Ladies and gentlemen, thank you for standing by. And welcome to Coursera Third Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode and please be advised that this call is being recorded. After the speaker’s prepared remarks, there will be a question-and-answer session. [Operator Instructions] I’d like to turn the call over to Cam Carey, Head of Investor Relations. Mr. Carey, you may begin.

Hi, everyone. And thank you for joining our Q3 earnings conference call. With me today is Jeff Maggioncalda, Coursera’s Chief Executive Officer; and Ken Hahn, our Chief Financial Officer. Following their prepared remarks, we will open the call for questions. Our press release including financial tables was issued after market close and is posted on our Investor Relations website located at investor.coursera.com, where this call is being simultaneously webcast and where versions of our prepared remarks and supplemental slides are available. During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP measures to the most directly comparable GAAP measure can be found in today’s press release and supplemental presentation which are distributed and available to the public through our Investor Relations website. Please note all growth percentages refer to year-over-year change unless otherwise specified. Additionally, all statements made during this call relating to future results and events are forward-looking statements based on current expectations and beliefs. These forward-looking statements include, but are not limited to statements regarding the potential impacts of trends affecting our industry and business and factors affecting the same, the anticipated benefits and impact of our strategic assets and platform advantages, our ecosystem, platform, content and partner relationships, our anticipated plans and the anticipated advantages and benefits thereof, our strategy and priorities, our share repurchase program and cash and capital allocation and our vision, business model, mission, opportunities, outlook, financial business and otherwise and future intentions. Actual results and events could differ materially from those expressed or implied in these forward-looking statements due to a number of risks and uncertainties, including those discussed in our press release, SEC filings and supplemental materials. These forward-looking statements are not guarantees of future performance or plans and investors should not place undue reliance on them. We assume no obligation to update our forward-looking statements except as required by law. And with that, I’d like to turn it over to Jeff.

Thanks, Cam, and good afternoon, everyone. It’s great to be with you all. I am pleased to share that we delivered another strong set of results. We grew revenue 21% over the prior year, driven by 27% growth in our Consumer segment. We welcome 6.5 million new learners to our platform, our highest third quarter since the pandemic tailwinds of 2020. And once again, we are raising our outlook on revenue and adjusted EBITDA as our business model scales. We are delivering these results against the backdrop of a dynamic macro environment, which has reinforced my confidence in our vision for the future of higher education, the strategic assets that differentiate our ecosystem with quality, trust and world-class branded credentials and the global need for a platform like Coursera. We have a lot to cover today, so let’s jump in, starting with the long-term trends that are driving our business. The first trend is digital transformation. For many years, the combined forces of technology, globalization and automation have been accelerating the transformation of every institution in our society. More recently, the explosive adoption of generative AI is beginning to demonstrate how profoundly this new general-purpose technology will reshape how we live, learn and work. A McKinsey global survey on AI published in August showed that nearly 80% of respondents, which included participants from all regions, industries and seniority levels, reportedly some exposure to generative AI, either for work or outside of work. Ultimately, we believe increased demand for education will be driven by an unprecedented rate of change as every facet of our society, including businesses, governments and academic institutions, grapples with the need to improve their productivity and human capital in this new world of generative AI. This change in our society brings me to the second major trend…

Thank you, Jeff, and good afternoon, everyone. I am pleased to report another strong quarter of performance for Coursera. Our diversified platform continues to serve us well, providing multiple growth opportunities and producing financial and operational leverage as we scale. As I will discuss shortly, this is once again leading us to raise our revenue and adjusted EBITDA margin targets for the full year. Our third quarter performance is highlighted by the durable demand, solid execution and increased confidence associated with our Consumer segment. We believe we are in the early stages of a long-term trend in education, where the units of learning are breaking down into more affordable, accessible and relevant credentials that can unlock a job or lead towards a college degree. This trend in combination with our assets is fueling our Consumer results. And we are actively driving this strategy with key investments, growing our catalog of trusted brands, building localized payment infrastructure in international markets and deploying new technologies, including initiatives like our AI translation efforts, to better serve the millions of learners coming to Coursera for high quality job relevant education. In Q3 we generated total revenue of $165.5 million, which was up 21% from a year ago. Growth was driven by double-digit increases across all three of our segments, with particular strength in consumer. Please note that for the remainder of the call as I review our business performance and outlook, I will discuss our non-GAAP financial measures unless otherwise noted. Additionally, I’d like to remind you that our results in 2023, particularly the year-over-year comparisons to gross profit and operating expenses continue to reflect the shift in income statement line items associated with the beginning-of-year contract extension with our largest industry partner. We would discussed this shift thoroughly in our prior earnings calls…

Thanks, Ken. Our mission has always been deeply rooted in our business. So to wrap up today’s remarks, I’d like to highlight one additional Enterprise customer that demonstrates how our platform is impacting the next generation of talent. Like many states across the country, emerging technologies are reshaping the labor market in Nevada, fostering new industries, creating job opportunities and changing in-demand skill sets. I am proud to share that Coursera for Government has partnered with the Nevada Department of Employment, Training and Rehabilitation to launch LearnNV, a new statewide program that will provide free job training to tens of thousands of unemployed and underemployed Nevadans. The program’s initial focus is aimed at Nevada’s youth population, equipping young adults, ages 18 to 24, with the skills and credentials that can help them unlock well-paying careers. We are excited about the inclusion of our entry-level professional certificates which were specifically designed for learners with no college degree or background in the field to learn the skills needed for a job in less than a year. But these young learners don’t need to choose between an entry-level job or a college degree. With a growing number of ACE credit recommendations, completions of these micro-credentials provides them with the opportunity to earn academic credit and the optionality to pursue a bachelor’s or master’s program through one of our Pathway Degrees should they choose to continue their education in the future. The first phase launched in Clark County in September and will expand to the entire state in the coming months. It’s one more example of a Coursera partner with the ambition to deliver a statewide impact through our platform. Our government customers like businesses and academic institutions, increasingly understand the important role that they play in enabling the future workforce, addressing skills shortages, transforming their local economies and equipping the next generation with the education and opportunity that they need to succeed in an increasingly digital world. Now, let’s open the call for questions. Thank you.

Thank you. [Operator Instructions] We will take our first question from the line of Stephen Sheldon with William Blair.

Hey. Thanks. Great results here. First, I just wanted to ask about kind of generally how you are thinking about the resiliency of Consumer revenue growth, which I think has far surpassed everyone’s expectations in recent quarters. Do you think there could be some slowdown, especially if industry job openings pull back at all, I think a lot of learners on your platform are trying to drive the appointment outcomes at least more so than maybe some other B2C platforms out there. So, generally, how you think about the consumer segment as we head into 2024?

Yeah. Hey, Stephen. This is Jeff. We agree. I mean if you looked at the numbers, Consumer has been very strong. And pretty much across the Board, when you look down the funnel and you look across regions, it just seems like these types of professional certificates that are designed around a job and don’t have a lot of requirements for a college degree or prior work, they just seem to be resonating with people who -- I mean, maybe it’s a job opportunity, but a lot of it seems to be frustration with the jobs that people are in right now. I mean when we interview people in these certificate programs, what they say is, I am not sure what job I want to get, but I am sure I want to get a different job that’s more flexible, pays better and has better long-term career opportunities. If that’s the reason they are coming, maybe it would abate if there were fewer job opportunities out there. To some degree, it’s more about people looking for something better than looking for something specific. And so, we don’t see a reason why this should slow down, and like I said, across the Board, whether it’s in North America or in Europe, these professional certificates in the consumer segment seem to be growing at a good clip.

Great. Yeah. That’s really helpful. And then, great to see the progress on translating courses into other languages. Curious what feedback you are getting about the quality of translations from learners that have engaged with it so far. And I know it’s early, but is the language expansion driving any positive outcomes or I guess at least more positive conversations especially with -- within Enterprise?

Yeah. So we are -- when we have been doing the translations, I mean, part of what we are able to do is to look at the quality ratings from the translation providers. As you can imagine, they do a lot of testing on language pairs to say, hey, our models, when we translate from English to Spanish, this is the quality rating. They usually benchmark it against what they call a blue score, but basically, it’s against a reference point of professional human translators. These blue scores are coming up across almost every language pair and certain providers are better at certain language pairs. But what we are finding is, feedback from learners, that certain language pairs are very good and usually that’s based on the amount of language that’s available on the internet. So English to Spanish, really good; English to French, really good; English to Brazilian Portuguese, really good; English to Thai, not as good as Spanish. But what we hear from Thai learners is, I am so much happy to have some translation than nothing. And what we are doing is we are actually building a human-in-the-loop process where the learners get notified that it’s machine translated and they have the ability to put a little down from there to say that wasn’t so good. They can even specify, what amount it wasn’t good and then we do have human translators that will go in and improve those elements of courses in certain languages that -- where the quality level needs to be improved. But the other thing that we are talking to our institutions about and we have also been institutional testing, so we are not only getting feedback from consumers, but also from institutions who are looking at this and measuring quality, is we…

Early guess for anecdotal extra contracts close, but Jeff you are in the field all the time and you are hearing very positive feedback by asking.

Great to hear. Appreciate the color.

All right. Thanks, Stephen.

We will take our next question from Josh Baer with Morgan Stanley.

Great. Thank you for the question and congrats on the outperformance in the quarter and Consumer acceleration. I did want to ask on Degrees, and I think, I heard like the commentary for mid-single-digit growth that was Degrees in Q4, I just wanted to confirm that. And I believe that’s when you combine sort of Q3, Q4, it’s a bit different than some prior expectations on the growth profile. If you could sort of talk through any changes that you are seeing as far as Degree performance.

Sure, Josh. This is Ken, of course. Yes. That is the implication and which is why we wanted to make the comment ahead of time. We are still working through on the Degrees strategy, our pathways, and we are seeing good progress and we are excited about the growth going forward, do not get us wrong on the strategy as and we have been very open about this. As we are sorting that strategy, the growth has been a little bit more variable in the meantime. So finishing off this year is not quite where we thought it was going to be at the beginning of the year. We are excited about it as we get into 2024. We will produce or we will provide additional guidance in the February call and we are going to be for the year on Degrees in each of the segments. But, overall, yes, that’s exactly why we made those comments.

And then, Josh, as we look at this and say, all right, what leads to some of the negative variances there, a bit of it is recruitment into Degree programs. But when we look at the specific Degree programs, and we say, well, how are we doing recruiting into different populations of Degree programs. We are seeing encouraging signs that when there are Degrees that have these pathways, they are looking pretty good. It’s more of the more expensive traditional Degrees without the pathways where we are seeing some of that, kind of continuing headwinds, I think, from a tight labor market and many of the things that we have seen in the past, which I think are affecting not only traditional online Degrees, but frankly, traditional Degrees in the United States. So, I think, a lot of is we are still seeing a tight labor market put pressure on people saying, I want to go for one of those more expensive traditional Degrees.

Got it. Very helpful. And then on Consumer with just the impressive growth, number that you put up, an acceleration. And I think in the first question was on Consumer, and Jeff you could sort of talked about just strength there and expecting that growth to kind of continue. I just wanted to see, I know we are going to get some thoughts on 2024, next quarter, for Consumer, but with the growth accelerating so much, like, is there any need to moderate sort of expectations on that trajectory of growth in that segment just given where it is and where people might expect it to go?

Sure, Josh. So, we have provided, of course, overall guidance for the coming quarter as we always do. We don’t provide different segment -- we -- we are just not in that business to do that across each of the three segments every quarter. We do feel very good about Consumer. We -- that momentum continues. We are hopeful it continues at the same pace it does. But we don’t update guidance between the segments. And again, it’s captured in the overall guidance, of course, for the quarter. But we are really pleased with the results and we -- there’s -- always see as positive on the Consumer side.

Yeah. And the other thing, Josh, a way to also kind of think through your question is, what are the factors that are causing this growth and are there reasons to believe that some of those factors might be temporary? And we think a lot of it is kind of what’s happening in the global labor markets, and as Ken said in the script, like people are looking for cheaper, more flexible job-oriented ways to switch a career or to start a new career. So, we don’t see why that would change necessarily. Another thing is that some of this growth and you see it in the sales and marketing line, Ken mentioned this in the script as well, we are seeing pretty good returns from paid media spend on these professional certificates. And I think part of what that is, is as the portfolio has gotten big enough, now over 40 of these, it appeals to a lot more people and it makes your -- it’s making our ad spend a bit more productive. And so, at some point, the marginal benefits of that start tapering off, but we are seeing pretty good leverage from advertising spend. So that’s feeling pretty good there. And then we have got the language translations which are just starting and we think that look good. Now something that often is a little bit temporary is when a blockbuster new title comes out and it produces kind of a big bang spurt of growth when the new title comes out. But when you look at the full year, it’s not really a story of one big title producing all the growth, I mean, it is more diversified than that. And so unlike, maybe three years, four years ago, where one title would have been responsible for a majority of the growth, that’s not really the case in 2023. And that way we think we could probably bring a lot of this momentum into 2024, because it’s -- if not sort of a one-time bump that we received in the 2023 numbers.

Really helpful. Thank you.

Yeah.

We will take our next question from Jeff Silber with BMO Capital Markets.

Thanks so much. Your growth has been strong. You expect it to continue. I am just curious, do you have the infrastructure specifically the people to continue this strong growth. You have talked about the tight labor market, I am just curious if we can get some color on that?

Yeah. Thanks, Jeff. It’s a great question and it really does play to our HR strategy. During the pandemic, when we all started working for home -- from home, we recognized a number of things. One is, we can be pretty productive even when picking our business model, even when we are working from home. Another thing that we realized is our ability to drive increased diversity and a more global talent pool when you are able to work more remotely. And so we have a pretty remote first working culture. Part of what that means is we are finding talent all over the world and we are not really constrained to a certain talent pool. And so our recruitment’s been really great. Plus, people really love working for mission driven companies these days. So I think when it comes to talent recruitment, we are not seeing any major constraints on our ability to find really good talent that wants to work for Coursera and to find that talent at affordable cost. And so, I would say that, no, we really aren’t seeing talent constraints and we don’t foresee, at least I don’t foresee next year, talent constraints as one of the major features. Another thing I will just say is as you look at the executive team, for example, our exec team lives in the Bay Area, New York, Denver, Utah, I mean, we can really get the talent at all levels from a number of different places and I think that gives us a pretty good flexibility in securing the talent that we need.

All right. That’s really helpful. If I could shift over to the Enterprise segment. The net retention rate increased a bit sequentially, it’s been dropping for a number of quarters. Is there some seasonality or are you seeing some improvement there? Again, if we can get some color, that would be great?

Yeah. Jeff, it’s -- this is Ken. It’s a little early to tell. We don’t want to declare victory yet. We are pleased it’s rebounded a little bit. We don’t like the fact it’s not triple digits to be perfectly honest and we see room for improvement. I’d say our commentary overall in the Enterprise space hasn’t changed. Then -- and when I am talking about specifically a C4B. We are definitely more excited in the C-- about the C4G, and particularly, the C4C verticals where we are seeing some really nice progress. But overall, it -- the macro has remained tough in C4B, but the numbers are stabilizing, we like that, but Again, we are not declaring victory yet.

Yeah. Another thing I will mention, Jeff, is and when Ken says C4B that’s Coursera for Business, Coursera for Campus, and then C4G is Coursera for Government. We do see different NRRs by vertical, right, among those. The other thing I will point out that is and is promising from my perspective is, it also depends on the use case. When academic institutions deploy Coursera for Campus for credit towards Degree, we see pretty strong NRRs. And so, we are trying to identify and then really drive use cases of Coursera in those institutional settings where we have high NRRs, where we are delivering great value with a distinctive offering and when customers try, they are like, I want more of it. So we are seeing some positive signals underneath that average that you say there and I will reinforce what Ken said, double-digit NRRs are not where we want to be at all. Our aspirations are much higher and we see pathways to drive that back up.

Okay. Appreciate the color. Thanks.

Sure.

We will take our next question from Brian Peterson with Raymond James.

Hi, gentlemen. Congrats on the quarter. Just one from me. So if we think about the professional certificates. I’d love to understand thinking about maybe sales cycles, maybe that’s not the right term, but the late-stage pipeline, as people see what you are able to do and the scale you are able to reach, has it become easier and quicker to get more professional certificate partners out of the platform? Thanks, guys.

Yeah. Thanks, Brian. It is, if you look at the rate of increase in professional certificates out there, we are at 44 now and it’s kind of a number of things. Step one is identifying which jobs do we want to offer a professional certificate for and then making sure you design it to have the skills that managing that hiring managers will need and then you look for a partner and then you produce it, you launch it, you promote it, et cetera. I would say that the interest among industry partners wanting to create branded professional certificates is high and increasing. I mean the more that we have from world-leading brands, the more other brands are like, hey, I’d like to do this too. I want to put my brand into the world where it’s not just on a TV ad or billboard, where my brand is something that my customers interact with and my brand helps create opportunity. I mean it’s the level of engagement and impact that’s a pretty powerful way for employers and businesses to engage their audience. So we are seeing I think increased interest in this. I think with language translation that will also open up new markets that many of these brands are looking to engage. And so we do see that this cycle of identifying, sourcing, building and launching is on a positive trend. I don’t want to overestimate how quickly we can get these built. But I will say that generative AI will make it easier and less expensive and faster to build content generally than before generative AI. And so we see increasing demand and likely increasing speed in reducing cost as we march forward with professional certificates.

Great to hear. Thanks, Jeff.

Yeah.

We will take our next question from Ryan MacDonald with Needham & Company.

Hi. Thanks for taking my question. Congrats on a nice quarter. Jeff, maybe to start with you. On the -- as we think about the Pathways Degrees and sort of the rollout -- continued rollout here. If you look at the existing sort of the portfolio of degrees that you have, how many of those university partners are exploring or showing interest in the Pathways from that perspective? And then, are you seeing any signs on the early stages of the ones that you have already launched where you are seeing sort of a better ability to convert maybe a Consumer learner to a Degree learner from some of these Degree Pathways?

Yeah. On the first question, we do see growing interest in the -- from universities saying, this is an interesting concept. The more that we have ACE credit recommendations, ECTS credit recommendations and other quality standards that universities and post-secondary education institutions have looked to in the past, the easier this gets. The more that we have states, University of Texas, and the whole UT system and other major university systems doing this, others look to that and say, well, hey, if they are doing it, this seems like a pretty good thing. I will also say that in the U.S., especially when it comes to public institutions including flagship public universities, there is a state mandate to educate people on a much broader scale than many of these universities are doing. And when you look at the demographics with a generally declining population of young people compared to say the millennial cohort that came through, helping to educate working adults is becoming a bigger imperative and these Pathway Degrees, which don’t require you to stop what you are doing and move to a Campus, clearly fit the needs of this older working adult population that needs to get reskilled because technology is changing jobs so quickly. So we do see a lot more interest and a lot more openness to these more flexible Pathway Degrees even from fairly elite universities. And I’d say, not just in the U.S., of course, globally as well. In terms of conversion and I kind of mentioned this a little bit, we are not happy with the Degrees segment. I mean it’s not -- as I think Josh maybe asked, it’s not what we had said at the beginning of the year. We are not going to finish up on target there. But when you look at the performance of Degree programs that have these Pathways, you do see an ability to make a proposition that resonates with the learner, that helps convert them from the Consumer open content onto Degree, at better rates than just a plain vanilla traditional degree. We have a lot to prove out, we have got to do it more at scale. Part of what we are also doing is looking to existing degree programs that don’t have pathways and architecting pathways for those degrees. We are trying to create pathways from those types of certificate programs where we have a lot of learners who are seeking jobs because of those professional certificates that would benefit from a degree and you get a wage and a wealth premium if you have the degree. So there’s a lot of work to do. The logic is very clear and the intuition certainly resonates and when you put the proposition in front of learners, it makes good sense. So for early stage…

Logic, the intuition and the early result.

Yeah. Yeah.

We are seeing positive signs on the strategy.

Yeah. But obviously, it’s still early and we have got a lot to improve.

Super helpful color there. And maybe just as a follow-up, I wanted to touch on the translations. As we think about how this sort of translates, if you will to business performance moving forward. I mean from the regions and languages that you have already translated or how should we start to track success in this area? Is this more registered learners on the platform coming from countries that are speaking in those languages? Should we start to see that more in terms of paid conversion or expansion opportunities within the, perhaps, the Coursera for Business segment? How should we track this moving forward?

Yeah. So separate from what we actually reported and I will talk about what metrics that we report might move first. But just so you understand the intuition of kind of how we are seeing the translation show up as demand. Currently, part of our business where we are seeing the most immediate response is Coursera for Government. And a lot of it is governments serve their citizen populations, and in many cases, those populations don’t speak English or few of them speak English as a second language. When we are able to go to a government and say we can help you skill up 100,000 people who speak Arabic and maybe only 10% speak English, but we have a full catalog of high quality brands and credentials in Arabic or in Thai. That’s a very different proposition than what we were able to say six months ago. So I would -- and now how might that show up? Well, we measure that as bookings, but you wouldn’t see it except insofar as you would see number of Enterprise customers, you might see bigger buys or it could be NRR where existing customers can roll -- government customers can roll this out to bigger populations, because the language accessibility is higher. And then at some point, that will show up in ARR, just the revenue that shows up on the Enterprise segment. So on the Coursera for Government side, it’s kind of that sequence of leading indicators. The second would be Coursera for Business. Not so much focused as Coursera for Government on the non-English speaking, but there’s a lot of businesses where the primary language is spoken is not English or at least many other employees in different countries with global operations don’t speak English at all or don’t…

Thanks again.

We will take our final question from Taylor McGinnis with UBS.

Yeah. Hi. Thanks for taking my question. Just one for me. On the Enterprise, can you maybe talk a little bit more about how budget discussions are going and some of the competitive dynamics? Is there a line of sight to stabilization? Are trends there worsening? I am just trying to get a sense of whether revenue growth could begin to stabilize in the teens or trends are pointing to the potential to dip closer to the single-digit. And then the second part of it is that maybe from like a mixed standpoint is C4B reaching a point where you could see a more favorable mix shift in the future, maybe towards some of the other areas that have been more durable?

Yeah. Great question, Taylor. So I will start with your mix question, because obviously we got started with Coursera for Business, which is facing the biggest headwinds before Campus and Government. It is now getting to the point where Coursera for Business is still the biggest, but the other two which are growing faster are becoming big enough that it’s affecting the growth rates. And as we go into 2024, if we sustain those and we expect that we will, and when I say those, when we -- if we can sustain the non-business Campus and Government verticals with higher growth rate, we do expect the overall Enterprise growth rate to start tilting up because of those other verticals. And then more specifically to, yeah, well, what about Coursera for Business? It’s still pretty tough out there and it is pretty competitive. And budgets and teams are seeing compression and general competitive, competition is pretty intense. There’s a lot more -- we see a lot more competition in Coursera for Business than we do in Coursera for Campus or Coursera for Government, in fact, a lot more competition. But at the same time, it doesn’t look as bad in certain dimensions as it did last quarter. We don’t know if this is the bottom or exactly, where we are heading with it, but it could look -- it doesn’t look great and it could look worse as we sort of look at how it’s turning out in Q3. And Ken, I don’t know if you would like to add anything to that.

Hi. No. I agree entirely. I think we are -- the mix comment is exactly right and we do continue to see growth in both the other newer verticals. And I think that stabilizes us next year and calling the bottom is always dangerous on the C4B so I’d be hesitant to call bottom. But we are seeing good signs and we have a number of initiatives, as Jeff laid out earlier, around translation trends. So there are good things happening, we will see how the macro goes. But it’s competitive and it doesn’t feel terrible is what I would say.

Yeah.

I wouldn’t reverse things saying overly negative.

There’s one other thing I will -- I certainly referenced in the script, I will put a little bit more color on it here. COVID was a shock that immediately caused businesses all around the world to increase their learning and development budgets as people went home and companies wanted to show support and give them something productive to do in the early stages of COVID. We are seeing something different, but I think, potentially very big that’s brewing which is generative AI. The number of companies who are starting to say, you know what? This generative AI is going to change a lot of jobs that my company and my CFO and CEO are asking me, Head of HR or Head of Learning and Development, what am I going to do to teach people these new skills and tools to unlock productivity gains that could potentially create more value for my customers and create more productivity for the company. We are definitely hearing a lot more interest in organizational transformation and upskilling and reskilling associated with the potential benefits of unlocking generative AI. And that might be a trend back to provide a little bit of an offset for the headwinds that we have been seeing in Coursera for Business in 2023.

Awesome. Really appreciate the additional color and congrats on the upside in the quarter.

Yeah. Thank you.

Thank you, Taylor.

Thank you, Taylor. That wraps the Q&A. A replay of this webcast will be available on our Investor Relations website with the transcript in the next 24 hours. We appreciate you joining us.

And that concludes today’s presentation. Thank you for your participation and you may now disconnect.