Good day, and welcome to the New Work SE Q2 Results 2021 conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to CEO, Petra von Strombeck. Please go ahead, ma'am. Good afternoon, everyone, welcome to our Q2 update. I hope you're all healthy and well. My name is Petra, CEO, and next to me is Ingo, our CFO. In our last quarterly update, we were cautiously optimistic about the pandemic situation improving, and we were right. In Q2, we experienced an ongoing stabilization. Of course, the general environment remains challenging and rather uncertain, particularly in terms of the spread of the Delta and other variants, but we remain cautiously optimistic that this positive trend will continue. Let's have a brief look at our main financial and operational achievements during the first half of 2021. The key message today is that we have started growing again in Q2 after experiencing declining revenues last quarter. If we take a look at our main bottom line figure, which in Q2, like Q1, essentially do not differ between the reported and pro forma figures, we have seen a strong increase in EBITDA as well as net income. When we consider our core operational stats, we continue to see solid growth in terms of XING platform members and really strong growth regarding the number of workplace insights on our second B2C destination, kununu. For our B2B e-recruiting segment, one of the most relevant KPIs for future revenues is the development of subscription customers. I'm happy to report that we also recorded a new increase in customers again in Q2. Here you can see a snapshot of our most important financial KPIs year-on-year. After we had to post declining year-on-year revenues in Q1 due to the pandemic for the first time in our history, we already see 5% growth to EUR 71 million for the second quarter, which is earlier than expected. Looking at our bottom-line KPIs, the EBITDA and net income we posted represent a significant increase compared to last year, resulting from a shift of investments, cost reductions, and the spillover effects from the small-scale restructuring carried out last year. Let's now have a look at our most important B2C destinations, XING and kununu. First, let's consider our business networking destination, XING. Our member base continues to see solid growth, climbing to 19.5 million as of the end of Q2. That's an increase of about 1.4 million net members during the last 12 months. This is the net figure. The actual figure is actually 1.6 million, adjusted for the one-time cleanup that we carried out in Q1 this year. We remain the largest B2C community in the German-speaking region, particularly in Germany, and are further expanding our lead here. We will continue to add working professionals in the German-speaking region, not only to help companies find talent, but also to guide our users through an ever-changing world of work and help them achieve a better working life through discovering job opportunities, content, and valuable industry insights. For example, our weekly content format called Zukunft.machen., or Creating the Future, provides weekly news and articles on current topics and now enjoys the highest ratio of shares, comments, and likes. Now we move on to kununu, currently our strongest growing B2C destination. As most of you know, Kununu is Europe's leading employer rating platform with a clear focus on Germany, Austria, and Switzerland. Its vision is to empower people to choose the right company for them with workplace insights that matter. Throughout the second quarter, Kununu even slightly accelerated their content growth by adding almost 400,000 additional workplace insights. Year-on-year, they added 1.4 million new workplace insights, bringing the total number to 5.4. We continue to further strengthen Kununu's position by enabling users to better assess their individual market value through more than one million salary for thousands of job roles that Kununu has collected over time. Since a few weeks, Kununu has been presenting salary information outside of specific company profiles, thereby offering a much better overview to the general salary situation of certain occupational groups. The salary data is available for 20 job groups in Germany and 10 each in Austria and Switzerland. This is gradually being expanded to include other professional groups. These groups include software developers, clerks, accountants, electricians, marketing managers, educators, HR managers, and geriatric nurses. With this offering, we don't just provide more transparency. We provide the basis for more fairness and at the same time help users to make the right job decisions. In a nutshell, the combination of kununu employer reviews, corporate culture information, and salary data enables employees to build up a much better picture as to where a company is a good fit for them. As you know, one important indicator of future revenue development is the development of our B2B e-recruiting subscription customer base. Usually, corporates sign up a 12-month subscription package for our various branding and recruiting solutions. As you are aware, the growth momentum stopped immediately with the onset of the crisis at the end of Q1 2020. Since then, we even lost a few customers on a net basis in the course of last year. In Q1, we have posted a minor growth in customers again. Now I'm happy to tell you that this stabilization has also continued throughout Q2 with another small net increase in customers. Usage of our existing customers is going up as well. Best growing products are Prescreen, Employer Branding, and also our transactional jobs listing business. As a result, the segment grew by 7% again. Of course, we still need to add another few hundred customers to compensate for the coronavirus-induced decline in customers. Thanks to the visible recovery of the German employment market, we are optimistic about further growth going forward. Another positive sign of recovery is coming from our B2B marketing solution and events segment. After a hit during the pandemic, our marketing solution business already went into recovery mode at the end of last year, and this continued to be the case throughout the first half of this year. Our video ad format particularly helped to accelerate growth again. Today, we are even above pre-pandemic levels. When looking at our events ticketing business, Q2 also marks a positive inflection point. With increasing visibility concerning a further easing of lockdowns and distancing measures, event organizers have returned and get started to prepare their events for the second half of this year as well as next year. As the world is only moving into a post-COVID era slowly, we have improved or rather modified our event manager. Since hybrid events are the best choice for 2021, customers can now set up hybrid events through the existing event manager. It includes two ticket categories as well as two ticket prices and two attendee groups. After purchasing or registering, offline attendees receive an entry ticket, while the online attendees only need their credentials to sign in. A new event page can be set up and advertised within a matter of minutes. How does the year-to-date performance translate into our financial outlook for this year? You may remember that we anticipated stable pro forma revenues of around EUR 276 million and a pro forma EBITDA of around EUR 90 million for 2021. Given what we have achieved in the first 6 months, we are now expecting minor growth in both KPIs. Ingo will elaborate on this in more detail. With that, I thank you for your attention and hand over to Ingo for a deep dive into our financial results. Thank you, Petra. Hey, everybody, this is Ingo, and I'm going to talk to you about our Q2 numbers in more detail. Overall, we're on track. After stable revenues in Q1, we've returned to revenue growth in Q2. Let's have a look at the key message points. Number one, our portfolio of feed destinations, especially XING and kununu, continue to grow. That's important because their talent access is the basis for our growth in our e-recruiting business. Number two, our revenues have returned to growth and are up 5% year-over-year. Number three, EBITDA came in at EUR 27.4 million. Short term, that is extraordinarily high, driven by lower cost. Number four, operating cash flow came in at EUR 18.9 million. Number five, we update our short-term full year EBITDA guidance from approximately EUR 90 million to approximately EUR 95 million. However, the increase in profitability is temporary and will not carry over into the next years. I'll give you more details on the following charts. Now, if you look at the P&L, revenues came in at EUR 71 million. That's up 5% year-over-year. After a stable Q1, we've returned to growth year-over-year and quarter-over-quarter. The trend that we had seen already in March and April continues. I'll give you some more color when we talk about revenues in more detail. Reported EBITDA amounts to EUR 27.4 million. That's up year-over-year. Reported EBITDA equals pro forma EBITDA, as this quarter there were no extraordinary effects. EBITDA margin is at 39%. Now, EBITDA and margin are exceptionally high. It is important to note that this is temporary only and should not be extrapolated into the future. It will not carry over into the years 2022 and following. The reason is that currently we are in a transition phase from the positive cost effects from the restructuring last year and re-entering into investment mode. What we see is that it takes time to shift from a cautious COVID mode to investment mode, especially when it comes to hiring pipelines. We have shifted some projects for tactical purposes into the second half of the year. Of course, we do have some savings due to the continued lockdown situation in Germany, i.e., if you look at travel, entertainment, or event marketing activities. As I said, these levels of profitability are temporary only. As we have stressed in the past, our long-term outlook post-COVID is unchanged and very positive. We will continue to invest in growth and in investment mode, our margin will be in the low 30s. Now with this as the background information, as I've said, we are raising this year's guidance for year-over-year development of a like-for-like pro forma EBITDA from stable to single-digit growth. More specifically, in absolute terms, we are now aiming for an EBITDA of approximately EUR 95 million. Again, please do not change your 2022 estimates because of that. Depreciation amounts to minus EUR 7.8 million. That's down year-over-year compared to last year's depreciation. There's two reasons for this year-over-year development. Number one, last year's depreciation included a one-time effect of a write-off for a product that we stopped. Number two, over time, the depreciation effect from purchase price allocation assets is decreasing. It's still currently approximately EUR 700,000 per quarter. Financial results came in at zero, so that's down year-over-year. Again, the reason for the year-over-year development is that last year we had a approximately EUR 2 million positive effect from accounting-only earn-out adjustment and approximately EUR 1 million accounting-only book profit effect from our investments of our liquidity. This year, this quarter, Q2, financial results include the positive non-operating effect of EUR 300,000 from book profits on investments of our cash. If you take that out, financial result would be minus EUR 0.3 million, and that's mainly accounting-only non-cash cost for discounting lease payments according to IFRS. Reported net income amounts to EUR 13.6 million. That's up year-over-year. If you take out all the extraordinary effects, net income would be EUR 13.4 million. That's also up year-over-year. While revenue growth is coming back, the bottom line is up strongly short-term because we are in a transition from last year's restructuring on the one hand and investment mode on the other hand. On the next chart, you can see profitability by business unit. These are reported figures, and as a general rule, you will see effects from our restructuring last year and of our cost management. Let's start with the B2C segment. In Q2, B2C segment contributed EUR 11.4 million in segment EBITDA, which is up year-over-year. Margin is up as well. Again, here you can see in particular the effects from last year's portfolio decisions. The B2B eRecruiting segment contributed approximately EUR 28 million to profitability. That's up year-over-year. Margin is slightly down given that we are investing, especially in this field. The B2B Marketing Solutions and Events segment contributed to EUR 2.8 million profitability. That's up year-over-year. Margin is up as well. On the next slide, you can see our revenue development by segment. B2C revenues came in at EUR 25.3 million, slightly down 2% year-over-year. As in Q1, the reason for this development is the InterNations business. As you know, the revenues are basically paid memberships offering expatriates access to offline events, which in a lockdown scenario are directly impacted. Our XING paid membership business has developed in a stable manner in Q2. On a full-year basis, we continue to be cautious with revenue development in B2C. That is because InterNations depends on the end of the pandemic, and with XING, growing our active member base as a basis for monetization in eRecruiting is more important than direct C-side monetization. Now let's have a look at our eRecruiting revenue development. B2B eRecruiting revenues came in at EUR 40.7 million. That's up 7% year-over-year. As planned, we have returned to growth in this unit, which is our most important growth driver. All of our solutions revenue streams are growing, especially Employer Branding, applicant tracking, and we do see also a rebound in our transactional passive recruiting business. This point in time, on a full year basis, we stick to our single-digit revenue growth outlook for this segment in 2021. Finally, let's look at B2B Marketing Solutions and Events. Revenues amount to €5.7 million. That's 34% up year-over-year. While in Q1 the situation was twofold in that Marketing Solutions had started already to grow again, whereas the Events business as an offline-based business was still below previous year. In Q2, also the Events business has returned to year-over-year growth. On the next chart, you can see an overview of our cost structure. In Q2, personnel costs before capitalization came in at €35 million. That's an equivalent of 49% of revenues. Costs are down year-over-year, which is basically due to the restructuring last year and cost management. If you look at marketing in Q2, overall marketing costs amount to EUR 5.9 million. That's 8% of revenues, slightly up year-over-year. All event-based marketing activities were still on hold in Q2 due to COVID, and at the same time, we are still acting with caution here in this cost line. Last cost line is other operating expenses. You all know includes as usual external services, legal audit, consulting, payment processing, server hosting, and other costs. In Q2, other operating expenses before capitalization came in at EUR 9.2 million or 13% of revenues, that's down year-over-year. Drivers are savings across the board. Now let's have a look at cash flows. Operating cash flow excluding organizer cash amounts to EUR 18.9 million. That's up year-over-year, driven by higher EBITDA and changes in net working capital. Cash outs for operating investments amounted to minus EUR 12.1 million. That's up year-over-year. This increase includes CapEx for our new headquarters, and we do have a corresponding positive incentive payment, in another cash flow line. Cash outs for acquisition amounts to minus EUR 2.1 million. That is an earn-out installment for Prescreen, our applicant tracking system provider. Cash outs for interest paid, foreign exchange, and rent amounts to plus EUR 2.3 million. This includes a cash in of the incentive payment for our new headquarters from our landlord of approximately EUR 4 million. The rest is mainly these cash outs. With that, free cash flow before dividends and before organizer cash amounts to EUR 7 million. Out of that and out of our cash balance, we've paid out our regular dividend in the amount of EUR 14.6 million to our shareholders. With that, free cash flow after dividends and before organizer cash amounts to minus EUR 7.6 million. To sum it up, in Q2 we've returned to year-over-year and quarter-over-quarter revenue growth. EBITDA came in extraordinarily strong given that we are in a transition phase between restructuring last year and return to investment mode this year. On the back of this, we are updating our short-term full year EBITDA guidance from approximately EUR 90 million-EUR 95 million. However, as I've said, this increase in profitability is temporary, will not carry over into the next years. That's it for our numbers. We're now happy to take your questions. Thank you. Ladies and gentlemen, if you would like to ask a question, please signal by pressing star 1 on your telephone keypad. If you're using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Again, press star 1 to ask a question. We will take our first question from Marius Verberg with Warburg Research. Please go ahead. Your line is open. Yeah. Hi, thanks for taking my question. Basically, I have one. For other companies like StepStone, we saw that on the back of the recovery of the labor market, they reported quite strong figures and you also showed a slight growth already. I wonder, what is your expectation, especially for B2B customer subscription, for the second half of the year, which would then form the basis of your next year's growth? Well, our expectation is basically in line with our revenue expectation, and then on a full year basis, we expect to grow our subscription customers in single-digit%. Okay, thank you. Once again, to ask a question, press star one. We will now take our next question from Simon Penfield from H&A. Please go ahead. Your line is open. Hi, I'm just wondering if you can give us a bit of color on how the relaunch of the XING app is going. I think you guys are sort of pre-testing it. Maybe you can give us some flavor on how this is going. That would be interesting. Hello, Simon. This is Petra. Of course, happy to do so. We are currently, as you said, heavily testing the new app in front of customers and large customer groups, collecting both quantitative and qualitative feedback. We are doing, as always, iterations to get the best product out for the customer. We are in line with our planning, and we count on relaunching the apps this year. Okay. Thank you. Can I ask a second question maybe? Of course. Specifically a follow-up on the B2B e-recruiting customer growth that you're envisioning for the second half of the year. I think you said you're expecting like single-digit customer growth. I'm not quite sure how to understand this, because last year your guys' customer base was declining, basically. Can we expect the customer growth to be at the same levels as in Q1 and Q2, around about 30? Should this accelerate towards the end of the year? Go ahead, Ingo. I would hope it would accelerate. The way I meant it with the single digit% growth is if you start from the end of the year 2020, the base that we had there, that until the end of 2021 should increase by a single digit% growth. Please bear in mind that as we have a subscription model, all customers that we collect in the second half of the year, their revenues will only partially contribute this year, and then will have an effect on next year also. If you compare to other market participants that have transactional businesses, obviously they see a different phasing. Yeah, sure. Understood. Thank you. To illustrate that point of Petra, because that's really important. You know that pre-COVID, passive recruiting had the slowest growth of all of our e-recruiting solutions. It was the one, not because it's transactional, that's the transactional revenue stream that we have within e-recruiting. All the other revenue streams are basically subscription-based. In 2020, actually, passive recruiting revenues were down year-over-year. Now if you look at our e-recruiting revenues and if you look at the revenues by solution, actually passive recruiting is growing the most strongly within our overall e-recruiting and is growing stronger than the 7% that we have overall in e-recruiting. Yeah. That illustrates that even within our context, transactional business had just rebound. That's why if you compare 2021 with 2020, you have stronger growth rates than in the subscription part. Okay. Once again, to ask a question, press star one. We will now take our next question from Benjamin Rauser from Deutsche Bank. Please go ahead. Your line is open. Hi there. Thanks for taking the question. I just have a question about B2B e-recruiting growth. I was wondering if maybe you could provide a bit more color on what drove the 7% increase in Q2 compared to last year. Also- Yeah. Compared to last year, actually, all solutions were growing. Solutions are, you have active recruiting, you have Employer Branding, you have passive recruiting, you have applicant tracking. These are the main solutions within that. All of those have been growing. The strongest contribution in Q2 came from Employer Branding and applicant tracking. Then we had the rebound in passive recruiting. Okay, a quick follow-up if I may. Have you seen any new corporate customers taking on more products on top of their existing subscriptions? Hello, Benjamin. Yes, of course we did, because with 30 customers alone, we couldn't see a 7% growth. That's actually the original customers that we already had also picked up additional products or additional licenses of existing products. Okay, understood. Thanks a lot. You're welcome. Once again, to ask a question, press star one. It appears there are no further questions. I would like to turn the conference back to our speakers for any additional or closing remarks. Thank you very much, everybody, for attending and for your interest. See you for our next release of the quarterly results in the next call. Thank you. Bye. Bye-bye. Ladies and gentlemen, this concludes today's call. Thank you for your participation. You may now disconnect.