Adtraction Group (Stockholm:ADTR) Q3 2026 Earnings Call

0:00 We have a good setup for today. David Wester and Philip Lindberg from Bundler will join us and they will talk about their business model, their operations and the opportunity that they see. Andreas and I will of course talk about the third quarter. Then all of us will be around for a Q&A session. So if you have any questions for David and Philip, they will be there to answer. Sales grew by 24% in the third quarter. Gross profit grew by 25%. And this is the fourth consecutive quarter that we are showing growth.

0:45 What is satisfying to me is that we see growth in most markets and verticals. So e-commerce is growing by close to 30% and finance is growing 17%. We grow in Europe 44% and in the Nordics. At the company level, most of the growth is organic, but clearly Affiliate Future has a significant contribution to the European growth. I would say around half of that growth is acquired growth. I think it's also fair to say that we've been pretty clear that when gross profit increases we should expect EBITDA to increase even more thanks to our operating leverage. So EBITDA increases by 87% this quarter to 22 million and to me this is a pretty fine example of our operating leverage.

1:45 If we deliver a solid operating profit, we should also expect strong cash flows. And that is what we see in the third quarter. I think it's also important to remember that cash flow needs to be analyzed over a longer period of time. We will show graphs showing the role in 12-month cash flow in this presentation. And you should expect attraction to have a good cash conversion over time. If we deliver good cash flows, we will be in a position to pay the dividend. And I think that we have a pretty simple rule here. If we need the money for something else M&A, then we will go ahead and do that. And if we don't, we will pay a dividend.

2:31 That's the rule book that we're trying to follow. I think that what Attraction is doing is straightforward. We help brands increase sales online at the predictable cost and we help partners monetize their content and traffic. So if you're running a business like this, you can organize that business in different ways. You can be present only in one country and address multiple markets. You can address small or big companies. You can work in one vertical or in many. And we have a very clear picture when it comes to what we are doing. We want to be locally present. If we are locally present, we can build good, excellent relationships and that will create business opportunities.

3:18 We also want to be present in a broad range of verticals and industries. So we're pretty good at e-commerce and we're pretty good at finance. Also, we want to be a European partner marketing network because we think that there are fundamentally very good European opportunities. This means that we also want to be a leading consolidator if there are M&A opportunities, we want to be involved in that. Another goal that we have is to serve a wider range of clients. Attraction has a long history of serving full service clients, but now we're also offering self-managed accounts and we are excited about that opportunity.

4:04 So this is the framework that we're working with. And then the question is, what are we doing in now and in 2027? So the first focus is this. We're working with new sales. We want more brands and more partners. and obviously this is something that we're always doing but I think that this is of particular interest right now because things are changing for some publishers and that means that actually the advertising industry is probably changing. Now let me be clear that attraction is still growing in terms of number of transactions and the number of clicks that is traffic but we still see some fundamental changes in the Publisher Landscape. So let me talk about that a little bit.

4:52 And a good way of looking at this change is to look at Google. I think that Google is in a way breaking its own ad model. So to be clear, Google's ad revenue is still growing. It's an amazing business model and a massive company, of course. But some interesting changes are going on. So The deal between Google and publishers used to be this. Google would say, hello, let me get your content and we will send the traffic back in return. Now this deal has changed and Google is saying, now let me get your content and you will not get traffic back in return.

5:37 This is obviously a worse proposition if you're a publisher that relies on traffic from Google. And fundamentally, what you can do if you're such a publisher is one, just accept things as they are. And probably what will happen is that the quality of your content will This is one way of addressing this. Another thing that you can do is that you can stop producing content because it's not worth it anymore. And the third thing you can do is probably block Google and other crawlers or try to get paid for your content or try to change your business model so that you have your own audience and you are no longer dependent on Google and other crawlers. and other players like that.

6:27 I think that we will probably see a combination of all of these three things. But what is special in the Google case is that they are in a way attacking their own business model. They have not, in my opinion, found the proper way to monetize AI mode yet. This is true also for other AI companies like Anthropic or OpenAI. The difference is that they are not cannibalizing their own revenue streams. So things are changing and I think that in many ways things are more uncertain for certain types of publishers that depend on Google for traffic. But one thing that is not changing is the demand for advertising. So advertisers still want to invest in advertising and they want to sell their product.

7:21 And if Google cannot deliver There will be other solutions. I want to be clear that this is not just me speculating. Other people are making similar observations. Here's a graph that shows the ad sales of Google and Meta. And Google has been the world's biggest advertising company for a long time. But this is actually set to change in 2026. Meta is expected to outgrow Google and the trend will continue in 2028. So the difference between Google and Meta in this context is that Google relies on an ecosystem of publishers in order to Thank you very much.

8:24 to build their own audiences and we think that it's going to be relevant for advertisers to be seen in that context. So I actually think that there are many opportunities in internet marketing. I don't think that people are just going to sit passively by and watch LLMs take everything without giving anything back to, for example, and other content creators. So I sense some opportunities here. Obviously what can happen is that the LLMs figure out the way to work with ads and then things will change again and probably that will happen over time. And that will also involve opportunities for attraction and other partner marketing companies. So I think exciting things are happening and it's important for us to be on our toes and try to find new opportunities.

9:14 Another thing that's going on is that we are interested in international sales. This is something we've talked about for a long time. I don't think that any network in our industry has a perfect model for sales. International Sales. There's always going to be a conflict between local priorities and international priorities. What I think, though, is that we have found a good model for this and we're going to keep working on that. And this is a priority for us. I don't expect that things will happen overnight, but I highlight this because this is something that we are indeed working on. The third thing that we're focusing on is the right service level for every brand and partner. That means that we should give not too much service and not too little service.

10:03 We should set correct expectations and deliver accordingly. This will be good for everyone. This is a big project that's been running for a while and that we keep focusing on because it is a good thing to focus on. The fourth thing that we're focusing on is IRIS. Again, IRIS is our influencer app and we're still at an early stage of this development. We fundamentally believe in this potential, but IRIS has very little impact on attractions total sales and gross profit for the time being. We hope and think that this will change, but we're not claiming that we know that this is the case. This is a focus area. We believe in it and we're working on it.

10:48 I'm not going to talk about this every single quarter. When there's something important to say, we will for sure deliver that. Finally, as you probably know, a lot of things have happened in the Finance industry, so we have seen CCD2 being implemented across many countries and we've seen local interpretations of that. And as a response, attraction has developed its finance product portfolio. I think we have some fairly exciting things going on. I think we're already recording sales and gross profit. and I expect this trend to continue. I'm not at the point where we can talk too much about these products but we should be able to do that in a couple of quarters. We see really interesting potential in some of the things that we're doing and also we're in a good position to develop new products because our market position is really strong in the finance vertical in many markets.

11:59 Also, we're excited about Bundler. We are happy to report that we now own 70% of Bundler, and we're happy to report that Bundler's gross profit grew by 200% in the quarter, year on year. And hopefully you will understand why we're excited about this opportunity after having listened to David and Filip. To be clear, Bundler is still a small company, but we truly believe in its future. This bar chart shows the finance development and I think what stands out here is that we've now grown a couple of quarters and in the third quarter we record both year-on-year growth and sequential growth.

12:48 Ecom is also developing well. As a matter of fact, I believe that this is the best third quarter ever for Ecom in terms of gross profit, which to me is a testament to the strength of our business model. The combined picture also looks pretty good. I think that the third quarter is the best third quarter also combined in terms of gross profit. So a strong development, I would say. We also like to take a look at our cost base so if you listen to our last earnings call you will know that we had some non-recurring items in the second quarter related to changes we made in Denmark and in Denmark Tech and Affiliate Future and therefore costs are now lower. There are also some other seasonal effects going on there but it should be no surprise that costs are slightly lower in Q3.

13:53 I think that over time we should expect a stable development. Also going forward, this is what we expect. Of course, we're recruiting some people. If you look at our hiring pages, we are indeed recruiting some people and that is completely natural for a growing company, I think. We like growth, we like profitability, and we like cash flows. So let us take a look at that. I think we had a pretty bad development in 2024-2025, and I think that the development, especially in 2026, is more satisfying. And I'm happy to see that we're now actually delivering growth above our target of 20%, and we're demonstrating that this is indeed I don't know if everyone believed that, I certainly believed it and now we're demonstrating that it's also happening. Now this of course doesn't mean that we will grow by 20% every single quarter but we are demonstrating that it is indeed possible.

14:57 We have an EBITDA margin goal of 7%. This quarter we're delivering a 6.3% margin, so we're closing in on that margin goal. If you look at EBITDA versus gross profit, that's in excess of 30% for this quarter, which to me shows that we are good at managing costs and taking care of our gross profit in a good way. Cash flow is important to us and I think the right way to analyze that is to look at the rolling 12-month trend because there will be some quarterly fluctuations and I think that this graph shows that we're doing a good job in terms of cash conversion.

15:44 We have a dividend policy that says that we're going to distribute 30 to 60% of the adjusted net profit. Actually, I think we paid out a little bit more the last year or so. And again, we will either pay dividend or we will be engaged in M&A. So the philosophy is acquire or distribute. With that said, Andreas will do his part. Thank you, Simon. And then start with the net sales. We are at 355 million, which is an accelerating growth into third quarter with 24%. We only see marginal effects despite having big fluctuations in the currency on the growth rate. 1% of those 24 is due to currency fluctuations.

16:38 Gross profit, 67.7 million. That is also 25% growth. and then the EBITDA, the highlight of the quarter, 22.2 million. That's an increase of 87% and EBITDA margin of 6.3% up from 4.2. And we really get a chance to show our operating leverage here. And we convert 75% of the increase in gross profit to EBITDA. We also have some fluctuations in the cost base, mainly seasonality effects in the annual conference, which was roughly 3 million this quarter. And we also have some release of accrued vacation pay in the quarter, giving a positive effect on personnel costs with roughly 3.5 million.

17:30 That of course also gives an increase in adjusted net result per share, 1.05 Swedish kronor in the quarter, 88% increase. And as for verticals, we have the e-commerce vertical at 39.9 million and that is a 28% growth. We grow on most markets. We have still a tough market in Switzerland and slightly negative growth in Poland. and finance 25.5 million gross profits, 17% growth. It's a little bit more of a split picture between markets here. We grow on six markets. The biggest and most important Swedish market is still outperforming. We also grow strongly in the Italian and German markets and highlight also here of the quarter is that we have year over year growth and sequential growth in the Spanish market, which is an important market for the finance vertical.

18:30 We see negative growth in Denmark, Norway and Netherlands. For geographies, Nordics 50.1 million, 20% growth. This is positive growth in Sweden, Finland and Norway. The negative growth in Denmark is due to the tough Danish market in finance. and Europe 17.5 million, 44% growth, UK and Italy growth strongly. The UK market is of course driven by acquisition and we also grow strongly in Netherlands, Spain and Germany. and lastly with numbers of cash flow we have operating cash flow of 21.9 million which is also the total cash flow of the quarter since we do not have any investing or financing activities in the quarter and this is a net cash position going out of the quarter of 135 million which is also our biggest net cash position since before the acquisition of ad service in the beginning of 23.

19:41 By that I give All right, so just concluding here before we listen to Bundler. So we have given some reflections on the fourth quarter in the report and I think that we can expect a better Black Friday than we had in 2025. I'm also happy to say that we have grown in October Thank you very much.

20:39 Hi everyone and thank you so much for joining us today. My name is David and I'm the CEO of Bundler. I'm also joined by my co-founder Philip today on this call. And we did like to take a few minutes to introduce you to our business and show you how we are building the infrastructure for the subscription economy. Before founding Bundler, Philip and I actually worked together at one of the larger consumer subscription services here in the Nordics. And there we noticed an interesting trend. Already today, around 20% of all subscriptions are sold through distribution channels. And by distribution, we mean when a subscription is sold and billed inside a reseller's own offer, like a mobile plan or a bank card.

21:32 and this is actually expected to grow to 25% by 2028. So everyone wants this. It's a win-win. The services get cost efficient growth and the reseller gets strong retention and margins. But despite being a massive growth driver, we realize that this area is completely underinvested when it comes to supporting software. The infrastructure to scale this initiative simply wasn't there. And I think if we move to the next slide, you will see why. Historically, as you can see on the left here, every new partnership requires a unique integration between the reseller and the merchant.

22:20 This usually takes more time and resources than the partnership is actually worth. This is the bottleneck that we are solving with Bundler. With us, you go from month to day. We have built one single API, a reseller integrates with us once, and immediately get access to a whole merchant catalog of 40 subscription services at once. This creates a really strong network effect. Every new service will bring value to our 50 resellers and every new reseller brings value to our 40 subscription services. All right, let's look how this works in practice.

23:06 The exact same technical engine support completely different industries and models. On the left here, you see one way we do this. For example, with Klarna, premium services are included directly in their payment cards. On the right, you see another approach, like our work with Telenor or the Finnish telco Elisa. Here, customers actively chooses to add Storytel or Sky Showtime to their existing plan. Our API handles everything in the background, regardless of these setups. Our final model is our white label solution, which we see really good traction in at the moment. Here, we act as the reseller in the background for when two merchants want to work together but don't have the technical resources to do so.

24:02 An example of this is Trippel, where multiple services are packaged together for a great deal in Sweden. Another example is when the news app Omni and Storytel joined forces. Their brands are visible for the customer, but it's our platform running the entire flow from sign up and account creation to subscription payments and off boarding. All right, with that, I will hand it over to Philip here to walk you through our numbers.

24:32 Thanks, David. So now you understand a bit more what we do and some of the bundles we are working on. But does the model actually work? So let's dive into the numbers and we can start with the basics of what our business model is. So our business model is subscription based, meaning that all subscriptions that runs through Bundler are we getting a monthly subscription fee on. And that is for the lifetime of every subscription. In other words, our revenue is recurring. On top of that, we also work with fixed fees and minimum commitments. And what we mean with minimum commitments is that resellers commit to a certain volume of subscription fees on a monthly basis.

25:20 If they don't achieve that, they pay the difference. This gives us more of a stable floor and a guaranteed income. If we look at the two graphs on the left side, we can see the bottom graph shows the active subscriptions at quarter end, and on the top one, we see gross profit per quarter. As you can see here, for the past two years, we have had steady growth every single quarter. And just looking at gross profit, we ended a quarter of a little bit more than 2 million SEK, which is a 3x increase compared to the same period last year. and we had had similar growth in the active subscriptions as well where we ended the quarter of 242k active subs which is a 3x increase comparing the same period last year.

26:07 And if you look at the end of the active user base, you can see that it spikes a bit. And that is because we launched some significant deals prior to the end of the quarter, adding tens of thousands of users in one go. However, since it was at the end of the quarter, we didn't see the real effect in gross profit, but we are expecting a strong Q4. So we would say that this shows that the model actually works and it scales. But then the question is, how far can we actually scale it? And we would say fairly far. So we are a team of nine and we are based in Stockholm, but we're already live in around 30 countries. We are doing these type of deals everywhere in Europe, to Asia, to Latin America, to North America.

26:56 How this is possible is that we are expanding together with our merchants. So they have identified different opportunities and made agreements with resellers and we are their technical enablers to make that happen. Looking ahead, we have three main priorities. So one is to scale our footprint in these markets. So more or less capitalize on the expansion already done. And we have taken the first step in Germany where we just hired our first expansion lead there. Secondly is to add more resellers and merchants. When we started Bundler, we were mainly focusing on telcos and broadband, but now we work with banks, media houses, retail platforms, and energy companies, and who knows whatever industry we will add over time.

27:46 As David said, every new reseller merchant adds strength in our network and increases Bundler's value to their specific resellers and merchants. and lastly, and maybe most obvious, is growing with existing resellers. However, there's different ways we can do this. And one is that some resellers already have existing relationships and subscription bases with some services, and they can migrate those so they go through us instead. Or others that we launch more targeted bundles where, for instance, a reseller adds a service to all their users or some specific tiers. By doing this, we can add tens of thousands of subs in just one go. And that is sort of the example you could see on the previous slide.

28:32 And we have more to come. So let's summarize what me and David have been talking about. So you can see Bundler as a gateway of subscription services. That means that just through one integration, resellers can launch any number of services they want at a fraction of the historical efforts. and at the same time a service could launch any number of resources they want wherever in the world by letting us integrate to their API. And we have three takeaways we would like you to take with you. One, distribution drive growth and we make it plug and play. Two, Our revenue is recurring, and we see impressive growth with 3x our gross profit and active user base since last year.

29:18 And thirdly, this is built to scale. Just now, a team of nine can be live in over 30 countries, and this is just the beginning. Thank you for listening, and we're happy to answer any questions you might have. All right. Thank you, Filip and David. Let's see if we have any questions on all of this. Let's get started. So here's a question to David at the Bundler. You showed Netflix, HBO and Sky Logos. Are these customers today?

29:59 Yeah, the short answer to that is no. Some of them are and some of them are a direct relationship between the reseller and the merchant. We are, of course, proactively talking to these companies today and I think we have a great fit for them in Nordics and also in Europe. So, yeah, hopefully we can make some progress on that. But at the moment, the answer to that is no. All right. So staying with Bundler here, have you specified growth targets at all? And you know what? As the CEO of Attraction, I'm going to answer that question myself and say this.

30:45 We have not communicated any growth targets for Bundler, but just look at the growth rates and you will, I think, conclude that we are interested in and we expect continued growth. Here's a question about Europe. Europe turns from a fairly poor gross profit development to organic growth of 20%. What's driving this? I think that one very important thing is that we're seeing a much better development in Spain. So Spain is a big market for us in a European context and the team there has done a very good job and have changed things around.

31:31 So that's one explanation. The other thing is that we're actually seeing growth across multiple markets, not all markets, but we're seeing growth across multiple markets. A general better market sentiment, I would say. Here's a fun question. Can you talk a little bit more about people and robots and what you've The theme for our conference was people and robots and obviously what we mean by robots is different AI tools and how we can work with them both internally and externally. and externally. So we have done a lot of progress internally. We have great ways of working and I think the main thing that we're doing here is that we're allowing people to access our platform, Salesforce, our agreements through an AI tool which means that any and all information is quickly accessible to everyone. And this is the main thing and I think this has made us more efficient and more The next step in that phase is to offer something similar to brands and partners and we expect to do that fairly soon.

33:04 So here's another question. What incremental differences in your publish base have changed in the last year? Do you see more fewer publisher recruits? I would say that If you look at the total number of publishers, you will not see a dramatic difference. But I think that the general quality of the publisher base is increasing. We're also seeing a slightly different mix. As I said in the call, we're actually growing in terms of traffic and in terms of commission. But obviously, this has not been a good time for content publishers. So in general, we see content publishers decreasing. Here's a question for Andreas, I believe. Other external costs are up 4 million compared to 2025. How much is Sicily an extra AI cost? You want to answer that, Andreas?

34:02 I would say that roughly now our AI costs is around the same as we presented in the last presentation, around half a million, a quarter. and Cicely Conference this year was 3 million slightly less last year. We also made an acquisition in the UK, which of course adds to the external cost base of, so it's not fully comparable there. But yeah, those are the main drivers of the cost base increase. And then there were some one-offs also in this quarter that are of minor, What I can perhaps add to that is that we are trying to navigate a more complex regulatory environment in many ways.

34:55 So actually I think that our legal fees have increased quite a bit also this year. I don't know exactly about Q3, but in general legal fees are increasing. Hi, here's a fun one for you, David. Question to Bundler. Who are the biggest competitors and how are you different from them?

35:17 Yeah, I think the one mentioned there, Bango, is one of them. I believe in Nordics we're pretty... I don't say we don't have any competitors, but I think in Nordics we're pretty established at the moment. They're big international players, but like how we work and the segment that we operate in, I think we're... Yeah, I think we're fairly unique in the way we work, I would say. But Bango is, of course, one of them, and DOCS is one of them as well. Yeah. All right. And also, I guess, David, that you're competing with in-house solutions to a great extent.

35:58 Yeah, sure, sure. It's always, you know, of course, that's always a factor as well. And then I think you addressed the Bungle question here. Then another question, maybe this is for Filip. What's driving the strong growth for Bundler? New resellers, more subscribers per reseller? and what's going on here? How can you grow so much?

36:26 Yeah, it's obviously a combination of all of this. It's for the first two years starting Bundler, it was more getting the resellers and merchants. And when we have the possibility to combine them, it's where we see the growth. The strongest growth I would say is that we have established very good partnerships that are attractive enough and we can hard bundle in it to many different users. So it's the resellers being more aggressive in how they offer these services.

36:56 I can also add that we are very much a customer focused organization. And I think yet today we have not had one single reseller off boarding our platform today. So we very much focused on bringing value to our customers. And if you do that, and if you take that thing very seriously, they will give you more work to do. And I think that's the result you see here. All right, thank you. By the way, I do apologize if this is a confusing experience, jumping back and forth between a bundler and a fraction. That's because I simply read the questions in the order that we receive them. So that's what's going on here. I hope that you can sort all of this out. So here's a question for you, Andreas. The reversal of vacation salaries of 3.5 million, is this something unique to Q3 or is this the same every year?

37:45 The mechanism is the same every year. The number is slightly higher this year. And why we present the number is mainly so that you can make your own estimates going forward. What is the normal current personnel costs? Okay, thank you, Andreas. Here's a question to Bundler. Exceptional performance so far. Well, thank you on behalf of Bundler. Can you talk about the risk a merchant or reseller wants to end the collaboration? Can they just end all subscriptions like that and handle it directly? Or how does that work?

38:24 I think, yeah, as I said before, Yet Today would not have a single and many more. All right, thank you. So here's another bundler question. You present Klarna as a customer for their card. I would argue that Klarna is actually not the customer, but the reseller.

39:09 But that feels like a very large customer slash reseller, but your business isn't particularly large yet when it comes to a bundler. Can you explain the dynamics? Is it not fully rolled out yet or you're only taking a small slice of the pie? What's going on here? Why are we not a billion dollar company, David?

39:27 No, I think that's a fair question. that membership particular is quite newly launched so I think keep that in mind when looking at the brand itself it's very large but that initiative is still quite young I think a year old or so and we're you know growing with them we have other large customers that we're growing with as well so yeah we're super optimistic about the future. So if I just were to add something there is this the integrations that Banger has made tend to stay there and we tend to add new integrations every single month almost. And of course, there's an opportunity to add really big clients and really big resellers.

40:16 And that's what's needed to be substantially bigger. Do you have anything to add to this?

40:19 Yeah, I can just add that in, for instance, this example, we don't at this point do all their services. We just do a few. And that's one of the reasons it isn't that big yet. But what we have seen historically is that once we get started, it's much easier to focus on adding more services, but also starting to take on more on the business side of it. Yeah. All right. Thank you. Here's a question about M&A and actually we've received some questions about M&A. It's a person who's saying that things would be more attractive if there were more M&A opportunities on the horizon. How's that going? So I think I made a comment about that, about the things that we're looking at.

41:05 And I think I made a comment also that we're discussing things. Here's a general observation about M&A. It's easy to buy things if you're willing to pay any price. If you're willing to pay a price that makes sense both for the buyer and the seller, things like this may take a little bit longer. So we have a very clear opinion about how much we're willing to pay for any given transaction. And that's why things like this take a little bit of time. We're still very interested in M&A and we still talk to people. Do we know that that will end up in a transaction? Well, I can't say, but I do know that we're very interested in pursuing different opportunities. So here's one for Bundler. I don't know if you can answer that one or not, because we also need to respect the confidentiality of clients.

41:56 But what are some big projects that you're focusing on right now?

42:01 I would say that we're putting a lot of focus on, as talked about, we hired our first person based in Germany to increase our expansion in these markets. That's a big priority now. It's actually interesting enough when we are expanding to these markets, we actually have very good baseline with good reference cases to some of the leading resellers. So that's a big focus. Another one is also focusing on adding these bigger bundles where we can get to reach a bigger group at once with some of the services without going into too specific on who and what.

42:37 I think we are super optimistic about moving into bigger markets in Europe. We are a volume business and addressable market in Germany and France is enormous, of course. And we are super excited about moving into those markets and I think we see enormous potential in them. All right, thank you, David. Here's a question, I guess, to Attraction. Which partner categories are driving the most transactions? So actually, we see pretty nice growth across the board for all partner categories. I would say that different comparison types of partners are standing out. We see what's called CSS. Google CSS is performing well. Well, but really most categories are performing well.

43:26 One exception is content sites. Content sites are not performing well in this environment for the reasons that I mentioned in the report. But all in all, we are growing commissions and we're actually growing traffic as well. And here's a little bit of a weird question considering that I'm in the room. What does Filip and David think of having Attraction and Simon as the main owner? How is the collaboration and what do you get out of that?

43:53 I think it's great. The guys who started Bundler four or five years ago are still here, me and Filip and Jonathan as the CTO. So super happy about that. I think collaboration is going great. We also do a lot of collaboration between Bundler and Attraction actually in Sweden and in Finland. So I think it works really great. Thank you. And then a final question here. You say, a bundler, you say that resellers get a more sticky product if they can bundle it together with other subscriptions. Do you have any data supporting that or are you just winging it, Filip?

44:31 No, we have data supporting it. I think you can see that on all the trends as well. As David said in the beginning, 20% of all services I bought through are both through research today, and that's just increasing to 25. We see this in our research as well, that the trend is to include more. The more services you have on your customer, the more loyal they are to actually stay. Thank you very much. That's actually all the questions we had for today. Thank you for listening and thank you for your interest in Bundler. As usual, you can reach out to us. You'll find our email addresses on the internet or just go for ir.attraction.com. You can also easily find the contact info of Bundler. So thank you very much and see you next quarter.