of course, what I'm even more proud about is that Q2 this year we made almost $9 million of EBITDA. That's a strong quarter right there. What we see is that the revenue, of course, is driven by new products and that's not a surprise, because during the corona, during last year it certainly was -- things were slow. So we have actually started shipping 12 new products in the second quarter. I don't really want to list them up all of them, because you can read it yourself. We have 11 new products estimated to ship in Q3. So, our investments in product development and branding for that sake has paid off and is paying off. So I'm glad that we chose to boggle down and focus on these activities and kept the faith that it will come, because it is coming for sure. In terms of our liquid cooling customers, not really much to report there. We are shipping to more than 20 different customers right now. It's still top 5, more or less, buying at all. And of course, our ambition is to increase the diversification over time. And we are launching a new significant customer later this year. Something that we've not spent a lot of time on earlier, that we have taken a little bit more serious now -- seriously now is a -- yes, basically because we see that low hanging fruit, is to look a little bit more on the regional OEMs. So what is a regional OEM? That's also what's called the system integrator. So it's not Dell and HP and these guys. Its smaller one. So for example, now that I'm in Denmark, I can say Shark Gaming in Denmark, which is a big local player, and we have now developed a range of coolers specifically for these customers where they can also do their own branding and not just get -- take a product from one of our big OEM customers and that seems to be paying off also. Not much have changed from a strategic perspective on the liquid cooling. Our goal, of course, is to develop and further expand our leadership, getting more market share, getting more customers. And the way we do that is, obviously, investing in R&D to be on the forefront in terms of technology and performance and price for that matter. Growing existing accounts, so having more of the same customers buy more, but of course, also getting more customers. And then, of course, making sure everybody knows who we are and what we stand for. And the development and the outlook or the status of that is, yes, basically, what I just said. I don't think there's any reason to name it again. Moving over to SimSports. The focus there, of course, other than revenue, that's always a focus, but it's, of course, to expand our product program so that we can claim we have a full program. And we are -- I would not even say slowly, because it's moving fast, but we are getting there. We have 4 new products that started shipping in Q2. And one thing that I believe is going to be a game changer over the next years is a lot of our competitors, they have a very integrated ecosystem. And I guess the thinking is, if we can lock all end users into our ecosystem, then they are forced to buy our products in the future. To me, that's the wrong thinking, especially because steering wheels, there are probably, I don't know, 100 steering wheels out there in the market. There is no way one vendor can accommodate all of that and satisfy all users. So what we have done is we have designed and patented, by the way, a universal quick release where it will fit on our wheel base, but you can take pretty much any competitor's steering wheel and apply to this quick release and it will work. It will work wirelessly actually. And to me, that's not a large sell of a steering wheel. To me that's a one sale of a wheelbase, that's, by the way, 5x more expensive than the steering wheel. So we are actually launching the first reviews as we speak. I think there will be a series of reviews out on Friday, but some of the reviewers already tested it and they are very happy with it. So that's something I'm very excited about and looking forward to see how that will actually impact things. We have more products coming in the second half. We already talked about the revenue. Gross margins, nothing to brag about, but it's a very natural course and it is -- everything is new. So just to give you an example. Let's say we get products out of China or out of Malaysia, then we can choose to put them on a boat and wait 3 months to have revenue or we can fly them in and start selling immediately which by the way is what we have done. But of course, air shipping versus sea shipping is a big difference. So there's just a lot of, let's say, teething issues and growing pains, but that's how it is to start off new business. We've been there before. And the focus is really on growing a profitable business. Despite we've had a couple of good quarters now, we have not really hired more people into the sim racing operations. We laid off a bunch of people there as well, last year, as you may remember. And it will be naive to think that that does not affect the pace of our product launches and also the revenue generation. Obviously, it does. But we are cool about that. And, you know, I would not say we grow it organically, because we're also not stupid. You have to take an opportunity when it's there. But, overall, we are taking a conservative approach and the rate of new product launches is a little bit slower than we would have anticipated, but we all know why. It's, of course, all about building a relevant brand on the SimSport. And again, I don't want to go through all of this text. But we got a design with Micro Center in the U.S. They have, I believe, it's 25 or 26 stores across -- 26 stores across the U.S. It's an experiment, that's the experiment I referred to at our last call. And the reason it's an experiment is that, for everybody to make money is a challenge when we have competitors selling direct. But we have gotten off the ground. Now they are selling a first series of Tony Kanaan branded steering wheels, wheelbases and pedals and we made this bundle specifically for them. Then we are, of course, sponsoring and participating in all kind of activities. For example, Racing Prodigy, which is really a sim effort which can lead to real motor race. And on the right-side here we have an example of a sim arena in Saudi Arabia where there are Aramco who's sponsor big Formula 1 team. They have this big sim center and it's all based on our equipment. The strategy on the SimSport it's not really that different to the strategy of the liquid cooling. It's difficult -- or sorry, it's different customers, it's different challenge or channels and thereby also different challenges. But at the end of the day, it's about getting the best possible products out there and then, of course, use the capabilities we have in-house to get it going. And so far so good, we are happy. There are of course challenges. But yes, so far so good. And with that I will leave Peter to talk a little bit about the numbers.

Yes. Thank you. And then I will come back to you after this. So numbers, income statement. Starting from the top. Andre, you already disclosed that we grew our quarterly revenue by 45% and our half year revenue by 28%, up to a total of $39 million versus $31 million the same half year last year. And that revenue consists of 3 segments, no surprises. One is the cooling business, which we actually grew by, I think, it was 54% for the quarter and 34% for the half year -- for the full half year. And then the SimSports that we grew from $1 million in the last year second quarter to $2.4 million this second quarter. So that leaves something out and that's the third segment and that is the Data center segment where we are close to not -- close to being inactive, I would say, revenue-wise, close to 0 this year. But we actually did $3 million of revenue for the full half year last year. So when you compare the 2 half years over each other, keep in mind that out of the $31 million last year there was $3 million of Data center that's not included in the $39 million this year. On cooling business, we, obviously, also grew the number of units. However -- the units sold. However, not as much as the revenue. And that means that there must be another component and that other component is the average sales price, ASP that has gone up somewhat between the 2 periods. In Q2, last year, the average sales price was $56, whereas this year it's up to $60. So, an increase right there. Gross profits of $11 million in the quarter and $18 million on the half year compared to $7 million and $12 million same periods last year. I'll come back on a slide in little bit to the gross margins, so bear with me on that one. Operating expenses, for the quarter $7 million versus $7 million same quarter last year. That appears to be flat. However, keep in mind that this quarter here we spent $800,000 on what we call special items and those special items are related to the moving of the shares from or the dual listing, as its officially called, of listing in Copenhagen. So, we are listed both in Norway and in Denmark. There were also expenses related to the issue -- the rights issue, the capital raise that those funds are not on the profit loss. Those funds are -- or those expenses are taken directly out of the equity. So with that, then allow me to take the $800,000 out when we compare the operating expenses. That means that the operating expenses for the quarter were $6.1 million versus $6.9 million or almost $7 million last year. So a very significant decrease of operating expenses. And of course, that's all related to the complex and the painful cost reduction we went through late 2022 and early 2023, I would say. For the half year, we spent $12 million this year, including the $800,000 special items, and $14 million for the half year last year. So, it's very easy to see that, that we have gone through a cost-cutting exercise. If you dive into the numbers and start up your calculator, you will see that our overhead expenses in Q2 specifically were actually a little bit higher than they were in Q1 of this year in all and full disclosure. And the reason for that is, of course, because there's been some -- there's some effect of the very much higher revenue and then there is some effect from us releasing more products. Meaning, we have spent more money on, for example, testing and stuff of that nature. But the big driver is actually that we have been capitalizing, that's an accounting exercise. We have been capitalizing less money in Q2 than we did in Q1 because we released -- remember that we released -- finished quite a significant amount of projects becoming to products in Q1 and Q2 and that means that there is not so much to be capitalized and that drives up the reported operating expenses in these lines here. That means that we have an operating income, EBIT at $4 million for Q2 versus $100,000 same quarter last year and for the half year $5.2 million versus $1.8 million in a negative same period last year. That is an improvement of $7 million year-over-year. And of course, we are very happy to report that. Yes. Changing to the gross margins. I promised you have a couple of comments on that. We are reporting Q2 gross margins of 45% versus 42% same quarter last year. And for the half year, it's also 45% and versus 41% last year. Good improvements, not unanticipated, not unexpected, because as you can see with the yellow line here in our ForEx, currency impact between the U.S. dollar and the CNY as been to our benefit for a while. And the trend in that currency growth, of course, has been helpful to us. It seems to have flattened out a little bit. So going forward we shouldn't expect the same kind of increase. But at least it's been nice to recognize so far. Other than the foreign exchange rate impact, we have seen a little bit of sales price increase, yes, coming back to the average sales price. But more importantly, we have seen reduced input cost or cost of goods from our supplier which has been quite helpful in the period. So, we are very happy with the gross margins. The gross margins here also include the gross margins for SimSports which is impacted by a ramp-up efforts, if its natural ramp-up efforts, I would say. Brings me to the balance sheet. We have $7.1 million in the bank at this point comparing to 7.4% at year-end and 5.3% at the end of March. So, relatively flat I would say. We have $16.1 million net coming in from the rights issue in May. We have in general terms spent that on the investment in our domicile by $15 million for the half year and then we repaid a portion of the construction loan by $1.8 million. Other impacts to the balance sheet is working capital which has increased, I believe, by approximately $4 million when you measure at the end of Q2 compared to the year-end 2022. And that's only natural. I would say, with the increased activity comes increased accounts receivables, accounts payables. A good thing here is that our performance on the working capital, meaning the days sales outstanding and days payables outstanding are actually helping us. We have a cash conversion cycle of 3 days. Not 3 months, not 3 weeks, but 3 days. And of course, that means that if you have a good Q2 then the cash effect of that will be seen in Q3. And that also means that, yes, the working capital has driven up a little bit at the end of Q2, but nothing in arm. There's also a little bit of extra inventory. Our inventory turns are absolutely also respectable. But there is a change in the way we do business. In the sense that we do have a web shop, we do sell to end users, et cetera. And that requires some level of inventory and that's what we are seeing here. One more comment on the balance sheet. If you've been following us then you will have recognized that we had a, what was classified as a short-term construction loan, in this period during May. That was reclassified via our banks to becoming a long-term loan. That materializes at the end of 2024. At the end on June 30th we owe $17 million on that construction line. I'm coming back to the building construction in a second. Just a quick word, on the NASDAQ listing. We were, as you can see on the picture to the right, celebrating on May 17. Thank you NASDAQ Copenhagen for celebrating us, hosting us over on that day. We are trading in Copenhagen. I think the trading goes well as there seems to be quite good recipients of us trading in Copenhagen. We are at the same time seeking to delist from Oslo, that's an ongoing process. There will be an Extraordinary General Meeting called for at some point, relatively soon, I believe. And the time frame -- sorry, the time frame for the delisting in Norway is probably the end of 2023. So it's a matter of months rather than years before we delist from Oslo. We do encourage our shareholders in Norway to move their shares to Copenhagen. We will see more and more action, more and more trades going on in Copenhagen and presumably less and less in Norway. We have moved at this point around 80% of the shares. But there are still quite a significant amount of smaller shareholders in Norway. We would be reaching out via good old fashioned service mail to our shareholders informing them to the extent they don't know already that we are delisting from Oslo and then encouraging them to move to Copenhagen. We cannot, at this point, force anyone, but we will see what options there are to serve the shareholders best and have them at the same time move to Copenhagen. You can find more information on the moving process and the process in general on our website. A little bit more on the construction. It's our plan. You can see a picture here. You can see it's a prime location. Should you be interested in renting then we have available space. At least for now it's a prime location. You can see the Pan-European highway up on the right going from Norway to Denmark to Germany. There's a ramp 500 meters away. We have space, for now, at least. And we are actively talking to both landlords and other people to see what kind of development we can do on taking in additional tenants. It's on schedule for completion mid-2024. I think we have said that it was 3-4 weeks delayed. That's old news at this point and that still remains to be the case. There's no news on the inflation, meaning the cost. Meaning, that we are still aiming at a total construction, some for the whole thing including land and about $51 million or thereabout. We are at $41 million today and that means that we have $10 million, $11-ish million to go between now and midyear next year. And that is all within the limits of the credit line we have with our banks. We have drawn, as I said, $17 million at this point under our credit lines. In total around $28 million, so there's plenty of room. And even with us, of course, having a positive cash flow from operations, it all helps on the balance sheet picture here. When we have these lines or these long-term lines with our bank there are also covenants included in those or attached to those and we are well within those covenants also at this point. Financial strategy, not so much to say. Of course, financial strategies normally are about evolution and optimizing, I would say, rather than handling larger transactions like the ones we have been going through. Recently we have had 2 big transactions on what should be calling. One is the very significant and complex cost-cutting exercise last year and then, of course, the rights issue and move to Copenhagen also. But we are reverting back to a modus operandi of evolution and optimizing more than these bigger transactions. I think that was my update, Andre, coming back to you for summary.

Yes. So just to sum things up, we see a good interest, of course, obviously, in our products right now and that concerns both our segments. We see an improved market with high customer activity. But beyond '23 our visibility is very low. I would say it is as usual. It is like it's normally is at this time of the year, and we focus on scaling the SimSport business, of course, both in terms of products and, of course, also where you can buy it. We are focusing a lot on our cost base and we always are, we always have been, but of course, the last year more than ever. We expect the revenue for the year to grow between 40% and 45% compared to last year and then we expect to make between $7 million and $9 million in income. As you may remember, we have said for many years that we believe our business can grow on average 15% per year. And again, the key question is what is normal nowadays. But one thing I do remember, I said at the last call is that it wouldn't surprise me if we take the extra sales during the corona sale and remove and then put on top of the, let's say, not so positive effects of corona, and then you have more or less a straight line. And if we keep our guidance for this year, then at least what I can see on the graph is, if you draw a line from '18 to '23, I don't think I was too far. So, that's how it goes. That was the summary and outlook, Peter.

Yes. Very good. Then we will go back to the operator, and he will ask if there are any verbal questions via the phone. Mr. Operator?

[Operator Instructions]. We have our first question from Yiwei Zhou from SEB.

It's Zhou Yiwei here from SEB. Thank you for taking my question. I have 2, one at a time. Firstly the new guidance range, if we are sort of applying the midpoint I can you still assumes a lower top line also earnings in the second half, than the first half. Is there any reason you have assumed the slowdown?

Yes, there is. And as you have seen from the slides that I showed earlier, there is a big volatility in the numbers. And what we have tried to do -- well, let me rephrase that. When we come out with a new guidance, one thing I want to make as close to 100% sure as I can is that there will not be a negative surprise where we have to go back and say remember that guidance, we didn't really mean that. So when we look at our forecast now, you can apply a mathematic model on it and see within the next 2 quarters, the last 2 quarters of the year what room does our customers have to postpone, to change, to cancel orders. And that is what's directing our guidance much more than what we think and what we believe or what we can read in the newspapers. So therefore, we believe that our guidance is conservative. And if no customers move their orders, if no customer cancel their orders, then who knows, but that's all speculation at this point in time.

And add to that I believe mathematically as volatile as our revenues have been in many recent quarters, it would be dangerous just to assume that one good high quarter Q2 is a new normal.

My second question is relating to the CapEx spending. Peter, would you be able to provide a guidance on the sort of, that was this year or so maybe a long-term CapEx spending excludes the cost for the new headquarter?

Yes…

I mean, as a percentage of sales, it will be easy to -- for you to guide.

Not as a percentage of sales because those things tend not to correlate a lot. You've seen our revenues go up and down. So everything related to sale is -- would not be a good guidance here. We have traditionally spent CapEx on 2 things, excluding the building. One is capitalized R&D, where we have been between 2 and 4, probably closer to $4 million recently and I don't see that changing significantly. And then, of course we are spending funds on fixed asset PP&E. And there we are running around -- that's a good question. That's say, around $3 million on average per year. And I don't see that changing significantly.

Okay. So if you continue to grow then, I guess, the CapEx to sales ratio should be trending down even. Is it a fair assumption?

Yes. I'm not saying that CapEx will be flat because, of course there is the correlation. And when the business grows, then of course also the CapEx growth. But there's not a one-to-one. We for many years had the rule of thumb on our operating expenses that if you draw a revenue by 10% then OpEx grows by half of that, meaning 5%. And that is because there is leverage to be counted in here or be factored in here and that also certainly goes for CapEx. And that factor of 50%, don't use that anywhere. It was just a figure.

We have no further teleconference questions. If you'd like to take web cast question?

Yes. Sure. We have a few question that are Andre you?

Yes. So the first question is, to what extend Asetek is benefiting from the current AI hype and demand right now? Well, that's too interesting remark, because hype and demand does not really correlate well here. And what business opportunities we see? To me that is exactly that. That's just a new trend that I'm sure investors find very appealing, but there have been so many trends. 2 years ago, I guess, it was a Bitcoin mining and what business opportunities we saw there. And my answer was the same, we don't benefit from these hypes and we also don't benefit from AI. And I have no reason to start focusing on the AI. We are gaming hardware business right now. And if there are business opportunities we will of course look at them. But it's not something we spend time on. Then it's whether we can comment on the timing of when the net savings of moving manufacture to Malaysia is visible in our reported financial numbers? I think there may be a misunderstanding here. You know, we are not the ones responsible for paying the tariffs, that's our customers. What it means is we will be more competitive and then, of course, we have helped our customers to share some of the pain. So, I think the net effect of Malaysia is what you are seeing right now and that's also a factor in why our margins are going up. Then there is a question about our target average growth over the next 5 years? I think I answered that earlier by coincidence that, we have this stated goal of 15% average growth. Then if I can comment on how much a general market rebound in liquid cooling is driving your growth relative to market share gains? I think we can say right now that everything is a general market rebound, because when we land new customers, keep in mind, that's a year-long process. So we have not seen the effect of that. We are launching a new customer in Q3 that we do believe, I believe, will be a top 5 customer right away. So that's an example of something that's not, let's say, on the back of general improvement. But for now that is a marked rebound that we are seeing. In previous quarters you disclosed figures on the size and development of the order backlog, whether we can provide any information on how that's developed in Q2? Keep in mind, when we have a backdrop it's because people were doing preorders and we could not supply, et cetera. So there is not really a noticeable backlog to talk about. We try to get the product out of the door as soon as we can. So, that's why we don't comment on that right now because it's really not applicable. Could you talk a little bit about seasonality in your business? I think I just mentioned that when we look at the, let's say, last 16 quarters that there is no seasonality. So I wish there was, but there's not. Any chance to do a sale and leaseback of the building in the future. And if so, how will you use the cash? So first of all, I'm not a fortuneteller. So what happened several years down the road or 2 years down the road, I have no idea about. What I can say that, of course sale and leaseback is an opportunity we'll pursue. Let's just again remind ourselves it's 12 months until the building is done. The sale and leaseback market in Denmark right now for this sort of building is not interesting at all, also driven by the interest rates. That may change 12 months from now. And of course if it does, that is something we are going to pursue. No question.

Yes. Actually, it was in my slide, I forgot to talk about sale and leaseback. I do apologize. There was one more question.

Yes, whether we are expecting to raise CapEx to the rest of 2023? I can say with 100% surety that we are not, because we will simply not do that in the remaining month of the year. We just learned that that's an 8-month process. And since we have 4 months left, the clear answer is no. And we are healthily cash flow possible also at this point. There is -- we have the construction lines and the construction and the domicile within the credit lines and the covenants in a safe place also. So I don't see…

I think another way of putting this, we upgraded our guidance twice this year.

Yes. That was -- and I'm frantically hitting the refresh here. Those were the last questions that we have received, and that means that we will say thank you. We are, of course, available via our website, on e-mails, et cetera if you have questions coming up. With this, thank you for your interest in Asetek.

Thank you.

Will say thank you.

We'll say thank you.